Employees monitor stocks at a brokerage firm in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Sensex, Nifty Snap 2-Day Losing Streak On Strong European Trade

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Market Wrap

Closing Bell

Indian shares halted a two-day loss making streak as investors took solace in the resilience shown by European equities after the failure of Italy’s referendum on constitutional reform.

The S&P BSE Sensex gained 0.4 percent to 26,349 while the NSE Nifty advanced 0.5 percent to 8,128. The market breadth skewed in favour of the buyers at 921 advances, 677 declines and 292 stocks remaining unchanged.

Markets At 2:30 P.M.

Markets rallied to their highest point of the day, with the NSE Nifty 50 index hitting an intraday high of 8,141 led by a continued surge in auto makers as well as a resilient performance from European indices despite the Italy referendum.

Italian Shares Drag In An Otherwise Upbeat European Trade

BQSpotted

South-based Sun TV, owned by Kalanithi Maran, the grandnephew of DMK leader M Karunanidhi, jumped as much as 7.4 percent to Rs 469.

Shares of Raj Television Network, another Tamil television and broadcasting company in the southern region, jumped 19.4 percent in opening trades. However, it pared over half of its gains.

Read: Jayalalithaa Critical After Cardiac Arrest, Tamil Nadu On High Alert

The S&P BSE Auto Index is one of the best performing sectoral gauge on the exchange.

BQSpotted

By @shraddha_babla

Demonetisation Sends India’s Services PMI To Lowest Since Dec 2013

India’s economy will be hurt in the aftermath of Prime Minister Narendra Modi’s shock clampdown on cash, a private survey signals.

The Nikkei India Services Purchasing Managers’ Index was at 46.7 in November, a report showed on Monday, the lowest since December 2013 and below the 50-mark, which indicates contraction. Services contribute about 60 percent to the $2 trillion economy.

"New business declined for the first time since June 2015, leading to a solid reduction in activity," the report said. "Inspite of the falls in output and new orders, optimism regarding future activity improved. Input costs were broadly unchanged, whereas prices charged decreased slightly."

Nestle India Declares Interim Dividend; Stock Gains

Shares of the FMCG company gained as much as 1.7 percent to Rs 6,340 after posting a two days of decline. The company announced an interim dividend of Rs 16 per share. This is dairy products maker’s third interim dividend this year.

Swan Energy Flies High Post Demonetisation

Swan Energy Limited, a Gujarat-based company with interests in textiles, real estate and natural gas, is up 45 percent since demonetisation. The stock climbed as much as 4.7 percent today, which follows a 5 percent gain on Friday.

For quarter ended September, the company's net profit rose almost 13 times.

Movers & Shakers: Ricoh India, KEC International, Crompton Greaves And More

Opening Bell

Indian shares swung between gains and losses amid a rally in automakers while stocks of banking companies traded lower led by HDFC.

The S&P BSE Sensex climbed marginally by 0.1 percent to 26,273 while the NSE Nifty advanced 0.2 percent to 8,103. The market breadth was in favour of buyers at 835 advances, 587 declines and 434 stocks remaining unchanged.

Money Markets Heads Up

Stocks to Watch

  • Adani: Gets final approval for Carmichael coal, rail project
  • Crompton Greaves: Extends talk with Pauwels Spaco for sale of Europe power business
  • IL&FS Engineering: Bags orders worth Rs 677.8 crore in West Bengal; FY17 order inflow stands at Rs 2,882 crore
  • KEC International: Wins new orders of Rs 840 crore
  • Siemens India: Board to meet Dec. 5 on sale of wind assets
  • Tata Steel: Nears deal to keep Port Talbot plant open (Sunday Times)
  • Dalmia Bharat: To invest Rs 2000 crore on Odisha plant (PTI)

For a complete list of stocks to watch, click HERE

Talking Points

  • India’s Sitharaman says rupee needs to be fairly valued
  • India’s LNG imports in October jump 18.6 percent YoY to 2.26 BCM
  • India top court to hear Kerala banks plea on large-note ban
  • India debt market will be able to absorb MSS bond supply: Nomura
  • Modi bucks global bond rout as cash recall cuts India Inc. costs
  • Forex reserves fall $193.8 million to $365.3 billion 0in week to November 25: RBI
  • NCR India adapts most ATMs for new bills, eyes non-bank growth
  • India winter-sown crop area at 41.6 million hectares as of December 2
  • Global funds sell net Rs 190 crore of local stocks on December 2: Provisional Data
  • Investors continue to switch out of bonds, into stocks, says BofAML
  • NSE CEO Ramkrishna resigns; J. Ravichandran to hold charge
  • CK Hutchison gets Indian tax draft assessment on Vodafone deal
  • Italian Prime Minister Matteo Renzi resigns after populists defeat Italy reforms in referendum
  • Trump warns U.S. companies that moving manufacturing to other countries would be a “very expensive mistake” (Read more on this HERE)

5 Things To Watch

Good Morning!

The Nifty futures on the Singapore Stock Exchange, an early indicator of Nifty’s performance in India, declined 0.2 percent to 8,095.

Asian equities declined this morning, as the euro retreated and bonds rose, amid concern that the failure of Italy’s referendum on constitutional reform will destabilize the country and embolden nationalist movement.

The yuan weakened offshore after U.S. President-elect Donald Trump took on the Chinese government via social media. Oil declined on signs that producers outside of OPEC will boost output.

Gold swung between gains and losses, after falling 0.5 percent last week, its fourth straight weekly loss.

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