MARKETS: Sensex up 428 on global cues; Nifty holds 12K ahead of FM presser

All that happened in the markets today

3:40 PM

Sectoral trends on NSE at close

3:39 PM

Top gainers and losers at S&P BSE Sensex at close

3:37 PM

Closing Bell

-- Indian equity markets edged higher for the third straight session as positive global cues fueled investors' risk appetite.

-- At close, the benchmark S&P BSE Sensex settled 428 points, or 1.05 per cent higher, at 41,009.71 level. 

-- On the NSE, the Nifty50 closed near 12,100-mark, up 114 points, or 0.95 per cent, at 12,085.70 level. 

3:26 PM

Sharp fall in HDFC Bank

3:21 PM

Sector watch :: Sugar stocks rally

Dhampur, Dwarikesh, EID Parry, Balrampur Chini Mills surges over 4%

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
BAJAJ HINDUSTHAN	6.44	6.48	6.15	0.29	4.72	0.20	313172
BALRAMPUR CHINI	171.00	172.00	163.05	7.45	4.56	1.51	88042
EID PARRY	204.85	206.40	195.95	9.45	4.84	1.30	63527
DWARIKESH SUGAR	26.40	26.55	24.80	1.55	6.24	0.15	58066
SH.RENUKA SUGAR	7.95	7.98	7.70	0.34	4.47	0.04	56013

3:19 PM

Sharekhan on Maruti Suzuki

We have marginally raised our FY21 estimates to factor in benefit of price increases. We retain Hold rating on the stock with an unchanged price target of Rs 7,500. Valuations at 23.2x FY2022 earnings are expensive and at the higher end of the long term historical average. Any benefit provided by Government (personal income tax cut) could lift the demand and positively surprise earnings.

3:19 PM

Centrum on Ujjivan Small Finance Bank

Ujjivan Small Finance Bank (SFB) saw a stellar listing and it closed at Rs56 vis-à-vis its listing price of Rs37 (+51% gains). The holding company’s stake post listing stands at 82%. The management has suggested that reverse merger discussions with the RBI will be renewed though alternatively they are exploring stake dilution via an OFS or an acquisition.

Given the likelihood of further hold-co dilution, we recommend to Buy Ujjivan SFB and Sell Ujjivan Financial Services. H1FY20 saw robust AuM growth of 55% YoY with provision costs being intact at 82bps. Good management quality, strong Tier-1 capital at ~30% (post infusion) and controlled asset quality are key positives. See FY22E RoA/RoE at 2.6%/20%. We shift coverage to Ujjivan SFB and assign a Buy rating. Valuation at 2.3x FY22 ABV looks attractive

3:16 PM

Nomura on US Fed

The Fed’s balance sheet expansion has helped to stabilize funding markets (even though turn -of-the-year funding remains tight), and the episode in September likely demonstrated to the Fed that reserves were too low, while there were a number of aggravating factors at the time (bond settlement, tax payments). We expect the Fed to continue expanding reserves to around USD1.6trn by Q2, which should significantly reduce the likelihood of an event similar to September. However, as the BIS highlighted in its recent quarterly review, there are a number of structural considerations that have raised the risk of a similar event occurring in the future.

3:15 PM

Jefferies on UK election outcome

With the threat of a hung parliament gone, as well as the extinguishing of a Labour threat to nationalise certain transport and utilities, UK risk assets should perform well. Assuming the previous deal agreed by PM Johnson and the EU is ratified by parliament, it remains to be seen how discussions concerning the UK's future relationship with the EU unfold. The strong performance of the Scottish National Party will almost definitely reopen the battle for Scottish Independence.

London: Britain's Prime Minister Boris Johnson speaks during his ruling Conservative Party's final election campaign rally at the Copper Box Arena in London, Wednesday, Dec. 11, 2019 | Britain goes to the polls on Dec. 12 | AP/PTI

 

3:11 PM

Sector watch: Nifty Realty index nears 52-week high; DLF hits 22-month high

Shares of real estate companies were in focus on Friday with Nifty Realty index rising 2 per cent, hitting an over five-month high led by DLF and Oberoi Realty. At 02:35 pm; Nifty Realty index was up 1.8 per cent at 287.50 points, as compared to 0.91 per cent in the benchmark Nifty 50. The realty index hit an intra-day high of 288.55, its highest level since July 5, 2019. The index is 2.4 per cent away from its 52-week high level of 295.50. READ MORE

3:09 PM

Bharti Airtel extends losses

3:00 PM

Sectoral indices at this hour

2:59 PM

Heatmap: S&P BSE Sensex

2:55 PM

BSE500 stocks that hit 52-week high today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
CRISIL	1700.00	1728.00	-4.45	-0.26
DIVI'S LAB.	1844.70	1847.40	14.90	0.81
DLF	229.05	231.20	4.15	1.85
H D F C	2348.55	2365.00	30.15	1.30
ICICI BANK	539.40	542.60	4.35	0.81

2:55 PM

Tata Global Beverages hits record high

2:44 PM

HPCL most vulnerable to falling refining margins; RIL best placed

Brent crude prices have set a firm trend of late, but there are expectations of oil prices softening with a rise in US inventories. This is the reason benchmark Singapore gross refining margins (GRMs) continue to see softness.

 

This is not good news for Indian oil marketing companies (OMCs), which are feeling the heat of soft GRMs. The Indian Oil Corporation (IOC) and Hindustan Petroleum (HPCL) stocks have corrected more than 18 per cent since their highs in October. READ MORE

2:38 PM

NEWS ALERT | Union Budget 2020-21 could be tabled on Feb 1: TV reports

2:19 PM

Stock Alert | ICICI Bank hits fresh life-time high

-- Fresh high of Rs 542.6

--  Over 11.2 million shares have changed hands on the NSE & BSE so far

2:12 PM

DBS sees slow recovery for Indian economy, cuts GDP growth forecast to 5%

Singapore's DBS Banking group has cut India's GDP growth forecast for this fiscal to 5 per cent from 5.5 per cent earlier and said that it will be a "slow climb to recovery" for the economy.

 

The financial services major said India's economy sharply decelerated this year as the financial sector reported stress. READ REPORT HERE

2:05 PM

BUZZING STOCK:: Mastek up 5%

1:55 PM

Dr Reddy's falls 5% as rival firm beats Co to US FDA approval for EluRyng

Shares of Dr Reddy’s Laboratories slipped 5 per cent to Rs 2,773 on the National Stock Exchange (NSE) on Friday after rival firm Amneal Pharma received Abbreviated New Drug Application (ANDA) approval for generic birth-control product NuvaRing from the US Food and Drug Administration (US FDA). The stock was the biggest loser among the Nifty 50 pack in an otherwise strong market. READ MORE

1:36 PM

Asian Markets check

Asian share markets jumped on Friday as a last-gasp Sino-US trade deal and a likely major election win by Britain’s Conservative Party looked to have cleared a couple of dark clouds from the global horizon.

In Asia, Japan's Nikkei climbed 2.1 per cent to a 14-month high, while South Korean stocks firmed 1.2 per cent. E-Mini futures for the S&P 500 ESc1 rose 0.4 per cent to another peak.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan put on 0.5 per cent.

1:29 PM

MARKET UPDATE:: Sensex breaches 41,000-mark

1:22 PM

Rupee check

1:19 PM

NEWS ALERT | Brexit by January 31, says UK PM Boris Johnson:TV reports

1:13 PM

Market check

1:02 PM

Health check shows fortunes turning for NBFCs after prolonged crisis

The fortunes of India’s shadow banks are showing tentative signs of recovery, indicating that a prolonged credit crisis may be beginning to ease.

 

Two of four indicators compiled by Bloomberg that reflect the state of non-bank financial companies strengthened last month from October. A measure of top-rated five-year bond spreads got better, showing that shadow lenders’ borrowing costs are declining. A custom gauge of shares of 20 financial firms and other companies improved. READ MORE

12:52 PM

Market Alert | Bank Nifty hits 32,000 in the intra-day trade

12:41 PM

HDFC rallies 2% to hit all-time high of Rs 2,363; analysts remain bullish

Shares of Housing Development Finance Corporation (HDFC) hit an all-time high of Rs 2,363, up 2 per cent on the BSE on Friday after the company completed the acquisition of HDFC Credila Financial Services. The stock surpassed has its previous high of Rs 2,357 hit on July 18, 2019. “The Corporation has completed acquisition of 11.47 million equity shares, representing 9.12 per cent of total equity of HDFC Credila for a total consideration of Rs 395 crore, from its promoter Ajay Bohora and Anil Bohora,” HDFC said in a regulatory filing. READ MORE

12:33 PM

Nifty sectoral indices at this hour