Sensex ends 110 pts lower ahead of Q2 GDP data; BSE Smallcap index up 2.4%

All that happened in the markets today

The benchmark indices ended Friday's volatile session in the negative territory ahead of the release of gross domestic product (GDP) numbers for the second quarter (July-September period) of the current fiscal, due later in the day. 

The S&P BSE Sensex slipped 110 points, or 0.25 per cent to 44,150 levels and the Nifty50 index ended at 12,969, down 18 points, or 0.14 per cent. Power Grid, HCL Tech, and ONGC (all down around 2 per cent) were the top Sensex laggards. 

On a weekly basis, Sensex gained 0.6 per cent while Nifty added 0.85 per cent. 

The broader market, however, outperformed the benchmark indices today. While the S&P BSE MidCap index surged 1.91 per cent to 16,915, the S&P BSE SmallCap index rallied an impressive 2.4 per cent to 16,875 levels. 

Among sectoral indices, barring Nifty IT, all other indices ended in the green. Nifty Auto gained 1.41 per cent while Nifty Realty surged 2.65 per cent. 

Shares of gas transmission companies rallied up to 19 per cent on the BSE during the day after oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) notified regulations for unified gas transmission tariff structure. READ MORE

The domestic equity and currency markets will remain shut on Monday, November 30, on account of Gurunanak Jayanti.

Global stocks

Asian shares stalled near record highs on Friday as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region’s economies will recovery quicker than their Western peers.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.04 per cent. Japan’s Nikkei rose 0.33 per cent while shares in China rose 0.13 per cent after data showed Chinese industrial profits surged at the fastest pace since early 2017.

In commodities, oil prices traded lower in quiet trade due to the US Thanksgiving holiday, dropping amid concerns about oversupply and doubts about a vaccine to end the coronavirus pandemic.

(With inputs from Reuters)

4:20 PM

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Today’s market momentum was driven by uncertainty related to the efficacy of Covid vaccine and expectation of Q2 GDP data. Although GDP is expected to improve compared to the previous quarter, the recovery in the Indian economy is likely to be lower in comparison to its global peers. Lately, broader markets have started to outperform the benchmarks, showing a shift in demand to mid and small-caps. From these high levels, for the market to stay resilient and midcaps to outperform, the economy has to normalise and more stimulus has to be announced, which will take some more time based on the government’s plan and availability of vaccine."

 

Weekly Outlook

 

"The market showcased a positive momentum and touched an all-time high level during the week mainly driven by reports of vaccine development and FII inflow. The volatility throughout the week was at elevated levels and witnessed weakness in the latter half leading to profit booking. The US markets inched to new highs during the week on hopes of vaccine development and ease in US political risks. However, European markets snailed through the week owing to the extension of coronavirus restrictions. Market is awaiting the outcome of major events like RBI policy, the release of Manufacturing and Service PMI and banking business data which will be decisive factors driving the market in the upcoming week."

3:43 PM

Except Nifty IT, all sectoral indices on the NSE end in the green

3:42 PM

MARKET AT CLOSE | Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 110 points, or 0.25 per cent to settle at 44,150 while NSE's Nifty ended at 12,969, down 18 points, or 0.14 per cent.

3:27 PM

MARKET CHECK

3:22 PM

BROKERAGE VIEW | ICICI Securities on Timken India

Amid a challenging environment, Timken has managed to sustain its operating margins albeit on a lower topline. MNC status, debt free balance sheet & high return ratios bode well for the company amid uncertain times. However, the recent run up in Timken’s stock price has made valuations too expensive for our comfort. Thus, taking into consideration all the above factors, we roll over and introduce FY23E. We pencil in revenue, EBIDTA and PAT CAGR of 5%, 5% & 2.6%, respectively, in FY20E-23E. We value Timken at 35x FY23EPS to arrive at a target price of Rs1,235/share. We revise our rating on the stock from BUY to HOLD.

3:15 PM

BROKERAGE VIEW | HDFC Securities on Godrej Properties

Godrej Properties Ltd (GPL) is a sectoral bell-weather with an innate capacity to build homes. Over the years, it has metamorphosed into a seamless home manufacturing machine with the shortest production time from land acquisition to approvals to launches and sales. In this journey, it has gained market share and emerged a crucial challenger in the respective micro-markets; it is on its way to becoming a leader. Given strong brand, robust financial capacity and strong execution capabilities, landowners/Tier 2 developers have been partnering with GPL for JV opportunities. The growth journey is expected to crystallise further with the regulatory landscape changing over the years, in favour of organised developers. We believe GPL only constrains itself, and that is its biggest strength or weakness. Given the recent run-up we initiate coverage on the stock with an ADD recommendation and SOTP of Rs 1,164/sh (40% NAV premium).

3:08 PM

MARKET HOLIDAY :: Equity and forex markets to remain shut on Monday, Nov 30, on account of Gurunanak Jayanti

3:03 PM

Public sector banks extend gain; PNB, Canara Bank up over 5%

Among individual stocks, PNB was the top gainer among PSU banks, up 7 per cent to Rs 34.15 in intra-day trade today. In the past one week, the stock has gained 15 per cent after the bank said ICRA Ratings has upgraded the ratings of Bonds issued by the Bank and reaffirmed the rating of Certificate of Deposits. READ MORE 

2:54 PM

Hitachi ABB Power Grids teams up with Ashok Leyland in e-bus pilot

Hitachi ABB Power Grids in India, listed on the stock exchanges as ‘ABB Power Products and Systems India Ltd.’, has signed a Memorandum of Understanding (MoU) with Ashok Leyland and the Indian Institute of Technology Madras (IITM) for an e-mobility pilot. The triumvirate will run an electric bus (e-bus) pilot for in-campus commuting by IITM’s students and staff.

 

The e-bus, which will incorporate Hitachi ABB Power Grids’ innovative flash-charging technology – Grid-eMotionTM Flash, will be provided by Ashok Leyland. IITM will host the infrastructure required to operate the flash-charging system for the e-bus. READ MORE
 

2:48 PM

Interest Waiver Case :: Restraining order on banks w.r.t classifying accounts as NPA should be vacated, says Harish Salve for IBA

>> Says, Banks are rendered helpless against defaulting borrowers

Govt counsel to SC: Issues should be allowed to be ironed out as per mechanisms in place

Alert: IBA is Indian Banks; Association

2:45 PM

Index contributors at this hour

2:34 PM

Nifty Bank Index trades flat amid on-going Interest waiver case hearing

2:27 PM

NEWS ALERT :: SC begins hearing in interest waiver case

2:26 PM

Siemens India: Hopes hinge on sustained manufacturing sector revival

A stock like Siemens India dramatically reacting to its quarterly results was pretty much unheard of till Thursday. Even as the global engineering major’s net profit for the September quarter (Q4; the company follows October to September accounting year) declined by 4.7 per cent year-on-year (YoY) and revenue at Rs 3,422 crore fell short of previous year’s number by nine per cent, the Siemens India stock soared by 11.6 per cent on Thursday. READ MORE