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Share Market Highlights: Sensex ends 85 points higher, Nifty at 12,719; SBI, Titan, RIL, ONGC top gainers

Dalal Street today: IndusInd Bank, followed by SBI, L&T, Axis Bank, HDFC twins, Kotak Bank and ICICI Bank were among the top losers today. On the other hand, Asian Paints, Reliance Industries, Titan, Bajaj Finance and Sun Pharma were trading with gains

twitter-logoBusinessToday.In | November 13, 2020 | Updated 16:19 IST
Share Market Highlights: Sensex ends 85 points higher, Nifty at 12,719; SBI, Titan, RIL, ONGC top gainers
Share Market Highlights: Here's a look at the updates of the market action on BSE and NSE today

Sensex, Nifty Highlights on November 13 : Market indices traded on a bearish note on Friday, amid weak global equities. SGX Nifty on the Singapore Exchange was falling by 50 points, indicating negative trend in domestic grounds today. Sensex traded 60 points lower at 43,323 and Nifty fell by 23 points to 12,666. Meanwhile, September quarterly earnings announcements by ONGC, Tata Steel, Apex Frozen Foods, Equitas Holdings, Eveready Industries, Future Retail, General Insurance Corporation of India, Graphite India, Hindustan Aeronautics will also set the tone for the stock market today. Yesterday, Sensex ended 236 points lower or 0.54 per cent lower at 43,357 and Nifty slipped 58.35 points or 0.46 per cent to 12,690

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

3. 56PM: Closing

Market indices closed on a flat to positive note on Friday, ahead of muhurat trading scheduled won the eve of Diwali. Despite weak global equities, Sensex ended 85 points higher at 43,443 and Nifty closed 29 points higher at 12,719.

3. 44PM:  Market outlook

Ajit Mishra, VP - Research, Religare Broking said,"Markets consolidated in a range and ended almost unchanged, in line with our view. After the initial downtick, the bias was largely on the positive side which aided closing around the day's high. Consequently, the Nifty ended with marginal gains of 0.2% at 12,720 levels. Healthy buying was witnessed in the broader markets as the indices ended higher in the range of 0.9-1.1%. Mostly sectoral indices traded in tandem with the benchmark and ended in the green wherein metals, realty and healthcare being the top gainer.

We have a special Diwali muhurat trading session tomorrow evening i.e. on November 14 and expect the bullish tone to continue. Considering the hurdle at 12,800 in Nifty, we suggest focusing on broader markets and advise preferring only quality midcap and smallcap counters for short term trades. At the same time, any dip in the index majors, which are trading in line with the benchmark, should be considered as a buying opportunity."

3. 26 PM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices increased by 0.86% and closed at 50600 levels and silver price increased by 0.32% and closed at 62739 levels as investors feared the economic impact of an accelerating rise in corona-virus infections.

U.S. Federal Reserve Chair Jerome Powell said that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus. Weakness in Dollar support the gold and silver.

Physical demand also increasing in India on the coming festival season. As for today traders can go for buy in gold at Rs 50,400 levels with the stop loss of Rs 50200 levels for the target of 50900 levels. They can also go for buy  in Silver at Rs 62,300 levels, with the stop loss of 61,700 levels and for the target of 63,500 levels."

3. 14PM: Nifty outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty traded in a narrow range of about 150 points. It failed to get past 12770-12780 which is the pivotal point for the uptrend to resume. The index has a strong support within 12100-12300. If we cross 12780, we should scale up to 13000 levels."

2. 59 PM: Gujarat State Petronet - 2QFY21 result update

Commenting on Gujarat State Petronet 2QFY21 result, Centrum Broking said in its note," Given the H1 performance, we have raised our volume assumption to 38/39mmscmd for FY21/22E (36.3/37.3mmscmd earlier) with no changes in tariff assumptions as well. With very strong demand momentum from CGD, Power and other segments, we see growth at comfortable levels for GSPL over FY21-22e. We therefore, raise our EPS estimates to Rs18.5/Rs19.2 for FY21/22E. Additionally, higher value derived from Gujarat Gas of Rs121/sh (at 40% discount to CMP) also provides material support to our target price of Rs260, +39% upside. Maintain BUY."

2. 45 PM: JKCement - 2QFY21 result update

Commenting on JKCement 2QFY21 result, Centrum Broking said in its note," We have revised our EBITDA estimates for FY21e/FY22e to Rs12.1bn/Rs14.74bn (earlier Rs10.2bn/Rs13.3bn). The faster demand revival will be the key to ramp up of newer capacities and gain new efficiency benefits though operating efficiencies will moderate as older kilns also comeback to operations. Additionally, healthier earnings will help gradual shaping of the balance sheet. New capacity additions in strong markets like Central India (proposed in FY23) will only add sustainability to the earnings. Factoring the above we have now assigned a higher EV/EBITDA multiple of 11.5x (earlier 10x). White cement segment guarding earnings only adds comfort. We revise our target price to Rs1,855 (earlier 1,310/sh). At our TP the stock trades at a replacement cost of Rs11.6bn/mn tonnes FY22e capacities. Upgrade to ADD from earlier REDUCE rating.

2. 34PM:Natco Pharma outlook

Yash Gupta- Equity Research Associate, Angel Broking said," Natco Pharma stock opened with a gain of 1% on positive news and the marketing partner received final approval for its ANDA. Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc., has received final approval for its Abbreviated New Drug Application (ANDA) for Pomalidomide Capsules, from the U.S. Food and Drug Administration {USFDA). In addition, NATCO and Breckenridge have settled the patent litigation with Celgene in the U.S. district court for this product. Celgene sells Pomalidomide Capsules under Brand name POMALYST, in the USA market which is indicated for the treatment of patients suffering from multiple myeloma cancer. As per industry sales data, POMALYST had annual sales of $957 million during the twelve months ending September 2020. This is very positive news for Natco pharma for settling the litigation along with its partner receiving the approval, it will be a very big product for Natco."

2. 24PM: Adani Green Energy share hits all-time high

Share price of Adani Green Energy hit all-time high in early trade today. The rise in the clean energy's firm stock comes despite the Gautam Adani-led company reporting a 82% fall in Q2 net profit last week.

On November 4, the firm reported consolidated net profit of Rs 17.57 crore in September quarter mainly due to higher expenses. Consolidated net profit stood at Rs 102.29 crore in the quarter ended on September 30, 2019.

Adani Green Energy share hits all-time high, nears Rs 1,000 mark

1. 57 PM:Dr. Reddy's update

Yash Gupta- Equity Research Associate, Angel Broking said,"Dr. Reddy's stock rose by 0.50% on positive news of the launch of Succinylcholine Chloride Injection. Dr. Reddy's Laboratories Ltd. along with its subsidiaries together today announced the launch of Succinylcholine Chloride Injection USP, 200 mg/10 mL (20 mg/mL), Multiple-Dose Vials a therapeutic equivalent generic version of Quelicin (Succinylcholine Chloride) Injection, 20 mg/mL, approved by the U.S. Food and Drug Administration (USFDA). The Quelicin brand and generic market had U.S. sales of approximately $74.8 million MAT for the most recent twelve months ending in September 2020 according to IQVIA Health*. Dr. Reddy's Succinylcholine Chloride Injection USP, 200 mg/10 mL (20 mg/mL), is available in multi-dose vials."

1.37PM: YES Bank share slips 2.7%

YES Bank stock was trading 2.7% lower in Friday's afternoon session, after 6 days of consecutive gains, tracking muted cues from broader market indices Sensex and Nifty.

Amid weakness in broader indices, YES Bank share price opened at Rs 14.23, and touched an intraday high of Rs 14.34. However, the stock erased gains and fell 2.7% to the intraday low of Rs 13.97 as against the earlier close of Rs 14.35 on BSE.

Shares of the private lender that have been trading in single digits this year have hit a 52-week high of Rs 87.95 and a 52-week low of Rs 5.55.

1.11 PM: Domestic market update

Tracking losses in index-heavyweights HDFC twins, ICICI Bank and Kotak Bank amid weak cues from global markets, market took a pause at these levels with higher possibility of profit-booking. Due to this, the domestic market also did not react much today or yesterday after the announcement of fiscal stimulus under Aatmanirbhar Bharat 3.0 by the Finance Ministry.

1.08 PM: Top losers and gainers

IndusInd Bank, followed by SBI, L&T, Axis Bank, HDFC twins, Kotak Bank and ICICI Bank were among the top losers today.

On the other hand, Asian Paints, Reliance Industries, Titan, Bajaj Finance and Sun Pharma were trading with gains.

12. 58 PM: Rupee opens on flat note at 74.63

Indian rupee opened on a flat note and was trading in a narrow range against the US dollar on Friday amid sustained demand for the greenback from importers and banks. Weak domestic equities also kept the demend for the local currency muted.

The domestic unit opened at 74.63 per dollar at the interbank forex market, and gained ground to touch 74.61 per American currency. In volatile trade, the local unit also touched 74.67 against the US currency.

On Thursday, the Indian rupee settled at 74.64 per dollar.

Rupee opens on flat note at 74.63 amid strong dollar, weak equities

12. 43PM: Shares of Indiabulls Real Estate gain over 15%

Shares of Indiabulls Real Estate rose over 15% today after ace investor Rakesh Jhunjhunwala-owned Rare Enterprises bought 50 lakh shares or 1.1% stake in the company via open market transaction. Indiabulls Real Estate share gained 15.68% to Rs 63.8 against previous close of Rs 55.15 on BSE.

Total 12.02 lakh shares changed hands amounting to turnover of Rs 7.32 crore on BSE.

Market cap of the firm rose to Rs 2,798 crore.

12. 33 PM: Key economic data

India's index of industrial output for the month of September was at 0.2 percent versus -8 percent in August, as per the Index of Industrial Production (IIP) data released by the government on November 12. According to official IIP data, the manufactured sector production registered a decline of 0.6 percent in September, while the output of mining and power segments grew at 1.4 and 4.9 percent respectively. Earlier in September 2019, IIP contracted by 4.6 percent. IIP at 0.2% IN SEP

India's retail inflation rose to the highest in more than six years on account of elevated food prices. According to Consumer Price Index (CPI) data released by the Ministry of Statistics and Program Implementation, inflation stood at 7.61% in October -the highest since May 2014. Retail inflation recorded at 7.27% in September, according to data. The Consumer Food Price Index (CFPI) jumped to 11.07% in October, up from 10.68% in September.

12. 22 PM: Market outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,:"FII buying (Rs 1500 cr yesterday) continues, though at a subdued pace. DIIs are pressing sales at higher levels. This might weaken the market a little bit, but is unlikely to trigger a sharp decline. IT & pharma will find support on declines. A mild negative from the market perspective is the rise in CPI inflation to 7.6%. This means, further rate cut is unlikely in the next MPC meet. Accelerating Covid cases in US & Europe is another area of concern"

12. 12PM:Sun TV Network outlook

Expressing views on Sun TV Network, LKP Securities said in its note,: "The Covid-19 outbreak badly affected the ad scenario and creation of fresh content in Q1. However, Ad flow has witnessed a meaningful recovery in Q2. We believe it to continue its recovery quarter on quarter. We believe FMCG and pharma sectors will continue to be the main drivers, while e-commerce and auto sectors (with its festive launches and rural recovery) will make a comeback. Among key positives, fresh content is being telecast across all channels with gains in viewership. We expect Sun TV to capitalize on the viewership gains once ad scenario normalises. IPL, though not successful as earlier, will still add a good amount of revenues. Focus on ramping up SunNXT is also a step in the right direction. Subscription revenues will continue to be strong driven by recovery in DTH business once complete revival happens and also on the back of ongoing Cable TV business resilience. The main kicker for the business in FY 2E will be the movies business as 8 new star studded theatrical releases are in the pipeline. Margins will be slightly impacted with the higher content costs related with TV content, movies and Sun Nxt. But higher subscription numbers will take care of these and we expect them to be in 65-66% range in the coming quarters. On the balance sheet side as well the company is managing it NWC well with a good control on receivables. Since the company has a healthy cash balance, we expect it to maintain a healthy dividend payout. We maintain our BUY recommendation with a target price of Rs 532 per share (13x FY22E EPS).

11. 50 AM: CPIinflation data

Jyoti Roy, DVP- Equity Strategist, Angel Broking said, "CPI inflation for the month of October 2020 increased further to 7.61% from a revised figure of 7.27% in September. The CPI inflation continues to remain stubbornly higher than 6% which is the upper end of the RBI's tolerance range for inflation. Food inflation accelerated to 10.16% from 9.73% in September while the miscellaneous component which accounts for 27.3% of the CPI remained stable at 6.88% for October as compared to 6.89% in September. Clothing & footwear, Housing and fuel inflation at 3.17%, 3.27% and 2.28% though are helping to keep a lid on inflation.

Though we expect the CPI inflation to subside going forward once food inflation comes off due to a bumper Kharif crop we believe it will continue to stay above the RBIs comfort zone of 4% for some time to come. Therefore we believe that a rate cut is unlikely in the next MPC meeting in December. However we believe that the RBI will continue to use unconventional policy measure like TLTROs, OMOs, special OMOs etc. in order to bring down the rates at the longer end of the yield curve given that the spread between the overnight and the 10 year G-Sec is still very high at ~190bps and is hindering full transmission of the RBI's 250bps rate cut in the current easing cycle."

11. 35 AM: Market technical outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The index has opened on a soft note this morning. It is perfectly acceptable that it needs to cool off after a great run of a 1000 points! In order to resume the uptrend, we would need to cross the intermediate high of 12775 which could lead the Nifty to 13000. There is a good support range between 12100-12300 and as long as we do not break that on a closing basis, we are in safe territory."

11. 20 AM: Global market update

Asian markets are trading lower on the last trading day of the week as coronavirus cases climbed in US which overshadowed recent positive news on vaccine. US markets closed lower as Covid-19 cases rose and talks about lockdowns and restrictions resurfaced. Selling pressure was seen across sectors. European markets closed lower giving up gains in the recent past as positivity around coronavirus vaccine faded amid rising covid-19 cases in Europe.

11. 01 AM: Eicher Motors Q2 outlook

Jyoti Roy,DVP- Equity Strategist, Angel Broking said,"Eicher Motors Ltd. reported a consolidated revenue degrowth of 2.7% YoY to Rs 2,134 crore in Q2FY21 as compared to revenues of Rs 2,192 crore for Q2FY20. EBIDTA for the quarter was down by 13.0% YoY to Rs 471 crore while EBIDTA margins contracted by ~262 basis points YoY to 22.1%. PBT before exceptional items was down by 23.7% YoY to Rs 549 crore. However consolidated net profit for the quarter was down by 40.1% YoY to Rs 343 crore due to higher tax rate of 25.2% for the quarter as compared to 4.6% in Q2FY20. While the revenue growth is flat on a YoY basis the company has posted a strong revenue growth of 161% sequentially. The improvement in performance sequentially has largely been due to improvement in consumer demand. While the Q2 numbers were tepid management commentary was positive as they highlighted that booking numbers were ahead of pre Covid levels and that the company has a robust order book which bodes well for growth in the next quarter."

10. 48 AM: IIP data outlook

Deepthi Mathew, Economist at Geojit Financial Services said,"IIP rising to 0.2 percent after six months is a positive sign, indicating that the economy is slowly entering the recovery phase. The October figures would be in the positive territory with improvement in demand during the festive season. However, inflation rate at 7.61 percent in October is indeed worrying. Food inflation rate registered a double digit growth rate of 11 percent, mainly triggered by rising vegetable prices at 23 percent. The supply side issues are bringing pressure on food prices. In such a scenario, RBI might not go for a rate cut in December, and wait till the inflation rate falls back to the comfortable level."

10. 22 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices increased by 0.86% and closed at 50600 levels and silver price increased by 0.32% and closed at 62739 levels as investors feared the economic impact of an accelerating rise in corona-virus infections. U.S. Federal Reserve Chair Jerome Powell said that progress in developing a coronavirus vaccine was welcome news but that near-term economic risks remain as infections accelerate, underscoring the likely need for additional government stimulus. Weakness in Dollar support the gold and silver. Physical demand also increasing in India on the coming festival season. As for today traders can go for buy in gold at Rs 50,400 levels with the stop loss of Rs 50200 levels for the target of 50900 levels. They can also go for buy  in Silver at Rs 62,300 levels, with the stop loss of 61,700 levels and for the target of 63,500 levels."

10. 17AM: Market update

Market indices traded on a bearish note on Friday, amid positive global equities. SGX Nifty on the Singapore Exchange was falling by 50 points, indicating negative trend in domestic grounds today. Sensex traded 60 points lower at 43,323 and Nifty fell by 23 points to 12,666.

10.04 AM: Global market update

Overseas, Asian stocks are trading lower on Friday, tracking fall from US, where Wall Street ended sharply lower as U.S. coronavirus infections surged and investors weighed the timeline for the mass rollout of an effective vaccine.

Excitement over news of potentially effective vaccines for COVID-19 has been tempered by concerns over the logistical challenges of ensuring access to billions of people.

Investor focus on Friday was likely on the coronavirus situation in the U.S., as daily new cases of the virus continue to rise in the country, setting fresh records.

9. 56 AM: Stocks to watch today on November 13

Dr Reddy, Sun Pharma, RIL, Eicher Motors, Biocon, Fortis Healthcare among others are the top stocks to watch out for in Friday's trading session

Stocks in news: Dr Reddy, Sun Pharma, RIL, Eicher Motors, Biocon, Fortis Healthcare

9.41 AM: Earnings today

Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. ONGC, Tata Steel, Apex Frozen Foods, Equitas Holdings, Eveready Industries, Future Retail, General Insurance Corporation of India, Graphite India, Hindustan Aeronautics, Indiabulls Real Estate, IVRCL, MMTC, NLC India, Prabhat Dairy, Repco Home Finance, Sadbhav Engineering, Satin Creditcare Network, Spandana Sphoorty Financial and Sunteck Realty are among the top companies that will be reporting their Q2 earnings.

9. 30 AM: FM's anouncement of Atmanirbhar 3.0 outlook

Expressing views on FM's anouncement of Atmanirbhar 3.0, Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said,"There are visible greenshoots in the economy. Leading indicators  like GST collections, freight tonnage, electricity consumption, auto sales point to strong recovery. The Atmenirbhar 3.0 is a timely initiative to sustain the growth momentum. Extension of the ECLGS, Atmanirbhar Bharat Rozgar Yojana,additional Rs18000 cr allocation for PM Awas Yojana and additional equity funding for National Infrastructure Fund are welcome steps. The low interest rates have turned out to be a major tailwind for auto and housing demand. Atmanirbhar 3.0 will help accelerate the recovery"

9. 23 AM: Opening session

Market indices opened on a bearish note on Friday, amid weak global equities. SGX Nifty on the Singapore Exchange was falling by 50 points, indicating negative trend in domestic grounds today. Sensex traded 200 points lower at 43,146 and Nifty fell by 65 points to 12,628.

9. 10 AM : FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,514.12 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,239.43 crore in the Indian equity market on 12 November, provisional data showed.

8. 50 AM: Market technical outlook

Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan said, "Nifty has taken a pit stop on November 12 after rallying for eighth straight sessions. The index traded in a narrow range and formed an inside bar on the daily chart. This suggests that the index has stepped into a brief consolidation mode. Consolidation can take place in the range of 12570-12770 and will allow the overbought short term momentum indicators to cool off. So, the overall structure shows that the sideways action will make room for the index to stretch higher after the brief pause. Key short term targets on the upside are 12850 and 13000."

8. 30 AM: Closing on Thursday

Sensex and Nifty snapped their eight-session winning run today tracking losses in banking stocks as profit-booking emerged amid lacklustre global cues. While Sensex ended 236 points or 0.54 per cent lower at 43,357, Nifty  slipped 58.35 points or 0.46 per cent to 12,690.

During eight sessions since October 30, Sensex had rallied 3,979 points and Nifty gained 1107 points

Sensex, Nifty falter after eight sessions; banking stocks top losers

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