Closing bell: Sensex rises 159 points led by Infosys, TCS; Nifty ends at 10,6859 min read . Updated: 27 Nov 2018, 04:17 PM IST
The BSE Sensex closed 159.06 points up at 35,513.14, while the Nifty 50 ended 57 points higher at 10,685.60. Here are the highlights from the markets
OTHERS : Mumbai: Benchmark indices BSE Sensex and NSE’s Nifty 50 rebounded in the afternoon trade on Tuesday led by gains in IT and energy stocks. The Indian rupee edged lower against the US dollar, tracking losses in Asian currencies amid rising US-China trade tensions. Healthcare shares traded lower dragged by Sun Pharma, which was down over 3%. Telecom, auto and metal stocks also remained under selling pressure.“Volatility will continue in the markets given the uncertainty looming over outcome of state elections. Although correction in crude oil prices and rebound in INR vs USD has provided a breather,” said Jayant Manglik, President, Religare Broking Ltd. “Additionally, Q2GDP data this week will help provide further direction to the markets.”In global markets, European shares and US futures edged lower while gains in Asian equities were limited after US President Donald Trump threatened tariff hikes on Chinese goods cast a cloud over prospects for a cease-fire in the trade war with China. Oil prices fell as Saudi Arabia raised oil production to an all-time high in November amid cautious trading ahead of the G20 and Opec meetings. Here are the highlights from the markets:
Closing bell: Sensex, Nifty gains for 2nd day
The BSE Sensex closed 159.06 points, or 0.45%, up at 35,513.14, while the Nifty 50 ended 57 points, or 0.54%, higher at 10,685.60. The BSE MidCap and SmallCap indices rose 0.32% and 0.43%, respectively.Among the sectoral indices on BSE, IT, teck and energy advanced over 1%. Oil and gas, power, finance and realty also gained. On the other hand, Healthcare, metal, telecom, consumer durables and FMCG declined.Infosys, TCS, Reliance, Bajaj Finserv and IndusInd Bank were among the top gainers on the key indices, whereas Sun Pharma, Hero MotoCorp, Yes Bank, Bharti Airtel and Bajaj Auto were major losers.
Refinery shutdowns may push India into importing fuel next year
The refiners will have to shut gasoil- and gasoline-making units at their plants for 15 to 45 days to churn out Euro VI-compliant fuels from January 2020https://t.co/RoTcTuv0w1— Livemint (@livemint) November 27, 2018
Pharma stocks trade lower, Sun Pharma down 3%
European stocks struggle as US-China trade talks Weigh
American stock futures edged lower with European shares while gains in Asian equities were limited after President Donald Trump’s warning on tariff hikes cast a cloud over prospects for a cease-fire in the trade war with China. Commodities retreated, led by copper. Contracts on the Dow, S&P and Nasdaq were all in the red, while Treasuries and the dollar held steady before the Federal Reserve’s top two officials speak in the coming two days. Equity benchmarks rose in Japan, but were steady in Hong Kong and China, in the wake of signals from Trump that the U.S. is prepared to go ahead with plans for higher tariffs, though a spokesman for China’s foreign ministry said the parties had agreed to reach a deal in a Nov. 1 phone call.Futures on the S&P 500 Index fell 0.1% as of 8:05 a.m. London time. The Stoxx Europe 600 Index declined less than 0.05%. The MSCI All-Country World Index climbed less than 0.05% to the highest in more than a week. The MSCI Emerging Market Index dipped less than 0.05%. Bloomberg
Market Update: Sensex, Nifty rebound
The BSE Sensex traded 114.07 points, or 0.32%, up at 35,468.15, while the Nifty 50 rose 33.30 points, or 0.31%, to 10,661.90. The BSE MidCap and SmallCap indices rose 0.12% and 0.34%, respectively.Among the sectoral indices on BSE, IT, realty and teck advanced most at over 1% followed by energy, power utilities and capital goods. Healthcare, consumer durables, FMCG and telecom declined.
Lupin gets EIR for Tarapur facility, shares up 1%
Lupin said that it has received an EIR from the USFDA with one observation after the regulator completed its inspection at the company’s Tarapur facility in Maharashtra. Lupin shares traded 1% up at Rs 853.20 per share.
63 Moons sells stake in ATOM Technologies
63 Moons Technologies Ltd said it has signed an agreement with Japan’s NTT Data Corp. to sell its 55.35% stake in ATOM Technologies for a total amount of $9.24 million. Shares traded 0.37% down at 107.10 per share.
Sun Pharma shares erase gains, slump 7%
Sun Pharma shares erased all morning gains and fell as much 7.05% to Rs 474.65 per share. In early trade, the stock had hit a high of Rs 521.20 per share, up 2% from its last close. Sun Pharmaceutical Industries Ltd on Monday said it has bought Japanese drugmaker Pola Pharma Inc. for $1 million as part of plans to strengthen its global presence in dermatology.
HSBC upgrades Indian stocks to ‘neutral’
HSBC has raised its rating on Indian equities to “neutral” from “underweight” in a regional context on Tuesday, citing recent underperformance and more reasonable valuations. “Since end-August, India underperformed because of issues in local banks, currency weakness and oil price volatility,” HSBC analysts said in a note. “Despite recent underperformance, these risks remain for Indian equity market. But investors’ holdings now lowest relative to history, valuations more reasonable, 2019e (expected) earnings growth highest in region,” they said. Read more
Granules India gets drug approval from USFDA
Granules India said its unit Granules Pharmaceuticals has received approval from the USFDA for Methylphenidate hydrochloride extended-release tablets USP, 10 mg and 20 mg. The approved ANDA is therapeutically equivalent to the reference listed drug “Ritalin SR Sustained-Release Tablets, 20 mg” of Novartis Pharmaceuticals Corp. Granules India shares traded 0.44% down at Rs 90.15 per share.
IIFL to buy stake in fintech startup Trendlyne
IIFL Holdings Ltd said that unit IIFL Securities Ltd is planning to buy 15% strategic stake in Bangalore-based fintech startup Trendlyne (Giskard Datatech Private Ltd), a stock market analytics platform for retail investors, analysts, fund managers and advisors. IIFL shares traded 0.32% up at Rs 478.50 per share.
Domestic steel profitability at decadal peak, says Morgan Stanley
Morgan Stanley said that Indian steel companies’ profitability is at decadal high, and that domestic demand risk and high leverage added to near-term concerns. The brokerage prefers stocks with earnings visibility and strong balance sheets. “Valuations too are at a premium to history for large steel stocks,” said Morgan Stanley.MS cut rating on JSW Steel to ‘underweight’ from ‘equalweight’ with PT cut to Rs 278 from Rs 369. The brokerage cut rating on Jindal Steel and Power to ‘equalweight’ from ‘overweight’, with revised PT of Rs 174 from Rs 314. MS maintained ‘underweight’ rating on SAIL and reduced PT to Rs 53 from Rs 75. However, MS upgrades Coal India to ‘overweight’ from ‘equalweight’ but PT cut to Rs 296 from Rs 306, citing high volume growth visibility with rising coal demand and India’s import dependence. Reuters
Metal stocks trade lower as metal prices extend losses
Shares of metal companies traded lower as global metal prices extended losses for a third day. The Nifty Metal Index was down nearly 2%, with JSW Steel and Jindal Steel falling over 3%. Tata Steel, Vedanta and Hindalco also declined around 1%.London copper prices extended losses into a third straight session following a report that US President Donald Trump expects to move ahead with raising tariffs on $200 billion of Chinese imports. Three-month LME copper had fallen 0.4% to $6,166 a tonne, extending a 0.3% drop from the previous session. Zinc slipped 1% in London and 1.6% in Shanghai, where it hit 19,930 yuan a tonne overnight, the lowest since Sept. 18. (Reuters)
IFCI shares up over 7% on Binani Cements resolution
IFCI shares rose as much as 6.5% to Rs 14.6 after the company said it has received Rs 491.84 crore via NCLT on account of resolution passed by Binani Cements. The company holds 42.16 lakh security receipts the Binani Cements of face value of Rs 1,000 each.
Yes Bank shares rise over 3%
Yes Bank shares rose as much as 3.21% to Rs 194 per share in the opening trade after PTI reported that entities linked to Yes Bank promoter Rana Kapoor have paid ₹200 crore each to Reliance Mutual Fund and Franklin Templeton Mutual Fund from whom they had raised funds by pledging shares. The entities are understood to be linked to the close family members of Kapoor.In other news, Mint reported that the Reserve Bank of India on Monday began inspecting Yes Bank’s exposure to IL&FS, DHFL, Indiabulls Group, and Sudhir Valia-promoted entities Fortune Financial Services India Ltd and Suraksha ARC.
Sun Pharma shares up 2% on Japan acquisition
Sun Pharma shares rose as much as 2% to Rs 521.20 per share. Sun Pharmaceutical Industries Ltd on Monday said it has bought Japanese drugmaker Pola Pharma Inc. for $1 million as part of plans to strengthen its global presence in dermatology.
Market update: Sensex, Nifty trade flat
The BSE Sensex traded 28.48 points, or 0.08%, up at 35,382.56, while the Nifty 50 rose 3.80 points, or 0.04%, to 10,632.40.
Rupee inches lower against dollar
The Indian rupee weakened marginally against the US dollar on Tuesday, tracking losses in Asian currencies after US President Donald Trump said he was ready to expand the trade war with China. At 9.10am, the rupee was trading at 70.99 a dollar, down 0.18% from its Monday’s close of 70.87. The currency opened at 70.87 a dollar and touched a low of 71.01. The 10-year government bond yield stood at 7.747% from its previous close of 7.727%.
EM valuations moderate but Indian stocks still expensive
Equities in markets such as Turkey, South Africa, Indonesia and South Korea corrected sharply after the recent currency rout. The one-year forward price-earnings (P-E) multiple of the MSCI Emerging Markets Index has corrected from its highs of around 13 times and is currently at around 10 times forward earnings. In relation to developed markets, the valuation differential has widened meaningfully, leading to the double upgrade in EM ratings.Read: EM valuations moderate but Indian stocks still expensive
FMCG stocks back in favour as costs beat a retreat
The BSE FMCG index is still down by 9.3% since end-August, but is up by that same rate over its lows of early-October. Some of that is because of the broad market, which is up by 3.4%.
The increase in crude oil prices was a budding thorn in the side of FMCG companies. https://t.co/IElsduK39H— Livemint (@livemint) November 27, 2018
Commodity corner: Oil prices fall, metals extend losses for 3rd day
Oil: Record Saudi oil production pulled down crude prices amid cautious trading ahead of the G20 gathering that starts in Argentina on Friday and next week’s OPEC meeting in Austria. International Brent crude oil futures briefly dipped below $60 per barrel before edging back to $60.10 per barrel, still down 38 cents, or 0.6%, from their last close. US WTI crude futures were at $51.21 per barrel, down 42 cents, or 0.8%. Saudi Arabia raised oil production to an all-time high in November, an industry source said on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.Gold: Global gold prices inched lower on Tuesday as the dollar steadied amid fears of a slowdown in global economic growth and increasing pessimism due to a likely worsening of U.S-China trade dispute ahead of the G20 meet. Spot gold was down 0.1% at $1,220.81 per ounce. US gold futures were flat at $1,222.2 per ounce.Metals: London copper prices extended losses into a third straight session following a report that US President Donald Trump expects to move ahead with raising tariffs on $200 billion of Chinese imports. Three-month LME copper had fallen 0.4% to $6,166 a tonne, extending a 0.3% drop from the previous session. Zinc slipped 1% in London and 1.6% in Shanghai, where it hit 19,930 yuan a tonne overnight, the lowest since Sept. 18. Reuters
Asia stocks mixed on tariff talk
Stocks in Asia traded mixed and US futures retreated as President Donald Trump discussed plans for further China tariff increases in the absence of a trade deal. The dollar steadied and Treasuries were little changed. Shares in Japan and China posted modest gains, fell in Hong Kong and fluctuated in South Korea. Earlier, the S&P 500 Index recovered from the worst week in a month as investors speculated a strong start to the holiday season will keep U.S. economic growth on track.Japan’s Topix index rose 0.3%. Australia’s S&P/ASX 200 Index climbed 0.6 %. South Korea’s Kospi index rose 0.3%. Hong Kong’s Hang Seng Index fell 0.3%. S&P 500 futures fell 0.3%. The S&P 500 Index gained 1.6%. The Nasdaq 100 advanced 2.3%. Bloomberg