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As on Dec 04, 2020 12:00 AM Your results on : End Session    
Sensex climbs 45,000, Nifty tops 13,250 as RBI raises GDP target
04-Dec-2020 (17:18)

Domestic equity benchmarks ended with strong gains on Friday. All the sectoral indices on the NSE ended in the green. The barometer index, the S&P BSE Sensex, jumped 446.90 points or 1% at 45,079.55. The Nifty 50 index gained 124.65 points or 0.95% to 13,258.55. Both the indices attained record closing high levels.

The Sensex and the Nifty hit a record high of 45,148.28 and 13,280.05, respectively, in the late trade.

Sentiment was boosted after the Reserve Bank of India (RBI) left the repo rate unchanged while upgrading India's GDP target for the current fiscal year. On the global front, renewed US stimulus negotiation and vaccine roll-out also supported buying.

The broader market lagged. The S&P BSE Mid-Cap index rose 0.44%. The S&P BSE Small-Cap index lost 0.42%.

The market breadth was positive. On the BSE, 1646 shares rose and 1249 shares fell. A total of 174 shares were unchanged.

PM Modi Holds All-Party Meeting:

Prime Minister Narendra Modi on Friday held an all-party meeting with the floor leaders of all political parties of the Lok Sabha and Rajya Sabha to discuss the COVID-19 situation in the country and vaccine development.

PM Modi said that experts believe wait for a coronavirus vaccine will not be long, it may be ready in a few weeks. He added that the country will begin the Covid-19 vaccination programme after experts give nod. On price of Covid-19 vaccine, PM Modi said that the Central Government is in talks with the state governments over the price of vaccine and decision regarding it will be taken keeping public health as topmost priority.

Total COVID-19 confirmed cases worldwide stood at 6,52,20,856 with 15,06,250 deaths.

India reported 4,16,082 active cases of COVID-19 infection and 1,39,188 deaths while 90,16,289 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

RBI MPC Meet Outcome:

The Reserve Bank of India (RBI) kept the policy repo rate unchanged at 4% while maintaining its 'accommodative' stance after the conclusion of the Monetary Policy Committee (MPC) meeting today, 4 December 2020.

The RBI governor said inflation is likely to remain elevated with some relief in the winter months. CPI inflation is seen at 6.8 percent for Q3FY21 and projected CPI inflation is at 5.8 percent for Q4FY21. For H1FY22, projected CPI inflation is seen at 5.2-4.6 percent with risks broadly balanced, he added.

The governor said the recovery in rural demand is expected to strengthen further, while urban demand is also gaining momentum. Consumers remain optimistic about the outlook and business sentiment of manufacturing firms is gradually improving. Fiscal stimulus is increasingly moving beyond being supportive of consumption and liquidity to supporting growth-generating investment.

On the other hand, private investment is still slack and capacity utilization has not fully recovered. While exports are on an uneven recovery, the prospects have brightened with the progress on the vaccines.

Taking these factors into consideration, real GDP growth is projected at (-) 7.5% in 2020-21: (+) 0.1% in Q3:2020-21 and (+) 0.7% in Q4:2020-21; and 21.9% to 6.5% in H1:2021-22, with risks broadly balanced, he said in a statement. The RBI had previously projected a real GDP contraction of 9.5% earlier.

Economy:

The International Monetary Fund (IMF) on Thursday reportedly said that the Indian economy, severely affected by the coronavirus pandemic, is gradually recovering. The economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5% and held out hopes for further improvement on better consumer demand.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 73.80 as compared to its previous closing of 73.93.

The yield on 10-year benchmark federal paper rose to 5.898% compared with its closing of 5.932% in the previous trading session.

MCX Gold futures for 5 February 2021 settlement shed 0.04% to Rs 49275.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.17% to 90.56.

In the commodities market, Brent crude for February 2020 settlement rose 58 cents to $49.29 a barrel. The contract gained 0.95% or 46 cents to end at $48.71 in the previous trading session.

Global Markets:

US Dow Jones index futures were up 124 points, indicating a positive opening in the US market today.

European stocks advanced while most Asian stocks ended in the green on Friday as investors monitor prospects of a U.S. stimulus package and a last-minute Brexit trade deal.

Back in Europe, representatives from the U.K. and EU talked on Thursday in the hope of securing a trade deal before the 31 December deadline. However, the media reported that Britain is accusing France of making new demands at the last second, diminishing the chances of a deal being agreed by the end of the week.

Hong Kong shares of Chinese chipmaker SMIC and oil producer CNOOC declined after the Pentagon announced that the two firms were added to a blacklist of alleged Chinese military companies.

In the US, the Nasdaq Composite Index closed at a record high on Thursday, lifted by Tesla Inc, while the S&P 500 fell after a report that Pfizer Inc had slashed the target for the rollout of its COVID-19 vaccine. The Dow Jones Industrial Average rose 86 points, supported by a jump in Boeing shares.

Investors awaited a key November jobs report to gauge the pace of labor market recovery in the face of a worsening pandemic. The latest weekly jobless claims hit a pandemic-era low, the Labor Department reported Thursday. First-time claims for unemployment benefits totaled 712,000 last week, compared with 787,000 a week earlier. Still, the claims remained well above the pre-pandemic record.

Investors closely monitored progress toward a stimulus deal as lawmakers make a strong push to break a stalemate over how to boost an economy that continues to be hurt by the pandemic.

Buzzing Indian Segments:

The Nifty Bank index rose 2.05% to 30,052.40. The index fell 1.24% in the past two sessions.

Bandhan Bank (up 4.49%), ICICI Bank (up 4.2%), State Bank of India (up 2.77%), RBL Bank (up 2.29%),Axis Bank (up 1.98%), IndusInd Bank (up 1.96%), Kotak Mahindra Bank (up 1.34%), Bank of Baroda (up 1.29%), Federal Bank (up 0.61%), HDFC Bank (up 0.59%) and IDFC First Bank (up 0.41%) advanced.

The Nifty FMCG index rose 1.40% to 32,356.75. The index has risen 2.05% in two sessions.

Hindustan Unilever (up 2.85%), Tata Consumer Products (up 2.47%), Nestle India (up 1.87%), Jyothy Labs (up 1.18%), Bajaj Consumer Care (up 0.66%), Britannia Industries (up 0.39%), Dabur India (up 0.24%) and Colgate Palmolive (India) (up 0.04%) rose.

Marico climbed 1.14%. The FMCG major has announced its foray into the plant protein category with the launch of Saffola Mealmaker Soya Chunks.

Stocks in Spotlight:

SpiceJet (up 9.77%) and Interglobe Aviation (up 5.79%) after the government on Thursday allowed domestic airlines to ramp up their operations to 80% of pre-Covid approved capacity from the existing 70% stipulation.

Civil aviation minister Hardeep Singh Puri on Thursday tweeted: Domestic operations recommenced with 30K passengers on 25 May & have now touched a high of 2.52 lakhs on 30 Nov 2020. Ministry of Civil Aviation, Government of India is now allowing domestic carriers to increase their operations from existing 70% to 80% of pre-COVID approved capacity.

Ultratech Cement rose 4.10%. The company's board approved an investment of Rs 5,477 crore towards increasing the company's capacity by 12.8 mtpa, with a mix of brown field and green field expansion. The additional capacity will be created in the fast-growing markets of the east, central and north regions of the country.

The cement maker said that the commercial production from the new capacities is expected to go on stream in a phased manner, by Q4FY23. This capacity addition will not impact the ongoing deleveraging program which is on track to make UltraTech debt free by the time the expansion program is completed.

Upon completion of the latest round of expansion, the company's capacity will grow to 136.25 mtpa, reinforcing its position as the third largest cement company in the world, outside of China.

NCC soared 7.72% to Rs 51.65 after well-known investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala, and group companies increased shareholding in the construction firm to 13.7%.

Panacea Biotec tumbled 8.43% to Rs 214.05. Serum Institute of India sold 3.09 lakh equity shares (or 0.50% equity) of the biotechnology firm at Rs 243.32 per share via bulk deal on the NSE on Thursday, 3 December 2020.

Tata Power Company jumped 3.54% to Rs 71.65. The company has received LOI from the Odisha Electricity Regulatory Commission (OERC) for the distribution and retail supply of electricity in Odisha's five circles of WESCO and six circles of SOUTHCO. The license enables Tata Power to serve the consumers of Western part (WESCO) and Southern part (SOUTHCO) of Odisha with geographical spread of more than 47,000 Sq km each and will manage network of more than 100,000 ckt. kms. each.

Quick Wrap: Nifty Bank Index rises 2.05%
04-Dec-2020 (16:00)
Sensex, Nifty end almost flat; PSU banks rally
03-Dec-2020 (17:23)
Quick Wrap: Nifty PSU Bank Index records a surge of 4.81%
03-Dec-2020 (16:00)
Sensex ends flat, Nifty ends above 13,100; broader market ends firm
02-Dec-2020 (17:01)
Quick Wrap: Nifty Realty Index records a surge of 2.96%
02-Dec-2020 (16:00)
Equity benchmarks hit record closing highs; Nifty tops 13,100
01-Dec-2020 (17:20)
Quick Wrap: Nifty Realty Index gains 3.33%, NIFTY jumps 1.08%
01-Dec-2020 (16:00)
Sensex drops 110 pts in choppy trade; broader indices rally
27-Nov-2020 (16:58)
Quick Wrap: Nifty Realty Index rises 2.65%
27-Nov-2020 (16:00)
Sensex climbs 1% to settle above 44,000; metals shine
26-Nov-2020 (16:48)
Quick Wrap: Nifty Metal Index gains 3.85%, NIFTY jumps 1.00%
26-Nov-2020 (16:00)
Sensex plunges 695 pts, Nifty closes below 12,900 on profit selling
25-Nov-2020 (17:22)
Quick Wrap: Nifty Realty Index declines 2.25%, NIFTY Tumbles 1.51%
25-Nov-2020 (16:00)
Benchmarks end at record peak; Nifty closes above 13,000 mark
24-Nov-2020 (16:55)
Quick Wrap: Nifty Bank Index records a surge of 2.46%
24-Nov-2020 (16:00)
Sensex tops 44,000, Nifty ends above 12,900; ONGC rallies 7%, RIL 3%
23-Nov-2020 (17:08)
Quick Wrap: Nifty Energy Index records a surge of 2.79%
23-Nov-2020 (16:00)
Sensex jumps 282 pts led by banks, financials; RIL corrects
20-Nov-2020 (17:15)
Quick Wrap: Nifty Financial Services Index rises 1.70%
20-Nov-2020 (16:00)
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