Sensex, Nifty Log The Best Day In Two Weeks
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India's stock benchmarks advanced for the second consecutive session and logged the biggest single day gains since December 8, aided by banking, auto, metals and realty stocks.
The S&P BSE Sensex rose 1.09% to 56,930.56. The 30-stock gauge reached within touching distance of 57,000 mark in intraday trade. The Nifty also advanced by similar magnitude to 16,955.45.
Hindalco Industries Ltd. had the largest increase, rising 4%. Today, 43 of the 50 shares rose, while seven fell.
The broader indices outperformed their larger peers with S&P BSE MidCap rising 1.5% and S&P BSE SmallCap gaining 1.7%. All the 19 sectoral indices compiled by the BSE Ltd. advanced with S&P BSE Realty adding nearly 3%. S&P BSE Capital Goods, S&P BSE Industrials and S&P BSE Energy also rose over 2% while S&P BSE Auto index closed with gains of almost 2%.
The market breadth was skewed in the favour of bulls. About 2,435 stocks advanced, 907 declined and 104 remained unchanged.
"The momentum is back in the Indian market, which is supported by strong gains in Asian peers. India is at the beginning of capex revival phase and therefore corporate earnings recovery looks sustainable and premium valuations might sustain", Mitul Shah, Head of Research at Reliance Securities wrote in a note and added "we believe that India is better placed compared to major global economies in terms of handling Covid and its spread, while revival of capex and higher growth potential over next 1-2 years would keep Indian economy expansion ahead of many other nations. This would lead to bounce back in Indices going into 2022".
"Low market volumes in the last few sessions have contributed to exaggerated market volatility. Despite a sharp correction in the last week, retail net long open interest in stock futures has come off by only 2%, pointing to continued confidence in staying invested", noted S Hariharan, Head - Sales Trading, Emkay Global Financial Services and added that "consumer-facing sectors like Banking & FMCG have broken critical moving averages pointing to a break in the medium-term uptrend. A consolidatory phase going into results season is expected as volumes would remain muted for the rest of December, since there are expected to be few triggers in terms of newsflow".
Amazon To Acquire Catamaran’s Stake In Joint Venture Prione.
Amazon will acquire Infosys co-founder NR Narayana Murthy-founded Catamaran’s stake in their joint venture Prione Business Services.
Prione’s board and its unit Cloudtail will take steps to complete the transaction on getting regulatory approvals.
Hindalco Shares Climb The Most In Two Weeks As ICICI Securities Expects Company's Total Aluminium Extrusion Capacity To Rise
Shares of Hindalco Industries Ltd. rose over 4%, the biggest intraday gain in over two weeks, to Rs 463.65 apiece after ICICI Securities reiterated 'buy' recommendation on the stock citing the positive impact due to the acquisition of Hydro's aluminium extrusions business in India. ICICI Securities maintained the target price unchanged at Rs 550 apiece, an implied return of 23.47%.
The brokerage said in a note dated Dec. 21, that acquisition falls within the envelope of the company's 'doubling the downstream' strategy.
The place will also serve an archetype for Hindalco's upcoming extrusions plant in Silvassa. The Kuppam unit (the acquisiton of Hydro's aluminium extrusions business) and Silvassa units are expected to boost Hindalco's total aluminium extrusions capacity from 60 ktpa to 109 ktpa.
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