MARKET WRAP: Sensex ends 182 pts higher; RIL up 2.5%, Sun Pharma climbs 6%

Bulls continued to be in the driver's seat on Wednesday amid buying in index heavyweights such as Reliance Industries (RIL), IndusInd Bank, Sun Pharma, L&T, and HDFC Bank.

The S&P BSE Sensex climbed 182 points or 0.45 per cent to settle at 40,652 with Sun Pharma (up around 6 per cent) being the top gainer. During the day, the index hit a fresh lifetime high of 40,816.38 levels; however, the index cooled off later. On the NSE, the broader Nifty50 index ended at 11,999, up 59 points or 0.49 per cent. 

In the broader market, the S&P BSE MidCap index gained over 37 points or 0.25 per cent to end at 14,868 and the S&P BSE SmallCap closed at 13,414.43 levels, up 10 points or 0.07 per cent.

Sectorally, pharma stocks gained the most on the NSE, followed by media counters. The Nifty Pharma index surged over 3 per cent to 8,108 levels. The Nifty Media index, too, rallied over 3 per cent to 1,863 levels. 

BUZZING STOCKS

Continuing its upswing, Reliance Industries (RIL) on Wednesday hit a fresh lifetime high of Rs 1,571 apiece on the BSE, up 4 per cent, thus nearing Rs 10 trillion market capitalisation (m-cap). On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion. The stock ended at Rs 1,547, up nearly 2.50 per cent.

Shares of public sector banks (PSBs) traded higher for the fourth straight day, after the Supreme Court's decision on Essar Steel resolution came in favor of the financial creditors.

Shares of select public sector undertaking (PSUs) rallied up to 20 per cent on the BSE after the Government gave ‘in-principle’ approval for strategic disinvestment of 28 Central Public Sector Enterprises (CPSEs) with sale of majority stake of Government of India and transfer of management control. The list included names such as Hindustan Petroleum Corporation (HPCL) and Dredging Corporation of India. READ MORE

 
GLOBAL MARKETS 

Asian shares slipped on Wednesday as investors rushed to safe-haven assets after Sino-US trade talks produced nothing encouraging, while concerns about a supply glut left oil prices nursing their biggest one-day loss in seven weeks.

The mood in share markets was sombre with MSCI's broadest index of Asia-Pacific shares outside Japan off 0.7 per cent. Japan's Nikkei fell 0.8 per cent and Shanghai blue chips 0.5 per cent.

E-Mini futures for the S&P 500 shed 0.2 per cent and EUROSTOXX 50 futures 0.2 per cent.

In commodities, oil prices slipped for a third day on supply and trade war fears. 

(With inputs from Reuters)

 


4:04 PM IST Market traded higher ahead of the cabinet meeting due today to discuss on divestment and continued strong buying in index heavyweights lead by pharma and banking stocks. Fresh worries surfaced over US –China trade tensions but domestic market maintained positive momentum. Government’s plan to divest PSU stake to help maintain the fiscal deficit target in check.  

4:03 PM IST

4:02 PM IST

3:41 PM IST The S&P BSE Sensex added 182 points or 0.45 per cent to end at 40,652 while NSE's Nifty50 index ended 59 points or 0.49 per cent higher at 11,999 levels.

3:25 PM IST

3:09 PM IST

2:53 PM IST

2:53 PM IST Wind-turbine maker Suzlon Energy on Wednesday said the company is working on a resolution plan and lenders have time till January next year to work on a sustainable resolution plan before taking any extreme steps.   "The company is continuously working on a resolution plan with the lenders and has also submitted a restructuring plan, which envisages segregating total debt into sustainable debt and unsustainable debt," Suzlon Energy said in a filing to BSE in response to a clarification sought by the bourse on a news item. READ MORE

2:41 PM IST -- NHAI had put up 9 projects, totalling 566.27 kilometers -- Highway projects spread across states like Uttar Pradesh, Bihar, Jharkhand, Tamil Nadu -- NHAI looking to raise a minimum of Rs 4,995 crore

2:25 PM IST COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME RELIANCE CAPITAL 18.05 -0.95 -5.00 32978 INDIABULLS INTEG 66.50 -3.50 -5.00 1253 RELIANCE POWER 3.43 -0.18 -4.99 4684461 RELIANCE INFRA. 33.25 -1.70 -4.86 176003 MAGMA FINCORP 37.15 -1.55 -4.01 6756 » More on Top Losers

2:11 PM IST

1:56 PM IST Shares of pharmaceutical companies were trading higher for the fourth straight day, with Nifty Pharma index hitting a two-month high after 7 per cent rally in share price of Sun Pharmaceutical. At 01:01 pm, Nifty Pharma index, the largest gainer among sectoral indices today, was up 3.5 per cent at 8,122 points. The pharma index was quoting at its highest level since September 13, 2019. In comparison, the Nifty 50 index was up 0.69 per cent at 12,023 points. READ MORE

LIVE UPDATES

MARKET OUTLOOK | Vinod Nair, Head of Research, Geojit Financial Services

Market traded higher ahead of the cabinet meeting due today to discuss on divestment and continued strong buying in index heavyweights lead by pharma and banking stocks. Fresh worries surfaced over US –China trade tensions but domestic market maintained positive momentum. Government’s plan to divest PSU stake to help maintain the fiscal deficit target in check.  

SECTOR WATCH | Top gainers and losers on the NSE


Top gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex added 182 points or 0.45 per cent to end at 40,652 while NSE's Nifty50 index ended 59 points or 0.49 per cent higher at 11,999 levels.

Tata Steel at day's low


MARKET CHECK | PVR at day's high


Promoter of J Kumar Infra acquires additional 0.4% stake from open market


Working on resolution plan, have submitted restructuring proposal: Suzlon

Wind-turbine maker Suzlon Energy on Wednesday said the company is working on a resolution plan and lenders have time till January next year to work on a sustainable resolution plan before taking any extreme steps.
 
"The company is continuously working on a resolution plan with the lenders and has also submitted a restructuring plan, which envisages segregating total debt into sustainable debt and unsustainable debt," Suzlon Energy said in a filing to BSE in response to a clarification sought by the bourse on a news item. READ MORE

NEWS ALERT | Cube Highway, IRB Infra, NIIF submit bids for ToT-III: sources to CNBC TV18

-- NHAI had put up 9 projects, totalling 566.27 kilometers

-- Highway projects spread across states like Uttar Pradesh, Bihar, Jharkhand, Tamil Nadu

-- NHAI looking to raise a minimum of Rs 4,995 crore

Top losers on BSE500 today

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
RELIANCE CAPITAL 18.05 -0.95 -5.00 32978
INDIABULLS INTEG 66.50 -3.50 -5.00 1253
RELIANCE POWER 3.43 -0.18 -4.99 4684461
RELIANCE INFRA. 33.25 -1.70 -4.86 176003
MAGMA FINCORP 37.15 -1.55 -4.01 6756
» More on Top Losers

MARKET CHECK:: Sensex off day's high


Nifty Pharma index hits two-month high; Sun Pharma surges 7%

Shares of pharmaceutical companies were trading higher for the fourth straight day, with Nifty Pharma index hitting a two-month high after 7 per cent rally in share price of Sun Pharmaceutical. At 01:01 pm, Nifty Pharma index, the largest gainer among sectoral indices today, was up 3.5 per cent at 8,122 points. The pharma index was quoting at its highest level since September 13, 2019. In comparison, the Nifty 50 index was up 0.69 per cent at 12,023 points. READ MORE

Stocks that hit 52-week high on BSE500 today

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
ADANI GREEN 98.35 100.50 2.15 2.23
BHARTI AIRTEL 436.90 452.95 -2.35 -0.54
DIVI'S LAB. 1788.80 1797.00 56.20 3.24
DLF 212.45 218.55 -2.75 -1.28
ESSEL PROPACK 149.00 154.50 1.40 0.95
» More on 52 Week High

Rupee off day's high


RBL Bank surges over 7%


BUZZING STOCK:: Sadbhav Infra


Top gainers on BSE500

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
UCO BANK 18.69 3.11 19.96 1075381
TEJAS NETWORKS 97.70 16.25 19.95 217029
VODAFONE IDEA 7.09 1.07 17.77 140359712
DISH TV 17.60 2.59 17.26 4775545
ZEE ENTERTAINMEN 304.25 18.50 6.47 963612
» More on Top Gainers

BROKERAGE RADAR | Anand Rathi Research on Atul Auto

After the sharp fall, the stock trades at an attractive 8.8x FY20e PE. We expect revenue to register an 8% CAGR (to Rs 7.63 bn) and PAT to record a 7% CAGR (to Rs 640 m). Given the inexpensive valuation, we see potential and upgrade our recommendation to a Buy, at a target price of Rs 350. Risks: Lower-than-expected volume growth.

BUZZING STOCK:: Dish TV zooms 15%


Reliance Capital, R-Infra locked in lower circuit for seventh straight day

Shares of Anil Ambani-led Reliance Group companies - Reliance Capital and Reliance Infrastructure - were locked in lower circuit for the seventh straight day, after lenders invoked pledged shares of these companies. Reliance Capital was locked in the 5 per cent lower circuit at Rs 18.05 on Wednesday after the company said that YES Bank had invoked around 16 lakh equity shares of the company owned by promoter Reliance Inceptum Private Limited. READ MORE

The sun stops shining for Shapoorji Pallonji as solar company IPO falters

Every conceivable danger an investor needs to be aware of in an initial public offering is discussed in the August prospectus of Sterling and Wilson Solar Ltd., among the world’s biggest engineering contractors to solar farms. READ MORE  

RIL crosses Rs 1,500; up 35% in 2019. Charts show Rs 1,760 is in the offing

Reliance Industries (RIL) has been one of the better performing stocks in calendar year 2019 (CY19) with a rise of around 35 per cent on a year-to-date basis. In comparison, the frontline Nifty50 index has gained 10 per cent rise during this period. READ MORE 


BUZZING STOCKS:: ZEEL jumps over 6%


MARKET CHECK


Nifty Private Bank index trades higher


IT stocks trade lower

COMPANY LATEST(rs) CHG(rs) CHG(%) VOLUME
TECH MAHINDRA 761.35 -1.90 -0.25 161052
INFOSYS 710.30 -2.50 -0.35 69631
INFIBEAM AVENUES 44.45 -0.10 -0.22 58060
WIPRO 249.20 -1.20 -0.48 39516
FIRSTSOUR.SOLU. 41.10 0.35 0.86 38672
» More

Should you sell RIL? Here's what experts say

Continuing its upswing, Reliance Industries (RIL) on Wednesday hit a fresh lifetime high of Rs 1,571 apiece on the BSE, up 4 per cent, thus nearing Rs 10 trillion market capitalisation (m-cap). On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion. READ MORE  


PSBs extend gain; Nifty PSU Bank index surges 10% in four days

Shares of public sector banks (PSBs) were trading higher for the fourth straight day, after the Supreme Court's decision on Essar Steel resolution came in favor of the financial creditors. At 10:43 am, Nifty PSU Bank index was up 1 per cent, surging 10 per cent in the past four trading days. In comparison, the benchmark Nifty 50 index has gained 1.3 per cent during the same period. READ MORE

Contribution to Sensex's gain today


Sensex gains over 300 pts


Shree Cement rises 4% post Rs 3,000 crore QIP offer launch

Shares of Shree Cement advanced 4.15 per cent to Rs 20,854.75 on the BSE on Wednesday after the company opened its Rs 3,000-crore qualified institutional placement (QIP) offer on Tuesday, fixing the floor price at Rs 19,806.46 per share. At 10:17 AM, the stock was trading 1.5 per cent higher at Rs 203,37.6 apiece, as against a 0.67 per cent in the benchmark S&P BSE Sensex. READ MORE

Rupee at day's high


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
VODAFONE IDEA 6.84 0.82 13.62 85410847
REL. COMM. 0.58 0.00 0.00 7221297
YES BANK 63.45 -0.70 -1.09 6097309
RELIANCE POWER 3.43 -0.18 -4.99 4194647
DISH TV 16.35 1.34 8.93 2339626
» More on Most Active Volume

Pharma stocks gain

COMPANY LATEST(rs) CHG(rs) CHG(%) VOLUME
GLENMARK PHARMA. 360.50 10.05 2.87 225581
SUN PHARMA.INDS. 432.60 6.80 1.60 139067
GRANULES INDIA 131.45 2.80 2.18 59495
WOCKHARDT 285.40 -3.50 -1.21 53734
AUROBINDO PHARMA 436.30 5.15 1.19 42078
» More

BUZZING STOCK:: IndusInd Bank up over 4%


Telecom stocks extend rally; Voda Idea up 32%, new 52-wk high for Airtel

The rally in telecom stocks continued for the fourth straight session on Wednesday, after Reliance Jio announced that it will, along with Bharti Airtel and Vodafone Idea, increase tariffs in an appropriate way over the next few weeks. Among individual stocks, Bharti Airtel climbed 3 per cent to Rs 453, also the stock's fresh 52-week high, on the BSE. Vodafone Idea surged as much as 32 per cent intraday to Rs 7.93 on the BSE. In fact, the stock has now rallied 204 per cent from Friday's low of Rs 2.61. READ MORE

MARKET UPDATE:: Sensex hits record high of 40,754.49


RIL extends gains, surges 4% to hit fresh high; m-cap nears Rs 10 trillion

Continuing its upswing, Reliance Industries (RIL) on Wednesday hit a fresh lifetime high of Rs 1,571 apiece on the BSE, up 4 per cent, thus nearing Rs 10 lakh crore market capitalisation (m-cap). On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion.
 
At 09:31 am, the stock was trading over 3 per cent higher at Rs 1,558.40 apiece on the BSE as compared to 0.43 per cent rise in the S&P BSE Sensex. The m-cap of the company stood at Rs 9,91 trillion. READ MORE

Buzzing | DLF hits 52-week high


Heatmap: S&P BSE Sensex


YES Bank slides after RBI finds the bank under-reported bad loans


Vodafone Idea continues to cruise


Rupee opens 12 paise lower against US dollar amid weak global cues

The rupee on Wednesday opened 12 paise lower at 71.83 against the US dollar amid decline in crude oil prices and fall in Asian equities over US-China trade deal uncertainties. The domestic unit on Tuesday settled 13 paise higher at 71.71. READ MORE  

Nifty sectoral indices at open


Bharti Airtel extends rally, gains 3% in early trade


Reliance Industries up 3%, scales fresh high


Market at open


First trade

At 9:16 am, the S&P BSE Sensex was trading 131 points higher at 40,600, and the Nifty50 index was up 42 points at 11,980 levels.

Market at pre-open


Market at pre-open


Rupee opening

Rupee opens weaker at 71.83/$ vs Tuesday's close of 71.70 against the US dollar

Voda-Idea presses for Rs 7,000-cr tax refund; I-T hesitant in view of AGR

Vodafone Idea, India's third-largest telecom service provider, is seeking about Rs 7,000 crore in tax refunds for past years even as it faces fresh statutory dues liability - running into thousands of crore - that has put the income tax department in a bind, sources privy to the development said.
 
The tax department has in past adjusted refunds against a company's other liabilities towards the government. It had famously adjusted Rs 1,500 crore in tax refunds due to Cairn Energy plc of UK to part settle a retrospective tax demand of Rs 10,247 crore even though the matter was under arbitration. READ MORE

Stocks to watch: Telecom, RIL, YES Bk, Consumer good firms, oil-related cos

PSBs have reported Rs 95,700-crore frauds in first 6 months of FY20: FM

Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India (RBI), PSBs reported 5,743 incidents of fraud involving a total amount of Rs 95,760.49 crore from April 1 to September 30 (based on the date of reporting). She said based on the date of occurrence of frauds, during the same period, the number of frauds was 1,007, involving a total amount of Rs 2,509.86 crore. READ MORE
FM Nirmala Sitharaman

Mukesh Ambani's RIL beats BP to make elite club of 6 global energy giants

Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors.
 
The Indian conglomerate’s market capitalization was about $133 billion, overtaking the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco. READ MORE

Sebi mulls direct plans for AIFs, PMS to help investors save on expenses

The move could help investors save on expenses and indirectly benefit family offices and independent advisors who rely predominantly on a fee-based model. Direct plans exclude the commission or fee paid to distributors, resulting in lower expenses and schemes with higher net asset values (NAVs). At present, only mutual funds (MFs) offer such plans.
 
“A lot of clients and family offices are asking for direct plans,” said Siddhartha Rastogi, managing director, Ambit Asset Management, adding, “The regulator may first try to rationalise costs, by limiting or scraping upfront commission for PMS and AIFs. Direct plans could follow after that.” READ REPORT HERE

Promoter Rana Kapoor sells all but 900 YES Bank shares, worth Rs 60,000

YES Bank founder Rana Kapoor is virtually out of the bank now, holding just 900 shares worth less than Rs 60,000. Kapoor, with his brother-in-law Ashok Kapur and others, set up YES Bank in 2003, holding 26 per cent in the bank. Now, his stake is close to zero per cent after the holding company YES Capital (India) sold 20.4 million shares worth Rs 142.75 crore.
 
He had compared YES Bank shares with diamonds in September last year. READ MORE

Growth in premium footwear segment underlines Bata's earnings outlook

Bata’s September 2019 quarter (Q2) numbers underline the listed footwear major’s earnings prospects in the medium-to-long term, even though they have indicated some growth moderation. Many analysts believe that a year-on-year (YoY) revenue growth of just 7.3 per cent to Rs 722 crore in the quarter was decent, given the ongoing consumption slowdown. READ MORE

Telecom companies' stocks may continue their surge, thanks to Reliance Jio

With Reliance Jio announcing it will, along with other telecom players, increase tariffs in an appropriate way over the next few weeks, the rally in telecom stocks could continue for the fourth straight session. Including gains of 35 per cent for Vodafone Idea and 7.4 per cent for Bharti Airtel, the two over the last three sessions have gained 130 per cent and 25 per cent, respectively. READ REPORT HERE

BROKERAGE RADAR :: Credit Suisse on RIL

-- Maintains neutral rating, but raises target to Rs 1,400/Sh (from Rs 1,210)

-- Tariff hike by Jio could bring revenue worth over $1.5 billion

-- Revenue to help achieve zero debt target by FY21

BROKERAGE RADAR :: Anand Rathi Shares and Stock Brokers on Page Industries

We initiate coverage on Page Industries with a Buy rating and a TP of Rs 27,288, based on 50x FY22e EPS of `546. We believe that the company will be faced with short-term issues due to weakness in the trade channel because of poor liquidity, the general consumption slowdown and keener competition with newer brands. We are, however, confident of its long-term growth prospects.

BROKERAGE RADAR :: Anand Rathi Shares and Stock Brokers on Ashoka Buildcon

On the stronger-than-expected margins and shift to the new tax regime, our FY20e PAT has been raised ~64% (and ~33% for FY21) due to the low base (owing to losses in the SPVs). On the revised estimates, the stock (excl. investments) trades at PER of 7x FY20e and 6x FY21e, against a TP-implied exit multiple of 12x FY21e. Risk. Slow pace of project execution.

Weekly stock picks by Religare Broking: Buy HPCL, Power Finance Corporation

Buy Hindustan Petroleum Corporation Limited
 
Last Close: Rs 290.20
 
Initiation range: Rs 288-290
 
Target: Rs 305
 
Stop loss: Rs 282
 
HINDPETRO has been witnessing profit taking for the last three weeks after retesting the resistance zone around 325 levels. It’s currently hovering above the support zone of 100 EMA on the daily chart and is forming a fresh buying pivot. Indications from the energy index are also favorable. We thus advise accumulating fresh longs in the mentioned zone. READ MORE

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


Rupee Check

Source: Bloomberg


Oil Check

-- A far larger than expected rise in crude stocks led to decline in prices. Brent crude futures stood at $60.91 a barrel early on Wednesday, after sliding 2.6 per cent overnight. 

SGX Nifty

At 7:35 AM, SGX Nifty, the Singaporean Exchange for Nifty Futures was down 25.5 points, or 0.21 per cent, at 11,956 level.

Asian Market Check

Source: Reuters


US Market Check

Source: Reuters


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