MARKET WRAP: Sensex gains 184 pts, ends at fresh closing high of 40,653.74
All that happened in markets today.
 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai (")
Equity markets witnessed yet another record-breaking session on Thursday as investor sentiment remained buoyed on Rs 25,000 crore booster dose for the realty sector. That apart, reports that government may announce measures for the crisis-hit NBFCs also boosted investor confidence. On the global front, US-China trade truce news further bolstered risk appetite of the equity investors.
The S&P BSE Sensex closed at a fresh closing peak of 40,653.74, up 184 points or 0.45 per cent, led by heavy buying in Reliance Industries (RIL), HDFC, ITC, Infosys, and HDFC Bank. Pharma major Sun Pharma (up 3 per cent) ended as the top gainer on the index after the company reported a profit of Rs 1,064 crore for September quarter of the current fiscal against loss of Rs 269.60 crore in the year-ago period.
YES Bank, on the other hand, slipped over 3 per cent to Rs 66.5 after the global rating agency Moody’s placed the private lender’s foreign currency issuer rating of ‘Ba3’ under review for downgrade.
In the broader market, the S&P BSE MidCap index climbed 102 points or 0.69 per cent to end at 14,848 levels while the S&P BSE SmallCap index closed at 13,546, up 73 points or 0.54 per cent.
On the NSE, the broader Nifty50 index closed above12,000-mark at 12,016, up 50 points or 0.42 per cent. Of 50 constituents, 30 advanced while 20 declined.
Volatility index India VIX fell over 4 per cent to 15.10 levels.
Among the sectoral indices on the NSE, Nifty Metal index advanced the most, followed by Nifty Realty. Realty stocks rallied during the session after the Union Cabinet on Wednesday approved the setting up of a Rs 25,000 crore alternative investment fund (AIF) to revive around 1,600 stalled housing projects across top cities in the country. On the contrary, PSU bank stocks declined the most. The Nifty PSU Bank index slipped 1.50 per cent to settle at 2,482.35.
GLOBAL MARKETS
Europe’s share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a ‘phase 1’ trade deal with the United States was close to being sealed. E-Mini futures for the S&P 500, which has already set a new record high this week, were also a solid 0.5 per cent better off.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month high hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks stalled after hitting their highest since May, while Shanghai blue chips eked out a 0.2 per cent rise.
In commodities, oil prices rebounded on trade deal hopes.
(With inputs from Reuters)
3:53 PM
Realty stocks log gains on stimulus measure
3:52 PM
Nifty snapshot
3:51 PM
Sensex heat map
3:51 PM
Market at close
3:36 PM
CLOSING BELL
The S&P BSE Sensex rallied 184 points or 0.45 per cent to end at 40,653.74 and NSE's Nifty50 ended above 12,000-mark at 12,016.10, up 50 points or 0.42 per cent.
3:13 PM
RESULTS IMPACT | UPL slips over 3% post Q2 results announcement
2:59 PM
RESULTS IMPACT | Sun Pharma climbs nearly 3% post Q2 nos
2:59 PM
Kotak Institutional Equities on realty sector
Effective execution remains crucial. As highlighted previously, listed real estate stocks have had fewer concerns on leverage, and accordingly the special window is less likely to impact them. It is challenging to estimate the extent of stressed debt which will benefit from this scheme. The fund aggregates to 6% of the real estate loan book in India.
2:57 PM
COMMENT :: JLL India on AIF for realty sector
The registration of projects with RERA being one of the necessary conditions, this measure will have a far reaching impact on states which are lagging behind in the implementation of the reform. At the same time, states which have not implemented RERA may not benefit from this liquidity shot.
JLL’s recent study showed that Delhi NCR contributed to more than 60% of delayed residential units followed by Mumbai, constituting nearly one-fifth of the overall delayed units across the top seven cities in India. It has come at an opportune moment when the residential market is tackling the headwinds from the trickle down impact of the series of reforms and economic slowdown. While it will boost consumer sentiment and enhance confidence, it will act as a strong catalyst in pushing the sales velocity
(Source: Ramesh Nair, CEO & Country Head, JLL India)
JLL’s recent study showed that Delhi NCR contributed to more than 60% of delayed residential units followed by Mumbai, constituting nearly one-fifth of the overall delayed units across the top seven cities in India. It has come at an opportune moment when the residential market is tackling the headwinds from the trickle down impact of the series of reforms and economic slowdown. While it will boost consumer sentiment and enhance confidence, it will act as a strong catalyst in pushing the sales velocity
(Source: Ramesh Nair, CEO & Country Head, JLL India)
2:57 PM
EARNINGS ALERT | Sun Pharma
- Consolidated net profit at Rs 1,064.09 cr against loss of Rs 269.60 cr in Q2FY19;
- Total revenue at 8,123.35 cr, up 17% YoY;
- EPS at Rs 4.43 against Rs (-) 1.12 in Q2FY19;
- Ebidta margin at 22%
2:56 PM
NEWS ALERT | Syndicate Bank reports FY19 provision divergence at Rs 1,184 cr: BSE filing
2:54 PM
Edelweiss on Infosys
We attended Infosys’ analyst meet and came away convinced that the company is set firmly on road to deliver excellent shareholder value as: 1) concerns regarding the recent whistleblower allegations were addressed succinctly by Mr. Nandan Nilekani, non-executive chairman of the board. While investigation is underway, the chairman’s unwavering faith in the internal finance team and in the sanctity of numbers instills immense confidence; and 2) the company’s strategic investments in sales force, talent and localisation are largely behind and Infosys is in pole position to benefit from large deal momentum while cost optimisation levers are expected to drive earnings growth. We concur with the company’s thesis on the inevitability of digital and believe Infosys has the right tools to cash in on the opportunity. Maintain ‘BUY’ with TP of INR955 (20x Q4FY21E EPS).
2:52 PM
COMMENT :: IIFL on realty sector
We believe that the stuck projects with purely last-mile funding issue (no litigations, positive net worth) will be benefitted. So overall, while this is a positive move and a well-intended first step to resolve the crisis in the real estate sector, we also see significant challenges in its implementation, considering the complexity of the challenge and multiplicity of stakeholder involvement in projects. From a listed developers perspective, none of the related projects are stuck for want of liquidity and, hence, there would be no direct impact on such developers
(Source: Mohit Agrawal, analyst, IIFL Institutional Equities)
(Source: Mohit Agrawal, analyst, IIFL Institutional Equities)
2:51 PM
NEWS ALERT | Both banks and mkts are differentiating between good and bad NBFCs: RBI Guv
2:46 PM
BROKERAGE RADAR | Edelweiss Securities on Lupin
Current valuation of 17.0x FY21E EPS offers an attractive entry point, in our view. A promising respiratory and biosimilar franchise may unlock value in the long run. We maintain ‘BUY/SP’ with TP of Rs 900 (22x December 2020E earnings).
Topics : Markets MARKET WRAP
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First Published: Nov 07 2019 | 7:19 AM IST
