Share Market Highlights: Sensex ends 236 pts down, Nifty at 12,690; banking stocks halt D-Street’s 8-day rally

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Updated: November 12, 2020 4:33:49 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices closed in the red on Thursday. Midcap and small indices outperformed benchmarks and closed with gains.

Share Market Today, Share Market LiveSensex and Nifty closed in the red, snapping their 8-day rally.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty snapped their eight-day rally on Thursday and ended in the red. S&P BSE Sensex closed 43,357 points and NSE Nifty 50 ended at 12,690. Financials were pulling indices lower with SBI slipping 3% and Kotak Mahindra Bank, IndusInd Bank, and ICICI Bank closed down 2% each. Among the top gainers were HUL, ITC, and L&T. Midcap and smallcap indices closed higher in the red, outperforming the benchmark indices. India VIX was down over 6% on Thursday. 

Marching on the mission of making in India, the Prime Minister Narendra Modi-led Union Cabinet on Wednesday announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing sectors. The government is looking to replicate the success it garnered from the PLI scheme for the mobile phone manufacturing sector. The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel. 

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Highlights

    16:30 (IST)12 Nov 2020
    Sensex, Nifty snap 8-day gaining streak; here's what experts make of today's market movement

    After surging for eight-days straight, Sensex and Nifty closed in the red on Thursday. S&P BSE Sensex closed down at 43,357 points and NSE Nifty 50 ended at 12,690. Banking and finance sector stocks were pulling the benchmark lower along with index heavyweight Reliance Industries Limited. Even the Finance Minister’s stimulus package could not lift the spirits on Dalal Street. However, small and midcap indices outperformed the benchmarks and closed with gains. The fear gauge of domestic markets, the India VIX, slipped 6.4%.

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    15:34 (IST)12 Nov 2020
    Banking stock, RIL bring Dalal Street's 8-day rally to a halt

    The eight day strong rally of Sensex and Nifty was brought to a halt on Thursday as the benchmarks ended lower in the red. 

    15:22 (IST)12 Nov 2020
    Additional outlay of Rs 18,000 crore for PM Awas Yojana

    The additional outlay is over and above INR 8,000 crores already spent this year. It will help 12 lakh houses to be grounded and 18 lakh houses to be completed. This will help bridge the housing gap in the country to a good extent and is simultaneously an excellent economic growth driver by creating more employment.

    ~ Anarock

    15:20 (IST)12 Nov 2020
    5.45 lakh unsold housing units across the top 7 cities ~ Anarock

    "For developers, this move will help clear unsold stock. As per ANAROCK Research, there are approx. 5.45 lakh unsold units across the top 7 cities priced up to INR 1.5 Crore while another 49,290 units priced between INR 1.5 Cr to INR 2.5 Cr," said Anuj Puri, Chairman – ANAROCK Property Consultants.

    15:17 (IST)12 Nov 2020
    I-T dept detects undisclosed income of over Rs 500 cr after raids at Chennai bullion firm

    Multiple raids conducted by the Income Tax department at premises of a leading bullion trading firm in Chennai detected undisclosed income of over Rs 500 crore, the CBDT said on Thursday. The searches were carried out at 32 locations in Chennai, Mumbai, Kolkata, Coimbatore, Salem, Trichy, Madurai and Tirunelveli on Tuesday.

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    15:02 (IST)12 Nov 2020
    New IPO: Sequoia Capital-backed Indigo Paints plans Rs 1,000 cr public issue; files papers with SEBI

    IPO Watch: Sequoia Capital-backed Indigo Paints has filed draft papers with capital markets regulator Securities and Exchange Board of India (SEBI) for a proposed Rs 1,000-crore IPO. The paints manufacturer and its shareholders are looking to raise the money by listing the company on the stock exchanges through the public issue, news agency PTI reported. Indigo paints will join a long list of companies that either made their stock market debut or are looking to do so this fiscal year.

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    14:26 (IST)12 Nov 2020
    Housing Development Finance Corporation shares zoom nearly 2%

    Shares of HDFC zoomed nearly 2% from Rs 2,293 per share at 1:45 PM today. The sharp jump came after the Finance Minister announced releif for homebuyers.

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    14:23 (IST)12 Nov 2020
    LIC Housing Finance

    LIC Hosuing Finance shares gained 1% in a short time frame of 30 minutes. LIC Housing Finance shares were trading at Rs 316 per share. 

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    14:21 (IST)12 Nov 2020
    PNB Housing Finance

    Shares of PNB Housing Finance shares were trading at Rs 376 per share at 1:45 today. In half an hour the stock price gained nearly 1%.

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    14:19 (IST)12 Nov 2020
    Housing finance stocks see uptick

    The Finance Minister today announced measures to boost the sales of the unsold inventory of houses. Stocks like PNB Housing Finance stocks moved higher on the back of the announcement.

     
    14:09 (IST)12 Nov 2020
    Financials continued to bleed

    Among the top drags on Sensex were leading banking stocks such as Kotak Mahindra Bank, SBI, IndusInd Bank, ICICI Bank, and Axis Bank. All were down over 2% each. Bank Nifty index was down 1.84%.

    14:06 (IST)12 Nov 2020
    Sensex jumps from lows but still in red

    While Finance Minister Nirmala Sitharaman announced the latest set of measures taken by the government, Sensex had tanked over 400 points but soon the benchmark index trimmed some of its losses. However, it continued to trade with losses. Nifty was below 12,700.

    13:53 (IST)12 Nov 2020
    Nifty at 14,100 soon: Goldman Sachs raises index target; turns bullish on India, upgrades weight

    With Nifty expected to map its way towards the 14,100 target given by Goldman Sachs, the global brokerage house believes that cyclical sectors will perform better as economic recovery continues to gather pace. “We retain our core overweights in internet and media, consumer retail and services and tech hardware sectors,” the report said. With an upturn in growth and a lag in policy tightening, Goldman Sachs said that a sweet spot for equities, especially with light investor positioning has been created.

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    13:37 (IST)12 Nov 2020
    India GDP fall to be less than expected earlier; Moody's scales down 2020 contraction forecast

    Moody's today said it has raised its GDP forecast for India, prompting  Finance Minister Nirmala Sitharaman to present it as a testament to India’s economic recovery. Moody’s Investor Service trimmed the estimate by which the economy is likely to contract.

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    12:22 (IST)12 Nov 2020
    Nifty set to hit 14,100: Goldman Sachs turns bullish on India, upgrades back to ‘overweight’

    Global investment bank Goldman Sachs has once again turned bullish on Indian share markets, raising its 2021 target on NSE Nifty 50 to 14,100 points, and raising India back to ‘overweight’. The reversal comes with Goldman Sachs saying that earnings are likely to continue improving for the next two years after the sharp fall this year and a global recovery from the pandemic that jolted equity markets earlier this year. Earlier in April Goldman Sachs cut India to ‘marketweight’ claiming that the worst might not be over for Indian equity markets.

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    12:02 (IST)12 Nov 2020
    Mindspace Business Parks REIT Q2 results

    The newly listed Midspace Business Parks REIT announced its quarterly earning yesterday. Total income during the July-September quarter was at Rs 278 crore while Net profit came it at Rs 104.2 crore Shares of Mindsoace Business Parks REIT were trading with a positive bias at Rs 305.18 per share on Thursday morning. 

    11:48 (IST)12 Nov 2020
    SBI’s Diwali stock picks: Buy these three shares this Muhurat trading session for up to 30% gains

    Sensex and Nifty seem to be reversing the trend of muted performance in the last one year, with a sharp 6% in just the last five trading sessions. In the last one year, Sensex managed to gain 8% while the Nifty 50 gained merely 4%. This slow growth in the benchmark indices during the last 12 months was due to the coronavirus pandemic and the carnage it caused in March. Now with Diwali just around the corner, investors must cherry pick their trades so they can reverse the trend and see the returns of their portfolios multiply. SBICAP Securities has picked eight stocks that they suggest investors buy this Diwali. Here are the top three stock picks with maximum upside potential.

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    10:53 (IST)12 Nov 2020
    Be Bullish with a stoploss of 12700 in Nifty

    Long build up was seen in Nifty Futures’ where Open Interest increased by 3.84% with Nifty rising by 0.93%. Bank Nifty Futures to saw building up of long positions where OI increased by 3.11% with Bank Nifty rising by 0.60%. Nifty Open Interest Put Call ratio is currently at 1.66 level compared to yesterday at 1.71. Amongst the Nifty options (12-Nov Expiry), Call options saw fresh built up from 12800 – 13100levels, Indicating this positive move in the Nifty could continue towards 13000 level. On the lower side, support is seen at 12700 levels where we have seen massive addition in Puts.

    ~ HDFC Securities

    10:22 (IST)12 Nov 2020
    FII push $4 billion into Indian markets so far in November

    "Sustained FII buying (Rs 6027 crores yesterday) is imparting strength to the market even at high levels. This month, so far, around $ 4 billion have come in. DII selling is having no impact on the market. Investors have to be cautious at these levels. Remain invested in quality large-caps. Prospects for segments like IT appear good even at present levels. Last month witnessed lots of mutual fund redemptions & stoppage of SIPs. These decisions have already been proved wrong," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:57 (IST)12 Nov 2020
    Use corrections to enter markets

    "The Nifty seems to be taking a breather which is natural and healthy for a trend to sustain. If it gets past yesterday's high, it will resume it's uptrend. The overall target for the index could be in the vicinity of 13000 and hence corrections can be fruitfully utilized to enter the markets. We have good support at 12000 and till that holds, we can aim for higher targets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    09:25 (IST)12 Nov 2020
    Top gainers on Dalal Street

    Mahindra & Mahindra, Titan Company Ltd, Infosys, HCL Tech, and Tech Mahindra were some of the top gainers on Dalal Street even though the benchmarks were trading in the red. 

    09:23 (IST)12 Nov 2020
    Benchmarks trim opening losses

    Sensex pared some losses after the initial few minutes of trade. Nifty too was seen inching higher, crossing the 12,730 mark. 

    09:19 (IST)12 Nov 2020
    Financials bleed, take index lower

    HDFC, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, ICICI Bank were among the top drags on Sensex. 

    09:18 (IST)12 Nov 2020
    Opening bell sees benchmark slip

    S&P BSE Sensex opened with losses on Thursday morning. Nifty 50 too was in the red but managed to hold on to the 12,700 mark.  

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

    Pre-open session saw Sensex and Nifty slip on Thursday morning, Nifty just held on to the 12,700 mark. 

    09:07 (IST)12 Nov 2020
    Nifty holds on to 12,700; Sensex deep in red

    Nifty was just holding on to 12,700 during Thursday pre-open session while the benchmark Sensex was down over 200 points. 

    09:04 (IST)12 Nov 2020
    Trends reversed as Nifty now falls, Sensex gains

    Minutes into the pre-open session, it was the 50-stock Nifty that slipped into the red while Sensex moved higher to trade with marginal gains.

    09:03 (IST)12 Nov 2020
    Sensex tanked over 300 points, Nifty crosses 12,800

    In the pre-open session on Thursday morning, Sensex fell over 300 points while Nifty 50 managed to breach the 12,800 mark. 

    08:57 (IST)12 Nov 2020
    How should you trade?

    "The upside momentum has continued for the seven sessions and the market is now nearing a overbought region. The presence of crucial long term resistance around 12800-12850 and the emergence of intraday volatility could signal chances of reversal from the highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He added that long positions needs to be protected with appropriate stoploss. "We are unlikely to see any significant upmove above 12800-12850 levels. The formation of reversal pattern at the highs could confirm a quantum of decline from the highs. Immediate support is placed at 12665," he said.

    08:56 (IST)12 Nov 2020
    Nifty nears crucial resistance levels

    "Nifty is now nearing a crucial long term resistance of around 12800-12850 levels (ascending long term trend line on the monthly chart, connected from a tops of Aug 2018 and June 2019. This is going to be a strong overhead resistance for the market and the selling pressure is expected to emerge from the highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

    08:54 (IST)12 Nov 2020
    Buy these two stocks for near term gains as Nifty repeatedly charts its way towards fresh highs

    After witnessing a dream rally last week, the Nifty continued to rally this week to new lifetime highs. The Nifty has been continuously moving higher since last week after finding support at the 50-day SMA and breaking out of a 3-day trading range on last Tuesday. The Nifty also remains above the 20-day and 50-day SMA and has now closed at a new life time high after clearing the recent highs of 12026. The odds therefore do seem higher of the Nifty moving up further towards the 12900-13000 levels in the coming sessions. Short term sell offs however cannot be ruled out.

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    08:37 (IST)12 Nov 2020
    Aviation stocks in focus

    Aviation names like SpiceJet and IndiGo could benefit from the government’s decision to increase the capacity on domestic carriers to 70% from the earlier 60%, following the easing in covid-19 guidelines.

    08:32 (IST)12 Nov 2020
    Stocks in focus: RIL, IndiGo, Coal India, Future retail, pharma shares and automobile manufacturers

    In the last five trading sessions, S&P Sensex and the NSE Nifty 50 have surged nearly 6% each, aided by a vaccine shot, end of uncertainties around US Presidential Elections, and a nudge by the MSCI. Yesterday Sensex did slip and fall into the red but investors saw the dip as a buying opportunity and the benchmark ended higher. It is now time to plan your investments in a stock specific manner that shields your portfolio of any likely near term correction. 

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    08:02 (IST)12 Nov 2020
    Bumpy road: RBI says Q2 GDP will fall 8.6%, flags three risks

    Even as it estimated GDP would contract by just 8.6% year-on-year (y-o-y) in the September quarter following the 23.9% y-o-y contraction in the June quarter, Reserve Bank of India (RBI) on Wednesday highlighted three primary risks to recovery.

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    08:01 (IST)12 Nov 2020
    Which sector benefit?

    The ten select areas are Advance Chemistry Cell Battery; Electronic/Technology Products; Automobiles & Auto Components; Pharmaceuticals drugs; Telecom & Networking Products; Textile Products; Food Products; High-Efficiency Solar PV Modules; White Goods (ACs & LED); and Speciality Steel. 

    08:01 (IST)12 Nov 2020
    Diwali bumper gift for ‘Make in India’: Modi govt’s Rs 2 lakh cr production incentives for 10 areas

    Prime Minister Narendra Modi-led cabinet today announced Rs 2 lakh crore of production linked incentives for 10 major manufacturing areas ahead of Diwali. The government said that the move will help increasing production, exports, and employment in the country, giving support to the Atmanirbhar Bharat. Union Minister Prakash Javadekar said that while foreign mobile makers have come to manufacture in India, domestic companies like Lava, Micromax, Karbonn, etc will also be benefitted from the scheme. He added the government aims to prepare global champions.

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