Sensex Ends 259 Points Higher; Banking And Finance Stocks Witness Buying

Gold prices are trading up by 0.2% at Rs 50,129 per 10 grams.

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster, Rahul Shah talks about his preferred portfolio for 2021 and beyond.

In the video, Rahul shares his portfolio strategy and the important principles one needs to keep in mind in order to build a market-beating portfolio.

In the latest developments from the IPO space, the markets regulator has granted the go-ahead to small lender Suryoday Small Finance Bank to float its initial public offering (IPO).

The IPO comprises fresh issuance of 1,15,95,000 equity shares and an offer for sale of up to 84,66,796 equity shares by existing shareholders, according to the draft papers.

Those offering shares through the OFS route include International Financial Corporation, Gaja Capital, HDFC Holdings, IDFC First Bank, Kotak Mahindra Life Insurance Company, DWM (International) Mauritius, and Americorp Ventures.

Suryoday Small Finance Bank has proposed to utilize the net proceeds from the fresh issue towards augmenting its Tier-1 capital base to meet future capital requirements.

How this IPO sails through remains to be seen.

Moving on to stock-specific news...

ICICI Bank was among the top buzzing stocks today.

ICICI Bank on Monday said it has joined hands with Google Pay for issuance of FASTag, a reloadable tag which enables automatic deduction of toll charges and lets users pass through the toll plaza without stopping for cash transactions.

FASTag is a brand name owned by the Indian Highways Management Company, which carries out electronic tolling and other ancillary projects of National Highway Authorities of India (NHAI).

Meanwhile, the country's largest insurer Life Insurance Corporation (LIC) has sold a 2% stake in ICICI Bank through open market transactions.

The insurer sold 138 million shares, representing a 2% stake of ICICI Bank, over a period of November 27 to December 24, 2020, the bank said in a regulatory filing.

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