Market Highlights: Sensex tanks 580 pts, closes deep in red, Nifty below 12,800; financials drags indices lower

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Updated: November 19, 2020 4:32:53 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended deep in the red, snapping their four day gaining streak. Broader markets continued to outperform benchmark indices.

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 scaled to new all-time highs on Thursday but ended deep in the red amid a volatile trading session. S&P BSE Sensex closed 580 points lower at 43,599 points while the 50-stock Nifty ended at 12,771. Among top gainers were Powergrid and ITC, both surging over 2%, followed by NTPC and Tata Steel. Dragging the index lower were banking and finance sector stocks. SBI shares fell 4.88% followed by Axis Bank and ICICI Bank

Anil Agarwal-led Vedanta Group on Wednesday said that it is among those who have submitted EoIs for the government’s stake in Bharat Petroleum Corporation Ltd. (BPCL). The government of India is looking to sell its 52.98% stake in the oil refinery and marketer as a part of its divestment target. “Vedanta’s expression of interest (EoI) for BPCL is to evaluate potential synergies with our existing oil and gas business. The EoI is at a preliminary stage and exploratory in nature,” a spokesperson for Vedanta said. While there are others who have expressed interest in BPCL, the names of those parties have not surfaced yet. However, reports claim that big wigs like Reliance Industries, Saudi Aramco, Total, and BP have not bid for BPCL.

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Highlights

    16:29 (IST)19 Nov 2020
    Sensex, Nifty snap four-day gaining streak; here's what experts make of today's sharp fall

    Sensex and Nifty ended deep in red and brought their four-day gaining streak to a screeching halt. S&P BSE Sensex gave up the 44,000 points mark as it tanked 580 points, on the other hand 50-stock NSE Nifty closed at 12,771 levels. Financials bled on Dalal Street today with major banking stocks ending in the red. SBI was the worst performed, down 4.88% followed by Axis Bank and ICICI Bank. Broader markets again outperformed benchmarks on Thursday.

    Read full story

    15:38 (IST)19 Nov 2020
    Sensex, Nifty bring gaining streak to a screeching halt

    Sensex and Nifty closed deep in the red after having surged during the to hit a new all-time high. Sensex fell 580 points while Nifty 50 166 points lower. 

    15:16 (IST)19 Nov 2020
    Financials bleed

    SBI, Axis Bank, ICICI Bank, HDFC Bank, and Bajaj Finance were among the top drags on Sensex just minutes before closing.

    15:08 (IST)19 Nov 2020
    Sensex down over 500 points

    Minutes before the closing bell S&P BSE Sensex was down over 500 points, near its intra-day low. Nifty was below 12,800.

    15:07 (IST)19 Nov 2020
    S&P 500 may jump 10% in 2021, but action may be in small cap stocks; Morgan Stanley shares top picks

    After witnessing a turbulent 2020, analysts have now begun crunching numbers trying to ascertain what road will Wall Street take in the coming year. Morgan Stanley’s Chief Investment Officer and Chief US Equity Strategist Mike Wilson says that he remains a steadfast bull as he looks ahead for the next 12 months. “New bull markets that coincide with a new economic cycle last for years, not months. In other words, this bull has a long way to run,” Mike Wilson said in his weekly podcast. He added that the real action for investors is likely to take place in smaller cap stocks.

    Read full story

    14:43 (IST)19 Nov 2020
    Sensex trims some losses, Nifty regains 12,800

    Sensex fell over 600 points during the day but managed to recovery half of the losses just an hour before the closing bell. Nifty was above the 12,800 mark. 

    14:22 (IST)19 Nov 2020
    Zerodha allows customers to gift stocks & ETF

    Tech-savy stock brokerage firm Zerodha, has announced a new platform for gifting stocks, ETFs, and gold bonds. The company will soon enable gifting of mutual funds to minors as well.

    14:13 (IST)19 Nov 2020
    Dr Reddy's stock falls 2% from day's high

    "Dr. Reddy's stock opened negative on news of detailed investigation in Ukraine and other countries but then recovers. Company has informed that it has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper benefits in violation of U.S. laws. The investigation is being carried out by a reputed independent U.S. law firm. Stock is not reacting to the investigation but if any negative development from this investigation may hurt the stock in the short term," said Yash Gupta Equity Research Associate, Angel Broking.

    13:44 (IST)19 Nov 2020
    Trading with losses

    S&P BSE Sensex was down in the red but still above the 44,000 points mark. Nifty 50 slipped and was marginally below 12,900 levels.

    12:55 (IST)19 Nov 2020
    Nifty expiry watch

    Overall trend is likely to remain positive with buy on declines strategy. Option traders are suggested to be with positive bias for an up move towards 13000-13100 zones. Buy nearby 12900, 12950 Call or 12900-12950- 13000 Bull Call Ladder Spread.

    Option Writing : Aggressive Option writers can sell 13050 and 12750 Put with strict double stop loss

    Weekly Change : Nifty index is up by 1.24% at 12938 on weekly basis. Nifty VWAP of the week is near to 12915 levels and it is trading marginally higher above the same indicates overall bullish bias with buying on declines.

    ~ Motilal Oswal

    12:50 (IST)19 Nov 2020
    Buy Inox Leisure

    Share prices have corrected more than 40% as all theatres are closed down due to covid-19 issue. Although, long term fundamentals are intact. Covid-19 can lead to further consolidation in the industry.Upside - 30%

    Target - Rs 350

    ~Angel Broking

    12:25 (IST)19 Nov 2020
    RBI's proposed resolution of Lakshmi Vilas Bank shows a shift in stance

    In our view, the RBI's decision to consider a foreign bank, beyond just homegrown institutions, to bail out LVB demonstrates its willingness to put control of banking assets in foreign entities. In the bailout of private sector Yes Bank Ltd. earlier this year, the RBI called upon government-controlled State Bank of India and other large Indian banks for capital support.

    The acquisition of LVB will not materially affect the financial position of DBS. LVB is small when compared to DBS, accounting for less than 1% of the group's total assets. That said, LVB will significantly expand DBIL's footprint in India. As of Sept. 30, 2020, LVB had 563 branches, compared with DBIL's 27. The merger could provide a DBIL with meaningful physical presence, which we believe is needed to complement the digital strategy the bank is already pursuing in India. LVB will also help DBS penetrate deeper into southern parts of India.

    ~ S&P Global

    11:52 (IST)19 Nov 2020
    Expiry day point of view

    Overall trend is likely to remain positive while continue with buy on any dips strategy till it holds above 29500 zones Bank Nifty a hold above 29500 zones could see an up move towards 30000 zones. Option traders are suggested to trade with nearby Call like 29800 and 29900 strikes or Bull Call spread. 

    Option Writing : Option writers are suggested to writer only deep OTM strikes due to higher volatility and better to play through Option Strategies

    Weekly Change : Bank Nifty is up by 4.04% at 29750 on weekly basis. Bank Nifty VWAP of the week is near to 29350 levels and it is trading 400 points above to the same.

    ~ Motilal Oswal

    11:39 (IST)19 Nov 2020
    On Wednesday Spot Gold prices ended lower by 0.38 percent

    On Wednesday, Spot Gold prices ended lower by 0.38 percent to close at $1871.4 per ounce and Spot silver ended lower by 0.63 percent to close at $24.3 per ounce as the optimism over a potential vaccine continued to hamper the appeal for Gold, the safe haven asset. U.S. drug maker Pfizer Inc stated that they were ready to apply to the U.S. and European authorization for their vaccine next month after successful results in the final trial. The losses for the yellow metal were limited as a lower Dollar amid increasing coronavirus cases kept a lid on markets risk appetite. Worldwide reported coronavirus cases have surpassed 55 million with a death toll of more than 1.33 million. Moreover, global Central banks are expected to continue with their accommodative stance in the coming months to help the economy revive to the pre pandemic levels which is supportive for Gold.

    Hopes over a potential vaccine against the covid19 virus coupled with a stronger U.S. Dollar might weigh on the yellow metal prices. As for today traders can go for sell in gold at Rs 50300 levels with the stop loss of Rs 50600 levels for the target of 49800 levels. They can also go for sell  in Silver at Rs 62,300 levels, with the stop loss of 63000 levels and for the target of 61000 levels.

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

    11:15 (IST)19 Nov 2020
    Buy these two stocks for near-term gains while Nifty continues to surge towards record highs

    Nifty continued its up move on Wednesday amidst a range movement and closed the day decently higher by 64 points. Nifty opened on a slightly weak note, shifted into an intraday narrow range for the better part of the session. It witnessed smart upside recovery from the intraday lows in the afternoon and closed near the high. A small positive candle was formed with a minor lower shadow. Technically, this pattern could indicate a range movement in the market with positive bias. Nifty made a new all-time high of 12948.

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    10:48 (IST)19 Nov 2020
    Hero MotoCorp sells 14 lakh motorcycles in 32 days, shares surge 5%; should you buy or sell?

    Shares of Hero MotoCorp surged 5% on Thursday morning to trade at Rs 3,135 apiece. The share price jumped a day after the company said that retail sales of its motorcycles and scooters were more than 14 lakh during the just concluded festive season. Earlier the company had reported a strong jump in sales to dealers during the month of October. Stocks of Hero MotoCorp have gained 99.63% since March end. The firm continues to increase its market share further. 

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    10:33 (IST)19 Nov 2020
    Buy Exide Industries ~ ICICI Securities

    Exide Industries reported a steady Q2FY21 performance. Net standalone sales in Q2FY21 were at | 2,753 crore (up 5.5% YoY). The topline growth was driven by healthy replacement demand in the automotive and UPS segment with OEM and institutional demand gaining traction during the latter part of the quarter. EBITDA in Q2FY21 was at | 392 crore with corresponding EBITDA margins at 14.2%. The margin performance was steady amid RM costs that were at 65% of sales, partly mitigated by savings in other expenses. Consequent standalone PAT came in at | 229 crore.

    Sales, PAT are seen growing at 4.7%, flattish CAGR in FY20-23E respectively. We believe the stock is near fair value at the CMP. Hence, we downgrade the stock from BUY to HOLD valuing it at | 180 (SOTP basis), (battery business at | 148 i.e. ~15x P/E on average of FY22E & FY23E EPS; | 32 for insurance business & smelting operations).

    ~ ICICI Securities

    09:47 (IST)19 Nov 2020
    We still have an open target of 13100

    "The Nifty has opened with a gap down but until we do not break 12500, the trend continues to remain on the upside. We still have an open target of 13100 which the index is capable of achieving this month. A buy on dips approach is recommended," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    09:28 (IST)19 Nov 2020
    A distinct trend in the market now is Buy on Dips

    "A distinct trend in the market  now is Buy on Dips. Sustained selling by FIIs & high valuations are  negatives but strong FII inflows, steady decline in Covid infections, strong rebound in economic activity, expectations of synchronised global economic recovery in 2021 and continuation of accommodative monetary policy  are  very strong positives. This is likely to keep the market resilient even during bouts of profit bookings and consequent corrections. Value buying in mid-small-caps can emerge as a trend, going forward," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:20 (IST)19 Nov 2020
    Only 10 Sensex stocks trade with gains

    Only 10 among the 30 Sensex constituents were trading with gains on Thursday morning. TCS, Bajaj Finserv, Kotak Mahindra Bank, and Reliance Indsutries were among them.

    09:18 (IST)19 Nov 2020
    Opening Bell: Sensex, Nifty begin trading in the red

    S&P BSE Sensex opened in the red on Thursday morning. Nifty 50 gave up the 12,900 levels. Among top gainers were TCS, HCL Technologies. 

    09:08 (IST)19 Nov 2020
    Pre-open in the red

    Sensex fell over 300 points while Nifty 50 moved closer to 12,800 levels during Thursday's pre-open session.

    09:05 (IST)19 Nov 2020
    Sensex tanks over 200 points

    Sensex was seen slipping over 200 points in the pre-open session. Nifty on the other hand was below the 12,850 mark.

    09:02 (IST)19 Nov 2020
    Sensex trades flat to negative in pre-open, Nifty below 12,900

    In the Pre-open session on Thursday Sensex was seen trading flat to negative while the 50-stock Nifty gave up 12,900 levels. 

    08:55 (IST)19 Nov 2020
    Final hearing: Supreme Court to take up Tata-Mistry separation case on December 2

    The contentious issues of whether Tata Sons is agreeable to buy out the 18.4% stake held by the Shapoorji Pallonji Group in the holding firm as per the formula submitted by it, and if not whether the latter can pledge its shares to raise funds, will be taken up by the Supreme Court for final hearing on December 2.

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    08:48 (IST)19 Nov 2020
    Be Bullish with stoploss of 12800 ~ HDFC Securities

    Long build up in the Nifty and Bank Nifty Futures, fresh Put writing at 12800 - 12900 level suggests traders could accumulate long positions on every dip. Therefore, our advise is to be bullish and use any dip to create fresh long positions with the stoploss of 12800 levels. On the higher side resistance is seen around 13000 levels where Calls have been written. In the Bank Nifty, our advice is to remain bullish with stop loss of 29350 levels. On the higher side, resistance is seen in the vicinity of 29800 - 30000 levels.

    ~ HDFC Securities

    08:47 (IST)19 Nov 2020
    Long build up was seen in the Nifty and Bank Nifty Futures

    Long build up was also seen in the Bank Nifty Futures too, where we have seen 3.62% rise in the Open Interest with Bank Nifty rising by 2.10%. Nifty Open Interest Put Call ratio increased marginally to 1.67 level from 1.59 level. Amongst the Nifty options (19-Nov Expiry), highest OI was seen 13000-13100 levels, Indicating 13000 level will act as a strong resistance going forward. On the lower side, supports are seen around 12800 - 12900 levels where we have seen addition in Puts.

    ~ HDFC Securities

    08:38 (IST)19 Nov 2020
    Short term trend positive for Nifty

    Nifty continued its upmove on Wednesday amidst a range movement and closed the day decently higher by 64 points. Nifty opened on a slightly weak note, shifted into an intraday narrow range for the better part of the session. It witnessed smart upside recovery from the intraday lows in the afternoon and closed near the high. A small positive candle was formed with minor lower shadow. Technically, this pattern could indicate a range movement in the market with positive bias. Nifty made a new all time high of 12948. The short term trend of Nifty continues to be positive. A sustainable move above 13K levels in the next few sessions could open the next upside targets of around 13500-13600 levels in the near term. Immediate support is placed at 12800.

    ~ Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    08:33 (IST)19 Nov 2020
    13,000 in the offing

    "Technically Nifty formed a bullish candle and can witness an up move towards 13000-13200 while the support exists at 12750. The overall structure of the market remains positive as the reduction of the spread of the virus has coincided with an uptick in economic activity, demand recovery during the festive season along with possibility of vaccine development soon. However, rising Covid cases in Delhi is a concern and needs to be watched out for," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

    08:31 (IST)19 Nov 2020
    Stocks in focus: TCS, Hero MotoCorp, Pfizer, BPCL, Lakshmi Vilas Bank, Wipro

    Sensex ended Wednesday’s trading session above 44,000 points and the 50-stock Nifty closed above 12,900 levels. Both the benchmark indices closed at such high levels for the first time ever as they continue to scale higher and break records every day. Midcap and Smallcap indices have outperformed the benchmarks so far this week and are expected to continue to do so in the coming trading sessions. With equity markets at a high and valuations stretched, analysts believe it is time to trade stock specific.

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    08:07 (IST)19 Nov 2020
    SGX Nifty trades 120 points lower

    Nifty Futures on Singapore Exchange were trading 120 points lower on Thursday morning. Such a sharp fall hints at a negative start for domestic markets. 

    08:05 (IST)19 Nov 2020
    Sebi moves Supreme Court seeking Rs 62,603-crore deposit from Sahara Group

    Sebi on Wednesday moved the Supreme Court seeking a direction to the Sahara Group to forthwith deposit of Rs 62,603 crore, failing which its chief Subrata Roy and others be directed to be taken into custody, as directed by its June 2015 judgment.

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    08:05 (IST)19 Nov 2020
    Sebi moves Supreme Court seeking Rs 62,603-crore deposit from Sahara Group

    Sebi on Wednesday moved the Supreme Court seeking a direction to the Sahara Group to forthwith deposit of Rs 62,603 crore, failing which its chief Subrata Roy and others be directed to be taken into custody, as directed by its June 2015 judgment.

    Read full story

    08:05 (IST)19 Nov 2020
    Lakshmi Vilas Bank does not need liquidity line now; Rs 10 crore withdrawals so far

    Lakshmi Vilas Bank (LVB) saw withdrawals to the tune of Rs 10 crore between the night of November 17 and Wednesday afternoon, administrator TN Manoharan said on Wednesday. Manoharan added the lender is at present well-equipped to handle demands for withdrawal of deposits and will not need additional liquidity from the central bank. LVB is unlikely to see a run on its deposits as it is a 94-year-old bank and its depositors have faith in its ability to return their money, he added.

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    08:03 (IST)19 Nov 2020
    Vedanta says it’s in the fray for BPCL

    Vedanta Ltd, India arm of Anil Agarwal-controlled, London-headquartered Vedanta group on Wednesday said it formally evinced interest in state-run oil refiner and marketer BPCL, which is on the block. While the government had confirmed receipt of “multiple expressions of interests” from domestic and foreign firms for the controlling stake in the oil major by the Monday evening deadline, Vedanta is the first potential bidder to confirm it’s in the fray.

    Read full story

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