Sensex, Nifty close at record high; metal stocks gain over 2%

3.55 pm

Closing bell: Equity benchmark BSE Sensex rallied over 400 points to hit its lifetime high of 41,352.17 on Tuesday led by gains in IT, metal and financial stocks amid positive cues from global equities and sustained foreign fund inflow.

At close, the 30-share index ended 413.45 points or 1.01 per cent to 41,352.17. Similarly, the broader Nifty too ended the day at a record peak of 12,165, up 111.05 points or 1.05 per cent higher.

Tata Steel was the top gainer in the Nifty pack rising up to 4.64 per cent, followed by Bharti Airtel, Vedanta, Hindalco and Tata Motors.

On the other hand, Sun Pharma was the top loser, shedding up to 1.25 per cent. GAIL, Bjaj Auto, Mahindra & Mahindra and Titan were the other top losers.

Sectorally, Nifty Metal, IT, Media, Financial Services, and Auto rose up to 2.88 per cent, while Nifty Pharma and Metal index dropped up to 0.33 per cent.

The market breadth was positive as 1,442 shares advanced against the decline of 1,066 shares, while 198 shares were unchanged.

3.20 pm

FinMin sets Rs 1.1 lakh cr monthly GST collection target

Amid talks of the government likely to miss tax collection target this fiscal, the Finance Ministry has set a Rs 1.1 lakh crore monthly GST mop-up target for the remaining four months of 2019-20 financial year, ministry sources said.

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target.

Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled, the source said.

3.05 pm

Performance of sectoral indices

 

2.50 pm

Fraud-hit CG Power shareholders vote for raising Rs 5,000 cr debt

Fraud-hit CG Power and Industrial Solutions has got shareholders’ nod to borrow up to Rs 5,000 crore to meet working capital and other business needs as it looks to spring back from the worst crisis in its history.

As many as 99.99 per cent of shareholders, at the company’s annual general meeting in Mumbai on December 14, voted in favour of a resolution moved for raising borrowing limit, CG Power said in a regulatory filing on Tuesday.

2.45 pm

Kotak Mahindra Bank best suited to acquire Yes Bank, say top bankers

Two of India’s top bankers on Tuesday opined that Kotak Mahindra Bank (KMB) is best suited to acquire smaller and capital-starved rival Yes Bank.

Yes Bank’s capital buffers have dipped on accelerated non performing assets recognition under new Chief Executive Ravneet Gill earlier this year. The private sector lender’s capital raising plan is also passing through uncertainties and there are speculations on whether Yes Bank is an acquisition target, which has been denied by its management. Read more here

2.40 pm

Quick Heal, Big C Mobiles tie up to increase mobile security adoption in Andhra Pradesh, Telangana

Quick Heal Technologies, one of the leading providers of IT Security and Data Protection solutions to consumers, businesses and Government, has announced a strategic partnership with Big C Mobiles (South India’s most trusted mobile retail chain). The partnership will enable Quick Heal to tap into Big C’s vast retail presence of over 225+ mobile stores in Andhra Pradesh and Telangana and increase the adoption of next-generation mobile security solutions in the region.

Big C Mobiles is the No.1 retail chain for smartphones and mobiles in AP & Telangana. With this partnership, customers in the region will be able to experience and access Quick Heal Total Security for Android, the flagship offering from the most trusted and preferred brand in India. Experts at Big C Mobiles will also educate customers about the various benefits that they stand to avail by securing their mobile devices with this next-generation mobile security solution.

2.30 pm

Mindtree launches immersive technologies experience centre in collaboration with PTC

Mindtree, global technology services and digital transformation company, on Tuesday, announced that it had established a new India-based centre of excellence, called Immersive Aurora, as a site to develop immersive technology experiences. The company is collaborating with global software company PTC to unleash new possibilities and transform interactions throughout the customer experience and Industry 4.0 touchpoints.

Investments in augmented, virtual and mixed reality are reshaping experiences across consumer interactions, sales and marketing, design, training, service and data visualization. Mindtree and PTC will explore opportunities for global clients to implement immersive technology experiences more broadly across their businesses through the combination of Mindtree’s Immersive Aurora and PTC’s market-leading Vuforia® industrial augmented reality solution.

2 pm

Pricing power of banks could continue to diminish: Ind-Ra

With limited differentiation on the product side, the pricing power of banks, especially large banks, could continue to diminish, according to India Ratings and Research (Ind-Ra). Similar pressure can be witnessed on the liability side, it added. Read more here

1.50 pm

Nifty Call: Use intra-day dips to go long with fixed stop-loss at 12,140 levels

Taking positive cues from the global markets, the Sensex and the Nifty began the session with a gap-up open and continued to trend upwards. The Nikkei 225 has advanced 0.47 per cent to 24,066 and Hang Seng index has jumped 1 per cent o 27,797 in today's session. Both the Nifty and the Sensex has gained about 0.8 per cent each. The market breadth of the Nifty is biased towards advances. On the other hand, the India VIX has tumbled 4.5 per cent to 12.8 levels. Read more on the technicals here

1 pm

Now, India INX members can access Moscow Exchange thru GIFT City

Indian investors can now be able to deal in Moscow Exchange. The Securities and Exchange Board of India (SEBI), the regulator for the stock exchanges in GIFT IFSC has approved trading access to Moscow Exchange (MOEX) for the members of India INX (subsidiary of BSE) via Sova Capital.

India INX Global Access IFSC, a wholly-owned subsidiary of BSE's India INX, has obtained regulatory approvals to provide outbound connect to all the India INX members and their clients to access the Moscow Exchange.

According to an INX release, MOEX is specialised in trading derivatives on oil, gold and other precious metals, RTS index and single stocks and various currency pairs, as well as cash equities, bonds and FX instruments.

For this purpose, India INX GA proposes to tie up with Sova Capital, a leading member of Moscow Exchange. Sova Capital also intends to take membership of India INX to allow global investors to connect to India INX at GIFT City.

12.30 pm

Broker's call: IndusInd Bank (Buy)

At its Analyst Day, IndusInd Bank (IndusInd) showcased its microfinance capabilities (through Bharat Finance) as well as provided medium-term targets for its consumer banking businesses. Growth in micro-finance should accelerate after cautious stance (in pockets) for last couple of quarters. IndusInd’s RDSP initiative (branded as Bharat Money) has now scaled up to 14,000 kirana stores (target of 1,50,000 stores) and should act as a key distribution as well as customer acquisition channel over the medium term. Read more here

12.20 pm

Trends in S&P BSE Bank Index

 

 

12 noon

Broker's call: L&T Infotech (Buy)

Larsen & Toubro Infotech’s (LTI) current deal pipeline is up 42 per cent y-o-y, from $1 billion+ last year. Of the deal pipeline, 37 per cent is for digital solutions, 49 per cent at the proposal stage and 35 per cent from new clients. Further, its large-deal pipeline continues strong, with 32 large deals,67 per cent at the proposal stage and 60 per cent from new clients.  Read more here

11.40 am

Cipla shares rise after Vysov anti-diabetic drug acquisition

Shares of pharma company Cipla on Tuesday gained over 1 per cent after the firm acquired brand name and trademark rights of Vysov for anti-diabetic drug Vildagliptin.

On the BSE, the shares rose up to 1.61 per cent to Rs 466 per unit. The stock gained as much as 1.73 per cent to trade at Rs 464.25 apiece on the NSE.

The homegrown pharma major on Monday said it has acquired brand name and trademark rights for Vysov for anti-diabetic drug Vildagliptin for the Indian market from Novartis.

Cipla has been co-marketing Vildagliptin in agreement with Novartis under brand names Vysov and Vysov M (Vildagliptin plus Metformin), the company said in a regulatory filing.

The market size of Vildagliptin in India is Rs 818 crore as per IQVIA MAT data of November 2019, Cipla said.

11.35 am

Women bought 36 per cent of life insurance policies sold in 2018-19: IRDAI

More women are buying life insurance than ever before thanks to their growing financial independence as well as financial inclusion and awareness about social security.

Of the 2.86 crore life insurance policies sold in 2018-19, 36 per cent or 1.03 crore policies were bought by women. In contrast, women bought 32 per cent of the new policies sold in 2017-18, data in the IRDAI Annual Report 2018-19 reveals.

11.15 am

Markets update: Equity benchmark BSE Sensex rallied over 300 points to hit its lifetime high of 41,262.88 in morning trade on Tuesday led by gains in IT, metal and financial stocks amid positive cues from global equities and sustained foreign fund inflow.

After surging 324 points, the 30-share index was trading 292.28 points or 0.71 per cent to 41,231 at 1045 hours. Similarly, the broader Nifty inched closer to its record peak of 12,158.80. It was trading 78.15 points or 0.65 per cent higher at 12,132.10.

Tata Steel was the top gainer in the Sensex pack rising up to 3.24 per cent, followed by Vedanta, Infosys, Yes Bank, TCS, Maruti and Axis Bank.

On the other hand, Sun Pharma was the top loser, shedding up to 1.09 per cent. ONGC, NTPC, Bajaj Auto and PowerGrid were also trading in the red.

11.10 am

Lupin's arm completes divestiture of Kyowa to Unison

Pharma major Lupin Limited announced on Tuesday that its subsidiary, Nanomi B.V. has completed the divestiture of the entire stake (99.82%) in Kyowa Pharmaceutical Industry Co. Ltd. (Kyowa) to Unison Capital Partners IV, LPS and Unison Capital Partners IV (F). L.P., pursuant to completion of all customary closing conditions. The divestiture which valued Kyowa at an Enterprise Value of JPY 57,361 million, was announced on November 11, 2019 and approved by Lupin’s shareholders.

10.50 am

IBC implementation to have positive impact on bond market: SEBI chief

The successful implementation of Insolvency and Bankruptcy Code (IBC) is expected to aid in the development of a robust corporate debt market over next three to five years, SEBI Chairman Ajay Tyagi said on Monday. Read more here

10.30 am

Will Mitcon buy do good to Pudumjee Paper?

Pudumjee Paper Products on Monday said that it has entered into an agreement to buy 12 lakh equity shares of Mitcon Solar Alliance, constituting 26.67 per cent of the equity, for ₹2.40 crore.

The deal is expected to be completed within a month, it said. The acquisition will help meet the company’s renewable purchase obligation. For FY18-19, Pudumjee Paper had reported a net profit of ₹16.74 crore on revenues of ₹589.52 crore; for Q2 of FY20, the company had posted a PAT of ₹7.64 crore.

10.20 am

Order win booster for Asian Oilfield Services

Asian Oilfield Services on Monday won a ₹640-crore contract (letter of award or LOA) to conducct seismic survey on oil blocks in Rajasthan and Gujarat. The tenure of the LOA is two years.

According to its chief, the receipt of the LOA is an important step for the company to realise its growth potential and unlock the inherent strength of specialised skills and technical competencies in a niche area. Asian Oilfield did not disclose the name of the company that awarded it the contract.

10.10 am

 

9.59 am

Rupee opening: The Indian rupee appreciated by 4 paise to 70.96 against the US dollar in early trade on Tuesday tracking gains in domestic equity market and foreign fund inflows.

Forex traders said market participants were enthused following positive developments on the US-China trade talk front and last week’s general election win for Britain’s Prime Minister Boris Johnson.

At the interbank foreign exchange the rupee opened at 70.96, registering a rise of 4 paise over its previous close.

On Monday, rupee had settled for the day at 71.00 against the US dollar.

9.56 am

Daily Rupee call: Initiate long position with tight stop loss

The rupee (INR) closed at 71 on Monday versus its previous close of 70.81 against the dollar (USD). The local currency has been facing downward pressure for the past couple of trading sessions. It is currently testing the vital level of 71. Click here to read the technicals

9.45 am

India’s weightage in emerging market index to go up by 70 bps in May: Morgan Stanley

India’s weightage in the MSCI Emerging Market Index is likely to increase by at least 70 basis points in May 2020, which is expected to draw investment of $2.5 billion by passive funds. India's weight in the MSCI Emerging Market index will rise to 9.6 per cent from the current 8.9 per cent, the global index provider and investment advisor said in a report. Read more here

9.35 am

Wipro recognised as top employer 2020 in Australia

Wipro, a leading global information technology, consulting and business process services company, on Tuesday, announced that it had been recognised by the Top Employers Institute as a top employer in Australia, for 2020.

9.30 am

Day Trading Guide for December 17, 2019

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

 

₹1257 • HDFC Bank

S1

S2

R1

R2

COMMENT

1245

1230

1270

1285

Fresh long positions are recommended with a stiff stop-loss only if the stock moves beyond ₹1,270 levels

 

 

₹714 • Infosys

S1

S2

R1

R2

COMMENT

707

700

722

730

Make use of intra-day dips to buy the stock of Infosys while maintaining a fixed stop-loss at ₹707 levels

 

 

₹236 • ITC

S1

S2

R1

R2

COMMENT

234

231

240

243

Initiate fresh short positions with a stiff stop-loss if the stock of ITC reverses down from ₹240 levels

 

 

₹125 • ONGC

S1

S2

R1

R2

COMMENT

123

120

128

131

Consider initiating fresh long positions with a fixed stop-loss if the stock of ONGC advances above ₹128 levels

 

 

₹1566 • Reliance Ind.

S1

S2

R1

R2

COMMENT

1555

1540

1580

1595

Fresh short positions can be initiated with a tight stop-loss if the stock of RIL declines below ₹1,555 levels

 

 

₹331 • SBI

S1

S2

R1

R2

COMMENT

325

315

337

345

Initiate fresh long positions with a stiff stop-loss if the stock of SBI rebounds up from ₹325 levels

 

 

₹2157 • TCS

S1

S2

R1

R2

COMMENT

2140

2120

2180

2200

Near-term view is bullish for the stock. Buy in declines with a stiff stop-loss placed at ₹2,140 levels

 

 

12082 • Nifty 50 Futures

S1

S2

R1

R2

COMMENT

12030

11980

12130

12180

Consider initiating fresh short positions with a tight stop-loss only if the contract falls below 12,030 levels

 

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

9.25 am

Today's pick - Liberty Shoes (₹142.2): Buy

The stock of Liberty Shoes surged 6 per cent accompanied by extraordinary volume on Monday, decisively breaking above a key resistance at around ₹137 on Monday. This rally has strengthened the medium-term uptrend of the stock that has been in place since recording a 52-week low at ₹78 in late August this year. Investors with a short-term horizon can buy the stock at current levels. Read more on the stock call here

9.20 am

Opening bell: Equity benchmarks have started the day on a positive note tracking global cues, with the Nifty is trading above 12,000 level.

At the open, the Sensex is up 116.12 points at 41,054.84, while Nifty is up 36.80 points at 12,090.75. About 507 shares have advanced, 194 shares declined, and 54 shares are unchanged.

All other sectoral indices are trading in the green, except Nifty realty.

Vedanta, Cipla, Tata Steel, Maruti and Tata Motors are trading higher, which GAIL, NTPC, HDFC, IOC and ONGC have lost the most.

 

9.10 am

Oil hovers near 3-month high on trade optimism, supply cuts

Oil prices trickled a fraction lower on Tuesday but remained near a three-month high as investors kept the faith with hopes that a fully fledged U.S.-China trade deal is in the pipeline and set to stoke oil demand in the world's biggest economies. Read more here

9.09 am

Asian stocks ride Wall Street momentum to 8-month peak

Asian shares rose to their highest in eight months on Tuesday, as trade deal optimism and Wall Street's streak to all-time highs supported sentiment, while familiar fears of a hard Brexit knocked the pound. Read more here

9.08 am

Wall Street posts record highs following China data, trade deal

Wall Street stocks notched record closing highs on Monday as cooling trade tensions between Washington and Beijing and upbeat economic data from China boosted investor sentiment.

The Dow surpassed its November closing high, while the S&P 500 and Nasdaq marked record closes for the third straight session.

Friday's announcement of an interim trade deal between the world's two biggest economies has lifted prospects for the global economy, several analysts said. Although growth in China is expected to continue moderating, the trade developments brightened the country's economic outlook.

Published on December 17, 2019