MARKET WRAP: Sensex gains 373 pts, Nifty ends at 10,629 led by FMCG stocks

The Nifty FMCG index ended 2.4 per cent higher led by Dabur India, Colgate Palmolive (India) and Hindustan Unilever

3:39 PM

Top sectoral gainers and losers on NSE

3:38 PM

S&P BSE Sensex: Top gainers and losers

3:35 PM

Market at close
 

The S&P BSE Sensex climbed 373 points or 1 per cent to settle at 35,354 while the Nifty50 index of National Stock Exchange gained 102 points or 0.97 per cent to end at 10,629.

3:17 PM

IHH Healthcare eyes listing SRL Diagnostics, plans to market brand abroad

SRL Diagnostics, an arm of Fortis Healthcare, is likely to be listed on the stock exchanges in 2019. IHH Healthcare Bhd of Malaysia, which is in the process of taking over SRL, has plans to take the brand to markets abroad in the medium to long term, sources claimed. READ MORE

2:58 PM

Stock impact: HEG stock gains 1.5% as board approves share buyback at Rs 5,500 per share

2:54 PM

NEWS ALERT HEG Board approves share buyback up to 13.6 lakh shares at Rs 5,500 per share

2:53 PM

EARNINGS IMPACT

2:51 PM

NEWS ALERT HUDCO reports Q2 net profit up 6.2% at Rs 2.82 bn Vs Rs 2.65 bn on year-on-year

2:46 PM

WEB EXCLUSIVE Morgan Stanley, Credit Suisse slowly turn positive on Indian equities

 

Global brokerages – Credit Suisse and Morgan Stanley – are slowly turning positive on Indian equities despite the uncertainty regarding the state and general election outcome over the next few months. Besides Japan, Brazil, Thailand and Indonesia, analysts at Morgan Stanley have reiterated their overweight stance on India for 2019 and prefer utilities, IT services/software and capital goods sectors in the Indian context. Click here to read more

2:29 PM

Oil price collapse fuels India's sovereign bonds to their best quarter

Oil’s price collapse is driving India’s sovereign bonds to their best quarter in more than a year. Expectations of rate increases by the central bank have weakened after the slump in the price of Brent crude -- India’s top import -- and the easing in retail inflation to a 13-month low. The debt-buying support from the Reserve Bank of India has given investors another reason to cheer the end of the longest stretch of losses since 2011. Read more

 

2:16 PM

FMCG shares in focus; HUL, Dabur India rise 4%

 

Shares of fast moving consumer goods (FMCG) companies were in focus in an otherwise range-bound market on stable outlook. Hindustan Unilever (HUL), Dabur India, Colgate-Palmolive (India), Godrej Consumer Products and GlaxoSmithKline Consumer Healthcare were up in the range of 1% to 4% on the National Stock Exchange (NSE). Read more

 

2:12 PM

NEWS ALERT Jet Airways appoints Robin Kamark as nominee director of Etihad Airways with effect from 1 December 2018

2:03 PM

S&P BSE Sensex top gainers and losers

1:45 PM

Now is the time for investors to bet on 2019 election results: FundsIndia

Now is the time for equity investors to bet on India’s election results, even though the polls aren’t likely till May, according to FundsIndia.

 

Investing five to six months before the elections in 2009 and 2014 earned an average three to six percent more than the Indian benchmark return in the five-year period to the next vote, said Vidya Bala, head of mutual fund research at the online retail investment platform with assets equivalent to $775 million under management. READ MORE

1:30 PM

FIIs bullish on domestic financial space, DIIs prefer FMCG: Analysts

Foreign institutional investors (FIIs) are the most bullish on the domestic financial space, while domestic institutional investors (DIIs) prefer fast-moving consumer goods space (FMCG), shows analysts of shareholding data for the quarter ended September 2018. Nearly 14 per cent of FII assets deployed in BSE 500 companies are towards non-banking financial companies (NBFCs), which has a weightage of 9.7 per cent. READ MORE

1:16 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
ADANI POWER	50.20	2.70	5.68	2698799
8K MILES	149.65	7.10	4.98	815
KWALITY	10.14	0.48	4.97	2309796
V-MART RETAIL	2485.00	104.85	4.41	3144
KANSAI NEROLAC	461.40	16.80	3.78	27766

1:02 PM

WEB EXCLUSIVE Base metal prices at crossroads; analysts prefer Hindalco

Base metals prices are at a crossroad. All eyes, analysts say, are now set on the outcome of the upcoming G20 summit that will have a bearing on how metal prices play out going ahead. A failure to reach an agreement could see import duties on Chinese goods raised to 25 per cent from the current 10 per cent, which analysts say will be damaging for the world economy.

 

The trade-related tension between the world’s two biggest economies has already seen across-the-board selling in metal space. Base metal prices, including copper, have corrected 18 – 20 per cent on an average since June 2018. READ MORE

12:46 PM

Paint companies rise up to 4% as crude oil price slumps

 

Shares of paint stocks rallied over 4 per cent on BSE in the intra-day trade on the back of falling crude oil prices. Paint companies are expected to gain from decline in crude oil prices as it is one the key raw materials in paint manufacturing. The stocks of three paint companies — Asian Paints, Berger Paints and Kansai Nerolac (Nerolac) — surged 15-23 per cent over the last one-month against a 2.6 per cent rise in the S&P BSE Fast Moving Consumer Goods (FMCG) index. A fall in valuation after the recent correction in the FMCG space too supported the rally in the stocks. Read more

12:31 PM

6 of top valued cos take Rs 740.3 bn m-cap hit; TCS leads with Rs 251.4 bn

The combined market valuation of six of the 10 most valued Indian companies declined by Rs 740.34 billion last week, led by IT major TCS which took the largest hit of Rs 251.40 billion.

 

For the trading week ended Thursday, Reliance Industries Ltd (RIL), TCS, HUL, Infosys, SBI and ICICI Bank witnessed a decline in their market capitalisation (m-cap), while HDFC Bank, ITC, HDFC and Maruti Suzuki India were on the gainer's side. READ MORE

12:16 PM

Coal India, Vedanta, NTPC, SAIL hit 52-week lows

Shares of Coal India, Vedanta, NTPC, Steel Authority of India (SAIL) and Finolex Cables have hit their respective 52-week lows on the BSE on Monday.

BASF, CARE Ratings, Hexaware Technologies, ITD Cementation, Jindal Stainless, Shankara Building Products, Take Solutions and Timken India were among 18 stocks from the S&P BSE 500 index touching their 52-week lows today. READ MORE

12:08 PM

Market check

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	34,960.69	-20.33	-0.06
S&P BSE SENSEX 50	10,992.83	-10.97	-0.10
S&P BSE SENSEX Next 50	31,862.87	-138.66	-0.43
S&P BSE 100	10,790.99	-16.20	-0.15
S&P BSE Bharat 22 Index	3,409.46	-15.96	-0.47

12:05 PM

MARKETS AT NOON Sensex heat map

12:03 PM

Reliance Securities on HeidelbergCement India

HeidelbergCement India (HCIL) gained over 1.5% in last trade on the expectation of sustainable strong performance mainly to be aided by healthy volume and firm realization in Central markets. f Its 1HFY19 performance remained strong and surpassed the estimates due to better-than-expected sales volume, superior realization and cost saving measures.

While capacity constraint seems to the key hurdle for HCIL as of now to get re-rated, we are hopeful it to get addressed in the medium term. f Looking ahead, we expect visible de-leveraging of balancesheet (repaid ECB of Rs750mn in 1HFY19) and healthy operating efficiencies are expected to result in improvement in return ratios. f We maintain our fundamental BUY recommendation on the stock with a Target Price of Rs220.

 

12:02 PM

Geojit Financial Services on Natco Pharma

At current Rs 731, NATCO is trading at a P/E of 16x on FY20E EPS. We believe that increasing copaxone market share and better results from EM’s will propel the PAT growth. We project export formulations to grow at ~34% CAGR over FY18-20E and increase our FY19 margin estimates and adj PAT by 170bps and 12% resp. We therefore retain the multiple of 18x and arrive at a target price of Rs842 and recommends ‘Buy’ rating.

12:00 PM

ICICI Securities on Rupa & Co

With the Indian innerwear market still dominated by unorganised players (50% market share), we expect Rupa to be a beneficiary of the recent GST rollout given its strong brand legacy and robust distribution network. Factoring in the performance of H1FY19, we revise our estimates downwards and expect sales and PAT CAGR of 10% and 14%, respectively, in FY18-20E.

Subsequently, we lower our target MCap/sales multiple to 2.0x FY20E revenue vs. 2.5x earlier. With the recent stock correction, we maintain BUY with a revised target price of Rs 370.

11:59 AM

Emkay on Vodafone-Idea

Management has outlined strategies including 1) an accelerated pace of integration process to achieve cost-synergy targets by FY21 instead of FY23; 2) focused network investments in profitable circles and enhance data capacity; 3) ARPU accretion through various subscriber-focused initiatives; 4) a focus on growing revenue streams and partnerships; and 5) the strengthening of the balance sheet.

Potential fund-raising and fiber monetization provide lifeline, while weak underlying EBITDA remains a concern. Cost synergies are already factored in our estimates. The potential risk of subscriber loss in the transition phase, the success of minimum recharge plans, and the progress on achieving cost synergies are key monitorables. Maintain Sell with a target price of Rs 33, valuing it at 9x FY21E EV/EBITDA.

11:58 AM

Oil check

Oil prices clawed back some losses after a nearly 8 per cent plunge in the previous session, but remain under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.

 

Front-month Brent crude oil futures rose 91 cents, or 1.6 per cent, to $59.71 per barrel. US West Texas Intermediate (WTI) crude futures, were up 49 cents, or 1 per cent, at $50.91 per barrel. READ MORE

11:57 AM

COMMENT India Ratings and Research on fiscal deficit

India Ratings and Research’s (Ind-Ra) calculation shows that the slippage in central government’s fiscal deficit in FY19 is likely to be INR399 billion. Fiscal deficit in FY19 is estimated to be INR6.67 trillion as against the budgeted INR6.24 trillion (FY18 (revised estimate, RE): INR5.92 trillion). This translates into fiscal deficit/GDP of 3.5% for FY19 compared to the budgeted estimate of 3.3%. This means that FY19 will be the third consecutive year in which fiscal deficit/GDP will be 3.5%.

 

11:35 AM

Nifty Pharma index is trading 1.45% lower weighed by Piramal Enterprises Limited

11:30 AM

Regaining lost ground: India among best-performing emerging markets in Nov

 

The decline in oil prices, along with strengthening rupee, has pushed up India in terms of dollar returns. Among the major emerging market (EM) and Asian economies, the Nifty 50 has given the second-best return of 5.7 per cent in November. In October, the domestic benchmark index was the fifth best with negative a return of 7 per cent. In November, India’s dollar return was only bettered by Indonesia at 7.3 per cent. The fall in oil, India’s biggest import item, has helped in improving sentiment. Read more