Analysts say that markets are largely mirroring global cues but the benchmark looks slightly overbought so the possibility of consolidation in the near term cannot be ruled out.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were staring at a negative opening on Thursday, as suggested by trends on SGX Nifty. Nifty futures were trading 64 points lower at 13,529 on Singaporean Exchange. In the previous session, headline indices scaled to fresh highs fuelled by foreign fund inflows and positive cues from global markets. “Markets are largely mirroring global cues but the benchmark looks slightly overbought so the possibility of consolidation in the near term cannot be ruled out and it would be healthy for markets,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus today:
IRCTC: The government is planning to sell up to 20 per cent stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an Offer for Sale (OFS) which opens for subscription on Thursday. “Offer for Sale in IRCTC opens tomorrow for Non Retail investors. Day 2 for retail investors. Govt. would divest 15 per cent equity with a 5 per cent green shoe option,” Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet yesterday.
TCS: Tata Consultancy Services (TCS) on Wednesday said its up to Rs 16,000-crore share buyback programme will commence on December 18 and close on January 1, 2021. Last month, TCS shareholders had approved a proposal to buyback up to 5.33 crore equity shares of the company at Rs 3,000 per scrip for an aggregate amount not exceeding Rs 16,000 crore.
Maruti Suzuki: The automobile major in a press release said that the cost of company’s vehicles has been impacted adversely due to increase in various input costs. “Hence, it has become imperative for the company to pass on some impact of the above additional cost to customers through a price increase in January 2021,” it said. In another development, company has launched the Smart Finance service for NEXA customers across 30 cities.
Mahindra & Mahindra: M&M on Wednesday said it has increased stake in its Finland-based arm Sampo Rosenlew Oy to 79.13 per cent with the acquisition of additional 1,050 shares for Rs 31.15 crore. The company has subscribed to 1,050 equity shares of Sampo.
Eveready Industries India: The company has denied reports of Dabur promoters buying a controlling stake in it. “The company has not received any information/disclosure, from the concerned person or entity as stated in the news report,” it said.
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