MARKET WRAP: Sensex rises 159 pts, Nifty ends at 10,686; IT, PSU banks gain

The benchmark indices ended higher for the second consecutive day on Tuesday aided by a rise in information technology (IT) and public sector banking stocks.

The S&P BSE Sensex ended at 33,513, up 159 points (0.45 per cent), while the broader Nifty50 index settled at 10,686, up 57 points (0.54 per cent).

Among sectoral indices, the Nifty IT index settled 1.43 per cent higher led by a rise in the shares of Infosys and Tata Consultancy Services (TCS), while the Nifty PSU Bank rose 1.01 per cent led by Bank of India and State Bank of India (SBI).

In key stocks, YES Bank fell 3.03 per cent to Rs 182.20 on the National Stock Exchange (NSE) after international credit ratings agency Moody's downgraded the private bank's ratings and changed their outlook to negative. The stock traded in the red during the day as a news report suggested that the Reserve Bank of India (RBI) on Monday began examining the private bank's exposure to various Non-Banking Finance Companies (NBFCs).

In the broader market, S&P BSE Midcap index settled 0.13 per cent higher at 14,910, while S&P BSE SmallCap rose 0.43 per cent at 14,391.

On Tuesday, the rupee moved in a narrow range of 70.72-71.02 per dollar. It had settled at 70.86 against the greenback on Monday.

Global Markets

Asian share markets fought to keep a global rebound alive on Tuesday after US President Donald Trump seemed to quash hopes of a trade truce with China, clouding what had been a bright start to the week.

Moves were generally muted but Japan's Nikkei managed to add 0.8 per cent and Chinese blue-chips rose 0.4 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan dithered either side of flat and was last up 0.2 per cent.

In an interview with The Wall Street Journal, Trump said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25 per cent from 10 per cent currently. The comments ran counter to recent speculation about a possible deal when Trump meets with Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week.

Oil Prices

Oil prices slipped on Tuesday, weighed down by record Saudi Arabian production even as OPEC's top producer pushes for supply cuts ahead of the group's meeting in Austria next week.

International Brent crude oil futures briefly dipped below $60 per barrel before rising back to $60.16, still down 32 cents, or 0.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $51.18 per barrel, down 45 cents, or 0.9 per cent.

(with Reuters input)

3:36 PM

Top gainers and losers on NSE

3:36 PM

S&P BSE Sensex: Top gainers and losers

3:34 PM

Market at Close

 

The S&P BSE Sensex ended 159 points or 0.45 per cent higher at 35,513.14 while NSE's Nifty50 index added 57 points or 0.54 per cent to close at 10,686. 

3:22 PM

NEWS ALERT Moody's downgrades YES Bank's ratings; changes outlook to negative

Stock impact:

3:17 PM

Adani Transmission nears record high; stock zooms 62% in one month

 

Shares of Adani Transmission moved up by 5% to Rs 250 per share, extending their 39% rally in the past two weeks following the announcement of its addition in MSCI index. The stock was trading close to its all-time high level of Rs 252 touched on January 18, 2018, on the BSE in intra-day trade. READ MORE

3:03 PM

Oil slips on record Saudi output; markets eye G20 and OPEC meetings

Oil prices slipped on Tuesday, weighed down by record Saudi Arabian production even as OPEC's top producer pushes for supply cuts ahead of the group's meeting in Austria next week.

 

International Brent crude oil futures briefly dipped below $60 per barrel before rising back to $60.16 at 0814 GMT, still down 32 cents, or 0.5 percent, from their last close.

 

U.S. West Texas Intermediate (WTI) crude futures were at $51.18 per barrel, down 45 cents, or 0.9 percent. READ MORE

2:44 PM

HSBC upgrades Indian equity market to 'stable' from 'underweight'

 

Global financial services firm HSBC has upgraded its rating on Indian equity market to “neutral” from “underweight” on the back of recent corrections and more attractive valuations. Analysts at the bank have noted that since August-end, the Indian stock market has underperformed due to an array of headwinds, such as a free fall in the rupee and a volatility in crude oil prices, and that these risks still persist despite the underperformance. Read more

2:41 PM

NEWS ALERT Monte Carlo to consider share buyback on November 30

2:38 PM

Mirc Electronics rises 10% as company has started making television sets for Reliance Retail

2:30 PM

IRB Infra gains 9% in two days after rating upgrade

 

Shares of IRB Infrastructure Developers have moved higher by 5.5% to Rs 154 on Tuesday, extending its Monday’s 3.3% gain on the BSE, after the rating agency India Ratings and Research (Ind- Ra) revised the company’s outlook to positive from stable, while affirming its long-term issuer rating at ‘IND A+’. Read more

2:14 PM

Gold subdued ahead of Fed Chair speech, G20 summit

 

Gold prices inched lower on Tuesday as the dollar held firm, while investors awaited clues on the pace of future US interest rate hikes and as the U.S.-China trade spat sours ahead of a G20 summit. Spot gold inched 0.1 per cent lower to $1,220.97 per ounce. Read more

2:01 PM

S&P BSE Sensex gainers and losers

1:44 PM

Devangshu Datta Fall in oil prices may cause new worries

The last three weeks have seen the collapse of oil. Prices have fallen to 2018 lows and more falls may be on the cards. This has meant a stronger rupee and a favourable reassessment of external macros.

 

But there are different worries associated with a possible reduction of global growth rates. On the domestic front, there has been a patching up, perhaps only temporary, of the relationship between the Reserve Bank of India (RBI) and the government. Low GST collections imply that the government will either have to cut expenditure sharply or let the fiscal deficit expand. READ MORE

1:31 PM

Top gainers in BSE 500:

COMPANY	PRICE( )	CHG( )	CHG(%)	VOLUME
ZYDUS WELLNESS	1227.70	81.70	7.13	14200
UNICHEM LABS.	217.00	14.40	7.11	97066
V I P INDS.	516.90	29.35	6.02	157288
HIND.AERONAUTICS	835.50	47.15	5.98	9497
DCM SHRIRAM	359.60	18.60	5.45	18181

1:17 PM

India's October natural rubber imports jump 63 percent - Rubber Board

India's natural rubber imports in October jumped 63 percent from a year ago to 62,047 tonnes, the state-run Rubber Board said on Tuesday, as local consumption surged amid drop in overseas prices.

 

The country's consumption jumped 14.6 percent to 102,000 tonnes in October, while production rose 8.1 percent to 67,000 tonnes, the Board said in a statement. READ MORE