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Stock Market Live: Indian indices turn flat after opening at new highs dragged by IT, FMCG stocks.

Stock Market Live: Indian indices opened at record highs but pared gains to turn flat dragged by losses in IT and FMCG stocks. However, the global sentiment remained positive after the US Fed maintained benchmark interest rates near zero.

Asia: Shares in Asia-Pacific traded mixed on Thursday as investors reacted to the latest announcements from the U.S. Federal Reserve. Mainland Chinese stocks nudged higher, with the Shanghai composite above the flat line and the Shenzhen component advancing 0.255 percent. The Hang Seng index in Hong Kong rose 0.3 percent. In Japan, the Nikkei 225 was little changed while the Topix index sat below the flat line. South Korea’s Kospi declined 0.66 percent. Shares in Australia edged higher, with the S&P/ASX 200 up 0.66 percent, reported CNBC International.

U.S. stock futures were flat on Wednesday night as traders kept an eye on Washington, looking for clues about the prospects of additional fiscal aid. Dow Jones Industrial Average futures gained just 29 points, or 0.1 percent. S&P 500 and Nasdaq 100 futures also rose marginally. Earlier in the day, congressional leaders closed in on a $900 stimulus package that would include direct payments to individuals, reported CNBC International.

Indian indices opened at record highs but pared gains to turn flat dragged by losses in IT and FMCG stocks. However, the global sentiment remained positive after US Fed maintained benchmark interest rates near zero. At 9:18 am, the Sensex was up 12 points at 46,679 while the Nifty rose 10 points to 12,692.

U.S. Federal Reserve Chairman Jerome Powell vowed on Wednesday to keep pouring cash in to markets until the U.S. economic recovery is secure, while maintaining benchmark interest rates near zero. In intra-day, Sensex rose as much as 107 points to its new high of 46,774 while the Nifty gained 31 points to its all-time high of 13,713.

Back home, on the Nifty50 index, ONGC, Shree Cement, Powergrid, Divi’s Labs and Hindalco were the top gainers while HUL, Nestle, Titan, Tech Mahindra and Adani Ports led the losses.

Sebi clears shareholding norms for stressed companies:In its last board meeting before the union budget, market regulator Sebi cleared some crucial regulations for companies undergoing Corporate Insolvency Resolution Process (CIRP). Sebi said the companies wanting to re-list after going through CIRP will have to achieve Minimum Public Shareholding (MPS) of 5 percent at the time of re-listing on the exchanges. Such companies will get a period of 12 months to achieve MPS of 10 percent and 3 years to achieve MOS of 25 percent. What comes as a relief for the incoming promoter is that Sebi has decided to do away with the current one year lock-in requirement for the promoter. As per the revised regulation, the incoming promoter will be able to contribute towards achieving 10 percent MPS required within 12 months

Bitcoin breaks above $20,000 for first time For the first time, Bitcoin rocketed above $20,000 on Wednesday, boosted by increased demand from both institutional and retail investors. The crypto currency jumped 4.5 percent to touch an all-time peak of $20,440. Bitcoin has gained more than 170 percent this year, buoyed by demand from larger investors attracted to its potential for quick gains, purported inflation-resistant qualities, and expectations it will become a mainstream payment method.    Sugar stocks | The Union Cabinet has approved Rs 3,500 crore subsidy for sugar farmers and Rs 6,000 per tonne subsidy for sugar exports to be given for 60 lakh tonnes of sugar exports.

Wipro | The company has completed the acquisition of an 83.4 percent equity stake in Encore Theme. Hero MotoCorp | The company has announced a price hike up to Rs 1,500 effective January 1, 2021. L&T | The National High Speed Rail Corporation has signed the second contract agreement with the company for the Bullet train project.

IndusInd Bank | Promoters Hinduja Family got one month extension to subscribe to 75 percent warrants of the bank.

Jubilant Food Works | The company has launched its Biryani brand, Ekdum.

Motherson Sumi Systems | Fitch Ratings has revised the outlook for its subsidiary Samvardhana Motherson Automotive Systems Group B.V. to Stable from Negative.

The undercurrent  is bullish only although some selling does take place. So investors are advised to be cautious and take positions with strict “SL”.

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