market recap

 

Nifty50 13,873 ▲ 123 (0.9%)

Sensex 47,353 ▲ 380 (+0.8%)

 

It was the fourth consecutive day of gains for the markets. The gap-up opening today was followed by a steady climb throughout the day. The breadth was positive with 41 of the Nifty50 stocks closing in green. 

Except for the Pharma sector, all of Nifty’s sectoral indices climbed with the most gains seen in Realty index (+2.5%) and PSU Bank index (+2.6%). 

 

Top gainers	Today's change
Tata Motors	▲ 3.9%
Sun Pharma	▲ 3.1%
Axis Bank	▲ 2.8%

 

Click Here To Open Free Demat Account

Top losers	Today's change
Infosys	▼ 1.2%
Wipro	▼ 0.9%
Nestle India	▼ 0.8%

---

Here are the top stories for the day.

 

Biocon drops on USFDA deferral

 

       The USFDA has deferred action on a license application by Biocon’s subsidiary and Netherlands-based Mylan for their biosimilar to drug Avastin, used to treat cancer. 

The US regulator noted that an inspection of the manufacturing facility is required, which it is unable to conduct currently due to travel restrictions. Shares of Biocon lost 3.4% today. Overall, the Nifty Pharma index (-0.2%) was the only index that ended in red today, mainly pulled down by Biocon.

 

Dish TV pulled up for licence dues

 

       The direct-to-home operator received a demand notice from the government to pay ₹4,164 crore toward licence fee (from date of issuance till FY19) and interest thereon.

The company has been directed to make the payment in 15 days. The ministry has also stated that the amount is subject to verification and audit. Meanwhile, Dish TV’s stock was down 5.7% today.

  

Realty rises on PE investments

 

         Private equity investments in real estate could grow 30% YoY in 2021 to nearly ₹44,000 crore. This comes as welcome news for the sector, which saw high volatility in 2020 due to the pandemic. 

 The investments are likely to be directed towards warehousing, affordable housing and data centres. Meanwhile, high investor confidence was seen today in real estate stocks such as IB Real Estate (+8.3%), Sobha (+5.5%), Godrej Properties (+4.1%) and DLF (+2.7%).

 

Tips befriends Facebook

 

     The Bollywood music production company has inked a global music licensing deal with Facebook. The social networking giant will now use the former’s music in features such as Reels. 

     Recently, another music company T-Series had issued notices to social video platforms for copyright violations and warned them against using its content on their platforms. While Tips has not shared the deal value, its shares have been on a roll this year, gaining nearly 260% since 1 January. The stock gained 12.8% today.

  

Closing bell

The final trading week of 2020 started on a positive note with the markets closing at their lifetime highs and moving into uncharted territory. Most Asian and European indices were also in the green today. Interestingly, both gold as well as the US dollar are flat to positive. Such a scenario could leave traders wondering where to find directional cues from.

---

Good to know

Bottom line

A company’s profit after tax is known as the bottom line. It gets its interesting name for the simple reason that it is mentioned at the bottom of the income statement.

---

Haven't tried out Upstox yet? Click here to open your 

account now!

---

Disclosures and Disclaimer

 

Investment in securities markets are subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

 

 Upstox Team

 Authorised Partner