Market off day's low; Bank Nifty down for 2nd day

Benchmarks were off the day's low and traded with small losses in morning trade. At 10:23 IST, the barometer index, the S&P BSE Sensex, was down 73.47 points or 0.17% at 43,949.31. The Nifty 50 index was down 16.5 points or 0.13% at 12,841.75.

In the broader market, the S&P BSE Mid-Cap index was down 0.02% while the S&P BSE Small-Cap index fell 0.07%.

The market breadth was positive. On the BSE, 1177 shares rose and 1025 shares fell. A total of 137 shares were unchanged.

The November 2020 F&O contracts will expire today, 26 November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,52,344 active cases of COVID-19 infection and 135,223 deaths while 86,79,138 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

SEBI Regulation:

The Securities and Exchange Board of India (SEBI) has withdrawn a proposal to increase the margin requirement for non-futures and options (F&O) stocks in the cash market. Earlier this year, as the volatility spiked in the stocks following COVID-19 pandemic and heavy fall in global equities, SEBI, on March 20 this year had proposed to raise the margin requirement for non-F&O stocks to 40% in a phased manner.

Economy:

RBI released Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs) yesterday. Bank credit growth (Y-o-Y) decelerated to 5.8% in September 2020 from 8.9% a year ago: the deceleration was recorded across the population groups (i.e., rural, semi-urban, urban and metropolitan). Annual growth (Y-o-Y) in credit by private sector banks moderated significantly to 6.9% in September 2020 from 14.4% a year ago, whereas it increased marginally for public sector banks to 5.7 per cent from 5.2 per cent over the same period.

Buzzing Index:

The Nifty Bank index slipped 130.8 points or 0.45% to 29,065.60. The index has slipped 2.26% in two days.

Bandhan Bank (down 2.76%), IndusInd Bank (down 2.11%), RBL Bank (down 1.81%), IDFC First Bank (down 0.84%), SBI (down 0.66%), Bank of Baroda (down 0.51%) and Federal Bank (down 0.51%) were top losers in banking segment.

Stocks in Spotlight:

Siemens jumped 8.23%. The company reported 0.9% decline in standalone net profit to Rs 327.60 crore on a 9.2% fall in net sales to Rs 3,422.40 crore in Q4 September 2020 over Q4 September 2019. Profit before tax in the fourth quarter stood at Rs 440 crore, down by 10.5% from Rs 491.40 crore in the same period last year. For the quarter July-September of financial year 2020, new orders from continuing operations grew by 8.7% over the prior year and stands at Rs 3,220 crore. The company has a strong order backlog of over one year's revenue, partially on account of the period of lockdown in the country, which resulted in reduced revenues, it added.

Cochin Shipyard rose 1.70% to Rs 362.25. The company signed contracts for the construction and supply of two autonomous electric ferry for ASKO Maritime AS, Norway with an option to build two more identical vessels in 15 July 2020. This autonomous electrical vessel project in Norway is partially funded by the Norwegian Government aimed at emission-free transport of goods across the Oslo fjords. Once in operation, these vessels would emit zero carbon emission.

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