Markets pare losses to end in green; Nifty closes at 10399; NTPC top gainer

All that happened in today's trade

3:55 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

Domestic indices shrugged off negativity among Asian peers and enthused by expectations for further reform measures, in the light of textile sector now getting finance ministry's nod. Amendments in the 'Insolvency And Bankruptcy Code' may put the banking sector again in prime focus, but it was short-covering ahead of the F&O expiry that was giving muscle to the late rise. RBI’s December policy meet will be in focus, but with inflation firm, investors may go in with low rate-cut expectations.

3:53 PM

Bitcoin hits new record high

 

Bitcoin's vertiginous ascent showed no signs of stopping on Monday, with the cryptocurrency soaring to another record high just a few percent away from $10,000 after gaining more than a fifth in value over the past three days alone.

 

The digital currency has seen an eye-watering tenfold increase in its value since the start of the year, and has more than doubled in value since the beginning of October. READ FULL REPORT

3:53 PM

Sensex heatmap at close

Source: BSE

3:46 PM

Broader markets

Broader markets outperformed the benchmark indices with the BSE Midcap and the BSE Smallcap indices gaining 0.5% and 0.7%, respectively. 

3:41 PM

Markets check

The S&P BSE Sensex ended at 33,724, up 45 points, while the broader Nifty50 closed at 10,399, up 10 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,724.44	+45.20	+0.13
S&P BSE SENSEX 50	10,841.03	+11.76	+0.11
S&P BSE SENSEX Next 50	35,876.50	+90.42	+0.25
S&P BSE 100	10,865.08	+14.32	+0.13
S&P BSE Bharat 22 Index	3,764.67	+15.82	+0.42

Source: BSE

3:22 PM

Buzzing stock

Ashok Leyland was trading 4% higher at Rs 124 on the BSE in noon deal after the company and Hino Motors Ltd. Japan have entered into a Mutual Cooperation Agreement (MCA) for Euro VI Engines.

 

“As per agreement, Ashok Leyland will utilize Hino's engine technology for Ashok Leyland's EURO-VI development and will support in development of Hino's engine parts purchasing in India for global operation,” the company said in a press release. READ FULL REPORT

3:12 PM

Top five Nifty gainers in last leg of trade 

Source: NSE

3:07 PM

Markets check

At 3:00 pm, the S&P BSE Sensex was trading at 33,687, up 8 points, while the broader Nifty50 was ruling at 10,385, down 4 points.

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,722.77	+43.53	+0.13
S&P BSE SENSEX 50	10,838.32	+9.05	+0.08
S&P BSE SENSEX Next 50	35,871.65	+85.57	+0.24
S&P BSE 100	10,862.57	+11.81	+0.11
S&P BSE Bharat 22 Index	3,764.20	+15.35	+0.41

Source: BSE

2:44 PM

Success of bitcoin, other cryptocurrencies just a bubble 

 

Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble.

 

But it keeps them awake at night because these private currencies threaten their control of the banking system and money supply, which could undermine the monetary policies they use to manage inflation. READ FULL REPORT

2:23 PM

Buzzing stocks

 

Shares of personal products company, Emami, realty firm, DLF, two-wheeler company, TVS Motor Company, broadcasting & cable TV operators, Zee Entertainment Enterprises and TV18 Broadcast are among 24 stocks from the S&P BSE 500 index that hot their respective 52-week high on the BSE in an otherwise subdued market.

 

Bajaj Electrical, Eveready Industries, PC Jeweller, Symphony, V-Guard Industries and Westlife Development from the consumer related sectors, too, hit 52-week high today. READ FULL REPORT

2:00 PM

Reliance Securities on Torrent Pharma

 

Torrent Pharmaceuticals (TRP) is a strong player in chronic segment in India and Unichem acquisition is a strategic fit for the Company as it would further strengthen its presence in key chronic therapy segment. TRP would be able to improve the profitability of Unichem’s product portfolio through its strong field force and distribution network.  

 

Looking ahead, we expect a healthy growth in TRP’s domestic formulation (14.5% CAGR), Brazil (15.8% CAGR) and RoW (13.3% CAGR) business over FY17-19E.

 

We expect TRP’s Sales, EBITDA and PAT to witness 13%, 15% and 15% CAGR, respectively, while EBITDA margin is expected to improve by 100bps to 24.5% over FY17-19E.

 

We have not factored the impact of Unichem acquisition into our valuation model due to pending regulatory approvals. Envisaging a healthy growth in India and Brazil businesses led by new launches and improvement in sale force productivity, we maintain our BUY recommendation and Target Price of Rs 1,450, valuing the stock at 20x FY19E EPS of Rs 72.5.

1:53 PM

Insolvency and Bankruptcy Code

 

Lenders and prospective bidders are having a serious difference of opinion on the valuation of toxic assets, to be auctioned under the modified insolvency law.

 

While the lenders are insisting that resolution professionals get the enterprise valuation of these companies done to ensure sale negotiations begin from a higher point, the bidders say such firms should be sold at a “scrap” value in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC). READ FULL REPORT

1:31 PM

Skipper hits record high

 

Skipper hit a record high of Rs 293, up 11% on the BSE in intra-day trade, extending its Friday’s 3.5% gain on the BSE, after the company’s board gave an in-principle nod to tie-up with Metzerplas of Israel to make Drip irrigation system. READ FULL REPORT

1:02 PM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,555.87	-123.37	-0.37
S&P BSE SENSEX 50	10,787.21	-42.06	-0.39
S&P BSE SENSEX Next 50	35,727.20	-58.88	-0.16
S&P BSE 100	10,812.54	-38.22	-0.35
S&P BSE Bharat 22 Index	3,749.20	+0.35	+0.01

12:45 PM

Interview of the day

 

India should see over 20% equity return in 2018: Motilal Oswal

 

In an interview, Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services, says that with Moody’s upgrading India’s sovereign rating and earnings growth coming back, the country will remain a hot destination for foreign investors. READ FULL INTERVIEW HERE

12:33 PM

Can Maruti Suzuki stock hit Rs 10,000 levels?

 

After a stellar 60% rally thus far in calendar year 2017 (CY17) and outperforming the S&P BSE Sensex and S&P BSE Auto indices that rose 26% and 25% during this period, can Maruti Suzuki hit the five-figure mark over the next one year? Analysts at Nomura believe that Maruti, which is already trading near its 52-week high level on the National Stock Exchange (NSE) can come close to hitting this figure.

 

In Nomura's latest report on the outlook for global auto companies for 2018, Maruti Suzuki with a price target of Rs 9,843 features among the top regional pick for 2018 along with China’s BYD and United States headquartered Tesla, with Toyota being their preferred global pick in the auto sector. READ MORE

12:20 PM

Lakshmi Vilas Bank falls 6% after fixing rights issue ratio

 

Lakshmi Vilas Bank has dipped 6% to Rs 170 on the BSE in intra-day trade after the private sector lender fixed rights issue in the ratio of 1:3 i.e. one rights equity share for every three equity shares held by the eligible shareholders on the record date.

 

The bank has fixed December 06, 2017 as the record date for the purpose of rights issue of equity shares. The stock will turn for ex-rights on December 05, 2017 on the BSE and NSE.

 

“The rights issue of 64.50 million equity shares to be offered at price of Rs 122 per rights equity share, for an amount aggregating up to Rs 786.87 crore,” Lakshmi Vilas Bank said in a statement. READ MORE

12:03 PM

Nifty Chart for the day

Source: NSE

11:49 AM

SIP inflows up 48% till October

 

The money coming into mutual fund (MF) schemes through systematic investment plans (SIP) has seen a 48 per cent jump this financial year. In the first seven months of 2017-18, nearly Rs 35,000 crore has come through SIPs, at an average of Rs 5,000 crore a month.

 

In comparison, Rs 23,584 crore had come in — at an average of Rs 3,370 crore a month — in the corresponding period of 2016-17.   Flows through the SIP route, where an investor commits a fixed sum every month, have seen a drastic improvement over the years.

11:31 AM

Smallcap index up for 8th trading day in a row

 

The S&P BSE Smallcap index rallied for eight trading days in a row, outperforming the broader indices on a strong rally in textiles, realty, constructions, finance and capital goods stocks.

 

In the past eight trading sessions, the smallcap index rallied 4.8% against 3.9% rise in midcap and 2.6% gain in the benchmark Sensex.

 

Jai Corp, Puravankara, BF Investments, Praj Industries, Texmaco Infrastructure, Donear Industries, Bombay Rayon Fashions, High Ground Energy and Gitanjali Gems from the smallcap index have surged more than 40% during the period. READ MORE

11:16 AM

Top Sensex gainers and losers

Source: BSE

10:58 AM

Market Check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,614.63	-64.61	-0.19
S&P BSE SENSEX 50	10,805.98	-23.29	-0.22
S&P BSE SENSEX Next 50	35,803.18	+17.10	+0.05
S&P BSE 100	10,832.06	-18.70	-0.17
S&P BSE Bharat 22 Index	3,749.88	+1.03	+0.03

10:52 AM

GHCL surges 9% after DSP Blackrock Mutual Fund buys stakes

 

GHCL hits a record high of Rs 299, up 9% on the BSE in early morning trade after the DSP Blackrock Mutual Fund bought nearly one percentage point stake in the commodity chemicals company through open market.

 

On the National Stock Exchange (NSE), the stock hit a high of Rs 298, up 9% against its Friday’s close of Rs 274.

 

On November 24, 2017, DSP Blackrock Mutual Fund A/c DSP Blackrock Micro Cap Fund had purchased 950,528 equity shares representing 0.98% stake in GHCL at price of Rs 272 per share on the NSE, the bulk deal data shows. READ MORE

10:42 AM

Private equity exit the reason behind Future Supply Chain IPO: Biyani

 

The upcoming IPO of Future Supply Chain Solutions, which is expected to garner over Rs 700 crore, is primarily to give an exit to private equity firm Griffin Partners, Future Group Chairman Kishore Biyani said on Sunday.

 

Future Supply Chain Solutions Ltd (FSCSL), a subsidiary of Future Enterprises, has filed a draft red herring prospectus with Sebi for the public issue of up to about 97.84 lakh equity shares representing 24.43 per cent of the existing paid-up equity share capital of FSCSL. READ MORE

10:23 AM

Sun Pharma drops after recall of product

 

Sun Pharmaceutical Industries lost 1.19% to Rs 542 on BSE after the company said it is recalling two lots of Riomet to the retail level.

 

The announcement was made after market hours on Friday, 24 November 2017.

10:09 AM

China's industrial profits up 25% y-o-y in Oct; bank assets grow by 10%

 

Profits earned by China's industrial companies in October rose 25.1 per cent from a year earlier, the statistics bureau said on Monday, slowing from a 27.7 per cent gain in September.

 

Profits rose to 745.4 billion yuan ($112.94 billion) in October, the National Bureau of Statistics (NBS) said on its website.

 

In September, profits surged the most in nearly six years as prices of finished goods including steel and copper soared. READ MORE

9:56 AM

India-focused funds continue to see robust inflows

 

After sharp outflows in August and September, the Indian market is once again experiencing a positive investment spell from overseas investors. Foreign portfolio investors (FPIs) have poured nearly $3 billion into domestic stocks since August. 

 

A large part of these flows have come from India-focused offshore funds. These are actively managed funds that exclusively invest in select Indian securities, unlike exchange-traded funds (ETFs) which track indices such as the Nifty 50 or the S&P BSE Sensex.

 

In October, India-focussed offshore funds received inflows of $573 million, while India-focussed offshore ETFs saw net outflows of $31 million, the data from Morningstar Investment Adviser India shows. READ MORE

9:44 AM

Street signs: Retail success rate to be high in Infosys buyback

 

Retail investors could see high success rate in the Rs 13,000-crore buyback of Infosys, starting on Thursday. While the ‘entitlement ratio’ for retail shareholders is 28 per cent, the ‘acceptance ratio’ could be as high as 50 per cent, say brokers. In other words, a retail shareholder holding 100 shares of Infosys can tender 28 shares under the buyback programme.

 

However, if the shareholder tenders say 100 shares, it is likely that about 50 could be accepted. This is because typically most retail shareholders don’t tender shares in buybacks READ MORE

9:29 AM

Top sectoral loser: Nifty PSU Bank index falls 1%

Source: NSE

9:23 AM

Sectoral Trend

Source: NSE