MARKET WRAP: Sensex snaps 3-day gaining streak, down 71 pts; metals drag

All that happened in the markets today

Indian equity indices ended a lackluster trade near day's low on Monday, as investors booked profit post stellar gains seen on Friday. The benchmark S&P BSE Sensex settled 71 points, or 0.17 per cent, lower at 40,938.72 level. The losses seen at metal and FMCG counters were trimmed by gains in the information technology (IT) stocks. 
 

Among the 30-share index pack, Tata Consultancy Services (TCS), Tech Mahindra, HCL Technologies, and HDFC were the top gainers, up between 1 and 1.7 per cent. On the downside, ITC, Tata Steel, Hindustan Unilever, and Vedanta dragged up to 1.5 per cent lower. 

On the NSE, the broader Nifty50 index held the 12,000-mark, at 12,053.95 level, down 33 points or 0.27 per cent. 

Among the key sectoral indices on the National Stock Exchange, Nifty Metal index closed 1.3 per cent lower, while Nifty IT index settled 1.02 per cent higher.

In the broader markets, the mid-caps took deeper cut. The S&P BSE mid-cap index declined 0.46 per cent, while the S&P BSE small-cap index was down 0.20 per cent.

BUZZING STOCKS

Nifty Bank index hit a record high of 32,186.95 in the opening deals on the National Stock Exchange (NSE) on expectations that ArcelorMittal could complete payment worth Rs 42,000-crore in the Essar Steel case to the lenders. For the world’s largest steel maker, the timeline of one month for the full payment ends on Monday. At close, the Nifty Bank index was at 31,997.20 level, down 0.08 per cent. READ MORE

Shares of Sun Pharma cracked as much as 2.84 per cent to Rs 426.50 apiece on the BSE on Monday after the company informed that the US FDA has issued a Form 483, with eight observations for its Halol (Gujarat) facility. The inspection was conducted from December 03-13, 2019, the company said in its regulatory filing. The stock eventually settled 0.9 per cent lower at Rs 434.70 level. READ MORE

GLOBAL CUES

Asian shares hit their highest in nearly eight months on Monday after the United States and China agreed on a preliminary trade deal, with Australian shares leading the way on expectations of more easing of monetary policy there.

Positive sentiment helped push the MSCI’s broadest index of Asia-Pacific shares outside Japan to its highest level since April 18. It was last up 0.25 per cent. Australia’s S&P/ASX 200 led the way as it jumped 1.63 per cent, while shares in Taiwan added 0.22 per cent.

European shares hit an all-time high on Monday with the pan-European STOXX 600 index advancing 0.89 per cent to 415.68 points, surpassing the previous life-high made in April 2015.

(With inputs from Reuters)

3:43 PM

Sectoral trends at NSE at close

3:42 PM

Top gainers and losers on S&P BSE Sensex at close

3:41 PM

Closing Bell

--  The benchmark S&P BSE Sensex settled 71 points, or 0.17 per cent, lower at 40,938.72 level. The losses seen at metal and FMCG counters were trimmed by gains in the information technology (IT) stocks. 

-- On the NSE, the broader Nifty50 index held the 12,000-mark, at 12,053.95 level, down 33 points or 0.27 per cent. 

3:41 PM

STOCK ALERT | ITC falls 2% after huge block deals

3:24 PM

Realty stocks gain in the fag end of the session

3:12 PM

Mastek extends rally; gains 20% in 2 days on partial stake sale in Majesco

Shares of Mastek moved higher by 14 per cent to Rs 431 on the BSE in the afternoon deals on Monday, ralling 20 per cent in the past two trading days.

 

The company, on Friday, said it's wholly owned subsidiary Mastek (UK) has sold partial stake in Majesco to drive growth strategy. The software services provider plans to divest the remaining stake. READ MORE

2:57 PM

Lenders step up repossession of commercial vehicles on payment defaults

Stockyards in logistics and transport hubs in various parts of the country are overflowing with repossessed commercial vehicles, as the rising incidence of defaults is forcing financiers to step up the seizure of these vehicles.

 

The data collated by the Delhi-based Indian Foundation of Transport Research and Training (IFTRT) from financiers and transporters shows that close to 50,000 commercial vehicles have been seized and are parked in the stockyards. READ MORE

2:43 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

2:42 PM

WPI inflation rises to 0.58% in Nov on hike in prices of vegetables, pulses

Wholesale prices based inflation rose to 0.58 per cent in November, as against 0.16 per cent in October due to increase in prices of food articles. The annual inflation, based on monthly wholesale price index (WPI), was at 4.47 per cent during the same month a year ago (November 2018). The rate of price rise for food articles rose to 11 per cent during the month as against 9.80 a month earlier, while for non-food articles it eased 1.93 per cent from 2.35 per cent in October. READ MORE

2:31 PM

Rupee check

2:23 PM

NEWS ALERT | Sanjiv Kapoor resigns as CCO of Vistara: CNBC TV18

2:16 PM

NEWS ALERT | Lenders to Ruchi Soya likely to receive their dues today: sources to CNBC TV18

-- Unsecured lenders to get Rs 40 cr

-- Secured lenders to get Rs 4,053.19 cr

-- Total admitted claims from financial creditors against Ruchi Soya stand at Rs 9,384 cr

2:13 PM

Global Markets check

Asian shares hit their highest in nearly eight months on Monday after the United States and China agreed on a preliminary trade deal, with Australian shares leading the way on expectations of more easing of monetary policy there.

European shares were set to build on the previous week’s gains. In early European trades on Monday, pan-region Euro Stoxx 50 futures were up 0.62 per cent, German DAX futures were 0.5 per cent higher and FTSE futures rose 0.6 per cent.

 

US stock futures also pointed to stronger gains to start the week, with the S&P 500 e-minis up 0.27 per cent.

Positive sentiment helped push the MSCI’s broadest index of Asia-Pacific shares outside Japan to its highest level since April 18. It was last up 0.25 per cent.

 

Australia’s S&P/ASX 200 led the way as it jumped 1.63 per cent, while shares in Taiwan added 0.22 per cent.

(inputs from Reuters)

2:04 PM

Kansai Nerolac Paints gains 3%

2:00 PM

EXPERT COMMENT | Sunil Sinha, Principal Economist, India Ratings and Research on Nov WPI nos

Wholesale inflation for the month of November 2019 came in at 0.58%, broadly similar to 0.16% in October 2019. Although food article in the wholesale price index have been firming up over the past few months and reached the double digit mark in the month of November 2019, sustained weakness in both fuel and manufactured component has helped the overall wholesale inflation to remain benign.

India Ratings and Research believes, RBI will continue to do the balancing act even in its February 2019 policy review. With fiscal deficit likely to exceed budgeted 3.3% of GDP in FY20 and non-transmission of policy rate cut so far in the real economy means that RBI would act on policy rate based on evolving economic situation and incoming high frequency data despite the fact that growth slowdown perhaps warrants further cut in the policy rate.