Sensex, Nifty Extends Record Run For Fourth Session As Lenders Lead

Indian equity benchmarks extended record closing streak for the fourth straight trading session.

The S&P BSE Sensex rose 0.02 percent to end at 41,681.54 and the NSE Nifty 50 rose 0.1 percent to close at 12,271.80. The broader markets represented the NSE Nifty 500 rose 0.13 percent.

The market breadth, however, was tilted in favour of sellers. About 875 stocks advanced and 903 shares declined on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 2.3 percent gain. On the flipside, the NSE Nifty Auto Index was the top sectoral loser, down, 0.39 percent.

Varroc Engineering

• Stock rose as much as 11.5 percent to Rs 465.
• Trading volume was 14 times its 20-day average.

MOIL

• Stock rose as much as 4.5 percent to Rs 145.85.
• Trading volume was almost seven times its 20-day average.

Ajanta Pharma

• Stock fell as much as 1.3 percent to Rs 953.80.
• Trading volume was more than six times its 20-day average.

Bajaj Consumer Care

• Stock swung from a fall of as much as 4.5 percent to gain as much as 3.2 percent.
• Trading volume was four times its 20-day average.

Kolte-Patil Developers

• Stock rose as much as 5.4 percent to Rs 265.85.
• Pabrai Group increases stake to 9.23 percent from 7.09 percent.

Lemon Tree Hotels

• Stock rose as much as 4.7 percent to Rs 63
• Opens its first international 144-room hotel in Dubai

Cadila Healthcare

• Stock rose as much as 2.5 percent to Rs 268.20.
• Receives 0 Form 483 observations for Ahmedabad Plant
• Plant is a topical manufacturing facility

Mindtree

• Stock rose as much as 3.6 percent to Rs 792.
• Fresh longs seen with high OI of 26 percent.

Embassy Office Parks REIT picked Kotak Mahindra Bank Ltd. and Morgan Stanley to help raise funds for a potential acquisition of commercial property assets in India, Bloomberg reported quoting people familiar with the matter.

“The trust selected the banks as advisers, said the people, There’s no final decision on the size and structure of the financing, which could be a combination of debt and issuance of new units,” people who asked who asked not to be identified as the discussions are private told Bloomberg.

Shares of Linde India fell as much as 4.5 percent, the most since Nov. 21, 2019, to Rs 654.

The stock declined 2.7 percent in the past 12 months compared to a 15 percent advance in the Sensex, according to Bloomberg data.

Shares of Dish TV India rose as much as 11.4 percent, the most since Dec. 9, 2019, to Rs 14.65.

The stock rose 7 percent in the past five days and fell 14 percent in the past 30 days according to Bloomberg data. The scrip traded at 23 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of Mahindra & Mahindra fluctuated between gains and losses to trade 0.46 percent lower at 532.95.

The company will re-designate Chairman Anand Mahindra as its non-executive chairman from April, as part of a top-level changes announced under its succession plan. Managing Director Pawan Goenka will take on the role of chief executive officer from April 1 till the end of his current term on Nov. 11, 2020, according to an exchange filing. His term has been extended till April 1, 2021.

The stock traded at 13 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of Yes Bank extended rally for the second consecutive trading session. The stock rose as much as 7.2 percent to Rs 53.50.

The scrip advanced 13 percent in two trading sessions, closing its best two-day rally since Nov. 1.

Of the shares traded, 53 percent were at the ask price and 42 percent were at the bid, according to Bloomberg data. The stock declined 72 percent in the past 12 months compared to a 15 percent rally in the Sensex.

Stocks in Europe ticked higher while Asian shares slipped along with U.S. index futures as investors tread water in the countdown to the holiday season.

• The Stoxx Europe 600 Index increased 0.1 percent.
• Futures on the S&P 500 Index declined 0.1 percent.
• Italy’s FTSE MIB Index jumped 0.6 percent.
• The MSCI Asia Pacific Index sank 0.1 percent.
• The MSCI World Index was little changed.

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Source: Bloomberg

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2.4 percent gain. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 0.23 percent.

Indian equity benchmarks erased gains to trade little changed.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 41,674 and 12,264.50 respectively. The broader markets represented by the NSE Nifty 500 Index rose 0.1 percent.

The initial public offer of polymer pipes and fittings was fully subscribed on the final day of sale on Friday.

The maker of polymer pipes and fitting plans to raise Rs 500 crore by selling 2.81 crore equity shares at Rs 177-178 apiece, according to its red herring prospectus. The maiden offer consists of a fresh issue and an offer-for-sale by four promoters.

Shares of Ratnamani Metals & Tubes rose as much as 0.5 percent to Rs 1,010.

The company bagged an order of Rs 1.43 crore for CS pipes supply. It also won an export order worth $1.24 billion, according to its stock exchange filings.

Nifty’s 12,300 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire today, rose 6.08 percent to Rs 50.60. Over 10.61 lakh shares were added to the open interest which stood at over 31.57 lakh shares.

Indian equity benchmarks regained momentum to trade at record highs.

The S&P BSE Sensex rose as much as 0.3 percent to 41,809 and the NSE Nifty 50 rose as much as 0.28 percent to 12,293.90.

The market breadth was tilted in favour of buyers. About 947 stocks advanced and 522 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2.23 percent advance. On the flipside, the NSE Nifty FMCG Index was the only sectoral loser, down 0.17 percent.

Shares of Bharat Heavy Electricals Ltd. extended declines for the third consecutive trading session. The stock fell as much as 2.8 percent to Rs 43.20.

That comes after brokerage firm Morgan Stanley cut its price target to Rs 37 from Rs 46.

Here’s what the research firm had to say:

• Maintained ‘Underweight’; cut price target to Rs 37 from Rs 46.
• Macro outlook looks tougher for BHEL.
• Negatives:- Delay in new orders, contraction in PLF and weaker balance sheet of state plants and renewable generation continues to gain share.
• Cut earnings estimate by 22 percent and 19 percent for the next two financial years respectively.

Shares of Crisil extended gains for the third consecutive trading session. The stock rose as much as 1.1 percent to 1,810, the highest since Aug. 31, 2018.

The company plans to buy Greenwich Associates for $40 million. The acquisition is expected to be completed by January- March quarte, according to its stock exchange notification.

The Relative Strength Index was above 70, indicating that the stock may be overbought. The scrip traded at 37 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Kolte-Patil Developers rose as much as 3 percent to 260.

Pabrai Group increased stake in the company to 9.23 percent from 7.09 percent earlier.

Trading volume was almost 13 times its 20-day average, Bloomberg data showed. The stock advanced 18 percent in the past five days and returned 8 percent in the past 30 days.

Shares of Bajaj Finance rose as much as 0.5 percent to Rs 4,114.

The company acquired 24 lakh shares or 10 percent stake in Karvy Data Management Services pursuant invocation of pledged shares of the company for recovery of outstanding dues of Karvy Stock Broking.

Trading volume was 1,164 times its 20-day average, Bloomberg data showed. Of the shares traded, 45 percent were at the ask price and 30 percent were at the bid.

Indian equity benchmarks fluctuated between gains and losses in the opening trade after closing at record highs for two consecutive trading session.

The S&P BSE Sensex rose 0.12 percent to 41,720 and the NSE Nifty 50 traded little changed at 12,267. The broader markets represented by the NSE Nifty 500 Index rose 0.1 percent.

The market breadth was tilted in favour of buyers. About 790 stocks advanced and 593 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 1.16 percent advance. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.3 percent.

Index Futures

• Nifty December futures closed at 12,268.9, premium of 9.2 points versus 21.5 points
• Nifty December futures series OI down 0.1 percent, sheds 17,000 shares in OI
• Nifty Bank December futures closed at 32,260.4, premium of 19 points versus 35 points
• Nifty Bank December futures series OI down 3 percent, sheds 38,000 shares in OI

Options

• Nifty PCR at 1.74 versus 1.72(across all series)

Nifty Monthly Expiry: Dec 26

• Max OI on call side at 12,300 (20.9lk shares)
• Max OI on put side at 12,000 (39.7lk shares)
• OI addition seen at 12,200P (+13.7lk shares), 12,400C (+6.8lk shares)

Securities In Ban

• Yes Bank

• KRBL promoters acquired 47,000 shares from Dec. 18-19.
• Navneet Education promoter Navneet Trust acquired 5 lakh shares on Dec. 17.
• Axis Bank promoter General Insurance Corporation of India sold 3 lakh shares on Dec. 18.
• Dollar Industries promoter acquired 45,000 shares from Dec. 17-18.

• Symphony to meet Malabar Investments on Dec. 20.
• Eris Lifesciences to meet Tata MF and HDFC MF on Dec. 20.
• Titan to meet UBS Securities and Goldman Sachs on Dec. 20.
• Manappuram Finance to meet Navis Capital on Dec. 20.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.16 percent to 71.15 against the greenback.

In the bond market, the yield on the one-year note fell as much as three basis points to 5.51 percent, while the yield on the 10-year note fell as much as 13 basis points to 6.62 percent.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.17 percent to 41,746.20 during the pre-market trade and the NSE Nifty 50 rose 0.06 percent to 12,266.45.

• ABB India ex-date for demerger.
• R Systems International, Godawari Power and Ispat, Lyka Labs to move into short term ASM Framework.
• Karda Constructions. KIC Metaliks to move out of short term ASM Framework.
• Aanchal Ispat, Ortin Laboratories price band revised to 10 percent.
• KIC Metaliks, Nutraplus India price band revised to 5 percent.

• UTI Asset Management Company filed for an initial public offering as India’s top financial institutions look to sell shares in the nation’s seventh-largest mutual fund. State Bank of India, Bank of Baroda, Punjab National Bank and Life Insurance Corporation of India, along with T.Rowe Price International, UTI AMC’s largest shareholder, will sell up to 3.9 crore shares or 30.75 percent stake in the IPO, according to the draft red herring prospectus.
• Prince Pipes & Fittings gets subscribed 74 percent on day 2.

• Bajaj Finance acquired 24 lakh shares or 10 percent stake in Karvy Data Management Services pursuant invocation of pledged shares of the company for recovery of outstanding dues of Karvy Stock Broking.
• NMDC: Ministry of Coal allocated to coal blocks in Jharkhand State. The Rohne coal block has extractable reserves of 191 million tonne and planned production capacity of 8 million tonne per annum. Tokisud North coal block has extractable reserves of about 52 MT of thermal coal and planned production capacity of 2.32 MTPA. NMDC will execute allotment agreement of Tokisud North coal block on Dec. 24. Rohne coal block allotment agreement would be executed as per the directives from Ministry of Coal with respective execution date.
• Kolte-Patil Developers: Pabrai Group increased stake in the company to 9.23 percent from 7.09 percent earlier.
• Dwarikesh Sugar commissioned its new 100 KLPD Distillery plant in Uttar Pradesh, according to its media statement.
• Religare Enterprises: Board withdrew the scheme of amalgamation of its two arms Religare Comtrade and Religare Insurance with the company. After amending the scheme, four arms of the group will be merged into the company.
• IndiaNivesh: Edelweiss Custodial Services has increased the stake from 11.26 percent to 17.67 percent in the company, by way of encumbrance of shares on Dec. 17.
• Dishman Carbogen Amcis said that IT department visited company’s head offices and manufacturing sites conducting a search enquiry on Dec. 19 and the search enquiry is continuing. Company said that no impact is there on company’s routine operations.
• Lemon Tree Hotels opened its first international 144 room hotel in Dubai.
• Embassy Parks REIT: Brookfield is said to hold ta lakhs on potential $1 billion REIT listing. (BN)
• Titan setup a global retail unit in Dubai.
• JM Financial: Board approved raising Rs 850 crore via equity/debt and to increase the foreign portfolio investment from 24 percent to 40 percent in the company.
• Arunachal Pradesh granted exploration licenses to Oil India. (PTI)
• Reliance Communication clarified on the news of relief for Anil Ambani as U.K. court has dismissed Chinese bank’s $680 million claim stating that the company was not part to the said proceedings.
• Shipping Corporation of India: HK Joshi has assumed full time post of chairman and managing director with effect from Dec. 19
• Gati: Goldman Sachs reduced its stake from 5.12 percent to 2.84 percent in the company.
• Rites: Board to consider interim dividend on Dec. 27.
• CDSL received final approval from the Securities and Exchange Board of India open IFSC branch at Gift City, Gujarat.
• Suzlon Energy has appointed SBI nominee Rakesh Sharma as company’s director with effect from Dec. 19.

• U.S. stocks bounced back to claim fresh records as investors chased gains that have added more than $5 trillion to valuations this year.
• Oil advanced to a fresh three-month high as traders weighed rising U.S. fuel inventories against a rosier demand outlook driven by trade optimism.
• The pound fell as concern about Brexit returned to the fore Thursday, helping erase earlier gains that came after a lack of surprises from the Bank of England’s December monetary policy vote.

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Asian stocks were mixed in a subdued Friday session following further record highs on Wall Street.

Japanese and Australian stocks dipped, while South Korea was little changed and Shanghai and Hong Kong opened flat. U.S. futures were unchanged. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 12,279 as of 8:15 a.m.

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