Sensex, Nifty scale fresh closing peaks

Closing bell

Market benchmark indices scaled fresh closing peaks on hectic buying by foreign investors in banking, IT and auto stocks amid positive trends from global markets.

The 30-share Sensex rose by 199.31 points or 0.49 per cent to end at a new life-time high of 41,020.61 as 24 of its constituents ended in green. The broader NSE Nifty gained 63 points or 0.52 per cent to settle at a new peak of 12,100.70.

Yes Bank was the biggest gainer in the Sensex pack, rallying 7.65 per cent, followed by SBI which rose 2.43 per cent. Maruti gained 2.38 per cent, Sun Pharma 1.87 per cent and HUL by 1.78 per cent. On the other hand, L&T was the top loser, ending 2.05 per cent lower. ICICI Bank, ITC, Tata Steel, NTPC and Axis Bank too closed in red.

According to analysts, sustained foreign fund inflow amid positive cues from global markets buoyed the market sentiment. Foreign investors purchased shares worth Rs 4,677.75 crore on a net basis on Tuesday, provisional exchange data showed. Short covering ahead of the expiry of November derivatives contracts on Thursday also contributed to the rally, traders said.

Bourses in Hong Kong, Tokyo and Seoul ended higher while those in Shanghai settled lower. Stocks in Europe were trading on a positive note.

On the currency front, the rupee appreciated 15 paise (intra-day) against the US dollar to 71.35. Brent futures, the global oil benchmark, rose 0.18 per cent to USD 63.33 per barrel. - PTI

SEBI order on Karvy

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SEBI’s  order against Karvy  has now put banks and finance companies, who lent money to the broker against pledged shares, in a fix. Effectively, the order has put NSDL, CDSL and the banks in a dilemma on the issue of allowing off-loading of pledge shares, sources in the know told  BusinessLine .

Executives of large private banks and finance companies met SEBI this week to sort out the issue of pledge shares, but there seems no immediate solution in sight, the sources said. Click here to read more on SEBI's order on Karvy and its impact on banks and finance companies

European stock market

Export-heavy German shares shrug off weak China data. File Photo

European shares touched a four-year high in early trading, as comments from US President Donald Trump sparked hopes of an imminent resolution to the drawn-out trade war with China. The pan-European STOXX 600 index was up 0.1 per cent, led by trade-sensitive miners, which gained 0.8 per cent.

European shares have crawled towards a record high this month on hopes that the world's top two economies would defuse a trade war that has dulled business sentiment, dented corporate investment and hurt global growth. Read the European stock market report here

Listing of commercial papers

Leading stock exchanges BSE and NSE have come out with a framework for listing of commercial papers, a move aimed at broadening investors’ participation in such securities. Issuers can now apply for listing of commercial papers (CPs) issued on or after November 27, 2019, the exchanges said in two separate notices.

“Commercial Papers, by their very nature are short term money instruments and until now, have been regulated primarily by RBI. Listing of CPs will bring them under SEBI’s domain as well, leading to a more transparent and better disclosure regime." Click here to read more on the guidelines issued by BSE and NSE on listing commercial papers

India's crude steel output

A seasonally weaker monsoon quarter affected the overall demand for steel

India’s crude steel output fell 3.4 per cent to 9.089 million tonne (MT) during October 2019, according to World Steel Association (worldsteel). The country had produced 9.408 MT crude steel during the same month a year-ago, the global industry body said in its latest report.

Members of worldsteel represent approximately 85 per cent of the world’s steel production, including over 160 steel producers, national and regional steel industry associations, and steel research institutes. Click here to read more on the crude steel output in India and globally

Reliance Capital shares fall

Reliance Capital  shares fell over 2 per cent after the company said it had defaulted on payments obligations on bonds and interest generated towards the same.

Making disclosure to stock exchanges regarding payment of interest and principal on non-convertible debentures, it said the rating downgrade by CARE in September has initiated acceleration of various facilities by certain lenders.

The stocks were trading 2.89 per cent lower at Rs 15.10.

Pepper market

Pepper prices have witnessed a bullish trend in Kochi, with prices moving up to ₹2 per kg on Tuesday, thanks to aggressive buying from Tamil Nadu dealers from the primary markets. There was no arrivals from the primary markets to terminal market because of the demand from Tamil Nadu dealers for meeting their commitments, said Kishore Shamji of Kishor Spices.

According to market participants, the present domestic climatic conditions are favourable for new crop. Read more on the pepper market auction and December future price

Sensex jumps 100 points

The 30-share BSE index Sensex jumped 111.72 points or 0.27 per cent to 40,933.02 and the 50-share NSE index Nifty was trading 37.30 points or 0.31 per cent higher at 12,075. After opening over 41,000 points, Sensex was trading firm through the morning session.

The top gainers in the Sensex pack were Yes Bank, HCL Technologies, Maruti, Vedanta and Tata Motors while the laggards were L&T, NTPC, Tata Steel, ICICI Bank and ITC.

In the broader index, the major gainers were Yes Bank, Tata Motors, Mahindra & Mahindra, HDFC and Eicher Motors while the scrips in the negative territory were Cipla, ICICI Bank, L&T, BPCL and Dr Reddy's.

Biocon, Mylan get USFDA nod

Biotechnology major  Biocon  on Wednesday said that US health regulator has approved its and Mylan’s supplemental biologics licence application for a drug substance to be manufactured at its new facility in Bengaluru. The USFDA had conducted pre-approval inspection of this new drug substance manufacturing facility from September 10-19, 2019. Shares of the company were trading at ₹275.60 apiece, higher by 4.28 per cent in the afternoon trade on BSE. Click here to read more on the USFDA nod for Biocon and Mylan

Birla MF gets Rs 840 cr from Zee share sale

Aditya Birla Sun Life Mutual Fund has received Rs 840 crore as its share from the sale of Zee Entertainment shares.

On Wednesday, Aditya Birla Sun Life Mutual Fund said pursuant to the sale of the shareholding of Zee Entertainment, it has received repayment to the tune of Rs 840 crore, comprising the principal amount and interest accrued.

Nifty Call

The Nifty spot is up by a quarter percent whereas the Sensex spot is marginally up by 0.15 per cent. The November futures contract of the Nifty 50 index opened the session at 12,098 versus its previous close of 12,075. After an initial uptick, the contract has been gradually declining and is currently trading at 12,085. Read the Nifty Call for November futures here

Cardamom auctions

File Photo

Cardamom prices is likely to witness a positive outlook auctions conducted at Spices Park at Puttady, thanks to good arrivals at 85 tonnes. According to market participants, the bullish trend in prices is likely to continue till December due to low estimated crop. Read more on the cardamom auctions during the morning session and December future prices

Finance Commission gets extension

NK Singh, Chairman, Finance Commission PAUL NORONHA

Union Cabinet on Wednesday decided to extend the term of 15th Finance Commission by 11 months to October 30, 2020. This is the second extension.

According to a government statement, the Union Cabinet approved the 15th Finance Commission plan to submit the report for the fiscal year 2020-21 immediately and decided to extend the tenure of the panel for the presentation of the final report covering FYs 2021-22 to 2025-26 by October 30, 2020. Click here to read more on the Cabinet approval on Finance Commission

Yes Bank shares zoom

Shares of  Yes Bank  jumped over 9 per cent on Wednesday ahead of its board meeting later this week to consider raising of funds. The stock was the top gainer on the Sensex and Nifty during morning trade.

Ashok Leyland bags TN STU order

This order comes closely on the back of orders received from various state transport undertakings recently. Representative image

Commercial vehicle manufacturer  Ashok Leyland  announced that it has bagged an order for 1,750 buses from Tamil Nadu State Transport Undertaking (TN STU). The order comes as a shot in the arm for the company which is hit by the persistent slowdown in the automobile sector. Read more on the new order bagged by Ashok Leyland here

The shares of Ashok Leyland were trading at ₹81.30 a piece, up 0.68 per cent in afternoon trade.

Spot gold prices

For India’s spot gold, India Bullion and Jewellers Association (IBJA) reported Tuesday’s PM rates at Rs 37,954 per 10 grams (for 999 purity without tax). However, the rates are lowest since October 1, 2019 when the yellow metal was quoted at Rs 37,375. Since then, the spot gold prices have hovered above Rs 38,000 level.

Gold December futures on MCX quoted negative in opening trades on Wednesday at Rs 37, 694 for 10 grams, down 69 points from the previous close. More on the spot gold prices and bullion market in India, read here

Indices trim early gains

The 30-share BSE index Sensex trimmed early gains and is trading 0.16 per cent or 64.66 points higher at 40,885.96. The 50-share NSE index Nifty was trading 0.21 per cent or 25.25 points higher at 12,062.95.

Commodities market

Oil fell after an industry report showed an unexpected build in US crude inventories, but optimism around the signing of the first phase of a US-China trade deal capped a deeper slide in prices.

International benchmark Brent crude futures dropped 19 cents, or 0.3 per cent, to $64.08 a barrel by 0145 GMT on Wednesday. Brent rose about 1 per cent on Tuesday. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.29 per cent, to $58.24 per barrel. Read the crude oil market report here

Daily rupee call

The rupee (INR) broke out of the critical resistance at 71.6 and closed at 71.49 against the dollar (USD) on Tuesday. Thus, there is a strong possibility of the rupee strengthening further.

On the upside, the Indian currency will face a hindrance at 71.4 above which the resistance is at 71.2. Traders are recommended to initiate long on dips with stop-loss at 71.65. Click here to read today's rupee call

Forex market

Major currencies hardly budged as traders looked ahead to the final outcome of US-China trade talks and a shortened holiday week in the United States. The euro stood at $1.1023, little changed so far this week. Trade is slowing down ahead of the Thanksgiving holiday on Thursday in the US, before which some major players will have wind down most of their trade for the year.

With markets preoccupied with the trade issues, soft US consumer sentiment data hardly made any dent in the dollar. Read the forex market report here

Sensex, Nifty trade higher by 0.30%

The 30-share BSE index Sensex is trading 143.28 points or 0.35 per cent higher at 40,964.58 and the 50-share NSE index Nifty was trading higher at 12,081.25, up 0.36 per cent or 43.55 points. The stocks of auto and bank were lending support to the indices.

The top gainers in the Sensex pack were Yes Bank, Mahindra & Mahindra, Tata Motors, Maruti and HDFC while the laggards were L&T, ICICI Bank, ITC, Bharti Airtel and Tata Steel.

In the broader index, the scrips leading the positive territory were Yes Bank, Tata MOtors, Mahindra & Mahindra, HDFC and Eicher Motors while the top losers were Cipla, ICICI Bank, L&T, BPCL and Dr Reddy's.

US-China trade war

To be or not to be: In US history, only two presidents have been impeached by the House of Representatives, although neither of them was removed from office

US President Donald Trump declared on Tuesday that talks with China on the first phase of a trade deal were near completion, after negotiators from both sides spoke by phone, signalling progress on an accord in the works for nearly two years.

“We’re in the final throes of a very important deal,” Trump told reporters at the White House. “It’s going very well.”

Stocks in Asia gained and US equities touched new highs on optimism that the countries wont escalate a tariff war that’s dragged on for 20 months and involves about $500 billion in products traded between them. Click here to read more on the US-China trade war deal

US markets

The US stocks crawled higher on Tuesday, and all three major Wall Street indexes notched record levels, as upbeat comments by President Donald Trump on trade talks eclipsed some softer-than-anticipated economic data.

The Dow Jones Industrial Average rose 55.21 points, or 0.2 per cent, to 28,121.68, the S&P 500 gained 6.88 points, or 0.22 per cent, to 3,140.52 and the Nasdaq Composite added 15.45 points, or 0.18 per cent, to 8,647.93. Read the US stock markets report here

Currency market

The Indian rupee appreciated by 10 paise to 71.40 against the US dollar in early trade as positive opening in domestic equities and sustained foreign fund inflows strengthened investor sentiments.

Forex traders said easing crude oil prices also supported the domestic unit. Forex traders said investors were optimistic about the US-China trade talks. Read the local currency market report here

Nifty tests 12,100

Market benchmark BSE Sensex jumped over 200 points in early trade led by gains in HDFC twins, TCS and RIL as unabated foreign fund inflow and positive global cues enthused investor sentiment.

After hitting a high of 41,075.76, the 30-share index was trading 195.68 points, or 0.51 per cent, higher at 41,028.75 in morning session. Similarly, the broader Nifty rose 63.50 points, or 0.53 per cent, to 12,101.20.

Yes Bank was the top gainer in the Sensex pack rallying up to 5 per cent, followed by Tata Motors, M&M, HDFC, HDFC Bank, Maruti, IndusInd Bank, Vedanta and TCS.

On the other hand, ICICI Bank, Tata Steel, L&T and ITC were trading in the red.

On Tuesday, the Sensex touched its all-time intra-day high of 41,120.28 before closing down by 67.93 points or 0.17 per cent at 40,821.30. The Nifty also soared to a new peak of 12,132.45 in day trade before giving up gains to end lower by 36.05 points or 0.30 per cent at 12,037.70.

According to analysts, sustained foreign fund inflow amid positive cues from global markets buoyed market sentiment.

Short covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally, traders said.

Foreign institutional investors bought shares worth Rs 4,677.75 crore in the capital market in the previous session, while domestic institutional investors sold equities worth Rs 4,242.01 crore, data available with stock exchange showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a positive note amid hopes of a breakthrough in the trade logjam between the US and China.

Stocks on Wall Street ended in the green on Tuesday.

On the currency front, the rupee appreciated 6 paise against the US dollar to trade at 71.43 in early session. Brent futures, the global oil benchmark, slipped 0.24 per cent to USD 63.06 per barrel. - PTI

Global markets

Asian shares rose as upbeat signals from US-China trade talks fanned hopes of an easing of tariff hostilities, while expectations the Federal Reserve will keep interest rates low supported sentiment.

The positive mood pushed Wall Street indexes to fresh record closing highs on Tuesday and stoked confidence in Asia with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.19 per cent. Australian shares added 0.65 per cent and Japan's Nikkei rose 0.36 per cent. Read the global stock markets report here

Sensex jumps 240 points in early trade

The 30-share BSE index Sensex jumped 193.5. points or 0.47 per cent to 41,014.83 and the broader index Nifty zoomed 55.50 points or 0.46 per cent to 12,093.20.

The HDFC twins and bank stocks were lending support to the index.

In the Sensex pack, the top gainers were Yes Bank, HDFC, Tata Motors, Mahindra & Mahindra and Axis Bank while the major losers were ICICI Bank, L&T, State Bank of India, Tata Steel and Sun Pharma.

In the 50-share index, the scrips leading the positive pack were Yes Bank, Tata Motors, Mahindra & Mahindra, HDFC and Eicher Motors while the laggards were Cipla, ICICI Bank, L&T, BPCL, and Dr Reddy's.

Stocks in focus

PSP Projects has been awarded new work orders worth ₹192.81 crore (excluding GST) for institutional and residential projects from various clients. Among them are a major order from Shree Swaminarayan Gadi Sansthan at Ahmedabad worth ₹104.59 crore. With the receipt of fresh orders, the total work orders received during FY20 (till date) on standalone basis amounts to ₹1,053.23 crore (excluding GST), it said. Investors will monitor the execution of the orders by PSP Projects.

The board of Videocon Industries , which is facing insolvency proceedings due to huge debts, will meet on Thursday to consider FY19 results. The company is yet to announce its Q4 and FY19 results. Investors would keenly watch whether this time around the company will finally declare its numbers. Earlier, it had claimed that the results were delayed on account of the complexities involved in the process. For the quarter December 2018, it had posted a loss of ₹1,023.08 crore and for FY18 ₹5,264.04 crore.

Shares of Tilaknagar Industries will remain in focus, as its board of directors will meet on Thursday to consider a fund-raising plan. According to the company, the board will discuss/finalise on a preferential issue of equity shares to strategic investors. Shareholders will closely monitor the quantum of funds. Tilaknagar plans to raise the price at which the shares would be allotted. Besides, the identity of investors will also be an interesting factor to the shareholders.

Opening bell

The benchmark indices, the BSE Sensex and the NSE Nifty, opened firm on Wednesday.

In opening trade, the Sensex spurted to 41,011, up 190 points or 0.47 per cent higher on its previous close, while the Nifty was at 12,090, up 53 points or 0.44 per cent stronger.

Day Trading Guide

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹1275 • HDFC Bank

₹690 • Infosys

₹249 • ITC

₹130 • ONGC

₹1560 • Reliance Ind.

₹335 • SBI

₹2046 • TCS

12098 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Today' stock pick

We recommend a buy in the stock of L&T Finance Holdings at the current levels of Rs 102.8. The daily relative strength index is showing an uptick following the breakout. Importantly, the 21-DMA has crossed above the 50-DMA, potentially indicating a reversal in medium-term trend to bullish. Read our stock recommendation and the stock activity of L&T Finance Holdings

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