Market HIGHLIGHTS: Indices recover from day’s low, Sensex ends flat, Nifty tops 13,100; HDFC Bank top drag

By: |
Updated: December 2, 2020 4:10:18 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat on Wednesday.

Share Market Today, Share Market LiveChris Wood noted that inflows into domestic equity funds remain negative though retail investors have been more active in the market.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended flat on Wednesday, after recovering from day’s low. BSE Sensex ended 37 points or 0.08 per cent down at 44,618, while the broader Nifty 50 index settled 5 points up at 13,114. Index heavyweights such as HDFC Bank, Kotak Mahindra Bank, Housing Development Finance Corporation (HDFC), ICICI Bank and Bajaj Finance contributed the most to the indices’ loss today. Out of 30 Sensex stocks, 22 scrips ended in the green, with ONGC as the top Sensex gainer. The oil giant was followed by Asian Paints, Titan Company, Tata Steel, Bajaj-Auto, M&M and Maruti Suzuki among others. On the other hand, Kotak Mahindra Bank was the top Sensex laggard, followed by HDFC Bank, Nestle India and SBI. The trend among Nifty sectoral indices was largely positive. The nifty Metal index was top sectoral gainer, up 2.56 per cent. While Nifty Bank index fell 1.19 per cent.

Read More

Live Blog

Highlights

    15:48 (IST)02 Dec 2020
    Nifty needs to cross 13150 in order to achieve the next target of 13200-13300

    The Nifty failed to get past the 13150. It took support at the 13000 level and jumped back to close above 13100. The index needs to cross 13150 in order to achieve the next target of 13200-13300. We must note that this zone can prove to be a stiff resistance where selling pressures can be witnessed. On the downside, 12950-13000 is a good support and if we break that, we could see a slide of 150-200 points: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:38 (IST)02 Dec 2020
    Sensex, Nifty end flat on Wednesday

    BSE Sensex ended 37 points or 0.08 per cent down at 44,618, while the broader Nifty 50 index settled 5 points up at 13,114.

    Check live Sensex, Nifty levels

    15:16 (IST)02 Dec 2020
    RBI likely continue with low-rate regime for some more time

    Markets are also expecting the RBI to maintain the status quo and have discounted the fact that if RBI keeps the benchmark rates the same, it is going to be a non-event from the market perspective. Although, we might see higher degree of volatility in rate sensitive stocks (Banking, NBFCs, Automobile, Real Estate) till the time policy is announced. GDP data, which was released last week showed that the Indian economy contracted for the 2nd consecutive quarter. Although, the rate of contraction got reduced from 23.90% in Q1 to 7.9% in Q2 which was better than expected and markets have also taken this data positively with Nifty and broader indices trading at record high levels. However, in order to bring the economy back on a positive growth trajectory, RBI is expected to continue with the low rate regime for some more time before it decides to reverse its stance: Gaurav Garg, Head of Research, CapitalVia Global Research Limited

    15:15 (IST)02 Dec 2020
    RBI might rest their decision to continue with the status quo

    5th Bimonthly policy by RBI’s MPC is going to be announced on 4th December 2020, Friday. Analyzing the current scenario, RBI might rest their decision to continue with the status quo. However, in my opinion inflation figures might be at a higher level, but still RBI would not consider this as a time to start reversing the policy of low interest rates as the GDP growth data for past 2 quarters has been negative and as of now growth is going to take priority over inflation: Gaurav Garg, Head of Research, CapitalVia Global Research Limited

    14:57 (IST)02 Dec 2020
    Nifty's immediate support lies at 12970

    For over two weeks, Nifty has remained stuck within the 12730 and 13150 range weighed by lacklustre movement among banking and IT stocks. Among sectors, commodity-related stocks have continued outperforming, partly underpinned by the dollar's broad-based weakness. Meanwhile, broader markets have remained firm, but the rally is showing signs of fatigue on shorter time frame charts. Looking ahead, since yesterday, Nifty has failed to surpass last week's high of 13145. That becomes an important resistance now to keep an eye on. On the downside, immediate support lies at 12970, break below which could expose the index for a minor correction towards 12840-12730: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

    14:36 (IST)02 Dec 2020
    Burger King India IPO fully subscribed on day 1; retail portion booked nearly 10 times

    Quick service chain Burger King India initial public offer (IPO) got fully subscribed within two hours of the bidding process on the day one. The Rs 810-crore IPO was subscribed 1.86 times so far in the afternoon. The issue received bids for 13.82 crore equity shares against IPO size of 7.45 crore equity shares. Before the issue opening, Burger King India had raised Rs 364.4 crore from the anchor investors.

    Read full story

    14:00 (IST)02 Dec 2020
    Motilal Oswal on Burger King IPO

    At the higher end of the price band, the issue is valued at 2.7x FY20 Price/sales and 8.3x FY20 P/BV which is reasonable compared to peers. Considering its strong brand positioning, robust store expansion plans and the bright growth prospects of the QSR industry in India, we expect its financials to improve going ahead. Thus, we would recommend investors to Subscribe for Listing Gains to the IPO: Motilal Oswal

    13:09 (IST)02 Dec 2020
    Burger King IPO fully subscribed

    The Rs 810 crore Burger King IPO got fully subscribed within two hours of the first day of the bidding process. The issue received bids for 8.12 crore shares, which was 1.09 times the issue size of Rs 7.44 crore shares.

    13:05 (IST)02 Dec 2020
    Lucknow Municipal Bonds Listed: CM Yogi Adityanath rings bell at BSE; bonds to fetch 8.5% interest

    The 200-crore Lucknow Municipal Corporation (LMC) bonds were listed on Bombay Stock Exchange (BSE) today. Uttar Pradesh Chief Minister Yogi Adityanath attended the bell ceremony. With today’s listing, Lucknow has become the first city in north India and ninth city in India to have raised funds by issuing municipal bonds. Last month, LMC had raised Rs 200 crore by issuing municipal bonds on a private placement basis using the BSE Bond platform.

    Read full story

    11:41 (IST)02 Dec 2020
    Analyst view on November auto sales number

    The wholesales in the festive month of November have held up with volumes growing in double digits for the car and 2W segment, while CVs have grown at ~5%. Tractor sales remained strong as demand is buoyant on the back of good monsoons. We believe that post the festive season, the inventory for passenger car OEMs is below the average 30 day levels, which has led to the growth. Over the rest of the year, we expect sales trends to be better than what was earlier expected As the economy is gradually normalising: Aditya Makharia, Institutional Research Analyst (Auto), HDFC Securities

    10:40 (IST)02 Dec 2020
    Subscribe to Burger King India IPO for listing gains

    Burger King is in the race to take advantage of India's fast growing QSR industry as well as the shifting trend towards organized sector. However, Covid-19 has hit the industry hard as most of the restaurants were non-operational in the first half of 2020. Further uncertain events and state-wise lockdowns remain a big threat to the company. For now the debt to equity ratio is comfortable at 0.8x and the CFO has improved from the negative territory to Rs 112.7 Crs in FY20. The company also plans to use some of the IPO proceeds to repay its debt and for expansion plans. However, stringent rules due to a new Covid wave might disrupt its plans and could be risky for a relatively new player in India given its strong competition. At 2.7x P/Sales, Burger King is relatively cheap compared to 10.4x P/Sales and 6.32x for Jubilant Foodworks and Westlife Development respectively. Keeping the risks in mind, we advise investors to Subscribe for listing gains only for now. Further improvement in bottomline, reduction of debt and same store sales growth should be analysed in the following quarters to take a long-term call: Nirali Shah, Senior Research Analyst, Samco Securities

    10:37 (IST)02 Dec 2020
    Burger King India IPO opens for subscription; check grey market premium, valuation, other details

    Quick service chain Burger King India’s IPO opened for subscription today with keen investor interest seen in healthy grey market premiums, and an expectation of listing gains from attractive valuation on offer. Burger King India IPO has a price band of Rs 59-60 apiece. The three-day initial public offer, which will close on Friday, December 2, 2020, consists of a fresh issue of Rs 450 crore and an Offer for Sale (OFS) of 6 crore equity shares by existing shareholders.

    Read full story

    10:05 (IST)02 Dec 2020
    Inflows likely to continue in the domestic market

    Inflows are likely to continue in the domestic market as there have been prospects of the Tata group to buy around 80% in BigBasket for around $1.3 billion. Hereon, if RBI lets a steady appreciation, the pair is likely move near 73.00 levels. However, there are chances that levels close to 73.80 can be seen before the pair resumes the appreciation journey. As the overall trend is on the appreciation side, it is advisable to sell on every uptick seen and for buying one can hedge via at the money call option: Amit Pabari, managing director, CR Forex Advisors

    09:54 (IST)02 Dec 2020
    Nifty 50 has a good support at 12800

    13150 is the level to watch out for as this is around the level from where we have recently turned. If we get past that we should be headed to 13250-13300 which can prove to be a stiff resistance zone. The Nifty has a good support at 12800: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:36 (IST)02 Dec 2020
    Rupee may open around 73.50 and trade in 73.35-73.70 range

    Cash USD inflows related to MSCI index rebalancing caused the Rupee to strengthen. Nationalized banks who had been supporting USDINR were missing in action for the most part of the session, causing a brisk move lower to 73.44. Foreign custodian banks were seen selling Dollars aggressively. Nationalized banks stepped in towards the end of session to get USDINR to close at 73.66. We may see outflows related to MSCI index rebalancing today. The reaction function of the central bank will be interesting to see. We expect the Rupee to open around 73.50 and trade a 73.35-73.70 range: Abhishek Goenka, Founder and CEO, IFA Global

    09:33 (IST)02 Dec 2020
    Declining dollar continues to push up stock prices globally

    GST collections in November at Rs 104963 crores indicate that economic recovery is gaining momentum. However, there are concerns whether this momentum will sustain. There are two views: one, this is unlikely to sustain since the recovery in the last three months has been driven by pent-up and festive season demand; two, the revival in demand is largely driven by the tailwind of very low-interest rates. We will have to wait for a couple of months more for clarity on this. Meanwhile, declining dollar ( Dollar index at 91.23) continues to push up stock prices globally: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:31 (IST)02 Dec 2020
    Robust FPI Inflows & Rebound in BFSIs Drive Market

    Improved visibility on corporate earnings front led by a sharp rebound in key economic indicators, weak dollar index and emerging clarity on political certainty in the USA resulted in sloshing liquidity in the domestic market. The FPIs infused Rs604bn in Nov’20, which is 39% of total FPIs inflows in FY21 YTD standing at Rs1.56trillion (the highest ever). Going forward, the sustainability of earnings rebound and a faster recovery in the economy will be the key factors to sustain the FPI inflows. Additionally, improved earnings outlook of BFSIs with attractive valuation attracted the investors’ attention: Reliance Securities

    09:26 (IST)02 Dec 2020
    Nifty sectoral indices trade mixed

    The trend among the Nifty sectoral indices was mixed. The Nifty metal index was up 1.33 per cent while Nifty IT index shed 0.25 per cent.

    09:23 (IST)02 Dec 2020
    Maruti Suzuki, HUL, Bharti Airtel top Sensex gainers

    On the flip side, Maruti Suzuki, Tata Steel, ONGC, Asian Paints, L&T, Bajaj-Auto, M&M, Titan Company, HUL and Bharti Airtel were the top Sensex gainers.

    09:21 (IST)02 Dec 2020
    RIL, HDFC Bank, Infosys top Sensex laggards

    Out of 30 Sensex stocks, 16 scrips were trading in the negative territory, with Power Grid Corporation of India as a top laggard, followed by Tech Mahindra, Reliance Industries Ltd (RIL), HDFC Bank and Infosys.

    09:20 (IST)02 Dec 2020
    Indices trade lower, Sensex down over 60 points

    BSE Sensex was trading 62 points or 0.14 per cent down at 44,592.84, while the broader Nifty 50 index was testing 13,100 levels.

    Check live Sensex, Nifty levels

    09:05 (IST)02 Dec 2020
    Indices trade higher in pre-open

    Indian share market benchmarks were trading higher in the pre-opening session on Wednesday. BSE Sensex jumped 135 points or 0.30 per cent to trade at 44,790 in the pre-open.

    Check live Sensex, Nifty levels

    08:54 (IST)02 Dec 2020
    Gold outlook for Wednesday

    Domestic bullion could start flat this Wednesday morning. Technically, MCX Gold February did not breach below 47550 levels where it bounced back and resumed above 48500 levels indicating a sideways to marginal upside momentum. Above 48350 will continue its bullish momentum up to 48800-49150 levels. However below it could drift prices 48080-47700 levels. MCX Silver March hit a bounce from 58880 levels where its trading above 63000 levels indicating a positive momentum up to 64200-65300 levels. Support is at 62400-61600 levels: Sriram Iyer, Senior Research Analyst at Reliance securities

    08:53 (IST)02 Dec 2020
    Need to rethink kind of crops grown in the country: Gajendra Singh Shekhawat

    The country needed to rethink the kind of crops that should be grown, Union Minister of Jal Shakti Gajendra Singh Shekhawat said on Tuesday. “Paddy and rice production in the country today not only exceeds domestic consumption requirements, but is also above export requirements. Serious thought needs to be given for whom these crops are being produced,” he said.

    Read full story

    08:52 (IST)02 Dec 2020
    Stocking up: Foreign flows keep rupee strong

    With FPIs lapping up Indian equities, portfolio flows in 2020 are nudging $15 billion. This has held up the rupee, which on Tuesday rose to a more than one-month high vs the dollar.

    Read full story

    08:42 (IST)02 Dec 2020
    Analyst Corner: Retain ‘buy’ on TechM with unchanged TP of Rs 1,253

    At its analyst meet, Tech Mahindra management reiterated their confidence on demand acceleration, margin sustainability and improvement. The company expects faster and wider adoption of cloud and 5G—sizable opportunities—in the wake of the pandemic.

    Edelweiss Securities

    08:38 (IST)02 Dec 2020
    Stocks in focus: Tata Motors, Dr Reddy’s Lab, Reliance Capital, YES Bank, Vodafone Idea, bank stocks

    Bank and financial stocks: RBI’s two-day monetary policy committee meeting will begin today and will announce its decision on Friday. Analysts expect RBI to hold interest rates and maintain stance accommodative. Banks and financial stocks will remain in focus today.

    Read full story

    08:23 (IST)02 Dec 2020
    Nifty shifted into a decent upmove on Tuesday

    After showing consolidation type movement on Friday, Nifty shifted into a decent upmove on Tuesday and closed the day with handsome gains of around 140 points. After opening on a positive note, Nifty slipped into minor decline soon after the opening. it later shifted into a sustainable upmove from the intraday lows and finally closed near the highs. Minor intraday corrections have created minor buy on dips opportunity for the day: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    08:07 (IST)02 Dec 2020
    IPO to fund growth and repay some debt: Burger King

    Even as the current fiscal has been challenging for consumer companies, quick service chain Burger King India is raising capital via its initial public offer on Wednesday to fund growth and repay some of its debt.

    Read full story

    08:03 (IST)02 Dec 2020
    FII and DII data

    On Tuesday, foreign institutional investors (FIIs) lapped up shares worth Rs 3,242 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 1,043.21 crore in the Indian equity market on a net basis, according to the provisional data available on the NSE.

    08:02 (IST)02 Dec 2020
    S&P 500, Nasdaq Composite close at record high

    In overnight trade on Wall Street, S&P 500 and Nasdaq Composite indices closed at record highs on Tuesday. The Dow Jones Industrial Average rose 0.63 per cent while the S&P 500 gained 1.13 per cent. The Nasdaq Composite climbed 1.28 per cent.

    08:02 (IST)02 Dec 2020
    Asian stock markets trade lower in early trade on Wednesday

    Asian peers were seen mostly lower in the early trade on Wednesday, with Japan’s Nikkei down 0.12 per cent, while China’s Shanghai Composite slipped nearly half a per cent. Australia’s S&P/ASX 200 shed 0.29 per cent.

    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
    Next Stories
    1Apollo Hospitals raises Rs 1,170 cr through allotment of shares to QIBs
    2Rakesh Jhunjhunwala criticises Raghuram Rajan: ‘He sees only darkness, has no good words for India’
    3Petrol, diesel prices touch all-time highs