Sensex, Nifty Highlights on November 19: After a volatile trading session, market indices ended majorly lower on Thursday, amid weakness in global equity markets. Sensex ended 580 points lower at 43,599 and Nifty ended 166 points to 12,771. During the session, Sensex and Nifty touched their lifetime highs of 44,222 and 12,959, respectively. Global equities were negative today amid priofit booking from recent highs and as hopes of effective COVID-19 vaccine results were shrugged off amid rise in coronavirus infections worldwide. Infosys, HCL Tech, SBI, Airtel, HUL were among the top losers today, while Bajaj twins, Tata Steel, Titan, ONGC, M&M, NTPC were among the top gainers on Sensex pack. Yesterday, Sensex ended 227.34 points higher at its record closing of 44,180 and Nifty rose 64.05 points to end at its all-time high of 12,938.25.
Here's a look at the updates of the market action on BSE and NSE today
3. 58 PM: Market outlook
Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"Indian market corrected by 1.3% on the back of weak global cues. Correction was led by banking stocks due to profit booking. Nifty Midcap 100 today also outperformed Nifty but closed down by 0.6%. Top gainers of the Nifty were Power Grid Corp (2.4%), ITC (2.1%) and NTPC (1.7%). Top losers of the Nifty were SBI (4.9%), Coal India (4.8%) and Axis Bank (3.9%). Global market was in a negative zone: Dow Futures, Nasdaq Futures and FTSE were down by 0.4%, 0.5% and 1.0% respectively. After the sharp rally in the market from the last few days, we are a bit cautious on the market. We advise investors to have quality stock in their portfolio with strong revenue visibility at reasonable valuation."
3. 49 PM: Closing
After a volatile trading session, market indices ended majorly lower on Thursday, amid weakness in global equity markets. Sensex ended 580 points lower at 43,599 and Nifty ended 166 points to 12,771.
3.37 PM: Hero MotoCorp share rises over 5%
Hero MotoCorp share rose over 5% today after the auto firm said it sold more than 14 lakh units of motorcycles and scooters in retail sales during the festive season. The share gained 5.11% to Rs 3135 against previous close of Rs 2,983 on BSE. The stock has gained after 3 days of consecutive fall. The share trades higher than 20 day, 100 day and 200 day moving averages but lower than 5 day and 50 day moving averages.
3.23 PM: Market outlook
On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," After a gap down, the Nifty turned positive but was unable to sustain that for very long. It went back into negative territory but has not broken the support of 12500 which means the trend continues to remain bullish. 13100 still remains an open target which the index can achieve by the end of the November series.
3. 13PM: Market falls further
In a volatile trading session, market indices traded lower by Thusday's afternoon session, amid weakness in global equity markets. Global equities were negative today amid priofit booking from recent highs and as hopes of effective COVID-19 vaccine results were shrugged off amid rise in coronavirus infections worldwide. Sensex traded 600 points lower at 43,573 and Nifty fell by 176 points to 12,716.
3.01PM: TCS stock up 2%
Tata Consultancy Services stock on Thursday gained over 2% after 2 days of consecutive fall, following approval of buyback by companny shareholders.
The IT major in a filing to BSE said that board members have approved the buyback by passing a special resolution through postal ballot.
Following the update, TCS stock price rose 2.01% to the intraday high of Rs 2678.6 as against last closing of Rs 2625.90 The stock price of TCS also touched an intraday low of Rs 2630, also its opening value.
2.55PM: Ahluwalia Contracts outlook
Ahluwalia Contracts - Q2FY21 result update - Centrum Broking said in its note,"On the back of a disrupted FY21, we expect sharp earnings recovery (up 92% yoy) in FY22 led by improved conversion of ACIL's robust OB. Our revenue est for FY22 factors execution rate of 28% of FY21 closing OB vs. historical average of 40%, leaving ample room for revenue upgrade. ACIL's balance sheet meanwhile remains robust (Sept-20 net cash position: Rs1.8bn) with continued operating cash flow generation. Stock trades at 9.9x FY22 earnings and offers potential to re-rate led by improved execution and margins. We value ACIL at 13x FY22E EPS and have a price target of Rs300. Maintain Buy."
2.42 PM: Mahanagar Gas outlook
On Mahanagar Gas, Centrum Broking said in its note,"We moderate our volume assumptions marginally given the H1 volume performance and guidance for H2 but at the same time raise our margin estimates sharply by Rs1/scm on an average for both years, driving a 9/4% EPS upward revision for FY21/22e. However, growth beyond FY23-24E remains at risk, given lack of inorganic growth opportunities and potential saturation in existing areas. Our DCF valuation, factoring revised assumptions delivers a TP of Rs965/sh, implying limited upside. Reiterate ADD."
2. 30 PM: Market falls further
In a volatile trading session, market indices traded lower by Thusday'a afternoon session, amid weakness in global equity markets. Global equities were negative today amid priofit booking from recent highs and as hopes of effective COVID-19 vaccine results were shrugged off amid rise in coronavirus infections worldwide. Sensex traded 400 points lower at 43,803 and Nifty fell by 125 points to 12,815.
2.22 PM:Dr. Reddy's outlook
Yash Gupta Equity Research Associate, Angel Broking said,"Dr. Reddy's stock opened negative on news of detailed investigation in Ukraine and other countries but then recovers. Company has informed that it has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws. The investigation is being carried out by a reputed independent U.S. law firm. Stock is not reacting to the investigation but if any negative development from this investigation may hurt the stock in the short term.
2.12 PM:VA Tech Wabag outlook
Geojit Financial Services said in its note," Company raised an amount of Rs.120Cr by way of preferential issue last quarter resulting in a dilution of 13.7%. Debt level has shown significant reduction and stands at Rs.392Cr against Rs.482Cr in FY20. We expect further decline in debt level due to improved revenue generation. Considering the positive outlook of the water treatment industry and expected revenue rebound along with improving cash position, we value the stock at 1 year forward PE of 10x its FY22E earnings with a target price of Rs.220, and revise our rating to Accumulate from Buy."
1. 49 PM: Market outlook
Yash Gupta Equity Research Associate, Angel Broking said," Indian indices trade in a tight range, Global market sees some profit booking.Indian Indices Nifty and Sensex down by 17 points (0.13%) and 82 points (0.19%) respectively. Today S&P BSE Utilities (up 2.59% ), S&P BSE CONSUMER DURABLES (up 2.08%) while S&P BSE Finance (down 1.63%) saw some profit booking after outperforming the nifty in the last 1 month. Global Market update - DOW Jones down by 344 points (down 1.16%) and NASDAQ down by 97 points (down 0.82%). We expect the market to trade in range bound and 13000 will become a hurdle for Nifty in the short term. "
1. 39 PM: Global markets
Axis Securities said inits note,"Asian markets are trading lower tracking weak cues from Wall Street overnight. Nikkei is trading lower by 0.45%; Hang Seng is trading lower by 0.47% and Shanghai is trading lower by 0.17%. Indian indices are expected to open lower. Sgx Nifty is trading lower by 0.89%. The US markets ended lower as stocks declined in the late session amid renewed concerns about new restrictions and lockdowns due to increase in coronavirus cases. The Dow Jones lost 345 points or 1.16% to close at 29,438 while the NASDAQ lost 98 points or 0.82% to close at 11,802."
1. 20 PM: Market falls further
After opening lower, market indices traded flat with negative bias on Thursday, amid weak global equities. Earlier at the opening bell, Sensex traded 188 points lower at 43,992 and Nifty fell 76 points to 12,861. During the session, Sensex and Nifty touched their lifetime highs of 44,222 and 12,959, respectively.
1.01 PM: Vedanta share rises over 7%
Vedanta share rose over 7% in trade today after the mining conglomerate put in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd (BPCL). Vedanta share has gained 6.85% in the last 2 days.
The stock touched an intraday high of Rs 116.85, rising 7.35%.
The share trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages. The stock has lost 25% since the beginning of this year and fallen 19% during last one year.
12. 45PM: Market outlook
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said," Nifty started the day on a flat note and witnessed a minor dip in the first couple of hours. The index managed to find support tad above the 12800 and then it witnessed upmove at the end to post gains of half a percent at close.
The benchmark consolidated within a range for most part of the session, but the broader markets kept the momentum going and thus we saw a frenzy move in a bunch of high beta names. The midcap index inched higher at its two years high and the Nifty is just a kissing distance away from the record 13000 mark. Bank Nifty continued with its rally and once again outperformed the benchmark today. As there are no signs of reversal, we continue with our advice for traders to trade with a positive bias and look for stock specific opportunities from a short term perspective. Once the index surpass this psychological mark of 13000 which now just seem to be a formality, 13100-13200 would be the zone to watch for the index immediately. On the flipside, 12800-12770 is the immediate support and until we see any violation of short term supports, traders should avoid taking any contra trades."
12. 33PM: Real Estate sector update
Mohit Goel, CEO, Omaxe Ltd said, "The developers who had occupied top slots after the displacement caused in the last 5 years or so by non-serious real estate developers in Noida are now struggling with cash flow and market share in view of the COVID-19 pandemic. The poor demand scenario has aggravated this problem.
This makes it an ideal time for branded/reputed developers to enter the Noida market and create newer and innovative real estate supplies. The fast emerging trend of homebuyers' preference for branded developers with a strong financial and delivery record will provide them an opportunity to invest in return generating assets. The Noida market has a far greater potential for price appreciation than is being seen now, especially with the UP Government's effort to make Noida the biggest business hub of North India and the subsequent infrastructure work that is being undertaken in the region.The developers who had occupied top slots after the displacement caused in the last 5 years or so by non-serious real estate developers in Noida are now struggling with cash flow and market share in view of the COVID-19 pandemic. The poor demand scenario has aggravated this problem."
12. 11PM: Market outlook
IIFL Securities in its note said,"Asian markets opened in the red led by the Japanese Nikkei which traded down 125 points in early trade as markets reacted to profit booking from recent all-time highs. Chinese stocks will also see profit booking as most economic data seems priced in with strength in US$ seeing emerging markets under pressure."
12.01 PM: Rupee slips 13 paise to 74.32 against US dollar in early trade
Indian rupee, the currency benchmark, depreciated by 13 paise to 74.32 per US dollar on Thursday's opening trade, tracking muted domestic equities and strong American currency.
The domestic unit opened at 74.28 per US dollar at the interbank forex market and gained ground and touched 74.23. In volatile trade, the local unit also fell by 13 paise to 74.32 per dollar over its previous close.
11. 54 AM: Market technical outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Nifty started the day on a flat note and witnessed a minor dip in the first couple of hours. The index managed to find support tad above the 12800 and then it witnessed upmove at the end to post gains of half a percent at close.
The benchmark consolidated within a range for most part of the session, but the broader markets kept the momentum going and thus we saw a frenzy move in a bunch of high beta names. The midcap index inched higher at its two years high and the Nifty is just a kissing distance away from the record 13000 mark. Bank Nifty continued with its rally and once again outperformed the benchmark yesterday. As there are no signs of reversal, we continue with our advice for traders to trade with a positive bias and look for stock specific opportunities from a short term perspective. Once the index surpass this psychological mark of 13000 which now just seem to be a formality, 13100-13200 would be the zone to watch for the index immediately. On the flipside, 12800-12770 is the immediate support and until we see any violation of short term supports, traders should avoid taking any contra trades."
11. 40 AM: YES Bank share falls after 10 day of straight gains
YES Bank shares were tad lower on Thursday, after ten straight sessions of consecutive gains, amid weakness in broader benchmark indices Sensex and Nifty. The stock has delivered 19.78% returns to its investors in the last 10 days and gained in the range of Rs 2 since then.
Reversing trend after 10 days of consecutive gains, YES Bank share price today opened at Rs 14.57 today and later rose to the day's high of Rs 14.69 on BSE. However, the stock also hit day's low of Rs 14.45, falling 1.5% as against the earlier close of Rs 14.68. As per Kotak Institutional Equities estimates, YES Bank has seen sequential increase in deposits. However, the brokergae has given a sell rating to the troubled lender, at a target price of Rs 15, with a fair value of Rs 11.
11. 34 AM: Gold outlook today
On Thursday, Gold price eased on the back of optimism around Pfizer's vaccine against covid-19 and expectation of more economic support.
Commenting on gold's outlook, Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," On Wednesday, Spot Gold prices ended lower by 0.38 percent to close at $1871.4 per ounce and Spot silver ended lower by 0.63 percent to close at $24.3 per ounce as the optimism over a potential vaccine continued to hamper the appeal for Gold, the safe haven asset. U.S. drug maker Pfizer Inc stated that they were ready to apply to the U.S. and European authorization for their vaccine next month after successful results in the final trial. The losses for the yellow metal were limited as a lower Dollar amid increasing coronavirus cases kept a lid on markets risk appetite. Worldwide reported coronavirus cases have surpassed 55 million with a death toll of more than 1.33 million. Moreover, global Central banks are expected to continue with their accommodative stance in the coming months to help the economy revive to the pre pandemic levels which is supportive for Gold.
Hopes over a potential vaccine against the covid19 virus coupled with a stronger U.S. Dollar might weigh on the yellow metal prices. As for today traders can go for sell in gold at Rs 50300 levels with the stop loss of Rs 50600 levels for the target of 49800 levels. They can also go for sell in Silver at Rs 62,300 levels, with the stop loss of 63000 levels and for the target of 61000 levels."
11. 19 AM: Pfizer share rises nearly 7%
Pfizer Ltd share rose in early trade today after the pharma firm said COVID-19 vaccine was found 95 per cent effective in the final analysis of the Phase 3 trial, including in people aged over 65 years. The stock has gained after 2 days of consecutive fall.
11. 02 AM: Stocks to watch today on November 19
Pfizer, ACC, Wipro, Vedanta, IndiGo, SpiceJet, TCS among others are the top stocks to watch out for in Thursday's trading session
10. 45 AM: Top gainers
Bajaj twins, Tata Steel, Titan, ONGC, M&M, NTPC were among the top gainers on Sensex pack while Infosys, HCL Tech, SBI, Airtel, HUL were among the top losers today.
10. 37 AM: Nifty technical outlook
Ajit Mishra, VP - Research, Religare Broking said,"Markets have been maintaining the momentum despite overbought conditions and it's largely due to noticeable buying by foreign investors. We reiterate our positive yet cautious approach to the index and suggest focusing on broader markets for trading opportunities. Needless to say, traders should avoid contrarian trades and maintain a "buy on dips" approach."'
10. 22 AM: Market erases losses
After opening lower, market indices traded flat with negative bias on Thursday, amid weak global equities. Earlier at the opening bell, Sensex traded 188 points lower at 43,992 and Nifty fell 76 points to 12,861.During the session, Sensex and Nifty touched their lifetime highs of 44,222 and 12,959, respectively.
10. 15AM: Market outlook
Vinod Nair, Head of Research at Geojit Financial Services said"The market trend is shifting from defensive to growth stocks. FMCG, Pharma and IT sectors, which are the best performers of the year, are being shed for sectors like Auto and Banks. It is anticipated that such stocks will re-rate due to rise of the economy and shift of investors money. We feel that a lot is factored in the prices, it is advised to turn a bit cautious, in the short-term. This trend can reverse when the market realizes that the economy and money can take a breather from pent-up demand and premium valuation, due to rise in Covid 19 & international restrictions"
10.00 AM: Opening session outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty has opened with a gap down but until we do not break 12500, the trend continues to remain on the upside. We still have an open target of 13100 which the index is capable of achieving this month. A buy on dips approach is recommended."
9. 50 AM: Global markets today
Asian markets are trading lower taking cues from overnight weakness in US markets as coronavirus cases climbed overshadowed optimism around vaccine.
US markets closed lower as new lockdown measures were announced in cities including New York including public schools to be closed as corona cases climbed. European markets closed higher as investors weighed in the positivity surrounding vaccine development. Auto stock led the gainers pack.
9. 40 AM: Market outlook
Geojit Financial Services, said: "Nifty continued to push higher despite earlier hiccups yesterday, but the moves were more volatile than directional. Towards this end, we continue to see 12980/13050 as the upper range for now, and 12830/730 as the downside marker, as maintained yesterday."
9. 37 AM: Nifty technical outlook
Expressing morning view on the market, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said:"A distinct trend in the market now is Buy on Dips. Sustained selling by FIIs & high valuations are negatives but strong FII inflows, steady decline in Covid infections, strong rebound in economic activity, expectations of synchronised global economic recovery in 2021and continuation of accommodative monetary policy are very strong positives. This is likely to keep the market resilient even during bouts of profit bookings and consequent corrections. Value buying in mid-small-caps can emerge as a trend, going forward."
9. 20 AM: Opening session
Market indices opened on a bearish note on Thursday, amid weak global equities. SGX Nifty on the Singapore Exchange was falling by 110 points, indicating negative trend in domestic grounds today. Sensex opened 188 points lower closing of 43,992 and Nifty fell 76 points to end at its all-time high of 12,861.
9. 10 AM: COVID-19 vaccine news
Pfizer and BioNTech on Wednesday said that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and appeared to fend off severe disease. Meanwhile Moderna said preliminary phase three trial data showed its vaccine was more than 94% effective.
9. 05 AM: Market outlook
Reliance Smartmoney Research said in its note," NSE-NIFTY continued its daily rising trend and closed on new life-time-high for straight third trading session in a row. Its key technical indicators are in buy mode and overall market breadth remained in favour of bulls. FII remained net buyer consistently throughout this month. As mentioned earlier, our bullish view will remain intact, we believe that NIFTY could test 13,200 level. On the lower side, initially the index will find supports at 12,800 mark and then at 12,600 level.
As for the day, support is placed at around 12,803 and then at 12,732 levels, while resistance is observed at 12,940 and then at 13,005 levels."
8. 50 AM: Global market update
Asian stocks are trading lower on Thursday as concerns about rising coronavirus infections.
In US, stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments.
8. 40 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 3,071.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,789.85 crore in the Indian equity market on 18 November, provisional data showed.
8.30 AM: Closing
Sensex closed above 44,000 mark for the first time today on rise in banking, auto and capital goods stocks amid positive cues from Asian markets and persistent foreign fund inflows. Sensex ended 227.34 points higher at its record closing of 44,180 and Nifty rose 64.05 points to end at its all-time high of 12,938.25.