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14 jan (4)

Barometers hit day’s high.

The key indices surged to hit fresh intraday high in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 102.00 points or 0.21% to 49,594.32. The Nifty 50 index gained 40.65 points or 0.28% at 14,605.50.

In the broader market, the S&P BSE Mid-Cap index added 0.25%. The S&P BSE Small-Cap index rose 0.12%.

The market breadth was almost even. On the BSE, 1468 shares rose and 1483 shares fell. A total of 158 shares were unchanged.

Investors looked forward to US President-elect Joe Biden’s major COVID-19 relief package to be unveiled on Thursday.


India’s wholesale prices rose by 1.22% year-on-year in December 2020, slowing from a 1.55% gain in November 2020 and 2.76% in December 2019.

Meanwhile, Fitch Ratings projected India’s medium-term growth to slow down to 6.5% from FY23 onward, after the initial rebound to 11% in FY22, as the economy suffers lasting damage from the pandemic. The agency downgraded its projection of supply-side potential growth to 5.1% annually over the five-year period from 2020-25 compared to its pre-pandemic expectation of 7%.

Numbers To Track:

In the foreign exchange market, the partially convertible rupee appreciated to 73.01 compared with its previous closing of 73.15.

The yield on 10-year benchmark federal paper fell to 5.927% as compared to its previous close of 5.947%.

MCX Gold futures for 5 February 2021 settlement slipped 0.90% to Rs 48,862.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, shed 0.08% to 90.28.

In the commodities market, Brent crude for March 2021 settlement added 2 cents to $56 a barrel.

Buzzing Index:

The Nifty Metal index slipped 1.06% to 3,485.30. In the past one month, the index has added 8.47% while the benchmark Nifty 50 index has advanced 7.60% during the same period.

Mishra Dhatu Nigam (down 4.3%), Welspun Corp (down 2.36%), Jindal Steel & Power (down 2.1%), JSW Steel (down 1.91%), Hindustan Zinc (down 1.93%), Hindustan Copper (down 1.29%), MOIL (down 1.21%) and NMDC (down 0.79%) declined.

Meanwhile, Coal India (up 0.79%) and APL Apollo Tubes (up 0.09%) bucked the trend.

Steel Authority of India (SAIL) slumped 7.83% to Rs 68.85 after the offer for sale (OFS) opened for non-retail investors today, 14 January 2021. The floor price for the OFS has been set at Rs 64 per share, at a 14.2% discount to SAIL’s closing price of Rs 74.70 on Wednesday, 13 January 2021.

Through the OFS, the Indian government proposes to sell 20,65,26,264 shares (representing 5% stake), with an option to sell an additional 5% stake or 20,65,26,264 equity shares in case of oversubscription. With this, the total OFS size stands at 41,30,52,528 shares, which is calculated at Rs 2,664 crore.

The OFS received subscription for 28,39,34,714 shares or 157.12% against the base non-retail offer size of 18,07,10,481 shares.

Stocks in Spotlight:

Garden Reach Shipbuilders & Engineers rose 2.78% to Rs 199.55. The company secured a contract from the Transport and Harbours Department, Ministry of Public Works, Government of Guyana, for designing, construction and supply of an ocean-going passenger and cargo vessel at the cost of $12.7 million.

Adani Enterprises shed 0.62% to Rs 533.55. The company has received letter of award (LoA) from National Highways Authority of India (NHAI) for six laning of Azhiyur to Vengalam section of NH-17 (New NH-66) in Kerala on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojna. The company’s bid project cost is Rs 1838.10 crore and the first year operation and maintenance (O&M) quote is Rs 8.65 crore. The construction period is 2.5 years and the operation period is 15 years.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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