Sensex, Nifty End At Fresh Highs Ahead Of Weekly Expiry

Indian equity benchmarks closed at record highs helped by investors pumping in money in the final hour of trade.

The S&P BSE Sensex rose 0.49 percent to 41,020.61 at close while the NSE Nifty 50 advanced 0.52 percent to 12,100.70. The broader markets represented by the NSE Nifty 500 index rose 0.54 percent.

Once the Nifty index witnesses a decisive break above 12,150, one can expect a rally to the levels of 12,400 to 12,600 to happen in the next couple of weeks. That’s according to Manav Chopra, head of research, Indiabulls Ventures.

However, the investors should place their support level at 11,950, he said in an interview to BloombergQuint.

The market breadth was tilted in favour of buyers. About 912 stocks advanced and 876 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Index’s 1.77 percent gain. On the flipside, the NSE Realty Index was the top sectoral loser, down 0.65 percent.

The cards unit of State Bank of India has filed a draft red herring prospectus for its initial public offering.

• The IPO to comprise of Rs 500 crore worth of new shares.
• Carlyle Group to divest 9.32 crore shares
• Parent SBI to divest 3.73 crore shares

Once the Nifty index witnesses a decisive break above 12,150, one can expect a rally to the levels of 12,400 to 12,600 to happen in the next couple of weeks. That’s according to Manav Chopra, head of research, Indiabulls Ventures.

However, the investor should place his support level at 11,950, he said in an interview to BloombergQuint.

Around 1.08 crore shares traded hands in two bunched trades on Bombay Stock Exchange. Buyers and sellers were not known immediately.

Shares of the New Delhi-headquartered firm pared gains and traded 1.7 percent higher to Rs 61.90 each. The stock rose as much as 4.6 percent earlier in the day.

Source: Bloomberg

Shares of the micro-finance lender rose as much as 5.1 percent to Rs 787.90 each.

The company’s board approved the acquisition of up to 76.2 percent stake in Madura Micro Finance Ltd. for Rs 666,40 crore. The acquired firm will be merged into self, the filing said.

The stock has advanced 110 percent in the past 12 months compared to a 15 percent gain in the Sensex.

Around 23.9 lakh shares traded hands in a bunched trade on National Stock Exchange. Buyers and sellers were not known immediately.

Shares of the state-owned transmission firm rose 0.7 percent to Rs 195.75 each.

Source: Bloomberg

Indian equity benchmarks traded higher in the afternoon session even as auto stocks—Tata Motors Ltd., Maruti Suzuki Ltd. emerged among the top gainers.

The S&P BSE Sensex rose 0.15 percent to 40,876.50 and the NSE Nifty 50 rose 0.21 percent to 12,063.25 The broader markets represented by the NSE Nifty 500 index rose 0.22 percent.

Shares of the Hinduja Group company rose 3.2 percent intraday to Rs 83.40 each.

The firm won an order for 1,750 buses from Tamil Nadu State Transport Undertakings, according to its exchange notification. The company, however, did not disclose the financial details of the deal. With this order, Ashok Leyland's order book for state transport undertakings has enhanced significantly, the filing said.

The stock has declined 26 percent in the past 12 months compared with a 15 percent gain in the Sensex,

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 1.06 percent gain. On the flipside, the NSE Realty Index was the only sectoral loser, down 0.99 percent.

Shares of the software exporter rose as much as 1.4 percent to Rs 1,123 each.

The New Delhi-based firm fixed the record date for bonus share issue at Dec. 7, according to an exchange filing.

The stock traded 15 times its 20-day average for this time of the day, Bloomberg data showed.

Shares of Housing Development Finance Corporation rose as much as 2.1 percent to Rs 2,352.

Brokerage firm Morgan Stanley increased its price target to Rs 2,900 from Rs 2,600. That was the highest price target among the analysts tracked by Bloomberg.

Here’s what the analyst had to say about the company:

• Maintained ‘Overweight’; hiked price target to Rs 2,900 from Rs 2,600.
• RoE and EPS growth are poised to stage a multi-year recovery.
• See pickup in loan growth over the next 12 months as key inflection point.
• Structurally stronger positioning among non-bank lenders; valuation is attractive.

Shares of Ashok Leyland rose nearly 3 percent to Rs 83.05.

The company bagged an order for 1750 buses from Tamil Nadu State Transport Undertakings, according to its media statement on the exchanges.

The stock traded at 11 times its estimated earnings per share for the coming year, according to Bloomberg data.

Indian equity benchmarks gained to trade near record highs.

The S&P BSE Sensex rose 0.32 percent to 40,949.20 and the NSE Nifty 50 rose 0.34 percent to 12,080. The broader markets represented by the NSE Nifty 500 index rose 0.37 percent.

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 Nov. 28, rose 22.64 percent to Rs 45.50. Over 4.81 lakh shares were added to the open interest which stood at over 33.52 lakh shares.

Shares of Prestige Estate Projects rose as much as 14.9 percent to Rs 339.80.

The company signed an agreement with Marriott International to open six new hotels across India, representing nearly 1,000 rooms. All hotels are expected to open between 2021-2025, according to its media statement.

Trading volume was three times its 20-day average, Bloomberg data showed. Of the shares traded, 54 percent were at the ask price and 37 percent were at the bid.

Shares of ICICI Bank fluctuated between gains and losses to trade 0.2 percent lower at Rs 509.65.

Brokerage and research firm Morgan Stanley expects the shares of the Mumbai-based lender to touch Rs 775. That’s the highest price target so far among the analysts tracked by Bloomberg.

Here’s what Morgan Stanley had to say:

• Maintained ‘Overweight’; hiked price target to Rs 775 from Rs 665.
• Large lenders are at the start of a super-normal profit cycle.
• Macro is tough but steps have been taken to support the system and drive up profits for good lenders.
• EPS and RoE are set to improve.
• ICICI is particularly well-placed given earnings upside and valuations.

Shares of Yes Bank halted a two-day fall and rose as much as 9.3 percent, the most in nearly a month, to Rs 69.

The Mumbai-based lender plans to consider raising funds on Nov. 29. Bank approved as accredited entity by Green Climate Fund to help mobilise Climate Finance in India.

Trading volume was more than six times its 20-day average, Bloomberg data showed. Of the shares traded, 50 percent were at the ask price and 44 percent were at the bid.

Indian equity benchmarks opened higher, resuming gains after a one-day blip.

The S&P BSE Sensex rose 0.48 percent to 41,014 and the NSE Nifty 50 rose 12,087.85. The broader markets represented by the NSE Nifty 500 Index rose 0.4 percent.

The market breadth was tilted in favour of buyers. About 945 stocks advanced and 483 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto Index’s 1.4 percent gain. On the flipside, the NSE Nifty Media Index was the top sectoral loser, down 0.6 percent.

Index Futures

• Nifty November futures closed at 12,075.2, premium of 37.5 points versus 22.6 points.
• Nifty Futures across series open interest up 17 percent adds 27.8 lakh shares in open interest.
• Nifty Bank November futures closed at 31,648.9, discount of 69 points versus premium of 12.3 points.
• Nifty Bank futures across series open interest up 11 percent, adds 2.2 lakh shares in open interest.
• Rollover-Nifty 45 percent, Nifty Bank 40 percent.

Options

• Nifty PCR at 1.59 versus 1.71 (across all series)

Nifty Monthly Expiry: Nov. 28

• Max open interest on call side at 12,100 (28.7 lakh shares).
• Max open interest on put side at 12,000 (47.1 lakh shares).
• open interest addition seen at 12,200C (+4.9 lakh shares) 12,100C (+4.1 lakh shares), 12.100P (+2.7 lakh shares).
• open interest shedding seen in 11,900P (-7.8 lakh shares), 12,000C (-2.5 lakh shares).

• MOIL record date for share buyback.
• TIPS Industries, Stampede Capital to move into short term ASM Framework.
• Sterling And Wilson Solar, BF Utilities to move out of short term ASM Framework.
• Hindustan Construction Company, Tips Industries price band revised to 10 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.12 percent to 71.40 against the greenback.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.39 percent to 40,980 and the NSE Nifty 50 rose 0.17 percent to 12,056.

• CSB Bank IPO gets 86.9 times demand for the shares offered.
• Ujjivan Small Finance Bank IPO opens on Dec. 2, closes on Dec.4. The company plans to sell shares at Rs 36-37 apiece in IPO.

• Prestige Estates Projects signed an agreement with Marriott International to open six new hotels across India, representing nearly 1,000 rooms. All hotels are expected to open between 2021-2025, according to its media statement.
• Yes Bank to consider raising funds on Nov. 29. Bank approved as accredited entity by Green Climate Fund to help mobilize Climate Finance in India.
• Central Bank allotted 158.4 crore shares at issue price of Rs 21.17 per share to Government of India aggregating to Rs 3353 crore, subsequent to receiving shareholder’s approval. The shareholding of government after the allotment to increase from 89.46 percent to 92.39 percent.

• HCL Technologies record date for bonus share issue fixed at Dec. 7.
• Government of India asks REC, PFC and Indian Renewable Energy Development Agency to lend more than $1 billion to state distribution utilities to help them clear their dues to renewable power generators, according to Bloomberg report.
• Seamec has deployed its vessel to Posh Subsea for a charter value of $4.86 million.
• Max India has completed the sale of its material subsidiary Pharmax to its another arm Max Estates for Rs 60.73 crore.
• Tata Communications: Amur Swaminathan Lakshminarayanan appointed as MD and CEO for five years with effect from Nov. 26.
• Rites: Post OFS Government’s stake reduced from 87.4 percent to 77.4 percent.
• Container Corporation of India has signed a settlement agreement with Kohinoor India by making a total payment of Rs 9.18 lakh. Parties have also undertaken that they shall not file any other claim/ suit/ petition in any Court with respect to the dispute.
• L&T Finance Holdings: Board approved raising Rs 60 crore via non-convertible debentures.
• Reliance Capital said there has been a delay in servicing obligations of NCDs due on Nov. 25-26.

• SEBI Chairman Ajay Tyagi, to inaugurate Asian Roundtable on Corporate Governance hosted by SEBI and OECD at 9:30 a.m.
• Ujjivan Small Finance Bank: Founder Samit Ghosh, Nitin Chug MD & CEO to brief on the company’s IPO plan at 12:30 p.m.

• The S&P 500, Dow Jones Industrial Average and Nasdaq Composite climbed to fresh records for a second consecutive day after President Donald Trump said he’s been talking to Chinese President Xi Jinping and that they continue to work for a trade deal.
• Oil rose on signs of progress in trade talks between the U.S. and China.

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The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 12,085.50 as of 8:48 a.m.

Asian stocks traded mixed today as investors monitored developments on U.S.-China trade talks.

Benchmarks in Japan, Australia and South Korea eked out modest gains, with Hong Kong little changed. China shares edged down.

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