All sectoral indices except Nifty Bank and Nifty private bank closed with gains. Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices were ended the day’s trade at their highest ever closing levels. S&P BSE Sensex was at 45,079 on the closing bell while the 50-stock Nifty ended at 13,258. Among the top gainers were ICICI Bank, UltraTech Cement, and Bharti Airtel. Dragging the index were Reliance Industries, Bajaj Finserv, HDFC, HCL Tech, and NTPC. Broader markets started the day higher but later closed, underperforming the benchmark indices. Equity markets cheered RBI Governor Shaktikant Das’ speech on the MPC decisions where policy rates were kept unchanged.
Read More
Highlights
Sensex closed 447 points higher at 45,079 while the 50-stock Nifty ended at 13,258. Both the benchmark indices scaled to new all-time highs just before the closing bell.
Sensex was sitting above 45000 while Nifty 50 was well above 13,200 just ahead of the closing bell on Friday.
The Telecom Regulatory Authority of India (TRAI) has released its monthly data on subscribers (subs) and MNP (mobile number portability) for September 2020. Industry- active subs rose by 1.0mn with Bharti Airtel leading the net add with 3.8mn subs. Mobile broadband subs addition stood at 9.5mn, with highest addition again for Bharti at 7mn. Bharti’s MBB subs market share rose 75bps to 26.4% while RJio’s dipped 60bps to 51.4% on active basis. Wired broadband addition accelerated for RJio with net add of 0.27mn to total of 1.5mn; however it still accounts for only 42% of incremental net adds. MNP churn remains high at 0.8% and we see Bharti poised to gain from it. ~ ICICI Securities
Less than an hour before the closing bell S&P BSE Sensex was seen nearing 45,000 points onve again. Nifty 50 was above 13,2000.
After the Credit policy Indian Indices loose its shine, RBI holds interest rate unchanged, its 3rd straight meeting as inflation stayed stubbornly high and said the economy was recuperating fast and would return to positive growth in the current quarter itself. Indian indices lost their early gain and down by 70 points from high. Indian Indices Nifty and Sensex up by 54 points (0.42%) and 197 points (0.45%) respectively. Today S&P BSE Telecom (up 1.76%), S&P BSE Fast Moving Consumer Goods (up 1.18%) while S&P BSE Energy (down 0.8%) S&P BSE OIL & GAS (down 0.41%). Global Market update - DOW Jones up by 85 points (Up 0.23%) and NASDAQ up by 27 points (down 0.23%). We expect the market to trade in range bound and 13200 will become a hurdle for Nifty in the short term.
~ Yash Gupta Equity Research Associate, Angel Broking .
Top Sensex gainers at this hour are Sun Pharma, ICICI Bank amd UltraTech Cement. All these stocks are up over 3% each.
After the Credit policy Indian Indices loose its shine, RBI holds interest rate unchanged, its 3rd straight meeting as inflation stayed stubbornly high and said the economy was recuperating fast and would return to positive growth in the current quarter itself. Indian indices lost their early gain and down by 70 points from high. Indian Indices Nifty and Sensex up by 54 points (0.42%) and 197 points (0.45%) respectively. Today S&P BSE Telecom (up 1.76%), S&P BSE Fast Moving Consumer Goods (up 1.18%) while S&P BSE Energy (down 0.8%) S&P BSE OIL & GAS (down 0.41%). Global Market update - DOW Jones up by 85 points (Up 0.23%) and NASDAQ up by 27 points (down 0.23%). We expect the market to trade in range bound and 13200 will become a hurdle for Nifty in the short term: Yash Gupta Equity Research Associate, Angel Broking Ltd
GDP estimate of -7.5% for FY21 is close to Brickwork Ratings estimate of -7% and shows a sharp recovery from the doom- like-scenario of Q1; however, the elevated inflation projections for H2 FY21 and H1 FY22 imply that the space for any further monetary support is now dismal. Maintaining an accommodative stance under this elevated inflation environment is a risk, but augurs well for the bond market that had started showing signs of tightening especially for NBFCs. A risk based supervision for NBFCs and an expectation of a stronger risk and governance framework from NBFCs is a welcome move that will strengthen the sector and provide confidence to investors.: Rajat Bahl, Chief Knowledge Officer, Research Division, Brickwork Ratings
MPC has yet again delivered a ‘Balanced Policy with a positive tone’ and has conspicuously been more sanguine on Growth. MPC, while being cognizant and cautious on the elevated incumbent Inflation levels, has reassured the markets of continued accommodative stance with liquidity support to revive growth on a durable basis. The upgrade in the GDP forecasts and the extension of TLTRO’s to other stressed sectors are some of the key positives. The growth optimism in the policy and undertone is quite encouraging as RBI had been advocating to do whatever it takes to support the economy and financial sector and that should provide a lot of comfort to the markets: Niraj Kumar, CIO, Future Generali India Life Insurance Co. Ltd.
Today’s announcement remains in line with the RBI’s goal of nurturing growth despite the rise in inflation. Keeping demand stimulated to maintain the current momentum would be critical for continuous acceleration of the economic recovery. Recently reviving market performance indicators, despite all odds and supported by government and central bank interventions, have enthused a great sense of relief across real estate markets in the country. Home loan interest rates, which are at the lowest, have played a key role in rekindling the latent demand in housing market by nudging home buyers to make purchase decisions even during the pandemic. RBI’s decision to keep the rates unchanged will keep the momentum of demand intact to provide the much needed stability , as even while there is recovery in the economy, it is still fragile and highly volatile: Shishir Baijal, Chairman & Managing Director, Knight Frank India
The status quo policy by RBI is on expected lines. The assurance by the RBI to maintain surplus liquidity in the system to help boost demand and economic recovery is a big positive. It indicates easy rates to continue well into 2021. The status quo on the policy stance signals rate easing in the near future provided inflation remains under control. While the RBI hiking the inflation forecast is a cause of worry but the projection of growth rate swinging back to positive in Q3, Q4 indicates the worst may be over. The RBI keeping rates low despite high inflation shows its focus to boost economic growth over keeping inflation under check which is majorly a supply-side issue. The RBI policy is supportive of growth and in sync with the government's reform agenda: Nish Bhatt, Founder & CEO, Millwood Kane International - an investment consulting firm
The real estate sector was expecting a rate cut which would give further impetus to demand and induce liquidity in the market. However, for the third time in a row the RBI decided to keep the repo rate unchanged for the growth of the economy and to have control over inflation maintaining an accommodative stance. While the GDP expectations for H1 2021 are on the downside, there is expectation of recovery in H2. With the next budget focusing on boosting growth, this may lead to rise in investment in safe-haven assets like real estate as prices are likely to appreciate from current levels. With the role of the real estate sector in generating employment and economic activity, we foresee 2021 as a year that makes a comeback along with the hopes of a vaccine: Ram Raheja - Director, S Raheja Realty
There is still a lot of uncertainty around the extent of potential defaults in the loans that are under moratorium. This extent of risk is currently immeasurable and therefore has not been factored in the market yields. In case the defaults on moratorium loans is larger than expected, RBI would have to come forward and tackle the situation through its monetary tools: Raghvendra Nath, MD, Ladderup Wealth Management
Maintaining accommodative stance and status quo by RBI is on expected lines. It’s encouraging to get confirmation from RBI on the economic recovery. RBI also continues to take measures to safeguard our financial system for long term stability and drive towards digital payments. The intent is extremely positive and the focus will be on the continuation of economic recovery. We believe that the Mar-2020 quarter is highly likely to mark the return to normality: Mohit Ralhan, Managing Partner & CIO, TIW Private Equity
“RBI policy was on expected lines. They have prioritised growth over inflation. This is an acknowledgment that inflation drivers seem to be more supply side led. An accommodative liquidity stance will ensure access to liquidity will not be a challenge and the ongoing recovery continues to gather steam. This will help push through govt borrowings in a year where the revenues are under pressure. Guidance is better than earlier on growth and flows. Positive for markets," said Ashish Shanker, Deputy MD and Head of Investment, Motilal Oswal Private Wealth Management.
"As expected, RBI decided to maintain status quo in terms of interest rates as inflation still seems to be on the higher end. However, an upward revision in their GDP forecast for FY21 has resulted in a decent uptrend in the markets. Even though RBI is maintaining an accommodative stance, till there is significant easing in inflation, one can expect these rates to be maintained till Q4FY21 as well," said Abhijeet Ramachandran Independent Analyst/ Co-Founder and Trainer, Tips2Trade.
MPC voted to keep policy rates unchaged at 4%. This has cheered Sensex and Nifty that have neared their all-time highs.
Among the top gainers on Sensex were UltraTech Cement, Bharti Airtel, and Mahindra & Mahidra. Adani Power and Tata Power were the top gainers on BSE Midcap index.
Sensex and Nifty began Friday's trading session with gains. S&P BSE Sensex was above 44,700 points while Nifty 50 breached 13,150.
Nifty crosses 13,170 during the pre-opne session while Sensex added 33 points.
Sensex jumped over 100 points in the pre-open session. Nifty was holding above 13,160.
Sensex jumped over 100 points in the pre-open session. Nifty was holding above 13,160.
After having started the pre-open session with losses, Sensex soon recouped and was trading in the green. Nifty was still above 13,150.
Nifty was seen breaching 13,150 during Friday's pre-open session. Sensex on the other hand was trading flat with a negative bias.
Maximum Put OI is at 12,000 strike with 31.52 lakh contracts. Put writing was also seen at these levels with addition of 1.11 lakh contracts.
For the December series, maximum Call Open Interest (OI) is placed at 13,000 strike with 27.17 lakh contracts. This is followed by 19.37 lakh contracts at 13,500 strike. Massive Call writing was seen at 13,200 strike, adding 1.92 lakh contracts.
Foreign Institutional Investors may have kept the benchmark indices in the green on Thursday with their net buying of domestic securities worth Rs 3,637 crore. Domestic Institutional Investor were again seen selling stocks, this time worth Rs 1,439 crore.
Sensex and Nifty continued to trade range bound on Thursday, even after reaching fresh all-time highs. “A reasonable negative candle was formed at the new highs and the market is now placed at the edge of the support of previous swing highs of 13140-13130 levels as per the concept of change in polarity. But, failed to show any convincing upmove from the support. This action could be a cause of concern at the highs,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that the short-term trend continues to remain positive with support at 13,000.
Read full story
The Reliance Communication resolution plan the lenders will get Rs 4,400 crore from Reliance Digital Platform, news agency IANS reported.
The Mumbai bench of the NCLT on Thursday approved the resolution plan for Reliance Infratel, a subsidiary of Reliance Communications.
HDFC Bank is the market leader in terms of credit card volumes and spends, with 14.98 million credit cards in circulation at the end of September. Fees from the cards and merchant acquiring businesses also constitute important lines of revenue for the lender.
On Thursday, HDFC Bank's share price fell 2.13% to end as the worst perofrming Sensex constituent. The fall came after the news of RBI's order became public.
The Reserve Bank of India (RBI) has ordered India’s largest private sector bank HDFC Bank to temporarily halt all launches of the Digital Business generating activities planned under its program Digital 2.0, and other proposed business generating IT applications, while also ordering the bank to stop sourcing new credit card customers. The order dated December 2 comes after HDFC Bank’s internet banking and payment system were disrupted by yet another outage on November 21. HDFC Bank has drawn criticism for various such incidents over the past two years. RBI has directed HDFC Bank’s top examine the lapses and fix accountability.
Read full story