Sensex Hits New Milestone, Nifty Ends Near Record High As Metals Shine

S&P BSE Sensex hit a fresh high driven by gains in metal stocks such as Tata Steel and Vedanta. NSE Nifty, too, closed 15 points away from its all-time high.

The 31-share index rose as much as 1.31 percent to close at 40,889.23 while the NSE Nifty 50 rose 1.34 percent to 12,073.75—just 15 points away from its all-time high on intraday basis. The broader markets represented by the NSE Nifty 500 Index rose 1.06 percent.

The markets may touch 12,300 in the near term as long as the index is above 12,040-mark, said Hemen Kapadia, senior vice president, KR Choksey Securities. “We were in a 17-day trading range between 11,800-12,040 [on Nifty Index] and now that has been taken out and the slightly unlikely move has unfolded,” he said in an interview to BloombergQuint.

The market breadth was tilted in favour of buyers. About 1,111 stocks advanced and 703 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 3.09 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 1.63 percent.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.15 percent to 11,936 as of 8:20 a.m.

Asian stocks rose with U.S. equity futures as investors mulled the latest move by China that may go some way to easing trade tensions.

Shares in Japan, South Korea, China and Australia advanced with S&P 500 futures. Hong Kong stocks outperformed after local council elections proceeded with record turnout amid the city’s continuing unrest.

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

• U.S. equities edged higher on Friday after President Donald Trump said he was “very close” to a trade pact with China even as he warned that Beijing wanted a deal more than he did.
• Oil resumed gains as investors monitored developments in the back-and-forth trade talks between the U.S. and China.

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• IDBI Bank has entered into a share purchase agreement with Muthoot Finance to its entire stake of 66.67 percent in IDBI Asset Management and entire 100 percent stake in IDBI MF Trustee Company for Rs 215 crore. The transaction is proposed to be completed by the end February 2020. Under the agreement, the bank and its arm IDBI Capital Markets & Securities have also agreed to sell its entire stake of 33.33 percent in IDBI Asset Management.
• State Bank of India: Board approved allotment of bonds aggregating to Rs 3813.6 crore.
• Bharti Airtel, Vodafone Idea filed review petitions on top court fees ruling, according to Bloomberg report.
• RITES offer for sale to non-retail investors sees 111 percent demand. Government to exercise over-subscription option and to sell up to 11.07 percent stake via offer for sale, according to Bloomberg report.
• DHFL said that Vaijinath M Gavarshetty has assumed his office as CEO of the Company with effect from Nov. 21 by reporting to R Subramaniakumar, the Administrator appointed by RBI. Board Meeting for quarterly results has been postponed from Nov. 25.
• Kridhan Infra’s Singapore arm has received a written order for its liquidation by the regulatory authorities. The company stated that is has already fully impaired its investments and loans in its standalone financials.
• Punjab & Sind Bank has allotted 9.9 crore shares aggregating to Rs 787 crore to the Government of India.
• Unichem Laboratories received an abbreviated new drug application approval for Atenolol Tablets from U.S. FDA. These tablets are used for treatment of hyper-tension and will be commercialised from company’s Ghaziabad plant.
• Shoppers Stop has opened a new store in Navi Mumbai. The company now has 85 stores.
• Vodafone Idea: Care Ratings has downgraded its rating for long-term bank facilities, NCDs from BBB- to A-. The downgrade is on account of significant erosion in the overall risk profile of the company while taking into cognisance of the financial impact of unfavourable ruling of Supreme Court, significant losses in Q2FY20 due to provision related to AGR dues, recognition of deferred assets and provision for additional depreciation/impairment of assets and consequently resulting in the significant deterioration in the tangible net worth and overall debt protection metrics. Crisil downgraded NCDs rating to BBB- from BBB+.
• Ashapura Minechem has entered into a rupee denominated secured term loan agreement of Rs 78 crore with Elara Finance for repayment of existing obligations of banks/financial institutions.
• Power Grid Corporation of India declared successful bidder into two intra-state transmission projects in Uttar Pradesh.
• Nestle India to consider interim dividend on Dec. 11.
• ARSS Infra Projects has received work order worth Rs 45.8 crore for construction of a road and bridge in Sonepur.

Telecom Q2FY20 Data

• Reliance Jio’s revenue market share increased by 353 basis points to 35.2 percent on the back of strong subscriber additions.
• Bharti Airtel’s revenue market share increased by 70 basis points to 30.6 percent on the back of increase in data subscribers, stable ARPU and lower customer churn
• Vodafone Idea’s revenue market share fell by 70 basis points to 27.3 percent on the back of higher customer churn and lowest ARPU in the industry
• BSNL’s revenue market share dropped by 350 basis points to 4.9 percent on the back of sharp 71-percent drop in national long-distance revenues

• CSB Bank IPO fully subscribed on day 1 with with retail portion oversubscribed over five times.

• Reliance Capital: Yes Bank sold 13.21 lakh shares (0.52 percent) at Rs 16.39 each.
• Satin Creditcare Network: Goldman Sachs Singapore sold 2.66 lakh shares (0.51 percent) at Rs 218.62 each.

Safari Industries

• Ashish Kacholia acquired 2.18 lakh shares (0.98 percent) at Rs 550 each.
• Saif India Holdings acquired 5.78 lakh shares (2.59 percent) at Rs 540 each
• Tano India Private Equity Fund sold 10.7 lakh shares (4.79 percent) at Rs 544.07 each

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex traded little changed 40,308 during the pre-market trade and the NSE Nifty 50 rose 0.2 percent to 11,938.

The Indian rupee opened marginally higher against the U.S. dollar. The home currency appreciated as much as 0.04 percent to 71.68 against the greenback.

The local legal tender depreciated 0.7 percent in the previous week to end at 71.71 against the U.S. dollar. It was the second-worst performer this week among Asian peers.

• Alphageo, Unitech, Zee Media Corporation, Kridhan Infra to move out of ASM Framework.
• Gayatri Projects, Cerebra Integrated Technologies, Biofil Chemicals & Pharmaceuticals, Forbes & Company to move into short term ASM framework.
• Banswara Syntex, Edelweiss Financial Services, Sintex Plastics Technology, BSL, Winsome Yarns to move out of short term ASM Framework.
• Mukand Engineers, IND Renewable Energy price band revised to 10 percent.

Futures

• Nifty November futures closed at 11,914.5, premium of 0.1 points versus 6 points
• Nifty November Futures OI down 8.6 percent sheds 12.4 lakh shares in OI
• Nifty Bank November futures closed at 31,114.7, premium of 3 points versus discount of 33 points
• Nifty Bank November futures series OI down 8.4 percent, sheds 1.4 lakh shares in OI

Options

• Nifty PCR at 1.30 versus 1.52 (across all series)

Nifty Monthly Expiry: Nov 28

• Max OI on call side at 12,000 (48.7 lakh shares)
• Max OI on put side at 11,500 (29.7 lakh shares)
• OI addition seen at 11,900C (+11.8 lakh shares) 12,000C (+10.8 lakh shares), 11.950P (+9.8 lakh shares)

Indian equity benchmarks opened higher, halting their two-day losing streak.

The S&P BSE Sensex rose 0.28 percent to 40,480 and the NSE Nifty 50 rose 0.3 percent to 11,950.35. The broader markets represented by the NSE Nifty 500 Index rose 0.27 percent.

The market breadth was tilted in favour of buyers. About 893 stocks advanced and 546 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE nifty Realty Index’s 1.7 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 0.3 percent.

Shares of Eris Lifesciences rose as much as 5.4 percent to Rs 437.

About 38.2 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Of the shares traded 57 percent were at the ask price and 28 percent were at the bid, according to Bloomberg data. The stock was the second-best performer on NSE Nifty 500 Index.

Shares of Safari Industries rose as much as 3.5 percent to Rs 574.

Well-known investor Ashish Kacholia acquired 2.18 lakh shares or 0.98 percent equity at Rs 550 each. Besides, Saif India Holdings acquired 5.78 lakh shares or 2.59 percent equity at Rs 540 each. Meanwhile, Tano India Private Equity Fund sold 10.7 lakh shares or 4.79 percent equity at Rs 544.07 each.

The stock traded at 35 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of eClerx Services rose as much as 9.3 percent to Rs 9.3 percent. The stock had closed 19.7 percent higher on Friday.

Trading volume was more than 150 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

The stock advanced 23 percent in the past five days and advanced 19 percent in the past 30 days. The scrip traded at 10 times its estimated earnings per share for the coming year.

About 18.8 lakh shares of Dewan Housing Finance Corporation changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

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

The S&P BSE Sensex rose 0.54 percent to 40,578 and the NSE Nifty 50 rose 0.53 percent to 11,977.80. The broader markets represented by the NSE Nifty 500 Index rose 0.52 percent.

Nifty’s 12,000 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 Nov. 28, rose 41.64 percent to Rs 48.30. Over 1.24 lakh shares were removed from the open interest which stood at over 47.47 lakh shares.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 2.5 percent advance. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 0.6 percent.

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

The S&P BSE Sensex rose 0.8 percent or 320 points to 40,683 and the NSE Nifty 50 rose 0.8 percent to 12,010. The broader markets represented by the NSE Nifty 500 Index rose 0.73 percent.

The market breadth was tilted in favour of buyers. About 1,042 stocks advanced and 674 shares declined on National Stock Exchange.

Shares of the budget carrier rose as much as 3.8 percent to Rs 113.80 each.

Emirates, in a press release, signed a codeshare and interline agreement with the New Delhi-based airline to give travellers access to a wider route network. The agreement is subject to government approvals, it added.

The stock traded 22 times its estimated earnings per share for the coming year, Bloomberg data showed.

Indian equity benchmark—S&P BSE Sensex—hit a fresh record high.

The 31-share index rose as much as 1.23 percent or 498 points to hit a new all-time high at 40,857.73. The NSE Nifty 50 rose 1.2 percent to 12,054. The broader markets represented by the NSE Nifty 500 Index rose 1.06 percent.

Shares of DCM Shriram halted their four-day losing streak. The stock rose as much as 11.6 percent, the most since March 5, to Rs 349.

Trading volume was almost five times its 20-day average, Bloomberg data showed. Of the shares traded, 50 percent were at the ask price and 39 percent were at the bid.

DCM Shriram traded at 6.4 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of Bharti Airtel extended opening gains and rose as much as 6 percent to Rs 445.95.

The stock was the best performer on Sensex and second-best performer on Nifty. Of the shares traded, 45 percent were at the ask price and 41 percent were at the bid, according to Bloomberg data.

The scrip rose 8.5 percent in the past five data and advanced 18 percent in the past 30 days, Bloomberg data showed.

Stocks climbed globally along with U.S. equity futures as investors mulled the latest move by China that may go some way to easing trade tensions.

• The Stoxx Europe 600 Index jumped 0.7 percent.
• Futures on the S&P 500 Index increased 0.3 percent.
• Italy’s FTSE MIB Index jumped 1 percent.
• Hong Kong’s Hang Seng Index advanced 1.5 percent.

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Source: Bloomberg

Shares of Bharti Infratel rose as much as 7.1 percent, the most since Nov. 21, to Rs 248.50.

The stock traded at 18.8 times its estimated forward earnings per share compared to 20.6 times for the two-year historical average, Bloomberg data showed.

Shares of RITES extended declines for the fourth consecutive trading session. The stock fell as much as 4 percent to Rs 283.20.

The government is looking to raise up to Rs 1,100.6 crore via the offer-for-sale mechanism.

The centre plans to sell up to 3.75 crore shares or 15 percent stake at a floor price of Rs 293.5 per share, which is at a discount of 4 percent to closing price on Nov. 21. The government’s stake may fall from 87.4 percent to 72.4 percent. The offer-for-sale opens on Nov. 22 and closes on Nov. 25.

On Nov. 22, offer for sale to non-retail investors saw 111 percent demand.

Shares of Unichem Laboratories rose as much as 7.2 percent, the most in nearly a year, to Rs 164.

The company received an abbreviated new drug application approval for Atenolol Tablets from U.S. FDA. These tablets are used for treatment of hyper-tension and will be commercialised from company’s Ghaziabad plant.

Trading volume was almost six times its 20-day average, Bloomberg data showed. The stock rose 4.5 percent in the past five days and fell 13 percent in the past 30 days.

Unichem Laboratories

• The stock rose as much as 13.5 percent to Rs 173.65 each.
• The firm received ANDA approval for Atenolol Tablets from U.S. FDA.
• These tablets are used for treatment of hyper-tension and will be commercialised from company’s Ghaziabad plant.
  

ITD Cementation

• The stock advanced 5.1 percent intraday to Rs 66.05 each.
• Rising by more than 25 percent in Past six trading sessions
• Bags order worth Rs 3400 crore from various government entities.

Eris Lifesciences

• Shares up 6.2 percent to Rs 439.90 each.
• 38.2 lakh shares changed hands in a large trade
• Volumes over 25 times its 20-day average

Safari Industries

• Shares rose 3.5 percent intraday to Rs 574 each.
• Veteran investor Ashish Kacholia acquires 0.98 percent stake at Rs 550 each.
• Saif Group acquired 2.6 percent stake, Tano India PE Fund sold 4.8 percent stake.