KEY HIGHLIGHTS
Closing Bell: The Wait Gets Longer
Indian equity markets witnessed a sell-off in the second half of the weekly options expiry session, falling the most in nearly a month.
The S&P BSE Sensex ended 1.3% lower at 43,599 while the NSE Nifty 50 index fell 1.3% to end at 12,771. Both benchmark indices snapped a four-day gaining streak. 36 out of the 50 index constituents ended lower.
The Nifty Bank, which has been one of the biggest contributors to the Nifty's recent rally, was among the top laggards in today's session. The index shed 850 points or over 2.8% to end at 28,903. The PSU Bank index too ended 3.1% lower, courtesy losses in State Bank of India and was the top sectoral laggard.
The Nifty Realty index fell 1.4% while the I.T. index fell 1%.
The FMCG index and the Media index were the only two sectoral gainers, ending with gains of 0.4% and 0.3% respectively.
Broader markets outperformed but they too ended lower. The midcap index ended 0.6% lower. This marked the end of a 14-day winning streak for the index, which was the longest on record.
The Smallcap index too snapped a six-day gaining streak, ending with losses of 0.2%.
India Volatility Index ended 2.3% higher but remained below the mark of 20, at 19.57.
828 stocks on the NSE ended with gains while 1,011 stocks posted losses during today's session.
How Did The Sectoral Indices Fare
Festive Season Update From Titan
Markets At 3 P.M.
- Benchmark indices set to snap four-day gaining streak
- Sensex recovers over 200 points from day's low but down 1% at 43,737
- Nifty down 1% at 12,812
- Nifty Bank also recovers 200 points from day's low but down 2.4% at 29,039
- Nifty Midcap index down 0.5%
- Nifty Smallcap index down 0.1%
- India Volatility Index up 3% to 19.69
- Nifty PSU Bank is the top sectoral laggard; down 2.6%
- Nifty FMCG is the only sectoral gainer; up 0.7%
- Power Grid remains the top Nifty gainer but off the day's low; up 2.5%
- State Bank of India remains the top Nifty laggard; down 4.4%
- 841 stocks on the NSE are trading with gains while 975 stocks decline
Buzzing Stock: HEG & Graphite India
- Top performers on the Nifty 500 index
- HEG gains as much as 20% to Rs 860.3 - the highest in three months
- Graphite India gains as much as 20% to Rs 222 - the highest in seven months
- Both the stocks are up for the second straight day
- Graphite India has broken above its 200-Day Moving Average of 192.3
- HEG has broken above all key Daily Moving Averages
- HEG's volumes today are more than 30 times its 20-day average
- Graphite India's volumes are more than 20 times its 20-day average
- Out of the three analysts that track Graphite India, one analyst each have a 'buy', 'hold' and 'sell' recommendation respectively. Return potential of the stock as per Bloomberg data is 3.3%
- Out of the three analysts tracking HEG, one has a 'buy' recommendation while the other two say 'hold.' Return potential of this stock as per Bloomberg data is 43.1%
Nifty Bank Extends Losses
Markets At 2:10 P.M.
- Benchmark indices likely to snap four-day gaining streak
- Nifty down 0.43% at 12,882
- Sensex down 0.45% at 43,982
- Nifty Bank down 2% at 29,180
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.25%
- India Volatility Index up 2.56% to 19.61
- Nifty FMCG is the top sectoral gainer; up 1%
- Nifty Realty is the other sectoral gainer; up 0.8%
- Nifty PSU Bank index down 1.7%
- Power Grid is the top Nifty gainer; up 6%
- State Bank of India is the top Nifty laggard; down 3.1%
- 960 stocks on the NSE trade with gains while 836 are declining
Active Stock Options
- Bajaj Finance's 4,800 Call: Premium up 41.4% to Rs 93. The contract has added 3.23 lakh shares in Open Interest.
- ITC's 190 Call: Premium up 131% to Rs 3.3. The contract has shed 17.2 lakh shares in Open Interest.
- Larsen & Toubro's 1,200 Call: Premium up 33.3% to Rs 11. The contract has added 3.8 lakh shares in Open Interest.
Agri Exports Flourish
Funding For Vodafone Idea?: BLOOMBERG EXCLUSIVE
A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to Vodafone Idea, people with knowledge of the matter told Bloomberg.
Oaktree has teamed up with several other firms including Varde Partners for the potential deal.
The investor group made a proposal to provide around $2 billion to $2.5 billion of capital to Vodafone Idea, the people said, asking not to be identified because the information is private.
Shares gained as much as 3.3% to Rs 9.5, post the story. The stock has gained in five out of the last six trading sessions.
Out of the 20 analysts that track Vodafone Idea, 14 have a 'sell' call, five say 'hold' while one analyst has a 'buy' recommendation. The stock is trading 25.4% higher than its 12-month Bloomberg Consensus price target of Rs 6.86.
Another Order Win For L&T
Festive Season Boost For Hero
Markets At Noon
- Benchmark indices continue to fluctuate between gains and losses
- Nifty up 8 points at 12,947
- Sensex unchanged at 44,177
- Nifty Bank down 0.8% at 29,517
- Nifty Midcap index up 1.1%
- Nifty Smallcap index up 1%
- India Volatility Index up 2.2% to 19.54
- Nifty Realty remains the top sectoral gainer; up 2.1%
- Nifty Metal, Nifty Auto and Nifty FMCG are the other sectoral gainers; up over 1% each
- Bajaj Finserv remains the top Nifty gainer; up 4.3%
- 35 out of the 50 Nifty constituents advance
- HDFC Bank is the top Nifty laggard; down 1.7%
- 1,150 stocks on the NSE trade with gains while 627 are declining
SpiceJet Continues To Surge
Buzzing Stock: Tata Chemicals
- Top gainer on the Nifty Midcap index
- Trades at an all-time high
- Gains as much as 7.2% to Rs 351
- Biggest single-day gain in two months
- Up for the second straight day
- Today's volumes are more than six times its 20-day average
- One-month implied volatility at 39%
- Stock trades in overbought territory with Relative Strength Index (RSI) at 75
- Has gained 79% from its 52-week low of Rs 197 on March 23, 2020
- Out of the 10 analysts that track the stock, five have a buy recommendation, three say hold while the other two say sell.
- The stock crossed its 12-month consensus price target of Rs 342.7 in today's session
Owining An Electric Car?
Air Traffic Data
Markets At 10:10 A.M.
- Benchmark indices pare losses to trade little changed
- Nifty up 16 points at 12,954
- Sensex up 25 points at 44,204
- Nifty Bank down 0.6% at 29,575
- Nifty Midcap index up 0.7%
- Nifty Smallcap index up 0.6%
- India Volatility Index up 3.3% at 19.76
- Nifty Realty is the top sectoral gainer; up 2.3%
- Nifty Metal extends Wednesday's gains; up 1.7%
- Nifty Auto index gains 1.2%
- Nifty PSU Bank index is the top sectoral laggard; down 0.7%
- Bajaj Finserv is the top Nifty gainer; up 4.7%
- UPL is the top Nifty laggard; down 1.5%
- 1,091 stocks on the NSE trade with gains while 613 are declining
Will The Nifty Bank Hit The 40,000 Mark?
Opening Bell: Drifting Away From 13,000
Indian equity markets opened lower after a four-day gaining streak, cooling off from their respective record high levels.
The S&P BSE Sensex opened 0.6% lower at 43,902 while the NSE Nifty 50 index opened 0.76% lower at 12,839.
Among sectoral indices, the Nifty Bank index opened 1.5% lower with most private banks witnessing profit booking from higher levels.
The PSU Bank index is down 0.8% while most other indices have opened flat with a negative bias.
Broader markets too have opened lower, but the quantum of losses are modest as compared to the benchmarks. Both Nifty Midcap and Smallcap indices have opened lower by 0.3% each. The Midcap index ended at a two-year high on Wednesday.
931 stocks on the NSE are trading with gains while 702 are trading with losses.
Current Market Update
13,000 In Sight?
Good Morning!
The Nifty 50 is just over 60 points shy from hitting the 13,000-mark. The gauge, having erased the year’s losses to turn positive on Nov. 6, had surpassed the previous intraday record of 12,430 on Nov. 9.
A few factors, however, may make the Nifty’s journey difficult. Today is the weekly options expiry session. The 13,000 call option of today’s expiry has 35 lakh shares in open interest. And the Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 1% to 12,873 as of 8:10 a.m.
Stocks that are in the F&O ban for today’s session include Bank of Baroda, BHEL, Canara Bank, Indiabulls Housing Finance, JSPL, PNB, RBL Bank, SAIL, Sun TV, Tata Steel and Vodafone Idea.
Separately, the mid-cap index ended at a two-year high on Wednesday, while the small-cap index closed at its highest in nine months.
Globally, Asian markets are poised to end their longest winning run since 1988 in today’s session. Benchmarks across the region, including Japan and South Korea, are trading with losses.
Futures on the Dow Jones are little changed. The index ended 1.6% lower on Wednesday.
West Texas Intermediate crude fell from a two-month high and is currently trading 0.8% lower at $41.49 per barrel.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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