Sensex, Nifty Struggle To Hold Gains In Choppy Session
A bronze bull statue stands at the entrance to the Bombay Stock Exchange (BSE) building in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Struggle To Hold Gains In Choppy Session

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Closing Bell: Subdued End To Choppy Session

Indian equity benchmarks struggled to hold onto gains as investors, unimpressed by Modi government’s stimulus package, shifted focus to earnings.

The S&P BSE Sensex closed 0.5 percent higher at 30,196, off around 500 points from days’s high. The NSE Nifty 50 rose 0.6 percent to close at 8,879.

Among sectoral indices, the Nifty Bank fluctuated between gains and losses through the day. The index ended 0.5 percent lower at 17,486, nearly 700 points of the day's high of 18,175.

Markets At Close

  • Benchmark indices end off the day's high
  • Nifty ends 0.6 percent higher at 8,879
  • Sensex ends 0.56 percent higher at 30,196
  • Nifty Bank ends 0.5 percent lower at 17,486
  • Nifty Midcap Index ends 0.5 percent higher
  • Nifty Smallcap Index ends 0.2 percent higher
  • India Volatility Index ends 4.4 percent lower at 39.1
  • Nifty PSU Bank Index ends as top sectoral laggard; down 2.6 percent
  • Nifty Media Index ends as top sectoral gainer; up 2 percent
  • Bharti Airtel ends as the top Nifty gainer, up 10.8 percent at a record high
  • 36 out of the 50 Nifty stocks advanced
  • UPL was the top Nifty laggard, down 9.8 percent
  • 793 stocks on the NSE end with gains while 953 end with losses

Trading Ideas From Brijesh Bhatia Of Dealmoney Securities

  • Sell Nifty Bank futures at 17,500 for target of 16,600 and stop loss of 18,056
  • Sell ICICI Bank futures at Rs 301 for target of Rs 280 and stop loss of Rs 312.1
  • Buy Tech Mahindra at Rs 513 for target of Rs 545 and stop loss of Rs 499

Franklin's Repayment Woes

Investors in some of the credit funds run by Franklin Templeton's India unit may have to wait for as long as five years to fully recover their money, the asset manager wrote in an email to its investors.

The email and attached documents, accessed by Bloomberg lay out the latest timeline for scheduled cash flows.

The company had shut six debt schemes last months which trigger shock waves in the local credit market.

It may take more than five years for the company to return the entire amount invested in four of the funds. Investments in two of the remaining funds may be returned within five years.
Franklin Templeton’s Document

Also read: Franklin India May Take Over Five Years to Return Some Funds

Trading Ideas From Amar Singh Of Angel Broking

  • Buy Biocon at Rs 330 for target of Rs 357 and stop loss of Rs 313
  • Buy Mindtree at Rs 900 for target of Rs 978 and stop loss of Rs 843

Stock Update: Adani Power

  • Top performer on the Nifty 500 index
  • Gains as much as 17.3 percent to Rs 36.2
  • Biggest one-day gain since July 1, 2019
  • Trades at the highest level in two months
  • Snaps two-day losing streak
  • Today's volumes are 4.7 times higher than its 30-day average
  • Breaks above its 50-Day Moving Average of Rs 31.72
  • Trades nearly 50 percent below its 52-week high of Rs 73.8 on November 4, 2019
  • 1 out of the 5 analysts tracking the stock has a buy recommendation; 4 sell calls
  • Return potential of the stock as per Bloomberg data is 13.6 percent
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