Sensex, Nifty end at fresh record high

Closing bell

Extending its record-setting streak for the second session, market benchmark indices ended at fresh closing highs following gains in index-heavyweights ICICI Bank and RIL, which became the first Indian firm to breach the Rs 10-lakh crore market valuation mark.

After touching its lifetime high of 41,163.79 during the day, the 30-share Sensex rose by 109.56 points or 0.27 per cent to end at a fresh closing peak of 41,130.17. The broader NSE Nifty closed at a record high of 12,151.15, up by 50.45 points or 0.42 per cent over the previous close.

Reliance Industries (RIL) became the first Indian company to settle above the Rs 10 lakh crore market valuation mark, ending 0.65 per cent higher.

IndusInd Bank was the top gainer in the Sensex pack, rising 2.68 per cent. ICICI Bank gained 2.68 per cent at close. Yes Bank, Tata Steel, SBI, TCS, L&T and Infosys also advanced. On the other hand, Hero MotoCorp, HDFC twins, Bajaj Auto, Tata Motors and Maruti settled with losses.

Sustained inflow of foreign investment and short-covering amid the expiry of November derivatives contracts also contributed to the rally, traders said.

Bourses in Hong Kong, Tokyo, Kospi and Seoul ended in the red after China said it was ready to take “firm countermeasures” against the United States after President Donald Trump signed a law supporting pro-democracy protesters in Hong Kong, putting a dampener on hopes of an early trade truce over tariffs. Stocks in Europe were trading on a negative note.

On the currency front, the rupee depreciated 30 paise (intra-day) against the US dollar to 71.65. Brent crude, the global oil benchmark, fell 0.62 per cent to USD 62.62 per barrel in futures trade. - PTI

European shares

The blue-chip FTSE 100 was also pressured by a handful of stocks trading ex-dividend. File Photo

European shares pulled back from near-record highs, as US President Donald Trump signed into law a bill backing protesters in Hong Kong, sparking doubts about a resolution to the prolonged tariff war between Washington and Beijing.

The pan-European STOXX 600 index was down 0.2 per cent after closing Wednesday just points away from a record high, as the latest standoff threatens to derail trade negotiations between the world's top two economies. Shares of trade-sensitive auto parts makers shed 0.8 per cent in their sharpest one-day drop in more than a week. Read the European stock market update here

Cardamom market

Active participation of all stakeholders in the trade are expected to keep the buoyancy in the cardamom auction market at Bodinayakanur.

According to traders, both exporters and North Indian buyers are active in the market, resulting in a bullish trend. There is a positive trend in spite of heavy arrivals at 86 tonnes in the both the trade sessions. Read more on the cardamom auctions today here

Zee shares fall

Shares of  Zee Entertainment Enterprises  on Thursday lost over 3 per cent in early trade after the company said two of its former directors had raised concerns over several issues.

Two former directors of Zee Entertainment - Subodh Kumar and Neharika Vohra - who resigned from its board, had raised concerns over several issues, including ₹2,200 crore film advance given in 2018-19, according to a regulatory filing by the firm. Click here to read more on the resignation of two former directors of Zee Entertainment

Mukesh Ambani in talks with Times Group

Network18

Mukesh Ambani is in talks to sell his news media assets to Times Group. Bennett Coleman & Co., the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani’s Network18 Media & Investments Ltd., according to the sources. Talks are at an early stage and may not result in a deal, the people said, adding more suitors may emerge. Read more on the details about the talks between Mukesh Ambani and the Times Group here .

The stocks of Network18 surged 2.93 per cent to Rs 29.90.

Afternoon session

The 30-share BSE index Sensex was trading marginally higher at 41,051.37, up 30.76 points or 0.07 per cent. Similarly, the NSE index Nifty was trading 21.35 points or 0.18 per cent higher at 12,122.05.

The telecom stocks emerged the top gainers among the sectoral indices.

In the Sensex pack, the major gainers were Tata Steel, ICICI Bank, Yes Bank, State Bank of India and IndusInd Bank while the laggards were Hero MotoCorp, HDFC, Bajaj Finance, HDFC Bank and Tata Motors.

In the broader index, the scrips in the positive territory were Infratel, UPL, JSW Steel, ICICI Bank and Yes Bank while the top losers were Zee Entertainment, Tata Motors, Vedanta, Hindustan Unilever and ONGC.

US economy in Q3

US economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close.

Economists boosted their estimates for growth in the current quarter as well. The upswing in the data would appear to validate the optimistic tone struck earlier this week by Federal Reserve Chair Jerome Powell, who said “at this point in the long expansion, I see the glass as much more than half full.” The US central bank last month cut interest rates for the third time this year and signaled a pause in the easing cycle that started in July when it reduced borrowing costs for the first time since 2008. More on the US economy in Q3 and economic growth, read here

Moody's on companies credit ratings

Challenges ahead for most Indian non-financial companies in 2020, warns Moody’s.

Driven by sluggish economic growth and slowing earnings, credit conditions will weaken for most Indian non-financial companies in 2020, Moody’s Investors Service said on Thursday. “Rated companies’ credit profiles are unlikely to improve significantly over 2020-2021 due to elevated debt levels, weakening profitability and the continued economic slowdown, which is pressuring both investment and consumption,” Kaustubh Chaubal, a Moody’s Vice President and Senior Credit Officer said. Read more on Moody's outlook on Indian non-financial companies in 2020

Cipla shares rise

Shares of  Cipla  on Thursday rose nearly 2 per cent after the pharma major said its arm has signed an agreement with CitiHealth Imports to acquire remaining 40 per cent stake in Cipla Pharma Lanka.

On the BSE, the stock was up 1.83 per cent at ₹476.35. The stock moved 1.81 per cent higher to trade at ₹476.50 on the NSE.

Global food prices

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Food prices are climbing fast in the world’s biggest emerging markets, posing a possible inflation threat after months of dormant pressures.

While the spike is painful for poorer consumers, it has not reached a level to convince central banks to pull the brake on policy easing, as they remain focused on boosting economic growth amid a global slowdown. Average inflation across emerging markets is still at an all-time low, according to a Bloomberg gauge of consumer price indexes. Read more on the global food prices

Now buy/sell base metals on MCX at India discovered price

Metals, including aluminium, copper, zinc, nickel and lead, can be bought on the MCX – the Multi Commodity Exchange of India – platform at a price that is reflective of the demand and supply scenario in India, which at present is cheaper than the price quoted on LME.

While there was not much action in the initial few months of MCX’s base metals contracts becoming compulsorily deliverable (in March), it has picked up pace in last few months. Click here to read more on how to buy and sell base metals on MCX at India discovered price

Indices trade firm

The 30-share BSE index was trading firm in the afternoon session. The Sensex was trading 0.09 per cent or 36.75 points higher at 41,057.36. The broader index Nifty was trading 0.17 per cent or 20.65 points at 12,121.35.

BNP, Credit Suisse skeptical on record-breaking Indian stocks

Indian stock markets

A slowing economy has not stopped India’s benchmark equity index from climbing to a series of records this year, but this divergence may have run its course, according to BNP Paribas.

Investors are, however, unfazed by the economic slowdown. Net foreign buying in Indian stocks has reached $3.2 billion so far this month, set for the biggest tally since March, according to official data. The recent equity gains have also been fueled in part by hopes for a trade deal between the United States (US) and China. Click here to read more on BNP Paribas and Credit Suisse's views on Indian stocks

RBL Bank shares rise

Shares of  RBL Bank  continued to rise for the second consecutive session ahead of its board meeting to consider fund raising. On Wednesday, the private sector lender announced that a board meeting will be conducted on Saturday which will consider raising of funds by issue of equity shares on a preferential basis. Click here to read more on why the shares of RBL Bank were rallying

The scrips of RBL Bank were trading 6.23 per cent higher at Rs 390.55.

Bitcoins going berserk in Nov

For better or worse, the month of November has always been one to remember in the world of Bitcoin. The world's largest cryptocurrency fell for 10 consecutive days through Tuesday of this week, notching its longest streak of down days on record.

Even with Wednesdays 6 per cent rebound, the retreat pushed its price down about 17 per cent and put it on pace for its worst month since November of last year. Read more on the Bitcoin volatility here

Reliance Industries m-cap

Reliance Industries  became the first Indian company to hit the Rs 10 lakh crore market valuation level in intra-day following a spike in its share price.

Over the past few session, RIL’s market valuation has been hovering near the Rs 10 lakh crore mark. In October this year, its shares hit the Rs 9 lakh crore m-cap level. In August 2018, it became the first Indian company to have crossed the Rs 8 lakh crore m-cap mark. Read more on the stock activity and market capitalisation of Reliance Industries here

The stocks of RIL were trading 0.29 per cent higher at Rs 1,574.25.

Sensex, Nifty higher by 0.25%

The 30-share BSE index Sensex jumped nearly 100 points or 0.22 per cent and trading at 41,109.45 and the broader index Nifty was trading higher at 12,133.10, up 32.40 points or 0.27 per cent.

The top gainers in the Sensex pack were ICICI Bank, Yes Bank, TCS, Tata Steel and State Bank of India while the laggards were Vedanta, Tata Motors, Hindustan Unilever, ONGC and Maruti. Among the sectoral indices, the telecom and realty emerged top gainers.

Among the 50-share index stocks, the scrips leading the positive pack were Bharti Infratel, UPL, JSW Steel, ICICI Bank and Yes Bank while the stocks of Zee Entertainment, Tata Motors, Vedanta, Hindustan Unilever, and ONGC were in the negative territory.

Gold prices

Gold prices recovered from a continued slide for past seven days. Spot gold prices are likely to reflect positive momentum seen in futures. Gold December futures on MCX opened positive on Thursday and gained by more than 100 points or 0.3 per cent to trade at around Rs 37,642 per 10 grams. Spot gold as quoted by India Bullion and Jewellers Association Ltd (IBJA) stood at Rs 37,906 (for 999 purity excluding taxes) on Tuesday.

Silver prices too reflected the overall positive trend in the bullion segment on renewed buying interest. Click here to read more on the gold and silver prices in India and globally

Forex market

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The safe-haven yen rose against the dollar after US President Donald Trump signed into law support for anti-government protesters in Hong Kong, which could complicate efforts to end the US-China trade war. The Swiss franc and gold also rose on Thursday as investors sought other safe harbours due to concerns about a potential increase in geopolitical risk. Read the global forex market report here

Daily rupee call

The rupee extended its rally on Wednesday and breached a key resistance at 71.4 against the dollar. It closed the session at 71.35 against its previous close of 71.49. The Indian currency has broken two key resistances i.e. 71.4 and 71.6 in past two trading sessions, hinting a substantial upward momentum.

Today, the rupee has opened at 71.32 it has slightly dipped to71.36 currently. Since the recent trend is bullish and there is a considerable support at 71.4, the rupee can be approached with bullish bias today. Read our Daily rupee call here

Sensex, Nifty trade firm

The shares inched higher in the morning trade ahead of the expiry of November futures and options, while investors awaited GDP data due on Friday for clues about the health of Asia's third-largest economy.

The NSE Nifty 50 index was up 0.16 per cent or 19.25 points at 12,119.95, while the S&P BSE Sensex index was higher 0.1 per cent or 41.26 points at 41,051.69.

“We are at a crucial juncture at this point of time. Today's move will decide the future course of action,” said Rusmik Oza, head of fundamental research, Kotak Securities. “If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data.”

Stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown.

Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1 per cent. Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent. - Reuters

Commodities market

Oil prices fell, extending losses from the previous session after official data showed US crude and gasoline stocks rose against expectations and production hit a record.

Crude stockpiles in the United States swelled 1.6 million barrels last week as production hit a record high of 12.9 million barrels per day (bpd) and refinery runs slowed, the Energy Information Administration said. Analysts in a Reuters poll had forecast an inventory drop of 418,000 barrels. Click here to read more on the commodities market

Rupee market

The rupee appreciated by 3 paise to 71.32 against the US dollar in early trade. File Photo

The Indian rupee opened on a flat note and appreciated by 3 paise to 71.32 against the US dollar in early trade tracking muted opening in domestic equities. At the interbank foreign exchange, the rupee opened at 71.33, then gained further ground and touched a high of 71.32, registering a rise of just 3 paise over its previous close.

Traders said muted opening in domestic equities, easing crude oil prices and weak dollar supported the local unit. Read more on the local currency market here

US markets

Wall Street's main indexes closed at record levels for a third straight day in a muted volume session on Wednesday ahead of the Thanksgiving holiday, as fresh data pointed to an economy on solid footing, while investors remained cautiously optimistic about a resolution to US-China trade tensions.

The Dow Jones Industrial Average rose 42.32 points, or 0.15 per cent, to 28,164, the S&P 500 gained 13.13 points, or 0.42 per cent, to 3,153.65 and the Nasdaq Composite added 57.24 points, or 0.66 per cent, to 8,705.18. Read the US stock markets report here

Sensex, Nifty open at record peaks

Domestic equities opened at their record peaks as BSE Sensex jumped over 143 points to 41,164 in early trade tracking gains in index-heavyweights TCS, ICICI Bank and L&T ahead of November derivatives expiry.

After hitting its life-time high, the 30-share index pared some gains to trade 52.65 points, or 0.15 per cent, higher at 41,0780.26 in morning session. Similarly, the broader Nifty touched an all-time high of 12,138.30 before slipping slightly to quote 16.15 points, or 0.13 per cent, up at 12,116.85.

TCS was the top gainer in the Sensex pack, rising up to 1 per cent, followed by Tata Steel, ICICI Bank, L&T and SBI. On the other hand, Tata Motors, HUL, ONGC, Vedanta and Hero MotoCorp were trading in the red.

On Wednesday, the Sensex rose 199.31 points or 0.49 per cent to end at 41,020.61. The Nifty too gained 63 points or 0.52 per cent to settle 12,100.70.

Foreign institutional investors bought shares worth Rs 42.93 crore in the capital market in the previous session, while domestic institutional investors sold equities worth Rs 439.51 crore, data available with stock exchange showed.

Sustained foreign fund inflow ahead of the expiry of November futures and options (F&O) contracts on Thursday is contributing to the market rally, traders said. However, weak cues from other Asian markets capped the gains, they added.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading on a weak note after China said it was ready to take “firm countermeasures” against the United States after President Donald Trump signed a law supporting pro-democracy protesters in Hong Kong, putting a dampener on hopes of an early trade truce over tariffs. Stocks on Wall Street ended in the green on Wednesday.

On the currency front, the rupee depreciated marginally against the US dollar to trade at 71.37 in early session. Brent futures, the global oil benchmark, slipped 0.27 per cent to USD 62.84 per barrel. - PTI

Global markets

Asian share markets wobbled as concerns that tensions over Hong Kong could stymie a US-China trade deal cast a pall over Thanksgiving cheer from unexpectedly positive US economic data.

MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade, while Japan's Nikkei flitted in and out of positive territory. Australia's S&P/ASX 200 touched a record intraday high in early trade, and was up 0.3 per cent. Read the global stock markets report here

Stocks in focus

Shares of BSE and Central Depository Services (India) will remain in focus, as Asia's premier exchange plans to divest 41.80 lakh shares, constituting 4 per cent of its stake in the latter. The stake-sale will happen through an offer-for-sale on the NSE on Thursday (for institutions) and on Friday (for retail investors). The floor price of the issue is fixed at ₹205. Currently, BSE holds 24 per cent stake (2.50 crore shares) in CDSL. Shares of BSE closed at ₹496.90 on the NSE and those of CDSL at ₹223.30.

Shares of BASF India may remain in focus, as it plans to double the capacity for polymer dispersions with a new production line by 2021 at Dahej, Gujarat. BASF had started production of polymer dispersions in October 2014 and currently operates one production line at the plant. The proposed investment will expand the production capacity of construction, coatings, paper and adhesives. BASF is hopeful that it will also serve the growing demand in South Asia.

Autolite Industries , with the technical support of its wholly-owned subsidiary Autoline Design Software, has started production of e-cycles. Kinetic Green Energy and Power Solutions, Pune, will market e-cycles across India, it said. Autoline will use its own existing capacity to manufacture the e-cycles. Currently, the company has reserved the manufacturing capacity to assemble 9,000 to 10,500 e-cycles a year, which can be expanded to one lakh units, it added.

Opening bell

The 30-share BSE index opened 140.93 points higher at 41,161.54 against the previous close of 41,020.61. The 50-share NSE index Nifty open 27.9 points higher at 12,128.60 against the previous close of 12,100.70.

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:

₹1278 • HDFC Bank

₹695 • Infosys

₹246 • ITC

₹132 • ONGC

₹1569 • Reliance Ind.

₹343 • SBI

₹2054 • TCS

12123 • Nifty 50 Futures

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

Today's stock pick

ICICI Bank Ltd.

We recommend a buy in the stock of ICICI Bank at the current levels of Rs 505.5. The stock had a volatile opening this year where it declined to ₹336.15 in February. But in March, the stock started to move upward gradually and breached the then 52-week high of ₹442. Read our stock recommendation of ICICI Bank Bank here