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Market HIGHLIGHTS: Sensex falls for second straight day, Nifty ends below 14,150; Infosys, HUL top drags – The Financial Express

Nifty IT, Nifty FMCG and Nifty Pharma indices were the only sectoral losers, down in the range of 0.4-0.8 per cent.Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the red for the second day on the trot on Thursday, dragged by sell-off in Infosys and Hindustan Unilever Ltd (HUL) shares. BSE Sensex fell 80.74 points or 0.17 per cent and breached the 48,100 levels on the downside, while the broader Nifty 50 index settled below the crucial 14,150 levels. Bharti Airtel was the top Sensex gainer, rising 3.75 per cent, followed by IndusInd Bank, Axis Bank, Bajaj Finsv, Larsen & Toubro, Bajaj Finance, State Bank of India (SBI), among others. 12 out of 30 Sensex stocks, ended in the red with Titan Company as top index laggard. Nestle India, HUL, Infosys, HCL Tech, ITC were among other losers. Nifty IT, Nifty FMCG and Nifty Pharma indices were the only sectoral losers, down in the range of 0.4-0.8 per cent. While Nifty Metal index surged nearly 4 per cent.

Although the markets witnessed a range bound rally during the day, profit booking was seen towards the end of the session. The outperformance was seen in small and mid-cap stocks today. Realty stocks experienced upward momentum after Maharashtra cut levies on real estate projects by 50% while a downward trend was seen in IT and FMCG stocks owing to profit booking. The global markets were largely positive on potential democratic control of the US Senate and increasing prospects for further economic US stimulus measures. Healthy business figures reported by banking and auto companies have led to a better quarterly outlook and are expected to keep the sector in focus in the coming days: Vinod Nair, Head of Research at Geojit Financial Services

The Market witnessed some lackluster movement. Nifty is still trading below its immediate resistance zone of 14250-14270. A significant breakout above the levels of 14270 could result in improvement of market breadth and the market can rally till the levels of 14680. The nearest support for Nifty would be 14000: Ashis Biswas, Head of Technical Research at CapitalVia Global Research Ltd. – Investment Advisor

14250 has definitely proved to be a stiff resistance point as we have visited around that price point twice. If we can get past that, we should see the markets at 14350-14400. A buy on dips strategy would be the best way to approach the Nifty. However, caution is suggested and it is imperative stops are placed by traders at regular intervals: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

BSE Sensex fell 80.74 points or 0.17 per cent to end at 48,045, while the broader Nifty 50 index settled below the crucial 14,150 levels.

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BSE Sensex slipped into the red, falling over 100 points to 48,045, while the broader Nifty 50 index was ruling below the crucial 14,150 levels, minutes before the market closing.

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US stock market indices S&P 500 and the tech-heavy Nasdaq Composite ended at record high levels in 2020. During the year in February and March, US stock markets got trapped into a bear market due to heavy sell-off on the back of COVID-19 pandemic. According to Lisa Shalett, Chief Investment Officer, Morgan Stanley Wealth Management, market gains could run well ahead of fundamentals in 2021 creating risks for investors.

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Bharti Airtel share price surged 5.5 per cent to Rs 554.40 apiece today on BSE, taking its total market capitalisation to Rs 3 lakh crore. Last year in February, the telecom giant had crossed the Rs 3 lakh crore mcap mark for the first time when its share price rose to Rs 552.85 apiece intraday. Following the COVID-19 pandemic, the stock fell to a 52-week low of Rs 381.05 per share in March due to heavy sell-off.

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The real estate sector has been long demanding a reduction in premium and other levies from the state government. The number of premium and amount is the highest for financial capital – Mumbai, it amounts to almost 25-35% of project cost for the developers. The state government has been the first to provide relief to the industry and other states tend to follow it. We are confident the reduction in premium will also help attain its desired results in boosting industry and consumer sentiment, making real estate affordable for more and more people: Krish Raveshia, CEO at Azlo Realty

Maharashtra state government has set an example once again by reducing the premium and levy charged on construction for a year, this is a step in the right direction. The move will benefit all stakeholders, developers in terms of the reduced construction cost for projects; for customers, it will help reduce prices and boost demand; for the government, it will help increase premium and levy collection as the move is likely to revive stuck projects. This development will act as a stimulus for the real estate sector. Any reduction in cost, prices is a direct incentive for homebuyers/investors to invest in real estate. A fact proved right when the state government reduced stamp duty last year, it helped register record sales for the month of September-December. We are confident, like stamp duty reduction resulted in higher collection, this move too is likely to help the state government with higher revenue collection: Krish Raveshia, CEO at Azlo Realty

Indian share markets were trading firm on Thursday after a one-day blip, with NSE Nifty 50 and Nifty Next 50 indices hitting 52-week highs, surging to 14,256.25 and 34,138.75 points, respectively. Other broader market indices such as Nifty 100, Nifty 200, Nifty 500, Nifty MidCap 50 and Nifty MidCap 100 too scaled fresh 52-week highs. In the last month of the calendar year 2020, the Nifty 50 index gained over 8 per cent; it has surged nearly 2 per cent so far in January 2021.

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Petrol prices in Delhi touched an all-time high of Rs 84.2 per litre after rising by 23 paise today. Earlier, the petrol price touched an all-time high of Rs 84 on October 4, 2018, in Delhi. Diesel prices, today, were also raised by 26 paise a litre, taking the price to Rs 74.38 a litre. While the petrol pieces are at a lifetime high in Delhi, diesel prices are at a record high in Mumbai at Rs 81.07. In Mumbai, petrol is being sold at Rs 90.83 a litre. The rise in fuel prices is another threat to the already high inflation in the country.

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The AIADMK government of the Tamil Nadu state has lifted the restrictions on movie theatres occupancy last week, was told to scrap its order by the Ministry of Affairs. Hundred per cent occupancy in movie theatres cannot be allowed yet, the Union home ministry told Tamil Nadu Government. The Union home ministry has so far allowed only 50% occupancy in movie theatres outside containment zones as a part of the phased unlock process. This will impact the box office collection of the Vijay’s Film “Master” to be released on January 13, 2021. So this news was negative for multiplex sector stock such as PVR & Inox Leisure. This will delay the revival of the industry: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

Realty stocks surged on Thursday after the Maharashtra government cleared a proposal to cut levies on real estate by 50 per cent until December 2021. Nifty Realty index also jumped over 3.5 per cent, with Oberoi Realty and Godrej Properties shares hitting their respective 52-week highs. Until now 22 premiums were collected in Mumbai under various heads such as floor space index (FSI), staircase, lobbies etc. According to the experts, the decision to slash premium is likely to provide impetus to the real estate industry in Maharashtra.

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Domestically, while the manufacturing PMI’s showed some signs of revival, services activity still struggles to rebound as evident from the PMI that fell to 52.3 in December from November’s 53. Gains in the rupee are likely to be capped by surging oil prices after mixed updates on production cuts by Saudi and Russia, adding upward pressure to the oil prices. While at other hand, sustained weakness in dollar is piling up for more FII flows, capping the loss of rupee depreciation. However, the further movement in rupee will be guided on activeness of RBI downside. As rupee hasn’t been able to sustain below 72.90 levels, one can buy their near tem exposures near 73.00-73.20 and sell on upticks between 73.70-74.00 levels as the opportunity arises: Amit Pabari, managing director, CR Forex Advisors

14250 continues to remain a resistance area for the Nifty. If we are able to sustain above that level, our next target should be 14350-14400. A good support currently lies at 13800 so dips or intra day corrections can be utilised to enter the markets for higher targets. Strict stops should be in place as markets can get volatile during corrective moves: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The infamy in the US Capitol has been brushed aside by the markets. The Biden Presidency with democratic senate might push for higher fiscal stimulus pushing the dollar down further. The dollar index has slipped to less than 0.85. The US tech stocks are likely to be impacted since valuations are hard to justify. In our markets too valuations are getting stretched. Profit bookings are likely as reflected in the sell figures in cash market from both FIIs & DIIs.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Trend among Nifty sectoral indices was positive with Nifty Realty index as top gainer, up over 3 per cent. Nifty Metal index was also up 2.72 per cent, followed by Nifty PSU Bank index which gained 1.58 per cent.

Top BSE Sensex laggards were Titan Company, Kotak Mahindra Bank, Tata COnsultancy Services (TCS), Nestle India and Hindustan Unilever Ltd (HUL).

Index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, Housing Development Finance Corporation, Axis Bank and HDFC Bank were the top index contributors.

BSE Sensex jumped 268 points or 0.56 per cent to 48,442, while the broader Nifty 50 index was ruling at 14,233, up 87 points or 0.62 per cent on Thursday.

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COMEX gold trades 0.6% higher near $1920/oz after a sharp 2.3% decline yesterday. Gold trades higher as Democrats win in the US Senate has boosted market expectations of additional stimulus. Fed’s cautious tone on the US economy and disappointing ADP jobs report has added to expectations of more stimulus measures. However, weighing on price is the rise in US 10-year bond yield to March highs and progress on the vaccine front with the EU approving the Moderna vaccine. Gold may witness choppy trade as it struggles to build momentum above $1900/oz level however the general trend remains positive due to the weaker US dollar.: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

After showing consistent upmove over the last ten sessions, Nifty halted its upside momentum on Wednesday and shifted into a profit booking mode amidst a volatility and closed the day lower by 53 points. After opening on a slightly positive note on Wednesday, the market has shifted into a range move with weak bias in the early to mid-part of the session. The weakness got intensified in the mid part on the volatile global cues and Nifty shifted into a firm upside recovery in the mid to later part of the session.

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BSE Sensex jumps 234 points or 0.59 per cent to 48,460 levels in the pre-opening session on Thursday, amid positive global cues.

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On Wednesday, Foreign institutional investors (FIIs) offloaded shares worth Rs 483.64 crore, and domestic institutional investors (DIIs) too sold shares worth Rs 380.41 crore on a net basis in the Indian equity market, according to the provisional data available on the NSE.

TCS: Tata Sons tendered shares worth Rs 9,997 crore of Tata Consultancy Services during the Rs 16,000 crore-buyback offer.Wipro: Wipro has signed a Memorandum of Understanding (MoU) with Israel’s Tel Aviv University for research and analysis in quantum science and technology.

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After the stamp duty cut, this decision of the Maharashtra Government to cut premiums by 50% is a masterstroke. This will give a much needed impetus to the real estate industry in the State. We will see a very positive response from the developers and the stakeholders. I feel that even the revenue of the State Government and the Corporation will increase because of this decision. This will also ensure a positive momentum going into the New Year after an effective last quarter for the industry on the back of lower interest rates, reduced stamp duty and festive offers by developers.: Bhushan Nemlekar – Director, Sumit Woods Limited

It’s the much asked for and required icing on the cake for the real estate sector, especially in the state of Maharashtra. After the steep, temporary reduction in stamp duty charges, the 50% reduction in premium payments until December 2021 will benefit the supply side immensely. It will also help developers pass on further benefits to homebuyers, invigorating demand for real estate projects that are under construction. This move is likely to propel developers to offer extended payment holidays and also give lucrative price proposals to buyers in projects where the inventory has been selling slowly. While the pandemic and subsequent lockdowns made developers focus on completing existing projects and largely postpone launching new ones, this move of halving the different kinds of premiums and levies is going to make developers contemplate going back to launching new projects.: Kaushal Agarwal, Chairman, The Guardians Real Estate Advisory

On Wednesday, the Dow Jones Industrial Average rose 1.44 per cent and the S&P 500 gained over half a per cent. On the other hand, the tech-heavy Nasdaq Composite ended over half a per cent down. Shares of Apple Inc, Microsoft Corp, Inc, Google-parent Alphabet Inc and Facebook Inc fell between 1.6 per cent and 2 per cent amid concerns that a Democratic-controlled US government would take aim at big tech companies.

Following the overnight gains in Wall Street, Asian stock markets were seen trading mixed in the early trade. Japan’s Nikkei 225 jumped over 2 per cent while the Topix index surged 2.26 per cent. South Korea’s Kospi managed to gain 2.07 per cent.

According to Airtel, DoT has made various arithmetical errors in its calculations and the impact of this is significant. For every one rupee extra that DoT has said a telco owes, thanks to interest and penalties — and interest on penalties — results in AGR dues getting inflated by up to eight times depending upon the year to which it pertains.

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