Stock Market Live: Sensex, Nifty trade near historic highs; auto, lead metal sectors

Shoppers only in Burger King India; shares blocked in the upper circuit by 20%; Mcap swells above Rs 7,300 crore

After a stellar debut on the exchanges, Burger King India continues to gain with the fast service restaurant chain’s share price stuck on a 20 percent higher circuit at Rs 194.40 in early trading on Wednesday. The current share price is more than three times the issue price. There were 73,79,264 pending buy orders for the non-seller shares on NSE. Burger King India’s market capitalization exceeded Rupees 7,300 crore. Shares of Burger King India went public on Monday with a hefty premium of around 90%. Burger King India’s initial public offering of Rs 810 crore-initial (IPO) received an overwhelming response as the offering was signed 156.65 times.

Market Watch: Ruchit Jain, Angel Broking

You can go long in Deepak Nitrite with a stop loss of Rs 870 and a target of Rs 975.

Positive on Syngene, buy with a stop loss of Rs 590 and a target of Rs 650.

Rupee opens | The Indian rupee opened 17 pairs higher on Wednesday at 73.47 per dollar against the previous close of 73.64, amid buying seen in the domestic stock market. On Tuesday, the domestic currency closed lower at 73.64 per dollar against Monday’s close at 73.57.

Ratnamani metals | The company received an internal order of Rs 105 crore for carbon steel lined pipes from the oil and gas sector, to be executed between May 2021 and September 2021.

Technical view | The Nifty is slowly and steadily advancing towards the upper end of the index range which is 13,400-13,700. A serious move can only be expected after 13,700 or if we exceed 13,400 at the close. Good support for this market is at 13,400, “he says Manish Hathiramani, proprietary indices trader and technical analyst, Deen Dayal Investments.

The slowdown in the auto sector leads to 3.4 lakhs of job losses, the parliamentary panel report said

The slowdown in the auto sector has led to a loss of 3.4 lakhs of jobs and the sector could contract two consecutive years, a parliamentary panel report said. The sector needs a targeted stimulus package, he said further, while recommending a 10% reduction in the tax on goods and services (GST) to offset rising prices and stimulate demand. It also suggested reducing the GST on used cars to 4% from the current 12-18% to create demand. The committee noted that the industry lost around Rs 2,300 crore per day during the lockdown period and also the fact that most companies cut production by 18-20%. There have been more than 3 lakh jobs lost in dealerships, in parts manufacturing and even in vehicle manufacturing. Watch the video to find out more

The government is likely to approve guidelines for spectrum auctions on Wednesday

The Union cabinet is likely to approve guidelines on Wednesday for the next round of spectrum auctions that could begin in the last week of January, sources said. The upcoming auction may have no radio waves identified for 5G services. “The spectrum auction note was presented to the Cabinet. It could come for a decision at the meeting on Wednesday,” a source said. India’s telecommunications regulator (Trai) had recommended a plan to auction off a spectrum worth Rs 5.22 lakh crore. However, some of the spectrum frequencies identified by the DoT for the auction are used by the DoD and the Department of Space. According to Jio, the spectrum worth Rs 3.92 lakh crore lies unused with the DoT at auction. The Department of Telecommunications (DoT) has identified 300 megahertz (Mhz) of spectrum blocks for 5G services. However, the Ministry of Defense and the Department of Space (DoS) have claimed about 125Mhz of spectrum, leaving only 175Mhz of radio waves for telecommunications companies. More here

Opening bell: Sensex, Nifty opens at record levels; all sectors in the green

Indian indices opened at record highs on Wednesday, following Asian equities, hopes for effective coronavirus vaccines rose, and the growing prospect of further US fiscal stimulus encouraged investors. Back home, all sectors witnessed the buying with auto and metal indices leading the pack. The broader markets were also in line with the benchmarks, up by more than half a percentage point each. The Sensex climbed up to 329 points to reach its new high of 46,592 while the Nifty gained 98 points to its all-time high of 13,666.

In the Nifty50 index, M&M, Bajaj Finance, ONGC, Tata Motors and UPL were the top winners, while HCL Tech ICICI Bank, Dr Reddy’s and Bharti Airtel were the only losers.

S&P improves India’s growth forecast to (-) 7.7 this fiscal

S&P Global Ratings raised India’s growth projection for the current fiscal balance to (-) 7.7% from the (-) 9% previously estimated on Tuesday due to rising demand and falling infection rates from COVID. “Rising demand and falling infection rates have mitigated our expectations of COVID’s impact on the Indian economy. S&P Global Ratings revised real GDP growth to negative 7.7% for the year ended March. 2021, down from negative 9% previously, “S&P said in a statement. The US-based rating agency said its revised growth forecast reflects a faster-than-expected recovery in the quarter through September. For the next fiscal year, he expected India’s growth to rebound to 10%. India’s gross domestic product fell by 7.5% in the July-September quarter, compared to a contraction of 23.9% in the April-June quarter.

Tata-Mistry case: bet worth over 1.5 million rupees, claims the Mistry camp

Cyrus Investments told the Supreme Court of India on Tuesday that Cyrus Mistry was ousted after objecting to an illegal act of influence by Tata Trustees and claimed their 18% stake in Tata Sons is worth more than Rs 1.5 lakh. crore and not Rs 80,000 crore as rated by Tata Sons. The Supreme Court is reviewing cross-appeals filed by Tata Sons and Cyrus Investments against the NCLAT Court of Appeals order that restored Cyrus Mistry as executive chairman of the more than $ 100 billion Tata conglomerate. Mistry’s attorneys also said it was this value (15% stake) that was damaged due to mismanagement and interference by Tata Trustees in the operations of the Tata Group companies. More here

Mrs Bectors Food IPO receives solid response from investors; signed up 3.72 times on the first day

Stimulating a robust response from investors, the initial sale of Mrs Bectors Food Specialties stock was oversubscribed within hours of the subscription opening on Tuesday and concluded with 3.72 subscriptions. After Burger King India, this is the second initial public offering (IPO) this month to have received subscription subscriptions within hours of opening to public subscription. Ms. Bectors Food’s IPO received offers for 4,92,53,700 shares versus 1,32,36,211 shares on offer, according to data available with NSE. The Qualified Institutional Buyers (QIB) category was subscribed for 2%, while that of non-institutional investors and retail investors was subscribed 1.37 and 6.83 times respectively.

First, here’s a quick rundown of what happened in the markets on Tuesday

Indian indices were flat on Tuesday, led by gains from heavyweights Bajaj Finance, Bajaj Finserv, HDFC Bank and HDFC. However, the decline in RIL, ICICI Bank, HUL, Infosys and TCS limited earnings. The Sensex closed 10 points higher at 46,263 while the Nifty climbed 10 points to 13,568. Meanwhile, broader markets outperformed benchmarks with the midcap index up 0.5% and the small cap index up 0.2%.

Welcome to CNBC-TV18’s Market Live blog

Hello readers! They are Pranati Deva from the CNBC-TV18 market desk. Welcome to our market blog, where we provide real-time news coverage on the latest events in the stock market, business and the economy. We’ll also get you instant reactions and guests from our stellar lineup of TV hosts and in-house editors, researchers and reporters. If you are an investor, here is I wish you a fantastic trading day. Good luck!