HDFC, RIL Help Sensex, Nifty Halt Two-Day Losing Streak

Indian equity benchmarks ended marginally higher, led by the gains in Housing Development Finance Corporation Ltd. and Reliance Industries Ltd.

The S&P BSE Sensex rose 0.1 percent to close at 40,487.43 and the NSE Nifty 50 rose 0.13 percent to end at 11,937.50. The broader markets represented by the NSE Nifty 500 Index ended flat.

The market breadth was tilted in favour of sellers. About 1,065 stocks declined and 726 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty Realty Index’s 1.6 percent decline. On the flipside, the NSE Nifty Auto Index was the top sectoral gainer, up 0.8 percent.

Sun Pharma Advanced Research

• Stock rose as much as 10.1 percent to Rs 169.35.
• Abraxis Biosciences dismisses patent infringement complaint filed against the company regarding New drug application

Omaxe

• Stock rose as much as 9 percent, the most since April 2017, to Rs 157. The shares had declined nearly 20 percent, the most since January 2008 on Friday.
• The scrip declined 28.4 percent so far this year compared to an 13.5 percent advance in the Sensex.

Canara Bank

• Stock rose as much as 4 percent to Rs 216.50.
• Fresh longs seen with high open interest of 7 percent.
• Trading volume was 1.5 times its 20-day average.

Cholamandalam Investment

• Stock rose as much as 3.7 percent, the most in nearly a month, to Rs 311.50.
• Company to consider fundraising via QIP on Dec. 12

Solar Industries

• Shares rose as much as 1.1 percent to Rs 1,045 each.
• The trading volume was 11 times its 20-day average.

Thermax

• Shares declined 1 percent intraday to Rs 975.95 apiece.
• The trading volume was six times its 20-day average.

Tata Investment Corp.

• Shares declined 1.2 percent intraday to Rs 802.25 apiece.
• The trading volume was three times the 20-day average.

EID Parry India

• Shares rose as much as 8.7 percent intraday to Rs 208.40 apiece.
• The trading volume was six times the 20-day average.

Shares of Cholamandalam Investment and Finance Company rose as much as 3.7 percent, the most in nearly a month, to Rs 311.50.

The company plans to consider fundraising qualified institutions placement during its board meeting, which is scheduled on Dec. 12, according to its statement on the exchanges.

The stock traded at 18 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Kiocl rose as much as 5.4 percent, the most in nearly three weeks, to Rs 118.

The company signed a Memorandum of Understanding with Karnataka government to explore for carrying out mineral exploration for manganese and iron ore in nine blocks in the state, according t its stock exchange filing.

Indian equity benchmarks regained momentum after fluctuating between gains and losses in the opening trade.

The S&P BSE Sensex rose 0.22 percent to 40,533.14 and the NSE Nifty 50 rose 0.26 percent to 11,953. The broader markets represented by the NSE Nifty 500 Index rose 0.3 percent.

Eight out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 1.3 percent gain. On the flipside, the NSE Nifty FMCG Index was the top sectoral loser, down 0.6 percent.

Shares of the automaker pared some of their early gains and traded 1.7 percent higher to Rs 164.35 each. The shares rose as much as 3.1 percent intraday.

The company sold Jaguar Land Rover 46,542 vehicles in the month of November, down 3.4 percent compared to same month last year, according to its exchange filing.

This included 11,464 units of Jaguar, down 23.2 percent while Land Rover sales rose 5.5 percent to 35,078 units, the filing said.

The stock traded 12 percent below the one-year Bloomberg consensus target price.

India’s largest state-owned bank—State Bank of India—reduced marginal cost of funds-based lending rate for the eight time in a row in financial year ending 2019-20.

One-year MCLR to be 7.90 percent with effect from Dec. 10. according to its statement. The move is intended to pass on the benefit of its reducing cost of funds to the customer, it said.

Shares of SBI rose as much as 1.2 percent to Rs 323.85 each. The stock traded 14 times its estimated earnngs per share for the coming year

Shares of PC Jeweller extended declines for the third consecutive trading session. The stock fell as much as 5.2 percent to Rs 24.70.

CRISIL downgraded rating on the company’s bank facilities worth Rs 3937 crore to D from BB+ and A4+ for long term and short term.

The downgrade factors in the instances of devolvement of Letter of Credits and overutilization in working capital limits for more than 30 days. The same is reflective of the fact that the liquidity profile of the group has deteriorated in past few months on account of cash flow mismatches.

Shares of MMTC fell as much as 5.8 percent to Rs 18.85. The stock had ended 11.4 percent higher on Friday, the most since Oct. 18.

The scrip halted a two-day gaining streak and was the second-worst performer on NSE Nifty 500 Index.

MMTC advanced 5.6 percent in the past five days and rose 1.6 percent in the past 30 days, according to Bloomberg data.

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 Dec. 12, rose 14.03 percent to Rs 57.30. Over 6.37 lakh shares were added to the open interest which stood at over 20.86 lakh shares.

Shares of KNR Constructions rose as much as 2.7 percent to Rs 231.75.

The company has signed a concession agreement of HAM project with a bid cost of Rs 920 crore with NHAI.

Of the shares traded on NSE, 49 percent were at the ask price and 40 percent were at the bid, according to Bloomberg data.

Shares of Omaxe rose as much as 9 percent, the most since April 2017, to Rs 157. The stock had declined nearly 20 percent, the most since January 2008 on Friday.

Trading volume was more than 50 times its 20-day average, according to Bloomberg data. The Relative Strength was at 23.66, indicating that the stock may be oversold.

The stock declined 28.4 percent so far this year compared to an 13.5 percent advance in the Sensex.

Shares of Andhra Bank extended declines for the third consecutive trading session. The stock fell as much as 1.4 percent to Rs 17.40.

The government-owned lender, which had decided not to exercise a “call option” included in the terms of a perpetual bond issued by the bank, is rethinking its decision after pressure from investors, according to its stock exchange notification.

Of the shares traded on NSE, 63 percent were at the ask price and 34 percent were at the bid, according to Bloomberg data.

Shares of Dish TV India rose as much as 12.4 percent to Rs 14.10.

Care Ratings has cut ratings for the company’s banking facilities worth Rs 850 crore to CARE D from CARE A4+. The rating was revised after the company defaulted in payment of short-term loan due on Nov. 28.

The stock was the top performer on NSE Nifty 500 Index and NSE Nifty Media Index. The scrip ended 15 percent lower on Friday.

Indian equity benchmarks fluctuated between gains and losses in the opening trade.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 40,419 and 11,914 respectively. The broader markets represented by the NSE Nifty 500 Index fell 0.04 percent.

The market breadth was tilted in favour of buyers. About 768 stocks advanced and 684 shares declined on National Stock Exchange.

Seven out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Realty Index’s 0.7 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.85 percent.

Futures

• Nifty December futures closed at 11955.7, premium of 34.2 points versus 29.3 points
• Nifty December futures series open interest up 2 percent, adds 2.7 lakh shares in open interest
• Nifty Bank December futures closed at 31,418.3, premium of 76.8 points versus 49.6 points
• Nifty Bank December futures series open interest down 9 percent, sheds 1.4 lakh shares in open interest

Options

• Nifty PCR at 1.25 versus 1.53 (across all series)

Nifty Weekly Expiry: Dec. 12

• Max open interest on call side at 12,100 (25.3 lakh shares)
• Max open interest on put side at 11,900 (14.4 lakh)
• Open interest addition seen in 12,000C (+17.9 lakh shares), 12,100C (+12 lakh shares), 11,700P (+4.5 lakh shares)

Nifty Monthly Expiry: Dec. 26

• Max open interest on call side at 12,000 (21.9 lakh shares)
• Max open interest on put side at 12,000 (32.4 lakh shares)

• Cipla to meet Sundaram MF, JP Morgan and other investors from Dec. 9-19
• Tata Motors to meet ICICI Prudential MF, Tata AIG and other investors from Dec. 9-12
• Tata Steel to meet FIL Investment Management on Dec. 13

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.12 percent to 71.29 against the greenback.

Any losses in the rupee are likely to be checked by slightly better risk appetite in global markets, with Asian stocks making modest gains on Monday.

Meanwhile, Indian bonds may continue to reel under pressure after the worst weekly loss since April last year as a report last Thursday may show retail inflation accelerated, vindicating the central bank’s stance to keep interest rates unchanged.

Consumer prices probably rose 5.24 percent on a yearly basis in November compared with 4.62 percent gain in October, according to Bloomberg survey.

Yields on benchmark 10-year bonds rose five basis points on Friday and 20 basis points last week, most since the period ended April 21, 2018, to 6.67 percent after the central unexpectedly refrained from cutting rates last week.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.47 percent to 40,635.98 during the pre-market trade and the NSE Nifty 50 rose 0.03 percent to 11,925.85.

• Jain Irrigation Systems to move into ASM Framework
• Sical Logistics, Talwalhars Better Value Fitness, Indiabulls Ventures, DHFL to move out of ASM Framework
• Asian Oilfield Services, Jaypee Infratech, Nitco to move into short term ASM Framework
• Allied Digital Services, HCL Infosystems, Tilaknagar Industries to move out of short term ASM Framework

• Dish TV: Care Ratings has cut ratings for the company’s banking facilities worth Rs 850 crore to CARE D from CARE A4+. Rating revised after the company defaulted in payment of short-term loan due on Nov. 28.
• Axis Bank: After over four years, the lender’s Chief Financial Officer Jairam Sridharan has tendered his resignation and will vacate the position after serving a three-month notice period. In a stock exchange disclosure on Dec. 6, the bank said that Sridharan had resigned from his post as group executive and CFO of the private sector bank as he would like to pursue other career opportunities. He was appointed as CFO in October 2015.

• Equitas Holdings: Equitas Small Finance Bank approved issuance of 4.75 crore shares or 4.51 percent equity at Rs 52.68 per share aggregating to Rs 250 crore, by private placement to IIFL Group, High Conviction Fund and Trivantage Capital.
• KNR Constructions has signed a concession agreement of HAM project with a bid cost of Rs 920 crore with NHAI.
• ITC has acquired 11.15 percent stake in Delectable Technologies.
• Punjab & Sind Bank: Board approved raising up to Rs 500 crore through QIP within a period of 12 months.

• RSWM: Board to consider raising funds via issue of equity shares on Dec. 11.
• Altico Capital has approved a cash distribution to all lenders in proportion to their respective overdue principal outstanding and interest accrued up to September 12. The company said it has defaulted in payment of obligations since September 12, according to Bloomberg report.
• MCX: Sanjay Wadhwa has resigned from the post of CFO with immediate effect.
• Indian Oil Company and Can Fin Homes to list commercial papers on BSE for an issue size of Rs 4370 crore and Rs 300 crore, respectively.
• 8K Miles Software Services: Board has appointed K Gopal Rao as the new statutory auditor of the company. Company also approved setting up of wholly-owned arm in India for catering business pertaining to Healthcare IT.
• Reliance Capital said that it has apprised the debenture holders of their legal position. Company has requested the debenture trustee to withdraw the proceedings initiated before the debt recovery tribunal and sought for a meeting of debenture holders to consider a resolution plan.
• Mangalore Chemicals & Fertilizers: Vistra ITCL (Trustee for Zuari Agro Chemicals) increased its pledge from 41.55 percent to 50.55 in the company on Dec. 6.
• Bank of India: Board approved issuance of 125 crore fresh equity shares via QIP and also approved raising Rs 10,000 crore via debt.
• Goa Carbon: November production up seven times to 15,413.9 million tonne.
• Pokarna said that U.S. Department of Commerce has preliminarily determined anti-dumping duty of 2.62 percent on quarts surface products from company’s arm shipped to the U.S. company will take legal steps and said that it has not been engaged in dumping of quartz products in the U.S.
• Sagar Cements: November sale down 23.46 percent to 2,41,195 million tonne.
• TTK Prestige aims to double turnover by FY24-25, Financial express reported.
• KNR Construction received work order of Rs 165.7 crore from Hyderabad Municipal Corporation
• NTPC has signed term loan of Rs 5,000 crore with SBI, according to PTI report.
• Dilip Buildcon received a completion certificate for EPC Project worth Rs 346.5 crore in Punjab.
• Shailey Engineering Plastics said the GST authorities carried out search proceedings at the company's Rania Unit and the same has ended.
• NBCC received government order worth Rs 621 crore in New Delhi where the company will work a project management consultant.
• Allahabad Bank: Board approved raising Tier 2 capital of the Bank by raising bonds up to Rs 1,500 crore.
• Oriental Bank of Commerce has reduced MCLR across various tenors with effect from Dec. 10. One Month MCLR at 7.75 percent and One Year MCLR at 8.3 percent.
• Welspun Corp: In last one month, company has been awarded contracts for supply of 179 KMT of pipes for multiple projects on a global basis of which 161 KMT will be serviced from USA facility. The company’s order book stands at 1,459 KMT valued at approximately Rs 12,100 crore.
• Andhra Bank: Government-owned lender, which had decided not to exercise a “call option” included in the terms of a perpetual bond issued by the bank, is rethinking its decision after pressure from investors.
• PC Jeweller: CRISIL downgraded rating on bank facilities worth Rs 3937 crore to D from BB+ and A4+ for long term and short term. The downgrade factors in the instances of devolvement of Letter of Credits and overutilization in working capital limits for more than 30 days. The same is reflective of the fact that the liquidity profile of the group has deteriorated in past few months on account of cash flow mismatches.

• The S&P 500 Index continued to rebound on Friday from a sell-off sparked by a spike in trade tensions that many investors now view as negotiating bluster.
• Crude prices held firm in Asia on Monday after OPEC and its allies agreed to enlarge production cuts and Saudi Arabia said it would go even further with its own reductions.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 11,950.50 as of 8:20 a.m.

Asian stocks kicked off the week with modest gains ahead of key central bank meetings and a looming U.S.-China tariff deadline.

Equity benchmarks opened higher in Tokyo, Sydney and Seoul before gains faded some. Stocks in Hong Kong and Shanghai ticked higher at the open.

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