U-turn

Nifty50: 16,770▲+156 (+0.9%) 
Sensex: 56,319 ▲+497 (+0.8%)

• After a debacle yesterday, markets made a comeback today.
• 39 stocks from the Nifty50 pack advanced.
• All Nifty sectoral indices closed in the green
• Among the Nifty sectoral indices, Metal (+2.9%) and Media (+2.5%) were top gainers

For more updates on F&O, click here.

Here are the top stories of the day.

Adani Enterprises bags expressway projects

The flagship company of Adani group has won orders to develop six-lane highways under the Ganga Expressway projects in Uttar Pradesh. 

The total construction of 464 kms is to be completed within 3 years. The project cost would be ₹17,085 crore. Adani’s road portfolio now has 13 projects with more than 5,000 lane kms and asset value exceeding ₹35,000 crore.

Vedanta acquires Goa based Nicomet

The mining major has, reportedly, acquired nickel and cobalt producer Nicomet for an undisclosed amount. With this, Vedanta not only becomes the country’s sole producer of nickel but also will meet 50% of nickel demand.

It is important to note here that both nickel and cobalt are vital inputs for manufacturing batteries for electric vehicles. 

Hiring across industries sees uptick

India Inc’s hiring activity rose 9% year-on-year in November ‘21 aided by economic recovery, as per an industry report. 

With the back-to-office trend picking up, the office equipment industry witnessed highest growth followed by telecom/ISP industry. On the other hand, the shipping industry witnessed a dip in hiring. 

IPO corner

India’s largest cash management company CMS Info Systems’ IPO was subscribed around 35% on day 1. Retail investors flocked towards the IPO with the retail portion being subscribed more than 65%. Click here to apply for this IPO on Upstox. 

Closing bell

Indian markets bounced back today and so did major Asian and European indices. Interestingly, the Nifty50 index closed nearly at the same level where it opened. Technically speaking, this indicates that the bulls and bears are in a standoff. The break on either side of today’s range (high-low) will decide the direction which traders could take.

Good to know

What is seed funding?

Seed funding is the money received by a startup which helps it to get the business started. A startup could use this funding to build or launch a new product or even pursue a new market. In return for this funding, the startup founders give the seed investors ownership in their company. Seed money helps the startup to scale to a level where it can attract bigger investments from investors such as venture capitalists. 

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