MARKET WRAP: Sensex jumps 629 pts; realty, auto rise, India VIX eases 10%

The S&P BSE Sensex jumped 629 points or 1.79 per cent to settle at 35,779, with HeroMoto Corp being the top gainer and Asian Paints the worst performer on the index.

3:45 PM

Sectoral gainers of the day on NSE

3:43 PM

Top gainers in S&P BSE Sensex

3:32 PM

Market at close

 

The S&P BSE Sensex ended at 35,779, up 629 points or 1.79 per cent, while the broader Nifty50 index settled at 10,738, up 188 points or 1.79 per cent.

3:15 PM

Beaten down stocks rally; Godawari Power, Indiabulls Venture up over 15%

Over a dozen of beaten down stocks have rallied by up to 20% on Wednesday after a two percentage point jump in mid and small-cap indices. Tata Steel BSL (formerly Bhushan Steel), Indo Rama Synthetics (India), Godawari Power & Ispat, Indiabulls Ventures, Hubtown, Aptech, Housing Development & Infrastructure (HDIL) and Manpasand Beverages were trading higher in the range of 15% to 20% on the BSE. READ MORE

2:57 PM

Top gainers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INDIABULLS VENT.	394.95	56.25	16.61	328757
H D I L	24.20	3.35	16.07	2219313
MANPASAND BEVER.	94.65	12.95	15.85	318691
INDBULL.REALEST.	78.70	7.15	9.99	303788
ADITYA BIR. FAS.	201.50	17.75	9.66	919797

2:45 PM

NEWS ALERT Bandhan Bank to open 5 new branches today & 40 before December 31. Total branches of the bank to rise to 978 from 938 by year end, reports CNBC TV18

2:42 PM

British PM May to face leadership challenge over Brexit

 

Embattled British Prime Minister Theresa May will face a vote of no confidence on Wednesday over her controversial Brexit deal. The challenge to May's leadership was triggered after 48 Conservative Members of Parliament submitted letters demanding a vote to the 1922 Committee, which represents rank-and-file Conservative MPs in the House of Commons. Read more

2:28 PM

All 30 stocks on S&P BSE Sensex are trading in the green 

2:24 PM

NEWS ALERT UK PM Theresa May to face vote of no confidence in her leadership

2:14 PM

ACC gains 3% as board approves Rs 30 billion expansion plan

 

Shares of ACC moved higher by 3.5% to Rs 1,485 on BSE, after the cement manufacturer said its board approved Rs 30 billion expansion plan. The company said its board has granted its approval for setting up a Greenfield integrated cement plant at Ametha, Madhya Pradesh along with expansion of the existing grinding unit in Tikaria, Uttar Pradesh and a third grinding unit in Uttar Pradesh. Read more

2:03 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,583.63	+433.62	+1.23
S&P BSE SENSEX 50	11,171.35	+131.93	+1.20
S&P BSE SENSEX Next 50	31,916.74	+593.81	+1.90
S&P BSE 100	10,942.31	+140.27	+1.30
S&P BSE Bharat 22 Index	3,353.23	+45.78	+1.38

1:47 PM

Opioid treatment drug ban buzz drags Dr Reddy's 6% in a firm market

 

Dr Reddy’s Laboratories has dipped 6% to Rs 2,536 on the BSE in intra-day trade on back of heavy volumes on reports that the US appeals court rejected the drug firm’s request that would have allowed the company to sell a generic version of Indivior Plc’s Suboxone Film - a drug used for opioid addiction treatment - in the American market immediately. Read more

1:38 PM

Nifty Realty index extends gain, up 3.80%

1:32 PM

Patel's resignation highlights risks to RBI's policy priorities: Fitch

Fitch Ratings Wednesday said the resignation of Urjit Patel as Reserve Bank Governor highlights the risks to RBI's policy priorities and increased government influence on the central bank could undermine the efforts to address bad loan problems. Patel resigned abruptly from the post of the Governor on December 10, nine months before his term was scheduled to come to an end in September 2019. READ MORE

1:14 PM

Zydus Wellness rises over 4% as CCI clears deal with Heinz India

Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business. The stock gained 4.36 per cent in early trade to Rs 1,360.9. At noon, the scrip was trading at Rs 1,359, up 4.22 per cent from the previous close. On NSE, the stock increased 4.45 per cent to touch a high of Rs 1,363.9. READ MORE

1:13 PM

Top gainers in trade today (BSE 500 index)

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
H D I L	23.80	2.95	14.15	1642827
INDBULL.REALEST.	78.70	7.15	9.99	299344
ADITYA BIR. FAS.	198.30	14.55	7.92	137686
BANK OF MAHA	13.62	0.98	7.75	84647
CAN FIN HOMES	252.90	17.90	7.62	164820

1:11 PM

Edelweiss on Persistent Systems

We recently attended an analyst meet held by Persistent Systems (Persistent). Key highlights: 1) The company reiterated its focus on digital through cloud, IoT and machine learning (ML)/artificial intelligence (AI). 2) Management restated it is confident of building software-driven businesses. 3) Perspectives on key partnerships and acquisitions such as Herald Health, Mamboo and ShareInsights were discussed.

While execution challenges have undermined investor confidence in the stock, we believe Persistent is capable of riding out these issues. We maintain ‘BUY’ with a target price of Rs 775 considering: 1) demand environment stays robust; 2) valuation of 11x FY20E EPS implies a good risk-reward for business revival; and 3) Persistent is key player in the fast-growing ER&D.

1:10 PM

Reliance Securities on Engineers India

Engineers India emerged as a market leader in Indian hydrocarbon segment with strong expertise in design, engineering and implementation of projects. It has maintained a strong track record in executing several domestic orders, while maintaining long-term relationship with key clients. Given sectoral growth potential, huge capex in hydrocarbon sector, asset-light business model, foray into newer segments and debt-free balance-sheet, we believe the valuation to be attractive. We reiterate our “BUY” recommendation on the stock with Target Price of Rs158 (valuing at 20x FY20 earnings)

1:09 PM

Sector watch: Prabhudas Lilladher on cement

Clients argue that top branded players would be least impacted due to better pricing power in trade segment and non-presence in non-trade. However, we do not buy the argument in light of the fact that wide gap between trade and non-trade prices leads to diversion of non-trade volumes to trade. This reasoning stands vindicated by the depressed margins posted by Tier-I players like ACC, Ambuja cement (ACEM) and Ultratech (UTCEM) over the years.

The other positive rationale put up by clients is the likely expansion in margins because of reduction in coal and diesel costs. However, given the stiff competition in the non-trade segment (having commodity nature), we strongly believe that majority of the reduction would be passed on. We maintain our Underweight stance due to stretched valuations overlooking the weak earnings outlook.

acc cement

1:03 PM

NEWS ALERT State Bank of India (SBI) to decide on long-term fund raising up to $1.25 bn in single/multiple tranches

12:57 PM

IIFL on Torrent Power

Torrent Power (TPW) is one of the largest private power utilities in India and is part of the Torrent Group. It has four businesses: 

 

1) power generation and distribution in Surat and Ahmedabad that earns regulated returns; 

 

2) 2.7GW gas-based power plants in Gujarat;

 

3) distribution franchise operations at Bhiwandi and Agra; and 

 

4) a 569MW operational renewable energy portfolio.

 

Stable cash flows from operating assets, a strong balance sheet for pursuing organic growth (RE, franchising etc) and a possible turnaround in gas-based power plants on a favourable policy clubbed with management bandwidth make for a strong case for warranting investors’ attention.

12:46 PM

NBCC rises 6% after receiving Letter of Award from government

Shares of NBCC rose as much as 6 per cent to Rs 52.90 apiece in intra-day on the National Stock Exchange (NSE) on Wednesday after the company received Letter of Award (LoA) from the government for construction of office building at New Delhi. The stock has rallied 11 per cent from its 52-week low of Rs 47.65 touched on Tuesday in intra-day trade. READ MORE

12:44 PM

NEWS ALERT New RBI governor Shaktikanta Das to hold a press briefing at 4 pm today

12:32 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,500.44	+350.43	+1.00
S&P BSE SENSEX 50	11,146.27	+106.85	+0.97
S&P BSE SENSEX Next 50	31,857.87	+534.94	+1.71
S&P BSE 100	10,918.48	+116.44	+1.08
S&P BSE Bharat 22 Index	3,348.85	+41.40	+1.25

12:15 PM

Oil Check

Oil prices climbed by around 1 percent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance.

 

International Brent crude oil futures were at $60.86 per barrel, up 66 cents, or 1.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.22 per barrel, up 57 cents, or 1.1 per cent.

12:01 PM

Nifty Auto index is trading over 3% higher led by Motherson Sumi Systems

11:49 AM

Hero MotoCorp hits 11-week high; stock rallies 5%

Shares of Hero MotoCorp hit an 11-week high of Rs 3,195 apiece, up 5% on the BSE on the back of heavy volumes, over the expectations of pick up demand in the rural market.
 

The stock world’s largest two-wheeler manufacturer was the top gainer among Sensex and Nifty 50 stocks. It was trading at its highest level since September 24, 2018, on the BSE. READ MORE

11:39 AM

Top gainers and losers in S&P BSE Sensex

11:35 AM

Web Exclusive BJP faces an uphill task in 2019; populist measures likely: Analysts

 

Even though the outcome of state polls cannot be entirely extrapolated to what may happen in the general elections scheduled for 2019 as the former are fought more on local issues, most brokerages say that the Bharatiya Janata Party (BJP) now faces an uphill task in rejuvenating the electorate in their favour. Managing caste equations, pre-poll alliances, they feel, will be quite critical going into 2019. Click here to read more
 

11:15 AM

ADB retains Indian growth forecast at 7.3% for FY19

Asian Development Bank Wednesday said it has retained its India growth forecast at 7.3 per cent for current fiscal and 7.6 per cent in the following financial year.

 

India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output, ADB said in its Asian Development Bank Outlook Supplement. READ MORE