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F&O expiry: Sensex up 110 pts, banks gain; Indiabulls Housing Fin zooms 25%

All that happened in markets today.

Image SI Reporter New Delhi
MARKET LIVE: F&O expiry, global cues top factors today; Zee Ent in focus

Equity market ended in the positive territory on Thursday - the last day of the November series of futures and options (F&O) contracts, led by ICICI Bank, Reliance Industries (RIL), TCS, and IndusInd Bank.

The S&P BSE Sensex added 110 points or 0.27 per cent to close at 41,130 levels - its fresh closing high. IndusInd Bank (up over 2.50 per cent) was the biggest gainer on the index while HeroMotoCorp (down 2 per cent) emerged as the top loser. Reliance Industries (RIL) today became the first Indian company to hit Rs 10 trillion market capitalisation. The stock hit a new high of Rs 1,584 on the BSE. 

On the NSE, the Nifty50 index closed at its fresh closing peak of 12,154 levels, up 54 points or 0.44 per cent. The Nifty Bank index ended at 32,124 levels, up 0.8 per cent. 

In the broader market, both mid and smallcap stocks outperformed the market. The Nifty Midcap 100 index gained 1 per cent to end at 17,207 and the Nifty SmallCap 100 index settled at 5,759, up 0.6 per cent. 

Sectorally, except auto stocks, all the indices on the NSE ended in the green. Nifty PSU Bank index surged 3.44 per cent to 2,716 levels, followed by Nifty Metal index, which gained nearly 2 per cent to 2,654 levels.

BUZZING STOCKS

Reliance Industries (RIL) on Thursday became the first Indian company to hit Rs 10 trillion market capitalisation (m-cap) after the stock price hit a new high of Rs 1,584 on the BSE. The oil-to-telecom conglomerate's m-cap zoomed to Rs 10,02,380 crore during the trade on the BSE. At close, the stock settled at Rs 1580, up over 0.65 per cent. 

Shares of Granules India climbed 6 per cent to hit a fresh 52-week high of Rs 135.85 on the BSE on report that private equities (PE) are eyeing controlling stake in the pharmaceutical company. At the close, the stock stood at Rs 129 apiece on the BSE, up 0.4 per cent. 

GLOBAL MARKETS

A four-day rally that had lifted world stocks to near-record highs stalled on Thursday as a US bill backing Hong Kong’s protesters became law, provoking China’s ire and threatening to derail an interim trade deal between Washington and Beijing. Besides, Japanese retail figures slumped the most since 2015 as a sales tax hike dragged on the economy, exacerbating a slowdown caused by slowing exports and manufacturing.

These developments took Asian shares excluding Japan down 0.2 per cent. Japan's Nikkei, Hong Kong's Hang Seng and Shanghai blue chips all closed weaker. A pan-European index opened 0.2 per cent lower, led by trade-sensitive sectors such as autos and tech.

In commodities, oil prices fell for a second day on Thursday after official data showed US crude and gasoline stocks rose. Fresh tensions between the US and China, too, weighed on it. 

(With inputs from Reuters)


3:52 PM

Sectoral gainers and losers on the NSE

3:50 PM

Top gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex added 110 points or 0.27 per cent to end at 41,130 while NSE's Nifty50 index settled at 12,154, up 54 points or 0.44 per cent.
3:26 PM

Zee Entertainment extends fall on resignation of independent directors

The company, on Wednesday, said that independent directors Neharika Vohra and Sunil Sharma had stepped down on November 22 and November 24, respectively. Non-independent director Subodh Kumar had also resigned, Zee said, on the same day that Vohra stepped down. Zee said the disclosures were part of its corporate governance policy. READ MORE  
3:10 PM

Market check

3:09 PM

Buzzing | Indiabulls group shares in demand

-- Indiabulls Housing Finance surges 22%, Indiabulls Real Estate, Indiabulls Venture locked in 5% upper circuit

3:07 PM

Market check | Sensex gains ahead of F&O expiry

2:59 PM

PE funds bet big on crisis-hit NBFCs even as other investors balk

Private equity funds are picking through the rubble of India’s crisis-stricken shadow banking sector, even as other investors balk.
 
The funds have invested about $2 billion this year in the country’s non-bank financing sector, which is worth some $40 billion. While that’s not enough to staunch the 16-month long cash crunch following the collapse of IL&FS Group, it is 50 per cent higher than the average over the last four years and comes after a strong 2018, according to data from research firm Venture Intelligence. READ MORE
 
2:51 PM

NEWS ALERT | Inspection report on Indiabulls Housing Fin, Ventures received: Min of Corporate Affairs

-- Violations pointed out in inspection report being examined

-- Yet to receive inspection report on Indiabulls Real Estate

-- Loans extended to DLF, ADAG, Amricorp have been repaid

-- No violation found w.r.t to allegations made in PIL for 5 loan cases 

-- Loans extended to Vatika, Choridia have been classified as 'Standard a/c'

2:42 PM

Dabur trades near day's low, down 0.7%

2:35 PM

Top losers on BSE at this hour


2:21 PM

Edelweiss on metals and mining sector

Domestic HRC prices continue to rise for a fourth successive week buoyed by firming global prices and restocking. In the past one week, domestic HRC price was up across major regions, settling at an average of INR35,703/t, still at a 2.5% discount to the anti-dumping level. Indian HRC export prices too moved up, mirroring the increase in the Black Sea and Chinese prices.

We expect further price tailwinds as exports for January 2020 are being booked at higher levels while US-based producers have hiked the price by USD100/t on average in the past one month. We will keep close tabs on demand as sustainability of domestic prices is contingent on its revival. We continue to prefer JSPL (‘BUY’) in the ferrous space owing to its lower reliance on flats, maintain ‘HOLD’ on Tata Steel (TSL) and JSW Steel (JSTL), and retain ‘REDUCE’ on SAIL.
2:20 PM

ICICI Securities remains bullish on mid, small-caps

Our recommended investment strategy is based on the principle of swings in ‘risk spread’ for mid- and small-caps over large-caps. It moved from zero (peak of risk appetite in Jan’18) to the current environment where it has expanded significantly for micro-caps at 700 bps (probably the peak of risk aversion) and to some extent for small-caps at 220 bps. However, risk spread for mid-caps continue to be low at just 40 bps indicating lower ‘margin of safety’. Our top picks include Bajaj Consumer, J.B. Chemical, Newgen Software, Cyient, Techno electric, Parag Milk and Jubilant Life sciences


2:16 PM

MOSL on Lemon Tree Hotels (LEMONTRE)

The GST rate cut should aid in driving demand for the hotel industry, which in turn would inch up industry occupancy. Additionally, reduction in the effective corporate tax rate (from 34.94% to 25.17%) might increase travel spends of corporate customers, which should further push demand.

LEMONTRE is expected to post revenue/EBITDA CAGR of 41%/69% over FY19-21 backed by room addition and stabilization of recently commenced hotels. We have Buy rating on LEMONTRE with a target price of Rs 72 (one-year forward EV/EBITDA multiple of 18x).

2:14 PM

Antique Stock Broking on Nalco

Nalco's 2QFY20 results were impacted by the sharp increase in power and fuel costs as a result of lower coal supplies from Mahanadi coal fields. Improved coal availability, lower input costs (caustic soda, coal tar pitch and calcined petroleum coke) and recovery in alumina prices would drive a rebound in profits.  We retain our positive stance on NALCO considering its integrated business model, high cash levels and attractive dividend yield.

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First Published: Nov 28 2019 | 7:11 AM IST

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