Sensex, Nifty Highlights on November 20:After a volatile trading session, market indices turned bullish in the last hour and closed positive on Friday, amid positive global equities. Sensex ended 282 points higher at 43,882 and Nifty rose by 87 points to end at 12,859. Yesterday, Sensex reversed the trend after 3 days and fell 580 points to close at 43,600, while Nifty ended 166 points to 12,771.
Here's a look at the updates of the market action on BSE and NSE today
3. 39 PM :Closing
After a volatile trading session, market indices turned bullish in the last hour and closed positive on Friday, amid positive global equities. Sensex ended 282 points higher at 43,882 and Nifty rose by 87 points to end at 12,859.
3.28 PM: Vodafone Idea share gains over 4%
Vodafone Idea share price rose over 4% in Friday's early trade after th telecom major anbnounced that it has sold its 11.15% stake in Indus Towers for Rs 3,760 crore.
Vodafone Idea has received Rs 3,760.1 crore cash for its 11.15% holding in Indus, a regulatory filing said on November 19.
3.13 PM: GAIL outlook
Geojit Financial Services said in itsnote," GAIL posted a standalone revenue of Rs. 13,644cr in Q2FY21 (vs Rs. 18,041cr in Q2FY20) as demand recovered across all the segments post lockdown relaxations. Going forward, we expect the business performance to improve further in the second half of the fiscal. Improved capacity utilization & timely execution of pipeline projects can further benefit topline growth. Considering these factors, which will contribute to the growth prospects of the business, we maintain our BUY rating on the stock with a revised price target of Rs.108 based on SOTP valuation."
2. 58 PM : Market outlook
On markets today--Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have opened in a see saw mood! It is still trying to figure out the direction for the day. As long as 11500 holds, we continue to remain in the hands of the bulls and can enter the Nifty on all dips for a potential target of 13100."
2. 40 PM: Emami Ltd - outlook
Commenting on Emami, Centrum Broking said in its note,"Speedy macro-economic recovery and fast pick-up in rural activities coupled with strong winter (pick-up in wholesale) could lead to rebound in revenues in our view. Moreover, commitment towards reduction of promoter's pledge (currently 40%) to zero combined with inexpensive valuation could trigger stock re-rating soon. We retain our Buy rating with DCF-based Target Price of Rs444 (implying 28x FY22E EPS). Key risks-amplification of COVID-19, erratic seasonality and delay in reduction of promoter pledge."
2.21PM: Market rises further
After a volatile trading session, market indices turned bullish in the last hour on Friday's session, amid positive global equities. Sensex gained 350 points to 43,959 and Nifty rose by 109 points to 12,881.
2.04 PM: Market outlook
Yash Gupta- Equity Research Associate, Angel Broking said, "Indian indices fail to sustain opening gain, Indices open positive on the back of positive global market clues. In market profit booking is clearly visible as Nifty has already really more than 1100 points in November. We expect market to trade in range bound and 13000 will be a hurdle for the Nifty. Today S&P BSE Telecom (up 1.45% ), S&P BSE Information Technology (up 1.15%) while S&P BSE Energy (down 1.92%), S&P BSE BANKEX (down 0.60%) Global Market update - DOW Jones up by 44 points (up 0.15%) and NASDAQ up by 103 points (up 0.87%)."
1. 56 PM: Gold outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Yesterday Gold prices closed 0.66% lower at 49,992 levels and silver closed 1.65% lower at 61,510 levels on the back of recovery in global equity market. Development on the front of corona virus vaccine put pressure on gold and silver as the safe haven demand may fade out. Supply also expected to rise in the coming days from the major gold mines as workers may return and resume production of the metal.The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. 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 49700 levels. They can also go for sell in Silver at Rs 62,100 levels, with the stop loss of 62600 levels and for the target of 61000 levels."
1.43PM: Nifty technical outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," Considering last three day's price action, 13000 now becomes the sturdy wall for Nifty to surpass. When we see such profit booking, the index usually retraces some of the previous upmove before resuming its primary trend. Hence, we could see a retracement of the recent move from 11535 to 12963 of which the minimum 23.6 percent retracement level is placed around 12630. If this pans out to be just a time-wise correction, then the index could see some consolidation around the mentioned retracement support before resuming its uptrend."
1. 30 PM: IDFC First Bank outlook
Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said," In last 3 days, there is a lot of positive news are coming for Vodafone Idea (VIL) such as (a) on completion of Bharti infratel and indus tower mega-merger, VIL receives Rs,3760cr 2) Possibility of capital infusion from a consortium led by Oaktree Capital Management for capital expenditure and debt servicing. The above news is positive for all lenders, and IDFC First bank has Rs.3244cr exposure (Funded -Rs. 2,000cr and Non-Funded-Rs. 1,244cr) which is 18% of net worth and had 50% provision on it. However, in Q2FY21 Bank has released Rs. 811cr (out of existing provisions of Rs. 1,622cr) against a VIL Exposure based on improved prospects and management commentary at the company, and utilized it to create additional COVID provisions during Q2 FY 21. If Balancesheet of VIL improves further than IDFC FIsr Bank can additionally write back remaining provision to strengthen balance sheet for future uncertainties and built additional non-specific provision which will provide comfort to an investor. In the last few quarters, IDFC first bank has been able to build liability (CASA and retail deposit) which will help them to reduce high-cost borrowing, and eventually, retail customers will increase daily cash management activity into IDFC first infrastructure. Presently IDFC first bank is trading at 1x FY22 Book value which is reasonable considering retail mix and growth in liability franchise. We have a Buy rating on IDFC First bank."
1: 15 pm: Share of IT firm Mphasis gained over 3% today after its subsidiary Mphasis Consulting acquired UK-based Datalytyx for up to 13.3 million pound (about Rs 130.4 crore). The stock has gained after 3 days of consecutive fall. The stock opened with a gain of 3.8% at Rs 1349.85, also its intra day high.
12: 50 pm: Market heavyweight RIL share fell up to 3.18% to Rs 1910 against previous close of Rs 1972. The large cap stock has lost 4.12% in last 4 days.
12: 28 pm: Of 30 Sensex stocks, 19 were trading in the green.
12: 26 pm: On Sensex, top losers were Axis Bank, IndusInd Bank, Reliance Industries and SBI falling up to 2.65%
12.01 PM: Wipro buyback outlook
Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Wipro Ltd. has announced that the company has fixed record date of 11th of Dec 2020 for the Rs. 9,500 crore share buyback programme. During the Q2FY21 numbers the company had announced that it would consider a share buyback of upto Rs. 9500 crore at a price of ?400 per share which is at a premium to current market price. We believe that the share buyback by Wipro is positive for the company as not only is it a way to reward shareholders but it also helps increase the earnings per share of the company."
11. 55AM: LVB outlook
Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said," Lakshmi Vilas Bank (LVB) continues to hit the lower circuit and would correct further, investors who bought in hope of revival, on an expectation of healthy gain got stuck. LVB networth almost got eroded due to escalated provision and weak business. In this merger shareholder of LVB will not get any benefit, The entire capital of the bank will be written off post the merger with DBS Bank India Ltd (DBIL). compression in loan book impacted NII and other income which weakened pre-provision profit and continues deterioration of asset quality issue kept provision cost high for the last several quarters and these combinations led to losses. consequently, net worth got eroded and CRAR went way below regulatory requirement. We believe a merger would be beneficial for DBS bank as it would be able to grow business in the south that has business and individual route to Singapore. As of Q1FY21 DBS CRAR stands at 15.99% and GNPA and NNPA at 2.7% and 0.5%, respectively. DBS is ready to put fresh capital to initiate new business."
11.49 AM:Titan Company share hits 52-week high
Titan Company share touched a new 52 week high for the second consecutive session today, rising 4.61% today after the luxury goods firm announced yesterday that it saw good traction across all its businesses during the festive season.
Following the positive news, Titan's share gained 4.61% intraday as well as its fresh 52-week high of Rs 1352 as against the previous close of Rs 2,983 on BSE.
Titan stock price has risen 4.43% in the last 2 days of consecutive gains.
11. 37 AM: Rupee rises by 12 paise to 74.15
Indian rupee, the domestic currency benchmark, gained by 12 paise to 74.15 against the US dollar on Friday's opening trade, supported by positive opening in domestic equities and weakness in American currency.
The domestic unit opened at 74.15 per US dollar at the interbank forex market, rising 12 paise over its previous close of 74.27 per US dollar.
Traders said sustained foreign fund inflows into the domestic equity markets also helped the local unit.
11. 23AM: Market turns red
In a volatile trading session, market indices reversed trend on Friday to bearish territory, amid mixed global equities. Sensex fell 144 points to 43,455 and Nifty fell by 29 points to 12,742.
11.19 AM: YES Bank shares gain 1% today
YES Bank shares were trading back in the green territory on Friday's opening trade, after closing lower yesterday, amid heavy buying activity in banking stocks. This was led by a rally in broader benchmark indices Sensex and Nifty, which traded near record highs.
YES Bank share price today opened at Rs 14.57 today and later rose 1.05% to the day's high of Rs 14.42 on BSE. The stock also hit the day's low of Rs 14.11, as against the earlier close of Rs 14.27.
YES Bank shares have given 11% returns to its investors in the last one month period. However, the stock of the private sector lender has fallen over 1% in one week and 69% since the beginning of the year. YES Bank stock is trading higher than 20, and 50-day moving averages but lower than 5, 100, and 200-day moving averages. The market capitalization of the lender stood constant at Rs 36,003 crore today.
11.10 AM: Nifty technical outlook
Geojit Financial in its note said,"Though a 200 point fall evoked fears of a collapse, it changed nothing from a technical perspective, as the upper bound of 12980 and the lower bound of 12730 held precisely as anticipated yesterday. Now, unless 12660 region gives away, favoured view sees the trend stronger than earlier, for a push towards 13050- 13200 and thereafter 13400-13700. We would however watch VIX, to see if a bear trend is indeed getting established."
10. 58 AM: Angel Broking outlook
Commenting on Angel Broking 's 12% rally in Sensex, Nifty,Jyoti Roy- DVP- Equity Strategist, Angel Broking said :"We believe that it should not be difficult for the Sensex to trade 10-12% higher from current levels over the next one year. While the indices may appear expensive based on FY21 EPS estimates one needs to keep in mind that earnings are going to be depressed this year due to the Pandemic. Markets are trading at a P/E multiple of 20.0x based on consensus EPS estimate for FY2022 which is at around 24% premium to historical average based on one year forward earnings estimates.
While markets are not cheap at current levels they are also not very expensive and therefore we believe that a 10-12% upside is very much possible in the markets over the next one year. Increasing likelihood of a second US stimulus package coupled with low interest rates globally should result in continued strong FPI flows to India. Positive news flow on the vaccine front 2021 has also contributed to the risk-on rally over the past few weeks. While markets are not cheap at current levels and there could be some short term volatility over the next few months in case of any adverse news flows, we remain positive on the markets from a longer term perspective. Abundant global liquidity, strong revival in earnings in FY22 coupled with prospects of a medical solution to the Covid-19 crisis should drive markets over the next one year despite any short term volatility."
10. 41AM: Market outlook
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"The market appears tantalisingly poised now. Sustained FII buying is providing support to the market while continuous DII selling is pulling the market down. Bouts of profit booking at record high levels are normal. Also, corrections are desirable for markets to remain healthy. The next leg of market rally is likely to be in mid-small-caps. There are some concerns on the second wave of the pandemic. But this is likely to be short lived since there is hope on the vaccine front"
10. 29 AM: Gland Pharma share lists at 13% premium over issue price
Gland Pharma share made a strong debut on BSE today rising over 13% against the issue price. Share of Gland Pharma opened at Rs 1,701 against the issue price of Rs 1,500 on BSE. The pharma firm stock rose further up to 21.26% at Rs 1819 against issue price. Market cap of the firm rose to 29,358 crore.
Total 1.79 lakh shares changed hands amounting to turnover of Rs 33.50 crore on BSE.
Against the debut price of Rs 1701, the share rose 6.93% to Rs 1819.
10. 18 AM: Global markets
US equities ended with modest gains on Thursday following a report that US lawmakers may restart negotiations on economic stimulus, over shadowing concerns of rising new COVID-19 cases and increasing restrictions.
Further, preliminary data released earlier on Thursday University of Oxford and AstraZeneca's vaccine candidate triggered a similar immune response among all adults. Oxford and AstraZeneca's data came a day after Pfizer and BioNTech said their Covid-19 vaccine candidate was 95% effective.
10.06 AM: Top gainers and losers
Bajaj Finserv followed by Tata Steel, Titan, Bajaj Finance, HDFC twins and Kotak Bank were among the top gainers on Sensex pack. On the other hand, ICICI Bank, ONGC, Axis Bank, SBI and IndusInd Bank were among the laggards.
9. 53 AM: Nifty technical outlook
Ruchit Jain (Senior Analyst - Technical and Derivatives, Angel Broking) said,": From a day trading or short term trading perspective, such corrections provide opportunities on both the sides of the trade and thus, traders should look out for such trading opportunities and have a proper exit strategy as well. However, we are still witnessing some good price volume action in the broader markets and hence, any declines should provide a good entry points for positional traders to accumulate shares on dips."
9. 35AM: Stocks to watch today on November 20
RIL, Gland Pharma, SBI, Alkem Labs, Bharti Infratel, Wipro, Infosys among others are the top stocks to watch out for in Friday's trading session
9. 22AM: Market outlook
Sneha Seth (Derivatives Analyst, Angel Broking) said,": In the November series, both the indices gave a spectacular move with addition of good amount of longs. However, in the previous week's rally longs were missing in the banking index. Stronger hands continued their buying streak in equities and they are net buyers of Rs. 41,210 crores; which clearly dictates their optimism in Indian equity market. In options front, decent writing was seen in 12900 and 13000 call options along with decent build-up in 12500-12700 put options. Maximum open interest concentration for the monthly series is placed at 13500 call and 12500 put options. Now, in today's fall we did see some short formation, but the quantum wasn't significant. Considering today's development, we believe there is a decent possibility of further profit booking in coming sessions as we heading towards the monthly expiry week. As far as levels are concerned, 12900-13000 may act as a hurdle now; whereas, support is placed around 12400-12500 levels."
9. 13 AM: Opening session
Market indices opened on a bullish note on Friday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today. Sensex gained 150 points to 43,732 and Nifty rose by 41 points to 12,813.Yesterday, Sensex reversed the trend after 3 days and fell 580 points to close at 43,600, while Nifty ended 166 points to 12,771.
9.00 AM: Market outlook
As per Reliance Research, "NSE -NIFTY reversed from its new life-time-high of 12,963 level and breached its daily rising trend. Yesterday, the index lost 12,800 mark amidst negative global cues and also, due to weakness across major sectors. Its key technical indicators on the near-term timeframe chart have given sell signal post negative divergence. Overall market breadth turned from positive to negative after six trading sessions. Though our short-term technical view is bullish, near-term decline cannot be ruled out. On the lower side, the index will find support at 12,600 level. On the higher side, its psychological mark-13,000 will cap the up-move.
As for the day, support is placed at around 12,691 and then at 12,610 levels, while resistance is observed at 12,908 and then at 13,044 levels."
8.50 AM: Closing
Amid heavy selling pressure in banking and financial stocks, Sensex reversed the trend after 3 days and fell 580 points to close at 43,600, while Nifty ended 166 points to 12,771. During the session, Sensex and Nifty touched their lifetime highs of 44,222 and 12,959, respectively. 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.