MARKET WRAP: Benchmarks end flat, mid-caps tumble; Bharti Airtel surges 4%

All that happened in the markets today

3:40 PM

Sectoral trends at NSE at close

3:39 PM

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

3:38 PM

Closing Bell

The benchmark S&P BSE Sensex closed 8.36 points, or 0.021 per cent, higher at 40,802.17 levels, with Bharti Airtel being the top gainer, and YES Bank being the top drag. The Sensex touched an intra-day high and low of 41,093.99 and 40,707.63, respectively. 

 

On the NSE, the broader Nifty50 index held the psychological mark of 12,000, and closed at 12,048.20, down 7.85 points or 0.065 per cent.

3:26 PM

Expert Comment :: RBI Policy expectations | Suvodeep Rakshit, Vice President & Sr. Economist, Kotak Institutional Equities

Compared to its October estimates, the MPC will need to revise lower its FY2020 GDP estimate even as it possibly revises up the near term inflation outlook. We note that GDP growth print is around 80 bps lower and 2HFY20 GDP growth could be around 150-200 bps lower than RBI’s current estimates. On the other hand, CPI inflation could be around 100-150 bps higher than RBI’s estimate for 3QFY20. The December policy will, in some sense, test the “flexible” portion of the flexible inflation targeting framework. We believe that given the transient nature of food prices, and the sustained decline in core inflation, the MPC will likely continue to focus on the output gap and growth outlook. We maintain our call for 25 bps reduction in the repo rate to 4.9% in the December policy to continue providing support to growth.

3:18 PM

Expert Comment :: Anusha Raheja, BFSI Research Analyst at LKP Securities on Ujjivan SFB IPO

Ujjivan is a play on the MFI growth story. So far, it has effectively managed to grow assets with decent asset quality profile. However, going forward trajectory of business model will change with buildup of non-MFI loans and ramp of retail liabilities which shall be an uphill task for the new management in the wake of tough competition in the market space. Also, the bank will have to reduce down the promoter stake further to 40% over the next 2 years from levels of 84% post IPO as per RBI guidelines which will be a hangover in the medium term. In this backdrop, in our view, the bank is not likely to trade at higher multiples. Our back of the envelope calculation suggests, the bank is trading at 1.6x FY22e. Given reasonable valuations, we recommend ‘SUBSCRIBE’ to the issue 

3:12 PM

Eicher Motors shares dip 5% on disappointing November sales data

Shares of Eicher Motors dipped 5 per cent to Rs 21,853 intra-day on BSE on Monday as investors booked profit after the company reported disappointing motorcycle sales in November 2019. The company that manufactures the iconic Royal Enfield (RE) brand of motorcycles which leads the premium motorcycle segment in India recorded 8 per cent drop in total two-wheeler sales at 60,411 units in November 2019. READ MORE

3:09 PM

Sector Watch | Nifty Metal index trades higher in weak market

3:00 PM

S&P BSE Midcap index under performs Sensex

2:49 PM

Vodafone Idea will continue to face multiple challenges despite price hike

The price hikes announced by telecom operators in their pre-paid plans was higher than what most analysts expected, leading to a sharp rally. Vodafone Idea and Bharti Airtel gained 5-16 per cent in trade while Reliance Industries was up 2.5 per cent. The new plans across segments announced by Bharti Airtel and Vodafone Idea are higher on an average by 30 per cent and come in to effect on December 3.

 

This should help increase their blended average revenue per user by Rs 30 and their annual operating profit in the range of Rs 7,000-Rs 9,500 crore each. Given the sharp increase and the smaller base, Vodafone Idea will see a bigger boost than the other players. READ REPORT HERE

2:37 PM

NEWS ALERT | RBL Bank may launch QIP of Rs 1,600 today

- Floor price may be set near Rs 350

2:34 PM

IPO UPDATE | Ujjivan SFB offer subscribed 80% so far on Day 1

2:31 PM

Stocks that hit 52-week high on S&P BSE Sensex

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
AAVAS FINANCIERS	1749.05	1880.00	-19.10	-1.08
ADANI GREEN	131.80	138.85	-5.40	-3.94
ADANI TRANSMISSI	331.50	341.40	21.80	7.04
ASTRAZENECA PHAR	2750.80	2820.20	105.10	3.97
BHARTI AIRTEL	461.90	485.75	19.60	4.43

2:18 PM

Piramal Capital borrows Rs 1,100 crore for 4 months from Barclays: Report

While the rate of interest is 7.5 per cent on the four-month loan deal signed last week between Piramal Capital & Housing Finance Ltd. and the British bank, the blended annualized cost, including the fee, is higher than 10 per cent, the people said, asking not to be named as the information is not public. READ MORE  

2:06 PM

MARKET CHECK

1:57 PM

YES Bank extends losses

1:52 PM

Rupee check

1:51 PM

Top gainers on the BSE at present

1:38 PM

Global markets check

Global shares shuffled marginally higher on Monday to stand just short of the record peak struck in January 2018, with buyers encouraged by upbeat China manufacturing surveys and hopes that China and the United States will agree a preliminary trade deal.

German DAX futures rose 0.21 per cent while FTSE futures inched up 0.13 per cent. MSCI's index of Asia-Pacific shares outside Japan was up 0.24 per cent, reclaiming some of its loss on Friday while Japan's Nikkei jumped 1.01 per cent.

1:23 PM

BUZZING STOCK:: Trident Ltd zooms 5%

1:15 PM

BROKERAGE RADAR | Motilal Oswal Financial Services (MOFSL) on Tata Motors

Over the last three years, JLR has suffered from an adverse product/market mix and higher capex, resulting in negative FCFF over FY18-20. JLR has been focused on cutting capex/cost, benefits of which have started to reflect now. Finally, the mix is normalizing with a recovery in LR and China. On the other hand, India business appears to have bottomed out in 2QFY20, although a full-blown recovery may be a few quarters away. Hence, we had recently upgraded the stock to Buy as it offers a favorable risk-reward. Our target price stands at nearly Rs 195.

1:13 PM

BROKERAGE RADAR | Reliance Securities on ICICI Bank

Loan growth trends are healthy with domestic loan growth at 16% YoY as of 2QFY20, mainly driven by 22% YoY growth in retail portfolio. We have a BUY recommendation on the stock with a Target Price of Rs 570, implying a FY21 P/ABV of 3.1x. The stock currently trades at FY21E P/ABV of 2.8x.

1:06 PM

TVS Motor total November sales down 16.7% at 2.66 lakh units vs 3.20 lakh units (YoY)

1:01 PM

Nifty PSU Bank index trades lower

12:50 PM

NEWS ALERT | Hero MotoCorp November total sales down 15.3% at 6.16 lakh units vs 6.10 lakh units (YoY)

12:39 PM

Most active stocks by volume

COMPANY	PRICE(rs)	CHG(rs)	CHG(%)	VOLUME
VODAFONE IDEA	8.03	1.20	17.57	68871274
YES BANK	66.50	-1.80	-2.64	15516928
DISH TV	13.36	0.44	3.41	5170330
RELIANCE POWER	3.43	-0.18	-4.99	3556806
NCC	57.85	-1.60	-2.69	3509415

12:29 PM

BUZZING STOCK:: Escorts Ltd gains over 3%

12:18 PM

Bharti Airtel, Voda Idea, MTNL: What tech charts say about telecom stocks

Shares of telecom services providers were in focus on Monday, a day after Bharti Airtel and Vodafone Idea announced a tariff hike in the range of 15 per cent and 40 per cent across different plans. The tariff hike by both companies will be applicable from December 3, 2019. Reliance Jio has also said it would be introducing new plans with unlimited voice and data which would be effective from December 6. READ MORE

12:08 PM

Adani Transmission hits fresh all-time high; stock surges 30% in a week

Shares of Adani Transmission hit a fresh all-time high of Rs 341, up 10 per cent on the BSE on Monday in an otherwise range-bound market after the company announced buyback of non-convertible debentures (NCDs) worth Rs 135 crore. The stock surpassed its previous high of Rs 317, recorded on Friday in intra-day trade. In the past week, the stock has rallied 30 per cent as compared to 0.22 per cent decline in the S&P BSE Sensex. READ MORE

11:59 AM

MARKET CHECK

11:57 AM

Top losers on BSE at this hour