MARKET WRAP: Sensex off day's high, ends 169 pts up; PSBs, metals advance

Equity market ended with decent gains on Thursday amid buying in almost all the counters but IT stocks. 

Positive global cues, Cabinet nod to the Insolvency and Bankruptcy Code (IBC) amendment and the government's approval to a partial credit guarantee scheme for state-run banks to purchase high-rated pooled assets from financially sound NBFCs boosted the investor sentiment.  

The S&P BSE Sensex added 169 points or 0.42 per cent to end at 40,582. Tata Motors (up 7 per cent) emerged as the biggest gainer on the index while Infosys (down over 2.50 per cent) was the worst performer. HDFC Bank, TCS, SBI, Tata Motors, and Reliance Industries (RIL) contributed the most to the index's gains. 

The NSE's Nifty50 index ended at 11,972, up 62 points or 0.52 per cent. The Nifty Bank index climbed 409 points or 1.31 per cent to settle at 31,665 levels.  

In the broader market, midcaps fared better than the frontline indices. The Nifty Midcap 100 index rallied 136 points or 0.82 per cent to end at 16,771.50. The Nifty SmallCap 100 index closed at 5,605, up 26 points or 0.47 per cent.

Sectorally, barring IT stocks all the other indices ended in the green. The Nifty Metal index climbed 2.36 per cent to settle at 2,569 while Nifty PSU Bank gained 2.23 per cent to 2,471 points.

NEW LISTING

Shares of Ujjivan Small Finance Bank (USFB) made a strong market debut on Thursday and listed at Rs 58, a 57 per cent premium against its issue price of Rs 37 per share on the BSE. The stock hit a high of Rs 62.80 apiece during the day. It finally settled at Rs 55.90 apiece. 

BUZZING STOCKS

YES Bank ended 6 per cent higher at Rs 45.35 apiece on the BSE. The Mumbai-based lender said its board failed to reach a final decision on potential investors at a meeting on Tuesday, though it favored a $500 million offer from Citax Holdings Ltd. 

Shares of Aavas Financiers rallied 6 per cent on Thursday to hit a new high of Rs 1,949 on the BSE ahead of board meeting later in the day to consider fund raising via non-convertible debentures (NCDs).  The stock eventually ended at Rs 1,915, up over 4 per cent. 

GLOBAL MARKETS 

Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent UK election and a deadline for Sino-US trade talks kept investors cautious. 

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.98 per cent to the highest since November 11. Japan's Nikkei stock index rose 0.22 per cent and US stock futures edged up 0.1 per cent. Chinese shares slipped 0.2 per cent. 

In Europe, shares rose slightly as investors awaited the outcome of a general election in Britain that will decide the fate of Brexit, as well as a policy meeting by the European Central Bank (ECB).

In commodities, oil prices rose after OPEC forecast a supply deficit next year. 

(With inputs from Reuters)


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3:42 PM IST The benchmark S&P BSE Sensex settled off-day's high at 40,582 level, up 169 points or 0.42 per cent. HDFC Bank, Kotak Mahindra Bank, State Bank of India, Reliance Industries, and Larsen & Toubro were among the top contributors towards the index's gain. In the intra-day trade, the Sensex hit a high and low of 40,713 and 40,491, respectively.   On the NSE, the Nifty50 gained 62 points, or 0.52 per cent, to end at 11,972 level.

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LIVE UPDATES

Ujjivan Small Finance Bank ends debut day at Rs 55.90


Nifty Bank closes 409 pts higher


Nifty sectoral indices at close


Top gainers and losers at S&P BSE Sensex at close


CLOSING BELL

The benchmark S&P BSE Sensex settled off-day's high at 40,582 level, up 169 points or 0.42 per cent. HDFC Bank, Kotak Mahindra Bank, State Bank of India, Reliance Industries, and Larsen & Toubro were among the top contributors towards the index's gain. In the intra-day trade, the Sensex hit a high and low of 40,713 and 40,491, respectively.
 
On the NSE, the Nifty50 gained 62 points, or 0.52 per cent, to end at 11,972 level.

Nifty at close


Sensex at close


BUZZING STOCK:: Honeywell Automation up 3%


Contribution to Sensex's gain today


Nifty sectoral indices at this hour


NEWS ALERT | Nifty reclaims 12,000-mark


NEWS ALERT | BPCL roadshows for strategic stake sale likely to start tomorrow: CNBC TV18

-- First round of BPCL roadshow likely at London

-- Next round likely at US, Dubai
 

EXPERT COMMENT | Vinod Nair, HoR, Geojit Financial Services on Ujjivan SFB

The experience of Ujjivan Financial Services as an erstwhile microfinance institution, coupled with the ability to address mass market customers will further aid Ujjivan Small Finance Bank to be among the leading players in Small Finance Banking space. With strong asset quality and attractive valuation, we have a positive view on a long-term perspective. 

BUZZING STOCK:: Indiabulls Housing Finance zooms 7%


Sensex extends gain, up 200 pts now


Asian Markets check

Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent UK election and a deadline for Sino-US trade talks kept investors cautious.

The Fed kept interest rates unchanged, as expected, at its policy meeting on Wednesday but indicated interest rates would remain on hold, which nudged Wall Street stocks higher.
 
That helped MSCI's broadest index of Asia-Pacific shares outside Japan climb 0.98 per cent to the highest since November 11. Japan's Nikkei stock index rose 0.22 per cent and US stock futures edged up 0.1 per cent. Australian shares were down 0.65 per cent, however, weighed by the financial sector after a money-laundering scandal.
 
Pan-region Euro Stoxx 50 futures were up 0.03 per cent, German DAX futures FDXc1 were up 0.02 per cent, while FTSE futures FFIc1 were up 0.16 per cent.

(inputs from Reuters)

Manappuram Finance rallies 8% in two days, trades near record high

Shares of Manappuram Finance moved higher by 2 per cent to Rs 170 on Thursday, inching towards its all-time high level on the BSE. The stock of non-banking finance company (NBFC) was trading close to its record high of Rs 174 touched on November 4, 2019. It rallied 8 per cent in the past two trading days on the back of heavy delivery-based volumes. READ MORE

BSE500 stocks that hit 52-week high today

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
AAVAS FINANCIERS 1908.00 1949.05 68.40 3.72
CRISIL 1719.00 1727.55 58.00 3.49
DIVI'S LAB. 1823.00 1840.20 3.05 0.17
DLF 222.80 227.90 -0.10 -0.04
KOTAK MAH. BANK 1700.00 1701.50 13.95 0.83
» More on 52 Week High

Time running out fast for YES Bank as it scouts for a new investor

Yes Bank Ltd. shares tumbled the most in two months after its board deferred an announcement on new investors, prompting a warning about the risks to the Indian financial system if the lender is unable to quickly bolster its capital. READ MORE   

TCS, Elisa Smart Factory partner to deliver advanced analytics solutions to the manufacturing sector


BROKERAGE RADAR | Motilal Oswal Financial Services on Strides Pharma

STR is building multiple levers in the form of a healthy ANDA pipeline and a specialized portfolio of injectables/bio pharma to deliver strong earnings growth over the next 3-4 years. We expect earnings to increase 5x over FY19-21, partly led by a low base of FY19. We continue valuing STR on an SOTP basis to arrive at a target price of Rs 440. Maintain Buy.

NEWS ALERT | L&T Infotech enters into multi-year partnership with Swedish company Hoist Finance: BSE filing


NEWS ALERT | Godrej Properties adds 4 new residential projects in Navi Mumbai, Thane, Ambernath and Bengaluru: BSE filing


DHFL hits lower circuit for 5th straight day

- shares were down 5% at Rs 14 hitting 15-year low on the BSE; 

-The stock was trading at its lowest level since September 2004 

YES Bank extends gain, surges 10%


Rupee check

(Source: Bloomberg)

NEWS ALERT | Tech Mahindra bags Rs 500 cr Smart City project in Pune: CNBC TV18


From Polycab India to IRCTC, IPOs that doubled your money in 2019

Calendar year 2019 (CY19) has turned out to be a good year for those who invested in equities via the primary market route with most of the new listings outperforming the S&P Sensex. As many as 92 per cent of the stocks of companies that listed in 2019 are trading well above their issue price and have given a return of over 200 per cent. READ MORE

Hero MotoCorp trades at day's high


BROKERAGE RADAR | Reliance Securities on agri sector

Owing to a better acreage in Rabi 2019-20, we expect domestic agrochemical and fertiliser companies to benefit. In fertilisers space, Coromandel International is our top pick owing to continued strengthening of market share in the key fertiliser consuming states. We are positive on PI Industries as we see the company to be the biggest beneficiary from improved Rice acreage. We believe Dhanuka Agritech is set for a revival and attractively priced.
 
Our Top Pick: Coromandel International

EXPERT COMMENT | Rahul Gupta, HoR - Currency at Emkay Global on US Fed decision

The Fed’s policy decision was in line with market expectations, the Fed left the fed fund rate unchanged at 1.5-1.75 per cent after cutting the benchmark index three times. However, the central bank removed an earlier reference to “uncertainties” and said that it will continue to monitor the implications of data for the economic outlook “including global developments and muted inflation pressures. This has eased the recessionary fears despite the prolonged US-China trade war, and has led to a surge in risk appetite. Dollar index declined post the policy outcome. This, will have a positive impact on rupee; however, it will be on an edge until ahead of Sunday, when additional Chinese exports to the US are set to kick in. USD/INR range has come back to 70.50-71.50 for short term, 70.50 will act as a strong support and we can see some reversal from there towards 71 and plus levels.

BROKERAGE RADAR | Motilal Oswal Financial Services on L&T Infotech

Weakness in key accounts in conjunction with concerns around an immediate integration with Mindtree has led to ~29% correction of the multiple from its peak over the last 12-15 months. As these concerns are now largely behind, we expect a re-rating of nearly 9 per cent to 19x one-year-forward P/E. Our target price of Rs 2,030 implies a multiple at a 15 per cent discount to the industry leader (TCS). Maintain Buy. 

Auto stocks gain

COMPANY LATEST(rs) CHG(rs) CHG(%) VOLUME
TATA MOTORS 169.70 7.95 4.91 1353390
ASHOK LEYLAND 77.45 0.90 1.18 596737
TATA MOTORS-DVR 68.10 2.40 3.65 421470
M & M 512.75 5.10 1.00 34355
ESCORTS 596.20 0.60 0.10 30552
» More

Ujjivan Small Finance Bank: Analysts still bullish despite bumper listing

Ujjivan Small Finance Bank (SFB) got off to a solid start at the bourses on Thursday as the shares got listed at Rs 58 apiece on the BSE, a 57 per cent premium against the issue price of Rs 37 per share on the BSE. The stock rallied further to hit a high of Rs 62.80 in the intra-day trade. The initial public offering (IPO) of the lender, which was open for subscription during December 2-4, was subscribed more than 170 times at a price band of Rs 36-37 per share. READ MORE

IT stocks under pressure


Contribution to Sensex's gain today


Most active stocks by volume

COMPANY PRICE(rs) CHG(rs) CHG(%) VOLUME
YES BANK 44.30 1.50 3.50 7106040
VODAFONE IDEA 6.77 0.08 1.20 5522678
DISH TV 13.28 -0.05 -0.38 3381449
BHARTI INFRA. 252.00 -2.40 -0.94 2073859
RELIANCE POWER 3.09 -0.13 -4.04 1513390
» More on Most Active Volume

Aavas Financiers surges 6% ahead of board meet for fund raising via NCDs

Shares of Aavas Financiers rallied 6 per cent on Thursday to hit a new high of Rs 1,949 on the BSE ahead of board meeting later in the day to consider fund raising via non-convertible debentures (NCDs). The housing finance company's stock surpassed its previous high of Rs 1,880, hit on December 2, 2019 in intra-day trade. READ MORE

Four brokerage houses question YES Bank's future, raise concerns

After YES Bank’s inability to raise funds worth $2 billion, brokerage houses have started questioning the future of the private lender. After a five-hour long meeting on Tuesday, the bank told exchanges that it is considering the $500-million offer made by Citax Holdings and Citax Investment Group. A decision regarding allotment will be taken at the next board meeting. READ MORE

Ujjivan Small Finance Bank makes strong debut, lists at 57% premium

Shares of Ujjivan Small Finance Bank (USFB) made a strong market debut on Thursday and listed at Rs 58, a 57 per cent premium against its issue price of Rs 37 per share on the BSE. The stock quickly extended its gains and rallied as high as Rs 62.80 per share on the exchange. The Rs 750-crore initial public offering (IPO) of USFB, the subsidiary of microfinance lender Ujjivan Financial Services, saw a massive subscription of 166 times. READ MORE

NEW LISTING|| Ujjivan Small lists at Rs 58 per share vs issue price of Rs 37


Pharma stocks gain in early trade

COMPANY LATEST(rs) CHG(rs) CHG(%) VOLUME
CIPLA 461.80 12.10 2.69 36442
GLENMARK PHARMA. 343.40 9.40 2.81 32356
CADILA HEALTH. 265.50 3.25 1.24 24673
BIOCON 292.60 2.20 0.76 23069
SUN PHARMA.INDS. 435.00 5.60 1.30 22434
» More

Market extends gain


BHEL gains 3%


Nifty PSU Bank index is trading over 1% higher


Aditya Birla Capital up 4%


Metal stocks rally


Midcaps participate in market rally


MARKET CHECK | Top 5 losers on the BSE at present


Cipla rises around 1%


YES Bank gains over 2%


Sectoral gainers and losers on the NSE


Top gainers and losers on the S&P BSE Sensex


Top gainers and losers at S&P BSE Sensex during Opening Trade


OPENING BELL

At 09:16 am, the S&P BSE Sensex was trading 117 points or 0.29 per cent higher at 40,530 levels while NSE's Nifty was hovering around 11,950, up 34 points or 0.29 per cent. 

Nifty at open


Market at open


Momentum picks by ICICI Securities


Nifty in pre-open


Sensex in pre-open


Rupee opening

Rupee opens higher at 70.69/$ vs Wednesday's close of 70.83 against the US dollar

Today's picks

L&T
 
Keep a stop at 1,275 and go short. Add to the position between 1,245-1,250. Book profits at 1,240.
 
Zee Entertainment
 
Keep a stop at 287 and go short. Add to the position between 280-281. Book profits at 279. READ MORE

Stocks to watch

JSW Steel, DHFL, SBI, Union Bank are expected to remain in focus today as the Union Cabinet on Wednesday approved an amendment to the Insolvency and Bankruptcy Code (IBC) that prohibits attaching assets of companies resolved under the mechanism for offences committed by the previous management or promoters. READ MORE

Buy and sell ideas by Sacchitanand Uttekar of Tradebulls Securities

Stock: PVR
 
Reco: SELL
 
CMP: Rs 1,745
 
On the daily scale, the stock is close to its intermediate swing support zone around 1,700-17,20. The recent failure to sustain above 1,820 lead to a sharp decline and some brief consolidation which now looks like an Inverse Flag formation. The pattern exhibits a target around 1,655 close to its 200 DEMA zone which also coincides around 1,666. Hence, trading shorts could be considered with a stop at 1,765. READ MORE

Nifty outlook and top trading ideas by CapitalVia Global Research Limited

Buy POLYCAB above Rs 1016
 
Target: Rs 1,110
 
Stop loss: Rs 960
 
The stock is in strong trend with the support of 200 EMA. Breaking the immediate resistance of 1,016 will bring an upside momentum in the stock. Considering the technical evidence discussed above, we recommend buying the stock above Rs 1,016 for the target of Rs 1110 keeping a stop loss at Rs 9,60 on closing basis. READ MORE

Bulk deals on BSE as on Wednesday


Bulk deals on NSE as on Wednesday


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


Rupee check

(Source: Bloomberg)


Oil check

-- Oil prices steadied on Thursday with the market mood switching to relief as OPEC forecast a supply deficit next year, from doom and gloom over data showing a surprise increase in US crude inventories.

-- Brent futures rose 19 cents to $63.61 a barrel after skidding 1 per cent on Wednesday on the U.S. stocks build-up.

SGX Nifty

At 8:16 AM, the SGX Nifty was trading 46 points higher at 11,995 levels.

Asian Markets check


US Market check


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