Share Market Highlights: Nifty closes just shy of 13,000, Sensex above 44,250; Tata Steel, Bajaj Finance top gainers

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Updated: November 26, 2020 4:24:55 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty surged from deep in red to end the day with gains. Broader markets mirrored the benchmark indices.

It also stated that India needs to shorten the time taken to enforce contracts through courts.It also stated that India needs to shorten the time taken to enforce contracts through courts.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity benchmark indices closed with gains on Thursday. S&P BSE Sensex ended at 44,259 points while Nifty 50 was at 12,987. Broader markets were seen gaining as well. Volatility tanked 13% to sit near 20 levels. Among top Sensex gainers were Tata Steel, Bajaj Finance, and Bajaj Auto. Only ONGC, Maruti Suzuki, Tech Mahindra and IndusInd Bank closed in the red.

The Government on Wednesday sanctioned the merger of Lakshmi Vilas Bank with DBS Bank India, making it the first such bailout by a foreign bank. The merger will come into force from November 27, lifting the moratorium that was placed on Lakshmi Vilas Bank and delisting the shares or debentures of the lender listed on Bombay Stock Exchange and the National Stock Exchange. Shares of the bank have tanked 50% in seven trading sessions.

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Highlights

    16:21 (IST)26 Nov 2020
    Sensex, Nifty recover from deep in red to end with gains; where are stock markets headed now?

    Sensex and Nifty recouped all intraday losses to close Thursday’s trading session with gains. The Nifty ended at 12,987 while the 30-stock BSE Sensex 44,259. Among the top gainers on Sensex were Tata Steel, up 5.16%, followed by Bajaj Finance, Bajaj Auto, and HDFC. Only five of the 30 Sensex constituents closed with losses. These included Maruti Suzuki India, ONGC, IndusInd Bank, Tech Mahindra, and Infosys. India VIX or the fear gauge of domestic markets fell 13.42% to close at 20.02.

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    15:45 (IST)26 Nov 2020
    FPI buying focused on bank stocks; check what else FPIs, MFs, retail investors bought last quarter

    Foreign Portfolio Investors, after having pulled out Rs 61,973 crore from domestic equity markets in March, have been net buyers in all but one month. During the last quarter FPIs bought stocks worth Rs 46,000 crore and most of this buying was focused on, but not limited to, the banking sector. FPI holding in BSE 200 companies increased to $415 billion, up from $360 billion in the first quarter of this fiscal year, taking their share of ownership to 23.3%, according to brokerage and research firm Kotak Securities.

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    15:35 (IST)26 Nov 2020
    Sensex, Nifty end with gains

    Snesex closed 431 points higher while Nifty 50 gained 128 points during Thursday's trading session. However, Nifty closed just shy of the 13,000 levels. 

    15:29 (IST)26 Nov 2020
    Nifty reclaims 13,000

    Nifty reclaimed 13,000 just ahead of closing bell. 

    15:21 (IST)26 Nov 2020
    BSE Smallcap, BSE Midcap underperform Sensex

    BSE Midcap and Smallcap indices were up in the green but were underperforming the benchmark S&P BSE Sensex. 

    15:19 (IST)26 Nov 2020
    Nifty struggles to reclaim 13,000

    NSE Nifty 50 is just below 13,000 struggling to reclaim the historic figure minutes before the closing bell.

    15:13 (IST)26 Nov 2020
    Minutes before closing

    Just ahead of the expiry of November series contracts, Call Open Interest has jumped to over 1 crore contacts at 13,000 strike. Nifty is at 12,994.

    15:00 (IST)26 Nov 2020
    Buy Swaraj Engines ~ Upside potential - 36% (Angel Broking)

    Swaraj Engines is engaged in the business of manufacturing diesel engines and hi-tech engine components. Diesel Engines are specifically designed for tractor application. Going forward, we expect recovery in the tractor industry (due to robust Rabi crop production, hike in MSP & the forecast of a normal monsoon) will benefit players like Swaraj Engines. Target price: Rs 1,891 per share.

    ~ Angel Broking

    14:44 (IST)26 Nov 2020
    Top gainers on Sensex

    Tata Stell shares are up 5%, followed by Bajaj Finance, Axis Bank, and HDFC. Sensex has reclaimed the 44,000 points. 

    14:18 (IST)26 Nov 2020
    Sensex gains over 250 points, Nifty above 12,900

    Sensex zoomed over 250 points on Thursday after recouping losses and surging from lows. Nifty 50 was trading above 12,900 levels. 

    13:57 (IST)26 Nov 2020
    Sugar stock up and running

    "Today sugar stocks were rallying sharply on the expectation of positive outcome of today's sugar millers virtual meeting with Piyush Goyal. Industry will request the Government to continue with the sugar export programme and increase the MSP of the sugar. Market is expecting  that the Government might announce an export subsidy to remove surplus sugar inventory in the system. Export subsidy will help sugar millers to earn better profitability and manage cash flow effectively. Industry leaders such as Balrampur Chini, Dhampur Sugar, Dwarikesh Sugar were up by ~5% each," said Keshav Lahoti Associate Equity Analyst, Angel Broking.

    13:39 (IST)26 Nov 2020
    Long unwinding in Nifty and Bank Nifty futures ~ HDFC Securities

    Nifty Open Interest Put Call ratio fell sharply to 1.27 levels from 1.78 levels as traders have exited from 12900 – 13000 Put options. Amongst the Nifty options (26-Nov Expiry), Call writing was seen 12900 - 13100 levels, Indicating 13000 level will act as a strong resistance going forward (maximum OI outstanding, Near strike price). On the lower side, support is seen around 12800 levels where we have seen maximum outstanding Put options.To Sum It Up, Long unwinding in the Nifty and Bank Nifty Futures & fall in the Nifty Open Interest Put Call ratio on the back of Call writing at 12900 - 13100 levels Indicates that one should be cautious for the markets.Therefore, our advise is to be bearish and use any pullback rally to build fresh short positions with the stoploss of 13000 levels. On the lower side support is seen around 12800 level where Puts have been written.In the Bank Nifty, our advice is to remain bearish with stop loss of 30000 levels. On the lower side, support is seen in the vicinity of 29250 - 29000 levels

    13:38 (IST)26 Nov 2020
    IDFC First Bank to benefit from RBI's IWG recommendations

    We are upgrading the target price of IDFC First Bank from Rs. 40 to Rs.44 post the recent report by the RBI’s Internal Working Group on proposed changes in ownership guidelines for Indian Private Sector Banks. If accepted both the changes will reduce the overhang of future dilution of promoter stake as IDFC Ltd currently has a 40% stake in the bank along with its holding in IDFC AMC. Under the proposed guidelines IFDC will have to dilute only 14% of its holdings in the bank as compared to 25% earlier in case they continue to own the AMC. However in case the holding company decides to sell off the AMC business then it opens up the possibility of reverse merger of the bank with the holding company which  will do away with any possibility of sale of shares by the promoter entity in the future.

    ~ Jyoti Roy - DVP- Equity Strategist, Angel Broking

    13:15 (IST)26 Nov 2020
    Volatility down 15%

    India VIX, often termed as the fear gauge of domestic stock markets tanked 15% today to sit below 20 levels. 

    13:02 (IST)26 Nov 2020
    Shaktikanta Das says economic recovery stronger than expected; surge in coronavirus poses downside risks

    RBI Governor Shaktikanta Das today said that after seeing a sharp GDP contraction in the first quarter, the Indian economy has exhibited a stronger than expected momentum in activity. However, he added that even as the growth outlook has improved, downside risks remain with respect to the surge in Covid infections. “We need to be watchful about the sustainability of demand after festivals and a possible reassessment of market expectations surrounding the vaccine,” he further said.  The calibrated opening up of the economy can supplement domestic savings, and help fund the growth requirements, Shaktikanta Das underlined while speaking at the 4th Annual Day of Foreign Exchange Dealers’ Association of India (FEDAI).

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    12:54 (IST)26 Nov 2020
    Usual Thanksgiving trade spoiled by pandemic; travel stocks refuse to fly any higher

    It is the start of the much-awaited holiday season in the western world. With Thanksgiving today and Christmas right around the corner just ahead of the New Year, it is that time of the year when millions pack their bags and travel thousands and thousands of miles to meet their loved ones. This is usually when the travel and leisure stocks start gaining momentum. However, this year, the pandemic is forcing people to sit home and enjoy only virtual family gatherings. This might not be great news for stocks that usually rally from now till the beginning of the next year in hopes of higher travel spending.

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    12:39 (IST)26 Nov 2020
    Nifty has to hold above 12850- 12900 zones to witness an up move

    Nifty index opened at new record high of 13145 mark but failed to hold its gains and started correcting from initial hour of the session. It corrected more than 300 points from day’s high and drifted towards 12850 zones as selling pressure was seen in latter part of the day. It formed a Bearish Belt Hold or Bearish Engulfing Candle on daily scale and negated higher lows formation after two trading sessions. Now it has to hold above 12850- 12900 zones to witness a bounce towards 13000 then 13050 levels while a hold below the same could see weakness towards 12800 then 12750 zones.

    Now it has to hold above 12850- 12900 zones to witness an up move towards 12950 then 13050 levels while on the downside major support exists at 12700 zones.

    ~ Motilal Oswal Financial Services

    12:32 (IST)26 Nov 2020
    Top drags on Sensex

    Maruti Suzuki India was the top laggard on Sensex on Thursday. The stock was down 1.91%. This was followed by IndusInd Bank, Tech Mahindra and Asian Paints. 

    11:52 (IST)26 Nov 2020
    Profit bookings are desirable since they make markets healthy

    "Yesterday's market correction indicates the vulnerability of markets at high levels & high valuations. But such profit bookings are desirable since they make markets healthy. The trend of mid-small-cap outperformance is likely to continue. It is important to appreciate that India now is the best emerging market performer and the largest recipient of FII flows during the last 2 months. Market may be discounting the sharp recovery in GDP growth & corporate  earnings expected in 2021-22. Also India Inc has done well to control cost & protect margins during this pandemic- triggered crisis," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    11:22 (IST)26 Nov 2020
    BUY gold at Rs 48300 with the stop loss of Rs 47900

    On Wednesday, Spot gold prices ended marginally lower by 0.12 percent closing at 1805 per ounce as optimism over a potential vaccine against the pandemic continued to weigh on Gold prices; however, a sudden spike in the U.S. unemployment claims limited the fall. The yellow metal also found some support as depreciating U.S. currency made the dollar denominated Gold cheaper for other currency holders. Global central banks are also expected to keep their interest rates low in an attempt to get the economy back on track which is also supportive for Gold.

    As for today traders can go for BUY in gold at Rs 48300 levels with the stop loss of Rs 47900 levels for the target of 48900 levels. They can also go for BUY  in Silver at Rs 59,500 levels, with the stop loss of 58800 levels and for the target of 60800 levels.

    ~ Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking

    10:23 (IST)26 Nov 2020
    Robinhood of Indian stock broking: Traditional brokers open up low-cost trading for retail investors

    Winds of change may have started blowing in India’s stock broking industry, with even traditional brokerage firms now cutting costs and offering retail investors low-cost brokerage. First it was brokerage firm Sharekhan that launched a separate entity named ‘Espresso’ to venture into discount broking. Later, Kotak Securities Ltd announced its Trade Free Plan last week. The recent influx of new age investors and traders, propelled further by lockdown, prompted a rethink, Kotak Securities managing director & CEO Jaideep Hansraj told Financial Express Online.

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    10:16 (IST)26 Nov 2020
    Nifty Junior, Nifty Midcap 50 gain

    While the stock markets were trading with losses, Nifty Next 50 and Nifty Midcap 50 indices were seen gaining. Nifty Next 50 was up 0.02% while the Nifty Midcap 50 was up 0.13%.

    10:00 (IST)26 Nov 2020
    Buy these two stocks for gains in coming weeks as Nifty hints at a short-term trend reversal

    The Nifty has been continuously moving higher almost for four weeks after finding support at the 50-day SMA. The Nifty also remains above the 20 day SMA. Wednesday’s correction was the first major correction seen in the last 4 weeks. The Nifty has in fact made an engulfing line Bearish candlestick pattern.

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    09:49 (IST)26 Nov 2020
    Sensex, Nifty turn red

    Nifty fell below 12,850 on Thursday morning as stock markets danced between gains and losses. Sensex fell over 100 points. 

    09:39 (IST)26 Nov 2020
    What do the charts say?

    "After a long time traders were struck by nervousness yesterday when the Nifty broke down over 200 points from the high. The support of 12800 has still not been violated and hence traders can continue holding their positions with a trailing stop loss. If we break 12800, we could drop further to 12500. If we resume the existing uptrend from the current level, we can head to 13200,"said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:25 (IST)26 Nov 2020
    Sensex and Nifty give up gains

    Sensex gave up gains to trade flat soon after the opening bell. Nifty 50 was below the 12,900 levels. 

    09:18 (IST)26 Nov 2020
    Sensex regains 44,000 points, Nifty tops 12,900

    Nifty was breached 12,900 again while Sensex regained the 44,000 mark on opening bell today. Broader markets were mirroring the upward march. BSE Smallcap was outperforming the benchmark. 

    09:12 (IST)26 Nov 2020
    Pre-open takes benchmarks higher

    Sensex gained 139 points and the 50-stock NSE Nifty crosses the 12,900 levels once again on Thursday morning. 

    09:05 (IST)26 Nov 2020
    Dancing between gains and losses

    Sensex and Nifty were seen moving between gains and losses during the pre-open session on Thursday. 

    09:03 (IST)26 Nov 2020
    Sensex, Nifty reverse trend, fall in pre-open

    Sensex fell during Thursday pre-open session after gaining initially. Nifty was below 12,850.

    09:02 (IST)26 Nov 2020
    Sensex, Nifty gain in pre-open session

    S&P BSE Sensex jumped to cross 44,000 points while the 50-stock NSE Nifty zoomed to breach 12,900 levels during Thursday's pre-open session. 

    08:47 (IST)26 Nov 2020
    Overall structure of the market remains positive

    "Going ahead, the overall structure of the market remains positive given the optimism over vaccine progress and Joe Biden transition as White House President. However intermittent profit booking cannot be ruled out given the sharp rally in near term. Technically, Nifty has to hold above 12850 to witness a bounce towards 13000-13050 levels while a hold below the same could see weakness towards 12750. Globally, investors would watch out for developments over stimulus announcement from the new US government. On the domestic side, market would look for cues from the monthly F&O expiry and the rollover data especially on FII position," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

    08:46 (IST)26 Nov 2020
    Put option data

    For the November series, maximum Put OI is placed at 12,800 strike with 39.41 lakh contracts, followed by 32.72 lakh contracts at 12,500 strike. 

    08:39 (IST)26 Nov 2020
    Call option data

    Today is the expiry for the November series contracts. Maximum Call Open Interest is placed at 13,500 strike with 48.98 lakh contracts. This is followed by 43.80 lakh contacts at 13,000 strike.  

    08:37 (IST)26 Nov 2020
    Stocks in focus: HDFC Bank, Laurus Labs, Lakshmi Vilas Bank, Larsen & Toubro

    With domestic markets at their all-time high levels, investors turned to book profits which resulted in the sharp sell-off in domestic equity markets yesterday. Technical analysts say that immediate support is at 12,800 levels for Nifty. If the index managed to stay above the same, it could start gaining again, however, a fall below these levels could signal a trend reversal. “The Nifty sustaining at the immediate support at 12800 levels in the next 1-2 sessions could open chances of upside bounce in the market and also more upside in the near term,” said  Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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    08:01 (IST)26 Nov 2020
    Subsidised consumers of LPG with BPCL to be moved to IOC, HPCL

    With the Centre making progress in the process of privatisation of fuel retailer-cum-refiner BPCL, the petroleum ministry will soon seek Cabinet nod for a process to transfer subsidised LPG customers from the company to other state-run retailers Indian Oil and Hindustan Petroleum Corporation to remove a potential irritant for the buyer. The transfer process will be completed in 3-5 years. State-run fuel retailers often do not receive subsidies on time, many a time, the release of subsidy is delayed for years. After the decontrol of prices of auto fuels, the subsidies are now on account of cooking gas, kerosene and LPG connection to the poor under the Ujjwala Yojana.

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    08:00 (IST)26 Nov 2020
    FPI buying in 2020 so far at $15 billion

    Foreign portfolio investors have bought equities worth a record $8 billion in November so far encouraged by improving macro-economic data and good corporate results for the September quarter. With this the total investment in 2020 so far is nudging $15 billion,on the back of $14.23 billion in 2019.

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    07:59 (IST)26 Nov 2020
    Shares of Lakshmi Vilas Bank have tanked

    In the last seven trading sessions Lakshmi Vilas Bank shares have tanked 50%. However, yesterday when Sensex and Nifty tumbled, shares of the soon to be extinct bank jumped nearly 5%.

    Check live price

    07:56 (IST)26 Nov 2020
    Lakshmi Vilas Bank’s moratorium ends on 27 November; customers will shift to DBS Bank

    The moratorium on Lakshmi Vilas Bank will be withdrawn on 27 November 2020 as the government today sanctioned the scheme for the amalgamation of the Lakshmi Vilas Bank with DBS Bank India Ltd. All the branches of the Lakshmi Vilas Bank will function as branches of DBS Bank India with effect from this date, RBI said. Customers, including depositors of the Lakshmi Vilas Bank, will be able to operate their accounts as customers of DBS Bank with effect from 27 November. The Reserve Bank further said that DBS Bank is making necessary arrangements to ensure that smooth service is provided to the customers of the Lakshmi Vilas Bank.

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