Latest News

Pre-Session
27 Nov 2020, 8:13 AM
Flat opening on the cards; GDP data eyed

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.

In economic data, the National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

Global markets:

Overseas, Asian stocks are trading little changed on Friday as investors react to data on Chinas industrial profits for October.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

Markets will also scrutinize concerns over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S. As the race for a coronavirus vaccine continues, questions are being raised over AstraZenecas vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

In US, financial markets were closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Domestic markets:

Back home, equity indices bounced off days lows and ended with strong gains on Thursday. The S&P BSE Sensex, jumped 431.64 points or 0.98% at 44,259.74. The Nifty 50 index spurted 128.60 points or 1% at 12,987.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

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Mid-Session
27 Nov 2020, 9:34 AM
Indices trade near flat line

A divergent trend is witnessed in early trade as the Sensex is trading with minor losses while the Nifty is trading with tiny gains. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 9.78 points or 0.02% at 44,249.96. The Nifty 50 index was up 6.50 points or 0.05% at 12,993.50.

The S&P BSE Mid-Cap index was up 1.15%. The S&P BSE Small-Cap index was up 0.89%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1185 shares rose and 528 shares fell. A total of 87 shares were unchanged.

GDP data:

In economic data, the National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

Stocks in news:

Mahindra & Mahindra (M&M) rose 0.51%. Mahindra Holdings (MHL) a wholly owned subsidiary of the company, has agreed to sell its entire stake aggregating 100% of the paid-up equity share capital in Mahindra First Choice Services (MFCS) and its entire stake aggregating 100% of Optionally Convertible Redeemable Preference Shares in Auto Digitech (ADPL), wholly owned subsidiary of MFCS, to TVS Automobile Solutions (TASL). Following the sale, MHLs shareholding in MFCS and ADPL would come down to Nil, and MFCS and ADPL would cease to be the subsidiaries of MHL and consequently of the company.

United Spirits rose 0.22%. In connection with the sale of all the shares held by the company in its subsidiary, Tern Distilleries (TDPL), it has not received consideration from the prospective buyer. Hence, the company is rescinding the share purchase agreement entered on 14th October 2020. Consequently, TDPL will continue to be subsidiary of the company.

AU Small Finance Bank rose 1.84%. The bank has made strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank constituting about 0.44% shareholding of NPCI.

Gillette India rose 0.46%. The National Anti-Profiteering Authority (NAA) has uploaded an order dated November 23, 2020 on their official website on November 25, 2020. The order alleges that the company has profiteered to the tune of Rs 57, 99, 37,416/- and directs the company to deposit the profiteered amount with interest in Consumer Welfare Funds. Its the position of the Company that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The company is reviewing the order and will take appropriate steps in due course.

Ramkrishna Forgings jumped 9.06%. The company has completed the trial run of Hollow Spindle Line on 25 November 2020 and started its commercial production on 26 November 2020.

Global Markets:

Overseas, Asian stocks are trading little changed on Friday as investors react to data on Chinas industrial profits for October.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

Markets will also scrutinize concerns over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the U.S. As the race for a coronavirus vaccine continues, questions are being raised over AstraZenecas vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

In US, financial markets were closed on Thursday for the Thanksgiving holiday and U.S. bonds and stocks will trade on a partial schedule on Friday.

Back home, equity indices bounced off days lows and ended with strong gains on Thursday. The S&P BSE Sensex, jumped 431.64 points or 0.98% at 44,259.74. The Nifty 50 index spurted 128.60 points or 1% at 12,987.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

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Mid-Session
27 Nov 2020, 10:33 AM
Broader market rallies; Bajaj Finance hits record high

The Sensex was trading with minimal losses while the Nifty was almost flat in morning trade. Auto stocks were in demand ahead of the monthly sales numbers to be unveiled next week.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 54.41 points or 0.12% at 44,205.96. The Nifty 50 index was down 1.4 points or 0.01% at 12,985.50.

Bajaj Finance was up 1.44% to Rs 4897.45. The stock hit a record high of Rs 4924.25 in initial deals.

In the broader market, the S&P BSE Mid-Cap index was up 1.6% while the S&P BSE Small-Cap index gained 1.31%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1507 shares rose and 748 shares fell. A total of 146 shares were unchanged.

The National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Amitabh Kant, CEO, NITI Aayog has stated that India is uniquely positioned in the global landscape and has the potential to become the leading force in the new world order. India can create up to $1 trillion of the economic value by digital economy by 2025 with half of the opportunities originating in new digital ecosystems that can spring up in diverse sectors of the economy, he noted addressing the virtual session on Collaboration between Industry and Science during the Global R&D Summit 2020, organized jointly by the Department of Science and Technology, GoI and FICCI.

India could potentially see a five-fold increase in economic value from digital transformation by 2025. This will represent an attractive opportunity for global and local businesses, start-ups, and innovators to invest in emerging technologies like AI, Blockchain or drones in ways that are customized to Indian needs. Kant further said that the government is focusing on high-quality public and private R&D and digital is the future both in the private and public sector.

Buzzing Index:

The Nifty Auto index gained 1.32% to 8,883.10. The index tumbled 1.51% in the previous session.

Tata Motors (up 4.58%), Ashok Leyland (up 3.26%), MRF (up 2.07%), Motherson Sumi Systems (up 1.85%), Bajaj Auto (up 1.82%), Balkrishna Industries (up 1.7%), TVS Motor Company (up 1.6%), Eicher Motors (up 1.46%), Maruti Suzuki India (up 1.24%), Exide Industries (up 1.1%) and Hero MotoCorp (up 0.7%) advanced.

Mahindra & Mahindra (M&M) rose 0.87% to Rs 735.35 after the company said that Mahindra First Choice Services will integrate its operations with TVS Automobile Solutions. Mahindra First Choice Services (MFCSL) will partner with TVS ASPL, which houses TVS, a multi-brand independent automobile aftermarket brand that offers integrated solutions across the aftermarket value chain. As part of the transaction, M&M will secure a stake in TVS ASPL and in turn, MFCSL will become a subsidiary of TVS ASPL.

Stocks in Spotlight:

United Spirits fell 0.32%. The liquor maker said it is rescinding the share purchase agreement entered with Sri Balaji Implex to divest entire stake in its non-operative subsidiary Tern Distilleries (TDPL) as the buyer failed to pay consideration. Consequently, TDPL will continue to be subsidiary of the company, United Spirits said in an announcement made after market hours yesterday, 26 November 2020.

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Mid-Session
27 Nov 2020, 11:32 AM
Barometers hit days low; city gas distributors rally
Key equity indices were trading near the days low in mid morning trade. Banks and IT shares declined while realty and pharma shares advanced. At 11:30 IST, the barometer index, the S&P BSE Sensex, fell 143.51 points or 0.32% at 44,116.96. The Nifty 50 index was down 25.20 points or 0.19% at 12,961.50.

The broader market outperformed benchmarks. The S&P BSE Mid-Cap index was up 1.79% while the S&P BSE Small-Cap index gained 1.38%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1629 shares rose and 844 shares fell. A total of 170 shares were unchanged.

The National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths.

India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Amitabh Kant, CEO, NITI Aayog has stated that India is uniquely positioned in the global landscape and has the potential to become the leading force in the new world order. India can create up to $1 trillion of the economic value by digital economy by 2025 with half of the opportunities originating in new digital ecosystems that can spring up in diverse sectors of the economy, he noted addressing the virtual session on Collaboration between Industry and Science during the Global R&D Summit 2020, organized jointly by the Department of Science and Technology, GoI and FICCI.

India could potentially see a five-fold increase in economic value from digital transformation by 2025. This will represent an attractive opportunity for global and local businesses, start-ups, and innovators to invest in emerging technologies like AI, Blockchain or drones in ways that are customized to Indian needs. Kant further said that the government is focusing on high-quality public and private R&D and digital is the future both in the private and public sector.

Buzzing Segment:

Shares of gas distributing companies rallied after Petroleum and Natural Gas Regulatory Board (PNGRB) notified regulations for unified gas transmission tariff structure on Thursday. The tariffs will be applicable based on two zone structure related to distance from source of gas.

Indraprastha Gas (up 13.3%), Mahanagar Gas (up 12.14%), Adani Gas (up 5.96%) and Gujarat Gas (up 5.62%) advanced.

The PNGRBs move will reportedly lead to higher usage of gas in areas away from LNG terminal. The media reported that unified tariff structure will lead to a 20-30% rise in transportation charges paid by users near the source but a reduction for consumers in the hinterland.

Stocks in Spotlight:

AU Small Finance Bank rose 0.08%. The bank announced yesterday, 26 November 2020, that it has made a strategic investment of Rs 7.70 crore in NPCI, wherein 61,320 equity shares at book value of Rs 1,256 per equity share are allocated to the bank. NPCI is an umbrella organization for operating retail payments and settlement systems in India.

Adani Transmission spurted 5.31% to Rs 383.95 after the company said it completed acquisition of Alipurduar Transmission from Kalpataru Power Transmission for an enterprise value of around Rs 1300 crore. The acquisition is in sync with ATLs strategy to enhance the value for its stakeholders, through organic as well as inorganic opportunities.

Global Markets:

Select Asian markets were trading mildly high on Friday as investors reacted to Chinese data.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year in September, the data from the National Bureau of Statistics (NBS) showed.

Gains were capped as investors were concerned over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials under criticism from experts in the US. As the race for a coronavirus vaccine continues, questions are being raised over AstraZenecas vaccine candidate, for which the firm said combined results revealed it to be 70% effective.

In US, financial markets were closed on Thursday for the Thanksgiving holiday while U.S. bonds and stocks will trade on a partial schedule on Friday.

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Mid-Session
27 Nov 2020, 12:29 PM
Sensex, Nifty trade flat; PSU banks rally
Domestic indices came off the days low and traded near the flat line in early afternoon trade. The Nifty regained 13,000 mark. At 12:27 IST, the barometer index, the S&P BSE Sensex was flat at 44,259.77. The Nifty 50 index was up 2.15 points or 0.02% at 12,989.15.

The broader market outperformed benchmark indices. The S&P BSE Mid-Cap index surged 2% while the S&P BSE Small-Cap index gained 1.59%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1700 shares rose and 878 shares fell. A total of 172 shares were unchanged.

Derivatives:

The NSEs India VIX, a gauge of markets expectation of volatility over the near term, dropped 2.22% to 19.5775. The Nifty December 2020 futures were trading at 13,036.65, at a premium of 49.9 points compared with the spot at 12,986.75.

The Nifty option chain for 31 December 2020 expiry showed maximum Call OI of 26.01 lakh contracts at the 13,000 strike price. Maximum Put OI of 27.39 lakh contracts was seen at 12,000 strike price.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty PSU Bank index surged 1.48% to 1,561.90. The index has gained 6.5% in four days.

J&K Bank (up 6.64%), Bank of Maharashtra (up 5.08%), Canara Bank (up 4.4%), Punjab National Bank (up 3.59%), Union Bank of India (up 2.94%), Bank of India (up 2.69%), Central Bank of India (up 2%) and UCO Bank (up 1.64%) advanced.

Stock in Spotlight:

CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 41.15 after Tube Investments of India acquired a controlling stake in the company. In a BSE filing made after market hours on Thursday (26 November 2020), CG Power said that its board approved allotment of 64.25 crore preferential shares to Tube Investments of India (TII) at Rs 8.56 each, aggregating to Rs 550 crore.

The company has also issued 17.52 crore warrants to TII for aggregate consideration of Rs 150 crore. About Rs 37.50 crore, or 25% of the aggregate consideration will be paid on warrant subscription. Each warrant carries a right exercisable by the warrant holder to subscribe to one equity share per warrant within 18 months from allotment.

Post the allotment of securities to TII as stated above, TII has acquired a controlling interest in the company and holds 50.62% of the paid up equity share capital of the company, CG Power said in a statement.

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Mid-Session
27 Nov 2020, 1:30 PM
Trading turns volatile; breadth remains strong

A bout of volatility was witnessed as the benchmarks once again slipped into the negative terrain in afternoon trade. The Nifty was hovering below the crucial 13,000 mark. Banks and IT shares dragged while auto and realty shares were in demand.

At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 99.14 points or 0.22% at 44,160.60. The Nifty 50 index slipped 12.65 points or 0.10% at 12,974.35.

The broader market traded with strong gains. The S&P BSE Mid-Cap index rose 1.83%. The S&P BSE Small-Cap index gained 1.64%.

Buyers outnumbered sellers. On the BSE, 1,718 shares rose and 912 shares fell. A total of 194 shares were unchanged. In Nifty 50 index, 24 stocks advanced while 25 stocks declined. 1 stock remained unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,027.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,400.10 crore in the Indian equity market on 26 November 2020, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,09,74,576 with 14,32,048 deaths. India reported 4,55,555 active cases of COVID-19 infection and 1,35,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Amitabh Kant, CEO, NITI Aayog has stated that India is uniquely positioned in the global landscape and has the potential to become the leading force in the new world order. India can create up to $1 trillion of the economic value by digital economy by 2025 with half of the opportunities originating in new digital ecosystems that can spring up in diverse sectors of the economy, he noted addressing the virtual session on Collaboration between Industry and Science during the Global R&D Summit 2020, organized jointly by the Department of Science and Technology, GoI and FICCI.

India could potentially see a five-fold increase in economic value from digital transformation by 2025. This will represent an attractive opportunity for global and local businesses, start-ups, and innovators to invest in emerging technologies like AI, Blockchain or drones in ways that are customized to Indian needs. Kant further said that the government is focusing on high-quality public and private R&D and digital is the future both in the private and public sector.

Gainers & Losers:

Tata Motors (up 4.32%), Bajaj Auto (up 2.98%), Hero MotoCorp (up 1.73%), Britannia Industries (up 1.71%) and Titan Company (up 1.64%) were major gainers in Nifty 50 index.

HDFC Life Insurance Company (down 2.01%), PowerGrid Corporation of India (down 1.69%), HCL Technologies (down 1.35%), TCS (down 1.30%) and State Bank of India (down 1.26%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Cadila Healthcare rallied 6% after the media reported that the company is expected to introduce its COVID-19 vaccine by March next year. The drug maker will reportedly submit the results of its phase-2 trials next week, which will ascertain the safety, dose and efficacy of the potential vaccine. Subsequently, the company will apply for Phase-3 trial which it plans to conduct on 39,000 participants in December. If all goes well, the company expects to introduce the vaccine by March next year, media reports added.

Gillette India advanced 2.52%. The National Anti-Profiteering Authority (NAA) directed the personal care products maker to deposit Rs 57.99 crore in Consumer Welfare Funds. NAA has uploaded an order on 23 November 2020 on their official website on 25 November 2020. Gillette India is a respondent in the said matter.

The order alleges that Gillette India has profiteered to the tune of Rs 57,99,37,416 and did not pass on the benefit of a tax reduction in November 2017. Hence, NAA has directed the company to deposit the profiteered amount with interest in Consumer Welfare Funds. Gillette India, however, clarified that that it has passed on the net benefit of the reduced GST rates to its recipients and has not profiteered from it. The company said it is reviewing the said order and will take appropriate steps in due course.

ABB India rose 1.95% after the company launched a new range of M3BP motors for its industrial customers in India. ABBs new range of low voltage IEC induction motors are compactly designed and reduces the overall size of the equipment thus minimizing space and total cost of ownership. The launch will further strengthen ABBs presence in segments such as metals, cement, pulp & paper, water & wastewater and applications including fan, pump, compressor, crusher, crane etc.

Global Markets:

Most European shares were trading higher while Asian indices were up across the board on Friday as investors reacted to strong Chinese data.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year (Y-o-Y) in September, the data from the National Bureau of Statistics (NBS) showed.

Gains were, however, capped as investors were concerned over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials coming under criticism from experts in the US. AstraZeneca and the University of Oxford are defending the results, stressing the highest standards were used and that additional analysis will be conducted.

In US, financial markets were closed on Thursday for the Thanksgiving holiday while U.S. bonds and stocks will trade on a partial schedule on Friday.

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Mid-Session
27 Nov 2020, 2:31 PM
Benchmarks trade almost flat; media stocks in demand
The main indices were trading sideways with small losses in mid afternoon trade. The Nifty was hovering below 13,000 mark. At 14:29 IST, the barometer index, the S&P BSE Sensex was down 34.19 points or 0.08% at 44,225.55. The Nifty 50 index traded 2.95 points or 0.02% lower at 12,984.15.

The broader market outperformed benchmark indices. The S&P BSE Mid-Cap index surged 2.01% while the S&P BSE Small-Cap index gained 1.82%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1768 shares rose and 935 shares fell. A total of 195 shares were unchanged.

The National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Top Gainers in Broader Market:

Indraprastha Gas (up 11.11%), L&T Finance Holdings (up 9.38%), Cummins India (up 7.85%), Amara Raja Batteries (up 6.62%) and Voltas (up 6.38%) were top gainers in BSE Mid Cap index.

Mahanagar Gas (up 13.66%), Subex (up 12.56%), Mirza International (up 11.7%), Clariant Chemicals (up 11.06%) and Amber Enterprises (up 10.4%) were top gainers in BSE Small Cap index.

Buzzing Index:

The Nifty Media index jumped 2.22% to 1,514.10. It was the biggest gainer among the sectoral indices on the NSE.

Zee Entertainment (up 4.77%), Sun TV Network (up 3.4%), Jagran Prakashan (up 2.04%), DB Corp (up 1.57%), Inox Leisure (up 1.47%) and TV 18 Broadcast (up 1.02%) advanced.

Stocks in Spotlight:

Cadila Healthcare jumped 6.20% to Rs 448.55 after the media reported that the company is expected to introduce its Covid-19 vaccine by March next year. The drug maker will reportedly submit the results of its phase-2 trials next week, which will ascertain the safety, dose and efficacy of the potential vaccine. Subsequently, the company will apply for phase-3 trial which it plans to conduct on 39,000 participants in December. If all goes well, the company expects to introduce the vaccine by March next year, media reports added.

Great Eastern Shipping fell 0.5%. In a BSE filing made during market hours today, the company said that it had contracted to sell its 2000 built Suezmax Crude Carriers, Jag Lateef and Jag Laadki of about 147,080 deadweight tonnage (DWT) and about 150,284 DWT, respectively. The vessels will be delivered to the new buyers in H2 FY 2020-21, it added

Numbers to Track:

In the foreign exchange market, the partially convertible rupee was unchanged at 73.88.

The yield on 10-year benchmark federal paper rose to 5.893% compared with its closing of 5.872% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement rose 0.01% to Rs 48,566.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.05% to 91.922.

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Post-Session
27 Nov 2020, 4:00 PM
Quick Wrap: Nifty Realty Index rises 2.65%
Nifty Realty index closed up 2.65% at 261.2 today. The index is up 16.00% over last one month. Among the constituents, Indiabulls Real Estate Ltd gained 6.94%, Godrej Properties Ltd rose 5.29% and Phoenix Mills Ltd added 3.83%. The Nifty Realty index is down 6.00% over last one year compared to the 6.73% surge in benchmark Nifty 50 index. In other indices, Nifty Media index added 1.48% and Nifty Auto index gained 1.41% on the day. In broad markets, the Nifty 50 has slid 0.14% to close at 12968.95 while the SENSEX is down 0.25% to close at 44149.72 today.

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Post-Session
27 Nov 2020, 4:58 PM
Sensex drops 110 pts in choppy trade; broader indices rally

Domestic equity indices ended a volatile session with small losses on Friday. The Nifty settled below the 13,000 mark after crossing that level in intraday trade. Barring the Nifty IT index, all the other sectoral indices on the NSE ended in the green.

The barometer index, the S&P BSE Sensex fell 110.02 points or 0.25% at 44,149.72. The Nifty 50 index declined 18.05 points or 0.14% at 12,968.95.

HDFC Bank (up 1%) and HDFC (up 0.85%) supported the indices while index heavyweight Reliance Industries (down 1.23%) dragged.

Bajaj Finance rose 1.56% to Rs 4903.30. The stock hit a record high of Rs 4957.50 in late trade.

The broader market surged. The S&P BSE Mid-Cap index climbed 1.91% while the S&P BSE Small-Cap index jumped 2.40%.

The market breadth was strong. On the BSE, 1768 shares rose and 1031 shares fell. A total of 183 shares were unchanged.

The National Statistics Office will release the July-September quarter gross domestic product data today, 27 November 2020.

The domestic equity market will remain shut on Monday, 30 November 2020, on account of Guru Nanak Jayanti.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 6,03,33,049 with 14,20,462 deaths. India reported 4,55,555 active cases of COVID-19 infection and 135,715 deaths while 87,18,517 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

Amitabh Kant, CEO, NITI Aayog has stated that India is uniquely positioned in the global landscape and has the potential to become the leading force in the new world order. India can create up to $1 trillion of the economic value by digital economy by 2025 with half of the opportunities originating in new digital ecosystems that can spring up in diverse sectors of the economy, he noted addressing the virtual session on Collaboration between Industry and Science during the Global R&D Summit 2020, organized jointly by the Department of Science and Technology, GoI and FICCI.

India could potentially see a five-fold increase in economic value from digital transformation by 2025. This will represent an attractive opportunity for global and local businesses, start-ups, and innovators to invest in emerging technologies like AI, Blockchain or drones in ways that are customized to Indian needs. Kant further said that the government is focusing on high-quality public and private R&D and digital is the future both in the private and public sector.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee depreciated to 74.05 from its previous close of 73.88.

The yield on 10-year benchmark federal paper rose to 5.911% compared with its closing of 5.872% in the previous trading session.

MCX Gold futures for 4 December 2020 settlement rose 0.17% to Rs 48,601.

The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was down 0.03% to 91.97.

Global Markets:

European markets were mixed while Asian indices rose across the board on Friday as investors reacted to strong Chinese data.

Profits at Chinese industrial firms rose 28.2% year-on-year in October to 642.91 billion yuan ($97.79 billion), official data showed on Friday, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic. Profits rose for a sixth straight month in October, after increasing by 10.1% year-on-year (Y-o-Y) in September, the data from the National Bureau of Statistics (NBS) showed.

Gains were, however, capped as investors were concerned over the Oxford-AstraZeneca vaccine candidate, with results and methods used in their phase three vaccine trials coming under criticism from experts in the US. AstraZeneca and the University of Oxford are defending the results, stressing the highest standards were used and that additional analysis will be conducted.

In US, financial markets were closed on Thursday for the Thanksgiving holiday while U.S. bonds and stocks will trade on a partial schedule on Friday.

Buzzing Indian Segment:

The Nifty IT index fell 0.43% to 21,764.90. The index rose 0.71% in the previous session.

HCL Technologies (down 2.39%), TCS (down 1.53%), Wipro (down 1.28%), Infosys (down 1.18%), Mphasis (down 0.74%) and Persistent Systems (down 0.15%) declined.

Shares of gas distributing companies rallied after Petroleum and Natural Gas Regulatory Board (PNGRB) notified regulations for unified gas transmission tariff structure on Thursday. The tariffs will be applicable based on two zone structure related to distance from source of gas.

Mahanagar Gas (up 14.35%), Indraprastha Gas (up 10.89%), Adani Gas (up 10%) and Gujarat Gas (up 1.15%) advanced.

The PNGRBs move will reportedly lead to higher usage of gas in areas away from LNG terminal. The media reported that unified tariff structure will lead to a 20-30% rise in transportation charges paid by users near the source but a reduction for consumers in the hinterland.

Stocks in Spotlight:

Cadila Healthcare jumped 6.57% after the media reported that the company is expected to introduce its Covid-19 vaccine by March next year. The drug maker will reportedly submit the results of its phase-2 trials next week, which will ascertain the safety, dose and efficacy of the potential vaccine. Subsequently, the company will apply for phase-3 trial which it plans to conduct on 39,000 participants in December. If all goes well, the company expects to introduce the vaccine by March next year, media reports added.

Garware Technical Fibres spurted 6.37% to Rs 2278. The companys board on Friday (27 November 2020) approved a proposal to buyback upto 3,17,391 shares (1.52% of the total number of fully paid-up equity shares as on 27 November 2020) at a price of Rs 2300 per share, aggregating upto Rs 72.99 crore. The company has fixed 11 December 2020 as the record date for the purpose of buyback.

CG Power and Industrial Solutions hit an upper circuit of 5% at Rs 41.15 after Tube Investments of India acquired a controlling stake in the company. In a BSE filing made after market hours on Thursday (26 November 2020), CG Power said that its board approved allotment of 64.25 crore preferential shares to Tube Investments of India (TII) at Rs 8.56 each, aggregating to Rs 550 crore. The company has also issued 17.52 crore warrants to TII for aggregate consideration of Rs 150 crore. About Rs 37.50 crore, or 25% of the aggregate consideration will be paid on warrant subscription. Each warrant carries a right exercisable by the warrant holder to subscribe to one equity share per warrant within 18 months from allotment.

Larsen & Toubro (L&T) fell 0.33%. The company signed contract agreement with the National High Speed Rail Corporation to design and construct 237 km length of viaduct in Gujarat. The contract also includes four stations namely Vapi, Billimora, Surat and Bharuch, Surat Depot, 14 river crossings, 42 road crossings and 6 railway crossings including one mountain tunnel of 350 metres. The letter of acceptance was issued on 28 October 2020. The duration for completion of the works is four years from the date of commencement of the contract.

Mahindra & Mahindra (M&M) fell 1.23%. The company said that Mahindra First Choice Services will integrate its operations with TVS Automobile Solutions. Mahindra First Choice Services (MFCSL) will partner with TVS ASPL, which houses TVS, a multi-brand independent automobile aftermarket brand that offers integrated solutions across the aftermarket value chain. As part of the transaction, M&M will secure a stake in TVS ASPL and in turn, MFCSL will become a subsidiary of TVS ASPL.

United Spirits declined 1.73%. The liquor maker said it is rescinding the share purchase agreement entered with Sri Balaji Implex to divest entire stake in its non-operative subsidiary Tern Distilleries (TDPL) as the buyer failed to pay consideration. Consequently, TDPL will continue to be subsidiary of the company, United Spirits said in an announcement made after market hours yesterday, 26 November 2020.

Great Eastern Shipping Co. added 2.32%. In a BSE filing made during market hours today, the company said that it had contracted to sell its 2000 built Suezmax Crude Carriers, Jag Lateef and Jag Laadki of about 147,080 deadweight tonnage (DWT) and about 150,284 DWT, respectively. The vessels will be delivered to the new buyers in H2 FY 2020-21, it added.

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