The Dow Jones Industrial Average fell 128.83 points, or 0.43%, at the open to 29,695.09. The S&P 500 opened lower by 8.67 points, or 0.24%, at 3,653.78, while the Nasdaq Composite dropped 69.36 points, or 0.56%, to 12,285.75 at the opening bell.
One of the most distinguished characteristic of companies in this segment is higher growth rates compared with their larger peers. Investors have always flocked to this category of stocks in anticipation of higher returns given their potential to report increased profitability and market share gains.
The Rs 810-crore Burger King IPO was subscribed more than three times on Day 1 of the bidding process on Wednesday. The issue received bids for 23,32,00,750shares, which was 3.13 times the issue size of Rs 7,44,91,524 shares.
Nifty50 seems to be in a no-trade zone, as is evident from the fact that neither the bulls nor the bears were being able to have an upper hand by the end of the session, said Mazhar Mohammad of Chartviewindia.in.
The index has been forming higher highs and lows since last three sessions. Now, it has to hold above 12,950 level to witness a bounce towards 13,250 level. On the downside, a major support exists at 12,800 level.
One of the premier edible oil refiner, and the day one recorded trading of more than 4,200 tonnes with turnover exceeding Rs 44.67 crore indicating positive interest of market participants in the CDSO Futures.
Here are the top gainers and losers in the pharma space
Price as on 02 Dec, 2020 02:49 PM, Click on company names for their live prices.
The company last week acquired 73 per cent stake in Richcore Lifesciences, which analysts believe was at an attractive valuation and will provide capabilities in high growth areas of recombinant proteins, enzymes and biological contract development and manufacturing.
Metals continue to shine...
Price as on 02 Dec, 2020 10:56 AM, Click on company names for their live prices.
Uttar Pradesh Govt’s first Rs 200 cr Lucknow Municipal Bond lists on BSE
The Lucknow Municipal Corporation which raised Rs 200 crore via Municipal Bonds on private placement basis using the BSE bond platform listed on the exchange today. It received 21 bids and subscribed by 4.5 times. Corporation received bids for issue size of Rs 200 crore within 60 seconds of the issue opening, which opened for subscription on November 13, 2020. It’s one of the 8 cities in India that have capitalized on the new guidelines to fund the AMRUT and Smart Cities Mission to raise an aggregate of Rs 3,690 crore as per Govt released data.
Burger King India's Rs 810 crore IPO kicked off on Wednesday. The issue, which is being sold in Rs 59-60 range, consist of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore at the upper limit of the price band. Retail investors, who are willing to invest in the IPO can buy a lot of 250 shares and a maximum of 3,250 shares.
JP Morgan remains neutral on RIL with target at Rs 1,990
Price as on 02 Dec, 2020 09:51 AM, Click on company names for their live prices.
Sensex at open
Pre-open session: Sensex gains 100 points, Nifty at 13,135
SGX Nifty signals tepid start
Nifty futures on the Singapore Exchange traded 19.5 points, or 0.15 per cent, lower at 13,131.50, in signs that Dalal Street was headed for a tepid start on Wednesday.
Tech View: Nifty hurdle near 13,250
Nifty50 closed near its all-time high of 13,145 level on Tuesday. The index formed a bullish candle on the daily chart, which resembled a Hanging Man candle. It also formed a higher high and low for the second straight session. That said, analysts believe a decisive bounce is unlikely for the index unless it takes out the 13,250 level.
Burger King India IPO to kick off today
Burger King India is all set to open its initial public offer (IPO) on Wednesday. The Rs 810 crore offer would comprise of Rs 450 crore of fresh issue and offer for sale of up to 6 crore shares equity shares by promoter QSR Asia and would be sold in Rs 59-60 price range. At the upper price band, OFS is valued at Rs 360 crore.
RBI policy review to begin today
The RBI's MPC will review its money policy on December2-4. The central bank is best served by maintaining the policy approach outlined in the October statement, even as it likely acknowledges some optimistic turn in growth indicators and sticky inflation, investment banker Barclays said last week. "We expect the RBI's monetary policy committee to keep rates steady, even though we expect its inflation and growth forecasts to be revised higher," Barclays said.
Oil prices drop on US stock build
Oil prices extended losses on Wednesday, hit by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January. Brent crude oil futures were down by 27 cents, or 0.6 per cent, at $47.15 a barrel, while West Texas Intermediate crude was down by 29 cents, or 0.7 per cent, at $44.26.
Asian markets mixed in early trade
Asian markets were mixed on Wednesday even as Wall Street indices closed at record highs. MSCI's gauge of stocks across the globe gained 0.09 per cent. In early trade, Australia's S&P ASX 200 rose about 0.11 per cent. Nikkei 225 index fell 0.17 per cent while Hong Kong's Hang Seng index declined 0.41 per cent.
Wall Street stocks hit record highs
The S&P 500 index closed up 1.1 percent at 3,660 on Tuesday after hitting a record high at 3,678. The Nasdaq Composite Index, which counts on the performance of US tech stock giants such as Facebook, Apple, Amazon, Netflix and Google, settled up 1.3 per cent at 12,355 after an all-time high of 12,405. The Dow Jones Industrial Average rose 0.6 per cent to 29,824.
Rupee soars 37 paise to end at 73.68 against dollar
The rupee surged 37 paise to settle at 73.68 against the US dollar on Tuesday, buoyed by foreign fund inflows into domestic equities. At the interbank forex market, the domestic unit opened at 73.93 against the US dollar and witnessed an intra-day high of 73.44 and a low of 73.93.
Sensex, Nifty on Tuesday
Equity benchmarks surged to lifetime closing highs on Tuesday as better-than-expected GDP data and progress on the COVID-19 vaccine front gave fresh impetus to investor bullishness. The 30-share BSE Sensex zoomed 505.72 points or 1.15 per cent to end at its fresh closing record of 44,655.44. Similarly, the broader NSE Nifty surged 140.10 points or 1.08 per cent to close at its all-time high of 13,109.05.
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