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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
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NIFTY SECTORAL INDICES
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.
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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.
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.
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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.
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The equity deal will enable the GMR Infra to demerge the airports businessEssar 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.
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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.
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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.
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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 i ts response to the agency within the stipulated time.
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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."
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.
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.
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%
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.
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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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.
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