Sensex, Nifty Resume Gains After One-Day Blip; RIL Closes At Record High

Indian equity benchmarks extended gains after a one-day blip.

The S&P BSE Sensex rose 0.46 percent to end at 40,469.70 and the NSE Nifty 50 rose 0.47 percent to close at 11,940.10. The broader markets, represented by the NSE Nifty 500 Index, gained 0.35 percent.

The gains in the benchmark indices was led by Reliance Industries Ltd., after it rose 3.8 percent to close at a record high at Rs 1,514.90.

The market breadth, however, was tilted in favour of sellers. About 928 stocks declined and 855 shares advanced on the National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 3.9 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 0.85 percent.

• Accelya Kale Solutions: Shares rose 16 percent intraday to Rs 1,245.20 each—a 17-month high.

Vista Equity Partners is set to buy controlling stake in the firm from Warburg Pincus, according to an exchange filing.

• Castrol India: Shares of the automotive lubricants maker rose 7.2 percent to Rs 154.90 each.

Brokerage firm HSBC hiked the target price to Rs 165 from Rs 142 while maintaining a ‘Buy’ rating. The hike was on account of lower corporate tax rate.

• Prestige Estates: Shares of the real-estate firm rose as much as 4 percent to Rs 301.95 apiece.

The company acquires 29 percent stake In DB Realty’s commercial project In Mumbai From Trinity Capital. Last month, it announced JV with DB Group for project in New Delhi’s Aero City with an investment of Rs 1,000 crore.

• Tata Elxsi: Shares of the Tata Group firm rose close to 5.2 percent to Rs 831.30 apiece.

Fresh longs seen with high open interest of 26.6 percent. While trading volume was twice the 20-day average for this time of the day, Bloomberg data showed.

Rana Kapoor today sold 2.04 lakh shares or 0.8 percent equity in Yes Bank, according to a stock exchange notification. Kapoor and his associate companies now own 900 shares in the Mumbai-based lender.

Shares of Yes Bank traded little changed at Rs 65.80 as of 2:43 p.m. The stock had declined as much as 4.3 percent earlier after gaining as much as 2.1 percent in the opening trade.

Future Lifestyle

• Stock rose as much as 4.1 percent to Rs 411.85.
• Trading volume was 90 times its 20-day average.

Lemon Tree Hotels

• Stock rose as much as 4.9 percent to Rs 61.
• Trading volume was more than 20 times its 20-day average.

SBI Life Insurance

• Stock fell as much as 7 percent to Rs 930.
• Trading volume was more than 30 times its 20-day average.

UCO Bank

• Stock rose as much as 20 percent to Rs 15.60.
• Trading volume was almost 12 times its 20-day average.

U.S. stock futures were little changed and European ones edged up on Tuesday as investors continued to await signs of progress in U.S.-China trade negotiations.

• Futures on the S&P 500 Index were little changed.
• The index rose less than 0.1 percent.
• Euro Stoxx 50 futures gained 0.4 percent.
• The MSCI Asia Pacific Index rose 0.2 percent.
• Topix index fell 0.2 percent.
• Hang Seng Index jumped 1.3 percent.
• Shanghai Composite gained 0.9 percent.

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Source: Bloomberg

Shares of Reliance Industries roe as much as 3.6 percent to hit an all-time high at Rs 1,511.45.

The stock gained 5.5 percent in the past five days and returned 6.4 percent in the past 30 days. Reliance Industries traded at 20 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of Corporation Bank extended gains for the third consecutive trading session. The stock rose as much as 20 percent to Rs 26.45.

The scrip advanced 67.9 percent in three trading sessions. Trading volume was almost 16 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Nifty’s 11,900 put option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire on Nov. 21, fell 42.89 percent to Rs 33.55. Over 16.75 lakh shares were added to the open interest which stood at over 32.65 lakh shares.

• Bharti Airtel: About 11.1 lakh shares changed hands in a large trade
• SBI: About 16.6 lakh shares changed hands in a large trade
• Yes Bank: Around 12.4 lakh shares chnged change in a bunched trade.

Buyers and sellers were not known immediately.
Source: Bloomberg

Six out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Private Bank Index’s 0.9 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.63 percent.

Shares of ITC fell as much as 0.7 percent to Rs 249.

About 24 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Indian equity benchmarks regained momentum

The S&P BSE Sensex rose 0.19 percent to 40,361 and the NSE Nifty 50 rose 0.15 percent to 11,900.

About 10 lakh shares of Motherson Sumi changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Sterling & Wilson Solar hit their lower circuit of 10 percent at Rs 288.55. The stock declined for the seventh consecutive trading session.

That comes after promoters, on Nov. 15, sought more time to repay debt due to the company. (Read more here).

The scrip declined 59 percent since its listing on Aug. 19.

Shares of Bharti Airtel rose as much as 5 percent to Rs 430.50, while shares of Vodafone Idea rose as much as 23.4 percent to Rs 5.40.

The companies announced plans to increase tariffs from next month, days after the Supreme Court ordered India’s struggling telecom operators to pay pending dues worth thousands of crores. However, the telecom operators did not disclose the quantum of increase in tariffs.

Shares of Tata Steel rose as much as 1.2 percent to Rs 414.85.

Tata Steel Ltd. plans to axe as many as 3,000 jobs across its European operations to cut costs in the latest blow to the region’s industry, with the move coming amid a heated general election campaign in the U.K., Bloomberg reported quoting company’s statement.

The stock traded at 9.3 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of SBI Life Insurance Company fell as much as 7 percent, the most since March 1, to Rs 930.

About 2.76 crore changed hands in a large trade, Bloomberg data showed.

While buyers and sellers were not known immediately, Carlyle Group had offered to sell up to 3 crore shares in the company at Rs 930-940 apiece, a discount of nearly 7 percent from yesterday’s close, according to Bloomberg data.

Trading volume was more than 130 times its 20-day average, Bloomberg data showed. Of the shares traded, 15 percent were at the ask price and 79 percent were at the bid.

Indian equity benchmarks opening higher, resuming gains after a one-day blip.

The S&P BSE Sensex rose 0.17 percent to 40,352 and the NSE Nifty 50 rose 0.12 percent to 11,898. The broader markets represented by the NSE Nifty 500 Index rose 0.13 percent.

The market breadth was tilted in favour of buyers. About 834 stocks advanced and 586 shares declined on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Pharma Index’s 0.33 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.58 percent.

Index Futures

• Nifty November futures closed at 11,920.9, premium of 36.4 points versus 47.2 points.
• Nifty November Futures open interest down 0.1 percent sheds 21,000 shares in open interest.
• Nifty Bank November futures closed at 31,017.8, premium of 25.7 points versus 43.8 points.
• Nifty Bank November futures series open interest down 0.6 percent, sheds 10,000 shares in open interest

Options

• Nifty PCR at 1.31 versus 1.39 (across all series).

Nifty Weekly Expiry: Nov. 21

• Max open interest on call side at 12,000 (25.9 lakh shares).
• Max open interest on put side at 11,800 (18.2 lakh shares).
• open interest addition seen at 11,950C (+5.4 lakh shares) 12,000C (+5.2 lakh shares), 11,800P (+2.3 lakh shares).

Nifty Monthly Expiry: Nov. 28

• Max open interest on call side at 12,000 (2,37,000 shares).
• Max open interest on put side at 11,600 (21.5 lakh shares).

• Kavit Industries to be in ASM Framework on Nov. 19.
• SEL Manufacturing, Sterling and Wilson Solar, Sanwaria Consumer to move into short term ASM Framework.
• Ansal Housing, Sumeet Industries, Vishwaraj Sugar Industries, Jain Irrigation Systems to move out of short term ASM Framework.
• SEL Manufacturing, Sterling and Wilson Solar, Ansal Housing price band revised to 10 percent.
• Shree Digvijay Cement price band revised to 5 percent.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.15 percent to 71.95 against the greenback.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.17 percent to 40,354 during the pre-market trade and the NSE Nifty 50 rose 0.44 percent to 11,936.55.

• CSB Bank IPO opens on Nov. 22. The IPO price band is fixed at Rs 193-195 per share.

• Telecom stocks: Bharti Airtel and Vodafone Idea announced plans to increase tariffs from next month, days after the Supreme Court ordered India’s struggling telecom operators to pay pending dues worth thousands of crores.
• Grasim Industries, Vodafone Idea: Aditya Birla Idea Payments Bank filed for voluntary liquidation. Liquidation order was passed on Sept. 18.
• Welspun Corp: The Competition Commission of India approved Plates and Coils Mill-Welspun-Laptev finance deal, according to Bloomberg report.
• India Ratings cut CG Power and Industrial Solutions’ long-term rating and bank facilities to ‘D’ from ‘B’. Rating agency has cited delays in debt payments by the company since last month due to weak performance and tight liquidity.
• Wockhardt clarified that company is looking at various options for sustainable growth for the company. Cipla also commented on the news of the company acquiring select business segment of Wockhardt saying that it is exploring opportunities for growth and has nothing concrete currently.
• REC: Ajit Kumar Agarwal (Director of Finance) to continue to hold additional charge for the of chairman and managing director till Dec. 5 or till a regular incumbent is appointed for the aforementioned post.
• Maruti Suzuki launched BS-VI compliant Wagon R variant for petrol.
• Punjab & Sind Bank revised MCLR across various tenors with effect from Nov. 16. One-month MCLR at 8.15 percent and one-year MCLR at 8.45 percent.
• Zee Entertainment Enterprises: Brickwood Ratings downgraded the non-convertible preference share issuer rating to ‘BWR AA+’ from ‘BWR AAA’, with a credit watch with negative implications due to deteriorating financial flexibility of the group marked by increased pledge of promoter holding.
• Indian Overseas Bank: Directors will meet on Nov. 28 to issue and allot equity shares to the Government of India for capital infusion of Rs 3,857 crore.
• Accelya Solutions said that the company’s holding company Accelya Topco has entered into an agreement for sale of its shares to investment firm Vista Equity Partners.
• Union Bank of India: Ministry of Finance has given in-principle approval to the proposed amalgamation of Andhra Bank and Corporation Bank into Union Bank.
• 8K Miles Software Services: Deloitte Haskins & Sells resigned from the post of Statutory Auditors on Nov. 15.
• Borosil Glass Works: PK Kheruka has been appointed as the chairman of the company with effect from Nov. 18.
• Prestige Estates acquired 29 percent stake in DB (BKC) Realtors from Trinity Capital.
• Yes Bank acquired 20.61 percent stake in Tulip Star Hotels over invocation of pledge of shares.
• Punjab National Bank: Board has given in-principal approval for amalgamation of the Oriental Bank of Commerce and United Bank of India into Punjab National Bank.
• Carlyle plans to sell 3 percent stake in SBI Life Insurance through block deals.

• U.S. stocks edged higher to fresh records as investors looked for signs of progress in U.S.-China trade negotiations.
• Oil fell the most in about two weeks from an eight-week high amid dimming prospects for resolution to the long-running U.S.-China trade war.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 11,910.50 as of 8:40 a.m.

Asian stocks drifted on Tuesday as investors continued to await signs of progress in U.S.-China trade negotiations, while Treasuries held modest gains.

U.S. futures fluctuated, Japanese shares mostly erased early losses and South Korean shares dropped. Hong Kong equities climbed again despite further unrest in the city, further recouping some of last week’s losses.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.