MARKET WRAP: Benchmarks end flat, Sensex up 42 pts; realty, IT stocks slip

All that happened in the markets today

3:42 PM

Sectoral trends at NSE at close

3:41 PM

Sensex heatmap at close

3:41 PM

Closing Bell

The benchmark S&P BSE Sensex settled 42.28 points, or 0.1 per cent, higher at 40,487.43 level. Axis Bank (up over 2 per cent) topped the 30-share index as the top gainer, while TCS (down 3 per cent) was the top loser.

On the NSE, the Nifty50 settled at 11,936.95-mark, up 15.45 points, or 0.13 per cent. 

3:23 PM

Indigo Paint's IPO may fetch 3.5x returns for Sequoia in partial exit

Indigo Paints' proposed IPO next year is expected to give 3-3.5-fold returns to private equity investor Sequoia. The company's proposed Rs 1,000 crore plan would partially support capex spending of Rs 100 crore every year.

 

The company has hired an investment bank for the proposed IPO and aims to achieve Rs 3,000 crore in revenue in the next five years. It did not reveal the name of the investment bank. READ MORE

3:10 PM

Prestige Estate Projects dips 5%

2:55 PM

NEWS ALERT | Jagran Prakashan board approves share buyback for up to Rs 101.2 cr: BSE filing

-- Buyback at max Rs 75/share

2:52 PM

Shakti Pumps hits 52-week low as CARE downgrades bank facilities

Shares of Shakti Pumps (India) (SPIL) hit a 52-week low of Rs 202, down 2 per cent on Monday, having declined 5 per cent in the past two trading days, on the BSE after Care Ratings downgraded the long-term rating of the bank facilities of the company with a negative outlook. The stock has fallen below its previous low of Rs 203 touched on November 18, 2019. READ MORE

2:41 PM

NEWS ALERT | HDFC AMC trading lower for fourth straight day, down 5% on BSE

- Slips 12% in four days on share sale by promtoer.

2:38 PM

BSE500 stocks that hit 52-week high today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
ADANI TRANSMISSI	331.50	344.45	12.75	4.00
COROMANDEL INTER	510.05	527.85	14.45	2.92
GUJARAT GAS	230.00	231.65	2.65	1.17
ICICI SEC	358.60	364.60	3.55	1.00
SRF	3256.05	3285.25	30.70	0.95

2:28 PM

Global Markets check

Asian stocks edged up on Monday, catching some of Wall Street’s momentum after surprisingly strong US jobs data although regional gains were capped by concerns about China’s economy due to the prolonged Sino-US trade war.

Japan’s benchmark Nikkei advanced 0.3 per cent while MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.3 per cent, with Australian stocks and South Korea’s Kospi up 0.2 per cent and 0.6 per cent, respectively.

Oil prices retreated but hovered near recent peaks after OPEC and its allies agreed to deepen output cuts by 500,000 barrels per day in early 2020.

 

U.S. West Texas Intermediate (WTI) crude slipped 0.4 per cent to $58.94 per barrel, still not far from Friday’s 2 1/2-month high of $59.85 per barrel.

(Reuters)

2:22 PM

NEWS ALERT | YES Bank poised to reject $1.2 bn offer from Canada's Braich: Bloomberg

-- YES Bank likely in talks with Institutions to make up for shortfall

2:19 PM

India's real GDP growth in FY20 to come slightly below 5%: IHS Markit

India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5 per cent as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Latest GDP data for July-September quarter showed a significant further moderation in the pace of economic growth to 4.5 per cent, the weakest in six years with a key contributory factor being a slump in manufacturing output. READ MORE

2:17 PM

BROKERAGE RADAR | Gati acquisition would heighten risk profile of Allcargo Logistics: ICICI Securities

The acquisition multiples (14.3x EV/EBITDA based on FY19 and 17x based on H1FY20 EBITDA runrate) look inexpensive. The B2B express business under Gati KWE JV (70% stake), remains the key acquisition logic. AGLL management believes that given AGLL’s existing business presence and foray into multimodal logistic parks, Gati’s express portfolio can be a key catalyst. Muted topline growth of ~5% over the past two years and declining margins have ailed Gati’s express business and reflects in RoE/RoCE profile of Gati KWE JV as well as that of the consolidated entity -- which AGLL believes it can reverse. The post-acquisition leverage profile for AGLL worries us. Downgrade to HOLD with a revised target of Rs 97/share (earlier: Rs 131).

2:03 PM

An era of central bank shocks has left few options for next downturn

The era of central bank shock and awe is over.

 

More than ten years of crisis fighting -- including this year’s rush to support global growth -- have left policy makers in key economies facing a new decade with few good options to fight the next downturn.

 

Interest rates are either already around historic lows or negative after more than 750 cuts since 2008, spurring concerns they are doing more harm than good. READ MORE

1:53 PM

Sudden fall in Sensex

1:51 PM

Nifty sectoral indices at this hour

1:50 PM

BROKERAGE RADAR | Anand Rathi Research on Consumer Durables

As we roll over our earnings to FY22, Amber remains our top pick in air-conditioning with a target price of Rs 1,631 (earlier Rs 1,248 based on a sum-of-parts model factoring inFY21e). We maintain our Buy rating on Blue Star with a target price of Rs 1,147(earlier Rs 879 based on FY21e earnings). Also,we retain our Hold recommendation on Voltas, with a target price of Rs 760, as the recent run-up in the stock provides limited potential.

1:46 PM

Top losers on BSE at this hour

1:46 PM

Rupee check

1:17 PM

SC orders interim stay on NCLAT order on Orchid Pharma resolution process

The Supreme Court has ordered an interim stay on the National Company Law Appellate Tribunal’s (NCLAT’s) ruling on the resolution of debt-ridden Orchid Pharma.

 

The NCLAT in November set aside the National Company Law Tribunal’s (NCLT’s) approval of a resolution plan by Gurgaon-based Dhanuka Laboratories for Orchid and remitted the matter to the NCLT, observing that it quoted an amount below the liquidation value and could not be approved. READ MORE

1:15 PM

Contribution to Sensex's gain today

1:08 PM

NEWS ALERT | Bank of Baroda to sell up to 1.04 crore equity shares of UTI AMC via IPO: BSE filing

-- Says, Board of BoB in the proposed initial public offering of equity shares of UTI Asset Management Company Limited by way of an offer for sale of up to 1,04,59,949 Equity Shares held by it, subject to the approval of the Securities and Exchange Board of India (SEBI), and of any other regulatory authority.

1:04 PM

NEWS ALERT | Update in Chanda Kocchar vs ICICI Bank case

-- Bombay HC allows Kochhar to add RBI as party to wrongful termination case. 

 

-- ICICI Bank has challenged its maintainability, saying dispute over termination & clawback is contractual and can be resolved through alternative remedies

-- ICICI Bank says action against Chanda Kochhar taken on the basis on Justice Srikrishna Committee report

(As reported by CNBC TV18)
 

1:01 PM

Market check | Sharp surge in Sensex

12:49 PM

SBI, PNB: Should you buy PSU banks after RBI kept interest rate unchanged?

NIFTY PSU BANK: The index has broken 2532 level, which is its 100-day moving average (DMA) as per the daily chart. This reflects a minor weakness. Going ahead, if ths 50-DMA, which is placed at 2400 levels gets broken, more selling pressure is expected.

 

Currently, both the technical parameters - Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) - are trading with negative crossover and indicate weakness. On the higher side, the 200-DMA located at 2,800 will act as a resistance. READ MORE

12:39 PM

Top gainers on BSE at this hour

12:30 PM

SPARC zooms 6% after US-based firm withdraws patent infringement complaint

Sun Pharma Advanced Research Company (SPARC) jumped 5.6 per cent to Rs 162.40 on the BSE on Monday after the company said Abraxis Biosciences LLC has dismissed the patent infringement complaint filed against it regarding the company's New Drug Application (NDA) for PICS (Paclitaxel Injection Concentrate for Suspension). READ MORE

12:20 PM

BROKERAGE RADAR | Edelweiss Securities on L&T

We cut FY21/22E EPS by 4% to factor in near-term concerns on order inflows. Despite the infra order weakness, strong hydrocarbon order backlog will support growth until FY21, in our view. We maintain Buy with a revised SOTP-based TP of Rs1,559 (Rs1,726 earlier) and UW stance in sector EAP.

12:18 PM

NEWS ALERT | NABARD, HUDCO, NHAI, PFC, REC, PGCIL, IRFC, NHPC, NTPC to borrow via Bharat Bond ETF: CNBC TV18

-- Bharat Bond ETF offer size of Rs 7,000 cr with likely greenshoe of Rs 8,000 cr

-- Bharat Bond ETF wil invest in 3-year and 10-year govt securities

12:13 PM

NEWS ALERT | Bharat bond ETF opens from Dec 12-20