MARKET WRAP: Sensex, Nifty end flat ahead of GDP nos; IT, pharma stks rally

In the broader market, the S&P BSE MidCap rose 0.6 per cent to settle at 15,039 levels, while the S&P BSE SmallCap settled 0.5 per cent higher at 14,427 levels.

3:38 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at close

 

The S&P BSE Sensex added 24 points to settle at 36,194 while NSE's Nifty50 index ended at 10,877, up 18 points

3:25 PM

Vodafone Idea falls 6% as CRISIL downgrades NCD rating

 

Shares of Vodafone Idea dipped 6% to Rs 35.60 per share on the BSE after the rating agency CRISIL downgraded its rating on non-convertible debentures (NCD) of Rs 60 billion. READ MORE

 

3:10 PM

Asia's Iran oil imports plunge to five-year low in October

Imports of Iranian crude oil by major buyers in Asia hit a five-year low in October, as China, Japan and South Korea sharply cut purchases ahead of U.S. sanctions on Tehran that took effect in early November, government and ship-tracking data showed.

 

China, India, Japan and South Korea last month imported about 762,000 barrels per day (bpd) from Iran, according to the data, down 56.4 percent from a year earlier. READ MORE

2:53 PM

United Spirits hits 5-month high; stock rises 6%

Shares of United Spirits (USL) hit a five-month high of Rs 675, up 6% on BSE in an otherwise range-bound market, on the expectations of higher volume growth in the current quarter. The stock was trading at its highest level since June 28, 2018. In past five-weeks, USL outperformed the market by surging 33% after the company posted a strong 69% year-on-year jump in net profit at Rs 2.59 billion in September quarter (Q2FY19), on the back of robust sales of its premium brands. In comparison, the S&P BSE Sensex was up 5% during the same period. Read more

2:38 PM

Oil set to see worst month in a decade on growing fears over supply glut

 

Oil’s on track for its worst month in a decade on growing fears over a global supply glut that’s been exacerbated by American waivers to Iranian crude buyers. Futures in New York are set to drop about 21 per cent in November, falling for a second month. While Russia showed a willingness to join Saudi Arabia in curbing output, the outcome of an OPEC meeting in Vienna next week is still unclear as the group is under pressure from President Donald Trump to lower prices. Meanwhile, the specter of expanding US crude stockpiles has also been haunting the market. Read more

2:23 PM

MFs modify expense structure for direct plans to improve transparency

 

A month after the Securities and Exchange Board of India (Sebi) came up with guidelines for greater transparency in the way expenses are calculated, fund houses have both cut and raised expenses for their direct plans. By and large, expenses have reduced, which is a positive for investors as that may boost returns. Motilal Oswal Mutual Funds (MF) and Edelweiss MF have seen the expenses for their direct equity schemes drop by 20-30 basis points (bps). HDFC MF and Franklin Templeton MF, on the other hand, have raised the expenses of their direct plans by 2-10 bps. Read more

2:13 PM

NEWS ALERT Inox Leisure board approves allotting 64 lakh shares to promoter Gujarat Fluoro

2:09 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,169.58	-0.83	0.00
S&P BSE SENSEX 50	11,352.61	+2.41	+0.02
S&P BSE SENSEX Next 50	32,157.24	-8.37	-0.03
S&P BSE 100	11,105.70	+1.57	+0.01
S&P BSE Bharat 22 Index	3,394.54	-26.06	-0.76

2:03 PM

NEWS ALERT Allahabad Bank to consider fund raising up to Rs 3,054 crores by share issuance to government on December 6

1:55 PM

Prabhudas Lilladher on NOCIL

 

Rating: BUY 

CMP: Rs 169 

TP: Rs 270

 

Nocil’s is expected to report 21% CAGR in earnings growth over FY18-21E led by 1) higher volumes post commissioning of new capacity 2) higher realisation and 3) benign raw material pricing. We have valued Nocil at 15x P/E FY21E which translates to EV/E of 8.0x FY21E.

1:48 PM

Prabhudas Lilladher on Tech Mahindra

 

Rating: BUY

CMP: Rs 688

Target Price: Rs 885

 

We believe Tech Mahindra is poised for turnaround in revenue growth trajectory post three years of tepid performance led by a) Turnaround in Telecom vertical b) expansion in portfolio in Enterprise vertical through acquisitions which has broadened the service offerings. We believe margins have also reached a stable state (2QFY19 EBIDTA margin at 18.8%). Improving margin profile of subsidiaries and revival in growth should aid margin stability from hereon. Valuations remain cheap (12x FY20E EPS) and risk return remains favorable. Retain TP at Rs885/sh (15x Sep20E EPS). In this report, we analyze the key opportunities for Tech M in 5G which could drive growth revival.

1:43 PM

Kesoram Industries climbs 10% on demerger of tyre business report

1:33 PM

SC asks RCom to deposit Rs 14 bn guarantee for spectrum sale to RJio

Clearing the deck for sale of Reliance Communications Ltd's spectrum to Reliance Jio Infocomm Ltd, the Supreme Court on Friday asked Reliance Communications to furnish a corporate guarantee of Rs 14 billion within two days to get the No Objection Certificate (NOC) from the government. The corporate guarantee will be issued by Reliance Realty Ltd, a wholly-owned subsidiary of RCom. READ MORE

1:18 PM

Top gainers in BSE500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
REL. COMM.	14.17	1.42	11.14	11403309
REPCO HOME FIN	366.00	25.05	7.35	1039014
PRESTIGE ESTATES	211.25	12.85	6.48	66042
OBEROI REALTY	452.95	23.15	5.39	28064
ITI	94.85	4.80	5.33	317000

12:58 PM

Despite correction, keep SIPs in US funds going for diversification benefit

Over the past three months, international funds focused on the US markets have corrected 0.34-10.74 per cent (average decline has been 5.78 per cent). The average annual return from these funds over the past five years has been an attractive 11.36 per cent. Experts suggest investors should not allow themselves to get spooked by the recent market correction and keep their investments in these funds going. Several factors were responsible for the recent downturn. Read more

12:42 PM

Real estate shares in focus; Prestige Estates, Oberoi Realty up over 5%

Shares of real estate companies are in focus, with Nifty Realty index gaining 2% on Friday, on hopes that liquidity may ease in the coming days after the Reserve Bank of India (RBI) on Thursday relaxed rules for non-banking financial companies (NBFCs).
 

Prestige Estates Projects and Oberoi Realty were up 8% and 6%, respectively, on the National Stock Exchange (NSE). Indiabulls Real Estates, Godrej Properties, Sobha, Kolte-Patil Developers Brigade Enterprises and Sunteck Realty gained 1% to 4%. READ MORE

12:25 PM

Kotak Securities on Automobiles & Components

Our analysis of state-wise demand trends for 2QFY19 reflects that – (1) demand has slowed down significantly in passenger vehicle and two-wheeler segments, (2) scooter volume mix declined by 150 bps yoy in 2QFY19 and (3) Bajaj Auto, Maruti Suzuki and Ashok Leyland posted maximum gain in market

share during the quarter.

12:21 PM

Reliance Securities on Larsen & Toubro

 

CMP: Rs 1,422

RATING: Buy

TARGET PRICE: Rs 1760

 

We are positive on L&T led by strong execution in core E&C business with robust order inflow momentum led by strong performance of key segments i.e. Infrastructure and Hydrocarbon. The plan to exit part of development assets especially monetisation of Hyderabad metro in a long-term is positive, in our view. We expect its revenue and earnings to clock 13% and 16% CAGR, respectively over FY18-21E. At CMP, the stock trades at 19.9xFY20E and 17.1xFY21E earnings. We initiate coverage on the stock with BUY recommendation and an SOTP-based Target Price of Rs 1,760.

12:16 PM

SECTOR WATCH NBFCs in focus; Repco Home, DHFL rally up to 7%

Shares of housing finance companies DHFL, Repco Home Finance Reliance Home Finance, Can Fin Homes, Indiabulls Housing Finance rallied up to 7 per cent on BSE in the intra-day trade on Friday after the Reserve Bank of India (RBI) on Thursday halved the minimum holding period of their loans of above five years. According to the revised norms, loans of original maturity of more than five years can be securitised after receiving the repayment of six-month instalments or two quarterly instalments. Read more

12:02 PM

MFs modify expense structure for direct plans to improve transparency

A month after the Securities and Exchange Board of India (Sebi) came up with guidelines for greater transparency in the way expenses are calculated, fund houses have both cut and raised expenses for their direct plans. By and large, expenses have reduced, which is a positive for investors as that may boost returns.

 

Motilal Oswal Mutual Funds (MF) and Edelweiss MF have seen the expenses for their direct equity schemes drop by 20-30 basis points (bps). HDFC MF and Franklin Templeton MF, on the other hand, have raised the expenses of their direct plans by 2-10 bps. READ MORE

11:47 AM

Reliance Communications climbs 12%

11:43 AM

Sun Pharma: Governance issues, margin pressures expected to weigh on stock

 

The Sun Pharma stock has declined 19 per cent from its highs touched earlier this month, on a muted performance in the September quarter and corporate governance-related issues. Analysts believe that pricing pressures, marketing costs in the US, and the sluggish performance in India are key negatives on the operational front. In addition, related party transactions, highlighted by foreign brokerage Macquarie, will keep the stock under pressure. Read more

11:25 AM

S&P BSE Sensex top gainers and losers

11:09 AM

YES Bank continues recovery, surges 6%

Continuing its recovery, shares of private sector lender YES Bank climbed as much as 5.92 per cent in the early morning deals on Friday. After plunging to a fresh 32-month low of Rs 147 apiece on BSE, the stock of YES Bank staged a recovery on Thursday to settle at Rs 160.45, down 0.77 per cent. During this week, the stock has shed 15 per cent (as of Thursday's close). Read more

 

10:51 AM

Shares of Repco Homes recover, trading 4.45% higher

10:45 AM

Oil India turns ex-date for share buyback; stock down 7%

 

Shares of Oil India have slipped 7% to Rs 188 per share on the BSE in an otherwise firm market as it turned ex-date for the proposed buy-back. The board of directors of Oil India in their meeting held on November 19, 2018, has fixed Monday, December 3, 2018, as the record date to determine the entitlement and names of the shareholders who are eligible to participate in the buyback; and the shareholders to whom the letter of offer and tender form will be delivered in relation to the buyback. Read more

10:31 AM

From JSW to Tata, steel stocks gain on easing concerns and steady demand

Steel companies’ share prices, under pressure in the recent past on worries related to demand and falling prices, rebounded on Thursday. Those of JSW Steel and Tata Steel, which had fallen 16-26 per cent from their September highs, gained up to 3 per cent. READ MORE

 

10:15 AM

Stock of the day Dr Reddy's Labs hits 52-week high; stock rallies 5% in two days

Shares of Dr Reddy’s Laboratories hit a 52-week high of Rs 2,700, up 2%, extending its previous day’s 3% gain on the BSE. The stock surpassed its previous high of Rs 2,687 recorded on September 28 in intra-day trade. Since November 20, in past six seven trading days, the stock of pharmaceutical company has moved up 10% after an appellate court in the US cleared the way for the company to resume sales of a Suboxone generic. READ MORE