Sensex, Nifty LIVE Updates on December 16: Market indices traded at new record highs on Wednesday, amid positive global equities. Sensex traded 245 points higher at 46, 510, and Nifty gained 70 points to 13,640. In today's session, Sensex hit an all-time high of 46,592 and Nifty too logged a lifetime high of 13,666. Yesterday, Sensex ended 9 points higher at 46,263 and Nifty gained 9 points to 13,567.

Here's a look at the updates of the market action on BSE and NSE today

Indian rupee, the local currency appreciated by 15 paise to 73.48 per US dollar on Wednesday's opening trade as sustained foreign fund inflows and hectic buying of domestic equities strengthened investor sentiment. The weakness of the American currency in the overseas market also supported the domestic unit.

YES Bank stock resumed investors' participation today after 3 days of consecutive fall, led by buying sentiment in the private banking index and broader indices Sensex and Nifty, which have been hitting new record highs.

YES Bank share price opened at Rs 18.69 on Wednesday and later rose to Rs 19.19, rising 4.97% against the last close of Rs 18.28. The stock also hit a day's low of Rs 18.56 during the session.

Share of Burger King India hit the upper circuit of 20% in early trade today, clocking 233% gains to issue price since December 14. Burger King India stock rose to Rs 199.25 against the previous close of Rs 166.05, recording a gain of 19.99% on BSE.

On NSE too, the share was stuck in the upper circuit of 20% in early trade. The share was trading at Rs 194.40 against the previous close of Rs 162 on NSE.

About 2.08 crore shares changed hands on NSE in early trade. The market cap of the share rose to Rs 7,604 crore.

 

Dhruv Agarwala, Group CEO, Housing.com, Makaan.com, and Proptiger.com says, "It was a tough year for the real estate sector due to the COVID-19 pandemic. We expect that the increase in sales seen since October will gain further momentum in the coming months on account of low-interest rates, stagnant housing prices, and attractive offers by developers. Demand in 2021 is likely to recover to 2019 levels and may even surpass it if there are no unforeseen negative events.

On the positive side, while the pandemic hit sales, it accelerated the much-needed adoption of digital tools in Indian real estate and led to a record increase in online traffic to digital real estate platforms. Moreover, the forced work-from-home environment because of COVID-19 boosted housing demand in tier-II and III cities."

Geojit Financial said in its note, "The Bank of Japan has decided to tap $6 billion in cash from a government account in a rare arrangement to ensure it has enough ammunition to combat any market disruptions caused by a recent resurgence in coronavirus infections. Under the arrangement announced on Wednesday, the central bank will buy dollar cash from the Ministry of Finance any time through to the end of March next year at the prevailing market exchange rate at the time.

Japan's exports declined 4.2% in November as compared with a year ago, according to Ministry of Finance data released Wednesday."

Ashok Leyland -CMP:- Rs95  View:-Positive

Amarjeet Maurya - AVP - Mid Caps, Angel Broking said," Ashok Leyland (AL) is the second-largest Commercial Vehicle (CV) manufacturer in India. It has a strong presence in the truck segment with a market share of 32% as of FY20. Going ahead, we expect a revival in the commercial vehicle sector on the back of gradual absorption of oversupply and improvement in the overall economy. This would benefit players like Ashok Leyland on the back of strengthening the product portfolio by launching products.

Geojit Financial said in its note," In the US, stocks rose sharply on Tuesday as traders grew more optimistic about Congress passing another economic relief package. The Nasdaq closed at a record high.

Optimism over a $1.4 trillion U.S. spending package increased after House of Representatives Speaker Nancy Pelosi reportedly invited other top congressional leaders to meet late on Tuesday to hammer out a deal to be enacted this week.

Markets will now look to the U.S. Federal Reserve for new projections on whether the economy will suffer a double-dip recession or is on the cusp of a vaccine-inspired boom. The central bank is to release a statement on Wednesday."

Market indices traded at new record highs on Wednesday, amid positive global equities. Sensex traded 245 points higher at 46, 510, and Nifty gained 70 points to 13,640

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices increased by 1.03% and closed at 49443 levels and silver prices also increased sharply by 2.18% and closed at 64,853 levels. Weakness in dollar and expectation of stimulus package for US economy support the Gold prices. Increasing cases of Coronavirus also support gold as a safe haven asset.

Hopes over further stimulus infusion by central banks is expected to levy some support to the safe-haven asset, Gold. As for today, traders can go for BUY in gold at Rs 49400 levels with the stop loss of Rs 49100 levels for the target.  of 50200 levels. They can also go for BUY  in Silver at Rs 65000 levels, with the stop loss of 64300 levels and for the target of 66500 levels. We expect gold may test $1880 to $1900 levels soon."

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said, "The global markets witnessed some correction and in line with that, SGX Nifty was hinting at a probability of negative opening. However, the indices opened on a flat note and then corrected in the first couple of hours up to the 13450 marks. But once again, the intraday day dip got bought into and we then witnessed a smart recovery in the latter half to erase all losses and end the day on a flat note.

Once again our markets shrugged off the negative global cues and witnessed a smart recovery from the intraday dips. In the last couple of hours, we witnessed a decent up move with certain high beta stocks posting good gains. For the fourth straight session, we have witnessed such a move where markets recovered from their lows and ended with the formation of a 'Doji' candle. Although this does not sign any reversal of the trend, 13400-13600 now becomes a crucial range and a breakout beyond the same would then lead to the next leg of directional move. A move above 13600 could then lead to an extension of this trend towards 13750 which is the 127% retracement levels of the previous correction on the weekly charts. On the flipside, 13400 has now become sacrosanct and only a breach below this would then result in a decent profit booking. We continue with our advice for traders to trade with a stock-specific approach with a tab on the above-mentioned levels in the index."

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty is edging slowly and steadily towards the upper end of the index range which is between 13400-13700. A serious move can be expected only post 13700 or if we break 13400 on a closing basis. Good support for this market lies at 13400."

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "While the Dow, Nasdaq & S&P 500 set many records this year the US small-cap index Russel 2000 lagged behind without touching record levels. This underperformance was compensated yesterday when Russel 2000 hit a record high. This indicates that the rally is spreading to the broader market. An important factor driving the market in the coming days would be expectations regarding Q3 results. Indications are that IT & private sector financials will do well"

M&M, PNB, HDFC, Union Bank, IDBI Bank, Axis Bank among others are the top stocks to watch out for in Wednesday's trading session

Ajit Mishra, VP - Research, Religare Broking said,"We're seeing consolidation in the index on the expected lines but the bias is still on the positive side. A decisive break above 13,600 in Nifty could further fuel the rally however on the flip side, the breakdown below 13,400 may induce the participants to reduce positions. Meanwhile, we reiterate our view to focus more on the selection of stocks and limiting leveraged positions. Also, keep a close eye on global markets for cues."

Reliance Research said in its note,": NSE-NIFTY ended on a flat to positive note after a stable start for the week. Mix trend witnessed across the sectors and overall market breadth was neutral to negative during the day. Despite higher level profit booking and neutral sentiment, our bullish view will remain intact as its major technical indicators are positively poised. We believe that undergoing positive momentum will continue. The index has the potential to explore uncharted territory and will test 13,700 and 14,000 levels. In case of near-term decline, the index will find strong support at the 13,350 marks and will rebound.

As for the day, support is placed at around 13,480 and then at 13,392 levels, while resistance is observed at 13,623 and then at 13,677 levels."

Sensex traded 305 points higher at 46, 562, and Nifty gained 85 points to 13,653. In today's session, Sensex hit an all-time high of 46,592 and Nifty too logged a lifetime high of 13,666.

Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said, "Sustained portfolio inflows, visible progress on the vaccine roll-out globally and weakness in greenback are the drivers which are pushing the rupee on the upwards trajectory. Value erosion in the dollar and excessive liquidity is driving FIIs to load up on emerging markets equities, especially Indian equities in a big way, pushing them to a record high. We are also witnessing a strong recovery in demand in the economy, which is leading to strength in the rupee as the year draws to a close. The local unit looks to march further on the higher side towards the 73.20-73 mark, from where we might see some retracement. Markets would now be looking forward to furthering guidance from the US Fed in its last policy meeting of the year, which will further steer the rupee."

Foreign portfolio investors (FPIs) bought shares worth Rs 2,484.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,666.79 crore in the Indian equity market on 15 December, provisional data showed.

On the currency front, the rupee settled 8 paise lower at 73.63 per US dollar, tracking muted domestic equities.

Market indices reversed from losses and closed at record highs on Tuesday, amid mixed global equities. Sensex ended 9 points higher at 46,263 and Nifty gained 9 points to 13,567.

Sensex recovered 422 points from the day's low to end in the green. Sensex hit an intraday low of 45,841. Nifty too gained 120 points from the day's low of 13,447.