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| As on Dec 10, 2019 12:00 AM |
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The market continued to descend lower amid relentless selling pressure in mid-afternoon trade. Negative cues from other global stock markets spoiled trading sentiment. At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 238.94 points or 0.59% at 40,248.49. The Nifty 50 index was down 76.80 points or 0.64% at 11,860.70. The S&P BSE Mid-Cap index was down 1.11% while the S&P BSE Small-Cap index was down 1.09%. The market breadth was weak with sellers outpacing buyers. On the BSE, 739 shares rose and 1662 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 12 stocks advanced while 38 stocks declined. Buzzing Index: The Nifty Metal index slipped 0.93% to 2,528, reversing Monday's 0.63% rise. Steel Authority of India (down 2.16%), JSW Steel (down 1.84%), Hindustan Zinc (down 1.43%), Hindustan Copper (down 1.17%), Vedanta (down 0.77%), National Aluminium Company (down 0.58%), Jindal Steel & Power (down 0.56%) and Tata Steel (down 0.46%) declined. NMDC (up 0.69%) and Hindalco Industries (up 0.38%) advanced. Stocks in Spotlight: MPhasis fell 1.64% to Rs 861.85. The company issued a clarification with reference to an article titled “Analyst cautious on Growth from DXC for Mphasis” dated 6 December 2019. The IT firm said that the $990 million Minimum Revenue Commitment (MRC) with DXC starting from September, 2016 is not a cumulative calculation and works on the basis of annual thresholds that run for the full tenure of the MRC. Mphasis and DXC continues to be strategic partners. Panacea Biotec rose 1.55% to Rs 117.65. The company announced the launch of brand ViLACT in India. ViLACT is used in the treatment of Uncontrolled Type 2 Diabetes Mellitus patients. The total market size of this molecule and its combination is Rs 969 crore as per AIOCD MAT October '2019 and is growing at the rate of 4%. Numbers to watch: The yield on 10-year benchmark federal paper rose to 6.683% at 14:21 IST compared with 6.659% in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.89, compared with its close of 71.0450 during the previous trading session. MCX Gold futures for 5 December 2019 settlement rose 0.01% to Rs 37,587. In the commodities market, Brent crude for February 2020 settlement was down 22 cents at $64.03 a barrel. The contract fell 14 cents, or 0.21%, to settle at $64.25 a barrel during the previous trading session.
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Benchmark indices were hovering near the day's low in afternoon trade. The sentiment was subdued due to negative global cues. The Nifty continued to trade below 11,900 level. At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 141.01 points or 0.35% at 40,346.42. The Nifty 50 index was down 44.75 points or 0.37% at 11,892.75. The S&P BSE Mid-Cap index was down 0.58% while the S&P BSE Small-Cap index was down 0.46%. The market breadth favored the sellers. On the BSE, 826 shares rose and 1459 shares fell. A total of 144 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined. Buzzing Index: The Nifty Bank was up 0.17% to 31,370.85 on bargain hunting. The index fell 2.07% in the past three sessions. Among the public sector banks, Allahabad Bank (down 3.02%), Central Bank of India (down 2.06%), UCO Bank (down 1.85%), Punjab & Sind Bank (down 1.78%), Syndicate Bank (down 1.45%), United Bank of India (down 1.37%), Union Bank of India (down 1.08%), Bank of Maharashtra (down 0.83%), IDBI Bank (down 0.59%), Andhra Bank (down 0.57%), Bank of India (down 0.51%), Indian Bank (down 0.42%) and Punjab National Bank (down 0.08%) declined. Canara Bank (up 1.1%), Corporation Bank (up 0.84%) and Bank of Baroda (up 0.77%) advanced. Among the private sector banks, HDFC Bank (up 0.48%), ICICI Bank (up 0.29%) and Kotak Mahindra Bank (up 0.26%) advanced. RBL Bank (down 1.67%), Axis Bank (down 1.48%), IndusInd Bank (down 1.22%), City Union Bank (down 0.59%) and Federal Bank (down 0.24%) declined. Stocks in Spotlight: Hero MotoCorp fell 1.18% to Rs 2355. The company said it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective 1 January 2020. The price increase across its range of two-wheelers will be upto Rs 2000, although the exact quantum of the increase will vary on the basis of the model and the specific market. HDFC slipped 0.20% to Rs 2306.05. The corporation said it is proposing to acquire 1,14,70,000 shares representing 9.12% of the equity share capital of its subsidiary HDFC Credila Financial Services from its other promoters for amount not exceeding Rs 395 crore. Post acquisition, HDFC Credila Financial Services will become wholly owned subsidiary of HDFC. Yes Bank fell 3.83% to Rs 54.05 ahead of its board meeting later today. The stock is banned from NSE Futures & Options segment for today after the security crossed the 95% market wide position limit. State Bank of India (SBI) rose 1.63%. SBI said the Reserve Bank of India has found that it has under-reported bad loans by Rs 11,932 crore in the year ended 31 March 2019. For the year ended March 2019, the gross non-performing assets (NPAs) assessed by RBI was at Rs 1,84,682 crore compared with Rs 1,72,750 crore in gross NPA reported by the bank. The bank had reported Rs 65,895 crore net NPAs during the year while the RBI assessed it at Rs 77,827 crore, leaving a gap of Rs 11,932 crore. The divergence in provisioning also increased by Rs 12,036 crore for the fiscal ended March 2019. Foreign Markets: Shares in Europe opened lower while most Asian market continued to trade lower on Tuesday as investors refrained from making major bets before 15 December, when the next round of US tariffs on Chinese imports is due to take effect. In US, stocks ended lower on Monday following economic reports that pointed to weakness in China's economy. Investors also kept a close eye on trade negotiations ahead of Sunday's tariff deadline for 15% import duties on $156 billion of annual consumer imports. A Chinese Commerce Ministry official said on Monday that Beijing hoped for a deal with Washington as soon as possible before the deadline, as per reports, while U.S. Agriculture Secretary Sonny Perdue said that U.S. President Donald Trump wants to see 'movement' from China to avoid implementing the tariffs. Trade tensions have hurt the world's second-largest economy, as China's exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the US fell 23%. Chinese consumer inflation jumped in November, according to data released by the country's National Bureau of Statistics on Tuesday. The Consumer Price Index for November jumped 4.5% year-on-year, as food prices skyrocketed 19.1% amid an outbreak of African swine fever. On the other hand, producer prices in China declined in the same month, with the Producer Price Index (PPI) for November falling 1.4% year-on-year.
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Key equity indices further extended losses and hit fresh intraday low in early afternoon trade. Market sentiment remained subdued amid negative global cues. Rising crude oil prices also spooked investors. The Nifty continued to trade below 11,900 level. At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 162.22 points or 0.4% at 40,325.21. The Nifty 50 index was down 45.4 points or 0.38% at 11,892.1. The S&P BSE Mid-Cap index was down 0.61% while the S&P BSE Small-Cap index was down 0.39%. The market breadth favored the sellers. On the BSE, 768 shares rose and 1402 shares fell. A total of 131 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, declined 0.82% to 14.4775. The Nifty December 2019 futures were trading at 11,929.40, a premium of 36.65 points compared with the spot at 11,892.75. On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 25.91 lakh contracts at the 12,000 strike price. Maximum put OI of 32.93 lakh contracts was seen at 12,000 strike price. Buzzing Sector: Shares of six insurance company rose 0.30% to 8.32% after media reported that the government may raise the overseas investment limit in insurance firms from 49% to 74% in the February budget. The New India Assurance Company (up 8.32%), General Insurance Corporation of India (up 2.27%), SBI Life Insurance Company (up 1.61%) ICICI Prudential Life Insurance Company (up 1.01%), HDFC Life Insurance Company (up 0.89%) and ICICI Lombard General Insurance Company (up 0.30%) were top gainers in insurance segment. According to media reports, the Insurance Regulatory and Development Authority of India (IRDAI) has sought the views of various stakeholders on the matter in a December 2 letter at the direction of the government. The letter to insurance companies and others has called for suggestions on raising the foreign direct investment (FDI) limit, the reports said. The government raised FDI in insurance under the automatic route to 49% from 26% in 2015. The government increased the limit on FDI in insurance intermediaries to 100% on September 2. Stocks in Spotlight: Shares of HDFC were trading 0.22% lower at Rs 2305.55. HDFC said it is proposing to acquire 1,14,70,000 shares representing 9.12% of the equity share capital of its subsidiary HDFC Credila Financial Services from its other promoters for amount not exceeding Rs 395 crore. Post acquisition, HDFC Credila Financial Services will become wholly owned subsidiary of HDFC. Bank of Baroda was up 0.1%. The bank reported that the Investment Committee has approved the participation of the bank in the proposed IPO of equity shares of UTI Asset Management Company by way of an offer for sale of up to 1,04,59,949 equity shares held by it. PC Jeweller tumbled 4.44% after CRISIL downgraded its long term and short terms ratings to the bank loan facilities of the company to CRISIL D. The downgrade in the rating factors in the instances of devolvement of letter of credits (LC) and overutilization in working capital limits for more than 30 days.
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The main market barometers hit fresh intraday low amid lack of positive triggers. Auto stocks took a hit after industry body SIAM released sales data for November 2019. Sentiment was also affected by negative global. The Nifty slipped below its crucial 11,900 level. At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 151.57 points or 0.37% at 40,335.86. The Nifty 50 index was down 45.35 points or 0.38% at 11,892.15. The S&P BSE Mid-Cap index was down 0.62% while the S&P BSE Small-Cap index was down 0.36%. The market breadth, indicating the overall health of the market, was weak. On the BSE, 753 shares rose and 1267 shares fell. A total of 124 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined. Buzzing Index: The Nifty Auto index was trading 0.8% lower at 7,800.10 after SIAM data. Atul Auto (down 2.24%), SML Isuzu (down 1.41%), Ashok Leyland (down 0.97%), TVS Motors Company (down 0.92%), Hero MotoCorp (down 0.89%), Maruti Suzuki India (down 0.78%), Tata Motors (down 0.4%), Mahindra and Mahindra (down 0.39%) and Bajaj Auto (down 0.34%) were top losers. Domestic passenger vehicle sales declined 0.84% to 2,63,773 units in November from 2,66,000 units in the year-ago period. Domestic car sales were down 10.83% to 1,60,306 units as against 1,79,783 units in November 2018, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Motorcycle sales last month declined 14.87% to 8,93,538 units as against 10,49,651 units a year earlier. Total two-wheeler sales in November declined 14.27% to 14,10,939 units compared to 16,45,783 units in the year-ago month. Sales of commercial vehicles were down 14.98% to 61,907 units in November, SIAM said. Vehicle sales across categories registered a decline of 12.05% to 17,92,415 units from 20,38,007 units in November 2018, it added. Stocks in Spotlight: HDFC AMC declined 1.37% to Rs 2942.95, sliding for fifth consecutive session. The stock has tumbled 14.49% in five trading sessions from its previous closing high of Rs 3441.45 on 3 December 2019 to its current market price of Rs 2942.95. HDFC AMC's promoter, Standard Life Investments, concluded its offer for sale (OFS) last week. It sold 3.10% stake via OFS. The floor price for the sale was set at Rs 3,170 per equity share. Dilip Buildcon gained 1.66% after the company was declared lowest bidder for a Delhi MRTS project. The bid project cost is Rs 825.62 crore and the completion time for project is 30 months. Equitas Holdings declined 1.58% to Rs 108.85 after SBI mutual fund sold 1.41% stake in the company on 6 December. Post transaction, SBI mutual fund holds 1.95% stake in the company. Shares of Equitas Holdings declined 2.94% in two trading sessions to its current market price of Rs 108.85 from its recent closing high of Rs 112.15 on Friday, 6 December 2019. Foreign Markets: Asian markets were trading lower on Tuesday as investors refrained from making major bets before 15 December, when the next round of US tariffs on Chinese imports is due to take effect. In US, stocks ended lower on Monday following economic reports that pointed to weakness in China's economy. Investors also kept a close eye on trade negotiations ahead of Sunday's tariff deadline for 15% import duties on $156 billion of annual consumer imports. Reports out of China indicate that trade tensions have hurt the world's second-largest economy, as China's exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the US fell 23%
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Key indices were trading with minor losses near day's low in morning trade. Sentiment was affected by negative global cues. IT stocks were under pressure. At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 73.38 points or 0.18% at 40,414.05. The Nifty 50 index was down 21.2 points or 0.18% at 11,916.30. In the broader market, the S&P BSE Mid-Cap index was down 0.23% while the S&P BSE Small-Cap index was down 0.08%. The market breadth, indicating the overall health of the market, turned negative. On the BSE, 788 shares rose and 975 shares fell. A total of 83 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined. Buzzing Index: IT stocks edged lower as the Indian rupee appreciated. The Nifty IT index was down 0.88% at 15,023.45. The index has lost 2.24% in three trading session. MindTree (down 1.69%), Mphasis (down 1.58%), Persistent Systems (down 1.37%), TCS (down 1.29%), Tech Mahindra (down 1.24%), Wipro (down 0.92%), Zensar Technologies (down 0.78%), HCL Technologies (down 0.62%) and Oracle Financial Services Software (down 0.2%) were top losers. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.9250, compared with its close of 71.0450 during the previous trading session Stocks in Spotlight: Yes Bank was down 0.8% ahead of its board meeting later today. The stock is banned from NSE Futures & Options segment for today after the security crossed the 95% market wide position limit. Jindal Steel & Power (JSPL) rose 1.5% to Rs 145.05 after the company's promoter, OPJ Trading, released pledge on 25 lakh shares or 0.25% equity, on 3 December 2019. OPJ Trading held 18.4% stake in JSPL as of 30 September 2019. Currently, the promoter's 17.49 crore shares, or 17.15% equity, are pledged. Aster DM Healthcare was up 1.08% to Rs 155 after the company announced the 80% acquisition of Premium Healthcare. The acquisition will benefit the company with existing medicare brand of clinics. The cost of acquisition is AED 8.69 million.
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Key indices slipped into the red after opening marginally higher. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 6.30 points or 0.0.2% at 40,481.13. The Nifty 50 index was down 6.85 points or 0.06% at 11,930.65. The S&P BSE Mid-Cap index was up 0.08%. The S&P BSE Small-Cap index was up 0.17%. Both indices outperformed the BSE Sensex. The market breadth, indicating the overall health of the market, was positive. On the BSE, 396 shares rose and 333 shares fell. A total of 34 shares were unchanged. Among stocks, Hero MotoCorp rose 0.34%. Hero MotoCorp said it will make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective 1 January 2020. The price increase across its range of two-wheelers will be upto Rs 2000, although the exact quantum of the increase will vary on the basis of the model and the specific market. HDFC rose 0.36%. HDFC said it is proposing to acquire 1,14,70,000 shares representing 9.12% of the equity share capital of its subsidiary HDFC Credila Financial Services from its other promoters for amount not exceeding Rs 395 crore. Post acquisition, HDFC Credila Financial Services will become wholly owned subsidiary of HDFC. Bank of Baroda rose 0.67%. Bank of Baroda said the Investment Committee of Bank has approved the participation of the Bank in the proposed IPO of equity shares of UTI Asset Management Company Limited by way of an offer for sale of up to 1,04,59,949 Equity Shares held by it. PC Jeweller fell 3.43%. PC Jeweller said CRISIL has downgraded its long term and short terms ratings to the bank loan facilities of the Company to CRISIL D. The downgrade in the rating factors in the instances of devolvement of Letter of Credits (LC) and overutilization in working capital limits for more than 30 days. South Indian Bank fell 1.02%. South Indian Bank said India Ratings and Research has given IND A+ rating with a negative outlook on the company's Tier II bonds and Lower Tier II bonds from IND A+/Stable before. The downgrade reflects higher proportion of stressed assets to net worth, subdued profitability along with lower provision coverage compared to peer banks, thereby increasing the importance of raising tier I capital in the medium term. Overseas, Asian markets were trading lower on Tuesday as investors refrained from making major bets before 15 December, when the next round of US tariffs on Chinese imports is due to take effect. In US, stocks ended lower on Monday following economic reports that pointed to weakness in China's economy. Investors also kept a close eye on trade negotiations ahead of Sunday's tariff deadline for 15% import duties on $156 billion of annual consumer imports. Reports out of China indicate that trade tensions have hurt the world's second-largest economy, as China's exports unexpectedly dropped 1.1% in November from a year earlier, while shipments to the US fell 23%.
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Key market barometers pared gains in mid-afternoon trade. At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 43.66 points or 0.11% at 40,488.81. The Nifty 50 index was up 7.45 points or 0.06% at 11,928.95. Sentiment was fragile as IHS Markit expects India's real GDP growth in 2019-20 fiscal to be slightly below 5%. Gains were also capped as the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. In the broader market, the S&P BSE Mid-Cap index was up 0.08% and the S&P BSE Small-Cap index was down 0.27%. The market breadth was negative. On BSE, 1029 shares advanced while 1328 shares declined. A total of 189 shares were unchanged. In Nifty 50 index, 27 stocks advanced and 23 stocks declined. Economy: India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report. Buzzing index The Nifty PSU Bank index advanced 0.18% to 2,465.20. The index fell 6.11% in the past two sessions. Allahabad Bank (down 2.24%), Central Bank of India (down 1.27%), Syndicate Bank (down 1.25%), IDBI Bank (down 1.01%), Corporation Bank (down 0.83%), Bank of Baroda (down 0.51%), Bank of Maharashtra (down 0.42%), Andhra Bank (down 0.28%) and Indian Bank (down 0.17%) declined. Canara Bank (up 2.55%), Union Bank of India (up 1.82%), Punjab & Sind Bank (up 1.55%), Punjab National Bank (up 1.41%), United Bank of India (up 1.03%), UCO Bank (up 0.92%), State Bank of India (up 0.34%) and Bank of India (up 0.22%) advanced. Stocks in Spotlight: JSW Steel advanced 0.67% to Rs 255.75. The company's crude steel production fell 7% to 12.90 lakh tones in November 2019 from 13.90 lakh tones in November 2018. The company showed in November, 2019 a sequential month on month growth of 3% in crude steel production. The blast furnaces, which were temporarily shut down in October, 2019 due to slowdown in auto demand has recommenced operations in the last week of November, 2019, JSW Steel said in an exchange filing. Coffee Day Enterprises slumped 10.60% to Rs 43. Media reports suggested that The company's sale of its technology park to Blackstone Group is stalled as one of its creditors hasn't approved the deal. Yes Bank hasn't issued the so-called no objection certificate as it's seeking assurances on repayments of other loans taken by Coffee Day, the reports added. Dish TV India surged 9.63% to Rs 13.77 after the company reiterated its intention to repay all its debts as and when they become due in the future. Care Ratings has downgraded the short-term bank facilities rating to 'CARE D' from 'CARE A4+'. The agency in its rationale has taken into consideration the default by Dish TV India in payment of its short-term loan amounting to Rs 250 crore. Following the development, Dish TV clarified that it has been drawing on its internal cash accruals to fund its capital expenditure for more than six quarters now. In addition, the company has also serviced its debt and interest obligations, on a consolidated level, to the tune of Rs 850 crore in the current fiscal. Debt and interest payment obligations falling due after the particular incident of non-service have also been fulfilled on time. Numbers to watch: The yield on 10-year benchmark federal paper rose to 6.665% at 14:33 IST compared with 6.661% in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.125, compared with its close of 71.20 during the previous trading session. MCX Gold futures for 5 December 2019 settlement fell 0.11% to Rs 37,656. In the commodities market, Brent crude for February 2020 settlement was down 0.37 cents at $64.02 a barrel. The contract rose 1.57% or $1 to settle at $64.39 a barrel during the previous trading session.
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The benchmark extended gains and hit fresh intraday high in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 174.04 points or 0.43% at 40,619.19. The Nifty 50 index was up 56.35 points or 0.47% at 11,977.85. In the broader market, the S&P BSE Mid-Cap index was up 0.55% and the S&P BSE Small-Cap index was down 0.12%. The market breadth was negative. On BSE, 1112 shares advanced while 1130 shares declined. A total of 178 shares were unchanged. In Nifty 50 index, 36 stocks advanced and 14 stocks declined. Economy: India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report. Buzzing Index: The Nifty IT index slipped 0.47% to 15,218.15, extending losses for second session. The index has fallen 0.97% to 15,218.15 from a recent closing high of 15367.50 on 5 December 2019. TCS (down 1.8%), HCL Technologies (down 1.33%), Persistent Systems (down 1.29%), Tech Mahindra (down 0.74%) and Wipro (down 0.31%) declined. Hexaware Technologies (up 1.17%), MphasiS (up 1.09%), Infosys (up 0.75%), Oracle Financial Services Software (up 0.38%) and MindTree (up 0.09%) advanced. Stocks in Spotlight: Maruti Suzuki rose 1.99% after the car major said it has increased its production in November by 4.33% year-on-year. Tata Motors advanced 1.11% to Rs 163.30. Jaguar Land Rover retail sales in November 2019 were 46,542 vehicles, down 3.4% compared to November 2018. Sales continued to improve in China and North America while in the UK, Europe and overseas market (comprising largely of Russia and MENA) fall in sales continued to linger. ITC fell 0.53% to Rs 242. ITC said that the company has acquired, in the first tranche, 100 equity shares of Rs 10 each and 1,864 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies, representing 11.15% of its share capital on a fully diluted basis. Delectable Technologies is engaged in fabricating vending machines and app based sale of FMCG products through such machines. Axis Bank advanced 1.26% to Rs 726. The private sector bank informed about the resignation of Jairam Sridharan, group executive & chief financial officer and key managerial personnel of the Bank. It said that he would like to pursue other career opportunities and as such has resigned from the services of the Bank. Foreign Markets: European stocks traded lower while Asian stocks were mixed on Monday as weak Chinese export data highlighted the detrimental impact of its prolonged trade war with the US. Chinese exports declined in November for the fourth consecutive month, falling 1.1% year-on-year. Imports, on the other hand, rose 0.3% as compared to a year earlier. Beijing's trade discussions with Washington have yet to yield a much-touted phase one agreement ahead of a key deadline for additional tariffs on Chinese exports to the U.S. on Dec. 15. Japan's economy grew at an annualized rate of 1.8% in the July to September quarter, according to revised data from the country's Cabinet Office on Monday. That was sharply higher than the initial estimate of a 0.2% expansion. French Finance Minister Bruno Le Maire has said France is ready to take threats from U.S. President Donald Trump to impose tariffs on French goods to the World Trade Organization (WTO), amid a row over French taxes on American internet giants. In US, markets closed sharply higher on Friday after the employment report from the Labor Department beat expectations, showing an estimated 266,000 new jobs created in November, the most since January. The unemployment rate fell to a 50-year low to 3.5% from 3.6%. Investors also remained optimistic about the chances of a US-China trade deal, even though the deadline that will see import duties increased looms on 15 December.
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Key barometers traded sideways with modest gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 101.58 points or 0.25% at 40,546.73. The Nifty 50 index was up 26.2 points or 0.22% at 11,947.70. Gains were capped as IHS Markit expects India's real GDP growth in 2019-20 fiscal to be slightly below 5%. Sentiment was also fragile as the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. In the broader market, the S&P BSE Mid-Cap index was up 0.58% and the S&P BSE Small-Cap index was down 0.08%. The market breadth was negative. On BSE, 1054 shares advanced while 1087 shares declined. A total of 180 shares were unchanged. In Nifty 50 index, 35 stocks advanced and 15 stocks declined. Economy: India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 6.54% to 14.5325. The Nifty December 2019 futures were trading at 11,986, a premium of 29.95 points compared with the spot at 11,956.05. On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 22.70 lakh contracts at the 12,000 strike price. Maximum put OI of 32.81 lakh contracts was seen at 12,000 strike price. Buzzing Index: The Nifty Pharma index was up 0.89% at 8,028.50, snapping its two days losing streak. The index lost 2% in two trading sessions. Glenmark Pharmaceuticals (up 1.55%), Piramal Enterprises (up 1.82%) Divi's Laboratories (up 1.81%), Dr Reddy's Laboratories (up 1.56%), IPCA Laboratories (up 1.14%), Sun Pharmaceuticals (up 0.93%), Aurobindo Pharma (up 0.57%) and Cadila Healthcare (up 0.69%) were top gainer in pharmaceutical segment. Sun Pharma Advanced Research Company (SPARC) advanced 3.51% to Rs 159.10 after Abraxis Bioscience dismissed patent infringement complaint filed against the company. Sun Pharma Advanced Research Company (SPARC) announced that Abraxis Bioscience LLC. has dismissed the patent infringement complaint filed against SPARC regarding SPARC's new drug application for PICS (Paclitaxel injection concentrate for suspension). We are very pleased that Abraxis Bioscience LLC. has withdrawn its infringement claims paving the way for a successful launch as and when we receive necessary regulatory approvals, said Anil Raghavan, CEO of SPARC. SPARC also stated that it will inform the US Food and Drug Administration (USFDA) of the dismissal of the complaint to vacate the 30-month stay. The announcement was made during market hours today, 9 December 2019. Stocks in Spotlight: Yes Bank jumped 3.04% to Rs 57.70 ahead of the bank's board meeting to decide on the details of preferential allotment of shares. On 29 November 2019, the bank said that various investors have expressed willingness to subscribe to equity shares of the bank. Among the institutional investors, a top-tier US Fund House, Discovery Capital and Ward Ferry expressed interest in acquiring fresh stake in the bank. Aditya Birla Family Office, Citax Holdings Ltd & Citax Investment Group, GMR Group and Associates, Erwin Singh Braich I SPGP Holdings and Rekha Jhunjhunwala are the five family offices that have expressed interest in subscribing to the equity of the bank. Shaily Engineering Plastics tumbled 8.88% to Rs 579 after the Goods and Service Tax (GST) authorities carried out search proceedings at the company's Rania unit in Gujarat. The company stated that the authorities have seized some moulds belonging to the company as well its customers as part of the process which is being contested. There has not been any case of evasion of any duty which has been established as of now and the company has not received any show cause notice from the authorities till date. The company further said that investigation and submission by the company is continuing and assured that GST raid will have no impact on routine operations
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Key benchmark indices firmed up and hit fresh intraday high in mid-morning trade. The recovery was supported by strength in auto, metal and pharma stocks. The Nifty traded crossed 11,950 level. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 128.68 points or 0.32% at 40,573.83. The Nifty 50 index was up 40.85 points or 0.34% at 11,962.35. The S&P BSE Mid-Cap index was up 0.73%. The S&P BSE Small-Cap index was down 0.2%. The market breadth turned positive. On the BSE, 1036 shares rose and 921 shares fell. A total of 151 shares were unchanged. In Nifty 50 index, 37 stocks advanced and 13 stocks declined. Buzzing Index: The Nifty Auto index was up 1.66% at 7,936.25. The index lost 2.38% in the past two trading sessions. Tata Motors (up 2.66%), Ashok Leyland (up 1.64%), Mahindra and Mahindra (up 1.55%), TVS Motors Company (up 1.38%), SML Isuzu (up 1.12%), Hero MotoCorp (up 1.1%), Eicher Motors (up 0.98%) and Bajaj Auto (up 0.75%) advanced higher. Maruti Suzuki India advanced 3.13% to Rs 7096.75 after it announced its production figures for the month of November 2019. The auto maker's total production rose 4.3% to 1.41 lakh units in November 2019 from 1.35 lakh units in November 2018. Over the past nine months from February to October, the company announced production cuts ranging from 8.3% to 34%. Auto stocks will remain in focus ahead of Society of Indian Automobile Manufacturers (SIAM) data that will be reported this week. Stocks in Spotlight: Shares of Goa Carbon were trading 2.2% higher at Rs 207. The company's total calcined petroleum cake production was 15,413.90 MT in November 2019 as compared to total production of 2,213.10 MT in November 2018. Vodafone Idea extended its losses for second session and traded 5.92% lower after the company's chairman Kumar Mangalam Birla said the company will shut shop if there is no government relief. Birla was responding to a query, posed at an event, about the company's course of action going forward in the absence of government relief. Birla said the Aditya Birla Group will not invest any money in the company in the absence of relief from the government. Birla said the company will have to opt for insolvency route in the absence of relief. Shares of Vodafone Idea have fallen 15.89% in three trading sessions to its current market price of Rs 6.51 from its recent closing high of Rs 7.74 on Wednesday, 4 December 2019. Foreign Markets: Asian shares edged higher on Monday, catching some of Wall Street's Friday's momentum. However gains were capped by concerns about China's economy due to the prolonged Sino-US trade war. In US, markets closed sharply higher on Friday after the employment report from the Labor Department beat expectations, showing an estimated 266,000 new jobs created in November, the most since January. The unemployment rate fell to a 50-year low to 3.5% from 3.6%. Investors also remained optimistic about the chances of a US-China trade deal, even though the deadline that will see import duties increased looms on 15 December.
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After initial volatility, key benchmark indices traded near the flat line in morning trade. Metal stocks were in demand. The Nifty regained the 11,900 mark after briefly slipping below that level in early trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 11.1 points or 0.03% at 40,456.25. The Nifty 50 index was up 1.9 points or 0.02% at 11,923.40. The S&P BSE Mid-Cap index was up 0.3%. The S&P BSE Small-Cap index was down 0.12%. The market breadth, indicating the overall health of the market, was negative. On the BSE, 823 shares rose and 829 shares fell. A total of 118 shares were unchanged. In Nifty 50 index, 28 stocks advanced and 22 stocks declined. Economy: India's real GDP growth in 2019-20 fiscal is expected to be slightly below 5% as the impact of stimulus measures will take time to filter through to the economy, IHS Markit has said. Financial sector fragilities continue to weigh on India's economic growth momentum, with the high level of non-performing loans on the balance sheets of the public sector banks, constraining their new lending, IHS said in a report. Buzzing Index: The Nifty Metal index was up 0.85% at 2,557.45 amid US-China trade deal optimism. The index fell 2.62% in the past two trading sessions. Hindalco Industries (up 1.59%), Vedanta (up 1.37%), Steel Authority of India (up 1.31%), Tata Steel (up 1.28%), Jindal Steel & Power (up 0.86%), Hindustan Zinc (up 0.26%), Hindustan Copper (up 0.26%) and NMDC (up 0.14%) edged higher. Stocks in Spotlight: KEC International was up 0.51% after the company announced that it has secured new orders of Rs 1,025 crore across its various businesses. Multi Commodity Exchange of India (MCX) was down 1.6% to Rs 1120 after the company's Chief Financial Officer, Sanjay Wadhwa, resigned from the post with effect from 6 December 2019. Shares of Dilip Buildcon were up 0.54% at Rs 381.40. The construction company announced that it has received a completion certificate for construction of Dharamkot Bypass in the state of Punjab. The cost of the completed project is worth Rs 346.5 crore.
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Key indices are trading lower in early trade on selling in index pivotals. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 64.85 points or 0.16% at 40,380.30. The Nifty 50 index was down 18.20 points or 0.15% at 11,903.30. The S&P BSE Mid-Cap index was down 0.12%. The S&P BSE Small-Cap index was down 0.33%. The market breadth, indicating the overall health of the market, was positive. On the BSE, 432 shares rose and 402 shares fell. A total of 57 shares were unchanged. Among stocks, Maruti Suzuki rose 1.99%. Maruti overall sales increased to 141834 in November 2019 from 135946 units in November 2018. Total Passenger Vehicles increased to 139084 units in November 2019 from 134149 units in November 2018. ITC fell 0.51%. ITC said that the company has acquired, in the first tranche, 100 equity shares of Rs 10 each and 1,864 Compulsorily Convertible Preference Shares of Rs 10 each of Delectable Technologies Private Limited, representing 11.15% of its share capital on a fully diluted basis. Delectable Technologies is engaged in fabricating vending machines and app based sale of FMCG products through such machines. Allahabad Bank fell 0.89%. Allahabad Bank said its Board of Directors of the Bank in its meeting held on date, inter alia, approved for raising of Tier 2 capital of the Bank by floating Basel III compliant Tier 2 Bonds aggregating upto Rs 1500 crore in one or more tranches during FY 2019-20. Bank of India fell 0.66%. Bank of India said the board of directors has considered and approved the issuance of upto 125 crore fresh equity shares through QIP, public issue, rights issue, private placement, or such other mode of issue as permitted at an appropriate time. The bank said its board has also approved issuance of such securities (including Tier I, Tier II bonds, preference shares) which may be classified for Tier I and/or Tier II capital on a private placement / public issue basis, in one or more tranches upto an amount of Rs 10,000 crore at an appropriate time. IRB Infrastructure Developers rose 0.07%. IRB Infrastructure Developers said Board of Directors of the Company has approved the issuance of Secured, Redeemable, Unlisted Non-Convertible Debentures ('NCDs') amounting to Rs 1,400 crore on a private placement basis, being proposed to be allotted in one or more tranches/series, to eligible investors permitted to invest in NCDs under applicable law. The Board has further authorized the Management Administration and Share Transfer Committee of the Board to allot NCDs to eligible investors and to take all such steps which are incidental and ancillary to the issuance of the NCDs. NBCC (India) rose 0.44%. NBCC (India) said it has received an order from Department of Revenue, Ministry of Finance, Govt. of India for construction of Rajaswa Bhawan, National Tax Headquarters, New Delhi wherein NBCC will work as Project Management Consultant. The estimated project cost is Rs 621 crore (approx.). Overseas, Asian stocks edged up on Monday, catching some of Wall Street's Friday's momentum. However gains were capped by concerns about China's economy due to the prolonged Sino-US trade war. In US, stocks closed sharply higher on Friday after the employment report from the Labor Department beat economists' consensus expectations, showing an estimated 266,000 new jobs created in November, the most since January. The unemployment rate fell to a 50-year low to 3.5% from 3.6%. Investors also remained optimistic about the chances of a US-China trade deal, even though the deadline that will see import duties increased looms on 15 December.
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The market further extended losses and hit fresh intraday low in mid-afternoon trade. The Nifty was trading near 11,900 mark. At 14:28 IST, the barometer index, the S&P BSE Sensex fell 380.75 points or 0.93% at 40,398.84. The Nifty 50 index fell 109.65 points or 0.91% at 11,908.75. The broader market tumbled. The S&P BSE Mid-Cap index was down 1.46%. The S&P BSE Small-Cap index fell 0.95%. The market breadth was weak. On the BSE, shares 721 rose and 1671 shares fell. A total of 164 shares were unchanged. The sentiment was subdued after the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. In a surprise move, the RBI decided to hold the rates after delivering five consecutive rate cuts in 2019. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. RBI revised GDP growth downwards to 5% for 2019-20 from 6.1% projected in its October policy. The CPI inflation projection has also been revised upwards to 4.7-5.1% for the second half of FY20 and 3.8-4% for the first half of FY21. Meanwhile, RBI's consumer confidence survey (CCS) released on Thursday reported a further drop in consumer confidence in November as households remained pessimistic about jobs and the general economic situation. The current situation index (CSI) dropped to 85.7 last month from 89.4 in September. The future expectations index (FEI) also fell to 114.5, down from 118 in September. Consumers' sentiments on the general economic situation and the employment scenario weakened, but their one-year ahead expectations remained in the optimistic terrain for all parameters, except prices; expectations on income one-year ahead improved marginally over the previous survey round, said the RBI survey. Buzzing Index: The Nifty Auto index fell 1.63% to 7,812.65. The index has fallen 2.29% in two sessions. Tata Motors (down 3.22%), Eicher Motors (down 3.02%), Escorts (down 2.51%), Maruti Suzuki India (down 1.53%), Hero MotoCorp (down 1.49%), TVS Motor Company (down 1.47%), Bajaj Auto (down 0.99%) and Ashok Leyland (down 0.39%) declined. Stocks in Spotlight: Eris Lifesciences surged 9.98% to Rs 486.55, in an otherwise range-bound market. The stock of the pharmaceutical company was trading at its highest level since July 2019. This week, the company announced acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million. Mahindra & Mahindra (M&M) fell 2.65% to Rs 510.70. The company said it has completed acquisition of 36.63% stake in Meru Travel Solutions in the first tranche as part of its Rs 201.5-crore deal to acquire 55% shareholding in the radio taxi operator. M&M said it has invested Rs 44.71 crore (in cash consideration) for the acquisition of 36.63% of the equity share capital of Meru. The company has also earned the right to appoint majority of the directors on the board of Meru. Consequently, Meru has become a subsidiary of the company with effect from 5 December 2019. Also subsidiary companies of Meru - Meru Mobility Tech, V-Link Automotive Services, V-Link Fleet Solutions - have in turn become subsidiaries of M&M, it added. Vascon Engineers rose 2.87% to Rs 12.53. The company has received work order amounting to Rs 132.69 crore from Airports Authority of India. Numbers to watch: The yield on 10-year benchmark federal paper rose to 6.646% at 14:15 IST compared with 6.608% in the previous trading session. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.41, compared with its close of 71.29 during the previous trading session. MCX Gold futures for 5 December 2019 settlement fell 0.10% to Rs 38,047. In the commodities market, Brent crude for February 2020 settlement was up 7 cents at $63.46 a barrel. The contract rose 0.61% or 39 cents to settle at $63.39 a barrel during the previous trading session.
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Key equity benchmarks extended losses and hit fresh intraday low in afternoon trade. At 13:45 IST, the barometer index, the S&P BSE Sensex fell 193.41 points or 0.47% at 40,586.18. The Nifty 50 index fell 57.95 points or 0.48% at 11,960.45. Selling was broad based. The S&P BSE Mid-Cap index was down 0.97%. The S&P BSE Small-Cap index fell 0.58%. The market breadth was weak. On the BSE, shares 806 rose and 1,374 shares fell. A total of 137 shares were unchanged. The sentiment was subdued after the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. In a surprise move, the RBI decided to hold the rates after delivering five consecutive rate cuts in 2019. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. RBI revised GDP growth downwards to 5% for 2019-20 from 6.1% projected in its October policy. The CPI inflation projection has also been revised upwards to 4.7-5.1% for the second half of FY20 and 3.8-4% for the first half of FY21. Meanwhile, RBI's consumer confidence survey (CCS) released on Thursday reported a further drop in consumer confidence in November as households remained pessimistic about jobs and the general economic situation. The current situation index (CSI) dropped to 85.7 last month from 89.4 in September. The future expectations index (FEI) also fell to 114.5, down from 118 in September. Consumers' sentiments on the general economic situation and the employment scenario weakened, but their one-year ahead expectations remained in the optimistic terrain for all parameters, except prices; expectations on income one-year ahead improved marginally over the previous survey round, said the RBI survey. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 6.41% to 13.3875. The Nifty December 2019 futures were trading at 12,013, a premium of 42.4 points compared with the spot at 11,970.60. On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 20.31 lakh contracts at the 12,000 strike price. Maximum put OI of 33.57 lakh contracts was seen at 12,000 strike price. The option chain indicates that Nifty will stay at 12,000 level till December expiry, 26 December 2019. Top Gainers & Losers: Bharti Infratel (up 5.14%), Kotak Mahindra Bank (up 1.60%), Asian Paints (up 1.32%), HCL Technologies (up 0.72%) and Ultratech Cement Company (up 0.69%) advanced. Zee Entertainment Enterprises (down 4.45%), GAIL (India) (down 3.38%), State Bank of India (down 3.33%), Housing Development Finance Corporation (down 2.17%) and Eicher Motors (down 1.92%) declined. Buzzing Index: The Nifty PSU Bank index tumbled 3.68% to 2,479.05. Central Bank of India (down 7.62%), Union Bank of India (down 4.82%), Bank of Baroda (down 4.35%), Canara Bank (down 3.54%), Indian Overseas Bank (down 3.29%), Punjab National Bank (down 3.13%) and Bank of India (down 3.03%) tumbled. Stocks in Spotlight: Yes Bank tanked 8.70% to Rs 56.70. Yes Bank said Moody's Investors Service downgraded its long term foreign currency issuer rating to B2 from Ba3. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1. The outlook on the bank's ratings, where applicable, is negative. Moody's expects Yes Bank's common equity tier 1 (CET1) ratio of 8.7% at the end of September 2019 to come under significant pressure, unless the bank can raise new capital in the next few quarters. Auto major M&M declined 2.15% to Rs 513.30. M&M said the company acquired 36.63% of the Equity Share Capital of Meru in the first tranche of investment. Consequently, Meru has become a subsidiary of the Company with effect from 5 December, 2019. Subsequently, Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private Limited, subsidiary companies of Meru, have in turn, also become subsidiaries of M&M. Bajaj Finance fell 0.10% to Rs 3,983.55. The NBFC said it participated in qualified institutions placement (QIP) of RBL Bank and have been allotted 42.73 lakh equity shares at a price of Rs. 351 per equity shares aggregating to approximately Rs 150 crore. Telecom provider Bharti Airtel was up by 0.17% to Rs 447.95. S&P maintained its 'BBI' rating on long term-facilities with negative implications due to Rs 34,00 crore setback from Department of Telecom (DoT) litigation will adversely affect the company's growth prospects. Tata Motors was down by 2.68% to Rs 161.65. The board approved the allotment of 20.16 crore ordinary shares and 23.13 crore warrants, with each warrant carrying a right to subscribe to one ordinary share per warrant, at a warrant price of Rs 150 per piece, on preferential basis to Tata Sons. The paid-up share capital of the firm stands increased to Rs 71,94,948,944 from Rs 67,91,702,130. The announcement was made after market hours yesterday, 5 December 2019. Maruti Suzuki India fell 1.07% to Rs 6,930.80. The company will recall for certain petrol Smart Hybrid (SHVS) variants of Ciaz, Ertiga and XL6 vehicles manufactured between 1 January 2019 to 21 November 2019. The announcement was made during trading hours today, 6 December 2019. Dr Reddy's Laboratories rose 2.24% to Rs 2,934.55 after it launched of Deferasirox film-coated tablets, 90 mg and 360 mg, a therapeutically equivalent generic version of Jadenu (Deferasirox) film-coated tablets, 90 mg, 180 mg, and 360 mg, approved by the United States Food and Drug Administration (USFDA). The announcement was made during market hours today, 6 December 2019. Shares of CSB Bank slumped 9.09% at Rs 270.60 on profit booking after strong listing gains. Foreign Markets: Shares in Europe and Asia advanced as investors await employment data out of the U.S. and monitor trade developments between Beijing and Washington. In US, stocks moved higher on Thursday as investors remained optimistic about prospects for a US-China trade deal despite a looming deadline for the imposition of fresh import tariffs by President Donald Trump. In economics news, the Labor Department released a report on Thursday showing an unexpected decrease in first-time claims for U.S. unemployment benefits in the week ended November 30th. The report said initial jobless claims slipped to 203,000, a decrease of 10,000 from the previous week's unrevised level of 213,000. With the unexpected decrease, jobless claims fell to their lowest level since hitting 193,000 in the week ended April 13th. US new orders for manufactured goods rose by 0.3% in October after falling by a revised 0.8% in September, according to a report released by the Commerce Department on Thursday. Meanwhile, oil prices rose Thursday after OPEC members agreed in principle to another cut to output during the first quarter of 2020. OPEC members are starting their second day of talks on Friday.
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Key benchmark indices traded with modest losses in early afternoon trade. The Nifty continued to trade below 12,000. Banks shares were under pressure for second day. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 110.17 points or 0.27% at 40,669.42. The Nifty 50 index was down 37.10 points or 0.31% at 11,981.30. The S&P BSE Mid-Cap index was down 0.60%. The S&P BSE Small-Cap index slipped 0.42%. The market breadth was weak. On the BSE, 781 shares rose and 1388 shares fell. A total of 132 shares were unchanged. In Nifty 50 index, 12 stocks advanced while 38 stocks declined. The sentiment was subdued after the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. In a surprise move, the RBI decided to hold the rates after delivering five consecutive rate cuts in 2019. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. RBI revised GDP growth downwards to 5% for 2019-20 from 6.1% projected in its October policy. The CPI inflation projection has also been revised upwards to 4.7-5.1% for the second half of FY20 and 3.8-4% for the first half of FY21. Meanwhile, RBI's consumer confidence survey (CCS) released on Thursday reported a further drop in consumer confidence in November as households remained pessimistic about jobs and the general economic situation. The current situation index (CSI) dropped to 85.7 last month from 89.4 in September. The future expectations index (FEI) also fell to 114.5, down from 118 in September. “Consumers' sentiments on the general economic situation and the employment scenario weakened, but their one-year ahead expectations remained in the optimistic terrain for all parameters, except prices; expectations on income one-year ahead improved marginally over the previous survey round,” said the RBI survey. Buzzing Index: The Nifty Bank index was down 0.37% to 31,594.10. The index has fallen 1.20% in two sessions. Among the private sector banks, Yes Bank (down 8.05%), RBL Bank (down 6.68%), IndusInd Bank (down 1.84%), Axis Bank (down 1.14%) and Federal Bank (down 0.92%) declined. Kotak Mahindra Bank (up 1.38%), HDFC Bank (up 0.94%), City Union Bank (up 0.56%) and ICICI Bank (up 0.47%) advanced. Among the public sector banks, Union Bank of India (down 3.87%), Bank of Baroda (down 3.67%), State Bank of India (down 3.64%), Andhra Bank (down 3.29%), UCO Bank (down 3.24%), Indian Bank (down 2.97%), Central Bank of India (down 2.86%), Canara Bank (down 2.76%), Punjab National Bank (down 2.49%), Bank of India (down 2.4%), Corporation Bank (down 2.37%), Syndicate Bank (down 2.28%), IDBI Bank (down 1.95%), Bank of Maharashtra (down 1.87%), Allahabad Bank (down 1.53%), Punjab & Sind Bank (down 1.27%) and United Bank of India (down 0.79%) declined. Stock in Spotlight: Camlin Fine Sciences surged 6.16% to Rs 62.90 after the company said that the commercial production at Dahej project in Gujarat is most likely to be expected in January 2020. The company said that financial closing for the Dahej project is achieved and 95% of the project is completed. Water trials have been commenced. Trial runs are expected after mechanical completion. A delay of 3-4 weeks is expected due to persistent monsoon. Nirlon slipped 0.67% to Rs 282.50. The company on Thursday signed a long-term leave and license agreement with J.P. Morgan, the global banking and financial services provider, for premium office space at Nirlon Knowledge Park (NKP) in Mumbai. J.P. Morgan will take up approximately 1.15 million square feet of office space that is expected to be delivered by the second quarter of 2021. NKP has a site area of 23 acres and is located on Mumbai's Western Express Highway in Goregaon. NKP houses some of the top global and Indian corporates with approximately 1.8 million square feet of IT/ITES office space already licensed Cadila Healthcare slipped 1.43% to Rs 254.30. The company announced that its API manufacturing facility located at Dabhasa, Gujarat has received an Establishment Inspection Report (EIR). The USFDA had conducted an inspection at the facility from 7 to 11 October 2019. The EIR report stated that the classification of the facility is 'No Action Indicated (NAI)'. Omaxe was locked in the lower circuit limit of 20 per cent at Rs 144. The stock of real estate company was trading at its lowest level since April 2016.
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Key equity market barometers erased early gains and turned negative in mid-morning trade. The Nifty 50 index slipped below 12,000. Trading sentiment was weak after the Reserve Bank of India (RBI) unexpectedly left interest rates unchanged on Thursday. In a surprise move, the RBI decided to hold the rates after delivering five consecutive rate cuts in 2019. The move was driven by the rising inflationary pressure and gradual improvement in monetary transmission. RBI revised GDP growth downwards to 5% for 2019-20 from 6.1% projected in its October policy. The CPI inflation projection has also been revised upwards to 4.7-5.1% for the second half of FY20 and 3.8-4% for the first half of FY21. At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 114.18 points or 0.28% at 40,665.41. The Nifty 50 index was down 35.70 points or 0.30% at 11,982.70. The S&P BSE Mid-Cap index was down 0.63%. The S&P BSE Small-Cap index slipped 0.42%. The market breadth turned negative. On the BSE, 826 shares rose and 1196 shares fell. A total of 122 shares were unchanged. In Nifty 50 index, 12 stocks advanced while 38 stocks declined. Stocks in Spotlight: Bajaj Finance advanced 0.16% to Rs 3993.95. The NBFC said it participated in qualified institutions placement (QIP) of RBL Bank and have been allotted 42.73 lakh equity shares at a price of Rs. 351 per equity shares aggregating to approximately Rs 150 crore. V.S.T. Tillers Tractors slipped 0.71% to Rs 1086.15. The company's power tillers sales rose 12.14% to 1238 units in November 2019 from 1104 units in October 2019. It declined 41.27% from 2108 units in November 2018. The total tractor sales slumped 33.72% to 568 units in November 2019 from 857 units in October 2019. It was down 9.55% from 628 units in November 2018. Foreign Markets: Overseas, Asian stocks continued to trade higher as traders await news on the US job market and an impending scheduled American tariff hike on Chinese goods. In US, stocks moved higher on Thursday as investors remained optimistic about prospects for a US-China trade deal despite a looming deadline for the imposition of fresh import tariffs by President Donald Trump. In economics news, the Labor Department released a report on Thursday showing an unexpected decrease in first-time claims for U.S. unemployment benefits in the week ended November 30th. The report said initial jobless claims slipped to 203,000, a decrease of 10,000 from the previous week's unrevised level of 213,000. With the unexpected decrease, jobless claims fell to their lowest level since hitting 193,000 in the week ended April 13th. US new orders for manufactured goods rose by 0.3% in October after falling by a revised 0.8% in September, according to a report released by the Commerce Department on Thursday.
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Key indices pared gains in morning trade. At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 34.93 points or 0.09% at 40,814.52. The Nifty 50 index was up 6.80 points or 0.06% at 12,025.20. The S&P BSE Mid-Cap index was down 0.04%. The S&P BSE Small-Cap index was trading almost flat. The market breadth, indicating the overall health of the market, was positive. On the BSE, 873 shares rose and 855 shares fell. A total of 97 shares were unchanged. In Nifty 50 index, 25 stocks advanced while 25 stocks declined. Buzzing Index: The Nifty Pharma index rose 1.15% to 8,144.55, reversing losses acquired in the previous session. Glenmark Pharmaceuticals (up 2.56%), Dr Reddy's Laboratories (up 1.98%), Sun Pharmaceutical Industries (up 1.41%), Strides Shasun (up 1.22%), Cipla (up 0.87%), Aurobindo Pharma (up 0.69%), GlaxoSmithKline Pharmaceuticals (up 0.6%), IPCA Laboratories (up 0.57%), Divi's Laboratories (up 0.53%), Wockhardt (up 0.26%), Cadila Healthcare (up 0.19%) and Piramal Enterprises (up 0.11%) advanced. Alkem Laboratories (down 0.49%) and Lupin (down 0.19%) declined. Stocks in Spotlight: RBL Bank slipped 0.12% to Rs 364.95. The private sector bank said the qualified institutional placement (QIP) of equity shares which opened on Monday, 2 December 2019, ended yesterday, on 5 December 2019. It has approved allocation of 5.77 crore equity shares at an issue price of Rs. 351 per share. Kesoram Industries rose 3.05% to Rs 62.05, rising for second consecutive session. The stocks has risen 9.53% to its current market price from a recent closing high of Rs 56.65 on 4 December 2019.
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Key indices are trading higher in early trade in line with Asian peers. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 129.69 points or 0.32% at 40,909.28. The Nifty 50 index was up 26.05 points or 0.22% at 12,044.45. The S&P BSE Mid-Cap index was up 0.30%. The S&P BSE Small-Cap index was up 0.19%. Both these indices underperformed the BSE Senses. The market breadth, indicating the overall health of the market, was positive. On the BSE, 552 shares rose and 211 shares fell. A total of 32 shares were unchanged. Among stocks, Yes Bank fell 3.62%. Yes Bank said Moody's Investors Service downgraded its long term foreign currency issuer rating to B2 from Ba3. Moody's has also downgraded the bank's long-term foreign and local currency bank deposit ratings to B2 from Ba3, foreign currency senior unsecured MTN program rating to (P)B2 from (P)Ba3, and Baseline Credit Assessment (BCA) and Adjusted BCA to b3 from b1. The outlook on the bank's ratings, where applicable, is negative. Moody's expects Yes Bank's common equity tier 1 (CET1) ratio of 8.7% at the end of September 2019 to come under significant pressure, unless the bank can raise new capital in the next few quarters. M&M fell 0.27%. M&M said the company acquired 36.63% of the Equity Share Capital of Meru in the first tranche of investment. Consequently, Meru has become a subsidiary of the Company with effect from 5 December, 2019. Subsequently, Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited and V-Link Fleet Solutions Private Limited, subsidiary companies of Meru, have in turn, also become subsidiaries of M&M. Bank of Baroda rose 0.24%. Bank of Baroda said Capital Raising Committee of Bank approved issuance of Basel III Compliant Additional Tier I Bonds for aggregate total issue size not exceeding Rs 1,850 crore, with a base issue size of Rs 500 crore and a Green Shoe Option to retain oversubscription up to Rs.1 ,350 crore. Allcargo Logistics rose 2.39%. Allcargo Logistics said Directors have approved the Share Purchase Agreement between the Company and some of the existing members of the Promoter and Promoter Group of Gati Limited for acquisition upto 1,03,85,332 Equity Shares at a price of Rs 75/- per Equity Share. The company will also make an open offer for acquisition of 3,17,42,615 Equity Shares representing 26% of the Paid up Voting Equity Share Capital (post preferential issue and vesting of stock option) of Gati at a price of Rs 75/- per Equity Share. Narayana Hrudayalaya rose 1.74%. Narayana Hrudayalaya said its plan to establish a 130 bedded hospital project in Nairobi, Kenya announced in 2016 could not be proceeded with due to the inability to fund the project by a financial institution partner. Greaves Cotton rose 1.02%. Greaves Cotton said it has completed acquisition of entire shareholding of Ms Hemalatha Annamalai in Ampere Vehicles Pvt Ltd through secondary purchase, thereby acquiring absolute control in its subsidiary Ampere Vehicles Pvt Ltd. This is part of Greaves' long-term strategy to strengthen and expand its presence in last-mile e-Mobility space that is seeing significant interest from government and commuters alike. Overseas, Asian stocks are trading higher as traders await news on the US job market and an impending scheduled American tariff hike on Chinese goods. In US, stocks moved higher on Thursday as investors remained optimistic about prospects for a US-China trade deal despite a looming deadline for the imposition of fresh import tariffs by President Donald Trump. On economic front, the nation's trade deficit dropped almost 8% in October to a 16-month low, largely because of lower imports from China.
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The benchmark indices swayed between gains and losses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 66.40 points or 0.16% at 40,916.69. The Nifty 50 index was up 8.30 points or 0.07% at 12,051.50. Sentiment was affected by RBI's surprise move of keeping the rate unchanged. The S&P BSE Mid-Cap index was down 0.13%. The S&P BSE Small-Cap index was up 0.12%. The market breadth favored sellers. On the BSE, 1091 shares rose and 1245 shares fell. A total of 195 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined. Stocks in Spotlight: Force Motors rose 2.24% to Rs 1037.60. The company's production rose 9.17% to 1786 units in November 2019 from 1636 units in October 2019 but it was down by 12.54% as compared to 2042 units in November 2018. The company's domestic sales fell 9.24% to 1936 units in November 2019 from 2133 units in October 2019 but were up by 31.08% as compared to 1477 units in November 2018. The company's exported 176 units in November 2019 as compared to 93 units in October 2019 and 12 units in November 2018. Larsen & Toubro Infotech (LTI) fell 2.59% to Rs 1627.40. The company informed that LTI has been visited by the US Department of Homeland Security on 4 December 2019 at its Edison office in New Jersey. The company is fully cooperating with the authorities. Derivatives: The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 10.48% higher to 14.72. The Nifty December 2019 futures were trading at 12,084.25, a premium of 24.95 points compared with the spot at 12,059.30. On the options front, the Nifty option chain for 26 December 2019 expiry showed maximum call open interest (OI) of 18.40 lakh contracts at the 12,500 strike price. Call writing was witnessed at 12,200 strike price, which added 1.05 lakh contracts. Maximum put OI of 32.26 lakh contracts was seen at 12,000 strike price. Put writing was seen at the 11,800 strike price, which added 2.97 lakh contracts. The option chain indicates that Nifty will stay between 12,000 and 12,500 till December expiry, 26 December 2019. Numbers to watch: The yield on 10-year benchmark federal paper rose to 6.587% at 14:20 IST compared with 6.462% in the previous trading session. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.45, compared with its close of 71.535 during the previous trading session. MCX Gold futures for 5 December 2019 settlement fell 0.01% to Rs 38,089. In the commodities market, Brent crude for February 2020 settlement was down 14 cents at $62.86 a barrel. The contract rose 3.58% or $2.18 to settle at $63 a barrel during the previous trading session.
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Key market barometers were trading with small gains in afternoon trade. Shares witnessed steep volatility after RBI's surprise move of keeping the rate unchanged. At 13:23 IST, the barometer index, the S&P BSE Sensex, was up 60.57 points or 0.12% at 40,898.18. The Nifty 50 index was up 10.80 points or 0.09% at 12,054. The S&P BSE Mid-Cap index was down 0.10%. The S&P BSE Small-Cap index was up 0.08%. The market breadth was negative. On the BSE, 1061 shares rose and 1190 shares fell. A total of 183 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined. The yield on 10-year benchmark federal paper rose by 1.67% to 6.570 at 13:23 IST compared with 6.462 in the previous trading session. Buzzing Index: The Nifty Metal index fell 1.59% to 2,563. NMDC (down 2.69%), Jindal Steel & Power (down 2.47%), Tata Steel (down 1.56%), Vedanta (down 0.83%), Hindalco Industries (down 0.77%) and Steel Authority of India (down 0.76%) declined. National Aluminium Company (up 0.92%), Hindustan Zinc (up 0.35%) and Hindustan Copper (up 0.25%) advanced. Stocks in Spotlight: Reliance Industries rose 0.62% to Rs 1562.20. RIL said, its subsidiary Reliance Jio Infocomm (Jio) launched the NEW ALL-IN-ONE PLANS. These plans will provide up to 300% more benefits to the Jio consumers, upholding the Jio promise of providing the best-quality service at the lowest price globally. Bharti Airtel fell 1.63% at Rs 453.35. The company said its board approved raising up to $3 billion through a mix of equity and debt. State Bank of India slipped 0.85% to Rs 339. SBI board on Wednesday approved the lender's proposal to sell 8.25% stake in UTI AMC. Wipro rose 0.60% to Rs 243.65. The IT major announced the launch of its NextGen Cyber Defence Centre (CDC) in Melbourne, Australia. Wipro also plans to launch similar CDCs in other cities in Australia and offer cyber resilience and provide digital protection to large government organizations. JSW Steel fell 2.44% to Rs 253.45. The company announced that the resolution plan for Vardhman Industries has been approved by the NCLT under Insolvency and Bankruptcy Code, 2016. The Company had preferred an appeal before National Company Law Appellate Tribunal (NCLAT) challenging certain portions of NCLT orders. The company further added that the judgment on the same has been pronounced allowing the said Appeal of JSW. RBI Policy Outcome: Investors were hoping for a 25 basis points rate cut. However, the Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) at its meeting today (5 December 2019) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 5.15%. Consequently, the reverse repo rate under the LAF remains unchanged at 4.90%, and the marginal standing facility (MSF) rate and the bank rate at 5.40%. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/-2%, while supporting growth. All members of the MPC - Dr. Chetan Ghate, Dr. Pami Dua, Dr. Ravindra H. Dholakia, Dr. Michael Debabrata Patra, Shri Bibhu Prasad Kanungo and Shri Shaktikanta Das - voted in favour of the decision. The MPC recognised that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture. Accordingly, the MPC decided to continue with the accommodative stance as long as it is necessary to revive growth, while ensuring that inflation remains within the target. Real GDP growth for 2019-20 is revised downwards from 6.1% in the October policy to 5% to 4.9-5.5% in H2 and 5.9-6.3% for H1:2020-21. The CPI inflation projection is revised upwards to 5.1-4.7% for H2:2019-20 and 4-3.8% for H1:2020-21, with risks broadly balanced. While improved monetary transmission and a quick resolution of global trade tensions are possible upsides to growth projections, a delay in revival of domestic demand, a further slowdown in global economic activity and geo-political tensions are downside risks, the MPC statement stated. Foreign Markets: Overseas, most shares in Europe and Asia were trading higher on Thursday on signs the United States and China were on track for a preliminary trade deal. The US stock market finished higher on Wednesday, 04 December 2019, snapping three days of loosing streak, as investors chased for bargain hunting on renewed optimism about a potential trade deal after reports indicated the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. However, market gains capped after disappointing economic data, including a report from payroll processor ADP showing much weaker than expected private sector job growth in the month of November. Beyond China, President Donald Trump has been pushing ahead on trade disputes all around the world recently. On Tuesday, he proposed tariffs on $2.4 billion in French products in retaliation for a tax on global tech giants including Google, Amazon and Facebook. That follows a threat Monday to raise tariffs on steel and aluminum from Argentina and Brazil. In economics news, US non-manufacturing index dipped to 53.9 in November after climbing to 54.7 in October, a report released by the Institute for Supply Management on Wednesday showed. A reading above 50 indicates service sector growth. Meanwhile, the new orders index rose to 57.1 in November from 55.6 in October and the employment index climbed to 55.5 from 53.7. US private sector employment increased by 67,000 jobs in November after climbing by a revised 121,000 jobs in October, according to a report released by payroll processor ADP on Wednesday. The weaker than expected job growth came as a continued increase in employment in the service-providing sector was partly offset by a loss of jobs in the good-producing sector.
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