Burger King increases 131% in its commercial debut
Mrs Bectors Rs 540-cr IPO to open for subscription on Tuesday
November MPI inflation hits its highest level in nine months even as food prices moderate
Three investors, including Tata Group, show interest in Air India
YouTube, Gmail, Google Docs are available in India and several other countries
Let’s take a quick look at what happened on Dalal Street today.
Led by earnings at ICICI Bank, L&T and Kotak Mahindra Bank, Sensex gained more than 150 points to finish at a new all-time high on Monday. Amid persistent inflows of foreign funds and a largely positive trend in global markets, Sensex closed at 46,253 while Nifty closed at a record 13,558.15.
ONGC was the main winner in the Sensex package, with a rally of around 5 percent, followed by L&T, NTPC, ICICI Bank, Sun Pharma, HCL Tech, Titan, and Kotak Mahindra Bank.
On the other hand, M&M, Bajaj Auto, Tech Mahindra and Bajaj Finserv were among the laggards.
The mid- and small-cap indices outperformed their large-cap peers. Meanwhile, Burger King stock made a notable debut on the exchanges. The bond was placed 131 percent higher at Rs 138.40 against the issue price of Rs 60. Moving forward, Mrs Bectors’ initial public offering is scheduled to open on Tuesday.
So how much of a lead is Burger King’s stock left after the solid listing? And should one opt for Ms. Bectors’ initial public offering to list the earnings? To discuss this and more, we spoke to G Chokkalingam, Founder of Equinomics Research and Advisory, to understand what the market holds.
Welcome to the show, Mr. Chokkalingam
1) Can you highlight some factors that will give direction to D-Street now?
2) Burger King’s IPO doubles on debut. Should one stay still?
3) And, should one also apply for Mrs Bector’s initial public offering to quote earnings?
On the technical front, Nifty formed a sort of ‘Doji’ candle for the third consecutive session, hinting at indecision in the market. Analysts believe that the Nifty has formed a good base near the 13,500-13,440 zone and if it remains above those levels, the bullish momentum may continue towards the immediate obstacle zone of 13,600-13,650.
We caught up with technical analyst Nirav Chheda of Nirmal Bang Securities to decode the charts.
Welcome to the show, Mr. Chheda
1) How do the charts look after today’s trade?
2) What is your reading of the F&O data?
3) What do the momentum indicators look like for the next week?
Globally, other Asian markets finished in the green, while European markets were higher in early trading. Futures for U.S. stocks rose as potential advances in the stimulus talks in Washington and Brexit negotiations in Brussels, along with the launch of coronavirus vaccines in the United States, appear to drive stocks higher in the last full business week of the year.
That is all for now. Visit ETMarkets.com for all the news, market analysis, investment strategies, and dozens of stock recommendations. Enjoy your evening. Goodbye!
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