Share Market Highlights: Nifty, Sensex end at all-time closing highs; M&M, Bajaj Finserv, L&T top gainers

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Updated: November 18, 2020 4:28:58 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty recouped intra-day losses and closed at record closing levels after having set new all-time high during the day. Broader markets outperformed benchmarks.

RIL, bharti airtelOverhangs on the sector’s performance now seem to have reduced and with the preliminary recovery in economic indicators the outlook is now better than where it was a few months back.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended at record high closing levels on Wednesday. S&P BSE Sensex ended with 44,180 mark while the 50-stock NSE Nifty was closed above the 12,900 levels. Among the top gainers on Sensex were Mahindra & Mahindra, L&T, and IndusInd Bank. For a good part of the day, Sensex traded with losses and recouped all intraday losses post lunch. HULITC, and Titan were the top drags. With this, Sensex and Nifty have now jumped over 11% each in November so far.

The Reserve Bank of India placed Lakshmi Vilas Bank under a one-month moratorium and initiated a merger of the Chennai-based lender with DBS Bank India on Tuesday. The troubled lender was under stress for a long time now and RBI’s decision comes as it said there was no credible revival plan. The proposed merger with DBS will include a capital infusion of Rs 2,500 crore into Lakshmi Vilas Bank. According to the Draft scheme of Amalgamation, the entire amount of the paid-up share capital of Lakshmi Vilas Bank will be written off.

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Highlights

    16:26 (IST)18 Nov 2020
    Sensex, Nifty surge again, hit fresh all-time highs; here’s what experts make of today trade

    For the first time ever, S&P BSE Sensex closed above 44,000 points while Nifty closed above 12,900 levels. Today, once again midcap and smallcap indices were seen outperforming the benchmark indices. Among the top gainers on Sensex were Mahindra & Mahindra, L&T, and IndusInd Bank. For a good part of the day, Sensex traded with losses and recouped all intraday losses post lunch. HUL, ITC, and Titan were the top drags. With this, Sensex and Nifty have now jumped over 11% each in November so far.

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    15:54 (IST)18 Nov 2020
    Anil Agarwal’s Vedanta Group expresses interest in buying government’s stake in BPCL

    Anil Agarwal’s Vedanta Group on Wednesday confirmed that it is among those who expressed their interest in acquiring Government of India’s stake in the state-run refinery Bharat Petroleum Corporation Ltd (BPCL). "Vedanta’s EoI for BPCL is to evaluate potential synergies with our existing oil and gas business," news agency PTI quoted a Vedanta spokesperson as saying. BPCL received multiple bids by the end of the deadline on Monday, however, reports suggest that big wigs like Reliance Industries, Aramco, Total, and BP gave the divestment offer a miss.

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    15:36 (IST)18 Nov 2020
    Sensex, Nifty end at record high closing levels

    S&P BSE Sensex closed at 44,180 while the Nifty 50 index ended at 12,938 levels on Wednesday. Mahindra & Mahindra, Bajaj Finserv, and L&T were the top gainers.

    15:07 (IST)18 Nov 2020
    Nifty futures top 12,950

    Near month Nifty futures crossed 12,950 levels on Wendesday. The 50-stock NIfty 50 was trading comfortably above the 12,900 mark. 

    15:04 (IST)18 Nov 2020
    Franklin Templeton’s six wound up debt schemes recovery Rs 9,700 cr out of Rs 26,000 crore lost

    The six debt mutual fund scheme that Franklin Templeton India had shut in April this year received Rs 941 crore in a fortnight taking total cash received by the six schemes from maturities, prepayments and coupon payments to Rs 9,682 crore. Franklin Templeton has been regularly receiving funds for the schemes since their closure. Earlier, between October 16 and 29, the schemes received Rs 438 crore. The fund house said that four out of the six schemes that are already cash positive have close to Rs 5,952 crores available to return to unitholders, subject to fund running expenses.

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    14:18 (IST)18 Nov 2020
    Vedanta puts in expression of interest to buy govt stake in BPCL

    Vedanta Group on Wednesday confirmed putting in a preliminary expression of interest (EoI) for buying government's stake in Bharat Petroleum Corp Ltd (BPCL). Vedanta's interest in India's second largest fuel retailer is because of synergies with its existing oil and gas business. 

    ~ PTI

    14:00 (IST)18 Nov 2020
    Sensex, Nifty turn green

    Snesex jumped to ponce again cross the 44,000 points barrier while the Nifty 50 too was seen gaining to move past the 12,900 levels. 

    13:51 (IST)18 Nov 2020
    ‘Less than 30% retailers prepared to handle around 10x surge in online consumer demand’

    The festive season is expected to be nothing like we have seen before. With an approximate 10x surge in online consumer demand, less than 30 per cent of retailers are prepared to handle this surge. Retailers are constantly looking for ways to transform customer experiences, however, almost 66 per cent* of enterprises say that their existing systems do not impact customer experience positively. According to a survey on Indian online shopping behavior conducted by Rakuten Insight* in May 2020, about 59 percent of consumers said that they purchased online during the pandemic as they were practicing social distancing and wanted to minimize their time outside of the home. The most commonly purchased items were food and groceries, personal hygiene products, and household cleaning products.

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    13:31 (IST)18 Nov 2020
    Embassy Tech village purchase a positive for Embassy REIT

    Embassy office park REIT stock up by 0.5% after announcement to buy Embassy Tech village in Bengaluru. This is a positive development for REIT and this transaction will help the embassy to expand its office space. Embassy Office Parks REIT to buy Embassy Tech village in Bengaluru for $1.3 bn, Embassy will fund this acquisition by issuing equity of 0.81 Bn $ to Institutional placement and Preferential issue. Embassy has exercised its right under ROFO (Right of first refusal) to acquire Embassy Tech village. Embassy Tech village comprises 6.1 mn sq ft of completed office space and 3.1 mn sq ft of under construction area along with this 518 keys Hilton hotel in Embassy Tech village campus,' said Yash Gupta Equity Research Associate, Angel Broking.

    13:17 (IST)18 Nov 2020
    Gland Pharma’s grey market premium bounces back strongly ahead of stock market debut

    Gland Pharma shares have recouped and are again commanding a strong premium in the grey market, days ahead of its trading debut. The largest pharmaceutical initial public offering (IPO) that Indian markets have seen saw a tepid subscription with only Qualified Institutional Buyers (QIB) oversubscribing their portion of the issue while Non-Institutional Investors and Retail Investors distanced themselves from the IPO. Shares of Gland Pharma are expected to be credited to demat accounts tomorrow while trading commences on Friday.

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    13:01 (IST)18 Nov 2020
    Mahindra & Mahindra shares hit upper circuit

    Shares of Mahindra & Mahindra jumped 10% to hit the upper circuit on Wednesday. The company announced yesterday that its tractor plant at Zaheerabad in Telangana will be the hub for New K2 Tractor Series. Stocks were trading at Rs 700 per share.

    12:31 (IST)18 Nov 2020
    Mid-market quote

    Indian indices rebound and turn negative, we expect the market to trade range bound and 13000 will become an immediate hurdle for Nifty to cross. Indian Indices Nifty and Sensex down by 32 points (0.25%) and 89 points (0.20%) respectively. Today S&P BSE AUTO (up 1.47% ), S&P BSE CAPITAL GOODS (up 2.70%) while S&P BSE Information Technology (down 1.63%) and S&P BSE Telecom (down 1.45%). Global Market update - DOW Jones down by 167 points (down 0.56%) and NASDAQ down by 24 points (down 0.21%),' said Yash Gupta Equity Research Associate, Angel Broking.

    11:59 (IST)18 Nov 2020
    Gold prices closed 0.13% lower at 50,766 levels

    “Yesterday, Gold prices closed 0.13% lower at 50,766 levels and silver closed 0.70% lower at 63,248 levels on the back of recovery in global equity market. Development on the front of corona virus vaccine put pressure on gold and silver as the safe haven demand may fade out. Supply also expected to rise in the coming days from the major gold mines as workers may return and resume production of the metal.The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 50900 levels with the stop loss of Rs 51200 levels for the target of 50400 levels. They can also go for sell in Silver at Rs 63,600 levels, with the stop loss of 64100 levels and for the target of 62700 levels," said Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking.

    11:24 (IST)18 Nov 2020
    TCS, Infosys, HCL Tech shares may stand to gain as US, European banks increase technology spending

    Increased digital adoption has been the buzz word that has helped stocks of Indian Information Technology firms gain faster than the broader markets. TCS, Infosys, HCL Technologies, Wipro, Tech Mahindra, and other IT firms have all outperformed the benchmark S&P BSE Sensex since the end of March. Now, the digitisation that firms across the globe were expected to undergo is looking more realistic with technology spending of US and European banking and financial services firms remaining resilient in the quarter ending September 2020. Leading Indian IT firms stand to benefit from higher technology spends.

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    11:06 (IST)18 Nov 2020
    Buy Manappuram Finance Ltd ~ Geojit Financial Services

    "During the quarter, total AUM grew by 18.6% YoY and 6.1% QoQ supported by strong growth in Gold AUM by 30.1% YoY and 11.3% QoQ and expect a 27% YoY growth in Gold loan portfolio during FY21. Collection have seen a recovery close to pre-covid level across all business lines. As management is focusing more on recoveries in non-gold segment, growth will be driven by gold portfolio. Movement in asset quality in the non-gold segment will be a key factor to be looked into going forward. Although AUM will be pressurized due to unstable gold price, valuation are at reasonable levels. Hence we value the stock at 1.9x FY22E Adj BVPS and recommend Buy rating with an upward target price of Rs.192," said Geojit Financial Services. The brokerage firm has a target price of Rs 192 per share on Manappuram Finance.

    10:18 (IST)18 Nov 2020
    DIIs selling heavily but FII inflows over powering them

    "Market's resilience continues supported by positive economic data, better than expected corporate results, promising vaccine news & sustained FII  inflows ( all time monthly high of above Rs 38000 cr in November so far). DIIs have been selling heavily recently but FII inflows are over powering this. As expected and recommended, banks particularly large private sector banks are doing very well. Bank Nifty surged by 22 % this month. Presently, there is more value in mid-small-caps," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    10:05 (IST)18 Nov 2020
    Mahanagar gas shares jump

    Shares of utilities firm Mahanagar Gas surged over 2% on Wednesday morning to trade at Rs 895 per share. Kotak Securities has an add rating on the stock with a fair value of Rs 1,050 per share while ICICI Securities recommends investors to 'Reduce' holdings with a target price of Rs 817 apiece.

    09:48 (IST)18 Nov 2020
    Eyes on 13,000 levels for Nifty

    "The Nifty has opened on a tepid note this morning, trying to find its direction for the day. The overall momentum continues to remain on the upside with good support at the 12500-12600 area. As long as that range is not disrespected, we are good to move ahead and achieve higher levels of 13000-13100," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    09:29 (IST)18 Nov 2020
    Top gainers on Sensex

    SBI, ICICI Bank, IndusInd Bank, and Mahindra & Mahindra were the top Sensex gainers on Wedensday morning. SBI was up over 2% while the rest gained over 1% each.

    09:19 (IST)18 Nov 2020
    Sensex, Nifty turn positive

    After having opened with losses, Sensex and Nifty recouped and started tradign flat with a psoitive bias. 

    09:18 (IST)18 Nov 2020
    Lakshmi Vilas Bank shares tank 20%

    Shares of troubled lender Lakshmi Vilas Bank tanked 20% to hit the lower circuit and were trading atRs 12.4 per share. 

    09:18 (IST)18 Nov 2020
    Sensex, Nifty open in the red

    Domestic equity benchmarks Sensex and Nifty opened with losses on Wednesday morning. 

    09:10 (IST)18 Nov 2020
    Sensex turns positive, Nifty still red

    In the pre-open session on Wednesday Sensex moved into the green while the Nifty 50 was in the red. 

    09:06 (IST)18 Nov 2020
    Pre-open: Sensex, Nifty slip

    Sensex was down 40 points in the pre-open session on Wednesday while the Nifty 50 slipped 16 points. 

    09:05 (IST)18 Nov 2020
    Lakshmi Vilas Bank shares may soon go to zero; RBI's resurrection plan wipes out equity shareholders

    The total paid-up share capital of the troubled Lakshmi Vilas Bank is likely to be written-off ahead of the merger with DBS Bank India. The Reserve Bank of India (RBI) in the draft scheme of amalgamation has said that the shares or dentures of the Lakshmi Vilas Bank, listed in any stock exchange shall stand delisted upon the merger. “On and from the Appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the transferor bank, shall stand written off,” the draft scheme said.

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    08:37 (IST)18 Nov 2020
    Stocks in focus: Lakshmi Vilas Bank, DLF, ONGC, Indiabulls Housing Finance, Embassy REIT

    Equity markets are now past the phase where investors could take a top-down approach when going stock shopping. In the last few days, leading global brokerage firms have made a case for now taking a bottom-up approach and being stock specific. Sensex and Nifty are near their all-time highs and might continue to scale new highs in the coming months. New flow around the vaccine development and containing the virus is positive and has been aiding a run-up in equity markets. India Inc too has surfaced well from the pandemic with quarterly results painting a sound picture.

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    08:12 (IST)18 Nov 2020
    BRICS Virtual Summit: PM Modi calls for urgent reforms in WTO, IMF and UN

    Prime Minister Narendra Modi on Tuesday called for urgent reforms in International Monetary Fund, World Trade Organization and in the United Nations as important steps in strengthening multilateralism. “The multilateral system is going through a crisis. Questions are being raised on the credibility and effectiveness of the institutions of global governance. They have not changed appropriately with the times,” Modi said, addressing a virtual summit of the BRICS – the 5-nation grouping comprising Brazil, Russia, India, China and South Africa.

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    08:08 (IST)18 Nov 2020
    Lakshmi Vilas Bank share price

    Shares of the troubled lender closed at Rs 15.60 apiece on Tuesday. Sine the end of June this year, the stock has tanked 35%.

    08:07 (IST)18 Nov 2020
    Lakshmi Vilas Bank put under moratorium; check what happens to customers’ money and what they can do

    The Reserve Bank of India today put the Lakshmi Vilas Bank under moratorium. RBI said that it took the decision as there was no credible revival plan, with a view to protecting depositors’ interest and in the interest of financial and banking stability. The Reserve bank underlined that the financial position of the Lakshmi Vilas Bank has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. 

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    08:03 (IST)18 Nov 2020
    Under moratorium: RBI initiates merger of Lakshmi Vilas Bank with DBS Bank

    Even as it put the troubled Lakshmi Vilas Bank (LVB) under a one-month moratorium, the Reserve Bank of India (RBI) on Tuesday initiated a merger of the Chennai-based lender with DBS Bank India (DBIL). The RBI said DBS would bring in Rs 2,500 crore of capital to support the bank’s business. Cash withdrawals from LVB have been capped at Rs 25,000 per borrower until December 16 when the moratorium ends.

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