Sensex, Nifty Halt Record Closing Streak Ahead Of Q2 GDP Data

Indian equity benchmarks halted their record closing streak ahead of the release of quarterly GDP growth data.

The S&P BSE Sensex fell 0.82 percent or 336.36 points to 40,793.81 and the NSE Nifty 50 fell 0.78 percent to 12,056. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.

The Nifty may witness correction if it extends today's decline, according to Kunal Rambhia.

“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.

The market breadth was tilted in favour of sellers. About 901 stocks declined and 867 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 2.5 percent fall. On the flipside, the NSE Nifty Realty Index was the only sectoral gainer, up 0.98 percent.

Home First Finance plans to raise as much as Rs 1,500 crore, which includes Rs 1,100 crore worth of shares offered for sale by founders and existing investors though initial public offering, Bloomberg reported quoting its draft red herring prospectus on issue manager Axis Capital’s website.

The proceeds from the issue will be used for future capital requirement, the report added.

Adani Ports & SEZ

• Stock rose as much as 3.3 percent to Rs 384.95.
• Trading volume more than 20 times its 20-day average.

Adani Gas

• Stock rose as much as 12.9 percent to Rs 168.70.
• Trading volume was more than 17 times its 20-day average.

Varroc Engineering

• Stock rose as much as 1.8 percent to Rs 456.95.
• Trading volume was almost 14 times its 20-day average.

Future Retail

• Stock rose as much as 18.35 percent to Rs 389.40.
• Trading volume was almost seven times its 20-day average.

IDFC First Bank

• Stock rose as much as 8.2 percent to Rs 47.95.
• Trading volume was more than six times its 20-day average.

Shares of Indiabulls Housing Finance swung from a gain of as much as 13 percent to fall as much as 19.9 percent after Delhi High Court adjourns Citizen Whistle Blower Forum PIL against the firm to Feb. 28, 2020.

India's equity benchmark—NSE Nifty 50—may witness correction if it extends today's decline, according to Kunal Rambhia

“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.

Shares of the financial services firm rose as much as 4.1 percent to Rs 114.60 each—its highest level over the last 12 months.

The company’s lending arm Aditya Birla Finance listed its commercial paper due Feb. 7 on National Stock Exchange. The commercial paper is worth Rs 100 crore which yields at 5.38 percent, according to a Bloomberg report.

The relative strength index on the stock was above 70, indicating it may be overbought.

About 14 lakh shares of Adani Ports and SEZ changed hands in a bunched trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of the Gautam Adani led-group firm rose as much as 3.1 percent to Rs 384.30 each.

Source: Bloomberg

Shares of Gayatri Projects extended gains for the fourth consecutive trading session. The stock rose as much as 9.9 percent to Rs 69.55.

Trading volume was more than three times its 20-day average, Bloomberg data showed. Of the shares traded, 35 percent were at the ask price and 39 percent were at the bid.

The scrip advanced 20 percent in four days and is set for its longest stretch of gains in over a month.

Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 1.13 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.3 percent.

Indian equity benchmarks extended opening declines to trade at day’s low.

The S&P BSE Sensex fell 0.8 percent or over 350 points to 40,769.41 and the NSE Nifty 50 fell 0.8 percent to 12,051. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.

Shares of Yes Bank extended gains for the third consecutive trading session. The stock rose as much as 5.6 percent to Rs 74.

The Mumbai-based lender plans to consider raising funds in its board meeting today. The bank has approved as accredited entity by Green Climate Fund to help mobilise Climate Finance in India.

Besides, brokerage and research firm Edelweiss upgraded the stock rating to ‘buy’ from ‘hold’ and hiked the price target to Rs 101 from Rs 70.

Here’s what Edelweiss had to say:

• Underlying franchise strength would attract capital.
• Asset quality problem is acute, but largely factored in.
• Management’s initiatives hinge on evolving granular business model.

Shares of PNB Housing Finance fell as much as 2.5 percent to Rs 540.10.

That comes after brokerage firm Goldman Sachs initiated ‘sell’ rating on the stock with a price target at Rs 458.

Here’s what the research firm had to say:

• Structural challenges to lead to sub-optimal returns.
• Lack of visibility on bottoming of asset quality.
• Erosion of competitive advantage to limit ability to gain market share.

Among the 20 analysts tracked by Bloomberg, 11 have a ‘buy’ rating on the stock, while six have a ‘hold’ rating and three have a ‘sell’ call.

Nifty’s 12,100 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. 5, rose 47.55 percent to Rs 82.85. Over 1.94 lakh shares were added to the open interest which stood at over 15.41 lakh shares.

About 50 lakh shares of Adani Ports and SEZ changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Indiabulls Housing Finance advanced for the third consecutive trading session. The stock advanced 45 percent during the period.

Today, the stock rose as much as 12.5 percent to Rs 376.70, the highest since Sept. 27, 2019.

The company has informed exchanges that MCA has filed an affidavit in Delhi High Court that said, “As far as the loans given by Indiabulls Housing to five companies, viz, DLF, Amricorp, Vatika, ADAG and Chordia which are the subject matter of the instant Writ Petition, the report states that loans given to Amricorp, ADAG and DLF have been repaid and loans given to other two entities viz Vatika and Chordia reported to be Standard Accounts.”

Trading volume was more than four times its 20-day average, Bloomberg data showed.

Shares of Reliance Capital rose as much as 4.8 percent to Rs 16.50.

About 35 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Besides, the company has delayed payments of interest, principal obligations due on Nov. 27 on non-convertible debentures, according to its stock exchange notification.

Trading volume was seven times its 20-day average, Bloomberg data showed. The stock declined 93 percent in the past 12 months compared to 15 percent advance in the Sensex.

Shares of Aurobindo Pharma resumed gains after a one-day blip. The stock rose as much as 2.7 percent to Rs 461.85.

The drugmaker’s U.S. arm entered into an agreement to acquire certain business assets from Profectus BioSciences for $11.29 million, according to its stock exchange filing. The target company is a clinical vaccine development company. The transaction expected to be completed by first half of 2020, the statement added.

The stock rose in four out of five sessions this week. Of the shares traded, 42 percent were at the ask price and 35 percent were at the bid, Bloomberg data showed.

Shares of Future Consumer rose as much as 15.8 percent to Rs 29.30 while shares of Future Retail rose as much as 18.5 percent to Rs 389.40.

The Competition Commission of India on Thursday approved Amazon.com NV Investment Holdings’s proposal to acquire about 49 percent stake in Future Coupons Ltd., a promoter group entity of Future Retail Ltd. (Read the full story here)

Amazon.com NV Investment Holdings—the investment arm of the U.S.-based retailer—had entered into an agreement on Aug. 23 with the promoters of Future Group buy a 49 percent stake, comprising both voting and non-voting shares, in Future Coupons.

Shares of Bharti Infratel swung to gain as much as 10.6 percent to Rs 283.30 from a fall of as much as 7.3 percent.

The stock had ended 14 percent higher yesterday. Trading volume was 3,325 times its 20-day average, according to Bloomberg data. Bharti Infratel traded at 15.3 times estimated forward earnings per share compared to 20.5 times for the two-year historical average.

Indian equity benchmarks opened lower after gaining for two consecutive trading sessions.

The S&P BSE Sensex fell 0.2 percent to 41,033 and the NSE Nifty 50 fell 0.29 percent 12,116. The broader markets represented by the NSE Nifty 500 Index fell 0.19 percent.

The market breadth, however, was tilted in favour of buyers. About 808 stocks advanced and 566 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 0.39 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.3 percent.

Index Futures

• Nifty Dec futures closed at 12,186, premium of 35 points.
• Nifty Futures across series open interest down 0.3 percent, sheds 47,000 shares in open interest.
• Nifty Bank Dec futures closed at 32,170, premium of 47.2 points.
• Nifty Bank futures across series open interest up 19 percent, adds 4.3 lakh shares in open interest.
• Rollover-Nifty 80 percent, Nifty Bank 70 percent.

Options

• Nifty PCR at 1.77 versus 1.63 (across all series).

Nifty Weekly Expiry: Dec. 5

• Max open interest on call side at 12,100 (9.6 lakh shares).
• Max open interest on put side at 12,000 (20.4 lakh).
• open interest addition seen in 12,000P (+11.9 lakh shares), 12,100P (+8.3 lakh shares), 12,200 (+4.8 lakh shares).

Nifty Monthly Expiry: Dec. 26

• Max open interest on call side at 12,500 (16.9 lakh shares).
• Max open interest on put side at 12,000 (29.5 lakh shares).

• Credit Access Grameen to meet Taiyo Pacific Partners on Dec. 2.
• eClerx Services to meet SAIF Partners on Nov. 29.
• Mahanagar Gas to meet American Century Investment Management on Dec. 2.
• Thyrocare Technologies to meet InvesQ Investment Advisors on Nov. 29.

• Gammon Infrastructure Projects, Tilaknagar Industries, Tanla Solutions, Sterling And Wilson Solar, Allied Digital Services to move into short term ASM Framework.
• Pokarna, GSS Infotech, Indo Amines to move out of short term ASM Framework
• Bank of India price band revised to 20 percent.
• Tilaknagar Industries, Allied Digital Services price band revised to 10 percent.
• Hubtown, Zee Learn price band revised to 5 percent.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.08 percent to 71.65 percent against the greenback.

Indian equity benchmarks are set for a tepid start.

The S&P BSE Sensex traded little changed at 41,166.14 and the NSE Nifty 50 rose 0.2 percent to 12,176.

• BSE’s shares sale in Central Depository Services shares gets 4.94 times demand on the first day.

• HDFC Bank said it has formed a six-member committee to find a successor to Managing Director Aditya Puri who is set to retire in October next year.
• Kohinoor Foods said that it has defaulted in obligations worth Rs 296.6 crore on the borrowings which was provided by Oriental Bank of Commerce. The date of default was on Aug. 17. Oriental Bank of Commerce has declared the company as a willful defaulter. Besides, the bank has asked the company’s proposal for one-time settlement within 15 days from Nov. 28. The total amount of outstanding borrowings from Banks / Financial Institutions stood at Rs 667.99 crore.
• Canara Bank: The Securities and Exchange Board of India exempted the government from making open offer to the shareholders of the bank following the proposed equity infusion that would hike its stake in the lender by 7.9 percent. Besides, The National Company Law Tribunal has rejected Canara Bank's application for initiating insolvency resolution process against GTL. The Bank had claimed that GTL owed it Rs 458 crore as on Dec. 31, 2011.
• CG Power & Industrial Solutions said it has asked its two Belgium-based subsidiaries to initiate steps, including any protection measures, in view of fund crunch being faced by them.
• Ricoh India: NCLT has approved resolution plan submitted by consortium led by Kalpraj Dharamshi and Rekha Jhunjhunwala. The company had filed for voluntary insolvency in May 2018. It owed a total debt of Rs 2,519 crore to its financial and operational creditors. The resolution plan submitted by investors Kalpraj Dharamshi and Rekha Jhunjhunwala involves merger of Ricoh India with a new company set up by them. The plan proposes cash infusion into the new company and an optional and conditional payment of Rs 50 crore to Ricoh after a period of nine years. Besides, the resolution plan proposes full payment against workman and employee dues as well as against the claims filed by non-related operational creditors.

• Indiabulls Housing Finance has informed exchanges that MCA has filed an affidavit in Delhi High Court stating ,“As far as the loans given by Indiabulls Housing to five companies, viz, DLF, Amricorp, Vatika, ADAG and Chordia which are the subject matter of the instant Writ Petition, the report states that loans given to Amricorp, ADAG and DLF have been repaid and loans given to other two entities viz Vatika and Chordia reported to be Standard Accounts”.
• Ashoka Buildcon received a letter of award from UPEIDA for development of EPC Project in Uttar Pradesh, whose accepted bid value stands at Rs 1,079.52 crore.
• Aurobindo Pharma’s U.S. arm entered into an agreement to acquire certain business assets from Profectus BioSciences for $11.29 million. The target company is a clinical vaccine development company. Transaction expected to be completed by first half of 2020.
• BPCL said that labour and clerical workmen of marketing and refineries are observing one day's strike from morning of Nov. 28 till the morning of Nov. 29. Unions had called for this strike as a mark of protest against privatisation of the company.
• Adani Gas: The Competition Commission of India approved Total Group’s arm purchase of 37.4 percent stake in the company.
• ICICI Securities: SEBI passed settlement order in case of alleged violation of stockbroker norms.
• Aditya Birla Capital: Aditya Birla Finance listed its commercial paper due Feb. 7 on NSE. The commercial paper is worth Rs 100 crore which yields at 5.38 percent, according to Bloomberg report.
• IL&FS Engineering & Construction: Arbitration Tribunal has given an award for an amount of Rs.492 crore for the claim filed against National Highways Authority of India by Bangalore Elevated Tollway. The company has 24 percent stake in Bangalore Elevated Tollway.
• IL&FS Transportation Network: Board approved incorporation of a new arm that will act as sponsor of a proposed Infra Investment Trust to be setup and registered as per SEBI regulations. Board has also given in-principle approval to transfer the company’s shareholding in nine SPVs to the Trust.
• SSJVN: Amarjit Bindra resigned from the post of Director (Finance) with effect from Nov. 27. The company’s Chairman and Managing Director Nand Lal Sharma will be entrusted to additional charge of Director (Finance) post.
• Lemon Tree Hotels launched 101- room hotel in Vijayawada.
• Hinduja Global Solutions entered into a definitive agreement to sell its India domestic Customer Relationship Management business to Altruist India for Rs 40 crore.
• ONGC issued $300 million notes under MTN Program.
• AGC Networks stated that promoters hold 64.28 percent stake in the company, out of which 33.65 percent stake is encumbered.
• Reliance Communications: Creditors Meeting to be held on Nov. 29.
• Share India Securities to migrate from BSE SME Platform to BSE Mainboard platforms with effect from Dec. 2.
• Fortis Healthcare: CARE Ratings has withdrawn its ratings from company’s long term and short-term bank facilities.

• U.S. equity and bond markets were shut on Thursday for Thanksgiving.
• Oil retained its advance in the wake of OPEC+ signaling it will stick with existing output cuts at next week’s meeting.
• Stocks slipped in Europe after President Donald Trump signed a bill backing Hong Kong protesters, raising concerns about the prospects for an interim trade deal between the world’s two largest economies.

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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 12,180 as of 8 a.m.

Asia stocks retreated as the month came to an end with declines in Hong Kong weighing on the region.

Shares reversed earlier gains in Tokyo and Sydney, fluctuated in Shanghai and fell most in Hong Kong and Seoul. U.S. futures declined.

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