MARKET WRAP: Sensex slips 334 pts, Nifty holds 11,900; YES Bank tumbles 11%

All that happened in the markets today

SI Reporter New Delhi

Photo: Kamlesh Pednekar

9:02 AM

Market at Pre-open

9:01 AM

Rupee opening

Rupee opens slightly higher at 71.26/$ vs Thursday's close of 71.28 against the US dollar

8:59 AM

RIL has more legs to run, even after hitting Rs 10 trillion in market cap

Even though the Reliance Industries stock has gained over 30 per cent since September this year, the rally according to brokerages is not over yet. The latest trigger is the announcement of a price hike by its telecom subsidiary, Reliance Jio.

The telecom arm raised tariffs by up to 35 per cent, which is expected to boost its revenues and average revenue per user (ARPU) by 22 per cent in FY21.READ MORE

RIL Chairman Mukesh Ambani.

8:54 AM

RBI's policy surprise: Pause on rate cuts may hit real estate, auto sectors

The Reserve Bank of India’s (RBI’s) move to pause rate cuts will hit the beleaguered real estate and auto sectors hard. These sectors were expecting another rate cut by the central bank to help revive sagging consumer demand.

CEOs said benefits from the previous rate cuts are yet to play out completely and the real estate industry is still reeling from the liquidity crisis as consumers are not coming forward to buy new houses or cars. READ MORE

8:50 AM

Stocks to watch: Welspun India, YES Bank, Allcargo Logistics, Gati

Here's a look at the top stocks that may hog the limelight today -

Welspun India: Welspun group promoters have acquired a majority stake in One Industrial Space, which is into developement of warehousing space, in their personal capacities.

Allcargo Logistics, Gati: Allcargo Logistics, part of the Avvashya Group, has forayed into express logistics segment by acquiring a 44.64 per cent stake in Gati. READ MORE

8:40 AM

Trading strategies for gold, silver, oil, zinc by Tradebulls Securities

Rupee

The Indian rupee is the worst performing Asia ex-Japan (AXJ) currency for the second consecutive month in November. Rupee weakness came amid a 1.7% m-o-m increase in the foreign reserves to a fresh record high of $448.3 billion as on November 15. This partly explains the net sell-off in Indian government bonds in November versus a net inflow in October. 71.40-71.30 is proving to be strong support for Indian rupee and inspite of weak US Dollar, Indian rupee fails to trade sub 71.50 levels. We anticipate rupee to trade in range of 71.50-72.20 and today’s pause in repo rates will be negative for Indian rupee. READ MORE

8:35 AM

Derivatives strategy by HDFC Securities: Buy PVR December Future

Buy PVR DECEMBER Future at Rs 1,809

Stop Loss: Rs 1,780

Rationale:

-- We have seen accumulation of Long build up in the PVR Futures’ in the December Future till now where we have seen 13 per cent rise in Open Interest with price rising by 1.5 per cent.

-- After giving breakout on the monthly charts for the month ending September, the stock price is consolidating in the narrow range of last two months with rise in the Open Interest. READ MORE

8:32 AM

Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

NIFTY: BUY | TGT: 12,150 | SL: 11,950

Nifty closed in the negative territory after yesterday’s bounce back; however, it has still managed to close above 12,000 levels which is a positive sign in the short-to-medium term. The only worry is that the Index has formed a bearish head and shoulders structure on the hourly charts which indicates that once 11,950 levels get broken it will lead to a sharp sell-off till 11850-11800 levels. So, till 11,950 is held one can maintain the long positions however if it breaks one has to reverse the longs to shorts. READ MORE

8:28 AM