Sensex, Nifty Log Weekly Losses Dragged By Auto & Metal Stocks

India's stock benchmarks logged weekly losses for the first time in three weeks, dragged by metal and auto stocks, amid concerns over uptick in inflation across the world. Markets will be closed on Friday for a local holiday. This is the third consecutive session in which the S&P BSE Sensex and NSE Nifty 50 index posted decline.

On Thursday's session, Sensex fell 0.62% to 59,636.01. Nifty 50 also declined by similar magnitude to 17,764.80. Both the benchmarks fell over 1% in intraday trade. Larsen & Toubro Ltd. contributed the most to the index decline, decreasing 2.9%. Tata Motors Ltd. had the largest drop, falling 3.9%. Today, 42 of 50 shares fell, while 8 rose.

The broader indices underperformed their larger peers with both the S&P BSE Midcap and S&P BSE Smallcap shedding over 1.5%. All the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Metal and S&P BSE Auto falling over 2%.

The market breadth was skewed in the favour of bears. About 1,040 stocks advanced, 2,288 declined and 134 remained unchanged.

Shares of Easy Trip Planners Ltd. rose 1.4% in intraday trade to Rs 523.8 apiece after the company acquired Spree Hospitality, one of the fastest growing hospitality management firms in India, as it seeks to expand its hotel and holiday businesses.

This is Easy Trip Planners' second acquisition where Spree Hospitality will add a new revenue vertical. Customers will be offered exclusive deals and offer on Spree Hospitality while doing bookings from Easy Trip Planners.

Spree possesses a debt-free, cash surplus and asset-light portfolio and has over a million customers and 45 properties.

The acquisition is expected to accelerate Easy Trip Planners' growth.

• Reliance Industries Ltd. went on a shopping spree for local five-year bonds weeks ahead of crucial RBI policy meeting.

• Reliance bought $270 million worth of state bonds from a state-run bank.

• Total purchase of RIL may have exceeded $1 billion in last few days

Source: People With Knowledge Of The Matter

Shares of Bajaj Consumer Care Ltd. slipped for the ninth straight day. This is the longest losing streak for the stock since June 28, 2018 (over 40 months).

• Shares of Bajaj Consumer shed 12% while S&P BSE Sensex fell 0.5%.

• The relative strength index on the stock was at 20; suggesting it may be oversold.

• Of the 16 analysts tracking the company, 13 maintained 'buy', one maintained 'hold' and two maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 50.4%

Shares of Bank of Maharashtra Ltd. fell for the seventh consecutive day. This is the longest losing streak for the stock since September 24, 2020.

Shares of Bank of Maharashtra fell 8% while Sensex slipped 1.1% over the same period.

Macrotech Developers have raised Rs 4,000 crore through QIP. The realty firm will use this fund for business growth and debt reduction, a company official has been quoted as saying by the Press Trust of India.

Through the QIP, Macrotech Developers issued and allotted around 3.4 crore shares at Rs 1,170 per share.

The company said that Rs 3,000 crore will be utilised to trigger growth while Rs 1,000 crore will be used for debt reduction.

Source: PTI

• India's bank's resolution and recovery getting better.

• Banking sector must take advantage of the schemes that have been implemented by the government.

• India's manufacturers should increase their capacity manifold and transform themselves into global players, utilising the PLI scheme.

• Efforts over the last 6-7 years has helped banks become strong.

• Banks should invest on ideas, to invest in startups.

• Rs 5 lakh crore in bad debts have been recovered.

• Expect to resolve stressed assets worth Rs 2 lakh crore from National Asset Reconstruction company.

• We have addressed the issue of NPAs, recapitalised banks, brought in NCLT process

• Need for more investment in Agriculture. Banks should come forward to help villagers.

• It's important to unlock the productive potential of the people.

• Krsnaa Diagnostics rated 'new buy' at Equirus Securities Pvt Ltd.; price target: Rs 1,284

• Ahluwalia Contracts India cut to 'hold' from 'buy' at Edelweiss Capital; price target: Rs 507

Source: Bloomberg

• India’s rupee advanced to the highest in a week tracking a drop in oil prices and foreign inflows related to domestic IPOs.

• USD/INR falls 0.2% to 74.1325

• 10-year yields fell 2bps to 6.34%

Source: Bloomberg

• ICICI Bank has 1.52 million shares change hands in a bunched trade.

• Details of buyers and sellers are not immediately known.

Source: Bloomberg

• NTPC has 1 million shares change hands in a bunched trade.

• Details of buyers and sellers are not immediately known

Source: Bloomberg

India's stock benchmarks declined, dragged by auto, information technology, metal stocks, amid rising concerns over the uptick in inflation across global markets.

The S&P BSE Sensex shed 0.83% to 59,510.77. The 30-stock gauge fell over 1% in intraday trade. The NSE Nifty 50 index also declined by similar magnitude to 17,739.25. Infosys Ltd. contributed the most to the index decline, decreasing 1.3%. Tata Motors Ltd. had the largest drop, falling 3.8%. In midday trading, 44 of 50 shares fell, while 6 rose.

The broader indices underperformed their larger peers with both the S&P BSE Midcap and S&P BSE Smallcap slipping over 1.6%. All the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Metal and S&P BSE Auto index shedding over 2%.

The market breadth was skewed in the favour of bears. About 861 stocks advanced, 2,358 declined and 125 remained unchanged

Shares of Escorts Ltd. rose 9.99%, the biggest intraday gain in over 14 months, to Rs 1,793.9 apiece after Japanese firm Kubota Corp announced that it will increase its shareholding in the tractor manufacturer by acquiring new and existing shares.

Kubota stake will rise to 53.5% from little over 9% after acquiring Rs 1,870 crore of new shares and Rs 7,500 crore of existing shares, both at Rs 2,000 each.

In an exchange filing, Escorts said that the preferential issue and the open offer will be completely by March. Post the change in shareholding, Escorts name will be changed to Escorts Kubota Ltd., pending regulatory nod.

Of the 27 analysts tracking the company, 13 maintained 'buy', seven maintained 'hold' and seven maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.9%.

Trading volume on the stock was 11.1 times the 30-day average volume for this time of the day.

The relative strength index on the stock was 72, suggesting it may be overbought

• RBL Bank has been authorised by the Reserve Bank of India to collect direct taxes on behalf of CBDT.

• The decision is based on recommendation from Controller General of Accounts, Ministry of Finance and GoI.

• RBL Bank's corporate and individual customers will be able to pay direct taxes through the bank's mobile banking or net banking platforms besides the branch banking network.

Source: Exchange Filing

• CBDT issues refunds of over Rs. 1,19,093 crore to more than 1.02 crore taxpayers from 1st April 2021 to 15th November,2021.

• Income tax refunds of Rs. 38,034 crore have been issued in 1,00,42,619 cases

• Corporate tax refunds amounting to Rs. 81,059 crore have been issued in 1,80,407 cases.

• This includes 67.99 lakh refunds of AY 2021-22 amounting to Rs. 13,140.94 crores.

Source: Income Tax India Twitter handle

Most maturities along the India sovereign yield curve were little changed, while 10-year yields fell in Thursday morning trading.

• The 5-year yield fell 0.8bps to 5.67%

• The 10-year yield fell 1.4bps to 6.347%

• The 30-year yield remained unchanged at 6.898%

• The 5-year-10-year yield spread was 67.7bps, vs previous close 68.3bps

Source: Bloomberg

• Supreme Court rejects petition against Hindustan Zinc disinvestment.

• Apex court orders federal probe into past Hindustan Zinc divestment

• Supreme Court: Government can sell Hindustan Zinc stake via open market for best price

Source: Bloomberg

Rajesh Exports Ltd. secured an order worth Rs 782 crore of designer range of jewellery from Germany.

The order is scheduled to be completed by March 2022.

In an exchange filing, Rajesh Exports said that the order will be executed from its own manufacturing facility.

• Trading volume on the stock was 2.3 times the 30-day average volume, for this time of the day.

• The relative strength index on the stock was 79, suggesting it may be overbought.

• Bharat Electronics Ltd. has 3 million shares change hands in a bunch trade.

• Details of buyers and sellers are not immediately known.

Source: Bloomberg

• Sapphire Foods' pre-market discovery price at Rs 1,311 per share, compared to its IPO price of Rs 1,180.

• The company’s IPO subscribed 6.62 times.

Source: Bloomberg

• Paytm’s pre-market discovery price at Rs 1,955 per share, compared to its IPO price of Rs 2,150.

• The company’s IPO subscribed 1.89 times.

Source: Bloomberg

Shares of Zomato Ltd. rose 3.4% to Rs 161.85 apiece after the company's step down subsidiary, Zomato UK was dissolved effective from November 16, 2021. Reports also indicated that Zomato may invest $500 million in Grofers.

Of the 18 analysts tracking the company, 14 maintained 'buy' and four maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 4.4%

Trading volume on the stock was 2.1 times the 30-day average volume, for this time of the day.

“It is important that all democratic nations work together on this and ensure it does not end up in the wrong hands, which can spoil our youth.”

PM Speaks At Sydney Dialogues

India's stock benchmarks opened higher, aided gains in FMCG and metal stocks, amid rising concerns over uptick in inflation across global markets.

The S&P BSE Sensex index rose 0.22% to 60, 139.71. The NSE Nifty 50 index also advanced by similar magnitude to 17,936.65. Tata Motors Ltd. had the largest drop, falling 1.3%. In early trading, 25 of 50 shares fell, while 25 rose.

The broader indices almost mirrored their larger peers with the S&P BSE Midcap and S&P BSE Smallcap indexes rising over 0.2%. Fourteen of the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Realty index rising nearly 1%.

The market breadth was skewed in favour of bulls. About 1,591 stocks advanced, 731 declined and 93 remained unchanged.

Indian assets could advance after an overnight drop in oil prices. Traders also await a Rs 24,000 crore ($3.2b) bond auction.

• USD/INR falls 0.1% to 74.2713 on Wednesday

• 10-year yields little changed at 6.36% on Wednesday

• Global funds sell net Rs 344 crore of India stocks Wednesday: NSE

• They sold Rs 488 crore of sovereign bonds under limits available to foreign investors, and added Rs 694 crore of corporate debt

• State-run banks sold Rs 1,280 crore of sovereign bonds on Nov. 17: CCIL data. Foreign banks sold Rs 684 crore of bonds

Source: Bloomberg

DLF Ltd. has been selected to be a constituent of the Dow Jones Sustainability Emerging Markets Index once again. DLF becomes the only real estate company from India to be included in the index.

DLF is among 15 Indian companies recognised for their ESG initiatives.

Source: Exchange Filing

GMR Infrastructure Ltd.'s subsidiary GMR Airports Ltd. was announced as the winning bidder for the development and operation of Kualanamu international airport in Indonesia.

GMR Airports consortium team announced that the bidding authority for the Medan airport in Indonesia informed that it completed the final evaluation process for selection of the bidder and GMR Airports was selected as the winning bidder.

The airport handled over 10 million passengers in 2018. GMR Airports will partner with Angkasa Pura 2 (AP2) and the project includes the operation, development and expansion of the airport over a period of 25 years.

The letter of award is expected to be issued in the couple of days.

Source: Exchange Filing

• Edelweiss has 2.1 million shares change hands in a block trade

• Details of buyers and sellers are not immediately known

Source: Bloomberg

• Gokaldas Exports rated 'new buy' at JM Financial; price target: Rs 400

• Paytm rated 'underperform' at Macquarie, price target: Rs 1,200

Source: Bloomberg

Cadila Healthcare Ltd. received final approval from the U.S. FDA to market Nelarabine injection 250 mg/50 ml in the U.S.

• Zydus Pharmaceuticals USA Inc was granted a competitive generic therapy (CGT) designation for Nelarabine injection, 250 mg/50 ml, single-dose vial.

• Zydus is the first approved applicant for Nelarabine injection. The injection had annual sales of approximately $34.5 million in the U.S., according to IQVIA data.

• Nelarabine injection is a chemotherapy drug used to treat certain types of leukemia and lymphoma and is used to stop the growth of cancer cells.

Source: Exchange Filing

• Escorts: To Meet Thursday for Fundraising Options

• Infosys: MSG Sports, MSG Entertainment in Marketing PactWith Infosys

• Jindal Drilling: Has Acquired an Offshore Jack-up Rig ‘Jindal Supreme’ from Venus Drilling for $16.75M

• Lupin: Gilead, J&J Sue Lupin, MSN Labs to Block Copies of Symtuza Drug

• One 97 Communications, Sapphire Foods: To Start Trading on BSE/NSE after an IPO

• Seacoast Shipping Services: To Consider Stock Split

• Vedanta: To Separately List Aluminum, Iron, Oil Businesses

• Zomato: May Invest $500M in Grofers: ET

• Tata Sons starts work on merging AirAsia India and Air India Express, Economic Times Reports, citing unidentified executives close to the development.

• Tata Sons plans to set up a single aviation holding company that will be an umbrella for all its airline businesses.

• Tata Sons did not respond to queries; AirAsia India spokesperson declined to comment: ET