Share Market Highlights: Sensex, Nifty surge again, end at all-time closing highs; Tata Steel, SBI top gainers

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Updated: November 17, 2020 4:20:19 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty closed with gains on Tuesday. Broader markets outperformed the benchmark indices while volatility jumped 3%.

Share Market Today, Share Market LiveBroader markets again outperformed benchmark indices.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices Sensex and Nifty closed near their all-time highs on Tuesday. S&P BSE Sensex closed at 43,952 points while the 50-stock Nifty ended at 12,874 levels. Tata Steel, SBI, and HDFC bank were among the top gainers while NTPC, HCL Tech, and ONGC were the top drags. Broader markets outperformed the benchmark and the volatility index closed with 3.5% gains. 

After Pfizer and BioNtech announced that their trial covid-19 vaccine was more than 90% effective, Moderna has now said that its experimental vaccine is about 94.5% effective in preventing Coronavirus infection. With the second such announcement coming in as many weeks the world is expecting a faster than expected return to the normal. Both Pfizer and Moderna’s vaccine candidates have been developed with a new technology called messenger RNA (mRNA). 

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    16:17 (IST)17 Nov 2020
    Sensex, Nifty close near all-time highs; here's what experts make of today's market movement

    Domestic equity markets ended in the green yet again after setting new all-time highs during the day’s trading session. S&P BSE Sensex closed at 43,952 points while the 50-stock NSE Nifty ended at 12,874 levels. Tata Steel, SBI, and HDFC Bank were among the top Sensex gainers while NTPC, HCL Technologies, and ONGC were the drags. Broader markets continued their strong run and closed above the benchmark indices. 

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    15:34 (IST)17 Nov 2020
    Closing Bell: Sensex, Nifty end with gains

    Sensex closed 314.7 points higher at 43,952 points while the 50-stock Nifty closed at 12,874 levels. Broader markets outperformed the benchmark. 

    15:23 (IST)17 Nov 2020
    Nifty Bank index jumps

    Bank Nifty was up 2.05% today and the Nifty PSU Bank index was up 2.3% with gains seen in stocks like SBI and HDFC Bank. Only ICICI Bank was thr major banking stock trading with losses.  

    15:13 (IST)17 Nov 2020
    Top Sensex drags

    Amogn the stocks that were pulling the benchmakr lower were NTPC, down over 2%, followed by ONGC and HCL Technologies.

    15:06 (IST)17 Nov 2020
    Top midcap gainers

    Among BSE Midcap constituents, Adani Transmission was the top gainer, surging 9.4%. This was followed by Indian Hotels and Motilal Oswal Financial Services.

    14:58 (IST)17 Nov 2020
    Rupee saw some weakness as RBI bought dollar in spot

    "Rupee saw some weakness as RBI bought dollar in spot and then undertook sell/buy swap in forward to neutralize rupee liquidity. The apex bank through nationalized banks were seen buying dollar in spot market at around Rs 74.40 mark levels today to keep rupee from appreciating due to inflows into local stocks and weak dollar owing to news of another promising vaccine," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.

    14:51 (IST)17 Nov 2020
    Up 110% from March lows, Grasim Industries still remains a value play for Edelweiss Securities

    After having surged 110% since March end, shares of Grasim Industries are still going strong. The flagship firm of the Aditya Birla Group is a diversified conglomerate with presence in four business segments -- VSF, cement, chemicals, and textiles. Recently released July-September quarterly results also paint a merry picture for the company with a net profit of Rs 360 crore during the quarter against a net loss of Rs 269 crore in the first quarter of this fiscal year. With the decent comeback on the results front, Edelweiss Securities sees Grasim Industries as a value play.

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    14:32 (IST)17 Nov 2020
    Top gainers on Sensex

    With the closing bell nearing, Tata Steel cotinues to remain the top gainer on Sensex, up 6.98%. This is followed by State Bank of India and HDFC Bank.

    13:59 (IST)17 Nov 2020
    Buy Pidilite Industries ~ ICICI Securities

    Pidilite’s healthy Q2FY21 performance was led by a strong recovery in the domestic business and sharp expansion in EBITDA margin. Standalone revenue increased ~4% YoY to | 1630 crore led by same amount of volume growth. Growth was largely driven by a strong recovery in its consumer & bazaar (C&B) segment wherein volume & mix were up ~7.4% YoY (in line with value growth) in Q2FY21. Besides, B2B segment recovery was slightly delayed with revenue touching 91% of its pre-Covid level in Q2FY20. A sharp expansion in EBITDA margin by ~688 bps YoY to 27.3% was a function of benign raw material prices and saving through various cost optimisation measures, leading to PBT growth of 35% YoY to | 478 crore. The slower PAT growth at 10% was due to benefit of tax reversals in the base period.

    We roll over our valuation on FY23 and maintain BUY rating on the stock with a revised target price of | 1850/share, factoring in strong business recovery (revenue, earning CAGR of 10%, 13%, respectively, in FY20-23) and strong balance sheet.

    13:42 (IST)17 Nov 2020
    ONGC: Sales volumes in line ~ Motilal Oswal

    The OPEC+ cuts would continue until Apr’22 as per the deal announced in Apr’20. With demand rising, OPEC+ may raise production. This is likely to moderate any change in global oil demand or increase in production by shale oil producers or other oil-producing nations, thus keeping oil prices in the USD50–60/bbl range. We also don’t expect any subsidies in such a benign crude price environment. In FY20, ONGC has made total 12 discoveries (seven onshore, five offshore); of which seven are prospects (three onshore, four offshore) and five are pools (four onshore, one offshore). The management has notified seven new discoveries (four pools and three prospects) in FY21 so far. We model in flattish oil production for the next two years, while building in gas production growth of ~10mmscmd over the next two years (FY22-23). ONGC is trading at 3.3x FY22 EV/EBITDA and 4x FY22 P/E. We value the company at 10x Sep’22E adj. EPS of INR6.4 and add value of investments to arrive at a target price of INR90/share. Reiterate Buy

    12:58 (IST)17 Nov 2020
    Returning to normalcy: Thomascook share price jumps 20%

    With the hint of a faster than expected return to the old normal, shares of Thomascook jumpe d20% and hit the upper circuit during Tuesday's trading session. 

    12:49 (IST)17 Nov 2020
    Will India regain lost strength in 2021? These factors may still weigh on economic

    India’s economy is all set to recover from the losses caused by the coronavirus pandemic; however, there are a few roadblocks that may make the process slow. It is expected that India’s GDP will grow at 9.8 per cent on-year in 2021, after contracting 5.7 per cent on-year in 2020, said a report by Morgan Stanley. “We estimate the economy to have recovered to the pre-pandemic level of output in 4Q CY20,” it added. However, the growth outlook has upside risks too, particularly evolving from the spread of coronavirus and the availability of the vaccine. 

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    12:32 (IST)17 Nov 2020
    Sensex target 50,000: Check Morgan Stanley's top midcap, smallcap picks, and how to trade

    After a dismal first few months of the current year, more and more analysts are turning bullish on Indian share markets. After Goldman Sachs, now global brokerage and research firm Morgan Stanley has raised the targets in its 2021 estimates for Indian equity markets. Morgan Stanley sees a massive 15% upside for the S&P BSE Sensex from current levels by December 2021. “By our estimates, the market will be trading at 16x forward earnings at our new BSE Sensex target of 50,000 in December 2021,” they said in a recent report.

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    12:13 (IST)17 Nov 2020
    Trend of Gold and silver now become sideways to down

    “Yesterday, Gold prices closed 0.31% lower at 50,830 levels and silver closed 0.17% lower at 63,691 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 51000 levels with the stop loss of Rs 51300 levels for the target of 50500 levels. They can also go for sell  in Silver at Rs 64,000 levels, with the stop loss of 64600 levels and for the target of 62800 levels.” said Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking.

    11:39 (IST)17 Nov 2020
    Buy KNR Constructions ~ ICICI Securities

    KNR Constructions reported a better-than-expected performance during Q2FY21 with superior execution and margins leading to bottomline beat. Topline was up 10.1% YoY to | 601.2 crore. Operating profit remained at an elevated level at 20.6% (down 239 bps YoY but up 80 bps on adjusted basis) backed by higher proportion of revenues from HAM and high margin irrigation projects. Reported PAT fell 28.9% YoY to | 49.8 crore. We note that the company has booked net exceptional loss of | 11.2 crore mainly on account of a) write-offs in Walayar project (sold to Cube Highways) and on another project terminated by NHAI and b) net of arbitration award. Adjusted for the same, PAT was at | 61.1 crore (down 17.6% YoY).

    Considering strong execution, best in class WC, monetisation of BOT/HAM assets, healthy balance sheet, strong return ratios, we maintain BUY on the stock with a revised SoTP TP of | 310. We will closely monitor irrigation receivables recovery that will be key catalyst for stock performance.

    11:13 (IST)17 Nov 2020
    Vaccine shot lifts markets

    "Vaccine's News giving boost to market after positive results by BioNtech vaccine last week. This week starts with the positive on Moderna vaccine, even moderna vaccine shows better results than the BioNtech vaccine along with this BioNtech vaccine have some logistic issues that are not the case with the Moderna vaccine. Moderna vaccine is 94.5% effective in preventing Covid2019 based on interim data from the last stage clinical trial. This announcement from Moderna is encouraging and gives more clarity on the launch of vaccines in the first half of 2021. Global market has taken this news positively Dow up by 1.6% and Nasdeq up by 0.8% along with the Indian indices Sensex and Nifty up by 0.26% and 0.27% respectively," said Yash Gupta Equity Research Associate, Angel Broking.

    10:47 (IST)17 Nov 2020
    Sensex and Nifty trim gains

    Sensex was trading with gains of over 80 points as it gave up nearly all openign gains after the initial hour and half of trade. Nifty was nearing the 12,800 mark. 

    10:27 (IST)17 Nov 2020
    Tata Steel shares jump over 6% as firm speeds up attempts to exit Europe; analysts mixed on outlook 

    Shares of Tata Steel jumped over 6% on Tuesday morning to trade at Rs 525 per share. The up move came after the company posted its quarterly results late Friday evening that came along with the announcement of its plans to divest the Netherland business. Tata Steel’s consolidated net profit came in at Rs 1,546 crore against a net loss of 4,373 crore in the previous quarter. Tata Steel’s performance mirrored the trend of many listed entities, beating the street estimates. Shares of Tata Steel have now surged 105% since the end of March this year. While some analysts believe that there is more upside potential in Tata Steel, some are of the view that it is now time to reduce stake in the stock.

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    10:24 (IST)17 Nov 2020
    Markets shifting to value stocks?

    "The latest news on vaccine from Moderna is a major positive for economy & markets. Moderna vaccine appears better than that of Pfizer in terms of effectiveness & temperature requirements. Looks like the threat from Covid will be over by mid-2021. A major trend in markets is the shift from growth stocks to value stocks as evidenced by Russel 2000 touching all-time highs. In India too a shift to value stocks in the broader market can be expected," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:46 (IST)17 Nov 2020
    Nifty finds good support at 12,550-12,600

    "We are slowly inching towards the 13000 levels. The next resistance for the index is 11950. If we can get past that, we could achieve 13100 during the course of the November series. The Nifty has a good support at 12550-12600 levels and till that holds, we can buy on all dips," said Manish Hathiramani, Proprietary  Index Trader and Technical Analyst, Deen Dayal Investments.

    09:29 (IST)17 Nov 2020
    Broader market watch

    BSE Midcap and the BSE Smallcap indices were seen gaining along with the benchmark but were underperforming the sharp jump in Sensex. 

    09:18 (IST)17 Nov 2020
    Sensex and Nifty open at record highs

    Sensex opened at 44,095 points but soon gave up some gains. Nifty 50 began trading above 12,900 mark for the first time. Among th etop gainers were Tata Steel and Reliance Industries. 

    09:06 (IST)17 Nov 2020
    Sensex breaches 44,000 mark

    S&P BSE Sensex surged to breach the 44,000 mark on Tuesday morning in the pre-open session.

    09:05 (IST)17 Nov 2020
    Sensex jumps, Nifty above 12,900

    Sensex gained over 200 points after a muted start to the pre-open session. Nifty was comfortably above the 12,900 mark. 

    09:03 (IST)17 Nov 2020
    Sensex gains marginally, Nifty tops 12,900 in pre-open

    Sensex was trading flat with a positive bias in the pre-open session on Tuesday while the 50-stock NSE Nifty was seen breaching te 12,900 mark. 

    08:58 (IST)17 Nov 2020
    SGX Nifty jumps ahead of pre-open

    SGX Nifty was trading 50 points higher just minutes before the pre-open session on Tuesday morning.

    08:53 (IST)17 Nov 2020
    Put option data

    Maximum put open interest, for the November series, is placed at 12,000 strike with 33.88 lakh contracts. This is followed by 20.28 lakh contracts at 11,500 strike.

    08:51 (IST)17 Nov 2020
    Dhanlaxmi Bank to send candidates’ list for MD & CEO post next week

    Dhanlaxmi Bank on Monday said it would send the list of shortlisted candidates for the post of MD and CEO to the regulator Reserve Bank of India (RBI) next week. The Kerala-based bank is now managed by a committee of directors (COD) after shareholders voted out its MD and CEO in October. G Subramania Iyer is the chairman of the COD, PK Vijayakumar and G Rajagopalan Nair are the other members.

    08:40 (IST)17 Nov 2020
    Call option data

    For the November series, maximum call open interest is placed at 13,000 strike with 10.16 lakh contracts. This was followed by 15.35 lakh contacts at 13,500 strike. 

    08:37 (IST)17 Nov 2020
    Stocks in focus: Reliance Industries, Wipro, Maruti Suzuki, BPCL, Coal India

    Another success story on the coronavirus vaccine front has lifted global equity market sentiment. Sensex and Nifty are near their all-time highs and experts are not ruling out an up move that could see the benchmark indices breach those levels. Global cues are mixed on Tuesday morning with US equity markets ending on a high but Asian peers have been trading with losses during the early hours of trade on Tuesday. Although the long-term outlook for Sensex and Nifty is positive some profit booking has not been ruled out.

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    08:04 (IST)17 Nov 2020
    Gujarat Pipavav Ports rating – Buy: Decline in container volumes took its toll

    GPPV’s Q2FY21 EBITDA was Rs 1,029 m, down 13% y-o-y, and Ebitda margin contracted 5.7ppt y-o-y to 56.3%. The decline in Ebitda was driven by a 25% y-o-y decline in container volumes, worse than the 16% y-o-y decline in Q1FY21. The liquid bulk volume decline worsened to -37% in Q2FY21 vs +6% in Q1FY21. These were offset to some extent by a 35% y-o-y increase in bulk volumes (doubling q-o-q) on higher fertiliser volumes, though margins were relatively lower compared to container EXIM cargoes. Recurring profits were down 27% y-o-y to Rs 497 m. The company announced an interim dividend of Rs 2.10 per share, implying annualised yield of 4.7%.

    ~ HSBC

    08:04 (IST)17 Nov 2020
    Asian markets start the week on a high note, here’s what could be ahead for domestic stock markets

    The special muhurat trading session on Saturday took Sensex and Nifty to their new all-time highs. S&P BSE Sensex now sits at 43,637 points while the 50-stock NSE Nifty is at 12,780 levels. Now with the festive season behind us and no major domestic triggers ahead, some analysts are expecting minor corrections while some see markets replicating the trend from last week. Technically, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said that with Nifty crossing 12780, the index could scale up to 13000 levels.

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    08:01 (IST)17 Nov 2020
    Moderna shares surge

    After the company announced its vaccine success, shares of the company jumped 12% on Wall Street. 

    08:00 (IST)17 Nov 2020
    Coronavirus vaccine update: After Pfizer, Modernica claims that its vaccine is 94.5 % effective in preventing Covid-19

    Covid-19 vaccine update: In a positive development in the search for the Coronavirus vaccine, US pharma company Modernica has said that its experimental vaccine is about 94.5 percent effective in preventing Coronavirus infection, news agency Reuters claimed. In a formal statement, the company said that based on the interim data from a late stage trial, the vaccine is close to 95 percent effective in preventing the Coronavirus. The development makes Modernica the second pharma company which has been successful in developing an effective Coronavirus vaccine after another U.S pharma company Pfizer claimed that its vaccine candidate had been 90 percent effective in its late-phase trials

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