Nifty, Sensex End Positive For The Week, Technology Stocks Lead Gains
Asian stocks gained as the Thanksgiving break in the U.S. slowed the dollar’s surge
Closing Bell
Indian markets kickstarted the December series on a positive note. The NSE Nifty 50 index reclaimed the 8,100 mark, finishing with gains of 1.9 percent to end at 8,114. The Nifty gained 0.5 percent for the week.
The S&P BSE Sensex gained 456 points or 1.76 percent to end at 26,316. The Sensex gained 0.64 percent this week.
Gains on the benchmarkes were led by information technology stocks with stocks like Tech Mahindra, TCS and Wipro seeing gains between 6-9 percent. State Bank of India, Bank of Baroda and Eicher Motors were some of the top losers this week, seeing losses between 5.5-7 percent.
Market Wrap
Europe Opens Weak
European benchmark indices have opened weak across France, Germany and Italy as investors anticipate a low liquidity day on account of a truncated trading session on Wall Street post the thanksgiving holiday. DAX, CAC 40 and the FTSE 100 were flat to negative by 0.3 percent in early trades.
Top Reads At 2 P.M.
While the markets head into the last 90 minutes of trade on the final trading day of the week, here are some of the top reads on BloombergQuint.com:
Markets At 2
The markets continued to maintain strong momentum on the last trading day of the week. The NSE Nifty 50 index hit an intraday high of 8,091, gaining 1.3 percent. The S&P BSE Sensex too gained over 300 points and traded above the 26,000 mark.
I.T. stocks continued to lead the gains along with shares of drug makers like Sun Pharma, Lupin and Aurobindo Pharma that supported the index.
Will Notes Translate Into Votes?
While the markets maintain their positive momentum on the first day of the December series, we put the focus on the hot topic in the country: demonetisation. Raghav Bahl decodes the myths and the reality behind the government’s demonetisation drive.
Tech Stocks Log In To Gains
The CNX Nifty I.T. index was outperforming the benchmark indices, going past the 10,000 mark for the first time after November 8. The index gained as much as 4.3 percent in trade. Infosys, Tech Mahindra and TCS were the top gainers on the index, with gains of 4.3-5 percent.
Markets At Noon
After a dismal November series, markets have got off to a good start on the first day of the December series.
The NSE Nifty 50 index was trading higher by 1.3 percent at 8,068.70 while the S&P BSE Sensex too gained 1.1 percent. Information technology stocks were leading the gains on the Nifty along with private banks and metals.
The Demonetisation Impact
How have India’s biggest investors taken a hit post the government’s move to scrap higher denomination currency notes? BloombergQuint takes a look.
Rupee Recovers
The Indian rupee climbed 0.3 percent to 68.620 against the dollar, breaking a five-day weakening spree. Yesterday, the currency touched a new all-time low of 68.865 against the dollar amid a 2.9 percent decline this month.
Capital outflows from emerging markets after Donald Trump’s shock victory are adding to the pressure on Indian currency. Global funds have withdrawn $1.7 billion from local shares this month, the highest in Asia after Taiwan, data compiled by Bloomberg show.
PM Defends Demonetisation
After Finance Minster Arun Jaitley defended the government's demonetisation drive, Prime Minister Narendra Modi pushed for the need to move towards a digital economy, saying that people have the right to use their money, but that can also be done digitally.
Opening Bell
Indian shares climbed tracking positive trade in Asian markets even as investors weighed prospect of a higher interest-rate environment in the U.S.
The S&P BSE Sensex gained 0.4 percent to 25,980 while the NSE Nifty advanced 0.5 percent to 8,008. The market breadth was also positive at 1,010 advances, 402 declines and 451 stocks remained unchanged.
5 Things to Watch Today
Stocks to Watch
- Suven Life: Q2 profit Rs 26.56 crore versus Rs 25.24 crore
- Talwalkars Better Value: To demerge gym business into unit; list shares
- Sagar Cements: Shareholders approve fund raising of upto Rs 250 crore.
- Videocon: May exit insurance JV with US’ Liberty Mutual. (Economic Times)
IPO Watch
- Jagran Prakashan proposed IPO of unit Music Broadcast for up to Rs 400 crore of new shares and offer for sale by existing shareholders
Earnings to Watch
- Bata India
- BEML
- Hathway Cable & Datacom
- Indo Count Industries
- Navkar Corp.
- SpiceJet
- Uflex
For a complete list of stocks to watch, click HERE
Chart of the Day
Talking Points
- Over the counter exchange of India old notes to end from today
- Jaitley: Physical cash has to shrink, be substituted by digital
- India tells Supreme Court large notes ban an economic policy
- Top court to hear case against large notes ban today
- RBI to offer credit to banks against deposit of scrapped notes
- ‘Suspicious deposits’ made after currency ban may attract 60 percent tax (PTI)
- India approves 4 FDI proposals, including Dr. Reddy’s plan
- NSE’s international bourse to start trading in currency, stocks in Jan.
- Thyssenkrupp says solution for Tata pensions needed for steel JV
- Uflex to consider issue of Rs 650 crore NCDs
- Most polluted city drives India to champion gas for vehicles
- Global funds sell Rs 1,020 crore of local stocks; domestic funds buy Rs 1,250 crore yesterday: Provisional data
- Ex-Unilever COO Manwani said in talks for Tata chairmanship: Sky
- Panasonic aims to produce refrigerators in India in 2018: Nikkei
Quick Take: Three charts to show why ghosts of 2013 won’t haunt Indian rupee
Data to Watch
11/25-11/30: Eight infrastructure industries index for Oct. (Prior +5.0 percent)
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, climbed 0.6 percent to 8,025.
Asian stocks climbed this morning as the Thanksgiving holiday in the U.S. slowed down the dollar's relentless surge that had resulted in outflows from most emerging markets.
Strong economic data and the prospect of increased spending under President-elect Donald Trump have fuelled a surge in bets on Federal Reserve rate hikes, propelling the greenback to its highest level in a decade versus major peers
Odds of an increase in U.S. borrowing costs in December are wedged at 100 percent, while the probability of additional moves by June has risen to more than 60 percent, according to futures data tracked by Bloomberg.
Oil remained little changed around the $48 per barrel mark, as investors await the outcome of the OPEC (Organization of Petroleum Exporting Countries) members meeting in Vienna on November 30. (Click here for an update)
Gold halted losses near a nine-month low amid a surge in copper, regarded as a barometer for the global economy.