Share market HIGHLIGHTS: The domestic stock markets posted a robust rally on Friday, with the Sensex closing 579 points higher, and Nifty closing above the 10,500-mark. The Sensex moved past the 35,000-mark buoyed by a strong rally in the shares of auto and financial stocks. Maruti Suzuki emerged as the top gainer in the index, with shares zooming 6.6% to hit an intra-day high of Rs 7,159. The overall sentiment in the markets was upbeat on the back of a fall in global crude prices and a rising rupee. Rupee gained more than 70 paise to race past 73 mark for the first time in over 1 month, while the brent crude oil price fell to a fresh 7-month low.
Earlier, the stock markets opened higher, tracking positive global cues such as gains in Asian peers and easing global trade war worries between China and the United States. The SGX Nifty was up 0.8% to 10,503, indicating a positive start for Sensex and Nifty.
Asian equity markets rose after China and the United States expressed optimism about resolving their bruising trade war, though a warning from tech giant Apple Inc on holiday sales amid emerging market weakness could weigh on technology shares, Reuters reported. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, adding to the previous session’s strong gains. The improved mood in early Asian trade followed a rise in U.S. shares overnight, with the Dow Jones Industrial Average and the S&P 500 each gaining 1.06 percent while the Nasdaq Composite rallied 1.75 percent, said the Reuters report. We bring to you key highlights from today’s trade.
The BSE and NSE will conduct a special ‘Muhurat’ trading session on Wednesday, November 7. The ‘Muhurat’ trading, which is conducted on the auspicious occasion of Diwali, will be held between 1700 hours and 1830 hours, the stock exchanges said.
A strong rally was observed across industries on Fridday, helping the index log massive gains of more than 700 points intra-day, and and the day with a gain of 579 points to 35,011.65. Here are the top index contributors.
The 30-share Sensex zoomed 614 points to close above the 35,000-mark, while the broader Nifty 50 zoomed past the 10,550 mark. Maruti Suzuki, VEDL shares came out as the top gainers in the index. A look at Sensex heat map.
Alll stocks in green except IT majors Infosys, TCS and Wipro. Check heat map. In what could be a big blow to Indian IT professionals looking to work in the United States, the Donald Trump administration has introduced a new set of stringent provisions that will make it tougher for employers to sponsor foreign workers, PTI reported. IT stocks trade down after the Donald Trump-led administration introduced a new set of stringent provisions that will make it tougher for employers to sponsor foreign workers.
Also read: Big blow to Indian IT professionals; Trump makes H1-B visa norms even tougher
After a strong rally on Friday morning, the stock market were off intra-day highs. The BSE midcap index slipped 160 points from the day’s high and is currently trading at 14,906.29. The index had soared to an intra-day high of 15,051. A look at the buzzing midcap stocks right now.
Uday Kotak-led Infrastructure Leasing and Financial Services (IL&FS) board has warned about banks facing Rs 53,000 crore worth exposure to finance company. Since the total exposure of the banks to the NBFC is nearly 16 percent, it is “critical to financial stability,” The Indian Express reported citing a report on states of affairs at IL&FS said. The board also cautioned that the “future impact of more defaults in the group, if not addressed in an orderly manner, may be catastrophic for financial stability.”Also read: IL&FS Financial Services’ exposure to group companies breaches RBI norms in FY 16-18, says Board
“We’ve had really great productive discussions with the Indian government and I fully expect that at some point, they will agree to allow us to bring our stores into the country. We’ve been in discussions with them and the discussions are going quite well,” Cook said during the fourth quarter 2018 earnings call Thursday. Cook said that in India there are import duties in some or most of the product categories that Apple is in and in some cases they compound.Also read: Apple CEO Tim Cook ‘very bullish’ on India; confident of opening more stores in Indian market
Also read: Apple CEO Tim Cook ‘very bullish’ on India; confident of opening more stores in Indian market
The new board of the troubled IL&FS has found that one of the group subsidiaries, IL&FS Financial Services’ (IFIN) outstanding loans and investments to other group entities are much higher than the permissible regulatory caps for the three years ending fiscal 2018. This finding, a part of the progress report and way forward, was submitted to the Mumbai bench of the National Company Law Tribunal (NCLT) by the government-appointed board Wednesday.
Also read: IL&FS Financial Services’ exposure to group companies breaches RBI norms in FY 16-18, says Board
Tech stock take a beating in afternoon trade with the news reports of the US making it even tougher for the companies to obtain H-1B visas. All major IT stocks trade in red. TCS is down 1.1% to Rs 1,915 on NSE; Wipro stock has taken a knock of 2% to trade at Rs 323. Infosys share price is also down 0.5% at Rs 663, as Donald Trump introduces stringent provisions to the H-1B labour application process.
According to a recent UNS report, the liquidity shortage in the NBFCs sector triggered by default on its debt obligations by IL&FS has been a major concern. “NBFCs have been a much higher % of system credit growth over the past few years, so a slowdown would hurt macro growth and possibly discretionary consumption. Indeed, we see a sharper slowdown and downside risks to our 7-7.2% real GDP growth forecasts for H2 FY19 (vs. 8.2%YoY registered in the June quarter). Our base case remains that this is a liquidity squeeze and not systematic risk, though the negative feedback loop causing the latter merits tracking. We expect the Reserve Bank of India (RBI) to neutralise the liquidity squeeze but think that an ‘easy money’ period is not coming back in a hurry,” UBS said in its report.
PSU bank shares rallied on Friday afternoon, with shares of Bank of Baroda and Indian Bank gaining more than 4% each in the afternoon trade. The rally in BoB shares come after the state-run lender reported an increase of 19.7% in September quarter profit at Rs 425.38 crore, earlier this week. Indian Bank shares. BoB shares gained more than 6% to hit an intra-day high of Rs 113.45 on NSE, while Indian Bank share price rallied by more than 4% to intra-day high of Rs 260.80 on NSE. We bring to you the live chart of Nifty PSU Bank Index.
PNB shares were trading flat at Rs 75, after the state-run lender reported Q2 results for the latest quarter. Punjab National Bank (PNB) Q2 loss came in at Rs 4,532 crore vs profit after tax of Rs 561 crore in the comparable period last fiscal. There was a tax writeback of Rs 2,386 crore in the latest quarter. Net NPA stood at 8.9% as compared to 10.5% previous quarter, while gross NPA came in at 17.16 % vs 18.26% in the previous quarter.
investors, ahead of Reliance Industries and TCS, according to a report. In its 23rd wealth creation study, Motilal Oswal noted that HDFC Bank has come out as the Biggest Wealth Creator for the first time ever. “After consistently hugging the second and third rank for the last 6 studies, HDFC Bank has finally broken through to emerge the biggest Wealth Creator over 2013-18,” Motilal Oswal’s 23rd Wealth Creation Study noted. HDFC Bank has created Rs 3,247 billion wealth in the last 5 years, while billionaire Mukesh Ambani-led Reliance Industries has created Rs 3,094 billion in the same period. India’s largest IT behemoth TCS grabbed the third spot creation Rs 2,532 billion. Automaker Maruti Suzuki came next on the list of biggest wealth creators, increasing investor wealth by Rs 2,308 billion. FMCG bellwether HUL ranked 5th on the list creating Rs 1,883 billion in the last five year period.
The domestic stock markets extended their strong rally, as the 30-share Sensex gained more than 600 points buoyed by a strong rally in financial and auto stocks. Sensex zoomed more than 600 points to reclaim the 35,000 mark, while the broader Nifty 50 gained past the psychological 10,550 mark. Check indices.
The bank stocks gained in trade on Friday morning, with shares of Yes Bank, IndusInd Bank, Kotak Mahindra Bank, BoB gaining up to 6%. The Nifty Bank index gained nearly 2% in the late morning trade.
The 30-share Sensex zoomed by more than 580 points on Friday morning, buoyed by a strong rally in auto and financial stoccks. VEDL, Heromocorp emerge as top gainers in the index. Check heat map:
Maruti Suzuki share price zoomed on Friday morning despite the firm reporting weak October sales. Maruti Suzuki share price gained more than 4.5% on Friday morning to Rs day’s high of Rs 7,018. Maruti Suzuki India has reported total sales of 146,766 units in October 2018, including 138,100 units in domestic market and 8,666 units of exports. Sales of the company stayed flat and saw a marginal growth of 0.2 per cent compared to the same period last year.
Shares of Anand Mahindra-led M&M gained on Friday after the firm reported robust October sales data. M&M shares rallied by more than 4.7% to hit intra-day high of Rs 792.75. M&M total tractor sales for October came in 17% higher at 47,376 units. Total exports have also seen a growth of 2% to 1,064 units. Doestic sales came in 17% higher at 46,312 units.
Shares of India’s major two-wheeler manufacturer Bajaj Auto gained by nearly 4% on Thursday morning after the firm reported robust October sales numbers. Bajaj Auto share price gained more than 3.9% on Friday morning to hit Rs 2,600 after the firm, heading for the seventh straight session of gains after the firm posted a 32.5% jump is October sales. Bajaj Auto said that total sales zoomed to 5,06,699 vehicles versus 382,464 vehicles in October last year.
Shares of state-run oil market companies such as HPCL, BPCL and IOC rose up to 6%, largely supported by fall in crude prices in the global market. Investor sentiment got a big push after Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48%, traders told PTI. HPCL shares gained more than 4% to hit intra-day high of Rs 239. IOC shares gained as much as 4.65% to intra-day high of Rs 148.45. BPCL shares gained more than 5.75 to hit the day’s high at Rs 299.85.
After opening higher, the rupee gained as much as 73 paise intra-day to gain past the 73 mark against US Dollar. The domestic currency hit an intra-day high of 72.86 in the morning trade. The surge in rupee comes on the back of falling global crude oil prices crude prices. Crude price fell to seven-month lows in the global market amid fresh foreign fund inflows. The rise was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas, traders told PTI.
Also read: Rupee opens 30 paise higher against dollar as crude oil prices continue to fall
Nifty has gained more than 1% to top 10,500-mark today.
Small and Midcap indices gained for the 5th straght day.
Nifty PSU Bank Index is up more than 15% in the week so far.
Yes Bank shares shares extedned their strong rally from yesterday, gaining nearly 6% on Friday morning. Yes Bank shares surged more than 6% in the morning trade to hit an intra-day high of Rs 214.8. The shares have been on an upward trend after after the lender’s name did not feature among the top 5 creditors named by IL&FS. Yesterday, the shares gained up to 10% posting their biggest intra-day gain in the last 3 weeks.
Also read: Yes Bank share price gains 10% as IL&FS concerns ease; shares see biggest intra-day gain in 3 weeks
The 500share Nifty surged past the 10,500 mark in the opening trade, buoyed by a rally in the shares of Yes Bank, Asian Paints, Hero Motocorp, and BPCL gaining by more than 4% each in the morning trade. Check the top 5 gainers and losers:
The Sensex jumped over 400 points in early morning led by gains in bluechip stocks like Yes Bank, Asian Paints, IndusInd Bank, Hero MotoCorp , HDFC and ITC among others. Check all top gainers and losers here:
HDFC shares rose over 2% to a high of Rs 1799 per share on the BSE in early morning trade on Friday. HDFC on Thursday reported a 25% rise in standalone net income at Rs 2,467.08 crore in the three months to September, boosted by investment income from part-selling its stake in the mutual fund arm during the quarter through an IPO, coupled with robust loan demand.
The rupee appreciated 31 paise to 73.14 against the dollar at the interbank foreign exchange Friday after crude prices fell to seven-month lows in the global market amid fresh foreign fund inflows. The rise was also supported by dollar-selling by exporters and banks and the US unit’s weakness against some currencies overseas, PTI reported quoting traders. They said a higher opening in the domestic equity market too supported the rupee.
The NSE Nifty traded 102.75 points or 0.99% higher at 10,483.20 points in early morning trade on Friday. RCom was the most traded stock by volume on the NSE in the first 15 minutes of trade. Check out the other stocks here:
The domestic stock market opened higher with the 30-share Sensex zooming 250 points, while the broader Nifty50 opened above the 10,450-mark. Check out the top gainers and losers on the Sensex:
The BSE Sensex surged over 300 points during the pre-open session on Friday. The rupee opened stronger, at 73.15 against the US dollar.
The dollar sagged against its peers on Friday, pulling away from a 16-month peak hit earlier this week as returning confidence in financial markets reduced the appeal for safe haven assets and as investors awaited the closely-watched U.S. jobs report. The dollar index against a basket of six major currencies was little changed at 96.335 after dropping nearly 0.9 percent overnight, weighed by a rallying sterling and as a slight ebb in trade concerns boosted peers such as the Australian dollar and the Chinese yuan.
Read the story here: Dollar sags as safe havens fade on improved confidence, pound stands tall
Asian equity markets rose on Friday as China and the United States expressed optimism about resolving their bruising trade war, though a warning from tech giant Apple Inc on holiday sales amid emerging market weakness could weigh on technology shares. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.46 percent, adding to the previous session’s strong gains. But that came after a sharp 10.3 percent dive in October, its worst month since August 2015.
Read the story here: Asian shares rise as Donald Trump, Xi Jinping lift hopes on resolving trade row
Pull back in U.S. equities, leads to a declining safe-haven bids, and Dollar Index reflecting the same – currently at 96.37 (after nearing 16-month highs). Only a break below 96.17 & sub-96 can endorse a reversal trend in an otherwise one-sided bullish Dollar movement seen in this calendar year. But market participants will be keenly following the U.S. jobs data (Non-Farm Payroll & unemployment) to be released today. Plus there are two key events that are to happen: 1) New Iran Sanctions kickstart from 04-Nov and 2) U.S. Mid-term elections scheduled early next week. And so the Global Dollar and associated asset classes are in a key state of trend.
DOW continued its reprise, closed up 265 points yesterday. Asian markets are mirroring similar sentiments, both Nikkei & HangSeng are +249 & +563 points respectively. Whereas SGX Nifty Fut is up 72 points (extending yesterdays green run). Add to this, the Crude has declined further with over-supply worries, but can restrict its fall due to Iran-Sanctions. Brent Crude now at $72.54 per barrel – and the technical chart shared yesterday reflects its likely trends. And so, bullish equities, lower crude, rising Yuan are assisting the Indian Rupee – which is likely to open with a stronger gap open.
— Hiren Sharma, Portia Advisory Services LLP
Shares of Axis Bank will be in focus ahead of the lender reporting its Q2 results today. HDFC shares too will assume focus, after the firm reported a rise of nearly 25% in its net profit for the quarter ended September 2018. The housing finance major’s standalone net profit after tax rose by 24.71% to Rs 2,467.08 crore during the quarter under consideration from Rs 1,978.19 crore reported during a year ago period.
Also read: Stocks to track today! Axis Bank, IOC, Hindalco, Reliance Capital, Coal India, HDFC, HPCL