MARKETS: Sensex up 206 pts; Tata Grp stocks dip as NCLAT reinstates Mistry

All that happened in the markets today

3:44 PM

Sectoral trends at NSE at close

3:43 PM

Sensex heatmap at close

3:42 PM

Closing Bell

>> The benchmark S&P BSE Sensex hit a record high of 41,614.77 in the intra-day trade  today, but closed at 41,558.57 level, up 206.4 points or 0.50 per cent.

>> On the NSE, the broader Nifty50 -- for the first time -- closed above the 12,200-mark. The index ended at 12,224.60-mark, up 59.6 points or 0.49 per cent. The index scaled record peak of 12,237.70.

3:25 PM

NEWS ALERT | Restoration order of Cyrus Mistry will be operational after 4 weeks: NCLAT

3:23 PM

Tata Motors slides post NCLAT judgement

3:18 PM

NEWS ALERT | Tata Group gets 4 weeks' time to appeal before the SC: CNBC TV18

3:15 PM

NEWS ALERT | NCLAT reappoints Cyrus Mistry as Executive Chairman of Tata Group: CNBC TV18

3:13 PM

NEWS ALERT | NCLAT hold appointment of N Chandra as Executive Chairman as illegal: CNBC TV18

3:09 PM

Market check | Sensex climbs 250 pts

2:53 PM

NEWS ALERT | HDFC Bank crosses Rs 7 trillion in m-cap

2:51 PM

A question worth $ 680 mn: What did Anil Ambani know about the unpaid loan?

Anil Ambani, the younger brother of Asia’s richest man, faces a $680 million legal test to answer one and only one question: Just what did he know about what his employees were doing on his behalf? Other Indian tycoons will take an abiding interest in his defense.

 

The $680 million is the amount Industrial & Commercial Bank of China Ltd. is seeking to recover from the former Indian billionaire by invoking what they say is a personal guarantee he gave in 2012 to secure a $925 million loan for Reliance Communications Ltd., his mobile services firm that’s now in bankruptcy. Ambani, whose older sibling Mukesh controls Reliance Industries Ltd., India’s most valuable company, claims he never knowingly provided any guarantee.READ MORE

2:39 PM

BSE500 stocks that hit 52-week high today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FINSERV	9375.00	10297.00	7.65	0.08
BALRAMPUR CHINI	174.10	175.70	4.00	2.35
H D F C	2443.10	2459.00	12.30	0.51
HDFC BANK	1294.00	1297.35	21.75	1.71
J K CEMENTS	1176.45	1209.10	26.35	2.29

2:29 PM

Asian Markets check

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan was dead flat near its highest since June last year. Japan's Nikkei dipped 0.4 per cent and off a 2019 top.

 

Shanghai blue chips were steady, after hitting an eight-month peak on Tuesday and as Beijing trimmed another short-term interest rate.

 

E-Mini futures for the S&P 500 ESc1 barely budged, as did futures for the EUROSTOXX 50 STXEc1 and the FTSE FIIc1.

2:19 PM

Good time to invest in cyclical, growth stocks: Satish Menon of Geojit

We anticipate a better economy in the coming years and suggest increasing exposure in value and cyclical sectors in CY20. We also expect mid-and small-caps to outperform in the long-term. Growth-oriented stocks and sectors will do well. Shifting from highly valued stocks and sectors is advisable. READ MORE  

2:10 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Axis Bank

Axis Bank (AXSB) is one of the largest private sector banks in India with 4,284 branches and 12,191 ATMs spread across the country. It has a loan book of nearly Rs 5.2t, grew at a CAGR of 15 per cent over FY15-2QFY20. The lender is registering a healthy decline in its net stressed loans, we believe it to be in the last leg of NPL cycle and expect slippages to subside from FY21 onwards resulting in an improvement in return ratios. We thus estimate it to report ROA/ROE of 1.3 per cent/14.0 per cent for FY21E onwards. The stock is currently trading at 2.3x FY21E ABV. Maintain Buy with a target price of Rs 825 (2.4x FY21E ABV).

2:05 PM

CPPIB to invest $225 million in Bain, Piramal-led India Resurgence Fund

Canada Pension Plan Investment Board will invest $225 million in India Resurgence Fund (IndiaRF), a distressed asset buyout platform.

 

CPPIB, through its wholly-owned subsidiary CPPIB Credit Investments Inc, will infuse money into the fund, which was set up by Piramal Enterprises and Bain Capital Credit. READ MORE

1:59 PM

Rupee check

1:48 PM

Most actively traded stocks (by volume) at this hour

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
VODAFONE IDEA	6.47	-0.43	-6.23	28665929
YES BANK	46.90	-0.70	-1.47	4666649
RELIANCE POWER	3.36	-0.17	-4.82	3510730
GMR INFRA.	21.60	-0.25	-1.14	3480072
BHARTI AIRTEL	437.90	-2.05	-0.47	1885927

1:39 PM

PSBs decline in a strong market

1:35 PM

KRBL extends rally on stake hike by promoters, stock surges 16%

Shares of KRBL moved higher by 16 per cent to Rs 256 in the intra-day deals on Wednesday on the back of heavy volumes after its promoters increased their stake in the company through open market purchases.
 

The stock of the manufacturer of India Gate Basmati Rice was up 2 per cent on Tuesday. In comparison, the S&P BSE Sensex was up 0.47 per cent at 41,546 points at 01:08 pm. READ MORE

1:25 PM

Gold finance stocks doing well, but await correction before investing

Despite the stress non-banking finance companies (NBFCs) are going through, one segment i.e gold financing has remained an outlier. The stocks of two gold finance majors -- Manappuram Finance and Muthoot Finance -- have surged 20-39 per cent in the last three months, outperforming the 10 per cent rise in leading indices such as the BSE Sensex. READ MORE

1:06 PM

Heatmap: S&P BSE Sensex

1:02 PM

NEWS ALERT | HDFC, HDFC Bank hit new highs

12:56 PM

Why India's asset managers are trouncing their global peers this year

Indian asset managers’ shares are trouncing global peers this year as domestic money managers benefit from the tectonic shift in savings from gold and real estate to stocks and bonds. Reliance Nippon Life Asset Management Ltd. and HDFC Asset Management Co., whose shares have more than doubled in 2019, are the third- and fourth-best performers among 36 peers with a market value of at least $2 billion, data compiled by Bloomberg show. READ MORE

12:47 PM

NEWS ALERT | Will look to use fiscal space provided under FRBM Act in Budget 2020: govt sources to ET Now

-- Fiscal prudence is important, but growth will take precedence 

-- 'India should look at growth, fiscal path can take backseat'

12:35 PM

NEWS ALERT | Tata Steel may restructure domestic biz: sources to CNBC TV18

-- Could form 4 verticals, namely Long Product, Mining, Tata Steel, and Tata Steel Utilities & Services

-- Co may look to restructure Tata Metaliks, Tata Sponge

-- Tata Metaliks, Tata Sponge may be renamed as Tata Steel Long Products

-- May look at restructuring tinplate in future

Alert: Tata Steel to CNBC TV18: We strategically review our business portfolio on on-going basis, can't comment further.

12:28 PM

NEWS ALERT | Have advised that this isn't the time to raise GST rates: Govt official to CNBC TV18

12:26 PM

NEWS ALERT | Fiat & PSA agree to merge in $50 bn deal; merger to close in 12-15 months: CNBC TV18

12:25 PM

Bandhan Bank trades near 3-month low; slips 21% thus far in December

Shares of Bandhan Bank continued to reel under pressure, falling for the fourth consecutive day, on the BSE on Wednesday. The stock declined 5 per cent at Rs 457 in the intra-day trade today. The stock of the private sector lender was down 21 per cent thus far in the month of December. In comparison, the S&P BSE Sensex was up 1.5 per cent. It was trading at its lowest level since September 20, 2019. READ MORE

12:22 PM

IMF may downgrade India's growth forecast significantly in January: Chief economist Gita Gopinath

A fall in consumption, lack of private investments and sluggish exports are being blamed for a slower GDP growth which slid to a six-year low of 4.5 per cent in September. The RBI and other watchers have done downward reviews of their growth forecast for India for FY2020. Gopinath said India is the only emerging market which has thrown a surprise of this kind. READ MORE   

Gita Gopinath