MARKET WRAP: Sensex cracks 572 pts on global sell-off; IT, auto stocks drag

The Nifty IT index fell 2.1 per cent weighed by Infibeam Avenues, Tech Mahindra and Infosys. The Nifty Auto index, too, ended 2.2 per cent lower pulled by Maruti Suzuki and Tata Motors.

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 shed 572 points or 1.59 per cent to settle at 35,312 while NSE’s Nifty50 index dropped 182 points or 1.69 per cent to end at 10,601.

3:24 PM

NEWS ALERT Saudi Energy Minister: 1 mbpd cut will be sufficient to balance the market; still considering a number of options for production cut

3:22 PM

NEWS ALERT Saudi Energy Minister: As of now, we do not have an agreement, all options are on the table. Important to get Non-OPEC producers on board

3:15 PM

Gold declines on profit-taking, firm dollar

Gold prices edged lower on Thursday in range-bound trade as investors booked profits and the dollar strengthened, while palladium fell from a record high hit in the previous session.

 

Spot gold fell 0.2 per cent to $1,235.57 per ounce at 0823 GMT, while US gold futures were 0.1 per cent lower at $1,240.8 per ounce. READ MORE

3:09 PM

OPEC waiting for Russia before deciding how much oil to cut

OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

 

Five delegates said the group was waiting for news from Russia as Energy Minister Alexander Novak had flown back from Vienna for a possible meeting with President Vladimir Putin. READ MORE

2:54 PM

NEWS ALERT Govt to infuse Rs 30.54 bn in Allahabad Bank

2:49 PM

China to immediately implement truce measures to resolve trade spat

China said Thursday it would "immediately" implement measures agreed under a trade war truce with the United States. The commerce ministry's remarks came days after US President Donald Trump and Chinese leader Xi Jinping agreed to give negotiators 90 days to resolve their trade spat. READ MORE

2:44 PM

Nifty IT index is trading over 2% lower weighed by Infibeam

2:27 PM

Chart Reading: Will Nifty Bank gain or lose strength in today's expiry?

 

Global cues impacted market trend on Thursday. The Open Interest (OI) data oscillated from longs to writing. The fall of approximately 500 points on Nifty Bank ranging from 26,644 to the current intra-day levels of 26,160 along with gap down have hurt the trading psyche. For today, as per intra-day chart, spot Nifty Bank has the resistance at 26,300 and 26,360. A sustainable move above 26,300 and decisive breakout above 26,360 will have an impact on Nifty Bank December current price of call (CE) 26,400. Read more

2:15 PM

Top losers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
NAVKAR CORPORAT.	51.75	-4.30	-7.67	30440
NCC	77.85	-6.00	-7.16	1678416
INDIABULLS HOUS.	729.00	-46.80	-6.03	444463
PC JEWELLER	64.15	-3.85	-5.66	1252260
ADANI POWER	50.95	-3.05	-5.65	1189476

2:02 PM

Web Exclusive Is Nifty IT index the best bet when frontline indices correct?

 

Nifty IT index has rebounded sharply from 200-day Exponential Moving Average (EMA) and is currently halted at 50-day EMA and 100-day EMA located at 14,690 and 14,630, respectively. The technical indicator Relative Strength Index (RSI) is hovering around 60-odd levels while Moving Average Convergence Divergence (MACD) is trending above zero line. Read more

1:47 PM

Rupee could slip to 75 against dollar by end-2019 on widening CAD: Fitch

Fitch Ratings said on Thursday it expects the Indian currency to weaken to 75 rupees against the U.S. dollar by the end of next year on a widening current account deficit and tighter global financing conditions. READ MORE

1:31 PM

Not just tariffs, Donald Trump also uses uncertainty as a trade war weapon

President Donald Trump has used tariffs as one of his most powerful tools for fighting his trade wars, but he’s also wielding leverage with another weapon: uncertainty.

 

Through his trade threats and the doubts he has raised about the future of even America’s longest-term economic relationships, Trump has created what could easily be called an uncertainty economy. And it is one that has baffled leading economists. READ MORE

1:22 PM

IDFC Securities to finalise buyer on Friday; Equirus among four in fray

IDFC Ltd will finalise the buyer for its broking arm on Friday, said people with the direct knowledge of the development. At least three bidders are in the fray to acquire IDFC Securities, which has substantial presence in the investment banking and institutional broking business. Meanwhile, Dharmesh Mehta, former managing director and chief executive officer of Axis Capital, has withdrawn his application. READ MORE

 

1:07 PM

S&P BSE Sensex top gainers and losers

12:47 PM

New retail benchmarks set by RBI likely to hit profitability of banks

Though borrowers from retail and micro, small and medium enterprises (MSME) segments will benefit from the transparent and standard lending rate structure, the same will impact profitability of banks.

 

The Reserve Bank of India (RBI) on Wednesday announced the linking of all new floating retail and MSME loans to external benchmarks such as RBI’s policy rate, and yields on 91 or 182-day government treasury bills (T-bills), from April 2019. READ MORE

12:31 PM

Fitch cuts India's growth forecast to 7.2% in FY19 on higher financing cost

Fitch Ratings Thursday revised downwards India's GDP growth forecast to 7.2 per cent for current fiscal citing higher financing cost and reduced credit availability. In its Global Economic Outlook, Fitch projected that for 2019-20 and 2020-21 financial years, India's GDP growth will be 7 per cent and 7.1 per cent respectively. READ MORE

12:19 PM

ICICI Lombard nears 52-week high; stock up 14% in a week

Shares of ICICI Lombard General Insurance Company has moved higher by 2% to Rs 912 per share on the BSE in an otherwise weak market. The stock was trading close to its 52-week high of Rs 936 touched on September 17, 2018, in intra-day trade.

In past one week, the stock of general insurance company has outperformed the market by gaining 14% after the private equity investor Warburg Pincus on Friday sold nearly three percentage point stake in the company through the open market. In comparison, the S&P BSE Sensex was down 2% during the same period. READ MORE

12:04 PM

Market check 

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,504.84	-379.57	-1.06
S&P BSE SENSEX 50	11,147.91	-131.19	-1.16
S&P BSE SENSEX Next 50	31,248.29	-491.84	-1.55
S&P BSE 100	10,888.56	-134.51	-1.22
S&P BSE Bharat 22 Index	3,335.14	-33.22	-0.99

11:52 AM

Oil falls amid stock market slide, OPEC meeting eyed

 

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by producer group OPEC that is expected to result in a supply cut aimed at draining a glut that has pulled down crude prices by 30 percent since October.

 

International Brent crude oil futures were at $61.04 per barrel, down 52 cents, or 0.8 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $52.38 per barrel, down 51 cents, or 1 per cent.

11:44 AM

Nifty Realty index is trading 3% lower weighed by DLF

11:28 AM

Amara Raja, Ashok Leyland hit 52-week low; Maruti Suzuki, TVS Motor down 4%

 

Shares of automobile companies are trading lower with Nifty Auto index and S&P BSE Auto index falling 4.5% in past three days as the auto companies delivered a subdued volume performance in November 2018 and concerns of muted outlook. At 10:59 am; Nifty Auto (8,839) and the S&P BSE Auto (19,937) were down 1.7% each, as compared to 1% decline in the benchmark indices Nifty 50 and the S&P BSE Sensex. Read more

11:19 AM

Edelweiss on Nestle

 

Nestle’s focus on innovation, new launches, market share and premiumisation is envisaged to boost volume-led growth and clearly remains unabated. Also, the company’s new strategy— top line and market share focus—is encouraging. We believe it has levers to clock 16.6%, 22.3% and 24.1% revenue, EBITDA and PAT CAGR over CY18-20E.

11:05 AM

NEWS ALERT Sun Pharma promoter create pledge on 30 lakh shares from November 29 to December 4, reports CNBC TV18

11:04 AM

ICICI direct on Phoenix Mills

 

RATING: BUY

PRICE: Rs 622

TARGET: Rs 775

 

PML is currently trading at 14.1x FY20E EV/EBITDA. We like PML given its quality of retail asset portfolio, almost doubling its asset portfolio, which would drive the next leg of growth. In our view, PML’s current valuation reflects only operational retail & commercial asset valuation and does not assign any value to its expansion portfolio (~24% of our valuation). Hence, we initiate coverage on PML with SOTP based TP of Rs 775 per share.

10:59 AM

Top losers in BSE500

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
NCC	76.75	-7.10	-8.47	1234724
KIOCL	141.15	-7.50	-5.05	685
8K MILES	180.85	-9.50	-4.99	13450
JUST DIAL	466.35	-24.20	-4.93	179142
KWALITY	9.10	-0.47	-4.91	9553

10:45 AM

NEWS ALERT Fitch sees Rupee weakening to 75 per dollar by FY19 end

10:43 AM

NEWS ALERT Fitch cuts India FY20 GDP growth forecast to 7% from 7.3%