Nifty50: 18,055▲52 (+0.2%)
Sensex: 60,616 ▲221 (+0.3%)
- Despite a shaky start, the markets managed to climb up and close in the green.
- The rise was largely led by IT stocks, ahead of three major results announcements tomorrow viz. TCS, Infosys and Wipro.
- The NSE will launch Nifty Midcap Select Index derivatives having weekly and monthly contracts with expiry on Tuesday and lot size of 75 shares.
- Among the Nifty sectoral indices, IT (+1.0%) and Realty (+0.5%) were the top gainers today. Meanwhile, Metal (-1.9%) and FMCG (-0.3%) were the top losers.
| Top gainers | Today's change |
| HCL Tech | ▲ 4.4% |
| Adani Ports | ▲ 3.5% |
| HDFC | ▲ 1.8% |
| Top losers | Today's change |
| JSW Steel | ▼ 3.4% |
| Tata Steel | ▼ 2.9% |
| BPCL | ▼ 1.6% |
For more updates on F&O, click here.
Here are the top stories of the day.
Government dials in Voda-Idea
The Indian government will now be the largest single shareholder (nearly 36% stake) in the country’s third largest telecom player. The company has decided to convert interest on spectrum instalments and adjusted gross revenue (AGR) dues into equity shares.
The present value of the interest is estimated to be about ₹16,000 crore The equity shares will be issued to the government at ₹10/share, which is around 15% lower than today’s closing price.
Mahindra’s ‘annyeong’ to SsangYong
M&M’s loss-making Korean subsidiary has finally found a buyer. A local consortium led by electric car company Edison Motors has bought it for $255 million (about ₹1,900 crore).
Ssangyong Motors is saddled with high debt and its vehicle sales plunged 21% in 2021. Meanwhile, in April ‘21, M&M had pulled the plug and decided not to make any further investment in the company.
It’s raining money in equity MF
The equity mutual funds saw a record net inflows of ₹25,077 crore in December’21. The inflows jumped 115% month-on-month.
The strong inflows came after a 4% correction in the Nifty50 in November, indicating a trend of buying on the dip.
IPO corner
Non-banking finance company Five Star Business Finance and solar equipment maker Waaree Energies have received a nod from the markets regulator SEBI to launch their respective IPOs. Five Star Business Finance is expected to raise ₹2,752 crore through the IPO route. Waaree Energies is looking to raise ₹1,500 crore from the equity markets.
Good to know
What is a hockey stick growth?
Hockey stick growth refers to a sudden and extremely fast growth after a prolonged period of low or no growth. The stick of the hockey represents the period of flat growth while the shaft represents the period of exponential growth. The shift from flat growth to high growth could be a result of internal events viz. pricing or product changes or external factors such as a government policy that triggers high demand.
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