Domestic indices were gaining to set new all-time highs on Wednesday. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Sensex, Nifty saw a volatile trading session today but managed to close with gains, taking their rally to the eight day. S&P BSE Sensex closed at 43,593 points while Nifty closed just below 12,750. Among the leaders on Sensex were Tata Steel, zooming 7.8%, followed by Axis Bank, Bajaj Finserv, and ITC. Among the drags were Reliance Industries that fell over 4% on Wednesday after MSCI decided to trim RIL’s weightage on its global indices. IndusInd Bank shares fell 5.2%. Broader markets were in-line with benchmarks if not higher at the end of the day’s trade.
Morgan Stanley Capital International (MSCI) has added 12 securities to the MSCI India Index in its semi-annual index review. The index major, after having announced last month that it will be making changes to its India index, released the list that saw the addition of names like ACC, Adani Green Energy, Kotak Mahindra Bank, L&T Infotech, Yes Bank, among others. Two stocks were deleted by MSCI from its India index, these included Bosch and LIC Housing Finance. The changes in the MSCI indices helped markets surge in the previous month when investors pounced on to buy the stocks that were expected to be added to the MSCI indices. The changes will be effective from closing on November 30.
Highlights
Sensex jumped 316 points to close at 43,593 points while the Nifty 50 closed at 12,750. RIL closed below the Rs 2000 mark while Tata Steel shares jumped 8%.
"Gail India limited revenue from operations for Q2FY21 stood at ₹13,809 crores down by 24.3% YoY from ₹18250 crores in Q2FY20. In Q1FY21 business was heavily impacted by lockdown but recovered in Q2FY21. Profit before tax for the quarter was down by 16.1% at ₹1432 crores in Q2FY21 as compared to ₹1706 crores in Q2FY20. Profit after tax for the quarter down by 8.5% at ₹1068 crores in Q2FY21 as compared to ₹1167 crores in Q2FY20. Company has reported results in line with expectation, revenue from natural gas marketing was down by 27% due to covid related issues in Q2FY20. Revenue from Petrochemicals and Transmission services has shown growth of 4% and 8.6% respectively," said Yash Gupta- Equity Research Associate, Angel Broking.
After seeing a tepid response for the initial two days, Gland Pharma’s initial public offering (IPO) was oversubscribed on the third day and final day of the subscription. The Rs 6,480 crore issue saw an overwhelming response from qualified institutional buyers (QIB) while the other two categories were still largely to subscribe to even half of their portion. So far the issue has received bids for 4.86 crore shares against the 3.02 shares on offer. Gland Pharma’s IPO is the biggest public issue by a pharmaceutical company in India.
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As a measure to contain the virus, India declared a lockdown on 24 March 2020 for 1.3 billion people with the prime minister calling for joint action by people, not-for-profits, corporates, and governments. The complete lockdown in the country significantly impacted the quality of life and livelihoods of people. Considering that there has been a historical divide between rural and urban India with regard to the essential infrastructure for Health, Water, Sanitation, and Hygiene (WASH), supply chains, and other important services, the impact of COVID-19 was far more alarming for the rural community.
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Sensex has gained 300 points while the Nifty 50 is above 12,700 as domestic benchmarks look to add to their rally for the eighth day straight.
Sensex was seen surging up over 100 points while Nifty 50 was above the 12,650 as the benchmarks reversed the trend again this time taking the indices higher.
After having jumped 141% from its March lows, shares of Motherson Sumi Systems are still going strong. Analysts expect the stock price to reach Rs 150 per share helped by its healthy order-book and strong improvement in plant utilization. In the July-September quarter, Motherson Sumi Systems posted a net profit of Rs 388 crore, up from Rs 377 crore it had reported in the same period last year. The automobile component manufacturer reported strong demand during the quarter and with a large number of plants running despite local lockdown. Currently Motherson Sumi trades at Rs 128 per share.
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Digital payments in India crossed the 200 crore transactions mark in the month of October 2020, however, the possibility of a failed transaction is still the biggest worry among Indian consumers. In a survey conducted to map the trend of payment systems this festive season, 44 per cent respondents said that failed transactions are a top concern when it comes to digital payments. “While there is an overwhelming consensus that ease of use of digital payments is increasing, and merchant acceptance has improved since a year ago, some consumer concerns highlight challenges that lie ahead for banks and payment providers,” said Kaushik Roy, Vice President & country leader — South Asia, ACI Worldwide.
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“Oil prices touched $42 a barrel in New York after an drop in API crude oil inventories reported by US institute. It also taking positive cues from 46th presidential election as Mr Biden won the election. The optimism comes from expectation of increasing demand from the world after announcement of development of vaccine of corona virus from p-fizer. In last two days MCX Crude oil prices increased 10.40% and closed at 3058 leels.The American Petroleum Institute reported crude inventories dropped by 5.15 million barrels last week, with gasoline and diesel stockpiles also decreasing. U.S. gasoline stockpiles dropped by 3.3 million barrels last week, while distillate inventories, which includes diesel, shrank by 5.62 million barrels. As of today traders can go for buy in crude oil at 3010 levels with the stoploss of 2960 and for the target of 3110 levels. WTI Crude oil may test $44 to $46 levels soon," said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking.
Shares of National Mineral Development Corporation (NMDC) fell 5% on Wednesday morning, a day after the state-owned firm announced its quarterly results. NMDC reported a jump in net profit to Rs 773 crore, up from Rs 703 crore in the same period last year. The 9% jump in net profit was aided by the reduction in expenses and lesser tax outgo for the July-September quarter. Along with this the firm announced a buyback of 13,12,43,809 fully paid-up equity shares for Rs 105 per share. On Wednesday stocks were trading at Rs 88.65 per share
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Along with index heavyweight RIL, other stocks that were pulling Sensex lower were HDFC Bank, ICICI Bank, and IndusInd Bank.
Sensex surged to hit a high of 43,708 during the day and then gave up all the gains and slipped 520 points from its highs during the day to trade with losses. The rally was pulled down by RIL which was down over 3% today.
Reliance Industries Limited share price fell nearly 3% on Wednesday, pulling the benchmark indices lower. RIL is expected to witness outflows after MSCI decided to trim its weightage on the global indices.
Global index provider MSCI (Morgan Stanley Capital International) today announced the addition of 12 Indian stocks to its global standard indices while removing two others. The change comes as a part of its semi-annual index review and will be effective from December 1. With this, domestic brokerage and research firm Motilal Oswal expects $4.1 billion dollars of fund inflows into domestic equity markets. The biggest beneficiary of the 12 inclusions will be Kotak Mahindra Bank.
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A mixed bag. HNDL’s 2QFY21 India EBITDA was below our estimates led by lower aluminum shipments. Novelis, earlier, surprised with strong earnings, upgraded margin guidance but disappointed by divesting Aleris assets at a significant discount. HNDL is well poised with strong structural tailwinds in its downstream business (Novelis) and favorable spreads in upstream aluminum division. With end of major growth capex, FCF yield would increase to 14-18% in FY2022-23E and accelerate deleveraging. We upgrade earnings and Fair Value to Rs300 (from Rs285). Maintain BUY.
~ Kotak Institutional Equities
"We have successfully achieved the target given few days back of 12650. If we are able to maintain above 12750, the next target to look out for would be the magical level of 13000. This may not be a one-way move but the trend remains positive and the momentum is fierce. Every dip or correction can be utilised to build long positions," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Sensex opened at 43,444 points on opening and added to those gains to attin a fresh all-time high on Wednesday morning. Nifty reached 12,700 but did not cross that mark.
Sensex opened flat to negative in the pre-open session but soon was seen trading higher. On the other hand, Nifty 50 crosses the 12,700 mark in the pre-open was seen slipping lower.
S&P BSE Sensex began trading flat in the the pre-open session on Wednesday only to soon reverse the trend and make giant leaps to trade with gaiins. The 50-stock NSE Nifty was seen going above the 12,700 mark.
Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open in the positive territory for the eighth straight session on Wednesday. A host of factors such as Bihar Assembly election outcome, vaccine development, the domestic stimulus package, consistent FII inflows, oil prices, rupee movement and other global cues pot Biden victory will keep the investors busy today.
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“In the last 8 trading sessions, Nifty 50 gained 1110 points and the Bank Nifty rose 5200 points. Bajaj Finance contributed the most to the Nifty and Sensex advance, increasing 8.85 per cent, while Indusind bank had the largest gain in the Bank Nifty, rising 7.29 per cent. The major oscillators namely RSI and MACD are in the overstretched mode, however, they are also indicating at the strong grip of bulls and till the negative reversal is not appearing on the chart it is advisable to keep buying selective stocks on dips,' said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. He added that yesterday the Nifty fell to 12520 but quickly recovered to close at the highest point of the day, which suggests at further bullishness in the market. 'Until the Nifty is not breaking 12500 levels, we could see the levels of 12800/13000.”
Over 600 listed companies including Coal India, Aurobindo Pharma, Abbott India, Ashoka Buildcon, Bharat Forge, Computer Age Management Services, Godrej Industries, Indiabulls Housing Finance, Indraprastha Gas, Reliance Infra and LIC Housing Finance, among others are scheduled to announce their July-September quarter earnings today.
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The Delhi High Court on Tuesday sought Amazon’s response on a plea by Future Retail (FRL) alleging that the e-commerce major was interfering in its Rs 24,713-crore deal with Reliance Retail on the basis of an interim order by a Singapore arbitrator. Justice Mukta Gupta issued summons to Amazon, Future Coupons (FCL) and Reliance Retail (RRL) on the FRL suit and asked them to file their written statements within 30 days. The court also said that the issue of maintainability of the suit, raised by Amazon, would be kept open. The order was passed after hearing day-long arguments on behalf of FRL, FCL, Reliance and part arguments by Amazon. The arguments on behalf of Amazon will continue on Wednesday.
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The change in indices is expected to bring in massive foreign funds to domestic markets. Global investors across the globe keep an eye on MSCI's indices to plan their investment approach.
MSCI announced changes to its India Index late Tuesday night. The global index provider added 12 securities to the India Index, including Kotak Mahindra Bank, Yes Bank and Adani Green Energy while it removed Bosch and LIC Hosuing Finance.