Breaking a two-day losing streak, Indian equity benchmarks closed Monday’s trade with a gain of around 1%, ending above their critical 56,300 (Sensex) and 16,750 (Nifty) levels, as traders went bargain hunting following a global slump for financial markets fueled by concerns about how badly the omicron variant, inflation, and other forces will hit the global economy.

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The broader indices finished in the green; the BSE Midcap index increased by 1.43%, while the Small-cap index increased by 1.29%. Metal was up by 2.99%, Consumer Durables was up by 2.17%, Basic Materials was up by 2.14%, Telecom was up by 1.72%, and TECK was up by 1.68% on the BSE, while there were no losers.

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The Nifty50 has formed a small positive candle on the daily chart with upper and lower shadows, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities. Technically, this pattern indicates the formation of a Doji-type candle pattern, not a classical one, suggesting a weak bounce ahead, he said.

According to pivot charts, the key support levels for the Nifty are placed at 16,660.53, followed by 16,550.27. If the index moves up, the key resistance levels to watch out for are 16,908.73 and 17,046.67.

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Indian Indices

Sensex gained 497.00 points or 0.89% to 56,319.01 and the Nifty was up by 156.65 points or 0.94% to 16,770.85 in the previous session. Sensex touched high and low of 56,900.74 and 56,047.22, respectively and there were 23 stocks advancing against 7 stocks declining on the index while Nifty traded in a range of 16,688.25 and 16,936.40 and there were 39 stocks advancing against 11 stocks declining on the index.

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SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 10-points loss. The Nifty futures were trading at on the Singaporean Exchange around 06:45 hours IST.

Asian Markets

Asian markets finished broadly higher yesterday with shares in Japan leading the region. The Nikkei 225 was up 2.08% while Hong Kong’s Hang Seng was up 1.00% and China’s Shanghai Composite was up 0.88%.

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US Markets

The S&P 500 rose 81.21 points to 4,649.23. The benchmark index is within 1.4% of the all-time high it set on Dec. 10.

The Dow climbed 560.54 points to 35,492.70. Nike, one of the 30 stocks in the blue-chip index jumped 6.1% after turning in strong quarterly results.

The Nasdaq rose 360.14 points to 15,341.09 and the Russell 2000 gained 63.07 points to 2,202.95. 

European Markets

European markets closed sharply higher yesterday with shares in France leading the region. The CAC 40 was up 1.35% while Germany’s DAX was up 1.33% and London’s FTSE 100 was up 1.31%.

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SEBI disposes of case against Dish TV’s promoter

SEBI has disposed of a case of alleged insider trading against Dish TV India’s corporate promoter Direct Media Distribution Ventures Pvt Ltd. It was alleged that it had violated provisions of prohibition of insider trading norms, as per an order passed on Tuesday. The order follows an investigation conducted by the regulator in Dish TV’s scrip between January-February 2019. Allegedly, the promoter traded in Dish TV’s shares while in possession of unpublished price sensitive information (UPSI) which pertained to the approval of the firm’s financial results for the nine months and quarter ended December 31, 2018, and also in respect of approval of an investment to be made by Dish TV to the tune of Rs 3,000 crore in its wholly-owned subsidiary. It was alleged that the promoter sold 21.4 lakh shares of Dish TV through market transactions while in possession of UPSI.

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Manappuram Finance to raise up to Rs 500 crore via bonds

Manappuram Finance on Tuesday said it plans to raise up to Rs 500 crore by issuing bonds. A meeting of the company’s Financial Resources and Management Committee of the Board of Directors will be held on December 24 to decide on the capital raise plan. “The company is desirous of offering secured, rated redeemable non-convertible debentures for Rs 100 crore with an option to retain oversubscription up to Rs 400 crore aggregating to Rs 500 crore,” Manappuram Finance said in a regulatory filing. The bond issuance is pursuant to the approval of the board of directors resolution passed at its meeting held on March 19, 2021.

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RBI enlists CSB Bank to handle central and state government banking business

Private sector lender CSB Bank Tuesday said it has been empanelled as an ‘agency bank’ by the Reserve Bank of India (RBI) to undertake the general banking business of central and state governments. This appointment will allow CSB Bank to undertake general banking business of the central and state governments which may be entrusted by the RBI, the bank said in a statement. “As an agency bank of the RBI, CSB Bank is now authorised to enter into an agreement with different state governments and central government departments for businesses such as tax collections, pension payment, collection of stamp duty, etc.,” the bank said.

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HMSI starts exports of NAVi bike to US market

Honda Motorcycle and Scooter India (HMSI) on Tuesday said it has initiated exports of NAVi bikes via Honda de México to the US market. HMSI had commenced the export of NAVI CKD kits to Mexico in July 2021 and has so far dispatched over 5,000 kits to the country. “The NAVi deliveries to the US market via Honda Mexico has further strengthened our export portfolio in advanced markets, the new expansion has given us an opportunity yet again to set new standards of global manufacturing quality in India,” HMSI Managing Director, President, and CEO Atsushi Ogata said in a statement. Honda NAVi is a crossover, which combines the advantages of a scooter with the characteristics of a motorcycle.

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SBI acquires minority stake in JSW Cement for Rs 100 crore

The State Bank of India (SBI) has acquired a minority stake in JSW Cement Limited, part of USD 13 billion JSW Group. The PSU Banking behemoth has invested Rs 100 crore in the company via compulsorily convertible preference shares (CCPS), a JSW Cement statement said on Tuesday. “The conversion of such CCPS into common equity of the company will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering”, it said. This capital infusion will support JSW Cement’s capacity expansion from the current 14 MTPA to 25 MTPA, the statement added. The SBI transaction with JSW Cement comes close on the heels of the Rs 1,500 crore investments made by two global private equity investors, Apollo Global Management Inc. (through its investment entity in Singapore) and Synergy Metals Investments Holding Ltd earlier this year.

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Bulk Deal data

Fidelity Investment Trust Fidelity Series Emerging Markets Fund acquired 3,18,100 equity shares in C E Info Systems (MapmyIndia) at Rs 1,404.47 per share, and Goldman Sachs Funds – Goldman Sachs India Equity Portfolio bought 3,76,708 equity shares at Rs 1,392.99 per share on the NSE, the bulk deals data showed.

Nirmal Kumar Bathwal acquired 18,96,948 equity shares in Filatex India at Rs 84.76 per share. However, investor Penguin Trading & Agencies sold 28,81,000 equity shares in the company at Rs 81.3 per share on the NSE, the bulk deals data showed.

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Aviator Global Investment Fund bought 1.75 lakh shares in Lancer Container Lines at Rs 205 per share on the BSE, the bulk deals data showed.

In Debock Sale Marketing Ltd, Nanalal Bhanji Dudhaiya bought 42,000 shares, while Ramesh Bhandappa Munnoli and Sunil Kalot each sold 48,000 and 1,02,000 shares at the same price of 136.9 per share on the NSE, as per bulk deals data. 

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DII and FII data

Foreign institutional investors (FIIs) sold shares worth a net Rs 1,209.82 crore, while domestic institutional investors (DIIs) bought shares worth a net Rs 1,404.89 crore in the Indian equity market on December 21, as per provisional data available on the NSE.

NSE F&O Ban

ZEEL, Escorts, and Indiabulls Housing Finance are under the F&O ban for December 22. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

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