Sensex Today Trades Higher | Bank Nifty Hits 44,000 for the First Time | NTPC, SBI & Tech Mahindra Top Gainers

Wed, 14 Dec 10:30 am

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Asian share markets followed Wall Street indices higher after US inflation cooled ahead of the Federal Reserve's policy decision.

The Nikkei rose by 0.8% while the Hang Seng was up by 0.7%. The Shanghai Composite is trading higher by 0.1%.

US stocks rose on Tuesday after an unexpectedly small consumer price increase buoyed optimism that the Federal Reserve could soon dial back its inflation-taming interest rate hikes.

However, concerns remained about the central back staying aggressive.

The Dow Jones ended higher by 0.3% while the tech heavy Nasdaq Composite ended higher by 1%.

Here's a table showing performance of US stocks yesterday:

Stock/Index	LTP	Change ($)	Change (%)	Day High	Day Low	52-Week High	52-Week Low
Alphabet	95.85	2.29	2.45%	99.8	95.38	152.1	83.45
Apple	145.47	0.98	0.68%	149.97	144.24	182.94	129.04
Meta	120.15	5.44	4.74%	123.3	118.64	352.71	88.09
Tesla	160.95	-6.87	-4.09%	175.05	156.91	402.67	156.91
Netflix	320.34	5.16	1.64%	332.72	317.2	620.61	162.71
Amazon	92.49	1.94	2.14%	96.25	90.52	174.17	85.87
Microsoft	256.92	4.41	1.75%	263.92	253.07	344.3	213.43
Dow Jones	34,108.64	103.6	0.30%	34,712.28	33,890.88	36,952.65	28,660.94
Nasdaq	11,143.70	127.77	1.09%	12,166.41	11,724.90	16,764.86	10,440.64

Source: Equitymaster

Back home, Indian share markets are trading on a firm note following the trend on SGX Nifty.

Benchmark indices extended gains today tracking firm global cues.

At present, the BSE Sensex is trading higher by 183 points. Meanwhile, the NSE Nifty is trading up by 55 points.

NTPC and Tech Mahindra are among the top gainers today. Bharti Airtel and Nestle are among the top losers today.

Broader markets are trading on a positive note. Both the BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.3%.

Smallcaps is where growth is so check out the three smallcap growth stocks highlighted in this video.

Sectoral indices are trading on a positive note with the exception of telecom sector, FMCG sector and services sector.

Stocks in the realty sector, IT sector and power sector witness buying.

PSU bank stocks continue to rise along with the Bank Nifty index, which hit 44,000 for the first time today.

Shares of Laxmi Machine and Abbott India hit their 52-week high today.

The rupee is trading at 82.6 against the US dollar.

In the commodity markets, gold prices trade higher by Rs 99 at Rs 54,842 per 10 grams.

Meanwhile, silver prices are trading lower by 0.2% at Rs 68,920 per 1 kg.

Speaking of stock markets, one of the most difficult things about the market is the technical terms. Talk about Fibonacci ratios, financial jargons, etc. and you would send a layman into hysteria.

We often asked questions like could you explain your stock picking without using mathematics.

Well, one gentleman certainly did, and it led to a market beating strategy that has done well in India too.

What exactly is this strategy and what stocks it is throwing as results right now?

Rahul Shah, Co-head of Equitymaster, talks about it in the video below.

The Latest on Yes Bank

On Tuesday, Yes Bank announced private equity majors Carlyle Group and Advent have picked up 9.9% stake in the bank.

The two private equity (PE) funds together would pump in about Rs 8,896 crore (about Rs 88.9 billion) in Yes Bank with full conversion of warrants into equity.

Yes Bank had to be bailed out by fellow lenders in a Reserve Bank of India-led scheme in 2020 after alleged malfeasance by its founders led to a huge chunk of loans turning sour.

The investment by the PE funds will be one of the biggest in the banking sector in recent times. It was announced after the bank was able to make progress on a plan to house nearly Rs 500 bn of bad loans in a newly carved asset reconstruction company for which it has tied up with JC Flowers.

Speaking of Yes Bank, the investor's favourite stock in 2015-2016 lost its mojo after the fall in 2018-2020. It was one of the popular stocks that turned into penny stocks.

The stock lost 98% from its all-time high of Rs 398.55 in 2018 to the low of Rs 5.65 during the pandemic.

However, a sudden spike in Yes Bank has attracted investors of late and they now believe the worst is over for the bank.

Now the question is, has Yes Bank bottomed out? Well, according to Chartist Brijesh, the charts don't confirm that the stock price has bottomed out.

 

To understand more, read Brijesh's latest editorial on has Yes Bank bottomed out?

BOB to Sell Majority Stake in Nainital Bank

State-owned Bank of Baroda (BoB) on Tuesday announced it plans to sell its majority stake in Nainital Bank.

The board of directors of the bank has approved divestment of its majority shareholding in Nainital Bank (NBL), and authorised issuance of an advertisement inviting expressions of interest (EOI) through a preliminary information memorandum (PIM) from interested parties (IPs).

BoB currently holds 98.6% of the total equity share capital of NBL.

Details about the process of transaction are given in the PIM, which will be published on Wednesday for inviting EOI from bidders.

The Mumbai-based BoB had taken over Nainital Bank in 1973 on the directions of the Reserve Bank of India (RBI).

Paytm to Buy Back Shares

The board of fintech company One97 Communications, which owns the Paytm brand, on Tuesday announced a Rs 8.5 bn share buyback scheme through the open market route to shore up its collapsing stock price.

The maximum size of the buyback of equity shares from the open market route through the Indian stock exchanges is that of Rs 8.5 bn, excluding buyback tax, at a price not exceeding Rs 810 per share.

Paytm said the maximum buyback size is less than 10% of the aggregate of the total paid-up share capital and free reserves of the company as on 31 March 2022.

The indicative maximum number of shares that will be bought back is 10,493,827 shares, representing about 1.6% of the paid-up share capital of the company.

Based on the minimum buyback size and maximum buyback price, the company would purchase a minimum of 5,246,913 equity shares.

Adani Transmission Incorporates a New Subsidiary

Adani group company Adani Transmission on Tuesday said it has incorporated a wholly-owned subsidiary Adani Cooling Solutions.

According to a regulatory filing, the subsidiary was incorporated on Monday with an initial authorised and paid up share capital of Rs 100,000 each, for the purpose of carrying on District Cooling System business.

The entity will commence its business operations in due course.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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