Sensex sinks 580 points on weak global cues, Nifty ends at 12772; banks drag12 min read . Updated: 19 Nov 2020, 03:52 PM IST
- Benchmark indices hit record highs in mid session but plunged deep into the red on profit booking to end below their respective psychological levels after four days of gains. Nifty Bank ended down 3%
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Sensex, Nifty end 1.3% lower on selling pressure
After clocking record highs over the last few days, benchmark indices plunged deep in the red in the last hour of trade amid global sell-off. Banks and financials also dragged the indices below their psychological levels.
Sensex slipped 580 points to close at 43,600, while Nifty settled 1.3% lower at 12,771. Indices had hit record highs around the mid session but failed to hold on to the gains.
Nifty Bank ended nearly 3% lower with all constituents in the red.
SBI, and Axis Bank were the biggest laggards on the Sensex, while Power Grid and ITC were the top gainers.
On the Sensex, 9 stocks advanced and 21 lost. On the Nifty 14 stocks gained and 36 fell.
Markets tank 1.3% after four days of gains
Benchmark indices plunged in the last hour of trade
Power Grid, NTPC up 2% each
The Supreme Court on Thursday asked power companies to file their submissions and suggestions on loan relief plea to Reserve Bank of India(RBI) and Centre.
Vedanta up 3%
The mining conglomerate has put in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd, for which a major foreign player too is said to be in race. A special purpose vehicle floated by the BSE-listed Vedanta Ltd and its London-based parent Vedanta Resources submitted an EoI before the close of deadline on November 16.
Future Retail up 6% as Delhi HC begins hearing on Amazon case on Reliance deal
The Delhi high court continued hearing arguments by Future Retail Limited (FRL) and Amazon on the former’s plea seeking to restrain the US e-commerce company from approaching regulatory bodies such as the Competition Commission of India (CCI) against the retailer’s deal with Reliance's retail arm.
Titan still among top gainers, up 2%
Watch and jewellery retailer Titan Company Ltd., saw good traction across all its businesses during India’s key festival season with its jewellery business reporting a 15% growth during the 30-day period.
“The Jewellery business witnessed a mid-teens growth (around 15%) for the 30-day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded Jewellery sales," the company said in a business update to the exchanges on Thursday.
Spicejet holds gains, up 12%
Shares of SpiceJet Ltd have surged nearly 50% in November so far. Boeing 737Max planes, which have been grounded since March 2019, are set to return to skies with the US aviation regulator Federal Aviation Administration (FAA) on Wednesday approving 'return to service' of the aircraft with extensive fixes.
Higher capacity of 737Max (220 seats versus 180 in 737NG) along with greater fuel efficiency will boost SpiceJet's competitiveness, Edelweiss Capital said.
India's economy to return to normal faster than expected - Barclays
Barclays lifted its fiscal 2022 growth forecast for the Indian economy to 8.5% from an earlier projection of 7%, saying the country would "return to normal" faster than expected as the COVID-19 curve in the world's second-most populous nation starts flattening.
Nifty bank down 3%
Sensex at this hour
European markets slip
European shares slid with all sectors in the red. London's FTSE fell 2.55%, Euronext lost 3%, France's CAC 40 slipped 4% and Germany sank 4.2%.
Alternative investment funds raise commitments worth ₹35,000 crore in H1
Notwithstanding covid-led disruptions, alternative investment funds (AIFs), which invest across asset classes, such as venture capital, private equity and credit, infrastructure and real estate, have managed to get commitments worth over ₹35,000 crore in the first half of the current fiscal.
Oaktree, Varde Offer $2 Billion Funding to Vodafone Idea: Bloomberg
A consortium backed by Oaktree Capital has offered to provide at least $2 billion of funding to Vodafone Group Plc’s listed Indian arm, people with knowledge of the matter said.
Oaktree teamed up with several other firms including Varde Partners for the potential deal with Vodafone Idea Ltd., according to the people. The investor group made a proposal to provide around $2 billion to $2.5 billion of capital to Vodafone Idea, the people said, asking not to be identified because the information is private.
SBI biggest laggard, down 2.5%
FMCG up led by ITC
RBI resolution plan for LVB to keep contagion at bay, says S&P
The Reserve Bank of India's swift resolution of troubled Lakshmi Vilas Bank (LVB) will keep contagion at bay and help maintain stability in the banking system, global rating agency S&P said on Thursday.
The central bank has proposed merging LVB with the Indian arm of Singapore’s DBS Bank. As part of the amalgamation, DBS Bank India will bring fresh capital of ₹2,500 crore.
S&P Global Ratings said this deal is positive for India's banking sector and will bring much-needed relief to LVB, which has been struggling for many years.
Nestle India up
Large-scale migration and a good monsoon helped the FMCG company's brands clock strong sales in rural markets and smaller towns as more and new consumers bought more of its Maggi noodles and chocolates in the September quarter, said the company which draws significant business from urban markets. In the September quarter, urban growth for Nestlé India stood at 6%, while rural markets grew at 12%.
Oxford study confirms covid shot’s response in older adults
The University of Oxford confirmed that the covid-19 vaccine it’s developing with AstraZeneca Plc produced strong immune responses in older adults in an early study, with pivotal findings from the final phase of trials expected in the coming weeks, Bloomberg reported.
The results, published Thursday in The Lancet medical journal, shed more light on preliminary data released in recent months showing the experimental shot generated an immune response in older people, who are at highest risk of severe illness. Researchers are still eagerly awaiting late-stage trial results that will show whether the Astra-Oxford vaccine can meet the high bar set by front-runners Pfizer Inc. and Moderna Inc.
Kotak Mahindra Mutual Fund launches Kotak ESG Opportunities Fund
Kotak Mahindra Asset Management Company Limited today announced the launch of ‘Kotak ESG Opportunities Fund’, which will focus on Environmental, Social and Governance (ESG) factors and the Principles for Responsible Investing (PRI). The New Fund Offering (NFO) opens for subscription on 20 November, and closes on 4 December.
Auto stocks up led by Bosch, Hero MotoCorp
Sensex amid volatility
Digital India is now a way of life: PM Modi
Prime Minister Narendra Modi on Thursday said India is in a sweet spot with its innovations in technology in the digital era amid times which call for solutions made in India and deployed for the world
The prime minister was speaking at the virtual inauguration of 23rd Bengaluru Tech Summit
Midcaps and smallcaps gain
Adani has no guaranteed buyer for $6 billion Indian solar project: Reuters
Adani Green Energy's record $6 billion solar power project announced in June has no guaranteed customer, its deal with India's main solar-adoption agency shows, and may expose the company to higher financial risk.
Shares in the firm, controlled by billionaire Gautam Adani, have soared three-fold since the signing of the 8 gigawatt (GW) multi-plant deal, which Adani hailed as the "largest of its type, ever" and a landmark for India.
However, previously unreported details of the agreement between Adani Green and Solar Energy Corp of India Ltd (SECI) reveal the agency has no "legal or financial obligation" to support the project if SECI fails to find buyers.
SpiceJet up 50%, IndiGo rises 29% in November
Shares of SpiceJet Ltd have surged nearly 50% while Indigo advanced 29% in November so far after robust data from Directorate General of Civil Aviation showing continued recovery in domestic passenger traffic.
Since 1 November till date, SpiceJet has climbed 50.30% while InterGlobe Aviation Ltd increased 28.75%. At 11.30am, SpiceJet was trading at ₹75 on BSE, up 13% from its previous close while Indigo fell 1% to ₹1,685. (Full report)
Sensex at noon
Titan up 4%
Titan Co says jewellery business saw growth of around 15% for 30-day festive season
Kotak Mahindra Bank hits 52-week high
Moody’s revises India FY21 GDP forecast to -10.6% from -11.5% earlier
Wipro gains 1%
The IT services firm on Wednesday said it has fixed 11 December as the record date for its up to ₹9,500 crore share buyback programme. Its board of directors and shareholders have already approved its proposal to buyback up to 23,75,00,000 equity shares of the company at ₹400 per share, it added.
Sensex in choppy trade
BPCL up 2%
Mining conglomerate has put in a preliminary expression of interest (EoI) for buying the government's stake in Bharat Petroleum Corp Ltd, for which a major foreign player too is said to be in race. A special purpose vehicle floated by the BSE-listed Vedanta Ltd and its London-based parent Vedanta Resources submitted an EoI before the close of deadline on November 16.
BSE Midcap at a glance
Nifty Metal shines
Rupee opens lower
The Indian rupee opened 10 paise lower at 74.29 per dollar on Thursday. It had closed at 74.19 on Wednesday.
Direct tax settlement scheme fetches ₹72,480 cr so far to exchequer
Businesses, including state-owned firms, have so far paid ₹72,480 crore to the government under the Vivad Se Vishwas scheme, which allows them to settle direct tax disputes by paying the disputed arrears at concessional terms and avoid prosecution.
The total amount of public sector tax disputes being settled under the scheme alone is a massive ₹1,00,195 crore, a government official told Mint on condition of anonymity. (Full report)
L&T Construction bags contract of more than ₹7,000 cr to build India’s first High-Speed rail corridor
The transportation infrastructure business of L&T Construction, the construction arm of Larsen & Toubro, has secured another mega contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct 87.569 km of the Mumbai-Ahmedabad High Speed Rail (MAHSR) project, popularly referred as the Bullet Train project, the company said. L&T classifies contracts upwards of ₹7,000 crore in the mega category.
BSE Smallcap in green
Spicejet up 10%
Gold prices fall
Gold and silver prices today slipped in Indian markets, extending their recent decline. On MCX, gold futures fell 0.3% to ₹50,180 per 10 gram in its fourth straight day of losses while silver futures declined 0.8% to ₹62,043 per kg. Gold and silver prices had fallen sharply in previous session.
M&M hits 52-week high
The company is crafting plans to take 10 of its most promising units public in the next 5-7 years as the automobiles-to-software conglomerate aims to unlock value in these so-called “gems" by bringing in new investors. It has also identified the 10 companies, across sectors such as mobility, clean energy, rural, financial services, infrastructure and technology, to drive the future growth of the group.
Hero MotoCorp up 3%
India’s largest two-wheeler maker has recorded retail sales of more than 1.4 million motorcycles and scooters during the 31-day festive period. The company said retail sales for the period were equivalent of 98% of last year’s festive sales and 103% for the same period in 2018.
Nifty Bank down 1%, Kotak Bank lone gainer
Nifty losers/gainers at open
Sensex down 200 points at open
Sensex, Nifty open weak tracking global markets
Oil prices slip
US crude futures fell in early trade on Thursday, giving up some of gains from the previous day as surging COVID-19 cases and widening lockdowns raised fears over fuel demand, offsetting further upbeat vaccine news.
U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.9%, to $41.43 a barrel by 0039 GMT, after gaining nearly 1% on Wednesday. Brent crude was yet to trade, having risen 1.4% on Wednesday.
India waits as Boeing Max gets US nod
India’s aviation regulator said it is awaiting formal communication on the decision of the US Federal Aviation Administration to allow Boeing Co.’s 737 Max planes to resume flights after a prolonged grounding.
FAA approved the “return to service" of 737 Max with extensive fixes. The US aviation regulator grounded the aircraft in March 2019, which was followed suit by DGCA, after the crash of an Ethiopian Airlines 737 Max near Addis Ababa on 10 March, killing 157 people, and another Lion Air crash in October 2018 that killed 180 people in Indonesia.
Sensex at pre-open
Markets in the red at pre-opening session
PMO to keep tabs on jobs scenario
The Prime Minister’s Office (PMO) is likely to track how many jobs are being created in both the informal and formal sectors from next week amid a noisy debate on joblessness in India.
Data on payroll additions from the Employees’ Provident Fund Organisation, or EPFO, will be integrated to a PMO dashboard, under categories such as job creation by state, sector and demography, two government officials told Mint.
Delhi HC to continue hearing Future Retail-Amazon case on Reliance deal today
The Delhi high court on Thursday will continue hearing arguments by Future Retail Limited (FRL) and Amazon on the former’s plea seeking to restrain the US e-commerce company from approaching regulatory bodies such as the Competition Commission of India (CCI) against the retailer’s deal with Reliance's retail arm.
The court has been hearing the case since last week. Both the parties to the case will continue with their submissions today.
Stocks to Watch: M&M, Wipro, Hero MotoCorp, Vedanta
M&M, Wipro, Hero MotoCorp, Vedanta are among stocks that will be in focus today. TCS, Pfizer and aviation stocks will also be tracked in trade today.
Indian indices seen sluggish
Indian stock markets are likely to be sluggish on Thursday following weakness in global peers. Trends in SGX Nifty suggest a weak opening for Indian benchmark indices. On Wednesday the Sensex closed at 44,180.05, up 227.34 points or 0.52% and the Nifty ended at 12,938.25, up 64.05 points or 0.50%.
Asia stocks dip
Asian stocks followed Wall Street's sharp selloff on Thursday as concerns about rising coronavirus infections and new shutdowns in major US cities hosed down earlier investor enthusiasm about covid-19 vaccine developments.
Australia's S&P/ASX 200 lost 0.5% in early trading, while Hong Kong's Hang Seng index futures lost 0.02%. Japan's Nikkei 225 fell 0.4%.
US stocks end lower
A late-afternoon slide on Wall Street dragged stocks broadly lower Wednesday, wiping out early gains and adding to losses from a day earlier as investors worry about the economic fallout from surging coronavirus cases in the US. The S&P 500 fell 41.74 points, Dow Jones Industrial Average dropped 1.2%, while the Nasdaq Composite lost 0.8%.