Market wrap, Nov 7: Bull run continues, Sensex ends at fresh closing peak

Headlines of the day:

>> Dream continues on D-Street, Sensex ends at fresh closing peak, Nifty settles above 12K; 

>> China says it agreed with US to roll back existing tariffs in phases; 

>> Govt has no plans to participate in the rescue of DHFL, reports Reuters &

>> Sun Pharma back in black in Q2, posts net profit of Rs 1,064 crore.  

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 above the 12,000-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.

Stocks that made news today: 

Shares of MSTC zoomed 20 per cent to Rs 148 on the BSE after the construction & engineering giant Larsen & Toubro (L&T) appointed the company as its selling agent.

Spandana Sphoorty Financial (SSFL) surged 8 per cent to Rs 1,344 on the BSE in the intra-day trade on Thursday, rallying 23 per cent in one week after the micro finance company reported more-than-double net profit for the September quarter (Q2FY20). The stock ended at Rs 1,312.75, up over 5 per cent. 

Jindal Steel & Power (JSPL) hit an over four-month high of Rs 150, up 11 per cent on the BSE on Thursday on expectation of raw material benefits led by lower coking coal costs to offset the decline in steel prices in the near term. It ended over 10 per cent up at Rs 148.70. 

In the 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.