F&O expiry: Sensex up 453 pts, Nifty Nov gain sharpest since Mar'16 expiry

The Nifty Metal index rose 1.92 per cent led by a rise in Vedanta, Hindalco Industries. The Nifty Bank index, too, jumped 1.82 per cent led by HDFC Bank and IndusInd Bank

3:52 PM

Top sectoral gainers and losers on NSE

3:52 PM

S&P BSE Sensex: Top gainers and losers

3:33 PM

Market at close

 

The S&P BSE Sensex climbed 453 points or 1.27 per cent to end at 36,170 while NSE's Nifty50 index reclaimed the crucial 10,850 level to settle at 10,859, up 130 points or 1.21 per cent.

3:23 PM

Blockchain platform goes live for North Sea crude oil trading

Oil majors and trading firms can start finalising crude oil deals on a live blockchain-based platform for the first time, in a move that could revolutionise the market.

 

Commodities trading firms have piloted similar schemes in recent years as blockchain technology has the potential to drastically cut costs in an environment of razor-thin profit margins. READ MORE

3:08 PM

Gold remains subdued on muted demand; silver recovers

Gold remained weak for the second straight day as the price fell by Rs 20 to Rs 31,540 per 10 gram at the bullion market Thursday on tepid demand from local jewellers amid appreciating rupee, ignoring a firm trend overseas.

 

On the other hand, silver recovered by Rs 60 to Rs 37,160 per kg on scattered enquiries from industrial units amid better global cues. READ MORE

2:50 PM

Anand Rathi on Century Plyboards

Held back primarily by poor margins in MDF (more pricing pressure because of increased industry capacity) and in laminates (higher input costs), Century’s Q2 was weak, with PAT down 6% y/y. Besides, the depreciating rupee played a role (at the PBT level, forex loss of Rs 108m). Plywood, on the other hand, did better.

For these reasons, we cut our FY19e and FY20e earnings respectively 9.3% and 6.7%. Expecting a gradual recovery in margins (on a price hike in laminates and normalisation of pricing pressure in MDF), we now expect 15% and 26% CAGRs over FY18-20 in respectively revenue and PAT. We maintain a Buy with a lower target price of `225 (20x FY20e P/E).

2:49 PM

ICICI Securities on HEG

Going forward, we expect the share of the electric arc furnace (EAF) route in overall steelmaking to increase further thereby supporting global graphite electrode demand. We continue to value the company at 10x FY20E EPS of | 575 thereby arriving at a target price of | 5750. We maintain our BUY rating on the stock.

In addition to healthy demand prospects, the capacity expansion announced by HEG will provide healthy revenue visibility over a medium-term. Hence, this reiterates our positive view on the stock.

2:47 PM

ICICI Securities on Somany Ceramics

Going ahead, with a steady improvement in demand and revival of EBITDA margin with a sharp fall in crude oil & higher share of value added product along with recent price hike of 2-3% across portfolio, we believe its financial performance is set to improve, going ahead. Also, the stock is currently trading at 13.7x FY20E EPS, which is at ~45% discount to Kajaria’s valuations.

With the anticipated improvement in financial performance, we believe this discount should narrow down. Hence, we upgrade the stock to BUY recommendation, with a target price of | 375/share (18x FY20E EPS).

2:46 PM

Kotak Securities on Time Technoplast Limited (TTL)

TTL is trading at P/E of 12.8x and 10.1x FY19E and FY20E earnings respectively, which is attractive as it is at a discount to midcap index valuation. In recent months, the TTL stock has been derated in line with general sell-off in the midcaps and smallcaps universe.

At the current price, valuations are attractive. Hence, we continue to maintain our positive stance on the company. We value the stock at 13x FY20 earnings and arrive at a price target of Rs 145 (Rs 195 ealier, based on 15x FY20E).

2:46 PM

Adani Enterprises to self-finance Carmichael mine project; stock rises 8%

 

Shares of Adani Enterprises have moved higher by 8% to Rs 170 on BSE on back of heavy volumes after the company said it will fund the entire cost of its controversial Queensland coal mine and rail project in Australia. “Adani Mining's Carmichael mine and rail project will be 100% financed through the Adani Group's resources, Adani Mining CEO Lucas Dow announced in Central Queensland today,” Adani Enterprises said in a press release. Read more

2:45 PM

Sector watch: Nomura on automobiles

Our industry interactions indicate that festive retails have been flattish across PVs/2Ws which has led to higher inventory levels. We believe this should lead to slower wholesales in the month. For Nov-18, we expect passenger vehicle (PV) industry volumes to decline 1% y-y. We expect Maruti Suzuki to be broadly in line. MSIL had seen 6% growth in festive season retails after being flat in the first half of the season. We are factoring in 5% yoy PV industry growth in FY19F, implying ~5% y-y growth in the remaining 4MFY19F.

Maruti Suzuki remains our long-term top pick in the sector, given a strong model cycle and high FCF generation. We also like M&M and Hero Motocorp given high FCF free cash-flow yields.

2:43 PM

Nomura on Axis Bank

We expect ROEs of 16.5% by FY21F and there is more room for potential upside on NIMs/opex. While valuations at 1.9x Sep-20F book are no longer depressed, we see a re-rating possibility to 2.5x multiple due to better asset/liability mix than previous cycle and normalization of ROEs to 16-17%. Maintain BUY and our target price of Rs 750; Axis Bank remains one of our preferred picks.

2:35 PM

S&P BSE Sensex top gainers and losers

2:14 PM

Govt ETFs seen stoking arbitrage play, investors redeem 75% of issued units

 

While exchange traded funds (ETFs) have proved to be successful avenues for disinvestments, they are feared to be used as arbitrage vehicles by investors. So far, the government has mobilised Rs 343 billion through the route by introducing the CPSE and Bharat-22 ETFs. In other words, it has issued units worth Rs 343 billion during the new and follow-on fund offerings (NFOs and FFOs). However, at the end of last month, nearly 75 per cent of the units were redeemed by investors. Read more

2:07 PM

Aditya Birla Sun Life Insurance to bet on OMCs ahead of 2019 elections

 

India's Aditya Birla Sun Life Insurance (ABSLI) plans to increase its holdings in oil marketing companies as crude prices come under pressure and valuations in the sector turn attractive ahead of general elections next year. "I think over the last five years we've seen a huge re-rating of these stocks and a very sharp correction as we approach the elections," Deven Sangoi, chief investment officer for equities at ABSLI, the life insurance arm of Aditya Birla Capital, told Reuters. Read more

 

2:02 PM

WEB EXCLUSIVE After a choppy CY18 so far, will markets see Santa Claus rally in December?

 

It has been a choppy calendar year 2018 (CY18) thus far for the markets. The S&P BSE Sensex has moved up nearly 5 per cent on a year-to-date basis after a stellar rise of 28 per cent in CY17. Confusion over long-term capital gains tax in the Budget, rate hikes by the US Federal Reserve, trade war fears, wobbly FII and mutual fund flows in the equity segment, spiralling crude oil prices, pressure on macros (fiscal and current accounts), fall in rupee and the crisis in the bank and non-bank finance segments were among the key factors that impacted sentiment in CY18. Click here to read more

markets

1:43 PM

Top gainers in BSE 500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INFIBEAM AVENUES	44.10	3.95	9.84	2746604
GHCL	220.00	14.40	7.00	27373
JUBILANT LIFE	742.30	47.70	6.87	49972
T.V. TODAY NETW.	384.90	20.90	5.74	2515
VINATI ORGANICS	1463.70	79.35	5.73	2276

1:30 PM

ONGC, Coal India, NTPC among 22 stocks from BSE500 index hit 52-week lows

 

Shares of Oil and Natural Gas Corporation (ONGC), Coal India, NTPC and YES Bank from the S&P BSE Sensex hit their respective 52-week lows in an otherwise firm market on Thursday. At 11:55 am; the benchmark index was up 1% at 36,073 points. In past one month, these four stocks have underperformed the market by falling between 10% and 17%, as compared to a 6% rise in the Sensex. Read more

1:15 PM

Mauritius, Singapore funds likely to shift to GIFT City after Sebi norms

 

About a fourth of India-focused funds based in Singapore and Mauritius could potentially migrate to the International Financial Services Centre (IFSC) at GIFT City, Gujarat, in the next few years, in the light of the new guidelines for alternative investment funds (AIFs) operating out of the region. Read more

 

1:02 PM

BSE creates new division for listing of startups

To make stock market listing attractive for startups, leading stock exchange BSE has announced the creation of a new division within its SME segment to list new-age companies.

 

The platform will facilitate the listing of companies in sectors like IT, ITeS, bio-technology and life sciences, 3D printing, space technology and e-commerce. READ MORE

12:43 PM

Devangshu Datta Metals and mining may underperform in the second half

Metals and mining was the best performing sector in the September quarter. The global commodity cycle was up strongly for non-precious metals, and for energy. In addition, tariff protections added to the margins for metals and helped benefit local steel manufacturers, while the bullish global trends benefited Coal India and NMDC; also, to some extent, Oil & Natural Gas Corporation and Oil India. The reversal in crude oil prices has been highlighted but the reversal in industrial metals is also worth noting. READ MORE

12:30 PM

Hotel Leela Ventues, Kamat Hotels jump up to 20% on hopes of robust growth

 

Shares of hotel companies Hotel Leela, Kamat Hotels, Sayaji Hotels, TajGVK and Oriental Hotels rallied up to 20 per cent on BSE in the intra-day trade on Thursday, on expectations of robust growth in the coming years. On Wednesday, shares of Hotel Leela Venture surged 20 per cent to Rs 15.28 on the BSE in intra-day trade amid reports that a consortium, including Thailand’s Minor International, is considering an investment of about Rs 2.5 billion ($350 million) to acquire a majority stake in Indian hospitality firm. Read more

12:15 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	36,063.47	+346.52	+0.97
S&P BSE SENSEX 50	11,314.42	+100.80	+0.90
S&P BSE SENSEX Next 50	32,005.21	+176.01	+0.55
S&P BSE 100	11,066.12	+93.02	+0.85
S&P BSE Bharat 22 Index	3,417.45	+16.77	+0.49

12:05 PM

Mid, small-cap indices underperform benchmarks; Adani Transmission dips 4%

Bucking the broader market trend, the midcap and smallcap indices were trading weak in the late morning deals on Thursday. At 11:34 am, the S&P BSE MidCap index traded 65 points or 0.44 per cent higher at 14,928, with TI Financial Holdings being the top gainer (up 4 per cent) and Adani Transmission (down 4 per cent) the top loser. On similar lines, the S&P BSE SmallCap index was trading at 14,345, up 23 points or 0.17 per cent. READ MORE

11:45 AM

Top gainers on BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
INFIBEAM AVENUES	43.80	3.65	9.09	2264778
JUBILANT LIFE	731.00	36.40	5.24	24613
8K MILES	173.15	8.20	4.97	2883
KWALITY	11.72	0.55	4.92	555994
SHANKARA BUILD.	702.80	32.05	4.78	56661

11:31 AM

Hindustan Unilever nears record high; gains 14% in one month

Shares of fast moving consumer goods (FMCG) major Hindustan Unilever (HUL) were up 2% at Rs 1,777 per share, rising 14% in the past one month, on expectations of better volume growth/margin delivery against its peers. The stock was trading near its record high level of Rs 1,808 touched on August 20, 2018, on the BSE in intra-day trade. READ MORE

11:19 AM

Apollo Tyres to maintain momentum in coming quarters on margin uptick

After outperforming the Indian tyre sector in the September quarter with a volume growth of 26 per cent, Apollo Tyres is expected to maintain its momentum in the coming quarters given higher share of truck radial business, strong replacement demand and higher utilisation levels.

 

Softer raw material prices, both for natural rubber as well crude oil derivatives such as synthetic rubber, nylon tyre cord and carbon black, will help on the margin front for both the sector as well as Apollo Tyres. READ MORE

11:05 AM

S&P BSE Sensex top gainers and losers

10:48 AM

Adani Power hits over three-year high; stock zooms 135% in two months

 

Shares of Adani Power hit an over three-year high of Rs 56 per share, gaining 3% on Thursday, and surging 58% in past one month after the Supreme Court permitted the Gujarat Government to approach the Central Electricity Regulatory Commission (CERC) for implementation of recommendations made by the High Power Committee. The stock was trading at its highest level since March 9, 2015, on the BSE. Read more

10:36 AM

ICICI Bank, Axis turn weakness into strength as investors lap up shares

 

With foreign investors lapping the shares of Axis Bank and ICICI Bank, and Indian investors (including ‘big bull’ Rakesh Jhunjunwala) are turning optimistic, the two lenders certainly got something right over the years. The year 2018 has rewarded them with stock gains of 9–14 per cent so far, top performers among the private peers. The thumbs-up from the Street is largely backed by fundamentals, which have turned favourable. Read more