Broader markets were outperforming the benchmark indices. Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices were dancing between gains and losses on Friday morning. S&P BSE Sensex began trading at 44,325 points while the 50-stock Nifty was above 13,000, but soon the indices gave up gains to trade flat and then moved lower. Among the top Sensex gainers were NTPC, Mahindra & Mahindra, Maruti Suzuki India, and Asian Paints. In the red were Power Grid, TCS, and Reliance Industries. Broader markets were outperforming benchmark indices. India VIX or the volatility gauge was down 7%, sitting below 18 levels. Asian peers were largely trading with positive bias, KOSDAQ was up 1.06%, TOPIX gained 0.60% during the early hours of trade. SGX Nifty was trading flat.
India’s economic report card for the July-September quarter will be unveiled later today. The Gross Domestic Product (GDP) of India, after having tanked 23.9% in the fiscal first quarter is expected to have bounced back sequentially, helped by the easing of restrictions and revival in other macro indicators. The RBI expects the GDP to have contracted 8.6% during the previous quarter while Morgan Stanley has projected a 6% fall. Rating agencies ICRA and Care Ratings expect a 9.5% and 9.9% contraction, respectively.
Highlights
Nifty 50 was hovering around the 13,000 levels on Friday while the S&P BSE Sensex was trading with a negative bias. Bajaj Auto, Tata Steel were the tip gainers.
JFL posted standalone revenue of Rs. 806cr in Q2FY21 (-18.5% YoY; +111.8% QoQ), due to muted growth in Dine-in channel. System sales recovery for Q2FY21 stands at 82.3% YoY, whereas Like-for-Like sales recovery stands at 86.9%. EBITDA Margin expanded by 287bps YoY to 26.7%. Margin improvements can be attributed to flat input costs, lower discounts and introduction of delivery charges. Outlook improves with the ongoing growth momentum across delivery and take-away channels and expected recovery from Dine-in. Therefore, we upgrade our rating on the stock to ACCUMULATE with a revised price target of Rs. 2,830 based on 63x Dec 2022E adj. EPS.
Target Price: Rs2,830
~ Geojit Financial Services
Sensex has trimmed losses and is now trading flat with a negative bias. Nifty is nearing 13,000 levels.
S&P BSE Sensex was down 135 points at 44,124 points while the Nifty 50 was still below 13,000.
"Althoug the overall trend has been strongly up, we still believe that one should avoid aggressive bets, rather focus on individual stocks with proper risk management. The ideal range for coming sessions would be 13150 - 12730 and till the time we do not breakout outside this range, we are likely to see trades on both sides, especially in indices," said Sameet Chavan Chief Analyst-Technical and Derivatives, Angel Broking.
Laurus Labs earlier this week acquired a 72.55% stake in Richcore Lifesciences Private Limited, a Biotechnology Company, for Rs 246.67 crore. This marks the entry of Laurus Labs into the broader biologics and biotechnology segments as it looks to diversify into areas such as recombinant, proteins, enzymes, and contract development. Would this acquisition help Laurus Labs resume its sharp upward march that we have seen so far this year? Shares of Laurus Labs have zoomed 357% since the end of March this year.
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Asian stock markets declined on Friday as questions about the effectiveness of one possible coronavirus vaccine weighed on investor optimism. Benchmarks in Tokyo, Hong Kong, Seoul and Sydney retreated while Shanghai gained. Investors have been encouraged by reports of progress toward a possible vaccine. But they were uneasy after researchers questioned data that showed a candidate from the University of Oxford and AstraZeneca was 70% effective.
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"The resistance level for the Nifty is at 13050 and if we can cross that, we could head to 13200 by next week. A strong support lies at 12800 and thereafter at 12500. It is only post the breaking of 12500 that we would consider a short term correction. Until then, the trend remains bullish with a strong upside momentum," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
"Markets are likely to consolidate around the current levels in the short run. However, in the medium term, markets are likely to turn increasingly volatile. Valuations are high and therefore upside is limited. Stick to bluechips, particularly in performing sectors like IT and financials. If Sensex moves beyond 45000, increase cash levels. Invest in mid-small-caps through mutual funds. Macro data indicate better than expected recovery in the economy," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The benchmark index was trading flat on Friday morning. Among those, dragging the index were Power Grid, down 1.92%, followed by Reliance Industries, Axis Bank, and TCS.
Broadmer markets were outperforming benchmark indices on Friday morning. BSE Midcap and Smallcap Indices gained over half a percent while the benchmark Sensex was trading flat.
Sensex was tradign flat on openeing, but was trading with a positive bias. The 50-stock NSE Nifty was above 13,000.
Nifty crossed 13,000 during Friday's pre-open session. S&P BSE Sensex was at 44,322 points.
Sensex was trading with a positive bias in the pre-open session while Nifty was still holding on to the 13,000 levels.
Sensex jumped over 200 points in pre-open session on Friday morning while the Nifty 50 was seen regaining 13,000.
"This rebound indicates that bulls are in control however the possibility of consolidation is still high and it would be healthy for the markets. In the near term, markets would continue to take cues from their global peers. On the domestic front, India’s GDP data outcome schedule on 27th November will be on the radar. We reiterate our view to focus more on the selection of stocks during this consolidation phase and continue with the “buy on dips” approach," said Ajit Mishra, VP - Research, Religare Broking.
On Thursday, Foreign Institutional Investors (FII) were net buyers of Rs 2,027 crore worth of domestic securities. On the other hand, Domestic Institutional Investors (DII) sold Rs 3,400 crore worth of securities.
We hosted DR. Reddy’s at Edelweiss India e-Conference 2020,Asia Pacific. Highlights, Targeting 30-plus launches in FY21 in the US and a healthy launch pipeline for the next few years to offset price erosion. Seeing an overall recovery in the domestic market. Wockhardt integration is now complete; its field force will be leveraged for existing portfolio. Targeting 7–8 biosimilars with patent expires between 2026 and 2030; Pegfilgrastim filed and Rituximab in phase 3. Overall, we remain positive given, niche launches will drive double- digit growth; a solid domestic recovery; impressive cost control (SG&A control seen in last three years would continue); and niche products would improve gross margins.
~ Edelweiss
SGX Nifty was trading flat on Friday morning, hinting at a muted opening for domestic benchmark indices. Today marks the start of the December series contracts and analysts are hopeful that Nifty could move higher from here. “The formation of the reversal pattern of Wednesday (bearish engulfing) seems to have not been confirmed, as Nifty bounced back sharply in the subsequent session. This market action could open Nifty to move towards the recent all time high of 13145 levels in the near term. Important support is placed at 12800 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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"Nifty settled its monthly expiry at 12987 level with the gain of 128 points and above 12900 level which is a good sign for an upside movement during an upcoming trading session. Overall, the benchmark index started on a flat note however, afterwards movement was negative and we saw some correction during the 1st half though it couldn’t last for long and during the 2nd half, sharp recovery was there in the Nifty, based on which we saw good upside movement in it. Banking and Financial counters led the index towards an upper level. At present level, downside support for Nifty comes at 12800 while upside resistance comes at 13145," said Sumeet Bagadia Executive Director Choice Broking.
Lakshmi Vilas Bank (LVB) on Thursday informed the exchanges that the Reserve Bank of India (RBI) has advised it of the need to fully write-down the series VIII, IX and X Basel-III compliant Tier-2 bonds worth Rs 318.20 crore. This will be the second instance of bonds being written down after the additional Tier 1 (AT1) bonds of Yes Bank were written down as per its reconstruction plan.
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India’s economy is expected to recover early next year from the recession, but at a modest pace, according to a majority of economists in a Reuters poll who said their upgraded growth predictions were based on the progress of COVID-19 vaccines. The recent vaccine news has boosted Indian stocks to repeated record highs and fueled hopes of a pick-up in economic activity. That, coupled with festive-led demand, has lifted optimism amongst economists over the past month.
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