MARKETS: Sensex up 206 pts; Tata Grp stocks dip as NCLAT reinstates Mistry

All that happened in the markets today

Broad-based buying across sectors lifted benchmark indices to fresh lifetime highs on Wednesday. Gains were supported by HDFC twins, ITC, Reliance Industries, Asian Paints, and Mahindra & Mahindra (M&M). However, profit-booking at State Bank of India (SBI), ICICI Bank, and Infosys trimmed gains marginally. 

Tata Group stocks

In a major development, NCLAT called appointment of N Chandra at the Tata Group as "illegal" and ordered to reinstate Cyrus Mistry as the Executive Chairman at the Tata Group. All the group stocks subsequently lost ground. Tata Motors, TCS, Tata Global Beverages, Tata Chemicals, closed 2.91, 0.02, 3.52, and 1.53 per cent lower respectively. 
 

Mid, Small-caps

The benchmark S&P BSE Sensex hit a record high of 41,614.77 in the intra-day trade  today, but closed at 41,558.57 level, up 206.4 points or 0.50 per cent. M&M, Sun Pharma, Asian Paints, and ITC were the top gainers among the Sensex pack. Meanwhile, Tata Motors, HUL, YES Bank, and SBI settled as top laggards.

On the NSE, the broader Nifty50 -- for the first time -- closed above the 12,200-mark. The index ended at 12,224.60-mark, up 59.6 points or 0.49 per cent. The index scaled record peak of 12,237.70.

In the broader market, the mid-caps and small-caps ended the day in the negative territory. The S&P BSE mid-cap index closed 0.19 per cent lower at 14,789.29 level. The S&P BSE small-cap index, on the other hand, closed 0.05 per cent lower at 13,387.13 mark.

Gobal cues

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan was dead flat near its highest since June last year. Japan's Nikkei dipped 0.4 per cent and off a 2019 top. Shanghai blue chips were steady, after hitting an eight-month peak on Tuesday and as Beijing trimmed another short-term interest rate.

E-Mini futures for the S&P 500 ESc1 barely budged, as did futures for the EUROSTOXX 50 and the FTSE.

(With inputs from Reuters) 

3:44 PM

Sectoral trends at NSE at close

3:43 PM

Sensex heatmap at close

3:42 PM

Closing Bell

>> The benchmark S&P BSE Sensex hit a record high of 41,614.77 in the intra-day trade  today, but closed at 41,558.57 level, up 206.4 points or 0.50 per cent.

>> On the NSE, the broader Nifty50 -- for the first time -- closed above the 12,200-mark. The index ended at 12,224.60-mark, up 59.6 points or 0.49 per cent. The index scaled record peak of 12,237.70.

3:25 PM

NEWS ALERT | Restoration order of Cyrus Mistry will be operational after 4 weeks: NCLAT

3:23 PM

Tata Motors slides post NCLAT judgement

3:18 PM

NEWS ALERT | Tata Group gets 4 weeks' time to appeal before the SC: CNBC TV18

3:15 PM

NEWS ALERT | NCLAT reappoints Cyrus Mistry as Executive Chairman of Tata Group: CNBC TV18

3:13 PM

NEWS ALERT | NCLAT hold appointment of N Chandra as Executive Chairman as illegal: CNBC TV18

3:09 PM

Market check | Sensex climbs 250 pts

2:53 PM

NEWS ALERT | HDFC Bank crosses Rs 7 trillion in m-cap

2:51 PM

A question worth $ 680 mn: What did Anil Ambani know about the unpaid loan?

Anil Ambani, the younger brother of Asia’s richest man, faces a $680 million legal test to answer one and only one question: Just what did he know about what his employees were doing on his behalf? Other Indian tycoons will take an abiding interest in his defense.

 

The $680 million is the amount Industrial & Commercial Bank of China Ltd. is seeking to recover from the former Indian billionaire by invoking what they say is a personal guarantee he gave in 2012 to secure a $925 million loan for Reliance Communications Ltd., his mobile services firm that’s now in bankruptcy. Ambani, whose older sibling Mukesh controls Reliance Industries Ltd., India’s most valuable company, claims he never knowingly provided any guarantee.READ MORE

2:39 PM

BSE500 stocks that hit 52-week high today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(rs)	CHG(%)
BAJAJ FINSERV	9375.00	10297.00	7.65	0.08
BALRAMPUR CHINI	174.10	175.70	4.00	2.35
H D F C	2443.10	2459.00	12.30	0.51
HDFC BANK	1294.00	1297.35	21.75	1.71
J K CEMENTS	1176.45	1209.10	26.35	2.29

2:29 PM

Asian Markets check

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions.

MSCI's broadest index of Asia-Pacific shares outside Japan was dead flat near its highest since June last year. Japan's Nikkei dipped 0.4 per cent and off a 2019 top.

 

Shanghai blue chips were steady, after hitting an eight-month peak on Tuesday and as Beijing trimmed another short-term interest rate.

 

E-Mini futures for the S&P 500 ESc1 barely budged, as did futures for the EUROSTOXX 50 STXEc1 and the FTSE FIIc1.

2:19 PM

Good time to invest in cyclical, growth stocks: Satish Menon of Geojit

We anticipate a better economy in the coming years and suggest increasing exposure in value and cyclical sectors in CY20. We also expect mid-and small-caps to outperform in the long-term. Growth-oriented stocks and sectors will do well. Shifting from highly valued stocks and sectors is advisable. READ MORE  

2:10 PM

BROKERAGE RADAR | Motilal Oswal Financial Services on Axis Bank

Axis Bank (AXSB) is one of the largest private sector banks in India with 4,284 branches and 12,191 ATMs spread across the country. It has a loan book of nearly Rs 5.2t, grew at a CAGR of 15 per cent over FY15-2QFY20. The lender is registering a healthy decline in its net stressed loans, we believe it to be in the last leg of NPL cycle and expect slippages to subside from FY21 onwards resulting in an improvement in return ratios. We thus estimate it to report ROA/ROE of 1.3 per cent/14.0 per cent for FY21E onwards. The stock is currently trading at 2.3x FY21E ABV. Maintain Buy with a target price of Rs 825 (2.4x FY21E ABV).