MARKET WRAP: Sensex gains 170 pts as financials gain; Nifty50 tops 11,850
All that happened in markets today.
 "Sensex, Nifty fall amid hike in crude oil price, deficient monsoons")
Benchmark indices ended Thursday's volatile session in the positive territory amid buying in select blue-chip counters such as ICICI Bank, HDFC Bank, Infosys, HDFC, and TCS (Tata Consultancy Services). Investor sentiment remained subdued after retail inflation in October breached RBI's medium-term target of 4 per cent for the first time in 15 months. That apart, worries over telecom players, too, kept investors cautious.
The S&P BSE Sensex gained 170 points or 0.42 per cent to end at 40,286 with ICICI Bank (up around 3 per cent) being the top gainer and Vedanta (down around 3 per cent) the biggest loser. During the day, the index witnessed a swing of around 322 points.
In the broader market, the S&P BSE MidCap index added 20 points or 0.14 per cent end at 14,680 while the S&P BSE SmallCap index ended at 13,344, down 0.01 per cent.
On the NSE, the broader Nifty50 index ended at 11,870, up 30 points or 0.25 per cent.
Sectorally, metal stocks cracked the most with the Nifty Metal index closing around 2 per cent lower at 2,508 levels. On the flip side, financial services stocks rallied the most. Nifty Bank gained over 0.7 per cent to settle at 30,764 levels.
Volatility index India VIX slipped around 6 per cent to 15.50 levels.
SpiceJet tumbled up to 7 per cent at Rs 105.8 on the BSE on Thursday after the budget carrier's loss widened in the September quarter at Rs 462 crore on the back of higher costs during a seasonally weak quarter. The stock ended nearly 6 per cent lower at Rs 107 apiece on the BSE. READ MORE
BUZZING STOCKS
Shares of telecom services providers Vodafone Idea and Bharti Airtel were under pressure, plunging up to 22 per cent on the BSE on Thursday on report that the government has directed the telcos to clear their adjusted gross revenue (AGR) dues in 3 months. READ MORE
Shares of Bata India, the leading footwear retailer, climbed as much as 5.45 per cent to Rs 1,775.65 apiece on the BSE after the company posted a 29.96 per cent increase in consolidated net profit at Rs 71.30 crore for the September quarter. It had posted a net profit of Rs 54.86 crore in the July-September quarter a year ago, Bata India said in a BSE filing. The stock ended at Rs 1710 apiece, up 1.56 per cent. READ MORE
SpiceJet tumbled up to 7 per cent at Rs 105.8 on the BSE on Thursday after the budget carrier's loss widened in the September quarter at Rs 462 crore on the back of higher costs during a seasonally weak quarter. The stock ended nearly 6 per cent lower at Rs 107 apiece on the BSE. READ MORE
GLOBAL MARKETS
World stocks nudged down on Thursday as Chinese economic data slowed in October and Germany only narrowly avoided a recession in the third quarter, adding to worries about the global growth fallout from the US-China trade war. In Asia, stocks fell after soft economic data in China and Japan showed the trade war between Beijing and
Washington was hitting growth in some of the world’s biggest economies.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent. Japan's Nikkei stock index fell further, dropping 0.8 per cent. Hong Kong's Hang Seng fell 0.8 per cent to a fresh one-month low.
In commodities, Brent crude futures rose 0.74 per cent to $62.83 a barrel while US West Texas Intermediate (WTI) crude gained 0.77 per cent to $57.56 per barrel.
(With inputs from Reuters)
3:44 PM
Nifty snapshot
3:43 PM
Index watch
3:39 PM
CLOSING BELL
The S&P BSE Sensex gained 170 points or 0.42 per cent to end at 40,286.48 levels while NSE's Nifty50 index ended above 11,850-mark to end at 11,870.45.
3:21 PM
EARNINGS ALERT | Dilip Buildcon Q2 net profit slips 57% YoY to Rs 29 cr
3:08 PM
NEWS ALERT | Govt confident of completing initial probe against Indiabulls grp: govt sources to CNBC TV18
-- S. Gehlaut writes to MCA Secy, says company is cooperating with the authority
-- Govt to submit report in court on Nov 29
-- Govt to submit report in court on Nov 29
3:06 PM
MARKET CHECK | ICICI Bank hits new high; HDFC Bank nears record high
3:02 PM
NEWS ALERT | Govt to mull cutting stake in IOC to below 51%: Agencies
2:58 PM
Earnings Alert | Grasim Q2
-- Standalone net profit at Rs 526.5 cr
-- Revenue at Rs 4,797.4 cr
-- EBITDA at Rs 659.3 cr; margin at 13.7%
-- Revenue at Rs 4,797.4 cr
-- EBITDA at Rs 659.3 cr; margin at 13.7%
2:48 PM
Dixon Technologies surges 12% as Q2 profit more than doubles
The company’s revenue during the quarter jumped 90 per cent to Rs 1,405 crore from Rs 741 crore in the corresponding quarter of previous fiscal. EBITDA (earnings before interest, tax, depreciation and amortisation) margin improved 10 basis points (bps) sequentially and unchanged on yearly basis at 4.7 per cent. READ MORE
2:34 PM
MARKET CHECK | Top 5 losers on the BSE at present
2:26 PM
Slowdown blues for liquor: Consumption took a beating in September quarter
The growth in liquor sales is unlikely to see a meaningful revival in the second half of this financial year as the impact of economic slump and liquidity deficit in trade channels has cast a shadow over the sector.
Experts are of the opinion that though the second half of this financial year will see some recovery, volume growth is likely to remain in single digit as compared to the double-digit rise recorded in past years. READ MORE
2:13 PM
BROKERAGE RADAR | Edelweiss Securities on Symphony
Given intensifying competition in the air coolers industry and SYML’s single-product focus, we believe defending market share while maintaining a superior margin/cash flow profile vis-a-vis peers is expected to be challenging. Hence, we maintain ‘REDUCE/SU’ with a revised TP of Rs 770 (Rs 740 earlier, 25x) while rolling forward the valuation to March 2021E.
1:57 PM
Global Markets Check
-- Asian stocks fell on Thursday after soft economic data in China and Japan showed the trade war between Beijing and Washington hitting growth
-- MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, Japan’s Nikkei stock index fell 0.8%, and.Australia’s S&P/ASX200 wiped earlier gains to close 0.5% higher.
-- European stock futures point to a flat open after recent rises. U.S. futures were down 0.1%, following a record-high close on the S&P 500 on Wednesday.
(Source: Reuters)
-- MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, Japan’s Nikkei stock index fell 0.8%, and.Australia’s S&P/ASX200 wiped earlier gains to close 0.5% higher.
-- European stock futures point to a flat open after recent rises. U.S. futures were down 0.1%, following a record-high close on the S&P 500 on Wednesday.
(Source: Reuters)
1:50 PM
Earnings Alert | Vedanta Q2
-- Consolidated net profit at Rs 2,158 crore, up 60% YoY
-- Cons revenue at Rs 21,958 cr, down 3.3% YoY
-- Cons EBITDA at Rs 4,423 cr, down 13.8% YoY
-- Cons revenue at Rs 21,958 cr, down 3.3% YoY
-- Cons EBITDA at Rs 4,423 cr, down 13.8% YoY
1:47 PM
Biggest drop in power demand makes Indian banks' bad debt headache worse
Banks had about Rs 1.8 trillion ($25 billion) of stressed loans to India’s coal-fired power generators as of last year, according to the State Bank of India. Prospective bidders for these stressed generators are wary as demand from the country’s power distribution utilities contracted in three straight months to October.
India’s electricity demand is closely linked to its industrial output, which contracted in September to its lowest level in eight years. An overwhelming majority of data is pointing to continued weakness in the economy that expanded 5 per cent in the quarter ended June -- the slowest pace in six years. READ MORE
Topics : Markets MARKET WRAP
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First Published: Nov 14 2019 | 7:26 AM IST
