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MARKETS: Sensex up 428 on global cues; Nifty holds 12K ahead of FM presser

All that happened in the markets today

Markets

Indian equity markets edged higher for the third straight session as positive global cues fueled investors' risk appetite. While metal stocks charged ahead during Friday's trading session after US President Donald Trump said Washington and Beijing are very close to signing a “big” trade deal, auto stocks gained as Conservative leader Boris Johnson won election in the United Kingdom, paving way for Brexit-divorce deal by Janurary 31, 2020.

Besides, public sector banks (PSBs) rallied today after reports suggested that the government is considering increasing the government bond investment limit of foreign portfolio investors (FPIs) to at least 10 per cent of the outstanding, from 6 per cent now, with an aim to incorporate local bonds into global bond indices.

At close, the benchmark S&P BSE Sensex settled 428 points, or 1.05 per cent higher, at 41,009.71 level. Vedanta, Axis Bank, State Bank of India, ans Maurti Suzuki ended as the top gainers among the Sensex pack. On the contrary, Bharti Airtel, Bajaj Auto, and Asian Paints settled as top laggards.

On the NSE, the Nifty50 closed near 12,100-mark, up 114 points, or 0.95 per cent, at 12,085.70 level.

For the week, Sensex added 1.5 per cent, Nifty50 advanced 1.4 per cent, and Nifty Bank index gained 2.2 per cent.

Sectorally, all the indices ended the day with gains. Nifty PSU Bank index gained the most, up nearly 4 per cent, followed by Nifty Metal index (up 2 per cent).

In the broader market, both, the S&P BSE mid-cap and small-cap indices closed 0.89 per cent higher at 14,824.80 and 13,334.45, respectively.

GLOBAL CUES

Asian share markets jumped on Friday as a last-gasp Sino-US trade deal and a likely major election win by Britain’s Conservative Party looked to have cleared a couple of dark clouds from the global horizon.

Japan's Nikkei index advanced 2.5 per cent, South Korea's Kospi 1.5 per cent, and China's Shanghai Composite index settled 1.8 per cent higher.

In Europe, pan-regional STOXX 600 share market jumped 1.5 per cent higher.

(With inputs from Reuters)

3:40 PM

Sectoral trends on NSE at close

3:39 PM

Top gainers and losers at S&P BSE Sensex at close

3:37 PM

Closing Bell

-- Indian equity markets edged higher for the third straight session as positive global cues fueled investors' risk appetite.

-- At close, the benchmark S&P BSE Sensex settled 428 points, or 1.05 per cent higher, at 41,009.71 level.

-- On the NSE, the Nifty50 closed near 12,100-mark, up 114 points, or 0.95 per cent, at 12,085.70 level.

3:26 PM

Sharp fall in HDFC Bank

3:21 PM

Sector watch :: Sugar stocks rally

Dhampur, Dwarikesh, EID Parry, Balrampur Chini Mills surges over 4%

COMPANY NAME	LATEST	HIGH	LOW	CHG (rs)	CHG(%)	VALUE (rs CR)	VOLUME
BAJAJ HINDUSTHAN	6.44	6.48	6.15	0.29	4.72	0.20	313172
BALRAMPUR CHINI	171.00	172.00	163.05	7.45	4.56	1.51	88042
EID PARRY	204.85	206.40	195.95	9.45	4.84	1.30	63527
DWARIKESH SUGAR	26.40	26.55	24.80	1.55	6.24	0.15	58066
SH.RENUKA SUGAR	7.95	7.98	7.70	0.34	4.47	0.04	56013

3:19 PM

Sharekhan on Maruti Suzuki

We have marginally raised our FY21 estimates to factor in benefit of price increases. We retain Hold rating on the stock with an unchanged price target of Rs 7,500. Valuations at 23.2x FY2022 earnings are expensive and at the higher end of the long term historical average. Any benefit provided by Government (personal income tax cut) could lift the demand and positively surprise earnings.

3:19 PM

Centrum on Ujjivan Small Finance Bank

Ujjivan Small Finance Bank (SFB) saw a stellar listing and it closed at Rs56 vis-à-vis its listing price of Rs37 (+51% gains). The holding company’s stake post listing stands at 82%. The management has suggested that reverse merger discussions with the RBI will be renewed though alternatively they are exploring stake dilution via an OFS or an acquisition.

Given the likelihood of further hold-co dilution, we recommend to Buy Ujjivan SFB and Sell Ujjivan Financial Services. H1FY20 saw robust AuM growth of 55% YoY with provision costs being intact at 82bps. Good management quality, strong Tier-1 capital at ~30% (post infusion) and controlled asset quality are key positives. See FY22E RoA/RoE at 2.6%/20%. We shift coverage to Ujjivan SFB and assign a Buy rating. Valuation at 2.3x FY22 ABV looks attractive

3:16 PM

Nomura on US Fed

The Fed’s balance sheet expansion has helped to stabilize funding markets (even though turn -of-the-year funding remains tight), and the episode in September likely demonstrated to the Fed that reserves were too low, while there were a number of aggravating factors at the time (bond settlement, tax payments). We expect the Fed to continue expanding reserves to around USD1.6trn by Q2, which should significantly reduce the likelihood of an event similar to September. However, as the BIS highlighted in its recent quarterly review, there are a number of structural considerations that have raised the risk of a similar event occurring in the future.

3:15 PM

Jefferies on UK election outcome

With the threat of a hung parliament gone, as well as the extinguishing of a Labour threat to nationalise certain transport and utilities, UK risk assets should perform well. Assuming the previous deal agreed by PM Johnson and the EU is ratified by parliament, it remains to be seen how discussions concerning the UK's future relationship with the EU unfold. The strong performance of the Scottish National Party will almost definitely reopen the battle for Scottish Independence.

London: Britain's Prime Minister Boris Johnson speaks during his ruling Conservative Party's final election campaign rally at the Copper Box Arena in London, Wednesday, Dec. 11, 2019 | Britain goes to the polls on Dec. 12 | AP/PTI

3:11 PM

Sector watch: Nifty Realty index nears 52-week high; DLF hits 22-month high

Shares of real estate companies were in focus on Friday with Nifty Realty index rising 2 per cent, hitting an over five-month high led by DLF and Oberoi Realty. At 02:35 pm; Nifty Realty index was up 1.8 per cent at 287.50 points, as compared to 0.91 per cent in the benchmark Nifty 50. The realty index hit an intra-day high of 288.55, its highest level since July 5, 2019. The index is 2.4 per cent away from its 52-week high level of 295.50. READ MORE

3:09 PM