Key market barometers ended with decent gains on Thursday. Indices witnessed significant volatility on account of monthly F&O expiry. The November 2019 F&O contracts expired today, 28 November 2019.
The broader market ended on a firm note supported by rally in state-run banks and metal stocks. Reliance Industries (RIL) became the first Indian company to settle above the Rs 10 lakh crore market capitalisation.
The barometer index, the BSE Sensex, rose 109.56 points or 0.27% to 41,130.17, its record closing high. The Nifty 50 index rose 53.60 points or 0.44% to 12,154.30, its record closing high.
The Sensex hit an all-time high of 41,163.79 and the Nifty hit a record high of 12,158.80 in late trade today.
In the broader market, the BSE Mid-Cap index rose 0.97% and the BSE Small-Cap index rose 0.45%.
The market breadth favoured the buyers. On the BSE, 1283 shares rose and 1201 shares fell. A total of 196 shares were unchanged.
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Economy:
India's GDP data for September quarter is scheduled to be published on Friday, 29 November 2019. Ratings firm ICRA expects further deterioration in the growth of India's GDP to 4.7% in Q2 of FY2020, due to weakening momentum in the industry.
The Organisation for Economic Co-operation and Development (OECD) recently cut India's economic growth forecast for 2019 to 5.8%, but said it would pick up to 6.2% in 2020 and further to 6.4% in 2021. India's economy grew 6.8% in FY19.
Meanwhile, the government on Thursday sought approval of Parliament to authorize gross additional expenditure of Rs 21,246.16 crore in the first batch of Supplementary Demands for Grants (SDFG) for financial year 2019-20, with proposals involving net cash outgo aggregated to Rs 18,995.51 crore. Finance Minister Nirmala Sitharaman moved in the Lok Sabha the Supplementary Demands for Grants that includes 64 Grants and two Appropriations.
Politics:
Shiv Sena president Uddhav Thackeray will take oath as chief minister of Maharashtra on Thursday evening at the Shivaji Park in Mumbai. Uddhav will be the first member from the Thackeray family to become the chief minister and the third Shiv Sena leader to hold the top post after Manohar Joshi and Narayan Rane. He will be leading a government of the Maha Vikas Aghadi, an alliance of Shiv Sena, Nationalist Congress Party (NCP), and the Congress.
In a shocking development, BJP's Devendra Fadnavis and Ajit were sworn-in as chief minister and deputy chief minister on Saturday morning. The duo stepped down from their posts on Monday evening after the Supreme Court ordered a floor test in the 288-member Assembly the next day.
Overseas:
Shares in Europe and Asia corrected as investors monitored friction between the US and China over the Hong Kong protests.
Trump reportedly signed into law two bills backing protesters in Hong Kong. That move came despite past objections by China amid ongoing trade negotiations between Beijing and Washington for an anticipated 'phase one' deal. Hong Kong's government on Thursday voiced strong opposition to the move, saying it will send the wrong signal to protesters.
US markets edged up for a fourth straight day to score another round of records Wednesday, supported by rosier US economic data and ongoing hopes for a US-China trade deal. US financial markets will be closed on Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.
In US economic data, a revised estimate of third-quarter GDP that showed the U.S. economy expanded at a 2.1% annual pace versus a previous estimate of 1.9%. The Federal Reserve's Beige Book reported US businesses have seen continued growth in economic activity, wages and prices during recent weeks, and they maintain a generally positive outlook.
Back in Europe, traders digested polling data out of the U.K. ahead of a crucial 12 December election. A YouGov poll showed Prime Minister Boris Johnson on course to win a solid majority of 68 seats in Parliament.
Buzzing Indices:
The Nifty Metal index rose 1.98% to 2,654.35. The index rose 0.86% in the previous session.
JSW Steel (up 4.29%), NALCO (up 3.77%), Jindal Steel & Power (up 3.61%), NMDC (up 3.09%), Sail (up 2.57%), Tata Steel (up 2.53%), Hindustan Zinc (up 1.15%), Hindalco Industries (up 0.52%), Hindustan Copper (up 0.49%) and Vedanta (up 0.31%) advanced.
The Nifty PSU Bank index jumped 3.44% to 2,715.60. The index has risen 5.27% in two sessions.
Union Bank of India (up 10.39%), Corporation Bank (up 10%), Punjab & Sind Bank (up 5.41%), IDBI Bank (up 5.26%), Punjab National Bank (up 5.1%), Syndicate Bank (up 4.97%) and Indian Bank (up 4.35%) surged.
State Bank of India (SBI) rose 1.56% to Rs 348.95. SBI Cards, the credit card arm of SBI, filed Draft Red Herring Prospectus (DRHP) for its initial public offer (IPO) with Sebi.
SBI Cards will reportedly offer up to 13.05 crore equity shares via offer for sale route. This will include up to 3.72 crore share sale by SBI and up to 9.32 crore shares on offer by Carlyle Group (CA Rover). In addition, the company will also issue fresh equity shares of Rs 500 crore, the reports added.
Stocks in Spotlight:
Index major RIL rose 0.65% at Rs 1579.95. The stock hit a record high of Rs 1584 in late trade to close above 10-lakh crore market-cap.
Among other index pivotals, ICICI Bank rose 2.68% and TCS rose 1.16%.
HDFC twins declined. HDFC fell 1.13% and HDFC Bank fell 1.01%.
RBL Bank rose 3.63%. RBL Bank said that the meeting of the board of directors of the bank is scheduled on 30 November 2019 to consider fund raising via equity shares issue.
Balaji Amines jumped 4.89% after the company said it received environmental clearance for setting up the proposed chemicals manufacturing unit in Maharashtra.
Tata Communications surged 7.28% after the company said it will provide global internet and cyber security services to Singapore's Kacific Broadband Satellites Group.
Zee Entertainment Enterprises (ZEEL) fell 2.72% after three directors of the company resigned. Among the reasons listed are film advances of Rs 2200 crore given in 2018-19, laxity in spending funds for corporate social responsibility (CSR) and large outstanding dues from Essel group companies Dish TV and Siticable.
Shares of the Indiabulls group jumped after Rajya Sabha MP and veteran Bharatiya Janata Party leader Subramanian Swamy in a tweet appreciated the transparency of the Indiabulls Housing Finance.
Indiabulls Housing Finance surged 24.65% while Indiabulls Real Estate, Indiabulls Integrated Services and Indiabulls Ventures, all three were locked in upper circuit of 5%.
Swamy tweeted, "In this hour of economic tailspin, wage earners & middle class families who have placed in trust their life savings in financial companies should be generously given back their investments & that in turn Banks should have liberal attitude toward these companies on pending loans."
"Many have responded with their willingness but surprised to receive from India Bulls a transparent response sending company documents with bank statements. I have asked my legal team to examine these documents."
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