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Stock Market Live Updates: Sensex swings between gains & losses; Nifty tests 17,450; Asian Paints, L&T ga... - Economic Times

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Business News Stock Market Live Updates: Sensex swings between gains losses; Nifty tests 17,450; Asian Paints, LT gain 2% each; MapmyIndia IPO off to firm start

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Economic Times | 09 Dec, 2021 | 02.35PM IST

The benchmark indices slipped marginally lower as investors booked profit following a sharp rally in the past two sessions. The broader markets, meanwhile, gained with investors eyeing the inflation data. The IPO market was also abuzz as three issues ran simultaneously.

! 1 New Update Click here for latest updates

Top 5 gainers at this hour

Price as on 09 Dec, 2021 02:34 PM, Click on company names for their live prices.

Dr Reddy's Laboratories on Thursday said it has launched Valsartan tablets, used for treatment of high blood pressure and heart failure, in the US market.

Price as on 09 Dec, 2021 02:08 PM, Click on company names for their live prices.

Karur Vysya Bank to cut base rate, benchmark prime lending rate

Price as on 09 Dec, 2021 01:49 PM, Click on company names for their live prices.

ALERT: Star Health Insurance to list on exchanges tomorrow, December 10

Nifty Realty worst sectoral loser at this hour

Nifty Realty worst sectoral loser at this hour

What will make Ashwath Damodaran give ITC better valuation?

For professor Ashwath Damodaran, popularly known as the “Dean of Valuation”, companies that know their age create value, and those that don’t destroy it. ITC, the country’s largest cigarette maker, falls in the latter category, according to the professor of finance at the Stern School of Business, New York University.

What will make Ashwath Damodaran give ITC better valuation?

CLSA upgrades Ashok Leyland to Buy

CLSA has upgraded Ashok Leyland to Buy from outperform and raised target price to Rs 153 from Rs 145 as the company is well-positioned to benefit from the revival in the commercial vehicles industry.

Top losers in early afternoon session

Price as on 09 Dec, 2021 12:45 PM, Click on company names for their live prices.

Vodafone Idea shares zoom 15%, hit 52-week high; here's why

Shares of Vodafone Idea NSE 13.64 % (VIL) zoomed 15 per cent in Thursday's session after a media report said that the company will repay interest to bondholders on time. Bondholders of Vodafone Idea will receive their interest in time on the due date of December 13 as the company has managed to raise funds for the repayment, a media report said quoting bankers.

Vodafone Idea shares zoom 15%, hit 52-week high; here's why

If you are a company like ITC, your best days are behind you. You can dance around it as much as you want but your central business is tobacco, and no matter where you are in the world, your future is essentially more downhill than uphill.

- Aswath Damodaran, professor of finance at the Stern School of Business, New York University

Reliance Capital slides 5%

Shares of beleaguered company Reliance Capital shed 5 per cent in early trade on Thursday after the firm asked creditors to submit claims with proof by December 20 following the initiation of corporate insolvency proceedings.

Venus Remedies surges 13% on govt's PLI nod

Shares of Venus Remedies skyrocketed 13 per cent in early trade on Thursday after the company was picked for the government’s production-linked incentive (PLI) scheme. The news sent the company’s scrip soaring to Rs 529.70 as against the previous close of Rs 470. According to the scheme, Venus Remedies can avail incentives for 2022-23 (April-March) and 2027-28.

We like MapmyIndia given its leadership in digital mapping, strong entry barriers, robust profitable data and tech platform along with consistent financials. The issue is valued at 27x 1HFY22 annualized EV/Sales, which although expensive is similar to other Indian unicorns. We believe MapmyIndia is rightly placed to tap the high growth digital mapping market. Investors with high risk appetite can Subscribe for Listing Gains given fancy for unique and first of its kind listing.

- MOFSL

HDFC Retail Research recommends 2 stocks for medium term

HDFC Retail Research recommends 2 stocks for medium term

IPO UPDATE: Shriram Properties IPO sails through on strong retail push

IPO UPDATE: Shriram Properties IPO sails through on strong retail push

Top gainers from the media pack

Price as on 09 Dec, 2021 11:02 AM, Click on company names for their live prices.

RailTel Corp jumps 5% after Rs 211 cr order win

Shares of RailTel Corporation of India climbed 5 per cent in early trade on Thursday as the company bagged an order worth Rs 210.77 crore from Ircon International for a slew of development on the Dharam-Banihal section of Jammu and Kashmir rail. The scrip rose to a high of Rs 124.70 as against the previous close of Rs 119.15 on the National Stock Exchange.

Brokerage Take: MapmyIndia

Majority of the brokerage houses have suggested investors to subscribe to the issue, thanks to its high growth potential, conservative valuations, robust client base and entry barrier to the business. While consumer-based apps like Google Maps are free, API and enterprise-based solutions are paid services and the company has an edge due to its maps being more accurate compared to peers, said Reliance Capital in its IPO note.

MapmyIndia IPO subscribed 22% in 20 mins

MapmyIndia IPO subscribed 22% in 20 mins

TVS Motor Company announced its new distribution partnership with Active Motors SA, a subsidiary of Grupo Q, for Nicaragua and Costa Rica to expand its business in Central America further. As a part of this association, Active SA Motors will facilitate the opening of three flagshipoutlets and about 50 dealerships for TVS Motor Company in a phase-wise manner across Nicaragua and Costa Rica.

Price as on 09 Dec, 2021 10:19 AM, Click on company names for their live prices.

Zomato has dissolved its subsidiary Zomato Media Private Limited located in Singapore

Zomato has dissolved its subsidiary Zomato Media Private Limited located in Singapore

CLSA said they like the focused strategy management adopted during Covid-19 to widen its canvas and to adopt digital structurally. With initiatives progressing well and expected to fructify during normalcy, it reiterated a BUY rating and Rs 325 target price.

Price as on 09 Dec, 2021 09:50 AM, Click on company names for their live prices.

CLSA upgraded Ashok Leyland to BUY from Outperform, as they expect revival in commercial vehicle demand. The broker increased target to Rs 153 versus Rs 145 earlier.

Price as on 09 Dec, 2021 09:47 AM, Click on company names for their live prices.

Prestige BioPharma Ltd, a Singapore-based firm and Dr. Reddy's Laboratories Ltd., on Thursday announced that the two companies have entered into a binding agreement for an exclusive partnership for the supply and commercialisation of the former's proposed Trastuzumab biosimilar in select countries in Latin America and Southeast Asia.

Price as on 09 Dec, 2021 09:44 AM, Click on company names for their live prices.

Today being weekly settlement day, the heightened market volatility of the last few days is likely to continue. Sustained FII selling had pushed the market to oversold territory, facilitating a sharp rebound when risk-on resumed globally. Investors may take a wait and watch view now. Wait for the volatility to ebb and take a position based on emerging data.

- VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services

Most active stocks on NSE

Price as on 09 Dec, 2021 09:29 AM, Click on company names for their live prices.

Sensex wipes off opening gains, slips into the red

Sensex wipes off opening gains, slips into the red

Sea of green

Sea of green

Sensex Heatmap: Top gainers losers at opening tick

Sensex Heatmap: Top gainers losers at opening tick

OPENING BELL: Sensex rises 190 points, Nifty tops 17,500; MM gains 3%, Titan 2%

OPENING BELL: Sensex rises 190 points, Nifty tops 17,500; MM gains 3%, Titan 2%

Pre-open session: Sensex adds 180 points, Nifty tops 17,500

SGX Nifty signals a positive start

Domestic equity markets are likely to continue the gains on Thursday, tracking the positive cues. Asian peers were mostly up, whereas US stocks settled slightly higher in overnight trade. Nifty futures on the Singapore Exchange traded 71.5 point, or 0.41 per cent, higher at 17,556.50, signaling that Dalal Street was headed for a positive start on Thursday.

Tech View

The dovish outlook from the central bank outweighed the concerns over the Omicron variant. The Nifty index closed with nearly 2 per cent of gains, building on to the previous day gains.

India VIX

The fear gauge eased over 6 per cent to 17.26 level on Wednesday over its close at 18.46 on Tuesday.

Asian shares trade mostly higher

Asian stocks opened majorly in the positive territory but a few gave up the early gains, thanks to profit-taking but soon rebounded after recent rallies in US and other peers. MSCI's index of Asia-Pacific shares outside Japan was up by 0.47 per cent.Japan's Nikkei declined 0.16%South Korea's Kospi rallied 0.54%Australia's ASX 200 shed 0.06%China's Shanghai climbed 0.30%Hong Kong's Hang Seng jumped 1.04%

Wall Street settles higher

Wall Street closed slightly higher on Wednesday with the three major indexes managing their third straight day of gains after test data showed the COVID-19 vaccine from Pfizer and BioNTech offered some protection against the new Omicron variant.Dow Jones added 0.10% to 35,754.75SP 500 gained 0.31% to 4,701.21Nasdaq advanced 0.64% to 15,786.99

Dollar stays soft

The dollar failed to pick up ground on most major peers on Thursday as markets saw optimism in early data hinting the Omicron variant of the new coronavirus may not be as bad as feared, even as new COVID-19 restrictions in Britain hurt the sterling.Dollar Index was pinned at 96Euro gained to $1.1338Pound was sitting at $1.3202Yen hovered near 113.73 per dollarYuan appreciated to 6.3453 against the greenback

Oil extended gains

Oil prices extended gains on Thursday on confidence that the Omicron coronavirus variant would not dent global growth, even as some governments stepped up curbs to stop its rapid spread.US West Texas Intermediate (WTI) crude futures rose 28 cents, or 0.4 per cent, to $72.64 a barrel at 0201 GMT. Brent crude futures rose 22 cents, or 0.3 per cent, to $76.04 a barrel.

FPI selling continued

Net-net, foreign portfolio investors (FPIs) turned sellers of domestic stocks to the tune of Rs 579.27 crore, data available with NSE suggested. DIIs turned net buyers to the tune of Rs 1,735.5 crore, data suggests.

Rupee nears two months low

The Indian rupee fell to a near two-month low of 75.50 against the US dollar on Wednesday as RBI's bi-monthly monetary policy decision failed to enthuse forex market participants.

10-year bonds

India 10-year bond easeded about 0.69 per cent to 6.35 after trading in 6.34 - 6.40 range on Wednesday.

Call rates

The overnight call money rate weighted average stood at 3.29 per cent on Wednesday, according to RBI data. It moved in a range of 2.00-3.50 per cent.

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