Nifty Clocks Best F&O Series In Six Months

Indian equity benchmark NSE Nifty 50 rallied 5.8 percent in September series, the best since March when it advanced 7.25 percent.

The S&P BSE Sensex rose 1.03 percent to end at 38,989 and the NSE Nifty 50 advanced 1.22 percent to close at 11,580. The broader markets represented by the NSE Nifty 500 Index rallied 1.14 percent.

Homegrown research firm Edelweiss Financial Services expects Nifty to touch 13,000-13,500 by June 2020, according to its research report.

“We reiterate our Nifty target of 13,000-13,500 for June 2020,” the broking firm said in a note on Sept. 24.

The research firm expects Nifty’s earnings per share to grow 23 percent in the ongoing financial year, it said. “This will be a first year when Nifty EPS will jump upwards for 20 percent since 2011. The Nifty EPS has jumped by 20 percent in a year only once in last 15 years,” Edelweiss noted.

The market breadth was tilted in favour of buyers. About 977 stocks advanced and 782 shares declined on National Stock exchange.

Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Metal Index’s 4.3 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.29 percent.

Stocks in Asia pushed higher on Thursday as signs of easing trade tensions overshadowed impeachment inquiry proceedings in Washington.

Japan equities climbed along with those in Hong Kong and South Korea, while Australian shares dipped. The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.17 percent to 11,495 as of 8:10 a.m.

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

• The S&P 500 halted a three-day slide, with technology and bank shares pacing the gain, after President Donald Trump suggested a trade deal with China was possible and touted a pact with Japan.
• The yields on 10-year Treasuries rose to 1.75 percent.
• Crude declined to the lowest since Saudi Arabia’s oil industry suffered devastating attacks as investors gauged the kingdom’s efforts to restore production.

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• Sterlite Technologies said its Mauritius-based arm has signed a pact to acquire entire stake in the U.K.-based Impact Data Solutions at an enterprise value of around Rs 105 crore. Sterlite Global Venture (Mauritius) Ltd. has acquired an 80 percent stake in Impact Data Solutions in the first tranche and plans to acquire another 20 percent over the next few years, according to its stock exchange filing.
• GlaxoSmithKline Pharmaceuticals announced recall of ranitidine hydrochloride tablets produced in India using Active Pharmaceutical Ingredient sourced from Saraca Laboratories Ltd. following detection of genotoxic nitrosamine NDMA by authorities. The company has also decided to suspend release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations, according to its statement on the exchanges..
• SRF said that Supreme Court has dismissed the company’s petition against High court order to pay stamp duty and penalty of Rs 28.82 crore. The demand of the Collector of Stamps, (Madhya Pradesh) stands confirmed. The company stated that it is exploring other legal options.
• Jet Airways’ Insolvency: NCLT directed the financial creditors to release funds for interim finance immediately. Jet Airways’ Resolution Professional had moved NCLT seeking directions for release of funds. Share of banks in interim financing was approved in CoC's first meeting. NCLT has directed Yes bank, Punjab National Bank, IDBI Bank, Bank of India, Indian Overseas Bank and Axis Bank to sanction and release the amounts immediately.
• CG Power & Industrial Solution: Board has appointed Ashish Kumar Guha as the Chairman of the company with effect from Sept. 24. The board has constituted Special Situation Committee to focus on operational improvement, strategic review of international businesses, capital re-structuring including raising capital and dealing with the regulatory bodies. The board will consider first and second quarter results on or before Nov. 11.
• Cipla has launched generic daptomycin drug in U.S. markets.
• NTPC signed accords to build 540MW Hydro Projects in Himachal Pradesh, ccording to Bloomberg report.
• AstraZeneca Pharma received import and market permission in Form 45 from DGCA for diabetes drug.
• Talwalkars Healthclubs: MCA has approved extension of AGM for a period of 3 months from Sept. 30.
• IDBI Bank clarified that unscrupulous elements are circulating malicious and totally unfounded messages on social media platforms about the Bank's financial position. The Bank stated to all its stakeholders that it is well capitalised and its business operations continue as usual.
• Praxis Home Retail to consider raising funds on Sept. 30.

• Varun Beverages: Promoter RJ Corp sold 27 lakh shares or 1.48 percent equity at Rs 630.01 each.
• Anup Engineering: Abakkus Emerging Opportunities Fund acquired 2.05 lakh shares or 2.02 percent equity at Rs 410 each.

• Supershakti Metaliks ex-date for bonus share issue at 1:1
• Uttam Value Steels to move into ASM Framework
• Everest Kanto Cylinder, Texmaco Infrastructure & Holdings, Unitech, ICICI Securities to move into short ASM Framework
• 8K Miles Software Services, Confidence Petroleum, Gravita, IG Petrochemicals, Jain Irrigation Systems, OnMobile Global, Tata Teleservices (Maharashtra), Dixon Technologies, ISGEC Heavy Engineering, Shriram Asset Management to move out of short term ASM Framework
• Precision Camshafts price band revised to 10 percent
• Arshiya price band revised to 5 percent

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.2 percent to 38,667 during the pre-market trade and the NSE Nifty 50 rose 0.33 percent to 11,478.20.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.09 percent to 70.97 against the greenback.

With improving sentiment on trade talks, most Asian markets are trading in the green. Dealers see the pair trading in a range of 70.70-71.20 a dollar.

• Essel Propack to meet Ratnabali Investment on Sept. 26
• Tamil Nadu Newsprint and Papers to meet Wellworth Share and Stock Broking on Sept. 26
• Cipla to meet Reliance MF, Treeline Advisors and other investors from Sept. 26-30
• Eicher Motors to meet Axis Capital and BOB Capital Markets from Sept. 26-30
• Shriram City Union Finance to meet Kotak Mahindra AMC and Quantum AMC from Sept. 26-28
• Mahindra & Mahindra to meet Hara Global Capital Management on Sept. 27

• Vakrangee promoter and director Dinesh Nandwana acquired 10 lakh shares on Sept. 25
• Kalpataru Power Transmission promoters sold 69 lakh shares on Sept. 11
• Sun Pharma promoter Shanghvi Finance acquired 5 lakh shares on Sept. 25
• Filtex India promoter Shefali Bhageria acquired 2 lakh shares on Sept. 23
• Varun Beverages promoters RJ Corp and Ravi Kant Jaipuria & Sons (HUF) sold 40 lakh shares on Sept. 25

(As reported on Sept. 25)

Futures

• Nifty Sept. futures closed at 11,469, premium of 28.9 points versus 25.8 points
• Nifty futures open interest across series down 9 percent, sheds 19.5 lakh shares in open interest
• Bank Nifty Sept. futures closed at 29,637.6, premium of 52 points versus 67 points
• Bank Nifty futures open interest across series up 6 percent, adds 94,000 shares in open interest
• Nifty Rollover at 57 percent, Bank Nifty Rollover at 42 percent

Options

• Nifty PCR at 1.27 versus 1.43 (across all series)

Nifty Monthly Expiry: Sept. 26

• Max open interest on call side at 11,500 (33.3 lakh shares)
• Max open interest on put side at 10,800 (28.6 lakh shares)
• Open interest addition seen at 11,500C (+14.8 lakh shares), 11,550C (+6.9 lakh shares)
• Open interest shedding seen at 11500P (-13.7 lakh shares), 11,600P (-11.8 lakh shares)

Nifty Weekly Expiry: Oct 3

• Max open interest on call side at 11,600 (5.7 lakh shares)
• Max open interest on put side at 11,000 (4.9 lakh shares)

Indian equity benchmarks opened higher, led by the gains in Reliance Industries ltd. and ICICI Bank Ltd.

The S&P BSE Sensex rose 0.36 percent to 38,716 and the NSE Nifty 50 rose 0.39 percent to 11,486. The broader markets represented by the NSE Nifty 500 Index rose 0.42 percent.

The market breadth was tilted in favour of buyers. About 834 stocks advanced and 485 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 0.65 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.33 percent.

Shares of Axis Bank fell as much as 1.2 percent to Rs 686.55.

The lender’s board approved issuance of 19.87 crore shares at Rs 629 each as it closed qualified institutions placement, according to its statement on exchanges.

Of the shares traded, 37 percent were at the ask price and 39 percent were at the bid, according to Bloomberg data.

Shares of Sterlite Technologies rose as much as 4.3 percent to Rs 162.75.

The company said its unit signed a pact to acquire entire stake in the U.K.-based Impact Data Solutions at an enterprise value of about Rs 105 crore,” according to its stock exchange filing.

“Sterlite Global Venture (Mauritius) Ltd. has acquired an 80 percent stake in Impact Data Solutions in the first tranche and plans to acquire another 20 percent over the next few years,” the statement added.

The stock traded at 10 times tis estimated earnings per share for the coming year, Bloomberg data showed.

Shares of Zee Entertainment fluctuated between gains and losses to trade 0.6 percent lower at Rs 271.80.

About 34.8 lakh shares of the company changed hands in two large deals, Bloomberg data showed. Buyers and sellers were not known immediately.

Trading volume was six ties its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.

Shares of InterGlobe Aviation are expected to reach Rs 2,261.

That’s according to international research firm Morgan Stanley. It is the highest price target on the company so far, among the analysts tracked by Bloomberg. The price target implies a potential upside of 25.4 percent from the current market price.

Here’s what the broking firm had to say.

• Maintained ‘Overweight’; hiked price target to Rs 2,261 from Rs 2,060.
• Positives: rising international mix, rising share of NEOs and healthy fare environment.
• Expect higher international share will also lead to a lower fuel charge.
• FY21 domestic market should see peers adding capacity thus pricing power will be relatively constrained.

Shares of the budget airline operator rose as much as 2.3 percent to Rs 1,845.

Indian equity benchmarks rebound from yesterday’s worst fall in a week, led by the gains in private banks—ICICI Bank, HDFC Bank and Kotak Mahindra Bank.

The S&P BSE Sensex rose over 1 percent or nearly 400 points to 38,982 as of 9:45 a.m. and the NSE Nifty 50 advanced 1.1 percent to 11,566. The broader markets represented by the NSE Nifty 500 rose 1 percent.

Shares of Yes Bank were the worst performer on Sensex and Nifty. The stock fell as much as 5.5 percent to Rs 50.75.

“Rana Kapoor will soon seek the Reserve Bank of India’s approval to sell his stake in Yes Bank to Canadian asset manager Brookfield,” Financial Express reported quoting unnamed people familiar with the matter.

The stock has slumped 77 percent in the past 12 months compared to a 6.6 percent gain in the Sensex.

The yield on the 10-year note fell as much as six basis points to 6.69 percent.

The yield on the benchmark note fell two basis points in the last session to 6.76 perent and traders see the 10-year note trading in a range of 6.73-6.78 percent in the day. In more important news, Bloomberg has decided to work with India to help the nation gain access to global indexes.

Edelweiss Financial Services expects Nifty to touch 13,000-13,500 by June 2020, according to its research report.

“We reiterate our Nifty target of 13,000-13,500 for June 2020,” the homegrown brokerage said in a note on Sept. 24.

The research firm expects Nifty’s earnings per share to grow 23 percent in the ongoing financial year, it said. “This will be a first year when Nifty EPS will jump upwards for 20 percent since 2011. The Nifty EPS has jumped by 20 percent in a year only once in last 15 years.”

Edelweiss finds automobiles & ancillaries, mid-cap financials, capital goods & infrastructure, pharmaceuticals, consumption durables & apparels and FMCG attractive on valuation basis, it added.

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

The S&P BSE Sensex rose 1.09 percent to 39,016 as of 11 a.m. and the NSE Nifty 50 rose 1.15 percent to 11,572. The broader markets represented by the NSE Nifty 500 Index rose 1.03 percent.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 2.7 percent rally. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.67 percent.

Solar Industries

• The stock rose as much as 1.7 percent to Rs 1,128 each.
• The trading volume was more than 60 times the 20-day average for this time of the day.

Adani Green Energy

• Shares advanced 15 percent to Rs 60.45 each.
• The trading volume was six times the 20-day average

NESCO Ltd

• Shares gained 6.9 percent to Rs 599.90 apiece.
• The trading volume was 13 times the 20-day average.

Gujarat Gas

• Shares declined 2 percent to Rs 172.10 apiece.
• The trading volume was seven times the 20-day average.

(Source: Bloomberg)

Shares of Jubilant FoodWorks fell as much as 5.7 percent, the most since July 24, to Rs 1,366.70.

Brokerage and research firm Credit Suisse downgraded the stock rating to ‘Underperform’ from ‘Neutral’, according to its research report. It also cut price target to Rs 1,200 from Rs 1,350, implying a potential upside of 17 percent from the last regular trade.

The stock declined for the second consecutive trading session. The scrip traded at 50 times its estimated earnings per share for the coming year, according to Bloomberg data.

Shares of ICICI Bank rose as much as 5.6 percent to hit an all-time high at Rs 458.65. The company is nearing Rs 3 lakh crore in market capitalisation.

Of the shares traded, 45 percent were at the ask price and 39 percent were at the bid, according to Bloomberg data. The stock advanced 17 percent in the past five days and returned 9.6 percent in the past 30 days.

Dr. Reddy’s Laboratories Ltd. is the first Indian drugmaker to win an approval to supply a key drug to treat schizophrenia and bipolar disorder in China after the world’s second-largest pharma market asked manufacturers to submit bids to supply commonly used generic medications to hospitals across the East Asian nation. (Read the full story here)

Shares of fluctuated between gains and losses in the opening trade. The stock is current trading 0.14 percent lower at Rs 2,770. The scrip fell as much as 1.1 percent.

Indian equity benchmarks regained momentum in the afternoon trade.

The S&P BSE Sensex rose 0.8 percent to 38,900 as of 1 p.m. and the NSE Nifty 50 rose 0.88 percent to 11,540. The broader markets represented by the NSE Nifty 500 Index rose 0.81 percent.

Shares of GlaxoSmithKline Pharmaceuticals fell as much as 4.1 percent, the most since December 2018, to Rs 1,377.

The company announced recall of ranitidine hydrochloride tablets produced in India using Active Pharmaceutical Ingredient sourced from Saraca Laboratories Ltd. following detection of genotoxic nitrosamine NDMA by authorities. The company has also decided to suspend release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations, according to its statement on the exchanges.

The stock declined 9 percent in the past 12 months compared to a 6.4 percent gain in the Sensex.

U.S. equity-index futures nudged lower alongside European stocks on Thursday and shares in Asia were mixed.

• Futures on the S&P 500 Index decreased 0.2 percent.
• The Stoxx Europe 600 Index dipped 0.1 percent.
• The U.K.’s FTSE 100 Index fell 0.1 percent.
• The MSCI Asia Pacific Index gained 0.1 percent.
• The MSCI Emerging Market Index jumped 0.2 percent.

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Source: Bloomberg

Shares of Hindustan Zinc rose as much as 7.6 percent, after an official told Bloomberg that the government will look to sell its stake via OFS.

• Government is looking to sell Hindustan Zinc stake via offer-for-sale.
• Government to sell Hindustan Zinc stake after resolution
• Government wants early resolution of Hindustan Zinc case.

Source: unnamed officials told Bloomberg

Shares of Hotel Leelaventure rose as much as 8 percent to Rs 8.10.

This after majority shareholders in the company approve resolution to sell assets.

Trading volume was more than four times its 20-day average, according to Bloomberg data. The stock returned 3.3 percent in the past five days and advanced 17 percent in the past 30 days, according to Bloomberg data.

Indian equity benchmarks continued to trade higher ahead of F&O expiry.

The S&P BSE Sensex rose 0.87 percent to 38,927 as of 2 p.m. and the NSE Nifty 50 rose 0.98 percent to 11,552.80. The broader markets represented by the NSE Nifty 500 Index rose 0.95 percent.

The market breadth was tilted in favour of buyers. About 940 stocks advanced and 793 shares declined on National Stock Exchange.

Shares of ICICI Lombard General Insurance rose as much as 5.2 percent to Rs 1,233.

About 1.2 crore shares changed hands in more than three large trades, Bloomberg data showed. Buyers and sellers were not known immediately.

The stock traded at 44 times its estimated earnings per share for the coming year, according to Bloomberg data.

Varroc Engineering

• Stock rose as much as 5.7 percent to Rs 480.
• Trading volume was almost 40 times its 20-day average.

Bharat Dynamics

• Stock rose as much as 4.6 percent to Rs 324.80.
• Trading volume was more than triple its 20-day average.

Hindustan Zinc

• Stock rose as much as 7.54 percent to Rs 216.80.
• Trading volume was more than nine times its 20-day average.

Linde India

• Stock rose as much as 3.9 percent to Rs 534.90.
• Trading volume was almost nine times its 20-day average.

Hindustan Zinc

• Stock rose as much as 7.5 percent to Rs 216.80.
• Government will look to sell its stake via OFS, Bloomberg reported quoting official.

AstraZeneca Pharma

• Stock rose as much as 8.1 percent to Rs 2,322.40.
• Received import and market permission in Form 45 from DGCA for diabetes drug.

Siemens

• Stock rose as much as 4 percent to Rs 1,500.
• Fresh longs seen with high open interest of 49 percent.

ICICI Lombard General Insurance

• Stock rose as much as 5.2 percent to Rs 1,233.
• 15.4 million shares changed hands in five bunched trades

Indian equity benchmark NSE Nifty 50 is set for its best F&O series since March.

The 50-stock index advanced over 1 percent as of 3 p.m. The S&P BSE Sensex rose 0.97 percent to 38,968. The broader markets represented by the NSE Nifty 500 Index rose 1.36 percent.

Shares of the oil marketing companies advanced after the brent crude fell as much as 0.53 percent to $62.72 a barrel. The Asian crude benchmark is currently trading 0.43 percent higher. It fell over 1 percent yesterday.

The Indian rupee traded off day’s high against the U.S. dollar. The home currency appreciated 0.1 percent to 70,97 against the greenback. The local legal tender had appreciated 0.26 percent intraday.

The yield on the 10-year note fell two basis points to 6.73 percent. It fell over six basis points intraday.

The yield on the benchmark note fell two basis points in the last session to 6.76 perent and traders see the 10-year note trading in a range of 6.73-6.78 percent in the day. In more important news, Bloomberg has decided to work with India to help the nation gain access to global indexes.