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Share Market Highlights: Sensex, Nifty end flat ahead of RBI MPC outcome; Maruti, ONGC, SBI top gainers

India Stock Market Highlights Today: Maruti Suzuki, Hindalco, Tata Steel and GAIL India were the top gainers on Nifty rising up to 3.62%. SBI Life Insurance, Infosys, Bharti Airtel and Axis Bank were the top losers falling up to 1.79% on Nifty

twitter-logoBusinessToday.In | December 3, 2020 | Updated 16:02 IST
Share Market Highlights: Sensex, Nifty end flat ahead of RBI MPC outcome; Maruti, ONGC, SBI top gainers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, NiftyHighlights on December 3: Market indices ended on a flat note on Thursday's session after opening at record highs, amid positive global equities. Sensex ended 14 points higher at 44,632 and Nifty gained by 20 points to hit 13,133. Market was expected to trade sideways ahead of the outcome of Reserve Bank's policy meet, strating today. Earlier at opening bell, Sensex touched a lifetime high of 44,953 and Nifty hit an all-time high of 13,216. Yesterday, Sensex ended 39 points lower at 44,618 and Nifty gained by 4 points to close at 13,113. Global equities turned positive today after Britain announced it became the first country to approve the Pfizer-BioNTech vaccine against COVID-19 and said the vaccine would be rolled out from next week. Hopes for additional US economic stimulus and a coronavirus vaccine kept market sentiment well-supported.

Here's a look at the updates of the market action on BSE and NSE today

3. 59 PM: Closing session

Market indices ended on a flat note on Thursday's session after opening at record highs, amid positive global equities. Sensex ended 14 points higher at 44,632 and Nifty gained by 20 points to hit 13,133.

3. 44 PM: Closing outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"After a marginal gap up, the Nifty failed to cross 13150 on a closing basis. This is a stiff resistance zone for the index. If we are successful in closing above 13150, we can achieve 13250-13300 which will be the next resistance level where the markets can witness selling pressures."

3. 31 PM: Indoco Remedies share price hits 52-week high

Indoco Remedies share price rose more than 5% to hit an new 52 week high of Rs 298 in Thursday's early session, after Dovetail India Fund Class 6 Shares bought 5 lakh shares of the company at Rs 265.31 apiece on the bourses BSE and NSE.

As per data available on BSE, Dovetail India Fund purchased 5 lakh equity shares amounting to 0.58% stake at Rs 265.31 per share. However, OHM Juniper Longterm Fund offloaded 0.54% stake in the company at a share price of Rs 265.31 per share.

Following the update, Indoco Remedies share price touched an intraday high of Rs 295, rising 5.21% on BSE today as against the last closing value of Rs 283.25. The stock also hit an intraday low of Rs 285.10.

3. 12 PM: HDFC Bank stock falls almost 2%

Shares of HDFC Bank were trading nearly 2% lower in early trade on Thursday after the central bank forbid India's largest private lender from adding new credit card customers or going ahead with its digital innovations.

The Reserve Bank of India The Bank's official notification said: "RBI has issued an order dated  December  02, 2020  ("Order")  to HDFC Bank Limited  (the "Bank") with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the Bank over the past 2 years, including the recent outages in the Bank's internet banking and payment system on November 21, 2020, due to a power failure in the primary data centre".(RBI) on Thursday asked HDFC Bank's board to examine lapses and fix accountability over frequent outages in its digital payment services.

HDFC Bank share price opened at Rs 1,420.10 and later touched an intraday high of Rs 1,431.60, rising 1.75%. The stock, however, gave up early gains and touched a low of Rs 1,379.05, down 1.9% against the earlier close of Rs 1,406.95 on BSE.

2. 55PM: Market update

Market is expected to trade sideways ahead of the outcome of Reserve Bank's policy meet, strating today.

Meanwhile, US markets closed higher led by improved prospects of announcement of fiscal stimulus before the year end. Asian equities were mostly buoyed today as positive macroeconomic data flow, developments on US coronavirus stimulus negotiations and hopes of a COVID-19 vaccine boosted investor sentiment

2. 40 PM: Rupee opens on flat note at 73.81

Indian rupee opened on a flat note and was trading in a narrow range per US dollar on Thursday's opening session. Analysts said investors were awaiting outcome from the Reserve Bank of India's Monetary Policy Committee's three-day interest rate-setting meeting that started Wednesday, with the decision due on Friday.

The domestic unit opened at 73.81 per US dollar at the interbank forex market and touched 73.77 per US currency. In volatile trade, the local unit also touched 73.89 per the American currency.

Rupee opens on flat note at 73.81 per dollar ahead of RBI MPC outcome

2. 33PM: InterGlobe Aviation outlook

Reliance Research in its note said," The stock has witnessed sharp up-move since its bullish cross-over has taken place between its 20-day and 50-day EMAs. In case of decline, the stock reversed twice after testing its upward slopping moving averages and moved northwards. Few days back, the stock oscillated at around its 20-day EMA. Yesterday, the stock has given breakout from near-term consolidation and resumed its up-move. Since three and half months, its RSI managed to hold at 50-mark decisively, which signals strength in the stock. We believe undergoing positive momentum will continue and the stock will test Rs1,710 mark initially and Rs1,899 level subsequently. On the lower side, the stock will find strong support at around its 50-day EMA. Stop loss will trigger at Rs1,440 (on closing basis) and will negate the view."

2. 16 PM: Market update

Markets turned muted today, tracking gains in index majors HDFC Bank, Reliance Industries and Maruti amid largely positive cues from global markets.

Analysts said investors were awaiting outcome from the Reserve Bank of India's Monetary Policy Committee's three-day interest rate-setting meeting that started Wednesday, with the decision due on FridayEconomists expect the RBI to leave interest rates unchanged or a third straight meeting amid high inflation and with Q2 GDP numbers contracting to a lower degree than Q1 in the current fiscal.

1. 56 PM: Tata Chemicals stock hits 52-week high

Tata Chemicals share rose up to 9% in trade today after its parent company Tata Sons bought 18 lakh shares through open market transaction. Value of the transaction stood at Rs 76 crore. Tata Chemicals stock touched 52 week high of Rs 464.75, rising up to 8.75% on BSE.

The share has gained 41.18% in the last 11 days. The stock opened with a gain of 2.81% at Rs 439.35 against previous close of Rs 427.35.

Tata Chemicals share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Tata Chemicals stock hits 52-week high after promoter buys 18 lakh shares

1. 46 PM: YES Bank share trading lower

Share of YES Bank fell after 3 days of consecutive gains on Thursday, led by muted sentiment in the private banking index and broader indices Sensex and Nifty, ahead of the RBI MPC outcome.

Earlier today, YES Bank share price opened at Rs 15.69 and touched a day's high of Rs 15.75, rising 1.8% against the last close of Rs 15.46. Although, the stock later erased gains amid volatility in the broader market and fell 1.1% to hit the day's low of Rs 15.28 on BSE.

YES Bank share falls after 3 sessions

1. 30 PM: Top gainers and losers

Tata Steel followed by Maruti, ONGC, HDFC Bank, Tech Mahindra, L&T, HCL Tech and SBI were among the top gainers in the Sensex pack. On the other hand, Axis Bank, Infosys, TCS, Bharti Airtel and M&M were among the laggards.

1. 27 PM: Real Estate sector update

Vijay Verma, CEO, Sunworld Group said, "Noida real estate market is becoming the popular choice for corporate millennials due to the range of facilities, prime location, and seamless connectivity via Expressway available for its inhabitants. Ready to Move in apartments are emerging as the most preferred choice due to the reduced hassle and access to a range of facilities. Another popular trend gaining prevalence in RTMI properties is wellness and healthy homes. Buyers are seeking properties with functional spaces that can be transformed into offices, meditation areas, hobby corners, etc. Reputed developers are customizing their offerings and project as per the new normal to accommodate the new interests among end-users."

1.16PM: Burger King India outlook

Keshav Lahoti-Associate Equity Analyst, Angel Broking said,"Burger King received a good response from anchor investors by raising Rs.364.5 crore from them. The anchor allotment was done at the higher price band of Rs.60. Anchor investors of the issue were SBI Mutual Fund, Government of Singapore, Sundaram Mutual Fund etc

1.01 PM: Market turns flat

Market indices traded on a flat note on Thursday's after session after opening at record highs, amid positive global equities. Sensex was rising 44 points lower at 44,556 and Nifty gained by 7 points to hit 13,119. Earlier at opening bell, Sensex touched a lifetime high of 44,953 and Nifty hit an all-time high of 13,216.

12. 54 PM: India Industrials sector update

JM Financial Institutional Securities said in its note," Indian Industrials sector saw a solid recovery as aggregate sales of 38 industrial companies were down 10% YoY (down 14% YoY, adjusting for price inflation), while ex-BHEL sales declined by just 4% YoY. Mid-to-early cycle companies in bearings, abrasives, pumps, compressors and varied industrial products witnessed recovery to almost 95% of pre-Covid levels, while late-cycle project companies witnessed recovery to c.85% of pre-Covid levels. Only 14 out of 38 companies reported a decline of more than 10% YoY. A lumpy base and postponement of large government orders (T&D, rail, and defence) led to a sharp decline of 51% YoY in inflows, but most companies maintained annual inflow guidance as they expect order finalisations to improve in 2H. However, private sector ordering will continue to remain selective in sectors like chemicals, pharma and F&B, as utilisation levels continue to hover at c.70%. Ordering from large infrastructure projects, FGD sectors, core industries, hospitality sectors and commercial real-estate currently remain subdued. Operating margins saw a sharp uptick across all product companies led by mix improvement and cut down of fixed expenses, but project companies continued to report weak profitability. We believe it is necessary to evaluate 2H21 to evaluate whether the uptick is a sustained recovery or pent-up demand. Recovery in automotive, strong commodity cycle, government initiatives of Atma Nirbhar India and recovery in government spending can all drive long-term sustainable growth. Our top picks are Cummins India, ABB India, GMM Pfaudler and SKF India."

12. 40 PM: Dabur India outlook

Geojit financial said in its note,"In Q2FY21, Revenue rose 13.7% YoY driven by healthy growth in domestic and international market through launch of new products and increase in demand. EBITDA margin stood at 22.6% (+50bps YoY) helped by cost reduction initiatives i.e. Samriddhi project. New product launches, pickup in economy post lockdown, efficient supply chain, and cost reduction initiatives will boost financials in medium to long term. Hence, we upgrade our rating to BUY on the stock with a revised target price of Rs. 584 based on 53x FY22E adj. EPS."

12. 34 PM : Sun Pharma outlook

JM Financial Institutional Securities said in its note,"While Sun's core operating performance in 1HFY21 remained robust despite the impact of Covid-related disruptions across segments, the stock is yet to price in even a modest near-term earnings uptick. We see multiple drivers of a sustained earnings momentum including Sun's specialty portfolio reverting to its normalized growth trajectory with prescriptions in Ilumya & Cequa now exceeding pre-Covid levels, strong uptick in prescriptions across Taro's key products in US & the expected mid single-digit growth in Taro's US business in FY22 given a low FY21 base and further consolidation of Sun's leadership position in the domestic market with some signs of a recovery in the broader market visible in Oct'20. We believe that key concerns including decline in the contribution from Absorica and challenges in Ilumya & Cequa ramp-up remain overstated with the opportunity size for Sun in the US psoriasis & dry eye markets remaining fairly large even accounting for a challenging competitive landscape. Gross margin expansion aided by steady domestic & specialty growth and the end of negative operating leverage post breakeven in key specialty assets by FY22 should aid EBITDA margin expansion of c.670 bps over FY20-23. Sun has underperformed the Nifty Pharma Index by c. 24% YTD. At c.18x FY22E EPS, the stock is currently trading at c. 20% discount to its historical trading range. With the sectoral trading ranges now having moved to 1SD above the 10-year mean and structural overhangs including the generic drug price-fixing lawsuit & the SEBI probe now getting behind the company, we see a strong case for a re-rating. Given multiple earnings drivers and strong valuation comfort, Sun remains one of our top picks in the sector."

12. 18 PM: RBI sectoral credit outlook

Centrum Broking in its note said," Given that growth in FY21E depends on the pace of recovery, focus is on asset quality and capital adequacy for lenders and liquidity for NBFCs. MSME is showing signs of revival due to the MSME guarantee scheme and performance post Oct'20 is crucial though extension of this scheme by a month till 30th Nov. could provide some fillip. Overall business and collection efficiency has bounced back faster than expected though its sustainability remains a key monitorable. Prefer ICICI among large cap-banks while among mid and smaller banks we like Federal Bank and Ujjivan SFB as better collection efficiency has yet to fully translate to better valuations."

12.00 PM: Maruti outlook

Abhijeet Ramachandran, Independent Analyst/ Co-Founder and Trainer, Tips2Trade said, "Even though domestic sales growth for Maruti in November 2020 was just 1.7%, export nos were excellent registering almost 30% growth. With news of the vaccine readiness and gradual unlocking of the economy, the leading 4 wheeler manufacturer in India should see strong pent up demand in the coming months as well. Technically, investors should look to buy on a dip near 7000-7200 for targets of 7900-9200 in the coming months."

11.49 AM:Burger King India IPO

Burger King India IPO was subscribed by 3.1 times on the first day of issue. Retail portion was most subscribed by 15.5 times as retail had the lowest allocation quota in the issue of only 10%. Non institutional and QIB was subscribed 0.7 and 0.2 times only as mostly they subscribe in big numbers on the last day of the issue. Burger King IPO is priced lower compared to the peers. We expect the IPO to be subscribed many times as a lot of value is left in the table.

We are positive on the future outlook for the industry as well as the company, so we have recommended to "Subscribe" to the issue for long term as well as for listing gains in our IPO Note."

11.36 AM: Pfizer outlook

Yash Gupta Equity Research Associate, Angel Broking said," Pfizer India stock up by 2.4% along with spruits in volume on back of positive news from Pfizer Uk. Uk become first country to approve Pfizer Covid-19 vaccine and even can begin vaccination next week. The United Kingdom became the first country in the world to approve Pfizer vaccine to use worldwide. The medicines and healthcare products regulatory agency said vaccines are safe for vaccination. The NHS stands ready to start vaccinating early next week told by health secretary Matt Hancook. The UK has already ordered 40 million doses of Pfizer/BioNtech vaccine to vaccinate 20 million people, with 2 shots each. This is a very positive development for Pfizer UK and Pfizer India, if this vaccine got approval in India also then Pfizer India will be beneficiary of it.

11. 25 AM: Sun Pharma outlook

Reliance Research said in its note," Sun Pharma has sustained the intermediate support of Rs480.It is now poised to surpass the intermediate resistance of Rs560 as well, following which the stock could march towards Rs700 level. Weekly chart indicates breakout of the trend line and a similar break on daily RSI (inset) could help the stock to oscillate higher. Long positions can be initiated in the range Rs540-Rs550 for a target of Rs700. This view will be negated at Rs475 (stop loss) on closing basis."

11.12 AM: Market outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We had a marginal gap up opening and have again come to test the 13150 level which is a crucial point for the Nifty. We need to keep above this level on a consistent basis in order to continue the upside rally. If that happens, we could reach the levels of 13250-13300. When the markets corrected yesterday, strong support was made at the 12950-13000 level. Keeping that as a new base, traders can go long on this market."

11.04 AM:Auto sector volume outlook

Reliance Research said in its note," Indian automobile companies reported higher YoY sales volume across segments in Nov'20 (barring M&HCV and 3W segments) on the back of festive season, demand recovery in urban markets and continued healthy demand in rural markets. In most segments, wholesale volume was lower than the retail volume, which picked up faster. Inventory level at the end of Nov'20 across segment fell by 0-2 weeks due to healthy off-take during the recently-concluded festive season. Notably, supply constraint restricted the wholesale volume of few companies. PV segment is expected to have grown by 9% YoY, while Tractor segment reported a strong 50% YoY volume growth in Nov'20 led by positive sentiment following a healthy Rabi output and strong Kharif sowing, favourable monsoon and increasing production by the manufacturers. Within the CV segment, LCV sales volume has been witnessing remarkable improvement during the past few months. M&HCV segment witnessed improvement due to volume traction in M&HCV cargoes, while M&HCV bus segment continued to fall by 70-90% YoY in Nov'20. 3W segment was the worst performer with 35% YoY fall in sales volume in the reporting month."

The report further added," Looking ahead, we expect decent volume traction to continue in 4QFY21E as well due to improved economic activities across the country, while the scenario may become bit challenging in the near-term due to post-festive slump."

10. 55 AM: Market indices hit record highs

Sensex and Nifty hit fresh all-time highs in early trade today amid a rise in their global peers. Sensex rose 335 points to 44,953 against previous close of 44,618. Nifty too climbed 103 points to 13,216 against previous close of 13,113.

With today's rally, Sensex has gained 8.47% since the beginning of this year and Nifty  has risen 8.17%  during the same period. Interestingly, Sensex and Nifty have gained 11.20% and 11.44%, respectively in one month.

Sensex, Nifty scale record highs on vaccine, economic stimulus hopes

10. 41AM: Market outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Yesterday gold prices increased by 0.78% and closed at 48947 levels and Silver prices increased by 0.20% and closed at 63325 levels on back of weakness in dollar. Increasing cases due to corona virus also supports the gold and silver prices. However development on the front of corona virus vaccine may curb the sharp appreciation. Appreciation in USDINR may also pressurize the gold  and silver prices.

The yellow metal also found some support as depreciating U.S. currency made the dollar denominated Gold cheaper for other currency holders. Global central banks are also expected to keep their interest rates low in an attempt to get the economy back on track which is also supportive for Gold.

As for today traders can go for BUY in gold at Rs 48700 levels with the stop loss of Rs 48500 levels for the target of 49400 levels. They can also go for BUY  in Silver at Rs 63000 levels, with the stop loss of 62300 levels and for the target of 64500 levels."

10. 36 AM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," As far as levels are concerned, 13150 is the immediate resistance to watch and after surpassing it, we may see an extension of the move towards 13225-13300 levels. On the flipside, 13000-12960 zone would be seen as immediate support which if breached, could lead to a healthy profit booking. The Nifty Midcap100 index surpassed the 20000 level after more than two years and it has been a remarkable move from the recent lows. While the momentum continues to remain strong, 19775 is the support that traders should keep a tab on and accordingly manage their trading positions."

10.22 AM: Nifty outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The strong market rally in November was led by a potent mix of factors like record high FPI inflows, better than expected Q2 corporate results & GDP numbers, optimistic commentaries from managements of some crucial sectors , positive news on the vaccine front and increasing retail investor participation. The sustained decline in dollar index (at 91now) provides strong support to EM equities. Big correction in the markets will happen only if there is reversal in these positive trends or some unexpected negative trigger emerges"

10. 14 AM: Global markets

In the US,  the House of Representatives unanimously passed a bill that would require Chinese companies to adhere to U.S. auditing standards if they want their stocks to be to be listed on exchanges in the United States. The bill now goes to President Donald Trump, who is expected sign it into law.

Overseas, most Asian stocks advanced on Thursday as investors reacted to the release of a private survey on China's services sector activity in November.

China's Caixin/Markit services Purchasing Managers' Index for November released Thursday came in at 57.8, rising from October's reading of 56.8. PMI readings above the 50 mark signify expansion, while those below that level represent contraction.

10.08 AM: S&P 500 hit record high as investors await fiscal deal

The S&P 500 climbed to a record high close on Wednesday and the Nasdaq Composite Index dipped as investors weighed upbeat vaccine developments and a potential coronavirus fiscal package against a bleak private jobs report. Republicans and Democrats in Congress remained unable to reach agreement on fresh relief for a pandemic-hit U.S. economy, although some investors said bad economic news could spur policy makers to push harder for a deal.

S&P 500 hit record high as investors await fiscal deal

9. 53 AM: Stocks to watch today on December 3

Wipro, Trident, Airtel, M&M, Ceat, MCX, Sun Pharma among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Wipro, Trident, Airtel, M&M, Ceat, MCX, Sun Pharma

9. 41 AM: Nifty outlook

Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said,"The market manages to hold above the Nifty 50 Index support zone of 13050. Our research suggests that the technical factors are aligned to support a range-bound market movement going forward. Therefore, it is  advised that the short-term traders should use the rally to exit while attempting to buy on dip approach to adopt. Market breadth to deteriorate, indicating the likelihood of higher volatility in the market. Any corrective wave down should find buying interest around 12910-12920."

9. 23 AM: Opening session

Market indices opened on a bullish note on Thursday, amid positive global equities. Sensex was rising 150 points higher at 44,770 and Nifty gained by 50 points to hit 13,165. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating a positive trend in domestic grounds today. Sensex touched a lifetime high of 44,953 and Nifty hit an all-time high of 13,216.

9. 13 AM: Market outlook

In the market analysis report, Ajit Mishra, VP - Research, Religare Broking said, " Going ahead, further updates on COVID vaccines and cues from the global markets will remain in focus. Besides, on the domestic front, RBI's monetary policy meet would also be on investors' radar. The MPC is likely to maintain the status quo however their commentary on growth and inflation would be critical.

9. 06 AM: Market outlook

Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said,"As far as levels are concerned, 13150 is the immediate resistance to watch and after surpassing it, we may see an extension of the move towards 13225-13300 levels. On the flipside, 13000-12960 zone would be seen as immediate support which if breached, could lead to a healthy profit booking. The Nifty Midcap100 index surpassed the 20000 level after more than two years and it has been a remarkable move from the recent lows. While the momentum continues to remain strong, 19775 is the support that traders should keep a tab on and accordingly manage their trading positions."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 357.35 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,635.97 crore in the Indian equity market on 2 December 2020, provisional data showed.

8. 40 AM: Rupee closing

Indian rupee, the domestic currency, pared its initial gains and settled for the day 13 paise lower at 73.81 on Wednesday amid muted trading in equity markets.

8. 30 AM: Closing on Wednesday

After a volatile trading session, market indices lost heat in the last hour of session and closed flat on Wednesday, tracking mixed cues from global markets. Sensex ended 39 points lower at 44,618 and Nifty gained by 4 points to close at 13,113.

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