Sensex ends 150 points higher, Nifty below 10,800; auto, bank stocks top gainers

CNBC

Market at close: Benchmark indices ended the volatile session on positive note on Thursday with Nifty ended below 10,800 level.

The Sensex was up 150.57 points or 0.42% at 35929.64, while Nifty was up 53.90 points or 0.50% at 10791.50. About 1470 shares have advanced, 1055 shares declined, and 135 shares are unchanged. 
Wipro, Kotak Mahindra Bank, Infosys, Maruti Suzuki and Tata Motors are the top gainers on the Sensex, while Yes Bank, Sun Pharma, TCS, Tata Steel and Coal India are among major losers.  
TVS Motor Rolls Out BMW 310cc motorcycle
TVS Motor Company said it rolled out the 50,000 unit of the BMW 310cc motorcycle. The motorcycle was rolled out from the Hosur plant of the company.
In April 2013, the company and BMW Motorrad signed a long-term strategic partnership to manufacture sub-500cc motorcycles for the globe.
This collaboration has resulted in the launch of three products on the 310cc platform namely BMW G 310 R, BMW 310 GS and TVS Motor Company’s TVS Apache RR 310.  
Yes Bank Corrects Further After Board Meeting
The bank's Nomination & Remuneration Committee (N&RC) and board of directors have finalised the recommendation for non-executive part-time chairman position and will be promptly seeking requisite approvals from the Reserve Bank of India.
The Search & Selection Committee (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India. The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment.
The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019. Source: Yes Bank Press Release   
Ford India to Hike Prices
Automaker Ford India said it will increase prices of its models by up to 2.5 percent from January to partially offset the impact of rising input costs. 
"We are taking this step due to increase in input price owing to high commodity prices and frequent fluctuations in foreign exchange rates," Ford India Executive Director - Marketing, Sales and Service, Vinay Raina told PTI.
Ford sells a range of models, from compact utility vehicle Freestlye (starting price Rs 5.23 lakh) to iconic sports car Mustang priced at Rs 74.62 lakh (all prices ex-showroom Delhi).   
RBI Governor Meets PSB Chiefs
Banking sources told CNBC-TV18 that heads of all Mumbai-based public sector banks met with RBI Governor Shaktikanta Das today.
Das adopted a very consultative approach in meeting with bankers. Liquidity issue, credit growth and support to MSMEs issues discussed with bankers.
Sun Pharma Corrects
Shares of Sun Pharmaceutical fell over 3 percent after markets regulator Sebi said it is examining the whistleblower complaint against the company.
When asked about the whistleblower complaint against Sun Pharma, Sebi Chairman Ajay Tyagi told reporters on Wednesday: "There is a whistleblower complaint which we are examining. I have nothing more to add."
A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others.
Shanghvi, who is also the managing director of the pharma firm, earlier this month denied receiving any query so far from the markets regulator regarding the whistleblower complaint. 
Mustafa Nadeem, CEO, Epic Research 
Well, we have been bearish on Yes Bank since Rs 190 odd levels given the current news events that are factored in the price. The stock has tested one of the most important supports at Rs 140-150 levels.
A new MD and CEO being appointed is going to have an impact as the stock price is a sum total of many things and leadership is certainly the factor carrying more weight. That is also reflected in price in the last few days in the stock which has rebounded from lower levels gaining +20%.
This is certainly the time when one can start accumulating at lower levels since the worst case scenario in stock has been witnessed. We may see some consolidation going forward but yes buying on dips in this stock is on the cards for the next few weeks for a decent double-digit return.   
Ashoka Buildcon Emerges As Lowest Bdder for Project in Jharkhand
Ashoka Buildcon shares climbed over 3 percent intraday after the company emerged as lowest bidder for rural electrification works in Jharkhand.
The company submitted its bid to Jharkhand Bijli Vitran Nigam Limited (JBVNL) for the project - rural electrification works of Package-4.
The bid value of the project is Rs 214.21 crore, with a completion period of 18 months.
Jefferies Maintains Positive View on Dabur
Dabur India shares gained more than 2 percent intraday after global research firm Jefferies has maintained its buy call on the stock.
The brokerage house expects the stock to increase by 7 percent to Rs 460.
"Its market share gain continued amidst steady demand and management reiterated steady demand scenario and improving execution going ahead," it said.
Oilfield Auction Deferred by a Month
The government has deferred by one month the auction of 25 oil and gas fields that hold resources worth an estimated Rs 1 lakh crore, upstream regulator DGH said.
The second round of Discovered Small Fields (DSF) auction opened in August and December 18 was the last date for submission of bids.
"Due to consistent demand of investors, the last date for submission of bids for India DSF Bid Round-II is now extended till 1200 hrs January 18, 2019," the Directorate General of Hydrocarbons (DGH) said in a tweet. Bids will be opened on the same day, it added. Source: PTI 
Ujjivan Financial Jumps 11% as Analysts Positive on Stock
Ujjivan Financial Services shares rallied 11 percent intraday after global research house Macquarie expects the stock to double in next three years, though for the time being it slashed price target.
While maintaining outperform call on the stock, the investment firm cut target price on the stock sharply to Rs 290 from Rs 460 earlier, but it thinks there is a case for stock to double in next three years as the improving business fundamentals are being overlooked.
Cut in EPS estimates to factor in higher cost of funds was the reason behind lower price target.
Axis Capital also maintained buy call on the stock with a target price at Rs 280 as it believes core business is taking good shape with more than 20 percent CAGR loan growth.
Asian Markets Strong in Trade
Asian stocks continued to trade higher, following positive lead from Wall Street overnight on hope of easing tensions between the US and China.
Japan's Nikkei, China's Shanghai Composite and Hong Kong's Hang Seng gained 1 percent each.
Rajya Sabha Adjourned For The Day Following Protests
The Rajya Sabha Thursday was adjourned for the day without transacting any business following protests by Tamil Nadu parties inside the well over
the Cauvery river issue. 
No sooner had the House paid its respects to the nine persons who laid down their lives 17 years back when terrorist attacked the Parliament House complex and the listed papers presented, members belonging to the AIADMK and DMK trooped into the well of the House shouting slogans.
"Protect the Right of Tamil Nadu," read the placards held by protesting members.
A couple of members from Andhra Pradesh too were in the well demanding special status for the state. Source: PTI  
Oil Prices Inch Up
Oil prices rose, buoyed by a drawdown in US crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action.
Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.
International Brent crude oil futures were at $60.47 per barrel, up 0.53 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.31 per barrel, up 0.31 percent. Source: Reuters.   
Tata Motors To Hike PV Prices From Jan 1
Tata Motors said it will hike prices of its passenger vehicles across models by up to Rs 40,000 from January 1, 2019, to offset the impact of rising input costs and increase in fuel prices.
The company's passenger vehicles portfolio ranges from entry-level small car Nano to the premium SUV Hexa, which are currently priced between Rs 2.36 lakh and Rs 17.97 lakh (ex-showroom Delhi).
The company will launch its new premium SUV Harrier in January.
"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," Tata Motors President of Passenger Vehicles Business Unit Mayank Pareek said in a statement. 
Talwalkars Lifestyles Penetrates the AI Space With Growfitter Fitkit Program
Talwalkars Lifestyles has integrated with Growfitter to introduce the country’s first ever AI (Artificial Intelligence) based Incentivized Wellness Program.
The Growfitter FITKIT Program is a technologically advanced mobile application that tracks individual fitness consistency and maps their performance to generate an incentive oriented and reward based fitness solution.
"The AI powered product will motivate individuals to adopt and sustain a holistic and healthy lifestyle, which coincides with the vision of TLL, of creating a healthy and fit India," the company said.
SBI Gains 3% After Morgan Stanley Raises Price Target
State Bank of India shares gained 3 percent in morning after global research house Morgan Stanley increased its price target for the stock to Rs 375 from Rs 350 earlier while maintaining overweight call.
The investment firm said it sees a turnaround on bad loans front in FY20 and will see a significant drop in provisions in second half of FY19.
Rupee Extends Gains
The rupee appreciated by 45 paise to 71.56 in morning after the new RBI governor Shaktikanta Das took charge and stressed on the need of a consultative approach to tackle pressing economic issues.
Forex traders said a higher opening of domestic equity markets and weakening of the US dollar against some currencies overseas boosted the local unit.
"The new RBI governor's first speech confirms our initial impression that he is likely to be more communicative and consultative in his approach, which is a positive," Japanese financial services major Nomura said in a research note.
Rate Cut Likely: SBI CPI inflation eased to almost new year low to 2.33 percent in November 2018. Core CPI inflation moderated to 5.73 percent in November 2018. The decline in oil prices will keep the CPI inflation below the target in the next couple of months before settling at 3.4 percent in March.
Soumya Kanti Ghosh, Group Chief Economic Adviser at SBI expects CPI inflation to remain below RBI 4 percent target till July 2019.
"At this rate, we now expect a change in stance by RBI in February policy and a possible rate cut in April policy, that could be incrementally larger than 25 basis points. This is because, growth considerations should now take Centre stage," he said.
Infibeam Avenues Climbs 8% Ahead of Board Meet
Infibeam Avenues (formerly known as Infibeam Incorporation) shares rallied 8 percent in morning ahead of board meeting to consider strategic growth opportunities for the company.
"The meeting of the board of directors of the company is scheduled on December 17 to consider and approve examine and evaluate the feasibility of and options for strategic growth opportunities of the business verticals and subsidiaries of the company," the company said in its filing.
Morgan Stanley Expects Sensex at 42,000 in 2019
Morgan Stanley feels fundamentals (both macro and corporate) appear to be at the start of a new up cycle, valuations are at mid cycle and market sentiment or psychology looks depressed. On balance, equity shares appear to offer more upside than downside, it said.
After a volatile 2018, on balance equities could be poised for better returns in 2019 with the caveat that the Indian electorate does not deliver a shock verdict in the forthcoming 2019 elections by delivering a fragmented coalition government, according to the research house which expects the Sensex to end year 2019 at 42,000.
Market Update
Benchmark indices remained strong in morning with the Sensex rising 219.91 points to 35,998.98 and the Nifty climbing 63.20 points to 10,800.80.
The market breadth also remained healthy for third straight session as more than three shares advanced for every share falling on the BSE.
Nifty Reclaims 10,800 Levels:
Benchmark indices rallied sharply in opening on Thursday, continuing uptrend for third straight session after retail inflation and IIP data.
The Sensex rose 233.07 points to 36,012.14 and the Nifty gained 68.30 points at 10,805.90. 
SBI, Vedanta, JSW Steel, Indiabulls Housing Finance, Yes Bank, HUL, Maruti Suzuki, HPCL and Bajaj Finserv were early gainers.
UPl, Kotak Mahindra Bank, Tech Mahindra, Lupin, Sun Pharma and Cipla were under pressure.
Nifty Midcap gained 116 points and Nifty Bank rallied 176 points.
Bandhan Bank, Indian Bank, Bank of India, Edelweiss Financial, Corporation Bank, ICICI Prudential Life, AU Small Finance Bank, Jet Airways and InterGlobe Aviation, MTNL, SpiceJet and Titagarh Wagons were early gainers among broader space.
Market at pre-open: Benchmark indices are trading higher in the pre-opening trade with Nifty is above 10,800 level.
At 09:01 hrs IST, the Sensex is up 227.26 points or 0.64% at 36006.33, and the Nifty up 77.10 points or 0.72% at 10814.70.
SBI, Yes Bank, RIL, Eicher Motors are trading higher in the pre-opening trade.
Asian markets trade higher: Asian shares and the pound moved higher on Thursday as investors breathed a sigh of relief after British Prime Minister Theresa May survived a no-confidence vote, and as China appeared to be taking more steps to meet US demands to open its markets.
US markets end higher: US stocks closed up on Wednesday afternoon, though well below their session highs as investors pulled back in the last few minutes of trading despite optimism about US-China trade relations and some reassuring signs in British politics.
SGX Nifty: Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 51 points or 0.47 percent. Nifty futures were trading around 10,839.50-level on the Singaporean Exchange.