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Share Market Highlights: Sensex ends 445 points higher at 44,523, Nifty at 13,055; M&M, ITC, SBI top gainers

Share Market Highlights: Sensex ends 445 points higher at 44,523, Nifty at 13,055; M&M, ITC, SBI top gainers

India Stock Market Highlights Today: During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,079

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

Sensex, Nifty Highlights on November 24: Market indices ended near record highs on Tuesday, amid  positive cues from global markets and unabated foreign fund inflows. Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055. During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,079. Yesterday, Sensex closed 194 points higher at 44,077 and Nifty gained by 67 points to 12,926. Global equities were encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the U.S. to President-elect Joe Biden.

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

3. 56 PM: Closing

Market indices ended near record highs on Tuesday, amid  positive cues from global markets and unabated foreign fund inflows. Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055. During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,079.

3. 44 PM: Nifty technical outlook

Vinod Nair, Head of Research at Geojit Financial services said, "Market is inching higher with more confidence that Covid19 vaccine will be available in India soon. It can provide an advantage to India compared to the rest of the world. While, foreign inflows have already broken to a new high on a monthly basis, due to risk on strategy on healthier EMs like India. Recently broad market, including Mid & Small caps, have started to perform better which may continue in the short-term as large caps look expensive post the solid rally from Covid low"

3. 34PM: Aviation sector update

India Equity Research said in its note,: "We recently hosted CAPA India (CAPA), a reputed global aviation consultant. It believes that an economic impact will follow the covid-driven slump and smaller aviation companies are at highest risk.

CAPA forecasts 50% YoY fall in domestic PAX traffic during H2FY21 and 65% dip in FY21. It envisages aviation to remain structurally constrained with a return to pre-covid level only after Q3FY22. It estimates yields to remain soft during H2FY21 and 250 of the 650 Indian fleet to be rendered surplus. Balance sheet stress is poised to worsen with CAPA forecasting the Indian aviation sector to incur USD4.0-4.5bn loss during FY21 versus USD2.0bn loss in FY20."

3. 26 PM: Gland Pharma IPO

"Gland Pharma IPO the biggest pharma IPO in India got successfully listed today stock closed at 1820 up by 21.3% from issue price and up by 7.02% in intraday. In the IPO stock got a good response from Institutional as the QIB portion got subscribed 6.4 times and some lack of confidence from retail. Stock is trading above its mid-cap pharma peers but higher valuations justified by the last 3-year revenue growth and PAT growth of 27% & 55% CAGR respectively. Any dip in price can be a good opportunity for Long term investors," said Yash Gupta- Equity Research Associate, Angel Broking.

3. 12PM: Telecommunications outlook

India Equity Research said in its report," AGR, including NLD, rose 3.9% qoq and 23% yoy (adjusted for BSNL's revenue as it has underwent a reporting change), backed by growth of Bharti and Jio. Note that our analysis of market shares exclude BSNL. Bharti reported another quarter of healthy AGR gains, including NLD, and along with TTSL rising 4% sequentially. Although RMS was stable qoq, the company reported strong gains in Bihar, MP and Maharashtra (consistently gained share in last 6 quarters). Jio saw a 5% qoq rise in AGR along with a 34bps RMS expansion. NLD revenues recorded a strong rebound with a 64% jump after falling 53% in Q1. The telco sustained its numero uno position in 18 circles (flat qoq) and RMS gains in 10 circles vs. 20 circles in Q1. VIL continued to tread on a shaky ground with a 22bps qoq contraction in RMS despite a 3% qoq rise in AGR. We believe that the erosion in market share will persist due to its low investments in the network."

3.08 PM : Market outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty remained solid throughout the day keeping well above the 13000 level. 13100-13200 can prove to be a resistance zone which could see some profit booking. Since the overall trend of the market continues to remain bullish, traders should focus more on the long side of the market than the short side."

3. 00 PM :Market outlook

On market closing, Ajit Mishra, V-Research, Religare Broking said,"Nifty touched another milestone today as it crossed 13,000 for the first time and settled around the day's high as well. The bias was upbeat from the beginning, thanks to the news of the successful trial of another COVID vaccine with high efficacy. It hovered in a range in the middle while movement on the stock-specific front kept the participants busy. The broader markets too ended in positive in a range of 0.6-0.9. Except for Telecom, all the other sectoral indices witnessed healthy buying wherein Banking was the top gainer followed by Auto and Realty.

Markets are celebrating the successful vaccine trials, ignoring the recent spike in the cases. Indications are in the favour of the prevailing up move to extend further but the pace could be gradual. We reiterate our view to focus on the selection of sectors and stocks as we're seeing rotational buying across the board."

2.55 PM: PVR stock update

Reliance Research said in its report," he stock has retested its 200-day SMA post a breakout and resumed its up-move respecting that long-term moving average. On the lower side, the stock found multiple supports between 1225 and 1210 levels. Its RSI advanced gradually post a trend line breakout and positively poised. The stock has potential to test its 100% Fibonacci Extention of prior up-move (1045-1334), which is placed at 1500 mark. Stop loss will trigger at Rs 1190 (on closing basis) and will negate the long trade.

2. 44PM: Market update

Market indices traded at record highs on Tuesday, amid positive global equities. Sensex traded 489 points higher at 44,556 and Nifty gained 141  points to 13,068. During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,074.

2. 24PM: Gland Pharma stock

Share price of the newly listed Chinese backed firm-Gland Pharma has given a 45% return to investors since its listing this month on November 22.

Today, shares of Gland Pharma opened at Rs 2,111.20 against the closing price of Rs 2091.85, and later hit an intraday high of Rs 2178, logging a gain of 4.12% on BSE. The pharma firm stock, however, also touched an intraday low of Rs 1960, thus, trading in a wide range of Rs 218 today. This is a steep rise from the pharmaceutical firm's issue price of Rs 1,500 apiece.

2. 13PM: Mahanagar Gas result outlook

Geojit Financial Services said in its note,: Revenue declined 36.3% YoY (+97.8% QoQ) in Q2FY21 primarily as CNG volumes dropped (-42.0% YoY) partially offset by a growth in domestic PNG (+21.6% YoY). EBITDA fell 19.1% YoY despite margin expanding 8.6pps YoY to 40.3% as operating costs reduced. As a result, Net Profit reduced 46.7% YoY further impacted by higher taxes. In view of rapidly expanding CGDs and various government initiatives for the Oil & Gas industry, we remain positive on the stock and reiterate our BUY rating with a revised target price of Rs. 1,147 based on 14x FY22E EPS.

2.00 PM: Top gainers

HDFC Bank followed by Maruti, ONGC, Axis Bank, L&T, Titan, ICICI Bank and PowerGrid were among the top gainers in the Sensex pack. On the other hand, Bajaj Auto, Nestle India, Infosys and Hindustan Unilever were among the laggards.

1. 43PM: YES Bank share rises for third straight session

YES Bank share was trading 1.5% higher in Tuesday's opening trade, rising for the third straight session, as a rally in broader benchmark indices Sensex and Nifty to fresh record highs buoyed banking stocks.

Amid heavy buying activity and investor participation, YES Bank share price today opened at Rs 14.65 today and later rose 1.5% to the day's high of Rs 14.75 on BSE. The stock also hit the day's low of Rs 14.50 as against the earlier close of Rs 14.53 on Monday.

YES Bank share rises for third straight session

1. 33PM: Rupee surges by 21 paise to 73.90

Indian rupee, the domestic currency appreciated 21 paise to 73.90 against the US dollar in the opening session on Tuesday, amid strong opening in domestic equities and weak American currency. The domestic unit opened at 74.10 per US dollar at the interbank forex market, and gained ground to touch 73.90, rising 21 paise over its previous close.

Rupee surges by 21 paise to 73.90 amid weak dollar, stong equities

1. 16 PM: Market update

Market indices traded at record highs on Tuesday, amid positive global equities. Sensex traded 460 points higher at 44,538 and Nifty gained 133 points to 13,060.

1.05PM: Nifty crosses 13K for first time

Sensex and Nifty hit fresh record highs in early trade today buoyed by the prospects of a coronavirus vaccine which could help in recovery of the global economy. Nifty crossed the key level of 13,000 for first time and hit an all time high of 13,033 in opening trade.

Sensex too scaled a record high of 44,487, rising 410 points in early trade against previous close of 44,077.

Gains were led by banking stocks with the BSE bankex rising 556 points to 33,902 against previous close of 33,346. Similarly, Bank Nifty rose 493 points to day's high of 29,517 against previous close of 29,024.

Nifty crosses 13K for first time, Sensex hits record high: Five factors behind the rally

12.54 PM : Global markets

In US, stocks rose on Monday after AstraZeneca and the University of Oxford said their coronavirus vaccine was up to 90% effective. Meanwhile, UK Prime Minister Boris Johnson announced Monday the country's national lockdown would end on December 2 with certain conditions in place.

12. 41PM: Financials' Q2FY21 results review

Commenting on Financials' Q2FY21 results review, Centrum Boking said in its note," Earnings of our lenders were a beat led by strong operating numbers that was driven by healthier NIM and fee income. Management commentary suggests that business is bouncing back faster and collection efficiency (CE) has materially improved. This coupled with restructuring could lead to lesser provisions for FY21E. Hence we have upgraded FY21E earnings across our financers by 9%. For financers stress could materialise in H2FY21E, though its magnitude would depend on sustainability of higher CE. Prefer ICICI Bank in large-caps as buffer provisions and strong CAR provide comfort. Among mid-caps we like Federal, DCB and Ujjivan SFB as improvement in collections is yet to fully translate into better valuations.

12. 30 PM : Muthoot Finance and Chola Finance outlook

Muthoot is down by 6% while Chola is up by 29% in the same period from last derivatives expiry. Muthoot is near to its 50 day average support while Chola is trading near the higher band of the resistance levels. The mean ratio is trading at the mid range of the last one year and is expected to bounce back towards its one year mean ratio of 4.10-.4.30 levels. Therefore we believe the current pair gives an opportunity to go long in Muthoot Finance and short in Chola Finance for the next few weeks.

12.24PM: TCS outlook

Commenting on Tata Consultancy Services, Reliance Securities said in ite report, :"Recently, the stock also found strong support around its 50% Fibonacci Retracement level of prior up-move (2303-2885), which is placed around 2600 mark. Its RSI once again took support around 45 level and has given buy signal. We believe the stock will soon give breakout after undergoing consolidation and will resume its up-move. The stock has potential to explore uncharted territory and will move towards 3180 mark. In case of any decline, its 50-day EMA will act as a strong support point for the stock. Stop loss will trigger at Rs 2600 (on closing basis) and will negate the long trade."

12.11PM: Infrastructure sector outlook

In Infrastructure sector Q2FY21 results review, Centrum Broking said in its note,": While we had factored a strong qoq ramp-up in execution for construction companies, it came ahead of estimates largely led by higher labour availability and better than expected execution rate. For highway companies, labour availability is almost around pre-Covid levels currently and for building construction companies it is expected to normalize by Q4. Productivity remained impacted due to on-ground constraints and Covid related safety measures and is likely to remain impacted in Q3 as well. Margins beat estimates led by lower employee/ other expenses following the cost cutting measures undertaken by companies. "

12.05 PM: Biocon outlook

Yash Gupta Equity Research Associate, Angel Broking said," Biocon Ltd. Stock up by 0.5% on positive news of acquisition of 26% equity stake in Hinduja Renewables Two Private Limited. Company has informed that the company has entered into an agreement on November 21, 2020 for acquisition of 26% equity stake on a fully diluted basis in Hinduja Renewables Two Private Limited, a special purpose vehicle formed for the purpose of power generation and developing a captive power plant as per Electricity laws. As on date Hinduja Renewables don't have any revenue and Hinduja belongs to the Power generation industry. Main objective behind this acquisition is to enhance the renewable based power consumption, the term of the Power Purchase Agreement to maintain captive status as per Electricity Act. Total cost of acquisition for the company is 5.91 crores. This is not a very big acquisition for Biocon ltd"

11. 56 AM :TCS outlook

Commenting on Tata Consultancy Services, Reliance Securities said in ite report, :"Recently, the stock also found strong support around its 50% Fibonacci Retracement level of prior up-move (2303-2885), which is placed around 2600 mark. Its RSI once again took support around 45 level and has given buy signal. We believe the stock will soon give breakout after undergoing consolidation and will resume its up-move. The stock has potential to explore uncharted territory and will move towards 3180 mark. In case of any decline, its 50-day EMA will act as a strong support point for the stock. Stop loss will trigger at Rs 2600 (on closing basis) and will negate the long trade."

11.47 AM: AU SFB update

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said,: "On Monday, AU small finance bank sold 4.46%in Aavas financiers for Rs.530cr through an open market transaction. According to bulk deal data available on the BSE, AU Small Finance Bank offloaded a total of 35,00,000 shares at an average price of Rs1,515.16 per share. Nomura India Investment Fund Mother Fund, SBI Life Insurance Company Ltd bought 1.15% and 0.84% stake in Aavas Financiers Ltd for Rs.136.35cr and Rs.100cr respectively.

AU SBF has sufficient capital adequacy stand at 21.5% as of Q2FY21, this stake sale was unexpected. AU SFB collection efficiency stood at 96% in Q2FY21, Including prior periods' receipts. The proportion of loans under the moratorium stood at 5.5% at the end of August (vs.~11% in June). Of this, 3% did not make any repayment. The management views this as the potential stress pool. AU SFB has COVID led provision  1% of AUM. Still, it is positive to raise capital in uncertain times as it will help them to accelerate growth when regional and weak NBFC is not able to raise funds.

We have a Positive view on Aavas Financiers considering high yield book, stable asset quality, and ficus management. The moratorium loan proportion improved to 3.7% in end-August with collection efficiency at 95-96. Covid-19- related provision has now increased to 0.2% of total AUM. This seems sufficient as only 0.5% of loans have not paid a single EMI."

11. 35 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Yesterday Gold prices closed 1.46% lower at 49,480 levels and silver closed 2.63% lower at 60,525 levels on the back of recovery in global equity market and development on the front of corona virus vaccine.  Gold ETF holding is also falling more than a million ounce in this month. In international market Gold is trading at its 4 months low level at $1824 per ounce and silver is trading at $23.41 per ounce.

HE added," The trend of Gold and silver now become 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 49800 levels with the stop loss of Rs 50100 levels for the target of 49000 levels. They can also go for sell  in Silver at Rs 61,000 levels, with the stop loss of 61800 levels and for the target of 59800 levels. Gold may test $1780 to $1800 per ounce levels soon."

11. 27 AM: Nifty technical outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said," Market kick-started the proceedings for the week on a cheerful note, owing to favourable global cues. Sectorally, IT and Pharma stocks have shown some excellent moves yesterday after recent consolidation. The heavyweight RELIANCE also stood firm throughout the day; but on the other side, banking could not hold on to its early morning lead. The real action still lies in the broader market, which remains to be the flavour. The way indices are behaving since the last 5-6 trading sessions, it's a sign of time-wise correction and hence, it's better not to focus more on index specific trades for a while. But still for a compulsive trader, try to buy on declines around supports and vice versa."

11.11 AM: Market hits new high

During the session, Sensex hit a lifetime high of 44,499 and Nifty touched record high of 13,048.

11.03 AM: Market outlook

Geojit Financial Services said in its note,:" Though the downside marker of 12860 was intact yesterday, followed by a positive close, the 13200 view appears more doubtful, or to the least, the expectation of a vertical rise has come down significantly. A few early upside attempts could still be expected, but inability to clear 13000 could trigger long liquidation spree that could go all the way till 12300 atleast."

10.50 AM: Stocks to watch today on November 24

Reliance Industries, GMR Infra, Coal India, Indian Oil Corp, Biocon among others are the top stocks to watch out for in Tuesday's trading session

Stocks in news: Reliance Industries, GMR Infra, Coal India, Indian Oil Corp, Biocon

10. 49 AM: Global market update

Asian markets are trading higher on the second day of the week tracking overnight gains in US and positive vaccine news with Nikkei up around 2%.

US markets closed higher after Astrazeneca and Oxford University said the vaccine is 90% effective and as Joe Biden plans to nominate Janet Yellen as Federal Reserve Chair. European markets closed mixed amid hopes of vaccine against covid-19. Oil&Gas stocks gained while telecom stocks slipped.

10. 35 AM: Market update

Market indices traded at record highs on Tuesday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 25 points, indicating positive trend in domestic grounds today. Sensex traded 395 points higher at 44,472 and Nifty gained 115 points to 13,040.

10. 20 AM: Vodafone Idea outlook

Keshav Lahoti-Associate Equity Analyst, Angel Broking said," To pay off its AGR dues roughly ~Rs. 500 bn over 10 years, Vodafone Idea is trying to raise funds from different sources. Few days back, the company raised Rs 37.6 billion by selling its 11.15% stake in Indus for a cash consideration. As per media sources, a consortium backed by Oaktree Capital has offered to fund at least $2 billion to the company. If the company successfully raises this amount, then we believe stock will rally as it will alleviate concern over the company's financial strength. We see this as a negative development for Bharti Airtel, as it will shut all the talks about duopoly in the industry."

10. 12 AM: Nifty outlook

Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments said," We finally achieved the 13000 levels. It is heartening to see that the Nifty is maintaining above it. The markets would attempt 13100-13200 in this rally up which would be a significant resistance zone. We have good support at 12700 so any dip can be utilized to accumulate positions for a target of 13100-13200."

10.03 AM:KEI Industries outlook

Expressing views on KEI Industries - Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,KEI Industries Ltd (KEI) is engaged in manufacturing & supply of power, industrial cables and EPC work. Going forward, we expect KEI Industries to report healthy recovery in top-line & bottom-line mainly due to (a) higher order book (~Rs2,600cr) execution in the EPC segment; (b) Strong distribution network -1,600 (c) Strong growth in EHV business and (d) higher exports. We are positive on stock."

9. 50 AM: Zee Entertainment Enterprises outlook

Geojit Financial Services said in its note,: "Revenue up 31.3% QoQ (-18.8% YoY) supported by strong growth rebound seen in Advertising segment while Subscription revenues also reported a steady growth.  EBITDA margin improved by 140bps QoQ to 18.2%. Adj. PAT (incl. provisions towards diaspora liabilities of Rs. 97cr) came in at Rs. 191cr. Company expects to see healthy growth in subscription revenue from broadcasting from Q4FY21 onwards once NTO 2.0 issues get sorted out. Steady growth in overall Subscription revenue coupled with recovery from Advertising should support topline growth in the near-term. We remain optimistic of Zee's future growth prospects and reiterate our BUY with target price of Rs. 245 based on 14.5x adj. EPS".

9. 47 AM: Nifty technical outlook

Reliance Research said in its note,"  NSE-NIFTY recorded new high of 12,969 level continuing its prior daily rising trend. Yesterday, buying in Pharma sector, IT space and major frontline counters supported the up-move. Due to back to back bounce in the index, its key technical indicators on the near-term timeframe chart reversed from lower levels. In case undergoing positive momentum continues, its key technical indicators will give breakout from negative divergence. That could take the index towards 13,200 and 13,500 levels. On the lower side, the index will initially find support at 12,700 and then at 12,600 levels.

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."

9. 23 AM: Opening session

Market indices opened on a bullish note on Tuesday, amid positive global equities. SGX Nifty on the Singapore Exchange was rising by 90 points, indicating positive trend in domestic grounds today. Sensex traded 289 points higher at 44,366 and Nifty gained 83 points to 13,009.

9. 14 AM: Nifty technical outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"As expected  the Midcap Index has appreciated 13% so far this month. This is a global trend since the large-caps are richly valued. In the US Russel 2000 - the smallcap index- touched record highs yesterday. In India there is more room for the broader market to go up. Private banks are likely to slowdown since they have appreciated quite a bit during the last one month"

9.05 AM: Market outlook

"As the rise in Covid cases are reported in only a few cities in India mainly due to the Diwali festival, so markets have not reacted negatively to this news. We believe no major lockdown is on the cards, as the overall Covid situation is under control. Going forward, the market will react depending upon Covid's situation and the global economic recovery," said Keshav Lahoti, Associate Equity Analyst, Angel Broking.

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 4,738.44 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,944.05 crore in the Indian equity market on 23 November, provisional data showed.

8. 40 AM: Rupee closing

On the currency front, Indian rupee settled 5 paise higher at 74.11 per US dollar, tracking positive domestic equities and weak American currency.

8. 30 AM: Closing

After touching lifetime highs, market indices closed higer on Monday amid largely positive cues from global markets and sustained foreign fund inflows. Ending a volatile trading session, Sensex closed 194 points higher at 44,077 and Nifty gained by 67 points to 12,926.

During the session, Sensex hit a lifetime high of 44,217 and Nifty touched record high of 12,962.

Sensex closes above 44,000, Nifty at 12,926; Infosys, IndusInd Bank top gainers