MARKET WRAP: Sensex slips 76 pts amid profit booking, Nifty ends at 11,968

The Bombay Stock Exchange | Photo: ANI
Benchmark indices ended in the red on Thursday largely due to profit-booking by investors in industry heavyweights like Bharti Airtel and Reliance Industries. Other blue-chips such as ITC, Axis Bank, Maruti, IndusInd Bank, and Tata Steel also witnessed selling during the day. 

The S&P BSE Sensex ended 76 points or 0.19 per cent lower at 40,575 with Tata Steel (down over 3 per cent) being the biggest loser and Hindustan Unilever (up 1 per cent) the biggest gainer. On the NSE, the Nifty50 index ended at 11,968, down 31 points or 0.26 per cent. 

In the broader market, the S&P BSE MidCap index slipped 0.73 per cent to end at 14,759 levels and the S&P BSE SmallCap index lost 57 points or 0.43 per cent to end at 13,357.

Sectorally, media stocks rallied the most followed by realty counters. The Nifty Media index added 4 per cent to 1,939 levels. On the other hand, metal stocks cracked the most. The Nifty Metal index ended over 2 per cent lower at 2,470. 

Volatility index India VIX slipped over 2 per cent to 14.83 levels. 

BUZZING STOCKS

Shares of Bharat Petroleum Corporation Limited (BPCL) slid nearly 6 per cent to Rs 514 on the BSE on Thursday after the Cabinet approved the strategic disinvestment of the government's entire 53.29 per cent stake in the firm. The stock opened almost a per cent higher to hit its fresh 52-week high level of Rs 549.70 before reversing its direction. READ MORE

Shares of Zee Entertainment Enterprises (ZEEL) surged up to 19 per cent to Rs 364 in the early morning deals on the National Stock Exchange (NSE) on Thursday after the promoter Essel Group sold nearly 15 per cent stake in the company for Rs 4,343 crore. The stock ended at Rs 345, up over 12 per cent. READ MORE

Shares of infrastructure developers including IRB Infrastructure Developers, Sabhav Engineering, KNR Constructions, and NCC zoomed up to 19 per cent on the BSE on Thursday after the Union Cabinet on Wednesday amended rules regarding the Toll-Operate-Transfer (TOT) model of the highway monetisation programme. READ MORE


GLOBAL MARKETS

Global stocks slid further on Thursday as the standoff between the US and China extended beyond trade, reducing the odds of a “phase-one” deal this year and forcing investors to seek shelter in safe-haven assets. The US House of Representatives on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.1 per cent to a near three-week lows, with Hong Kong's Hang Seng tumbling 1.6 per cent while Japan's Nikkei dropped 0.5 per cent. Chinese mainland shares dropped 0.3 per cent.

European shares extended their losses from Wednesday with the pan-European STOXX 600 and the trade-sensitive Germany's DAX 30 both sliding 0.7 per cent to fresh two-week lows.

In commodities, oil prices dipped, paring some of their 2 per cent gains made on Wednesday. 

(With inputs from Reuters)

 

3:56 PM IST

3:55 PM IST

3:39 PM IST The S&P BSE Sensex lost 76 points or 0.19 per cent to end at 40,575 while Nifty50 ended at 11,968.40, down 31 points or 0.26 per cent.

3:18 PM IST - Important to keep telecom sector healthy

3:04 PM IST

2:48 PM IST -- Adani Group has shown interest in DHFL's retail and wholesale book -- Piramal and Apollo have shown interest only for Retail book -- Expect many suitors for DHFL: SBI chairman tells CNBC TV18

2:45 PM IST -- Centre has approved the proposal of the Company for setting up of Forward and Backward Integration Projects to the Blast Furnace Unit (BFU) 

2:33 PM IST

2:31 PM IST Dewan Housing Finance Corp. will be the test case of this new approach. The central bank booted out the mortgage financier’s board Wednesday and appointed an administrator who will be tasked with resolution once India’s bankruptcy tribunal takes Dewan under its wing.   As I wrote earlier, for the lenders to pretend that they were going to restructure Dewan’s $12 billion in liabilities outside of court supervision was just a Bollywood fantasy. READ MORE

2:18 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME GAYATRI PROJECTS 71.85 -14.90 -17.18 51629 I T D C 375.30 -41.65 -9.99 65121 CAPLIN POINT LAB 310.40 -32.40 -9.45 26121 CORPORATION BANK 25.10 -2.60 -9.39 398437 DISH TV 15.87 -0.99 -5.87 9219184 » More on Top Losers

2:09 PM IST Polycab India (PIL) shares continued its northward journey, climbing 1 per cent on the BSE on Thursday in an otherwise range-bound market to clock a new lifetime high of Rs 950. The stock was trading at the highest level since its listing on April 16, 2019. In the past three months, the stock has outpaced the market by surging 71 per cent on strong September quarter results (Q2FY20) and inclusion in MSCI Global Small Cap Index with effect from November 26, 2019. READ MORE

1:52 PM IST Global stocks took a beating on Thursday as a fresh row between Washington and Beijing over US legislation on Hong Kong threatened to undermine their trade talks and delay a “phase one” deal  European shares were on course to extend their losses with pan-European Euro Stoxx 50 futures down 0.62%, German DAX futures falling 0.68% and Britain’s FTSE futures down 0.48%.   MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2% to a three-week low, with Hong Kong's Hang Seng tumbling 1.6% while Japan's Nikkei dropped 0.4%. Chinese mainland shares dropped 0.3%

LIVE UPDATES

SECTOR WATCH | Top losers and gainers on the NSE


MARKET CHECK | Top losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex lost 76 points or 0.19 per cent to end at 40,575 while Nifty50 ended at 11,968.40, down 31 points or 0.26 per cent.

NEWS ALERT | Hope IBC timeline is adhered to in DHFL case: SBI Chariman

- Important to keep telecom sector healthy

MARKET CHECK


NEWS ALERT | Adani Group may be eyeing DHFL: sources to CNBC TV18

-- Adani Group has shown interest in DHFL's retail and wholesale book

-- Piramal and Apollo have shown interest only for Retail book

-- Expect many suitors for DHFL: SBI chairman tells CNBC TV18

NEWS ALERT | Govt approves KIOCL's at Mangalore project worth Rs 837 cr: BSE filing

-- Centre has approved the proposal of the Company for setting up of Forward and Backward Integration Projects to the Blast Furnace Unit (BFU) 


MARKET CHECK:: Sensex adds marginal gains


How DHFL fallout will put India's bankruptcy reforms to an unexpected test

Dewan Housing Finance Corp. will be the test case of this new approach. The central bank booted out the mortgage financier’s board Wednesday and appointed an administrator who will be tasked with resolution once India’s bankruptcy tribunal takes Dewan under its wing.
 
As I wrote earlier, for the lenders to pretend that they were going to restructure Dewan’s $12 billion in liabilities outside of court supervision was just a Bollywood fantasy. READ MORE

Top losers on BSE500 today

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
GAYATRI PROJECTS 71.85 -14.90 -17.18 51629
I T D C 375.30 -41.65 -9.99 65121
CAPLIN POINT LAB 310.40 -32.40 -9.45 26121
CORPORATION BANK 25.10 -2.60 -9.39 398437
DISH TV 15.87 -0.99 -5.87 9219184
» More on Top Losers

Polycab India hits new lifetime high of Rs 950, surges 71% in three months

Polycab India (PIL) shares continued its northward journey, climbing 1 per cent on the BSE on Thursday in an otherwise range-bound market to clock a new lifetime high of Rs 950. The stock was trading at the highest level since its listing on April 16, 2019. In the past three months, the stock has outpaced the market by surging 71 per cent on strong September quarter results (Q2FY20) and inclusion in MSCI Global Small Cap Index with effect from November 26, 2019. READ MORE

Global Markets Check

Global stocks took a beating on Thursday as a fresh row between Washington and Beijing over US legislation on Hong Kong threatened to undermine their trade talks and delay a “phase one” deal 

European shares were on course to extend their losses with pan-European Euro Stoxx 50 futures down 0.62%, German DAX futures falling 0.68% and Britain’s FTSE futures down 0.48%.
 
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2% to a three-week low, with Hong Kong's Hang Seng tumbling 1.6% while Japan's Nikkei dropped 0.4%. Chinese mainland shares dropped 0.3%

NEWS ALERT | Trade teams will continue to maintain communications: China's Commerce Minister

Says, will strive to reach phase I trade deal with the US

(As reported by Reuters)

Buzzing stock | Caplin Point Lab tanked 14% to Rs 296, also its 52-week low on the BSE, in the intra-day trade

-- Shares slipped on back of heavy volumes.

-- The trading volumes on the counter more than doubled with a combined 278,893 shares changing hands on the NSE and BSE till 12:45 pm.
 
-- Thus far in the November month, the stock of pharmaceuticals company has slipped 31%, as compared to a per cent rise in the S&P BSE Sensex. 
 

Top gainers on BSE500 today

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
UCO BANK 21.70 3.01 16.10 1468919
NETWRK.18 MEDIA 29.70 4.00 15.56 305866
ADITYA BIRLA CAP 96.25 10.70 12.51 1291764
JAGRAN PRAKASHAN 53.00 5.75 12.17 97815
ZEE ENTERTAINMEN 344.50 37.35 12.16 4025048
» More on Top Gainers

Nifty sectoral indices at this hour


CSB Bank's IPO opens Friday; should you subscribe? Here's what analysts say

Nearly a century-old private lender CSB Bank, is set to launch its initial public offer (IPO) on Friday, November 22. The bank, which primarily caters to small and medium enterprises (SMEs), plans to raise up to Rs 410 crore to expand its Tier-I capital. The offer is a mix of fresh issue and offer for sale (OFS) within a price-band of Rs 193 –Rs 195. READ MORE

BUZZING STOCK:: Masted Ltd surges over 10%


Economic slowdown: Even Diwali failed to lift India's sullen animal spirits

The dashboard measures “animal spirits,” a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action. The poor reading signals a protracted slowdown, and may influence the Reserve Bank of India to cut interest rates for a sixth time this year in December.
 
The RBI has already cut rates by a cumulative 135 basis points in 2019 after economic expansion slowed to a six-year low of 5% in the April-June period. Data for the July-September quarter, due Nov. 29, will probably show growth was subdued, if not weaker. READ MORE

MARKET CHECK


Volume issues to falling global prices, many concerns for Coal India stock

The Coal India Ltd (CIL) stock, underperforming leading indices, is down by over 24 per cent since its June highs. Concerns over volume growth, declining international coal prices, lower e-auction realisations and coal block auctions for merchant mining (private sector) have hit investor sentiment and are responsible for the stock’s weak performance. READ MORE

Contribution to Sensex today


Market check | Sensex pares losses


BUZZING STOCK:: Bosch Ltd up over 5%


Himadri Speciality extends fall on weak Q2 results, hits 2-year low

Shares of Himadri Speciality Chemicals (HSCL) continued to remain under pressure, dipping 3 per cent on Thursday to hit an over two-year low level of Rs 59.40 on the BSE. The specialty chemicals company's stock was trading lower for the fourth straight day after reporting a weak set of numbers for September quarter (Q2FY20). READ MORE

BPCL most lucrative among govt's divestment candidates, say analysts

Of the central public sector enterprises (CPSEs) approved by the government for divestment, state-owned oil refining and marketing major Bharat Petroleum Corporation Ltd (BPCL) is the most lucrative, say analysts. This is despite the government’s plan to segregate Numaligarh refinery out of the oil & gas major before handing over controlling stake to a strategic buyer. READ MORE

BUZZING STOCK:: Sterling and Wilson Solar zooms 10%


Major wilful defaulters revealed: RBI finally discloses details under RTI

Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied.
 
In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 major wilful defaulters.
 
For over ten years, the RBI has denied RTI applicants this information arguing that it would be against the economic interests of the country and its ‘fiduciary relationship’ with the banks disallows it from doing so. READ MORE

Rupee check


NEWS ALERT | Will slowly begin stake dilution in SAIL & retain management: Dharmendra Pradhan

(As reported by Reuters)

Q2 review | Low prices, weak demand, volumes issues led to steel sector's muted show

Lower commodity prices, fragile demand and slowing volumes throttled the performance of metal sector companies during the September quarter of this financial year.
 
For steel firms, heavy monsoon, liquidity issues and weakness in automobile sector led to a slump in demand. All steel companies faced sagging volumes in the quarter, but they expect a recovery in the second half or the October-March period of FY20. READ MORE

NEWS ALERT | RBL Bank in talks with potential investors for fund raising: sources to CNBC TV18

-- In talks with Bajaj Holdings, ChrysCap and Blackstone

-- Bajaj Holdings, ChrysCap eyeing 5% stake, Blackstone in initial stages of talks

-- Suitors looking at partial equity and partial warrants/

-- If talks don't materialise, bank may consider QIP


Valuation disparity broadens even as Sensex, Nifty hit all-time highs

The valuation differential in the market is widening as benchmark indices touch new highs. The median price-to-earnings multiple (P/E) of the top 100 companies by market value is nearly 30 times their trailing 12-month earnings.
 
At the same time, that of the bottom 100 is less than nine times. Market players said the general weakness in the market, as well as the Securities and Exchange Board of India’s (Sebi’s) fund re-categorisation and reclassification norms, have led to disproportionate flows to the top 100 companies. READ MORE

Sun TV down 3%


Market check


Infra stocks rally up to 19% as Cabinet approves measures to revive sector

Shares of infrastructure developers including IRB Infrastructure Developers, Sabhav Engineering, KNR Constructions, and NCC zoomed up to 19 per cent on the BSE on Thursday after the Union Cabinet on Wednesday amended rules regarding the Toll-Operate-Transfer (TOT) model of the highway monetisation programme. Under the new rules, projects which are operational and have toll revenue generation history of one year, as against the earlier criteria of two years, after the Commercial Operations Date (COD) shall be monetised through the TOT model. READ MORE

BPCL scales fresh 52-week high as Cabinet okays divestment, retreats later

Shares of Bharat Petroleum Corporation Limited (BPCL) slid over 2 per cent to Rs 531.20 on the BSE on Thursday after the Cabinet approved the strategic disinvestment of the government's entire 53.29 per cent stake in the firm. The stock opened almost a per cent higher to hit its fresh 52-week high level of Rs 549.70 before reversing its direction. READ MORE

BROKERAGE RADAR | ICICI Securities on City Union Bank

Though, we believe, CUBK would continue to exhibit its historical performance in terms of superior asset quality and profitability, we also note the absence of lever for further improvement in RoA. We therefore maintain our HOLD rating with the target price unchanged at Rs 200. The stock is currently trading at 2.8x/2.4x FY20E/FY21E BVPS respectively.

Momentum picks by ICICI Securities


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
VODAFONE IDEA 6.43 -0.64 -9.05 42512115
DISH TV 16.03 -0.83 -4.92 3303982
NCC 65.40 4.30 7.04 2811714
YES BANK 65.35 -0.50 -0.76 2640546
RELIANCE POWER 3.60 0.16 4.65 1927147
» More on Most Active Volume

EXPERT COMMENT | Quote on SEBI's Board Decision By Reliance Securities

"Sebi decision to increase net worth criteria for PMS  is a welcome move which is more to do keeping in mind investors safety and ensure there are serious players in the industry. Second increasing ticket size will ensure only well informed investors will participate in the high risk products offerings, similarly reduction in overall timeline for rights issue to T+31 days is a good move from investors perspective as it increases liquidity. Further, allowing the rights entitlements to be dematerialized and traded on the stock exchange gives a great opportunity for a rights holder to have the same renounce with a better and transparent price discovery mechanism which in today's scenario is totally offline, physical and time consuming," says Lav Chaturvedi, ED and CEO, Reliance Securities. 

Zee Entertainment jumps up to 19% on promoter stake sale, pares gain later

Shares of Zee Entertainment Enterprises (ZEEL) surged up to 19 per cent to Rs 364 in the early morning deals on the National Stock Exchange (NSE) on Thursday after the promoter Essel Group sold nearly 15 per cent stake in the company for Rs 4,343 crore. Around 142.87 million equity shares (representing 14.87 per cent stake of ZEEL) changed hands on the NSE through block deals, the exchange data shows. READ MORE  

Nifty PSU Bank index is trading over 1 per cent higher


BUZZING STOCK:: NCC Limited zooms 9%


Larsen & Toubro up 2%, top gainer on Sensex


Nifty sectoral indices in early trade


BPCL slides 1% after clocking fresh 52-week high in open


Bharti Airtel slides over 1% as investors book profit


ZEEL zooms 13% on report that Subhash Chandra-led Essel Group will sell 16.5 per cent of its promoter stake


Market at open

At 9:18 am, the S&P BSE Sensex was trading 15 points higher at 40,666 levels, and the Nifty50 index is down 4 points at 11,995 levels.

Market at open


Rupee Opening Alert

Rupee opens flat at 71.83/$ vs Wednesday's close of Rs 71.82 per US dollar

Top gainers and losers on S&P BSE Sensex during Pre-open


Market at Pre-open


Market at Pre-open


Stocks to watch: DHFL, Zee Entertainment, BPCL, GE Shipping, telecom firms

Here's a look at the top stocks that may remain in focus today -
 
DHFL: In its first action against the troubled housing finance company, the Reserve Bank of India (RBI) on Wednesday superseded the board of Dewan Housing Finance Corporation (DHFL) over governance concerns and defaults on payment obligations.
 
ZEEL: The Subhash Chandra-led Essel Group will sell 16.5 per cent of its 22.37 per cent promoter stake in flagship firm Zee Entertainment (Zee), becoming a minority shareholder. However, the promoters will retain management control of Zee, the group said on Wednesday. READ MORE

Subhash Chandra to sell 16.5% stake in Zee, become minority shareholder

The Subhash Chandra-led Essel Group will sell 16.5 per cent of its 22.37 per cent promoter stake in flagship firm Zee Entertainment (Zee), becoming a minority shareholder. However, the promoters will retain management control of Zee, the group said on Wednesday. Zee kickstarted the cable and satellite revolution in the country and has been a leading Indian broadcaster for three decades. READ MORE

Breather for telcos: 2-year moratorium on payment of spectrum dues

The debt-ridden telecom industry, looking for financial relief from the government, has got a two-year moratorium in making payments for past spectrum auctions. The Union Cabinet on Wednesday decided to defer spectrum payments dues of the telcos for 2020-21 and 2021-22, a move that will offer an estimated Rs 42,000-crore overall relief to Bharti Airtel, Vodafone Idea and Reliance Jio over the next two years. READ MORE

Privatisation push: Cabinet approves strategic sale of BPCL, 4 other PSUs

The Cabinet Committee on Economic Affairs on Wednesday approved the strategic disinvestment of the Centre’s entire stake in Bharat Petroleum (BPCL), Shipping Corp, THDC India, and NEEPCO, and most of its stake in Container Corp, while giving up management control in these companies. It also gave an in-principle approval for the government to reduce stake in certain state-owned companies to below 51 per cent in some while retaining majority stake management control. READ MORE

Top trading ideas by CapitalVia Global Research

Buy TCS: (Above Rs. 2,140)
 
Target: Rs 2,190
 
Stop loss: Rs 2,090
 
The stock is showing signals of reversal from lower zones, with the support of 200 EMA. Breaking the immediate resistance of 2,140 will bring an upside momentum in the stock. Considering the technical evidence discussed above, we recommend buying the stock above RS 2,140 for the target of Rs 2,190, keeping a stop loss at Rs 2,090 on a closing basis. READ MORE

Bulk deals on BSE as on Wednesday

Click here for the complete list

Deal Date Security Code Security Name Client Name Deal Type * Quantity Price **
20/11/2019 538812 AANCHALISP DURGA ALLOY AND STEEL PRIVATE LIMITED S 166,000 16.40
20/11/2019 538812 AANCHALISP PREMILABEN MAHESHKUMAR CHAUHAN B 125,005 16.06
20/11/2019 538812 AANCHALISP PREMILABEN MAHESHKUMAR CHAUHAN S 125,005 16.11
20/11/2019 538812 AANCHALISP NEETA SETHIA B 213,000 16.39
20/11/2019 538812 AANCHALISP NIMESHKUMAR BALDEVBHAI PARMAR B 125,005 16.04
20/11/2019 538812 AANCHALISP NIMESHKUMAR BALDEVBHAI PARMAR S 125,005 15.98
20/11/2019 540205 AVL YASHOVARDHAN SINHA B 96,000 23.94
20/11/2019 542727 CPML VIJETA BROKING INDIA PRIVATE LIMITED B 4,000 25.25
20/11/2019 542727 CPML VIJETA BROKING INDIA PRIVATE LIMITED S 56,000 21.24
20/11/2019 538432 DIVINUS PRADIP HANUMANT KADAM S 22,301 27.00

Bulk deals on NSE as on Wednesday

Date Symbol Security Name Client Name Buy / Sell Quantity Traded Trade Price /
Wght. Avg. 
Price
20-Nov-2019 DISHTV Dish TV India Limited TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 255,72,621 16.60
20-Nov-2019 DISHTV Dish TV India Limited TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 255,72,621 16.64
20-Nov-2019 DREDGECORP Dredging Corporation of I N.K.SECURITIES BUY 1,66,822 369.92
20-Nov-2019 DREDGECORP Dredging Corporation of I N.K.SECURITIES SELL 1,66,942 370.15
20-Nov-2019 GRPLTD GRP Limited CHOLERA CHETAN GOPALDAS SELL 7,079 850.00
20-Nov-2019 IBULHSGFIN Indiabulls Hsg Fin Ltd TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED BUY 22,23,898 211.44
20-Nov-2019 IBULHSGFIN Indiabulls Hsg Fin Ltd TOWER RESEARCH CAPITAL MARKETS INDIA PRIVATE LIMITED SELL 22,05,177 211.23
20-Nov-2019 IDEA Vodafone Idea Limited ADROIT FINANCIAL SERVICES PVT LTD BUY 2036,60,270 7.28
20-Nov-2019 IDEA Vodafone Idea Limited ADROIT FINANCIAL SERVICES PVT LTD SELL 1916,73,679 7.32
20-Nov-2019 INGERRAND Ingersoll Rand Ltd. INGERSOLL - RAND INDUSTRIAL US INC BUY 233,60,000 621.30
Click here for complete list

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

(Source: Bloomberg)

Oil check

Oil prices surged more than 2% on Wednesday after a better-than-expected U.S. crude inventories report. At 8:18 am, Brent crude futures were trading 0.11 per cent lower at $62.33 per barrell.

SGX Nifty

At 8:15 AM, SGX Nifty, the Singaporean Exchange for Nifty Futures, was down 10.5 points, or 0.09 per cent, at 12,001.50 level.

Asian Markets check


US Market check

(Source: Reuters)
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