Nifty50: 16,955▲ +184 (+1.1%)
Sensex: 56,930 ▲ +611 (+1.0%)
- Markets opened on a firm note and went into top gear in the last hour.
- 42 stocks from the Nifty50 pack advanced.
- All Nifty sectoral indices closed in the green
- Among the Nifty sectoral indices, Realty (+2.9%) and Pharma (+1.9%) were top gainers
| Top gainers | Today's change |
| Hindalco | ▲ 3.9% |
| Tata Motors | ▲ 3.7% |
| Divis Lab | ▲ 3.4% |
| Top losers | Today's change |
| SBI Life | ▼ 0.9% |
| Wipro | ▼ 0.6% |
| Grasim | ▼ 0.3% |
For more updates on F&O, click here.
Here are the top stories of the day.
Zee seals deal with Sony
Media major announced that it has signed definitive agreements to merge with Sony to combine their digital assets, production operations and program libraries. Eventually, the new combined company will be listed in India.
The new entity will have a cash war-chest of about ₹11,250 crore, which it expects to use for content creation and for bidding for media rights for sports events.
IT services set for robust growth
As per rating agency ICRA, the revenue growth of Indian IT services companies is expected to be in the range of 9-12% (in dollar terms) in FY22. The growth is likely to be driven mainly by BFSI, Telecom, Manufacturing and Retail sectors.
The growth rate is expected to moderate to 6-9% in FY23, partly due to base effect. Meanwhile, Accenture has, recently, raised its revenue growth guidance for fiscal ‘22 to 19-22% from 12-15% earlier. The Nifty IT index is up nearly 1% so far this week.
Auto industry hopes for a better 2022
Maruti Suzuki’s Chairman expects 2022 to be much better than the current year, which was marred by chip led production loss. Further, the industry also faced other challenges such as rising commodity prices and a continued threat posed by covid variants.
Despite the above challenges, the demand for passenger vehicles remained strong. Certain passenger car models have a waiting period as high as 9 months. The Nifty Auto index gained nearly 1.6% today.
IPO Corner
On day 2, India’s largest cash management company CMS Info Systems’ IPO was subscribed more than 60%. The ₹1,100 crore public issue will close for subscription tomorrow. You can apply for this IPO on Upstox.
Meanwhile, the footwear retailer Metro Brands made a subdued debut on the exchanges today. Its shares listed at a discount of 12.6% against the issue price. However, they recovered and closed marginally above the issue price.
Closing bell
The markets witnessed some follow-through buying after yesterday’s bounce-back. However, will this be enough to say that the short-term trend is now up? Technically speaking, not yet. Meanwhile, one overhang on the market is that foreign institutional investors (FIIs) are continuously selling. This is the third successive month in which the FIIs have been net sellers. Any improvement on this front could be a much-needed sentiment booster.
Good to know
What is angel investing?
Angel investing is a type of private equity investing where the investors invest their capital in a startup during early stages of the business. The startup founders may use this capital for research and development, developing its product and service offering or designing a business strategy. Angel investors also bring to the table their guidance, networking and knowledge to the startup company.
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