Late sell-off drags equities; Sensex, Nifty end with marginal gains

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Closing Bell

After rallying sharply higher key benchmark indices Sensex and the Nifty met with selling from traders and investors in late session.

Earlier, the BSE benchmark Sensex rose over 350 points driven by positive cues from global markets, coupled with strong gains in banking and automobile stocks. Bulls took charge of the day's proceedings after Supreme Court has set aside NCLAT judgement in Essar Steel case, saying the ultimate discretion on distribution of funds is with Committee of Creditors (CoC) which came favourable to PSU banks.

The verdict aided PSU Banking stocks to rally higher. SBI, Central Bank of India, Bank of India, Union Bank, Oriental Bank and Indian Bank rose between 1.50% and 6%.

After opening higher at 40,408.20, the Sensex rallied further to touch 40,650.06, and later closed at 40,356.69, up by 70.21 points. It ended yesterday at 40,286.48.

The NSE Nifty, which rose to an intraday of 11,973.65, ended at 11,895.30, up by 23.20 points over yesterday's close.

Markets climbed on wall of worries even as Moody’s Investors Service had cut India’s economic growth forecast for the current year to 5.6 per cent and a RBI survey that came in yesterday, had sharply cut the forecast of real private final consumption expenditure (PFCE) growth.

Another indicator, WPI inflation moderated due to softer core and fuel inflation. Moderating manufacturing sector inflation essentially indicated slower growth across sectors.

Among the top gainers today were SBI, Tata Motors, Bharti Airtel, Maruti, Vedanta, HDFC Bank, Apollo Tyres, YES Bank and Kotak Bank, which rose between 1 per cent and 9.50%

 

NIFTY CHART

 

 

 

 

SENSEX STOCKS

 

3 pm

Railways hikes charges for meal, tea on Rajdhani, Shatabdi, Duronto trains

The Railway Board has decided to hike prices of meals on board Rajdhani, Shatabdi and Duronto trains, resulting in slight increase in their fares, according to a government order. READ MORE

 

2.55 pm

 

 

2.50 pm

 

 

2.30 pm

Lower tax rate and service charges on internet ticketing aid IRCTC in Q2

IRCTC reported good profit numbers in the half-year ended in September 2019, with profits growing by 18 per cent over the same period last year to ₹172 crore. The surge in profits can be attributed to two main reasons.

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IPO fever: After IRCTC’s success, will the capital market see more big-ticket public issues?

IPOs worth ₹30,000 crore in the pipeline, including those of SBI Cards, CSB Bank, IREDA, Bajaj Energy, UTI Asset Management, HDB Financial, Equitas ...

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2.15 pm

Telecom shares rise on hopes of government help

 

Indian telecom stocks rose on Friday amid hopes that the government would step in to help the ailing sector, a day after two top mobile carriers warned their ability to operate and make profits would depend on relief from the country.

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2.05 pm

NIFTY SECTORAL INDICES

 

 

1.55 pm

Bharti Airtel Q2 net loss zooms to ₹23,045 crore

 

Telecom operator, Bharti Airtel Ltd (Airtel), on Thursday reported a consolidated net loss of ₹23,045 crore in the second quarter ended September 30, its highest-ever loss, as compared to a net profit of ₹119 crore reported in the corresponding period last year.

READ MORE

 

1.45 pm

 

1.45 pm

 

 

12.50 pm

Why Investing in Saudi Aramco’s IPO will be a pipe dream for Indian investors

We explain why NRIs or PIOs in Gulf countries can easily invest in Indian markets but it’s not the same for citizens here looking to invest there.

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Aramco will start subscription for investors in its initial public offering on December 4.   -  Reuters

 

 

12.40 pm

Rupee rises 23 paise to 71.73 vs dollar

 

The Indian rupee appreciated by 23 paise to 71.73 against the US dollar on Friday as gains in domestic equity market and weakening of the American currency vis-a-vis other currencies overseas strengthened investor sentiments.

READ MORE

Rupee might witness some buying today

 On Thursday, the rupee after opening flat at 72.06, weakened to make an intraday low of 72.24 against the dollar during the initial hour of trade.

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12.30 pm

 

 

12.30 pm

 

12.15 pm

Steel companies hike prices by Rs 500-750 a tonne for the first time this fiscal

Steel manufacturers hiked prices for the first time in the last seven months in November, as the inventory at both the consumer and steel manufacturers’ end shrank after the recent pick-up in demand.

READ MORE

 

Tata Steel: After a weak Q2, what lies ahead

Expected pick-up in demand and cost benefits, among others, will help the firm improve earnings

Read More

Expiring mine leases may hit steel sector hardest

329 mines are to be auctioned, but are not seen fetching good prices, given the prevailing low raw material prices

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12.10 pm

Q2 results: GMR’s loss widens to ₹457 crore

GMR Infra has posted a loss of ₹457 crore for the second quarter ended September 30 2019 as against a loss of ₹334 crore for the corresponding quarter of previous fiscal on a consolidated basis.

READ MORE

GMR Infra secures competition panel nod for equity investment by Tatas, GIC, others in airports arm

The equity deal will enable the GMR Infra to demerge the airports business

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12 noon

Essar Steel case: Supreme Court strikes down NCLAT order

The Supreme Court on Friday ruled that the Committee of Creditors (CoC) has the full rights to decide on how the funds received from the sale of insolvent asset to be distributed and the National Company Law Appellate Tribunal (NCLAT) cannot make changes into the approved resolution plan.

READ MORE

Why NCLAT verdict on Essar Steel needs a review

BusinessLine digs into the 116-page order to find out

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NCLAT order on Essar Steel has rewritten IBC rules: Lenders

The lenders of Essar Steel have told the Supreme Court that the National Company Law Appellate Tribunal (NCLAT) has misconstrued and misinterpreted ...

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11.55 am

Central Bank of India surges 8%

 

The stock of public sector bank Central Bank of India surged nearly 9 per cent on the bourses today. Investors seemed to have returned to this counter to buy the stock after the public sector bank said recently that it is planning to sell its investments lock, stock and barrel in subsidiary Cent Bank Home Finance and joint venture Indo-Zambia Bank, as part of its move to monetise non-core assets by March-end 2020.

The bank, which reported a net profit of ₹134 crore in the second quarter of FY2020 after posting 14 consecutive quarters of losses, is seriously looking at monetising its investment in the home finance company and the joint venture in Zambia, according to MD and CEO Pallav Mohapatra.

Central Bank to reduce bad loans by focussing on sale to ARCs: Pallav Mohapatra

Central Bank of India has hit a purple patch in the last couple of quarters after posting 13 quarters of losses on the trot. Pallav Mohapatra, MD and ...

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To monetise non-core assets, Central Bank to sell investments in Cent Bank and Indo-Zambia Bank

Central Bank of India is planning to sell its investments lock, stock and barrel in subsidiary Cent Bank Home Finance and joint venture Indo-Zambia ...

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11.45 am

ONGC standalone net profit falls 24.22 per cent to Rs 6,263.13 crore

 

Oil and Natural Gas Corporation (ONGC) Limited has reported a ₹ 6,263.13 crore standalone net profit for the second quarter of financial year 2019-2020. This is 24.22 per cent lower than the ₹ 8,264.61 crore profit reported by the company in the same quarter of the preceding financial year.

READ MORE

ONGC and EXXON-Mobil may jointly bid in coming open acreage bid rounds

Sign agreement for cooperation in deep-water and Petroleum Exploration License blocks

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ONGC free to sell stake in HPCL: Pradhan

Amid reports of ONGC’s inability to derive any benefit out of its HPCL acquisition, Oil Minister Dharmendra Pradhan on Monday said the state-owned ...

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11.30 am

Cipla down on US FDA observations

Shares of Cipla fell today after the company said that the US drug regulator had completed its inspection at Patalganga facility with 4 observations.

At 11.30 am, the stock was quoted loewr by 1.52% at Rs 445.90 on the BSE.

In a filing to the BSE, Cipla stateD: "We would like to inform you that the United States Food and Drug Administration (USFDA) conducted a routine cGMP inspection for both Formulations and APis at our manufacturing facility in Patalganga from 4th November, 2019 to 13th November, 2019.

The inspection ended with 4 observations, none of which were repeat or related to data integrity. The Company is committed to addressing these observations and will submit its response to the agency within the stipulated time.

 

11.10 am

Retail investors hurt in DHFL free-for-all

None of the safeguards that are supposed to protect retail investors in NCDs has worked as they should

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63 moons seeking recovery of around ₹200 crore dues from DHFL

 

 

11 am

SBI shares rally over 4%

State Bank of India (SBI) share price rose more than 4 per cent today after the board had approved divestment of company's stake in SBI Cards.

At 11 am, the SBI stock gained 4.20% to Rs 319 on the BSE with volumes of  16.97 lakh shares trade.

The executive committee of the Central Board of Directors (ECCB) of the Bank at its meeting has accorded final approval for divestment of SBI stake in SBI Cards upto 4 percent through IPO by way of offer for sale of upto 3,72,93,371 equity shares.

In a notification to the BSE, it said: "Pursuant to the applicable provision on the SEB! Regulation, we advise that the Executive Committee of the Central Board of Directors (ECCB) of the Bank at its meeting held today has accorded final approval, for divestment of SBI stake in SBI Cards upto 4% through IPO by way of offer for sale of upto 3,72,93,371 equity shares (the "Offered Shares"), subject to the approval of the Securities and Exchange Board of lndia ("SEB!"), or Government of lndia, Reserve Bank of lndia and/or such other concerned authorities and departments."

 

10.45 am

Balkrishna Industries gain nearly 3%

Share price of Balkrishna Industries jumped more than 4 per cent in the morning trade after the company's net profit rose 39 per cent to Rs 291 crore.

At 10.40 am, the stock was being quoted higher by Rs 22.60, or 2.75%, to Rs 845.45 on the BSE.

While net profit margin stood at 27.1 per cent, the operating margin was at 32.35%. Revenues reported at Rs 1,071.19 crore for the September quarter period. The company EPS stands at 15.05 during the September quarter of this fiscal

The board declared second interim dividend of Rs 2 per equity share (100 percent) on the equity shares of Rs 2 each (face value) for the financial year 2019-2020 and the payment thereof shall be credited/dispatched on or after November 26, 2019 to such shareholders as on Record Date, the company said in a filing to the exchanges.

Broker's Call: Balkrishna Industries (Sell)

Chola SecuritiesBalkrishna Industries (Sell)CMP: ₹747Target: ₹698In 1QFY20, Balkrishna Industries’ (BIL) revenues declined by 12.4 per cent y-o-y to ...

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10.30 am

 

10.25 am

 

10.15 am

Albert David jumps over 10% on Q2 results

Albert David, manufacturer of allopathic & herbal formulations, went up 10.50 per cent on the BSE today. The stock price has increased following the September quarter earnings numbers.

The stock rose 10.50 per cent to Rs 460 on the BSE today.

The company posted a net profit of Rs 7.92 crore during the September quarter ended 2019 as against Rs 52.37 lakh shown in the corresponding quarter of last fiscal. However, the net profit for the September quarter is sequentially lesser than April- June quarter profit of Rs 9.29 crore. Volumes traded were 7,220 shares as at 10.15 am on the BSE.

 

9.40 am

Opening Bell

Key stock indices rose sharply mainly taking cues from strong global markets. Asian markets rose on Friday after the S&P 500 index notched a new record closing high.

After opening higher at 40,286.48, the Sensex rallied further up to 40,492.88, up by 206.40 points or 0.51% over its previous close.

The NSE Nifty, rose 53.80 points, or 0.45%, to 11,925.90.

Among the top gainers were SBI, Tata Motors, Bharti Airtel, Maruti, Vedanta and Bharti Airtel and Kotak Bank, which rose up to 2.75%

 

 

9.25 am

 

9.20 am

 

The rupee gained 15 paise in the opening session today. The domestic currency was up 15 paise to 71.81 against yesterday's close of 71.96.

Rupee might head towards 52-week low

BL Research BureauThe 52-week low for the rupee is at 72.44. It is becoming increasingly difficult to reject the possibility of rupee (INR) testing ...

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9.10 am

 

9.05 am

Century Plyboards India (₹177.7)

Investors with a short-term horizon can buy the stock of Century Plyboards India at current levels. On Thursday, the stock jumped 7 per cent accompanied by extraordinary volume.

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9.00 am

Asian shares rise, but gains capped by weak sentiment

Asian equities rose on Friday after the S&P 500 index notched a new record closing high, but investor sentiment remained fragile following weak data from China and Germany, which reinforced concerns about the global economy.

READ MORE

 

Published on November 15, 2019