Sensex and Nifty extend their earnings through heavyweights in banking and finance; CMS Info Systems lists at Rs 218.25 a pop | Photo credit: iStock images
India’s benchmark stock indexes extended their gains after starting the last day of the year on a positive note, supported by gains in heavy banking and financial stocks.
The 30-stock S&P BSE Sensex was up 447.18 points or 0.77% to 58,241.50 and its NSE counterpart CNX Nifty50 was at 17,351.60, up 147.65 points or 0.86% at 11:23 am.
Hindalco, UltraTech Cements, Titan, Shree Cements and Grasim are the top winners at this time while NTPC, Infosys, Tech Mahindra, Wipro and HCL Tech are the laggards.
“Yesterday Nifty was tightly tied in a narrow range, with 17155 and 17300 applying pressure from both sides. We will wait for this band to break before making significant moves, but the vantage point expects the 17085-17600 region to hold for now, and directional moves may have to wait first, ” Geojit Financial Services said.
The larger markets outperformed the benchmarks, with the NSE Midcap and NSE Smallcap indices trading with more than 1% gains on Friday morning.
All sector gauges except Nifty IT are currently in the green zone with Nifty Metal, up 2.29%, Nifty PSU Bank, up 1.73% and Nifty Auto, which is currently up by 1.66%.
Among other important news, Finance Minister Nirmala Sithamran will chair the 46th GST Council meeting in New Delhi on Friday. This is important because it will be held before the Union budget, which is usually presented on the first day of February of each year.
According to India Ratings and Research, India is expected to run a lower budget deficit than the target for the current 2021-2022 fiscal year, helped by higher incomes.
The government is expected to declare a budget deficit of 6.6% of GDP in FY22, 20 basis points below the target of 6.8%, the rating company said in a report.
Actions in the news
Cash management firm CMS Info Systems made a tentative start on the stock exchanges on Friday, it is listed at Rs 218.50 on BSE, which is a 2% premium over its IPO price. of Rs 216 per share.
SBI, the country’s largest public sector lender, on Thursday announced the acquisition of 9.95 percent of the India International Exchange (IFSC). In a regulatory filing, the SBI said the 9.95% stake in IFSC was to “be acquired subject to a maximum investment of Rs 34.03 crore.”
Tech Mahindra has announced that it will acquire 100% of the shares of US company Allyis India Private Ltd for $ 125 million, including job and performance related pay.
Biocon Biologics partner Viatris wins U.S. court rulings over Sanofi’s appeals for Lantus patents. The company can sell five certain products since the court ruled that those of Sanofi’s Lantus SoloSTAR are not patentable.
CCI has approved the acquisition by Jindal Steel & Power of 96.42% of the capital of Jindal Power by Worldone Pvt. Ltd. for Rs 3,015 crore in cash, 3,400 megawatt coal-fired power plants in Chhattisgarh and other non-core assets owned by Jindal Power.
Asian markets are trading higher, led by tech stocks like Alibaba and Meituan. Hang Seng is up about 2%. The Chinese manufacturing PMI stands at 50.3, above estimate. The Hong Kong and Singapore markets will be ahead while Japan and South Korea are closed for the day.
US markets closed lower amid low volumes. Cruise stocks fell after the CDCP recommended that U.S. nationals avoid cruises. Unemployment claims in the United States stood at 198,000 against an estimated 205,000. Europe closed higher pending a Santa Claus rally amid concerns over Covid restrictions.