Markets today: Dovish Fed powers Sensex, Nifty to two-month high
10 min read.Updated: 29 Nov 2018, 05:05 PM ISTNirav Vyas
The BSE Sensex closed 453.46 points up at 36,170.41, while the Nifty 50 ended 129.85 points higher at 10,858.70. Highlights from the stock markets today
Mumbai: Indian shares ended higher by more than 1% on Thursday, as dovish comments from the US Federal Reserve chairman boosted investor sentiment. The broader NSE Nifty closed 1.21% higher at 10,858.70, while the benchmark BSE Sensex ended up 1.27% at 36,170.41. Both the indexes posted their best closing levels since 1 October.Financial stocks accounted for most gains on the indexes, with NSE bank index finishing 1.8% higher, its strongest close since 14 September. HDFC Bank Ltd, the top performer on the NSE index, closed up 2%.Highlights from the stock markets today:
29 Nov 2018, 03:35:00 PM IST
Closing bell: Sensex, Nifty
The BSE Sensex closed 453.46 points, or 1.27%, up at 36,170.41, while the Nifty 50 ended 129.85 points, or 1.21%, higher at 10,858.70. Intraday, the Sensex rose 536.9 points to 36,253.85 and the Nifty 50 jumped 154.2 points to 10,883.05.The BSE MidCap and SmallCap indices rose 0.62% and 0.22%, respectively. Fifteen out of 19 sectoral indices on BSE gained led by metal, which rose 2.01%. Bankex, finance, energy, basic materials, realty, consumer durables and auto rose over 1%. IT, teck, utilities and power declined.Bajaj Auto, Kotak Bank, M&M, Bajaj Finance and Vedanta were among the top gainers on the key indices, whereas ONGC, Power Grid, NTPC and Infosys were major losers.
29 Nov 2018, 03:05:00 PM IST
Neuland Labs rises 14% after USFDA completes inspection with no observations
Shares of Neuland Laboratories jumped as much as 13.77% to Rs 557 per share after the company said that the USFDA has issued a Form 483, with no observation, following conclusion of an inspection at the company’s facility in Sangareddy district.
29 Nov 2018, 02:38:00 PM IST
SpiceJet shares jump nearly 3%
SpiceJet shares rose as much as 2.78% to Rs 81.30 per share after that the carrier said it has provided an additional bank guarantee of 200 million rupees ($2.83 million) to state-owned Airports Authority of India for unpaid dues, reported Reuters. SpiceJet owes the airport operator 1.17 billion rupees in unpaid dues for landing, parking and other airport charges, according to media reports, against an existing bank guarantee of 1.04 billion rupees. The additional bank guarantee was given on Wednesday, added Reuters, citing an airline official who did not wished to be named.
29 Nov 2018, 02:30:00 PM IST
Oil prices fall below $50 per barrel
Oil prices crashed below $50 a barrel for the first time in more than a year as Russia signaled little urgency to commit to supply cuts, while U.S. crude stockpiles continue to grow. Futures tumbled as much as 1.8 percent in New York, after sliding 2.6 percent in the previous two sessions. Just days before talks on oil policy with Saudi Arabia, Russian President Vladimir Putin said current prices are “ absolutely fine”, while Saudi energy minister said the kingdom is confident OPEC and its partners can reach a deal to stabilize the market. U.S. crude inventories rose for a 10th week, government data show. Bloomberg
29 Nov 2018, 02:20:00 PM IST
Nifty sectoral indices
29 Nov 2018, 02:10:00 AM IST
Market Update: Sensex, Nifty extend rally
The BSE Sensex traded 476.20 points, or 1.33%, up at 36,193.15, while the Nifty 50 rose 127.70 points, or 1.19%, to 10,856.55. The BSE MidCap and SmallCap indices rose 0.68% and 0.33%, respectively. Fifteen out of 19 sectoral indices on BSE advanced with metal, consumer durables, energy, bankex and basic materials leading gains by rising 1.5% to 2.1%. IT, teck ,utilities and power declined.
29 Nov 2018, 02:00:00 PM IST
Unilever CEO Polman to retire; HUL shares up over 1%
Unilever said its CEO Paul Polman was retiring less than two months after a damaging row with shareholders, and would be replaced by the head of its beauty unit Alan Jope from January 1. Polman’s exit comes after the maker of Dove soap and Ben & Jerry’s ice cream was forced to scrap a plan to move the company headquarters to the Netherlands in October, following an investor revolt.Jope, 54, is the boss of the beauty and personal care division which is Unilever’s largest, accounting for almost half of group annual profits. He is also a former leader of its China business and has long been seen as a successor to Polman. (Reuters)Shares of Hindustan Unilever Ltd traded 1.33% up at Rs 1753.85 per share
29 Nov 2018, 01:31:00 PM IST
Yes Bank shares erase losses
Yes Bank shares erased all losses and traded marginally lower. The stock rose as much as 3.21% to Rs 166.90 per share in noon trade. In the morning session, the stock hit a low of Rs 147, down 9.09% from its previous close.
29 Nov 2018, 01:00:00 PM IST
Dollar a little cheaper for firms but interest bill still high
White Organic Agro enters organic Basmati rice business
White Organic Agro said the company’s plans to expand the indirect farming business in the northern states for cultivation and business of organic basmati rice. The company added that it has already established setup in New Delhi, from which it intends to carry out the business of organic basmati rice. Shares traded 0.36% up at Rs 70.30 per share.
29 Nov 2018, 12:04:00 PM IST
HEG and Graphite India: Big rally, crashing valuations
Shares of graphite electrodes manufacturer HEG Ltd have risen 28-fold since early 2017. Peer Graphite India Ltd’s shares have risen about 13-fold in the same period. And in a strange turn of events, this massive rally has been accompanied by a huge compression in their price-earnings (P-E) ratio. A year ago, HEG traded at a P-E multiple of 67 times, based on its trailing 12-months earnings. Now, its P-E multiple stands at merely six times.
The BSE Sensex traded 346.04 points, or 0.97%, up at 36,062.99, while the Nifty 50 rose 87.55 points, or 0.82%, to 10,816.40. Intraday, the Sensex rose as much as 404 points to 36,122.99 and the Nifty 50 surged 107 points to 10,836.15.The BSE MdiCap and SmallCap indices rose 0.42% and 0.15%, respectively. Sixteen out of 19 sectoral indices on BSE traded higher led by energy, metal, FMCG and consumer durables, which rose over 1%. Telecom, utilities and power declined.
29 Nov 2018, 11:25:00 AM IST
Adani Enterprises shares rise 5% over progress in Australia mine project
Shares of Adani Enterprises rose as much as 4.8% to Rs 165.55 per share after the company said that it will provide full funding for Adani Mining’s Carmichael mine and rail project in Australia. “The project stacks up both environmentally and financially,” said Adani Mining CEO Lucas Dow, addressing community leaders, mining industry contractors and suppliers at a mining club luncheon in Queensland. Construction and operation of the mine will now begin, he said.
29 Nov 2018, 11:10:00 AM IST
Deep Industries shares gain on new contract
Deep Industries shares traded 0.7% up at Rs 141 per share after the company said it has received an order worth Rs 3.12 crore from ONGC.
29 Nov 2018, 10:33:00 AM IST
Vedanta shares rise after NGT panel report
Vedanta shares rose as much as nearly 4% to Rs 200.65. A court-appointed panel said on Wednesday that there were insufficient grounds to permanently close Vedanta’s copper smelter and govt decision to shut it amounted to administrative overreach. Panel set up by National Green Tribunal said authorities in Tamil Nadu state where the plant is located had failed to comply with procedures before shutting down the smelter and co was not given any notice or opportunity to explain its position.Tamil Nadu ordered permanent closure of the smelter in May after 13 people protesting to demand its shutdown on environmental concerns were killed in a police firing. The environment court will decide on panel’s report on Dec. 7.
29 Nov 2018, 09:58:00 AM IST
Metal stocks rise; Vedanta, Hindalco, Tata Steel up 3%
Shares of metal companies traded higher today as prices of base metals rebounded. The Nifty Metal Index was up nearly 2% led by Vedanta, Hindalco and Tata Steel, which rose around 3%. Shanghai base metals rose on Thursday, tracking equities higher after investors saw comments from the U.S. Federal Reserve chair as a sign the central bank’s interest rate hike cycle is drawing to a close, reported Reuters.The most-traded January copper contract on the Shanghai Futures Exchange had risen 1.3% to 49,610 yuan ($7,143.27) a tonne. Three-month copper on the London Metal Exchange climbed 0.4% to $6,225 a tonne. Shanghai lead was the next biggest gainer after copper, adding 1.2%, while zinc was on course to snap a seven-day losing run, rising 0.9%.
29 Nov 2018, 09:42:00 AM IST
Vakrangee shares hit 5% upper circuit
Vakrangee shares hit 4.96% upper circuit to trade at Rs 30.70 per share after the company disclosed that the market regulator Sebi has not found instances of any stock manipulation by promoter or promoter group entities.
29 Nov 2018, 09:30:00 AM IST
Yes Bank shares fall over 5%
Yes Bank shares fell as much as 5.6% to Rs 152.60 per share after Icra on Wednesday downgraded the bank’s long-term ratings. “The rating downgrade considers the series of resignations from the board of directors, which raises concerns on corporate governance at the bank,” said the rating agency. Icra’s action came a day after its parent Moody’s Investors Service on Tuesday downgraded the rating of the bank citing corporate governance concerns and impact of leadership change on the bank’s growth plan. As of last close, Yes Bank shares had fallen 48.6 percent this year.
29 Nov 2018, 09:20:00 AM IST
HUL shares rise over 1% on deal with GSK
Hindustan Unilever shares rose as much as 1.3% to Rs 1753 per share after the Mint reported, citing sources, that parent Unilever Plc is in exclusive talks with GlaxoSmithKline Plc (GSK) to to buy its nutrition business, which includes flagship brands such as Horlicks and Boost.
One place where Hindustan Unilever's reign has not expanded much over the decades is the Indian kitchen. With Horlicks, it has a chance for redemption. https://t.co/eMGzesPEdM
The Indian rupee strengthened further to hit a fresh three-month high against the US dollar, tracking gains in its Asian peers after comments by Federal Reserve Chairman Jerome Powell. At 9.10am, the rupee was trading at 70.09 a dollar, up 0.75% from its Wednsday’s close of 70.62. The currency opened at 70.17 a dollar. The 10-year government bond yield stood at 7.608% from its previous close of 7.643%. So far this year, the rupee has declined 8.9%.
29 Nov 2018, 09:05:00 AM IST
Festive spirit does little to revive animal spirits in India
An overall activity indicator measuring animal spirits was unchanged in October despite a slew of data from two-wheeler vehicle sales to consumer demand showing an improvement from the previous monthhttps://t.co/DR1tWmjrhg
DIIs’ net outflows from equity markets highest since March 2017
After 19 months of steadily stocking up on Indian shares, domestic institutional investors (DIIs) turned net sellers in November, marking their biggest exit since March 2017. According to BSE data, DIIs, which largely comprise of mutual funds and insurance companies, pulled out a net of Rs1,363.58 crore from Indian equity markets in November so far. Read more
29 Nov 2018, 08:53:00 AM IST
Commodity corner: Oil prices up 1%, metals extend gains
Oil prices climbed 1%, clawing back some ground from losses in the previous session, but an increase in U.S. crude inventories and uncertainty in the run to an OPEC meeting next week kept markets under pressure. U.S. crude futures rose 65 cents, or 1.29%, to $50.94 per barrel. They ended the last session down 2.5% at $50.29 a barrel, after hitting their lowest since early October last year. International benchmark Brent crude rose 60 cents, or 1.02%, to $59.36 a barrel, having settling down 2.4% on Wednesday at $58.76 a barrel.Gold prices held firm after notching up their biggest daily percentage gain in nearly two weeks in the previous session, with the dollar easing on dovish comments from Federal Reserve Chair Jerome Powell. Spot gold had inched up 0.1% to $1,221.73 per ounce by 0127 GMT. Prices gained about 0.6% on Wednesday, their biggest one-day percentage gain since Nov. 16. U.S. gold futures were down 0.2% at $1,221.6 per ounce.Metals: Shanghai base metals rose on Thursday, tracking equities higher after investors saw comments from the U.S. Federal Reserve chair as a sign the central bank’s interest rate hike cycle is drawing to a close. The most-traded January copper contract on the Shanghai Futures Exchange had risen 1.3% to 49,610 yuan ($7,143.27) a tonne. Three-month copper on the London Metal Exchange climbed 0.4% to $6,225 a tonne. Shanghai lead was the next biggest gainer after copper, adding 1.2%, while zinc was on course to snap a seven-day losing run, rising 0.9%. Reuters
29 Nov 2018, 08:48:00 AM IST
Asian stock rally eases as investors focus on G20 post Powell
An equity rally that spread into Asia from the U.S. after a dovish tone from the Federal Reserve chairman lost some steam as investors turned their attention to a crucial meeting of the world’s largest economies that will tackle trade issues. The dollar held losses. Gains from Sydney to Tokyo were more muted than the stellar rally in the S&P 500 Index, which surged the most since March. Hong Kong stocks erased gains as U.S. futures slipped. Emerging-market equities climbed to the highest level since early October and earlier the Nasdaq 100 jumped 3.2% after Fed Chairman Jerome Powell fueled speculation the central bank may pause lifting interest rates next year.Japan’s Topix index climbed 0.8% as off the break in Tokyo. South Korea’s Kospi index rose 0.5%. Hong Kong’s Hang Seng Index fell 0.2%. The Shanghai Composite gained 0.1%. Australia’s S&P/ASX 200 Index advanced 0.4%. Futures on the S&P 500 fell 0.2%, which gained 2.3% Wednesday and the Nasdaq 100 rose 3.2%. The MSCI Asia Pacific Index rose 0.8%. Bloomberg