Indian shares were set on Friday for their best year since 2017, driven by an economic recovery from the pandemic-fuelled slump and massive liquidity, even as a raging new COVID-19 variant and valuation concerns kept investors cautious towards the year-end. Global equities are closing out a strong year, driven by a U.S. surge while Asia lagged partly because of weakness in China on regulatory curbs and a slowing economy. Bond investors are nursing losses as many central banks move toward tighter monetary settings to fight inflation. How the coronavirus and those policy shifts shape economic reopening are key for the outlook.
Sensex ends 460 pts up, Nifty at 17,350 on last day of year; Metal, Auto surge
Sensex rose 459.50 points or 0.80% to close the year at 58,253.82, while Nifty was up 150.10 points or 0.87% at 17,354.05.
Hindalco, Titan, Ultratech Cement, Tata Motors, and Kotak Bank were among the top gainers on Nifty. NTPC, Cipla, Tech Mahindra, Powergrid, and SBI Life fell the most.
All sectoral indices ended in the green with banks, auto, metal, financial services, FMCG, oil & gas indices rising 1-2%. All the broad market indices also ended in the green.
The BSE Sensex hovered between 57,846.52 and 58,409.30 during the day. Only four of the 30 Sensex stocks ended in the red. Titan was the top gainer in the pack.
BSE midcap and smallcap indices rose over 1% each.
Year-end view: Naveen Kulkarni, Chief Investment Officer, Axis Securities
“2021 has been a year of recovery, rehabilitation, and establishing a base for future growth. 2022 will be a little more volatile but will still be very good for equity investors in India. 2022 is very likely to be another year of good double-digit returns and continued wealth creation. Autos, Banks, and Capital goods, literally the A B C of equity markets, will be the most interesting sectors for 2022.”
Govt should include iron and steel in RoDTEP to make exports competitive: EEPC
As skyrocketing prices of primary raw materials have been hurting the industry, especially MSMEs, the government should consider including iron and steel products in the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to make exports more competitive, Engineering Export Promotion Council of India (EEPC India) said on Friday.
Sebi releases updated list of entities, individuals under UNSC sanctions
Markets regulator, the Securities and Exchange Board of India (Sebi), on Friday informed market intermediaries about the updated list of entities and individuals under the United Nations Security Council (UNSC) sanctions.
IT midcap stock hits upper circuit for 14th successive session. Do you own?
Multibagger stock: Despite range-bound trend at Indian stock market, ASM Technologies share price has been in the uptrend for last one month. In fact, the mid-cap IT stock has hit 5 per cent upper circuit for the 14th successive trading session on Friday.
ASM Technologies shares started hitting upper circuit after the company’s clarification to the BSE in regard to its stock price rally in December 2021. In its reply to BSE on 10th December 2021, the company had made it clear that uptick in the company’s stock was purely market driven and the management was not concerned with skyrocketing of ASM Technologies share price.
HUL moves to allay distributors’ concerns
Hindustan Unilever Ltd., India’s largest consumer goods firm, has said it has a “long-standing relationship” with its distributors and remains committed to ensuring that they earn a fair return on their investments. The statement is aimed at allaying concerns of pricing disparity of goods for traditional distributors and organised business-to-business (B2B) platforms.
HUL’s response comes a day after salesmen of fast moving consumer goods (FMCG) pledged to stop selling select products of the company in Maharashtra from January 1, citing concerns over the company’s inability to engage in a dialogue with the distributor community over the pricing disparity between traditional distributors and organised B2B distributors such as Udaan and JioMart.
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Only 4 Sensex stocks trading in the red
With LIC Digi Zone, customers can now buy insurance policies online soon
To enhance its digital footprint, the Life Insurance Corporation of India (LIC) of India has launched ‘Digi Zone’ to enhance its digital operations in areas of sales and customer services.
The insurer said, “With an intention to become a tech driven life insurer, LIC will offer information regarding LIC products and services through kiosks installed in the premises. Customers can use LIC’s Digi Zone to buy policies online, pay premium and avail other services as well. Soon after the inauguration, the operation went live by walk-in customers who made digital transactions in the new “LIC Digi Zone”.”
GST Council defers tax hike on textiles
The Goods and Services Tax (GST) Council on Friday deferred hiking the GST on textiles from 5% to 12%. The 46th meeting of the Goods and Services Tax (GST) Council held in the national capital under the chairmanship of Union Finance Minister Nirmala Sitharaman.
Indian M&E industry to hit $55-$70 bn by 2030 driven by digital segments
The Indian media and entertainment industry is estimated to touch $55-$70 billion by 2030, growing at a CAGR of 10-12% driven mainly by strong growth in digital segments like OTT (over-the-top) streaming platforms, gaming, animation and VFX, according to the latest report by the Confederation of Indian Industry (CII) along with Boston Consulting Group (BCG). The industry is valued at $26 billion-$28 billion in 2021.
Should you hold or accumulate CMS Info Systems?
CMS Info Systems shares made tepid debut at Indian stock market today. The public issue of the cash management company opened at ₹220 on NSE, near 2 per cent higher from its upper price band of ₹216 per equity share. However, soon after the listing, CMS Info Systems share price appreciated to the tune of ₹250 per share levels helping allottees to maximise their listing gain. According to experts, profit-booking may trigger anytime in the scrip, so, one should book profit at current levels and look for other better option in the market. However, they said that those who are determined to take fresh position in the counter can buy in ₹200 to ₹215 range for ₹275 to ₹300 per share target in next 3 to 6 months.
SBI MF’s FMP Series 58 now open for subscription
NEW DELHI: SBI Mutual Fund’s Fixed Maturity Plan (FMP)- Series 58 (1842 days) is available for subscription during the NFO (new fund offer) period that is open till 4 January 2022.
With a tenure of 1842 days, the scheme will mature on the expiry of the tenure of the scheme from the date of allotment. This is part of the fund’s proposed schemes to be launched under SBI Fixed Maturity Plan (FMP) – Series 51 to 60.
Top gainers/losers at this hour
This multibagger stock rises 188% in 2021. ICICI Securities has ‘Buy’ rating
eClerx Services (eClerx) provides business process management, automation and analytics services. It caters to financial services, communications, retail, media, manufacturing, travel and technology companies.
eClerx share price has grown by around 1.8x over the past five years, from around ₹1,357 in December 2016 to ₹2,419 levels in December 2021. The domestic brokerage and research firm ICICI Securities remains positive on the multibagger stock, that has rallied 188% in 2021 and maintains its Buy rating.
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Sensex up over 500 points
Read More: Sensex ends 460 pts up, Nifty tops 17,350 on last day of year; Metal, Auto surge