Closing bell: Sensex, Nifty end marginally higher; Yes Bank up nearly 6%9 min read . Updated: 30 Nov 2018, 07:53 PM IST
Sensex closes 23.89 points, or 0.07%, higher at 36,194.30; Nifty 50 rises 18.05 points, or 0.17%, to settle at 10,876.75. Here are the latest updates from the markets
OTHERS : Mumbai: Indian shares closed marginally higher on Friday ahead of key gross domestic data for the second quarter due to be released after 5.30pm today. India’s annual GDP growth probably moderated to 7.4% in the July-September quarter, according to a Reuters poll. The Indian rupee rose to a fresh three-month high against the US dollar. Benchmark indices BSE Sensex and NSE’s Nifty 50 gained for a fifth day led by gains in IT, pharma and auto stocks. However, banking stocks such as ICICI Bank, HDFC Bank, SBI and Axis Bank limited gains. Yes Bank shares, which has been under pressure due to several departures, ratings downgrades and regulatory issues, rose nearly 6%. Tata Motors shares fell 2% over temporary job cuts at JLR plant in UK.“The recent rebound is reflection of improvement in macro environment and supportive global markets,” said Jayant Manglik, President, Religare Broking Ltd. “Participation is largely restricted to index majors while broader markets indices are still reeling under pressure, shows indecision.”In global markets, European stocks declined along with US futures as investors focused on a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping. Oil prices slipped further as rising US inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week. Here are the highlights from the markets:
Closing bell: Sensex, Nifty gain for 5th session
The BSE Sensex closed 23.89 points, or 0.07%, up at 36,194.30 after shuttling between 36,389.22 and 36,082.97. The Nifty 50 ended 22.05 points, or 0.20%, higher at 10,880.75. During the day, the Nifty hit a high of 10,922.45 and a low of 10,835.10.The broader strength of the market was positive. The BSE MidCap and SmallCap indices rose over 0.5%. Among the sectoral indices on BSE, realty, pharma and IT led gained by rising 1% to 1.96%. Telecom, oil and gas, energy and bankex declined most.Yes Bank, M&M, Wipro, Sun Pharma and Cipla were among the top gainers on the key indices, whereas HPCL, Tata Motors, ICICI Bank, IndusInd Bank and Vedanta were major losers.
Closing bell: BSE top gainers and losers
Chambal Fertilisers shares rise 3%
Chambal Fertilisers and Chemicals shares rose 3.67% to Rs 153.95 per share after the company said production of Urea on trial basis has commenced from Gadepan-III Plant in Kota, Rajasthan.
Yes Bank struggles to win back analysts amid share slump
Yes Bank shares traded 5.48% up at Rs 169.25 per share. Intraday, the stock rose as much as 6.7% to Rs 171.25 per share.
Analysts continue to be unhappy with Yes Bank's inability to disclose the reason behind the RBI not giving an extension to CEO Rana Kapoor. https://t.co/Vd6TqcPpsi— Livemint (@livemint) November 30, 2018
AU Small Finance Bank raises Rs 500 crore in Tier II capital
AU Small Finance Bank Ltd shares traded 1.64% up at Rs 592.50 per share after the bank said it has raised Tier II capital of Rs 500 crore via bonds.
Sun TV Network hits 2-week low; HSBC cuts PT on declining viewership woes
Shares of Sun TV Network Ltd fell as much as 4.36% to Rs 589.4, their lowest in a fortnight. HSBC Global Research cut Sun TV’s price target to Rs 703 from Rs 855 and maintained “hold” rating. “Biggest worry is co’s constant declining viewership share; new channel also not getting much traction,” HSBC said in a note. “Higher investment required for co to enter new markets as announced along with investment in digital platform.” It noted. Upcoming general elections will also likely create uncertainty over advertising with majority of TV channels owned by political parties in South India, added HSBC.Nineteen of 24 brokerages covering stock have “buy” or equivalent rating, three have “hold” while two rated stock a “sell”; median price target of 841 rupees, according to Refinitiv data. Over 2.4 mln shares changed hands vs 30-day avg of about 1.6 mln shares. The stock posted biggest intra-day pct drop since Nov 5. The company has forward PE of 17.49, slightly above sector median of 17.27. Reuters
Oil India shares fall 6%
Shares of Oil India Ltd fell as much as 6.8% to Rs 188.1, their lowest since Oct. 9. More than 3.8 million shares change hands, versus the 30-day moving average of 950,100 shares. The stock was down 18.5% this year as of last close. The company earlier this month said it will buy back shares worth about Rs 1,086 crore, and set Dec. 3 as the record date to determine the entitlement and shareholders eligible to participate in the buyback.Fitch Ratings said the share buyback will drive up Oil India’s net debt levels in addition to its need to fund its negative free cash flows due to its plans for higher capex and dividends. Last week, Moody’s said the buyback proposal was credit negative. Reuters
Zuari Agro Chemicals shares jump 5%
Shares of Zuari Agro Chemicals Ltd rose 5.2% to Rs 242 per share after the company said operations at its urea plants have resumed.
Market update: Sensex, Nifty erase gains, trade flat
The BSE Sensex traded 6.61 points, or 0.02%, down at 36,163.80, while the Nifty 50 edged up 0.55 points, or 0.01%, to 10,859.25. The BSE mid- and small-cap indices were up 0.16% and 0.48%, respectively. Among the sectoral indices on BSE, realty, IT, teck, heatlcare and auto advanced, while oil and gas, metal, bankex, capital goods and finance dragged.
Finance stocks erase gains
RCom shares rise after SC asks govt to clear spectrum sale to Reliance Jio
Shares of Reliance Communications Ltd surged as much as 14.9% to Rs 14.65, biggest intraday percent gain since November 1. The Supreme Court has asked the Department of Telecom (DoT) to clear RCom’s spectrum sale to Reliance Jio Infocomm Ltd on corporate guarantee of Rs 1,400 crore, ET Now reported. The top court also asked DoT to give no objection certificate for takeover within a week of receiving the guarantee, the report added. The RCom stock had lost 64.7% this year as of last close. Reuters
ata Motors shares fall on JLR production halt
Tata Motors shares traded 1.86% lower at Rs 174 per share on BSE. In early trade, the stock fell as much as 3.83% to Rs 170.50 per share. Jaguar Land Rover on Thursday said that it will reduce the workforce at its plant in Wolverhampton, central England, by about 500 in a temporary move. The company said in response to adjustments in vehicle production schedules, the Engine Manufacturing Centre will take a temporary pause in production.
Bajaj Allianz Life stock bets for 2019: IT, Pharma
India’s Bajaj Allianz Life Insurance is looking to raise its exposure to local IT services companies and drugmakers in 2019, drawn by attractive valuations and easing regulatory issues, even as a strengthening rupee threatens to hurt earnings. Strong free cash flows and growth in the main export market in the U.S. bode well for IT firms, while select pharmaceutical companies will benefit from the resolution of regulatory clampdowns and steady drug approvals, Sampath Reddy, chief investment officer at Bajaj Allianz Life told Reuters. Read more
Nifty sectoral indices
Market update: Sensex, Nifty extend winning streak for fifth day
The BSE Sensex traded 142.09 points, or 0.39%, up at 36,312.50, while the Nifty 50 rose 36.25 points, or 0.33%, to 10,894.95. The BSE MidCap and SmallCap indices rose 0.41% and 0.47%, respectively. Among the sectoral indices on BSE, realty, healthcare, IT and bankex led gains, whereas metal, telecom, power and basic materials declined.
NBFC stocks rise after RBI grants relief
Shares of non-banking financial companies gained after RBI on Thursday relaxed norms for NBFCs to securitise their loan books, allowing the companies to securitise loans of over five-year maturity after holding them for six months on their books. DHFL rose over 7%, PNB Housing shares gained nearly 3%, Gruh Finance advanced over 2%, Indiabulls Housing Finance was up over 3%, Bajaj Finance jumped over 2%, GIC Housing Finance added 2%.
Commercial real estate and housing sectors comprise nearly two-fifths of the total NBFC portfoliohttps://t.co/jIJkw9jL2a— Livemint (@livemint) November 30, 2018
Vodafone Idea shares dip 2% on rating downgrade
Vodafone Idea shares fell as much as 2.11% to Rs 36.95 per share after the company said on Thursday that CRISIL downgraded the rating on non-convertible debentures of Rs 6,000 crore and re-affirmed its rating on commercial paper of Rs 2000 crore of erstwhile Vodafone Mobile Services.
Yes Bank shares advance 5%
Yes Bank shares rose as much as 5.92% to Rs 169.95 per share. Mint reported that the Reserve Bank of India (RBI) and Yes Bank Ltd exchanged at least eight letters related to persistent governance and compliance failures and violations of statutory and regulatory rules at Yes Bank before the regulator decided to reject a request to extend Rana Kapoor’s tenure as managing director and chief executive for three years
Rupee rises 16 paise against dollar
The Indian rupee strengthened on Friday to hit a fresh three-month high against the US dollar, tracking gains in its Asian peers on expectations of slower pace of interest rate hikes by US Federal Reserve next year. Traders are cautious ahead of India’s Q2 GDP data due to be released after 5.30pm today. At 9.15am, the rupee was trading at 69.72 a dollar—a level last seen on 10 August, up 0.18% from its Thursday’s close of 69.85. The currency opened at 69.69 a dollar. The 10-year government bond yield stood at 7.625% from its previous close of 7.608%.
Commodity corner: Oil prices rise, aluminium rates slump
Oil prices firmed on Friday as traders expected OPEC and Russia to agree on production cuts next week, although swelling U.S. supplies kept markets in check. US WTI crude futures were at $51.55 per barrel at 0203 GMT, up 10 cents, or 0.2% from their last settlement. International Brent crude oil futures were up 15 cents, or 0.3%, at $59.66 per barrel.Gold prices were flat early on Friday as the dollar steadied ahead of the G20 meet in Argentina this weekend, where U.S. and Chinese leaders are scheduled to discuss trade matters after months of tensions. Spot gold was flat at $1,223.77 per ounce at 0126 GMT. Prices had hit a one-week high of $1,228.96 per ounce on Thursday. U.S. gold futures were down 0.2% at $1,221.6 per ounce.Metal: Chinese aluminium prices sunk to their lowest in more than two years and were on course for a third successive monthly drop, as stalling manufacturing growth compounded plentiful supply amid relatively lenient winter output curbs. The most traded aluminium contract in Shanghai fell as much as 0.6% to 13,590 yuan ($1,956.55) a tonne, the lowest since Oct. 10, 2016, and stood at 13,610 yuan a tonne as of 0152 GMT. The metal is heading for a 2.8% drop in November. Three-month LME copper was flat at $6,210 a tonne. Reuters
Asian shares mixed ahead of key G20 meeting
Asian stocks looked set to round out the month in mixed fashion as investors await a crucial meeting between the U.S. and Chinese presidents with the course of the trade war at stake. Benchmark Treasury yields held near the lower since September. Shares edged higher in Tokyo, slipped in Seoul and slumped in Sydney. The S&P 500’s rally faded late in the day on Thursday. Doubts remain about prospects for Presidents Donald Trump and Xi Jinping to agree to a thaw in bilateral relations.Japan’s Topix index rose 0.1% as of 10:30 a.m. in Tokyo. Hong Kong’s Hang Seng added 0.2%. The Shanghai Composite slid 0.1%. Australia’s S&P/ASX 200 Index fell 0.9%. Futures on the S&P 500 Index dropped 0.2% after the underlying gauge closed down 0.2% on Thursday. Bloomberg