Sensex Halts Two-Day Gaining Streak As RIL, HDFC Bank Drag

Indian equity benchmark—S&P BSE Sensex—halted their two-day gaining streak, led be the declines in HDFC Bank Ltd. and Reliance Industries Ltd.

The 31-stock index fell 0.18 percent to end at 40,284.19 and the NSE Nifty 50 fell 0.09 percent to close at 11,884.50. The broader markets represented by the NSE Nifty 500 Index closed flat.

The market remained rangebound with lots of intraday volatility for the last few days even as there were a lot of events and as the results season ended, TradingBells’ Senior Analyst Santosh Meena said.

“Global cues, especially development on the U.S.-China trade war front will have a major impact on the global as well as Indian market,” he said in a mailed statement on Friday.

Meena said the Nifty has a good chance of scaling an all-time high in the ongoing week.

The market breadth was tilted in favour of sellers. About 945 stocks declined and 853 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Private Bank Index’s 0.05 percent fall. On the flipside, the NSE Nifty Metal Index was the top sectoral gainer, up 1.63 percent.

Parag Milk Foods

• Stock rose as much as 17 percent to Rs 147.80.
• Promoters increase their shareholding to 46.2 percent as they acquired two lakh shares increasing their shareholding or 0.24 percent stake.

HIL

• Stock rose as much as 7.5 percent to Rs ,1267.80.
• The company has commenced production of CpVC, UpVC and SWR Pipes at Thimmapur Plant in Telengana.

HCL Infosystems

• Stock hit upper circuit of 20 percent at Rs 8.85.
• The company has completed the sale of its Singapore arm to PCCW Solutions for SGD 57.6 million.

Power Finance Corporation

• Stock rose as much as 7.5 percent to Rs 119.45.
• Fresh longs seen with high open interest of 11 percent.
• Volumes trading its three times its 20-day average.

Zydus Wellness

• Shares rose as much as 4.2 percent to Rs 1,524 each.
• Trading volume was more than 20 times the 20-day average for this time of the day.

Corporation Bank

• Shares rose as much as 20 percent to Rs 22.05 each.
• Trading volume was more than 12 times the 20-day average for this time of the day.

Hatsun Agro

• Shares rose nearly 1.2 percent to Rs 594.55 each.
• Trading volume was more than 12 times the 20-day average.
  

Avenue Supermarts

• Shares declined 3.5 percent intraday to Rs 1,805 each.
• Trading volume was more than three times the 20-day average.

(Source: Bloomberg)

The market remained rangebound with lots of intraday volatility for the last few days even as there were a lot of events and as the results season ended, TradingBells’ Senior Analyst Santosh Meena said.

“Global cues, especially development on the U.S.-China trade war front will have a major impact on the global as well as Indian market,” he said in a mailed statement on Friday.

Meena said the Nifty has a good chance of scaling an all-time high in the ongoing week.

Indian equity benchmarks traded lower.

The S&P BSE Sensex fell 0.25 percent to 40,252 as of 1:30 p.m. and the NSE Nifty 50 fell 0.15 percent to 11,876.

Seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Auto Index’s 0.56 percent fall. On the flipside, the NSE Nifty PSU Bank Index was the top sectoral gainer, up 1.1 percent.

Shares of Bharti Airtel extended gains for the second consecutive trading session. The stock rose as much as 7 percent to Rs 420.55, the highest since Jan. 25, 2018.

The company has withdrawn its bid to purchase assets of Reliance Communications Ltd. after terming the move of committee of creditors to extend the bid submission deadline on the request of Reliance Jio as ‘extremely unfair’ and ‘biased’, according to PTI report.

Of the shares traded, 44 percent were at the ask price and 37 percent were at the bid, according to BloombergQuint

• Boeing is in talks to sell 737 Max aircraft to SpiceJet.
• The discussions are ongoing and the size of the order hasn’t been determined.
• While the talks could still fall apart, a deal could be announced as soon as this week in Dubai.

Source: Bloomberg quoting people familiar with the matter.

Nifty’s 11,900 call 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, rose 16.47 percent to Rs 68.60. Over 5.17 lakh shares were added to the open interest which stood at over 19.21 lakh shares.

Indian equity benchmarks erased opening gains.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,322 and 11,896 respectively as of 10 a.m. The broader markets represented by the NSE Nifty 500 Index, too, traded little changed.

Shares of Gayatri Projects fell as much as 8.4 percent to Rs 90.

The stock has declined 13 percent in the past five days and fell 23 percent in the past 30 days, Bloomberg data showed.

Trading volume was more than four times its 20-day average, Bloomberg data showed. Of the shares traded, 12 percent were at the ask price and 77 percent were at the bid.

Shares of Aster DM Healthcare fluctuated between gains and losses and rose 0.9 percent to Rs 150.55.

The company, which currently operates 13 hospitals and eight clinics across India, is planning to make a foray into the diagnostics segment in order to scale up business in the country, its top official told PTI.

The Relative Strength Index was above 70, indicating that the stock may be overbought, according to Bloomberg data.

Shares of Bharat Petroleum Corporation Ltd. rose as much as 4.1 percent to Rs 527.30. The stock was the best performer on Sensex and Nifty.

“The government is looking to wrap up the sale of state-run airline Air India and oil refiner and marketer Bharat Petroleum Corporation (BPCL) by March,” Union Finance Minister Nirmala Sitharaman told Times of India.

Trading volume was almost seven times its 20-day average, Bloomberg data showed. Of the shares traded, 46 percent were at the ask price and 33 percent were at the bid.

Shares of Glenmark Pharmaceuticals extended gains for the third consecutive trading session. The stock rose as much as 6.8 percent to Rs 321.40.

That comes after brokerage and research firm CLSA upgraded the stock to ‘Buy’ from ‘Sell’ and hiked price target to Rs 410 from Rs 350.

Here’s what CLSA had to say about the drugmaker:

• Second quarter results ahead; attractive valuations drive upgrade in rating.
• U.S. strong QoQ; India continues to grow above industry.
• No debt reduction in the first; unlikely to decline significantly in near term.

Indian equity benchmarks opened higher, extending gains for the third consecutive trading session.

The S&P BSE Sensex rose 0.34 percent to 40,498 and the NSE Nifty 50 rose 0.33 percent to 11,934.50. The broader markets represented by the NSE Nifty 500 Index rose 0.28 percent.

The market breadth was tilted in favour of buyers. About 941 stocks advanced and 516 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 1.4 percent gain.

Futures

• Nifty November futures closed at 11,942.6, premium of 47.2 points versus 27.5 points.
• Nifty November futures OI up 1 percent, adds 2.1 lakh shares in OI.
• Nifty Bank November futures closed at 31,052, premium of 43.8 points versus 20.6 points.
• Nifty Bank November futures series OI up 5 percent, adds 80,000 shares in OI

Options

• Nifty PCR at 1.39 versus 1.40 (across all series)

Nifty Weekly Expiry: Nov 21

• Max OI on call side at 12,000 (20.6 lakh shares)
• Max OI on put side at 11,800 (15.8 lakh shares)
• OI addition seen at 12,000C (10.7 lakh shares), 11,900P (+6.1 lakh shares)

Nifty Monthly Expiry: Nov 28

• Max OI on call side at 12,000 (22,000 shares)
• Max OI on put side at 11,600 (21.8 lakh shares)

Stocks In F&O Ban

• Just Dial

• Mahindra & Mahindra to meet CI Investments, HDFC Securities and other investors from Nov.18-21
• IGSEC Heavy Engineering to meet Aditya Birla Sun Life Insurance, DSP Investment Managers and other investors on Nov. 18.
• IIFL Finance to meet William Blair, Fidelity Group and other investors from Nov. 18-20
• Mahindra Logistics to meet JP Morgan AMC, First State Investments and other investors from Nov. 19-22

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.24 percent to 71.62 against the greenback.

Indian equity indices are set to open higher.

The S&P BSE Sensex rose 0.38 percent to 40,504 while the NSE Nifty 50 rose 0.13 percent to 11,911.

• AU Small Finance Bank, Indo-National, Rushil Decor to move into short term ASM Framework
• GVK Power & Infrastructure, Indiabulls Integrated Services, KSK Energy Ventures, SORIL Infra Resources to move out of short term ASM Framework.
• RMC Switchgears price band revised to 10 percent.
• Cox & Kings, Reliance Communications, GFL, Sanwaria Consumer, Talwalkars Healthclubs to move out of ASM Framework

• Mcleod Russel: Edgbaston Asian Equity Trust sold 48 lakh shares 4.6 percent at Rs 7.23 each
• Reliance Infra: Axis Trustee Services sold 17.6 lakh shares 0.68 percent at Rs 36.68 each
• Eris Lifesciences: Nomura Singapore acquired 9.5 lakh shares 0.69 percent at Rs 410 each

Deep Industries

• Antara India Evergreen Fund acquired 2.34 lakh shares or 0.73 percent equity at Rs 108.94 each
• Auctor Investments sold 2.34 lakh shares or 0.73 percent equity at Rs 108.94 each

• Tata Steel’s long-term rating affirmed by S&P at BB-. Outlook revised to Stable from Positive. The company has completed its stake sale in its Vietnamese arm NatSteel to Thai Hung Trading for Rs 36 crore.
• Unichem Lab received ANDA approval for Buspirone Hydrochloride Tablets from the U.S. FDA to market generic version of Buspar Tablets. These tablets are used to treat anxiety disorders. The product will be commercialized from company’s Ghaziabad plant.
• IIFL Wealth’s board approved transfer of distribution business to company’s arm IIFL Wealth Finance and transfer of portfolio management services business to company’s subsidiary IIFL Alternate Asset Advisors.
• Adani Transmission approved issuance of notes aggregating to $500 million.
• HCL Infosystems has completed the sale of its Singapore arm to PCCW Solutions for SGD 57.6 million.
• Pokarna said that the U.S. Department of Commerce has amended preliminary CVD for PESL from 4.32 percent to 83.79 percent and the company strongly disagrees with this move.

• Jewellery stocks: India raised duty drawback on gold jewellery to Rs 372.9 per gram and for silver jewellery to Rs 4,332.2 per kilogram, according to Bloomberg report.
• Vedanta said that it is the highest bidder for Jamkhani Coal Block, according to Bloomberg report.
• Sterling & Wilson Solar said that there is no reduction sought in the inter-company loan by the promoters from the company.
• Vadilal Industries: Deloitte Haskins & Sells LLP resigned from the statutory auditor’s post with effect from Nov. 15.
• Tata Motors approved allotment of NCDs worth Rs 500 crore.
• MOIL: record date for share buy-back at Nov. 27.
• HIL has commenced production of CpVC, UpVC and SWR Pipes at Thimmapur Plant in Telengana.
• PPAV Automotive arm Elpis Components Distributors commenced its operations with effect from Nov. 15.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.1 percent to 11,932.50 as of 8:50 a.m.

Stocks saw a muted open to the week in Asia as investors await fresh developments on the U.S.-China trade front.

Japanese equities were little changed, while Hong Kong opened higher. Shares in Australia and South Korea dropped. The U.S. futures edged lower.

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