MARKET WRAP: Sensex ends flat at 44,633; Maruti up 7%, HDFC Bank slips 2%

All that happened in the markets today

4:16 PM

MARKET COMMENT | Ajit Mishra, VP - Research, Religare Broking

Markets remained in a range for yet another session and settled with marginal gains. The opening was upbeat but profit-taking in select index heavyweights pulled the index lower as the day progressed. Subdued global cues combined with caution ahead of the RBI’s monetary policy outcome was weighing on the sentiment. Amid all, the broader indices continue to outshine the benchmark ended higher by 0.9 per cent and 0.7 per cent, respectively. On the sectoral front, except IT which witnessed some profit-taking, all the other indices ended with gains wherein Metal, Auto, Consumer Durables were the top gainers.

 

We expect the rate-sensitive pack, especially banking and financials, to be in focus on Friday, thanks to the scheduled outcome of RBI’s MPC meet. The banking index has been witnessing consolidation in line with the benchmark and might see a directional move after the event. Meanwhile, traders should restrict leveraged positions and wait for clarity. 

3:43 PM

Nifty PSU Bank jumps nearly 5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 44,633, up 15 points, or 0.03 per cent while NSE's Nifty ended at 13,134, up 20 points, or 0.15 per cent. 

3:18 PM

Top losers on the BSE at this hour

3:05 PM

Global Markets :: European indices trade mixed

3:01 PM

BROKERAGE VIEW | Prabhudas Lilladher on NMDC

RATING: BUY | TARGET PRICE: Rs 125 

NMDC underperformed steel stocks by a wide margin over the last three months due to uncertainty regarding payment of premium for its Donimalai mine’s lease renewal. After two years impasse, the Govt of Karnataka renewed Donimalai mines (with capacity of 7mtpa) at a premium of 22.5% of sales price. We expect that a similar premium would be paid for its iron ore operations in Chhattisgarh, which constitutes 78% of its overall volumes. Severe shortage in domestic market (due to supply disruptions in Odisha), strong profitability of steel producers and firm outlook on global prices shall help NMDC to mitigate higher costs with stronger product prices. In light of strong price outlook and attractive valuations, we upgrade NMDC to BUY with TP of Rs125 (earlier Rs98) based on 1) EV/EBITDA of 3.7x FY22e for iron ore operations (factoring 22.5% premium on entire operations) and 2) EV/T of US$475 for 3mtpa steel plant.

3:01 PM

BUZZING STOCK :: Suven Life Sciences locked in 20% upper circuit

2:55 PM

Get investors' consent for winding up schemes: SC to Franklin Templeton

The Supreme Court on Thursday asked Franklin Templeton Mutual Fund to initiate steps within one week for calling a meeting of unit holders to seek their consent for closure of six mutual fund scheme and said there will be no redemption of units by investors till further orders. READ MORE

2:49 PM

Committed to engaging with Indian govt to bring Covid-19 vaccine: Pfizer

"Right now we are in discussions with many governments around the world and remain committed to engaging with the Government of India and explore opportunities to make this vaccine available for use in the country," a Pfizer spokesperson said in a statement.

 

Pfizer is committed to ensuring everyone has the opportunity to have access to the vaccine,and is working closely with governments, it added. READ MORE

2:42 PM

Godrej Properties, DLF, Sobha: What lies ahead for realty stocks?

NIFTY REALTY INDEX: A strong move above the 200-weekly moving average (WMA) suggests a firm upward sentiment. This move is supported by market participants with volumes witnessing a rising trend. The Moving Average Convergence Divergence (MACD) has sustained above the zero line indicating an upside direction with momentum staying in the bulls' favour. The trend is heading in the direction of 300 levels with a closing basis support of 270. READ MORE  

2:35 PM

NEWS ALERT :: UltraTech Cement approves increasing the company's capacity by 12.8 mtpa

2:28 PM

IPO ALERT :: Burger King India IPO subscribed over 6x till 2:15 pm on Day 2

2:20 PM

Optimistic about revival in Q3, says FinMin in monthly economic review

The finance ministry’s Department of Economic Affairs (DEA) in its monthly economic review for November said, "The GDP contraction of 7.5 per cent in second quarter underlies a quarter-on-quarter surge in GDP growth of 23 per cent. This V-shaped recovery, evident at the half-way stage of FY21, reflects the resilience and robustness of the Indian economy.” READ MORE

2:15 PM

Currency Check :: Dollar Index falls to 90.85, lowest since April 2018

>> Rupee hit an intra-day high of 73.68/$

2:06 PM

Steel Authority of India hits 52-week high; stock zooms 55% in one month

The Covid-19 pandemic outbreak and measures to curtail it has caused significant disturbances and slow down of economic activities. Consequently, the company's manufacturing operations had to be scaled down during Q1FY21. Following the resumption of operations during the later part of the first quarter, the company has operated at normal capacity in Q2FY21. READ MORE

1:57 PM

RBI Policy Expectations :: Centrum Broking

>> Given, Oct headline inflation print of 7.6% is the last inflation print available before the upcoming scheduled MPC review and since it continues to remain above MPC’s tolerance limit, RBI is most likely to opt for a status quo. easing. We expect 25-50bps of rate cuts in 1HCY21 as inflation eases.

>> We expect RBI MPC members to once again highlight the ongoing nature of this elevated inflation so far and its trajectory going forward by putting forth the CPI projections for the rest of FY21.

>> RBI is also most likely to acknowledge their intent of keeping liquidity in surplus and by maintaining the accommodative monetary stance, RBI will keep hope alive for a rate cut as & when needed.

What will markets track? 

>> From this upcoming policy, markets would be keenly observing RBI’s assessment/projections for the FY21 GDP growth.

>> While revising the FY21 GDP projections upwards, we believe that the MPC members are not only likely to take into consideration, the nascent signs of significant recovery underway as eulogized by HFIs, but they are also likely to take cautious note of the fragile nature of this recovery along with the underlying downside risks associated with the recovery in the form of incipient second wave of Covid infectionsseen recently coupled with the re-imposition of restrictions in various regions and the durability of demand recovery.

1:49 PM

BSE Smallcap index gains 0.75%

1:43 PM

Top gainers on the BSE at this hour

1:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

1:38 PM

RBI Policy Expectations :: Edelweiss Research

>> The RBI had refrained from cutting policy rates at its previous monetary policy meeting, citing discomfort on elevated inflation.

>> Inflation has been sticky since and a much-anticipated reversal in food spike has eluded so far. We, hence, expect the RBI to maintain the status quo on rates at its forthcoming policy review on 4 th December, as it awaits a more sizeable and durable fall in headline inflation.

>> A potential pause on rates, though, is not necessarily the end of the rate-cutting cycle. We do expect inflation to ease towards 5% or below over the next few months, and this should facilitate 25–50bps of rate cuts.

>> The RBI itself has hinted that there is room for further rate cuts once inflation eases.

1:38 PM

BROKERAGE VIEW | Nirmal Bang Securities on Phoenix Mills

RATING: ACCUMULATE |  TARGET PRICE: Rs 753 

We revise our TP to Rs 753 (earlier Rs 623). We have reviewed some of our estimates and have consequently revised our NAV marginally from Rs 1,29,848 million to Rs 1,36,084 million. Further, with the reopening of malls and gradual improvement in business, we have an increasing comfort about improvement in the company’s business. Consequently, we have reduced our discount to NAV from 20% to 5% of NAV to arrive at our new target price (TP) of Rs 753 (earlier Rs 623). The TP is based on Sept FY23E SOTP valuation. We have valued Retail, Residential and Office Properties of PML based on Sept FY23E NAV while the Hotel business has been valued through the discounted cash flow (DCF) method. We maintain Accumulate rating on the stock.

1:32 PM

RBI Policy Expectations :: Emkay Global Financial Services

>> The upcoming RBI MPC policy will likely be a damp squib on conventional policy actions with inflation sticky at over 7% in the near term.

>> While growth concerns and sub-optimal fiscal response may keep MPC’s stance accommodative, the inflation trajectory hints that the bar for further conventional rate cuts becomes high for the rest of FY21.

>> We expect the RBI to raise its inflation and growth forecasts in the upcoming policy.

>> The immediate policy focus, however, will likely be on liquidity management amid current macro, FX and money market conundrums.

>> We watch out for possible policy tweaks to create an effective floor for the money market in the form of (1) introducing Standing Deposit Facility, also involving non-banks participation, (2) part-reversal in the past CRR cut, and (3) variable term reverse repos.

1:26 PM

BUZZING STOCK :: Blue Star leaps over 6% on report co may bag order to deliver Covid-19 vaccine storage units

1:19 PM

Radhakishan Damani, others sell 0.79% stake in Tata's Trent for Rs 202 cr

Ace investor Radhakishan Damani, promoter of Avenue Supermarts, and persons acting in concert (PACs), have trimmed stake in Tata group's retail arm Trent by selling over 28.22 lakh shares in the open market for an estimated sum of over Rs 202 crore. As per regulatory filing, Radhakishan Damani, Kirandevi G Damani, Jyoti Kabra, Bright Star Investments Pvt Ltd, Damani Estates and Finance Pvt Ltd, Derive Investments and Derive Trading and Resorts Pvt Ltd, sold 28,22,516 shares in the open market. READ MORE

1:19 PM

NEWS ALERT :: Bank of India to purchase AXA IM's entire 49% equity shares in BOl AXA Investment Managers

>> BoI to also purchase AXA IM's entire 49% equity shares in BOI AXA Trustee Services Private Limited

Click here for further details

1:16 PM

Maruti extends gains, up over 6%

1:08 PM

BS Podcast | Here's what to expect from the RBI's monetary policy meeting

The MPC is meeting at a time when the Indian economy is trying hard to come out of stagflation, i.e., a situation where the economy is experiencing a simultaneous increase in inflation and stagnation of economic output. LISTEN TO THE PODCAST HERE

1:01 PM

MARKET CHECK | Sensex trades flat

12:51 PM

BUZZING STOCK | Trident jumps 16%