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Closing bell
The S&P BSE Sensex ended higher by 150.57 points or 0.42 per cent at 35,929.64 and the Nifty 50 up 53.95 points or 0.5 per cent at 10,791.55 on heavy buying in capital goods, consumer durables, realty and FMCG stocks amid firm global cues. However, metal stocks succumbed to selling pressure.
Top five Sensex gainers were Wipro, Infosys, Kotak Bank, Maruti and L&T, while the major losers were YES Bank, Sun Pharma, TCS, Tata Steel and Adani Ports.
Shares of private-sector lenders Kotak Mahindra Bank Ltd and HDFC Bank Ltd ended 2.5 per cent and 0.8 per cent higher, respectively. Infosys Ltd's stock, which was the top driver on the indexes, finished 2.8 per cent higher.
Meanwhile, YES Bank Ltd's shares reversed course to close 6.4 per cent down, after the lender said new chief executive officer will be appointed within the central bank's deadline of February 1, without disclosing further details
Domestic sentiment was buoyed as the new RBI Governor, Shaktikanta Das, has promised to take all stakeholders along on key policy issues to maintain growth while keeping inflation under check.
“The government is not just a stakeholder, it also runs the economy and the country and manages major policy decisions. There has to be free, fair, objective, and frank discussions between the government and RBI,” Das, the former finance secretary who oversaw the controversial note-ban exercise, told reporters in his maiden address.
“In anticipation of some firm measures to ease the credit squeeze by the new RBI Governor post his meeting with PSU bank chiefs today, markets rallied in the morning but cooled off in the second half on some profit-booking,” said Essel Mutual Fund CIO Viral Berawala.
“Stocks with rural focus also gained momentum on expectations of some pro-rural announcements by the Central government,” Berawala added.
Fall in retail inflation to 2.33 per cent in November also lifted the domestic sentiment. The country's retail inflation rate, which includes food and energy prices, fell to 2.33 per cent on an annual basis in November, remaining below the Reserve Bank of India's medium-term target of 4 percent for a fourth straight month.
As per provisional data, foreign portfolio investors sold shares worth Rs 1,299.43 crore, while domestic institutional investors were net buyers to the tune of Rs 1,121.29 crore.
European markets
European shares rose for a third day running as hopes over a compromise over Italy's contested budget and easing concerns over trade offset persistent uncertainty over Britain's exit from the European Union. The euro zone STOXX index rose 0.4 per cent. Read more
Rupee jumps to 71.51
The rupee appreciated by 50 paise to 71.51 as the new RBI Governor Shaktikanta Das has stressed on the need for a consultative approach to tackle the pressing economic issues. The domestic unit was trading at 71.60 against the US dollar. Read more
The Sensex was trading higher by 164.01 points or 0.46 per cent at 35,943.08 and the Nifty up 57.2 points or 0.48 per cent at 10,789.60. Capital goods, realty, FMCG and consumer durables found investors' support, while metal stocks succumbed to selling pressure.
Top five Sensex gainers were Infosys, Maruti, Wipro, Kotak Bank and L&T, while the major losers were YES Bank, Sun Pharma, TCS, Tata Steel and Adani Ports.
YES Bank slumped as investors turned wary ahead of board meeting today where the board will shortlist on the names for the vacant posts. It will take stock of the vacancies for independent directors, Managing Director and CEO.
Shares of Sun Pharmaceutical Industries Ltd dropped 3.1 percent after India's market regulator, late on Wednesday, said it was examining a whistleblower complaint against the country's largest drugmaker.
Banking on easy pension withdrawal
Representational image only
Representational image only
For senior citizens who have retired from the Central/State government service and receive pension, organisations and banks work to make the process comfortable. Even so, the banking regulator RBI has come out with a master circular recently (July 2018), which instructs banks to make it easy and simple for the elderly to draw pension. Click here to read more
The real lessons from Bluechip and Prima
India’s oldest private sector mutual fund schemes turned 25 this month. By any yardstick, these funds have delivered impressive returns, with Franklin India Bluechip compounding investors’ money at 20.45 per cent and Franklin India Prima earning 19.67 per cent since inception. Click here to read more
Pre-close trade
The Sensex fell 282 points from intraday high of 36,095.56 due to selling pressure in metal, power and healthcare stocks amid firm global cues. However, consumer durables, capital goods, realty and FMCG remained investors' favourite.
At 2.50 pm local time, the BSE index was trading up 53.12 points or 0.15 per cent at 35,832.19 and the NSE index up 18.05 points or 0.17 per cent at 10,755.65. Nifty 50 touched intraday high of 10,837.60 and a low of 10,750.75.
Top five Sensex gainers were Wipro, Infosys, Maruti, Tata Motors and L&T, while the major losers were YES Bank, Sun Pharma, Tata Steel, TCS and Coal India.
The rupee was trading strong at 71.65 against the US dollar as the new RBI Governor Shaktikanta Das stressed on the need for a consultative approach to tackle the pressing economic issues.
European shares rose for a third day running as hopes over a compromise over Italy's contested budget and easing concerns over trade offset persistent uncertainty over Britain's exit from the European Union. The euro zone STOXX index rose 0.4 per cent.
Sensex - Top gainers and losers
Interpol issues RCN against Mehul Choksi
The Interpol has issued a Red Corner Notice against absconding billionaire Mehul Choksi, who is accused of cheating state-run Punjab National Bank to the tune of Rs 13,000 crore in alleged collusion with his nephew Nirav Modi. Read more
MCX gold
Gold prices fell Rs 119 to Rs 31,613 per 10 gram at the futures trade due to profit-booking by traders at prevailing levels even as the precious metal gained overseas. Read more
Bajaj Finserv hits 2-1/2 month high
Bajaj Finserv Ltd's shares gained as much as 2.49 per cent to Rs 6,138.35, highest since September 27. The stock has broken above a resistance at Rs 6,077.5, the 50 per cent Fibonacci retracement level of the downtrend from August 16 high to October 24 low. Read more
EU court upholds euro 13.96-mn fine on Unichem
Unichem Laboratories today said a Europe court has upheld the decision to impose a fine of EUR 13.96 million (approx Rs 113.50 crore) on the company and its subsidiary by the European Commission in a litigation over blood pressure lowering drug Perindopril. Read more
Mid-session trade
The S&P BSE Sensex was trading higher by 213.06 points or 0.6 per cent at 35,992.13 and the Nifty up 68.25 points or 0.64 per cent at 10,805.85 on heavy buying in realty, auto, FMCG and capital goods stocks amid firm global cues.
Domestic sentiment was buoyed as retail inflation dropped to 2.33 per cent in November and as the new RBI Governor, Shaktikanta Das, said that he will meet the heads of state-run lenders to address problems facing the banking sector.
The drop in inflation should increase the chances of new RBI Governor Shaktikanta Das keeping interest rates on hold at his first policy meeting next month.
“There is a new ray of hope that resolutions, especially on the front of capitalisation for banks that are starved of funds, may be found with Das in the RBI,” said Anita Gandhi, whole-time director at Arihant Capital Markets, Mumbai.
Top five Sensex gainers were Maruti, IndusInd Bank, Tata Motors, State Bank of India and Wipro, while the major losers were Sun Pharma, Coal India, TCS, Adani Ports and Asian Paints.
As per provisional data, foreign portfolio investors sold shares worth Rs 1,299.43 crore, while domestic institutional investors were net buyers to the tune of Rs 1,121.29 crore on Wednesday.
Custodians for commodity markets
SEBI will allow custodians to participate in the commodity markets. But market players are of the view that the concept of custodian will pick up only when settlement in commodity markets is made delivery-based instead of currently operational cash-based. Read more
India still in “middle class” in ease of doing biz
Klaus Schwab, Founder and Executive Chairman, World Economic Forum (file photo)
World Economic Forum (WEF) founder and Executive Chairman Klaus Schwab said India is still in the “middle class” in ease of doing business and the country should work towards creating the necessary ecosystem to boost entrepreneurship. More on this
EU Court upholds 40-mn euro fine on Lupin
Drug maker Lupin on Wednesday said a court in Europe has upheld a decision to impose a fine of 40 million euros (over Rs 325 crore) on the company by the European Commission (EC) in a litigation over blood pressure lowering drug, Perindopril. The shares of the company was trading at Rs 840, up 2.21 per cent. Read more
Asian markets
Japan's Nikkei stock index gained 0.8 per cent. File Photo
Asian equity markets rallied on Thursday on signs of easing Sino-US trade tensions and expectations that China will step up efforts soon to support its cooling economy. Markets are slowly growing less pessimistic about the chances of a Sino-US trade deal after a slew of news this week pointed to easing tensions between the two powers. Read more
Nifty gainers, losers
Financial stocks accounted for the biggest share of gains on the NSE index. The NIFTY PSU Bank index rose for the third straight session, climbing 2.8 per cent to its highest since November 19.
State Bank of India rose as much as 3.1 per cent to its highest since November 6, and was among the biggest boosts to the NSE index. HDFC Bank Ltd's scrip advanced 1.9 per cent.
YES Bank Ltd's stock rallied as much as 3.5 per cent ahead of a board meeting where it will recommend names for a new chairman for approval by the RBI.
Meanwhile, shares of Sun Pharmaceutical Industries Ltd dropped 3.1 per cent after India's market regulator, late on Wednesday, said it was examining a whistleblower complaint against the country's largest drugmaker.
A 1.1 per cent fall in IT giant Tata Consultancy Services Ltd's stock also limited the broader market's advance.
Benchmark indices climbed to over one-week high after inflation eased sharply in November, and the new central bank governor's move to open up a dialogue with lenders pushed up banking counters.
The S&P BSE Sensex was up 139.54 points or 0.39 per cent at 35,918.61 and the Nifty 50 up 46.85 points or 0.44 per cent at 10,784.45.
Retail inflation rate, which includes food and energy prices, fell to 2.33 per cent on an annual basis in November, remaining below the Reserve Bank of India's medium-term target of 4 per cent for a fourth straight month.
The drop in inflation should increase the chances of new RBI Governor Shaktikanta Das keeping interest rates on hold at his first policy meeting next month. Das had on Wednesday also said that he will meet heads of state-run lenders to address the problems facing the banking sector.
“There is a new ray of hope that resolutions, especially on the front of capitalisation for banks that are starved of funds, may be found with Das in the RBI,” said Anita Gandhi, whole-time director at Arihant Capital Markets, Mumbai.
The outcome of Das' meeting with banks will decide whether the rise in banking stocks will be sustained on Thursday, Gandhi added.
'Indiabulls Housing Finance may have ended a correction'
Indiabulls Housing Finance Ltd's shares, which gained as much as 9.63 per cent to Rs 805, may have ended a correction. According to technicals, the stock's wave pattern suggests it has completed a three-wave correction that started on January 29. Read more
Bandhan Bank hits over 2-month high
Shares of Bandhan Bank Ltd rose as much as 7.9 per cent to Rs 509, their highest since October 10 as a media report said that the Reserve Bank of India has allowed Bandhan Bank to open as many as 40 more branches. Read more
Pound holds onto previous session gains
The pound held onto most of the previous session's gains after British Prime Minister Theresa May survived a no-confidence vote, buying time to try to steer her unpopular Brexit deal through a deeply divided parliament. Sterling lost 0.1 per cent on the day to $1.2614. Read more
Nifty gainers, losers
NSE sectoral indices
Brent crude jumps to $60.5/barrel
Oil prices rose, buoyed by a drawdown in US crude stockpiles and indications that China is taking concrete steps to put a trade war truce with Washington into action. International Brent crude oil futures were at $60.47 per barrel at 0442 GMT, up 32 cents, or 0.5 per cent, from their last close. US West Texas Intermediate crude futures were at $51.35 per barrel, up 20 cents or, 0.4 per cent. Read more
LME copper edges up to $6,171
London copper prices moved higher in early Asian trade amid signs China is making good on pledges made to the United States as part of a deal to resolve a trade row between the world's top two economies. Three-month copper on the London Metal Exchange climbed 0.5 per cent to $6,171 a tonne by 0211 GMT. Read more
The S&P BSE Sensex was up 224.48 points or 0.63 per cent at 36,003.55 and the Nifty 50 up 70.65 points or 0.66 per cent at 10,808.25 as the investor sentiment on Dalal Street was positive on hopes that the new RBI Governor, Shaktikanta Das, would work more closely with the government.
Shaktikanta Das had on Wednesday that said he would uphold the professionalism, core values, credibility and autonomy of the central bank, engage with all stakeholders, including the government, and be watchful for developments on the inflation front.
Domestic sentiment was also buoyed as retail inflation dipped further to 2.33 per cent in November while industrial output zoomed to over 8 per cent during October.
Top five Sensex gainers were State Bank of India, YES Bank, Tata Motors, IndusInd Bank and L&T, while the major losers were TCS, Sun Pharma, Adani Ports, Hero MotoCorp and Coal India.
Sun Pharma, on the other hand, was the top loser on both indices, falling up to 2 per cent, after SEBI had said on Wednesday that it was examining the whistleblower complaint against Dilip Shanghvi-led Sun Pharmaceutical Industries.
A whistleblower had last month approached SEBI with a document alleging various irregularities by the company, its promoter Shanghvi and others.
As per provisional data, foreign portfolio investors had sold shares worth Rs 1,299.43 crore on Wednesday, while domestic institutional investors were net buyers to the tune of Rs 1,121.29 crore.
Spot gold down at $1,245
Gold prices dipped early on Thursday as the dollar steadied after declining from a near one-month high in the previous session, while palladium rose to a record high, trading at a premium to the bullion. Spot gold was down 0.1 per cent at $1,244.56 per ounce, as of 0124 GMT. Read more
Rupee jumps to 71.59
The rupee appreciated by 42 paise to 71.59 in early trade after the new RBI Governor Shaktikanta Das stressed on the need for a consultative approach to tackle the pressing economic issues. It hovered in a range of 71.71 and 71.59, before quoting at 71.64, up 37 paise. Read more
Broker's call
Reliance Securities
Engineers India (Buy)
CMP: ₹113.15
Target: ₹150
Broker's call
ICICI Securities
Sun TV (Hold)
CMP: ₹567.45
Target: ₹589
The S&P BSE Sensex was trading higher by 253.89 points or 0.71 per cent at 36,032.96 and the Nifty 50 up 52.5 points or 0.49 per cent at 10,790.10 as retail inflation dipped further to 2.33 per cent in November, while industrial output zoomed to over 8 per cent during October.
Lower inflation means possibility of a policy rate cut. However, it is too early to predict a rate cut as the Monetary Policy Committee is scheduled to review credit and monetary policy in February.
Barring consumer durables, all other BSE sectoral indices were trading in the green. Among them, FMCG gained 1.15%, followed by realty 1.06%, PSU 0.88% and banking 0.88%.
Top five Sensex gainers were State Bank of India, YES Bank, HDFC Bank, Tata Motors and Bharti Airtel, while the major losers were Sun Pharma, Hero MotoCorp, Adani Ports, Coal India and Bajaj Auto.
IOC board to consider buyback, dividend
The board of directors of Indian Oil Corporation will meet today to consider buyback of fully paid-up equity shares of the company, and declaration of an interim dividend for the financial year 2018-19. In March, the company had rewarded its shareholders with a 1:1 bonus issue. Read more
Mutual funds get SEBI nod for side-pocketing
The mutual fund industry, which has been stuck with illiquid debt instruments following the recent debt crises and the IL&FS fiasco, can now heave a sigh of relief with SEBI allowing domestic funds to segregate the bad assets. The facility — known as side-pocketing — will be available to mutual funds based on credit events. Read more
Opening bell
The 30-share BSE index Sensex opened 245.81 points higher at 36,024.88 against the previous close of 35,779.07. The 50-share NSE index Nifty opened marginally higher at 10,803 points against the previous close of 10,737.60, up by 65.4 points.
What to Watch
IOC: Focus on buyback, dividend payment
The board of directors of Indian Oil Corporation will meet on Thursday to consider buyback of fully paid-up equity shares of the company, and declaration of an interim dividend for the financial year 2018-19. It may be recalled that the PSU oil company in March had rewarded its shareholders with a 1:1 bonus issue. Besides payout details, shareholders will also eye the issue size, price and mode (through open market purchase or tender route) of the buyback.
Techno Electric board to meet for buyback
The board of Techno Electric & Engineering Co will meet on Thursday to consider a proposal for buyback of equity shares. Shareholders would be keen to know the buyback issue size and price. Besides, they would also eye the mode of buyback — whether through open market purchase or via tender offer route and also the promoters’ intention to participate or not in the buyback process. If it’s through tender process, record date is an important factor.
BHEL buyback offer opens today
The ₹1,628-crore buyback offer at ₹86 a share from BHEL opens on December 13 and closes on December 27. The State-owned power equipment maker plans to buy back 18.93 crore shares, which is 5.16 per cent of the paid-up equity capital of the company. As the buyback would be conducted through the tender offer route on proportionate basis, only shareholders whose names had appeared on November 6 (record date) in the company’s books can participate.
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:
₹2085 • HDFC Bank
₹678 • Infosys
₹275 • ITC
₹141 • ONGC
₹1110 • Reliance Ind.
₹285 • SBI
₹2018 • TCS
10783 • Nifty 50 Futures
S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.
9.00 am
Today's Pick
We recommend a buy in the stock of Bank of India at the current levels of ₹85.7. The stock has the potential to trend upwards and test the upper boundary in the coming trading sessions. Targets are ₹89.5 and ₹91.5. More here
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