Sensex, Nifty End Best Year Since 2017 On A Strong Note
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Closing Bell: Sensex, Nifty End Best Year Since 2017 On A Strong Note
India's stock benchmarks closed the year 2021, the best in four, on a positive note. It was a year of milestones with both the S&P BSE Sensex and NSE Nifty 50 index hitting record highs, as markets shrugged off the impact of the the delta variant and ended the year grappling with concerns over the omicron variant, besides the possible impact due to faster withdrawal of monetary stimulus in the U.S. to arrest the elevated inflation levels.
On the final session, Sensex rose 0.8% to 58,253.82. The 30-stock gauge rose over 1% in intraday trade. The Nifty advanced by similar magnitude to 17,354.05. Hindalco Industries Ltd. had the largest increase, rising 5.8%. Today, 44 of 50 shares rose, while six fell.
The broader indices outperformed their larger peers on the final session with the S&P BSE MidCap gaining 1.38% and S&P BSE SmallCap adding nearly 1.2%. All the 19 sectoral indices compiled by BSE Ltd. adanced, led by S&P BSE Metal index, which increased over 2%.
The market breadth was skewed in the favour of bulls. About 2,437 stocks advanced, 953 declined and 90 remained unchanged.
"Post some consolidation in last couple of sessions, Nifty resumed the positive momentum and rallied higher to test 17400 mark. The Banking index which had recently seen an underperformance, witnessed a good buying interest and it surpassed the higher end of its recent consolidation", noted Ruchit Jain, Lead Research, 5paisa.com, and added that "this certainly bodes well for the bulls and if the banking space continues to show a follow up move, then this sector could witness a sharp momentum to cover up for the recent underperformance. As far as Nifty levels are concerned, the immediate hurdle is seen around 17,450 while 17,300 and 17,230 will be the support levels".
Analysts Action: Firstsource Solutions
Firstsource Solutions raised to 'buy' from 'accumulate' at Dolat Capital Market; price target set at Rs 230, an implied return of 26%
HCL Tech: Longest Winning Streak In 20 Years
Shares of HCL Technologies Ltd. rose for the ninth straight day, on track for the longest winning streak since the period ended Jan. 8, 2002.
HCL Tech has gained a total of 14% during the streak while the NSE Nifty IT index rose 5.9% over the same period.
The relative strength index on the stock was at 78; indicating it may be overbought.
Cadila Healthcare Receives Tentative Nod From U.S.FDA For Parkinson's Disease Treatment Drug Pimavanserin Capsules
Cadila Healthcare Ltd.'s U.S. Subsidiary Zydus Pharmaceuticals (U.S) Inc. has received tentative approval from U.S. FDA to market Pimavanserin Capsules in the strength of 34 mg.
Pimavanserin is indicated for treatment of hallucinations and delusions associated with Parkinson's diseases pyschosis.
Drug will be manufactured at the formulation facility at SEZ Ahmedabad.
Source: Exchange Filing
HUL Says Supply Of Goods Remain Uninterrupted, In Response To Reports Of A Distributor Strike
Hindustan Unilever had no engagements with the All India Consumer Products Distributors Federation thus far.
The Company will ensure that supply of its products remains uninterrupted
HUL: Will ensure uninterrupted product supply.
HUL: Will ensure distributors earn fair return
Source: Company Statement
A PTI report had quoted AICPDF that its members will not launch any new product of HUL unless it gets an undertaking from that the said product is not available with B2B retailers.
The All India Consumer Products Distributors Federation (AICPDF) represents over four lakh distributors and stockists across India.
European Markets Open Lower
Textile Stocks Gain After Breather From GST Hikes
GST Hike On Textiles Deferred
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India Yields Mostly Higher
Indigo Paints Up Nearly 16% After Motilal Oswal Initiates Coverage With 'Buy' Recommendation
Tech Mahindra Acquires 100% Stake In Allyis India For $125 Million
Final Listing Of 2021
NSE Nifty Metal Index Climbs Over 1% Aided By Hindalco Industries
Nifty Bank Jumps Nearly 500 Points; All Constituents Of Nifty Bank Advance
Sensex, Nifty Open The Final Day Of 2021 Higher
India's GST Council May Roll Back Textile Levy Hike, Reports Mint
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- Textile Stocks Gain After Breather From GST Hikes
- RIL's Subsidiary Reliance New Energy Solar To Buy U.K.-Based Sodium-Ion Technology Developer Faradio For About Rs 1,003 Crore
- IDFC Shares Log The Most Intraday Gain In Over Five Months After Nod For Merger With IDFC First Bank, IDFC Financial Holding Company
- Indigo Paints Up Nearly 16% After Motilal Oswal Initiates Coverage With 'Buy' Recommendation
- Final Listing Of 2021