Sensex, Nifty Close At Record Highs For Third Day In A Row As RIL, TCS Lead

Indian equity benchmarks closed at record highs for the third consecutive trading session.

The S&P BSE Sensex rose 0.28 percent to end at 41,673.92 and the NSE Nifty 50 rose 0.31 percent to to close at 12,259.70. The broader markets represented by the NSE Nifty 500 Index rose 0.28 percent.

The market breadth was tilted in favour of buyers. About 915 stocks advanced and 842 shares declined on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Auto Index’s 1.03 percent gain. On the flipside, the NSE Nifty Financial Services Index was the top sectoral loser, down 0.32 percent.

Essel Propack

• Stock rose as much as 16.4 percent to Rs 176.
• Trading volume was more than nine times its 20-day average.

KRBL

• Stock rose as much as 6.2 percent to Rs 280.95
• Trading volume was more than five times its 20-day average.

Firstsource Solutions

• Stock rose as much as 5.8 percent to Rs 43.90.
• Trading volume was more than four times its 20-day average.

Texmaco Rail & Engineering

• Stock rose as much as 13.2 percent to Rs 35.15.
• NCLAT gives stay order on Tribunal order for insolvency proceedings
• On Dec. 16, The operational creditor Veekay General has filed an application under insolvency proceedings for an alleged operational debt of Rs 63 lakh, which was admitted by NCLT Kolkata. The company had filed its appeal against the order before NCLAT.

Avanti Feeds

• Stock rose as much as 8.6 percent to Rs 596.20.
• Rises for sixth consecutive session

Panacea Biotec

• Stock rose as much as 11.3 percent to Rs 139.30.
• Receives Rs 170 crore award of pentavalent vaccines from the UN agencies. Protects children against influenza-based diseases

Trident

• Stock rose as much s 5.8 percent to Rs 7.35.
• Receives patent for terry fabric weave by European patent office.

Shares of Yes Bank pared losses and rose as much as 10 percent to Rs 51.40. The stock had declined 3.9 percent earlier.

Of the shares traded, 54 percent were at the ask price and 43 percent were at the bid, according to Bloomberg data.

Shares of Texmaco Rail and Engineering rose as much as 13.2 percent to Rs 35.15.

The National Company Law Appellate Tribunal has given a stay order on Kolkata’s National Company Law Tribunal order.

On Dec. 16, The operational creditor Veekay General has filed an application under insolvency proceedings for an alleged operational debt of Rs 63 lakh, which has been admitted by NCLT Kolkata. The company had filed its appeal against the order before NCLAT.

Trading volume was five times its 20-day average, Bloomberg data showed.

Shares of Orient Electric fell as much as 5.7 percent to Rs 184.05, halting a two-day gaining streak.

The stock advanced 21 percent in the past 12 months compared to a 14 percent gain in the Sensex.

Shares of Essel Propack rose as much as 16 percent, the most since Jan. 28, 2019, to hit an all-time high at Rs 175.45.

Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

The stock traded 26 times its estimated earnings per share for the coming year, according to Bloomberg data. Of the shares traded on NSE, 62 percent were at the ask price and 24 percent were at the bid.

Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 1 percent advance. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.06 percent.

Indian equity benchmarks pared opening losses.

The S&P BSE Sensex rose as much as 0.23 percent to hit a record high at 41,654 and the NSE Nifty 50 rose as much as 0.23 percent to 12,249.55. The broader markets represented by the NSE Nifty 500 Index rose 0.22 percent.

Nifty’s 12,200 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, fell 56.24 percent to Rs 18.95. Over 11.55 lakh shares were added to the open interest which stood at over 29.79 lakh shares.

Shares of Avanti Feeds extended gains for the sixth consecutive trading session. The stock rose as much as 4.5 percent to Rs 573.45, their highest since June 2018.

The stock advanced 16 percent in six trading session. The stock advanced 47.3 percent so far this year compared to a 16.4 percent gain in the Sensex.

Shares of NMDC extended gains for the fifth consecutive trading session. The stock rose as much as 2.7 percent to Rs 123.20.

The company has received approval for modified mining plan of Kumaraswamy Iron Mines from 7 million tonne per annum to 10 MTPA from India Bureau of Mines. Effective Date for Approval is till 2022. NMDC operates these mines at its facility in Karnataka.

Trading volume was more than three times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Shares of Sintex Industries fell for the eighth consecutive trading session. The stock fell as much as 4 percent to Rs 1.20.

Lenders to Sintex Industries Ltd. rejected a debt restructuring plan by the company and intend to push it into bankruptcy, Bloomberg reported quoting people familiar with the matter.

“According to the resolution proposal, the Indian textile company will be able to service only 30 percent of its Rs 6,300 crore ($888 million) of bank loans. The plan also included infusion of about Rs 200 crore into Sintex by two other yarn producers,” people asking not to be identified told Bloomberg.

The scrip declined 25 percent in eight trading sessions, according to Bloomberg data.

Indian equity benchmarks fluctuated between gains and losses after closing at all-time highs on Wednesday.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 41,506 and 12,205 respectively. The broader markets represented by the NSE Nifty 500 Index fell 0.12 percent.

The market breadth was tilted in favour of sellers. About 791 stocks declined and 614 shares advanced on National Stock Exchange.

Eight out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 0.4 percent fall. On the flipside, the NSE Nifty FMCG Index was the top sectoral performer, up 0.13 percent.

Index Futures

• Nifty December futures closed at 12,243.1, premium of 21.5 points versus 22 points.
• Nifty December futures series open interest down 2 percent, sheds 2.5 lakh shares in open interest.
• Nifty Bank December futures closed at 32,279.3, premium of 35 points versus 66 points.
• Nifty Bank December futures series open interest up 0.5 percent, adds 5,000 shares in open interest.

Options

• Nifty PCR at 1.72 versus 1.67 (across all series).

Nifty Weekly Expiry: Dec. 19

• Max open interest on call side at 12,200 (18.2 lakh shares).
• Max open interest on put side at 12,100 (25.5 lakh shares).
• Open interest addition seen in 12,200P (+15.6k shares), 12,200C (+5.3 lakh shares).
• Open interest shedding seen in 12100C (-6.5 lakh shares).

Nifty Monthly Expiry: Dec. 26

• Max open interest on call side at 12,000 (21.2 lakh shares).
• Max open interest on put side at 12,000 (41.9 lakh shares).

• Eicher Motors to meet Taiyo Pacific Partners on Dec. 19.
• J Kumar Infra to meet DSP MF and ICICI Pru Life Insurance on Dec. 19.
• Balrampur Chini Mills to meet Dolat Capital on Dec. 19.
• Mahindra & Mahindra to meet Cidel Asset Management on Dec. 19.
• Shriram Transport Finance to meet Fidelity International, Hamilton Capital Partners and other investors from Dec. 19-23.
• Narayana Hrudayalaya to meet I Wealth India Management and Sunidhi Securities on Dec. 20.

• Indiabulls Ventures record date for share-buyback.
• BLB, Vishwaraj Sugar Industries to move into short term ASM Framework.
• TCI Finance, Stampede Capital, Accel to move out of short term ASM Framework.
• Thomas Cook price band revised to 20 percent.
• Lyka Labs price band revised to 10 percent.
• Jaypee Infratech price band revised to 5 percent.

The Indian rupee opened little changed against the U.S. dollar. The home currency depreciated marginally by 0.02 percent to 70.98 against the greenback.

Indian equity benchmarks are set for a muted start.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 41,561 and 12,222 during the pre-market trade.

Lenders to Sintex Industries Ltd. rejected a debt restructuring plan by the company and intend to push it into bankruptcy, Bloomberg reported quoting people familiar with the matter.

“According to the resolution proposal, the Indian textile company will be able to service only 30 percent of its Rs 6,300 crore ($888 million) of bank loans. The plan also included infusion of about Rs 200 crore into Sintex by two other yarn producers,” people asking not to be identified told Bloomberg.

• Rossari Biotech filed DRHP for its IPO worth Rs 700 crore. The company is specialty chemical maker. IPO comprises of fresh issuance of shares to the tune of Rs 150 crore and sale of 1.05 crore shares through OFS.
• Prince Pipes & Fittings’ IPO was subscribed 28 percent on day 1.

• Tata Group Stocks: Tata Sons stated in a statement that it has received and is analysing the order of National Company Law Appellate Tribunal. The parent company of Tata Group said that is not clear as to how the NCLAT order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. Tata Sons plans to take appropriate legal recourse.
• NMDC has received approval for modified mining plan of Kumaraswamy Iron Mines from 7 million tonne per annum to 10 MTPA from India Bureau of Mines. Effective Date for Approval is till 2022. NMDC operates these mines at its facility in the state of Karnataka.
• Patanjali Ayurved has completed its acquisition of Ruchi Soya Industries under the Insolvency and Bankruptcy Code, according to two people in the know. The ayurvedic products maker paid Rs 4,111 crore to financial creditors of Ruchi Soya as part of this transaction, the people told BloombergQuint on the condition of anonymity. The total payment for the assets now stands at Rs 4,350 crore, which included payments to operational creditors, statutory dues and resolution cost. Ruchi Soya’s assets will be formally handed to Patanjali Ayurved tomorrow, the people said.
• Goa Carbon will commence operations at Paradeep Unit, Odisha from Dec. 20. Said plant was closed for maintenance work.
• Texmaco Rail & Engineering: NCLAT has given a stay order on NCLT Kolkata’s order. On Dec. 16, The operational creditor Veekay General has filed an application under insolvency proceedings for an alleged operational debt of Rs 63 lakh, which has been admitted by NCLT Kolkata. Company has filed its appeal against the order before NCLAT.
• Delta Corp: Government to levy 28 percent Goods and Services Tax on state-run and private lottery from March 1.
• ICICI Bank: The Reserve Bank of India told the Bombay High Court that its decision to grant approval to the Bank for termination of appointment of Chanda Kochhar as managing director and chief executive officer was fair and not arbitrary, according to a PTI report.
• Lemon Tree Hotels signed a license agreement for a 44-room Hotel. This will be company’s fifth hotel in Goa. The hotel is expected to be launched in April 2020.
• NBCC secured business worth Rs 8,861.05 crore for the month of November.
• NIIT promoters increased their stake from 31.39 percent to 34.35 percent via tendering of share-buyback on Dec. 16.
• NALCO: Shridhar Patra has been appointed as Chairman and MD with effect from Dec. 17.
• Gujarat State Petronet: Anil Mukim was appointed as MD with effect from Dec. 13.
• Embassy Parks REIT: Allianz-Shapoorji Pallonji collaboration acquires 100 percent stake in TSI Business Parks which owns WaveRock, as SEZ development in Hyderabad at a valuation of $250 million, according to its media statement.
• Andhra Cements said that company’s plant operations were temporarily disrupted due to power disconnection and way-bill blocking by the GST Authorities.
• South Indian Bank said that Base Rate will be reduced by five basis points to 9.95 percent and MCLR will also be reduced across various tenors with effect from Dec. 20.
• Sequent Scientific: Kotak Mahindra Investments increased their stake from 3.61 percent to 6.42 percent in the company on Dec. 16.

RBI to release minutes of monetary policy committee meeting. It will also to hold Rs 2.65 lakh crore overnight reverse repo auction.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.19 percent to 12,231.50 as of 7:50 a.m.

Asian stocks drifted as investors sat on the sidelines after the year’s big run-up, lacking fresh catalysts.

Equities dipped in Tokyo and edged up in Seoul. They were flat in Sydney. American futures were flat as the U.S. House voted to impeach President Donald Trump.

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