Sensex, Nifty Climb Near 3-Week High As Lenders Rebound
Asia stocks climb as the regions realty shares outweighed losses in commodity producers.
Closing Bell
Indian shares climbed to a near three-week high as a gauge of lenders snapped its two-day losing streak and automakers extended their rally.
The S&P BSE Sensex gained nearly 1 percent to 26,652 while the NSE Nifty advanced 1 percent to 8,224. Both the indices have gained for a fourth straight session, with the Nifty closing above the 8,200-mark for the first time since November 11.
Market Wrap
Nifty Retests 8,200 As Banks Pile On Gains
The Nifty climbed 0.7 percent to 8,203 while the Sensex gained 0.6 percent to 26,577 as lenders piled on gains after a two-day slump. The market breadth was firmly in favour of the buyers at 1,110 advances against 444 declines and 326 stocks remained unchanged.
A gauge of the country’s top 12 banks jumped 1.7 percent, the biggest single day since November 10, led by ICICI Bank (+3.1%), IndusInd (+3%) and SBI (+1.6%). Meanwhile, the CNX IT index bucked the rising trend, losing 0.1 percent and in the process extending its losing streak to day 3.
The S&P BSE SmallCap index outperformed its larger peers, rising little over 1 percent.
Modi Cash Ban Ushers Worst Nov for Rupee, Sensex Since 2011
Indian stocks and the rupee are set for their worst November performance in five years as investors grapple with the economic impact of the government’s currency recall and a potential increase in U.S. interest rates.
The S&P BSE Sensex has slumped 5.1 percent in its biggest monthly drop since February, with shares of automakers and consumer companies leading the declines. The rupee was down 2.7 percent to 68.5975 per dollar as of 11:02 a.m. in Mumbai, set for its worst month since August last year.
Read full report HERE
European Shares Climb
Tata Power Stock Swings After Delivering Mixed Q2
Shares of Tata Power Company Ltd., fluctuated between gains and losses after delivering a mixed set of second quarter earnings.
Net profit surged to Rs 336 crore for quarter-ended September, against a loss of Rs 95.87 crore during the corresponding quarter last year. The consensus of analyst estimates tracked by Bloomberg pegged the profit to come in at Rs 324 crore. (More details HERE)
Movers & Shakers: HCC, Quess Corp, Lupin And More
Chart Of The Day
Opening Bell
Indian shares extended gains for a fourth day, tracking positive global market setup, with an advance in automakers offsetting losses select metal stocks.
The S&P BSE Sensex climbed 0.3 percent to 26,484 while the NSE Nifty gained nearly 0.4 percent to 8,173. The market breadth was in favour of the buyers at 1,051 advances, 374 declines and 428 stocks remaining unchanged.
Despite the four-day recovery, independent market expert Shahina Mukadam said there is still quite a bit of uncertainty in terms of which way will the market move heron. She said the Nifty is likely to remain between 7,900 and 8,500 for the next 2-3 months.
“We need to close above the 8100 level consistently to get some confidence back,” she told BloombergQuint in a phone conversation, adding “8,200-8,190 has become a strong resistance on the upside.”
Money Market Heads Up
IPO Watch
- Sheela Foam IPO by existing shareholders’ gets 1 percent demand in first day of sale yesterday, offer close Dec. 1
- Laurus Labs prices IPO at Rs 426-428 a share; opens Dec. 6
5 Things To Watch Today
Stocks To Watch
- Bharat Forge: Company’s owners to sell up to 1 percent stake at 2.5 percent discount to November 29 price
- Eros International Media: To consider issue of NCDs on December 2
- Hindustan Construction: To consider issue of 24.44 percent equity shares of expanded capital and OCDs on December 2
- IDFC Bank: Sipadan Investments to sell 80.4 million share of bank at Rs 68.25-71.10 each
- Lupin: Gets final FDA approval for generic Nuvigil tablets
- Mahindra & Mahindra: Ssangyong says China plant plans to be firmed up within a year
- National Fertilizers: Q2 profit Rs 46.51 crore versus Rs 53.54 crore YoY
- Oil India: To wind up unit Oil India International
- Reliance Industries: Says Vimal brand gets U.S. patent for DE02 process technology
- Tata Motors: Jaguar Land Rover to produce new Discovery in UK, Slovakia
- Tata Power: Q2 profit Rs 336 crore, estimate Rs 324 crore; to hold EGM on Dec. 26 to remove Mistry a director
- Amtek Auto, Castex Technologies, Metalyst Forgings: Directors meeting to consider infusion of equity by new investors in companies
- Brookfield said to submit bid for stake in Bharti Infratel (Mint)
- India 2016-17 steel demand seen rising 5-6 percent: Tata Steel MD
- Bajaj Auto November sales seen falling 25 percent YoY
For a complete list of stocks to watch, click HERE
Data To Watch
- 4:30pm: Fiscal deficit in rupees for April-Oct. period
- 05:30pm: India GDP YoY for quarter ended September; estimate 7.5 percent (Prior 7.1 percent)
- 05:30pm: India GVA YoY for quarter ended September; estimate 7.2 percent (Prior 7.3 percent)
- 5:30pm: T.C.A. Anant, chief statistician of India & secretary at ministry of statistics, to brief media on Estimates of GDP for the second quarter of 2016-17 in New Delhi
- Eight infrastructure industries index for October (Prior +5.0 percent)
Talking Points
- India state-run banks’ gross bad loans at Rs 6.3 lakh crore at end-September
- Central bank fighting fires on all fronts amid India cash chaos
- Government seeks suggestions on FY18 federal budget by December 15
- Government to sell Rs 8,000 crore 91-day, Rs 6,000 crore 182-day T-bills
- India cuts interest rate on some saving plans by 10 bps for third quarter
- India’s parliament approves bill to stiffen tax laws
- India to impose anti-dumping duty on trailer axles from China
- Global funds sell Rs 715 crore of local stocks; domestic funds buy Rs 534 crore yesterday: Provisional data
- Air India seeks Rs 2188 crore government fund infusion in FY17 (CNBC-TV18)
- India may consider increasing MSS limit to Rs 50,000 crore-60,000 crore (ET Now)
- India to restrict sale of locally made LPG to state companies (PTI)
- Smiths Chairman Buckley said to be contender to lead Tata (Sky)
Good Morning!
The Nifty Futures on the Singapore Exchange, an early indicator of Nifty’s performance in India, gained 0.1 percent to 8,185.
Asian equities climbed this morning as the regions property shares outweighed losses among commodity producers. The dollar headed for its steepest monthly advance since May. Japan’s Topix index rose toward its steepest two-month surge this year, fuelled by the yen’s biggest slump since 2009.
Oil held below $46 a barrel ahead of a make-or-break OPEC meeting on stabilising the crude market. With the market giving just 30 percent odds to an agreement to end the oil supply glut, according to Goldman Sachs Group Inc., pessimism regarding OPEC talks is helping quell a commodities rally sparked by Donald Trump’s surprise presidential victory.
U.S. stocks ended higher after paring gains on Tuesday, with advance in healthcare and bank stocks offsetting losses among energy shares. A rally in metals fizzled on signs that China is taking steps to cool a trading frenzy in commodities.