Sensex, Nifty Log Best Weekly Gains In Over A Month

Indian equity benchmarks registered their best weekly gains since first week of November.

The S&P BSE Sensex advanced 1.4 percent this week to end at 41,009 and the NSE Nifty 50 rose 1.35 percent this week to close at 12,086.70.

Today, the 31-stock index closed 1.05 percent or 428 points higher and the 50-share gauge ended 0.96 percent or 114.90 points higher. The broader markets represented by the NSE Nifty 500 Index advanced 0.95 percent.

The market breadth was tilted in favour of buyers. About 1,172 stocks advanced and 609 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 4.03 percent rally. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 0.04 percent.

Shares of BGR Energy Systems hit their upper circuit of 20 percent at Rs 35.70.

The company received a contract from Tamil Nadu Generation and Distribution Corporation Ltd. for worth Rs 4,472.75 crore) for the execution of 660 megawatt Supercritical ‘Ennore Thermal Power Station Expansion Project’ under EPC basis, according to its statement on the exchanges. “The overall contract completion period is 36 months from the date of Letter of Intent,” the company added.

Of the shares traded on NSE, 57 percent were at the ask price and 17 percent were at the bid, according to Bloomberg data.

Navin Fluorine

• Stock rose as much as 4 percent to Rs 945.70.
• Plans capex program at Dahej for Rs 450 crore over the next three-to-four years.
• Board has initially approved funding of Rs 90 crore for greenfield projects at Dahej and the funding will be done via internal accruals.

Union Bank of India

• Stock rose as much as 7.4 percent to Rs 59.95.
• Fresh longs seen with high open interest of 13 percent.
• Trading volume was 1.5 times its 20-day average.

Mastek

• Stock rose as much as 9.6 percent to Rs 393.
• The company sold its stake in Majesco (USA) for $15.94 million, according to an exchange filing.
• This will help the firm’s U.K. unit to drive its growth strategy, the filing said.

Premier Explosives

• Stock rose as much as 17.7 percent to Rs 156.70.
• The company received license from Telengana Government for factory.

The market breadth remained in favour of buyers. About 1,151 stocks advanced and 606 shares declined on National Stock Exchange.

Federal-Mogul Goetze

• Stock swung from a gain of as much as 2.3 percent to fall as much as 2.1 percent.
• Trading volume was more than 13 times its 20-day average.

DCB Bank

• Stock fell as much as 2.6 percent to Rs 169.30.
• Trading volume was almost 10 times its 20-day average.

ICRA

• Stock swung from a gain of as much as 0.58 percent to fall as much as 0.48 percent.
• Trading volume was almost seven times its 20-day average.

Atul

• Stock rose as much as 1 percent to Rs 4,044.90.
• Trading volume was more than six times its 20-day average.

Indian equity benchmarks extended gains to trade at day’s high.

The S&P BSE Sensex rose 1.02 percent or over 400 points to hover around 41,000 and the NSE Nifty 50 rose 0.92 percent to 12,083. The broader markets represented by the NSE Nifty 500 Index rose 0.89 percent.

India’s finance budget for the fiscal year 2020-21 will be presented on Feb. 1, Bloomberg reported quoting Parliamentary Affairs Minister Joshi.

Stocks surged around the world and bonds dropped as news of the partial trade deal between the U.S. and China reverberated across global markets.

• The Stoxx Europe 600 Index jumped 1.5 percent.
• Futures on the S&P 500 Index advanced 0.4 percent.
• Germany’s DAX Index climbed 1.2 percent.
• The U.K.’s FTSE 100 Index advanced 0.9 percent.
• The MSCI Asia Pacific Index surged 1.5 percent.

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Source: Bloomberg

Shares of Housing Development Finance Corporation rose as much as 2.1 percent to hit an all-time high at Rs 2,365.95.

Among the 41 analysts tracked by Bloomberg, 36 have a ‘Buy’ call on the stock while have a ‘Hold’ call and the remaining two analysts have a ‘Sell’ call. The analysts consensus 12-month price target tracked by Bloomberg was at Rs 2,520.91, implying a potential upside of 7 percent from the current market price.

The stock traded at 30 times its estimated earnings per share for the coming year, Bloomberg data showed.

Shares of the IT services provider rose as much as 9.6 percent to Rs 393 each.

The Ahmedabad-based firm sold its stake in Majesco (USA) for $15.94 million, according to an exchange filing. This will help the firm’s U.K. unit to drive its growth strategy, the filing said.

The trading volume was more than five times the 20-day average for this of the day, Bloomberg data showed.

Bajaj Finance has decided not to participate in RBL Bank's fund raising plans through preference shares, citing difficulty in receiving Reserve Bank of India's approval. That's accoding to the Mumbai-based bank's exchange filing.

Of the planned Rs 825 crore fund raise, Bajaj Finance Ltd. was set to invest nearly Rs 150 crore at Rs 340 per share.

Indian equity benchmarks extended opening gains and traded higher.

The S&P BSE Sensex rose 0.98 percent or 400 points to 40,980 and the NSE Nifty 50 rose 0.86 percent to 12,0.74. The broader markets represented by the NSE Nifty 500 Index rose 0.83 percent.

Indian equity benchmarks extended opening gains and traded higher.

The S&P BSE Sensex rose 0.8 percent to 40,911 and the NSE Nifty 50 rose 0.67 percent to 12,052. The broader markets represented by the NSE Nifty 500 Index rose 0.67 percent.

Shares of Corporation Bank extended gains for the second straight trading session. The stock rose as much as 15.8 percent, the most since Nov. 19, to Rs 27.50.

The stock returned 6 percent in the past five trading sessions and advanced 60 percent in the past 30 days, according to Bloomberg data.

Shares of PC Jeweller extended gains for the second consecutive trading session. The stock rose as much as 7.6 percent to Rs 25.45.

The stock advanced 17 percent in two trading sessions. Prior to Thursday’s trade, the scrip declined for five consecutive trading session and had hit a record low of Rs 21.45 pm Dec. 11.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2.5 percent advance. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 0.57 percent.

Shares of India Tourism Development Corporation halted a two-day losing streak. The stock rose as much as 8.1 percent to Rs 344.

The company’s board on Thursday accorded in-principal approval regarding merger with ITDC of Kumarakruppa Frontier Hotels Pvt. Ltd., a government company, according to its statement on the exchanges. The government holds 90.09 percent shareholding with the company, the statement added.

The stock slumped nearly 9 percent in the last two trading sessions.

Nifty’s 12,100 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 Dec. 20, rose 66.72 percent to Rs 52.10. Over 5.51 lakh shares were added to the open interest which stood at over 12.63 lakh shares.

Indian equity benchmarks extended gains for the third consecutive trading session.

The S&P BSE Sensex rose 0.71 percent to 40,869 and the NSE Nifty 50 rose 0.6 percent to 12,043. The broader markets represented by the NSE Nifty 500 Index rose 0.67 percent.

Shares of Simplex Infrastructures fell as much as 3.8 percent to Rs 33.25.

CARE Ratings revised its ratings for banking facilities and NCDs aggregating to Rs 10,995 crore to ‘Default (CARE D)’.

The revision in the ratings of Simplex Infrastructures was due to the recent instance of delay by the company in repayment of non-convertible debenture after the put option was exercised by one of the investors as well as overdraws reported by few bankers.

“The liquidity profile of the company continues to be under stress on account of continued elongation in already high collection period and high working capital cycle,” the rating agency said in a statement.

Shares of Dr. Reddy’s Laboratories fell as much as 4.1 percent, the most since Sept. 23, 2019, to Rs 2,787.20.

Amneal Pharmaceuticals Inc. has pipped Dr. Reddy’s Laboratories to launch the first generic of a vaginal ring to prevent pregnancy in the U.S., one of the largest markets for most Indian drugmakers. (Read the full story here)

Trading volume was more than six times its 20-day average, according to Bloomberg data. The stock declined 3.1 percent in the past five days and returned 1.4 percent in the past 30 days, according to Bloomberg data.

Shares of InterGlobe Aviation rose gained for the sixth consecutive trading session and rose as much as 2 percent to Rs 1,366.15, while shares of SpiceJet halted a six-day losing streak and rose as much as 2.4 percent to Rs 105.

Domestic air passenger traffic finally grew in double digits, clipping at 11.2 percent in November after growing in single-digit till October this year, PTI reported quoting data from the Directorate General of Civil Aviation.

Shares of Tata Motors extended gains for the third consecutive trading session. The stock rose as much as 4.6 percent to Rs 181.35.

Tata Sons increased their stake in the company to 39.52 percent from 35.3 percent. The total promoter stake in the company increased to 42.39 percent from 38.37 percent.

Tata Motors traded at 67 times its estimated earnings per share for the coming year, according to Bloomberg data. The scrip advanced 5.6 percent in the past 12 months compared to a 13 percent rally in the Sensex.

Shares of the state-run bank extended gains for the second consecutive trading session. The stock rose as much as 18.8 percent, the most in over three weeks, to Rs 18.

Trading volume was nearly three times its 20-day average, according to Bloomberg data. Of the shares traded, 56 percent were at the ask price and 38 percent were at the bid.

The stock was the best performer on NSE Nifty 500 Index.

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

The S&P BSE Sensex rose 0.56 percent to 40,811 and the NSE Nifty 50 rose 0.53 percent to 12,034. The broader markets represented by the NSE Nifty 500 Index rose 0.5 percent.

The market breadth was tilted in favour of buyers. About 1,003 stocks advanced and 479 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.3 percent advance. On the flipside, the NSE Nifty Pharma Index was the only sectoral loser, down 0.63 percent.

Index Futures

• Nifty December futures closed at 12,028.6, premium of 56.8 points versus 28 points.
• Nifty December futures series open interest up 4 percent, adds 4.7 lakh shares in open interest.
• Nifty Bank December futures closed at 31,717, premium of 51.6 points versus 57.5 points.
• Nifty Bank December futures series open interest up 5 percent, adds 68.5 lakh shares in open interest.

Options

• Nifty PCR at 1.54 versus 1.20 (across all series).

Nifty Weekly Expiry: Dec. 19

• Max open interest on call side at 12,000 (11.3 lakh shares).
• Max open interest on put side at 11,900 (14 lakh).
• Open interest addition seen in 11,900P (+9.7 lakh shares), 12,000P (+8.4 lakh shares), 12,000C (+6.6 lakh shares).

Nifty Monthly Expiry: Dec. 26

• Max open interest on call side at 12,000 (27.9 lakh shares).
• Max open interest on put side at 11.500 (35.3 lakh shares).

• Electrosteel Castings promoter Electrocast Sales acquired 2.5 lakh shares from Dec. 9-10.
• Harrisons Malayalam promoter Vaayu Udaan Aircraft acquired 1 lakh shares from Dec. 9-10.
• Dr. Pathlabs promoter & director Vandana Lal sold 88,000 shares from Dec. 9-10.

• Trident ex-date for face value split: from Rs 10 to Rs 1 per share.
• SPML Infra, Urja Global to move into short term ASM Framework.
• Mahamaya Steel Industries, Jaiprakash Associates, Jaiprakash Power Ventures, Adhunik Industries to move out of short term ASM Framework.
• SPML Infra, BF Utilities, Camlin Fine Sciences price band revised to 5 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.44 percent to 70.52 against the greenback.

In the bond market, the yield on the 10-year note rose as much as five basis points to 6.83 percent. It advanced nearly 16 basis points so far this week.

Indian equity benchmarks are headed for a positive start.

The S&P BSE Sensex rose 0.41 percent to 40,720 during the pre-market trade and the NSE Nifty 50 rose 0.7 percent to 12,057.

• Aviation industry passenger growth (domestic) stood at 11.18 percent (month-on-month).
• IndiGo’s market share increased to 47.5 percent.
• SpiceJet’s market share dropped to 16.1 percent.
• Air India’s market share dropped to 12.1 percent.

• Tata Motors: Tata Sons increased their stake in the company to 39.52 percent from 35.3 percent. Total promoter stake in the company increased to 42.39 percent from 38.37 percent.
• Navin Fluorine is planning a capex programme at Dahej with an outlay of over Rs 450 crore over the next three to four years. The board has initially approved funding of Rs 90 crore for greenfield projects at Dahej and the funding will be done via internal accruals.
• Biocon & Equillium Inc. expand exclusive licensing agreement for Itolizumab to include Australia and New Zealand.
• Allahabad Bank: Gross non-profit asset divergence was at Rs 67 crore and Provisioning divergence was seen at Rs 453 crore during 2018-19. Besides, the bank has reduced MCLR by five basis points across various tenors with effect from Dec. 14. One-year MCLR at 8.3 percent.

• Simplex Infra: CARE Ratings revised its ratings for banking facilities and NCDs aggregating to Rs 10,995 crore to ‘Default (CARE D)‘. The revision in the ratings of Simplex Infrastructures was due to the recent instance of delay by the company in repayment of non-convertible debenture after the put option was exercised by one of the investors as well as overdrawals reported by few bankers. “The liquidity profile of the company continues to be under stress on account of continued elongation in already high collection period and high working capital cycle,” the rating agency said in a statement.
• Raymond has allotted equity and preference shares worth Rs 350 crore to promoter JK Investo Trade. Board has also approved the closure of company’s Dubai arm.
• Allcargo Logistics has signed pact for slump sale of some assets for a consideration of Rs 108 crore.
• VIP Industries: Jogendra Sethi resigned from the post chief financial officer with effect from Jan. 9.
• Inox Leisure has commenced commercial operations of a theatre in Gorakhpur.
• Infosys’ arm EdgeVerve and Idego announced their partnership to deliver digital solutions across Latin America.
• Wipro received multi-year contract from Olympus.
• Dish TV: Board re-appointed Jawahar Lal Goel as managing director till March 2020. After this, he will continue to be the chairman of the company to comply with SEBI norms.
• Ashok Leyland appointed Vipin Sondhi as the chief executive officer and managing director of the company till December 2024, subject to the approval of shareholders.

• The S&P 500 rallied following a Bloomberg report that American officials had reached a deal in principle that only needed Trump’s approval. Shortly after U.S. markets closed, news broke that the president had signed off on the agreement to avert tariffs set for Dec. 15.
• The pound jumped by the most since 2017 on signs Boris Johnson’s Conservative Party was on course to secure a strong majority in the U.K. election, raising hopes of an end to the Brexit deadlock.
• Oil extended its second weekly advance. West Texas Intermediate crude climbed 0.6 percent to $59.52 a barrel.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.28 percent to 12,058.50 as of 8:15 a.m.

Global stocks hit a record high for the first time since early 2018 and bond yields climbed after news that President Donald Trump signed off on a trade deal with China averting tariffs set for Sunday.

Shares jumped in Tokyo, Hong Kong, Shanghai and Seoul with more modest gains seen in Sydney. Futures on the S&P 500 Index saw smaller gains and those on the U.K.’s FTSE 100 Index slipped as the rise in sterling weighed.

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