Sensex ends 169 points higher; Metals post 2.35% gain

Ujjivan Small Finance Bank lists with 66% premium

Closing Bell

The BSE benchmark Sensex jumped 169 points higher on Thursday tracking gains in other Asian equities after US Federal Reserve kept interest rates unchanged at its policy meeting and hinted at an accommodative stance throughout next year.

The 30-share index rose 169.14 points or 0.42 per cent higher and ended at 40,581.71.

The broader Nifty too was up 61.65 points or 0.52 per cent and closed at 11,971.80.

Tata Motors was the top gainer in the Sensex pack rallying up to 7 per cent at Rs 173.05, followed by YES Bank, ICICI Bank Tata Motors, Tata Steel, Vedanta, IndusInd Bank, Hero MotoCorp, SBI and Sun Pharma.

On the other hand, Infosys was the top loser, shedding 2.65 per cent, followed by TCS, Bharti Airtel, ONGC, HCL Tech and Tech Mahindra, which ended in the red.

According to traders domestic investors followed cues from global markets, which were enthused by US Federal Reserve’s dovish outlook in its policy meet last night. The Fed, as expected, made no change to interest rates after cutting the last three meetings in an effort to maintain solid economic growth.

The US central bank chief Jerome Powell said the US outlook “remains favourable despite global developments and ongoing risks” as he described the grinding US-China trade war as a drag on global growth.

Domestic market sentiment was also positive as foreign investors turned net buyers in the capital market on Wednesday, traders said, adding that investors are also awaiting factory output data to be released later in the day.

Foreign institutional investors purchased Rs 605.41 crore, while domestic institutional investors bought shares worth Rs 239.87 crore, data available with stock exchange showed.

 

Sensex stocks

Sensex stocks

 

NIFTY METAL STOCKS

 

 

3.10 pm

Sensex stocks

Sensex stocks

 

 

2.50 pm

NIFTY BANK INDEX

NIFTY BANK CHART

 

2.35 pm

Nifty Metal index

NIFTY METAL CHART

 

 

2.10 pm

 

Sensex stocks

 

2.05 pm

 

 

1.50 pm

Infosys down 2.50% as US law firm files suit

 

Infosys shares were down nearly 2.50% on Thursday after a US litigation firm, Schall Law Firm, has filed a class action lawsuit against Infosys, accusing the company of making false and misleading statements to investors. The stock was down Rs 18.35 or 2.50% to Rs 702.45 on the BSE today.

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1.25 pm

Trading call

Tata Motors (₹170.7)

The stock of Tata Motors has jumped 5.5 per cent accompanied by above average volume on Thursday, resuming the medium-term uptrend that has been in place since recording a 52-week low of ₹106 in early September this year.

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1.15 pm

Nifty 50 December Futures (11,990)

The December month contract started the session with a gap-up open at 11,998. After marking an intra-day high at 12,013 the contract witnessed correction and has recorded an intra-day low at 11,966 levels.

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12.45 pm

NIFTY AUTO INDEX

 

 

12.40 pm

Nifty Bank index

 

12.25 pm

Metal stocks rebound from lows

 

Metal stocks was the best performing sector on the bourses today, The BSE Metal sector was up by 2 per cent driven by Vedanta, SAIL, Hindalco, Tata Steel, JSW Steel and NMDC. The BSE Metal rose 186.87 points or 2 per cent to 9,530.49.

However, it has to be noted that the BSE Metal sector index was seen falling from a high of 9,908.10 levels touched on November 28, 2019.

 

 

Metal stocks on BSE

 

12.15 pm

Profiteering charge against Nestle upheld

 

Profiteering watchdog under the Goods & Services (GST) regime, National Anti-profiteering Authority (NAA) on Wednesday held that Nestle’s methodology of passing reduction in the tax was arbitrary. Accordingly, NAA upheld allegation of profiteering of Rs 90 crore.

The Company said that it is studying the order and will consider appropriate order as advised.

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11.50 am

Motilal Oswal Financial Services shares jump 6%

Motilal Oswal Financial Services shares jumped nearly 6% on the bourses today on the back of strong fundamentals. The financial services firm had shown good numbers for the quarter ended September this year.

The stock gained 5.75% to Rs 783.95 on the NSE. Volumes traded in the counter were around 1.07 lakh shares

Motilal Oswal Asset Management Company has launched two large-cap passive index funds-- Motilal Oswal Nifty 50 Index Fund and Motilal Oswal Nifty Next 50 Index Fund. The NFO of these two funds will be open for investment till December 17.

The financial services firm reported net profit of Rs 142.29 crore in September quarter as compared to Rs 3.07 crore (unaudited)  shown during the corresponding quarter last fiscal.

Motilal Oswal launches two passive index funds

Motilal Oswal Asset Management Company has launched two large-cap passive index funds-- Motilal Oswal Nifty 50 Index Fund and Motilal Oswal Nifty Next ...

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11.35 am

Broker's Call

ICICI Securities

Intraday call recommendations

 

Buy DLF in the range of Rs 227.00-228.00

 

Sell Hindustan Unilever in the range of Rs 2012.00-2013.00

 

11.30 am

Daily Rupee call: Initiate rupee longs on dips

 

The rupee (INR) firmed up against the dollar (USD) on Wednesday as it closed at 70.84 versus its previous close of 70.92, gaining one-tenth of a percent. The local currency tested the resistance at 70.75 as it registered an intra-day low of 70.74

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Rupee rises 21 paise to 70.64 against US dollar in early trade

Forex traders said the domestic unit gained ground ahead of the release of key macro-economic numbers

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10.35 am

 

 

 

10.25 am

Cadila Healthcare stock rises on diabetic drug launch

Cadila Healthcare shares went up today on the stock exchanges after the company said in its BSE release that it has launched affordable oral anti-diabetic tablet Vinglyn. The drug belongs to the class of oral anti-diabetic agents, known as DPP4 inhibitors, which have shown promise in achieving glycaemic control without deterioration in beta cell function and are one of the recent advancements in diabetes care and management. Vinglyn and Vinglyn M will be marketed by Zydus Healthcare Ltd.

The stock was up Rs 4.10 or 1.56% to Rs 266.50 on the NSE today. Similarly on the BSE too, the stock rose Rs 4.35 or 1.66% to Rs 266.70.

Commenting on the launch, Dr. Sharvil Patel, Managing Director, Zydus Cadila, said, "Fortifying our fight against diabetes,

our aim is to make therapies aflbrdable and accessible to patients from across sections of society. With Vinglyn, we believe that we have once again been able to offer this. The access to one of the most affordable gliptin therapies will help a large number of patients suffering from Type II diabetes, in India.”

10.10 am

S&P flags growth risk that may lead to India debt downgrade

 

S&P Global Ratings warned it may cut India’s sovereign ratings if economic growth does not recover, pulling down the nations bonds that are already the worst performers among Asian peers this month.

The yield on the benchmark 10-year note rose 5 basis points to 6.76 per cent.

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10.05 am

Ujjivan Small Finance Bank shares zoom on listing

Shares of Ujjivan Small Finance Bank, which get listed today on the BSE, zoomed higher by 57%. On the BSE, the Ujjivan Small Finance Bank climbed 66.75% to Rs 61.55 with volumes being around 12 lakh shares as at 10 am.

The price band was fixed at Rs 36 to Rs 37 per share. The initial public offer (IPO) of Ujjivan Small Finance Bank received bids for 2053.80 crore shares as against 12.39 crore shares on offer, as per the National Stock Exchange of India (NSE) website data. The issue was subscribed 165.68 times.

 

 

9.45 am

Differential EPF rates, change in gratuity rule on the cards

 

Workers in some sectors, who contribute to the Employees’ Provident Fund (EPF), may see higher take-home salary, if the Social Security Code Bill becomes an Act.

The Bill was introduced in the Lok Sabha on Wednesday.

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9.45 am

Rupee opens higher

 

The rupee gained 15 paise in the early trade on Thursday. It opened higher by 18 paise by at 70.67 per dollar against Wednesday's close 70.85. The domestic currency was being quoted at 70.70, up by 15 paise against the dollar. 

9.40 am

Opening Bell

The stock markets opened higher with a gap  following strong Asian markets, which were trading positive after the Federal Reserve has kept the rates unchanged, as expected, at its policy meeting on Wednesday but indicated interest rates would remain on hold, which nudged Wall Street stocks higher,

The BSE Benchmark Sensex rose 155.08 points or 0.38% to 40,567.65, while the Nifty, on the NSE, gained 47.30 points to 11,957.45.

Yes Bank, Bharti Infratel, Vedanta, BPCL, Cipla, Hindalco Industries, Vodafone Idea and Tata Motors are among major gainers on the Indices, while losers are Bharti Airtel, Zee Ent, ONGC, HDFC and Britannia Industries.

 

 

 

 

9.30 am

ADVANCES/DECLINES

 

9.25 am

 

Sensex stocks

 

9.20 am

 

9.15 am

Mindtree (₹755.5)

 

Investors with a short-term perspective can buy the stock of Mindtree at current levels. Since registering a 52-week low at ₹652 in July this year, the stock has been in a sideways consolidation phase in a wide range between ₹670 and ₹750.

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9.10 am

Dollar licks wounds as Fed disappoints bulls, UK election awaited

 

The dollar nursed its steepest losses in weeks on Thursday, after the United States (US) Federal Reserve's benign inflation outlook hosed down expectations for a rate hike any time soon, pushing Treasury yields lower.

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9 am

Asian shares climb on dovish Fed, but Brexit hurdle looms

Asian stocks rose on Thursday to the highest in a month after the Federal Reserve signalled rate settings were likely to remain accommodative, but the imminent United Kingdom (UK) election and a deadline for United States (US)-China trade talks kept investors cautious.

The Fed kept interest rates unchanged, as expected, at its policy meeting on Wednesday but indicated interest rates would remain on hold, which nudged Wall Street stocks higher.

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Published on December 12, 2019