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Share Market Highlights: Sensex closes above 44K for first time, Nifty at 12,938; M&M, L&T, IndusInd Bank top gainers

BusinessToday.In     November 18, 2020

Sensex, Nifty highlights on November 18: After a volatile trading session, market indices closed at record highs on Wednesday as investors were enthused over the positive news of coronavirus vaccine. Sensex closed 227 points higher at 44,180 and Nifty ended 64 points higher at 12,938.  Earlier, market indices were trading on a volatile note in line with global markets as enthusiasm over a Covid vaccine faded with a rise in coronavirus cases across the world. The rally in global markets took a breather as rising infection numbers in the United States and Europe has raised the threat of renewed restrictions on business and movement. Asian stock markets were mixed after Wall Street declined as worries about the long-term impact of the coronavirus pandemic tempered enthusiasm about possible vaccine development. But, later  Sensex  and Nifty managed to close in the green.

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

3:43 pm: The rupee closed in the green for third day in a row rising 27 paise to close at 74.19 against the US dollar, supported by gains in domestic equities and weak American currency.

3: 42 pm: Banking, capital goods and auto stocks helped Sensex close above 44,000 for the first time today. BSE bankex ended 682 points higher at 34,145, and BSE capital goods index rose 605 points to 16,868.  BSE auto index too gained 592 points at 19,629.

3: 45 pm: Ashis Biswas, Investment Advisor at CapitalVia Global Research said, "We view 12930-12950 as a potential supply zone and the market is currently trading near to it. While technical evidence from momentum indicators like RSI, MACD is not supporting the rally and cyclically market is about to enter into a corrective phase, the investor should use the rally to scale down their position gradually. On the downside, 12,770-12,790 is likely to act as a support zone."

M&M share hits 52-week high as firm to make new K2 series tractors

3: 40 pm : Shares of M&M , L&T and IndusInd  Bank were the top Sensex gainers rising up to 10.76%.

3: 35 pm: Sensex closes 227 points higher at 44,180 and Nifty rises 64 points to end at 12,938

2: 15 pm: Banking and capital goods stocks were the top gainers with BSE bankex and BSE capital  goods index rose 630 and 602 points, respectively.

2:00 pm: Expert take on gold

Anuj Gupta - DVP- Commodities and Currencies Research at Angel Broking said, "Yesterday, gold prices closed 0.13% lower at 50,766 levels and silver closed 0.70% lower at 63,248 levels on the back of recovery in global equity market.

Development on the front of coronavirus 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 50900 levels with the stop loss of Rs 51200 levels for the target of 50400 levels. They can also go for sell  in Silver at Rs 63,600 levels, with the stop loss of 64100 levels and for the target of 62700 levels."

1: 12 pm:  Sensex , Nifty turn volatile in afternoon session. While Sensex fell 24 points to 43,928, Nifty was trading 16 points lower at 12,858.

12:20 pm:  Mahindra & Mahindra (M&M)  stock hit a 52-week high on Wednesday after the company said it will make new K2 series tractors in Telangana. The stock surpassed its previous high of Rs 666 touched on September 22, 2020. The share rose up to 8.6% to yearly high of Rs 691.85  against previous close of Rs 637.05 on BSE.

11:50 am : On BSE, 148 stocks hit 52-week high against 29 stocks falling to 52 week low.

11: 35 am : Market cap on BSE stands at Rs 170.27 lakh crore.

11: 15 am : Market update

Sensex fell 150 points to 43,800, Nifty trading 46 points lower at 12,827.

10: 40 am: IIFL Securities share gained nearly 10 percent as the company is going to consider the proposal of buyback of shares.

The meeting of the board of directors of the company will be held on November 20, 2020 to consider the proposal for buyback of fully paid-up equity shares of the company and any other item. The share rose 9.92% to Rs 46.50 against previous close of Rs 42.30 on BSE.

10: 25 am: DLF share price gains 3.29% on inclusion in Dow Jones Sustainability Indices. DLF said it has been recognised as an index component of the Dow Jones Sustainability Indices (DJSI) in the emerging markets category. This recognition demonstrates DLF's track record for its governance, social and environmental initiatives. DLF share rose to Rs 194.20 against previous close of  Rs 188.20 on BSE.

DLF share price gains 3% on inclusion in Dow Jones Sustainability Indices

9: 50 am : Share of Lakshmi Vilas Bank  crashed 20% to Rs 12.40 today after the lender was put under moratorium by the Reserve Bank of India (RBI) for 30 days, effective from 6:00 pm on November 17 till December 16. Under the moratorium, RBI has restricted withdrawals at Rs 25,000. Depositors with more than one account will be allowed to withdraw only Rs 25,000 from all their accounts.

9: 30 am : Of 30 Sensex stocks, 14 were trading in the green.

9:25 am: HUL, Tech Mahindra, Nestle India and TCS  were the top losers on Sensex.

9: 20 am : ICICI Bank, L&T and SBI are top Sensex gainers rising over 1 % each.

9: 15 am : Sensex opened 25 points higher at 43,978 and Nifty was trading 15 points higher at 12,879.

8: 50 am : Global markets

Rise in coronavirus cases took the fizz out of rally in global markets resulting in fading of enthusiasm over the two vaccines in development.  

The Nikkei 225 in Tokyo lost 0.7% to 25,827.23 while the Shanghai Composite Index gained 0.4% to 3,355.06. The Hang Seng in Hong Kong retreated less than 0.1% to 26,383.95.

The Kospi in Seoul was up less than 0.1% at 2,539.20 and Sydney's S&P-ASX 200 added 0.3% to 6,515.50. 

8: 45 am : Market outlook

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said," The current leg of the rally, that started from the beginning of November, achieved its equality target (12850) on the upside. Structurally, there is scope for extension on the upside, which means the index can continue to stretch higher. Going ahead, 13000 & 13350 will be the key short term targets to watch out for. On the flip side, 12750-12700 will act as a near term support zone for Nifty."

8. 30 AM: Last closing

Benchmark indices closed at fresh all time highs on Tuesday, amid positive global equities, as renewed hopes of COVID-19 vaccine kept investors optimistic. Sensex closed 314 points higher at 43,952, while Nifty gained by 93 points to end at 12,874 today.

Stocks in news: Lakshmi Vilas Bank, DLF, Tanla Platforms, ONGC

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