Nifty ends above 10,300, up 2% for week, Sensex gains 216 pts; metals shine

All that happened in the market today

Benchmark indices gaiined ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.

While survey agencies differed in their seat projections, nearly all predicted almost 100 or more seats for the BJP, with the party set to extend its 22-year rule in the state. Survey agencies also said the election, in the last phases, was focused on the leadership of Prime Minister Narendra Modi, and overcame the brewing anti-incumbency against the Vijay Rupani government and dissipated the anger that sections of Gujarati society had felt about specific local issues. 

Meanwhile, The Supreme Court on Thursday reserved its interim order for Friday on a batch of pleas seeking a stay on the government's decision of mandatory linking of Aadhaar with various welfare schemes, as the Centre extended the deadline up to March 31 next year.

Globally, Asian shares edged higher, on track for weekly gains, though sentiment was kept in check by Wall Street’s weakness on concerns about the progress of US tax reform.

3:48 PM

Market rundown with Jayant Manglik, President, Retail Distribution, Religare Securities

 

Markets opened on robust note and managed to end with decent gains, tracking firm local cues. Sentiments boosted mainly in reaction to the exit polls indicating easy win for BJP, in both Gujarat and Himachal Pradesh state elections. Almost all the sectoral indices participated in the move led by metal, realty and auto pack. Sharp decline in the volatility index also helped in smoothen participants' nerves.

 

With all eyes on actual state elections outcome, we expect fireworks in early trades on Monday i.e. on Dec 18. Indications are still favorable but caution is advisable in stock selection, citing excessive volatility. We suggest not jumping into the trade and waiting for the markets to stabilize.

3:38 PM

Metal shares gain, Nifty Metal up 2%

Source: NSE

3:36 PM

Sectoral Trend

Source: NSE

3:34 PM

Top Sensex Gainers and Losers

Source: BSE

3:33 PM

Broader Markets

Broader markets outperformed the benchmark indices with both BSE Midcap and BSE Smallcap indices up over 1%

3:32 PM

Markets at close

Benchmark indices gaiined ground on Friday as investors cheer after the exit polls that released their survey results at the end of the final phase of polling in Gujarat on Thursday evening predicted that the Bharatiya Janata Party (BJP) was set to retain Gujarat and wrest Himachal Pradesh from the Congress.

The S&P BSE Sensex ended at 33,462, up 216 points while the broader Nifty50 index settled at 10,333, up 81 points

3:21 PM

Buzzing Stock

Maruti Suzuki India shares touched a fresh all-time high of Rs 9,237, rising 1.3 percent intraday after the global brokerage house raised target price sharply.

 

While maintaining a buy call on the stock, Citi has increased its price target to Rs 10,600 (from Rs 9,400 per share earlier), implying 16% upside from Thursday's closing price.

3:11 PM

Europe Trade

European stocks moved lower, with sentiment curbed by concerns over plans to overhaul the tax system in the US.

 

The pan-European Stoxx 600 was off by 0.21 percent with most sectors trading in negative territory.

2:59 PM

Buzzng Stock

 

Deepak Fertilizers and Petrochemicals Corporation shares gained 4% intraday after the Arbitration Tribunal has rejected GAIL's claim of Rs 357 crore against the company.

 

The Gas Authority of India had claimed the amount in respect of supply of domestic natural gas for period July 2006-May 2014, alleging usage for manufacture of products other than urea.

2:46 PM

H&M shares tumble on surprise quarterly sales drop

 

Fashion retailer H&M said on Friday sales had fallen during the last three months as fewer shoppers visited its stores, sending its shares plummeting and underlining its struggle to adapt to a shift of business online.

 

Shares in the world’s second largest fashion retailer fell 13 percent to their lowest level since 2009.

2:32 PM

Give your fund manager time to ride out current volatility

 

Currently, dynamic bond funds are displaying wide divergence in their average maturity, in the range of 1.60-13.52 years. With the benchmark 10-year government bond (G-sec) yield having touched a high of 7.19 per cent recently (compared to 6.41 per cent on July 24), one would expect managers of dynamic bond funds to reduce the duration of their funds. READ MORE

2:17 PM

Top Sensex gainers and losers

Source: BSE

2:05 PM

Market Check at 2pm

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	33,530.83	+284.13	+0.85
S&P BSE SENSEX 50	10,796.94	+97.91	+0.92
S&P BSE SENSEX Next 50	35,495.67	+364.98	+1.04
S&P BSE 100	10,809.28	+100.10	+0.93
S&P BSE Bharat 22 Index	3,714.67	+27.54	+0.75

1:46 PM

Mahindra & Mahindra hits fresh 52-week high

 

Mahindra & Mahindra (M&M) hit a fresh 52-week high of Rs 1,480, up 3.3% on the BSE in noon deal trade, after the company announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from January 1, 2018. The stock was the top gainer among the S&P BSE Sensex at 12:16 PM.

 

“We have been holding back on price hikes and absorbing the higher input costs for a while, but with the increase in commodity prices we will have to take a price increase,” Rajan Wadhera, President - Automotive Sector, M&M said on the price hike.

 

Meanwhile, the stock will turn ex-bonus on Thursday, December 21, 2017 in the proportion of 1:1, i.e. 1 bonus equity share for every 1 share held as on record date.

 

1:32 PM

HDFC Securities on L&T  Infotech

 

We  attended  L&T  Infotech’s (LTI) Analyst Day, and reiterate our positive hypothesis. Management’s  FY18  revenue  growth  outlook is to   surpass FY17’s revenue growth and PAT% guidance at 14 to 15%, supported by a stable operating margin. We expect revenue/EPS CAGR  of  12/10% over FY17-20E. Revise EPS higher by 4/3% for FY19/20E, and maintain BUY with an  increased target price of  Rs  1,175, 16x Dec-19E EPS (13x earlier). Positives for the company include (1) A favourable delivery mix, (2)  Industry-leading  return  ratios  (highest  in midcap IT), strong cash generation  (100% FCF/PAT) and increasing payout, and (3) Strong leadership bandwidth.