Sensex up 185 points; PSU banks major gainers

19 Nov 2019

Market Close: The benchmark indices ended higher on the back of buying seen in the PSU bank, infra and energy stocks.

At close, the Sensex was up 185.51 points at 40,469.70, while Nifty was up 55.60 points at 11,940.10. About 1140 shares have advanced, 1371 shares declined, and 190 shares are unchanged.

Bharti Infratel, Bharti Airtel, Axis Bank, Reliance Industries and Power Grid Corp were among major gainers on the Nifty, while losers were Yes Bank, M&M, Zee Entertainment, TCS and Tata Steel.

Market Update: The benchmark indices are holding on the gains in the afternoon trade.

The Sensex is up 139.01 points or 0.35% at 40423.20, and the Nifty up 38.80 points or 0.33% at 11923.30. About 1051 shares have advanced, 1270 shares declined, and 154 shares are unchanged.

Buzzing: Accelya Solutions share price touched 52-week high of Rs 1,247, rises nearly 17 percent on November 18 after company acquired by Vista Equity Partners.

RIL hits market cap of Rs 9.5 lakh cr, rallies 3% to cross Rs 1,500 mark

Oil-telecom-to-retail major Reliance Industries became the first company among listed entities on exchanges, to hit a market capitalisation of Rs 9.5 lakh crore. The stock rallied 3.4 percent intraday and crossed Rs 1,500 mark for the first time on November 18, after the rival Vodafone Idea and Bharti Airtel decided to increase prices with effect from December 1, 2019.

Expectations are that the increase in tariffs by competitors could benefit Jio by adding more users as users generally prefer to go to telecom operator which has lowest tariff rate along with strong network. So far, Reliance Jio has not announced any price hike like rivals.

Future Retail share price declines 2% after Morgan Stanley cuts price target

Shares of Future Retail declined nearly 2 percent after global brokerage house Morgan Stanley cut its price target for the stock. While maintaining overweight call on the stock, Morgan Stanley slashed its target price to Rs 540 from Rs 660 per share, implying 63 percent potential upside from current levels.

Company's Q2 earnings were in-line, but a sharp rise in debt is a key negative, said the brokerage. Hence, it lowered FY20 earnings estimate by 8.5 percent, but increased FY21 & FY22 earnings estimates by 1 percent on corporate tax rate cut.

Intellect Design share price jump 7% after tie-up with US insurance firm

Intellect Design Arena share price jumped 7 percent in intraday trade on BSE on November 19 after the company announced its new business association with KSKJ Life, an Illinois-based life insurance company.

"KSKJ Life, a fraternal organization founded by Slovenian immigrants, goes live with Intellect SEEC’s AI-powered, cloud-native Fraternal Suite," the company said in a media release.

Intellect SEEC is the insurance software division of Intellect Design Arena. The Fraternal Suite supports seven powerful business apps that are multi-device and multi-channel and they come out-of-the-box with a single codebase, the company said.

Buzzing: Share price of IndiGo operator InterGlobe Aviation fell 1.5 percent on November 19 after a decline in the market share of the low-cost carrier.

Market Update: Benchmark indices are trading higher but off day's high with Nifty holding above 11,900.

The Sensex is up 110.31 points or 0.27% at 40394.50, and the Nifty up 30.80 points or 0.26% at 11915.30. About 991 shares have advanced, 1005 shares declined, and 111 shares are unchanged.

Buzzing: Prestige Falcon Realty Ventures Private Limited, wholly owned subsidiary of Prestige Estates Projects, has acquired 1,32,854 equity shares representing 28.99 percent (without considering other convertible instruments in the entity) of the equity share capital of DB (BKC) Realtors Private Limited from Trinity Capital.

Credit Suisse on ITC: Maintain outperform with target at Rs 330 per share. Company has de-rated against other FMCG stocks despite improving operations. It now trades at 65 percent discount to HUL which is lowest in 15 years.

ITC has potential to increase its payout ratio to 94 percent. FY22 dividend yield can rise to 4.7 percent, highest among private sector Nifty stocks.

Market Update: Nifty Infra along with the PSU Bank index added half a percent each while on the other hand FMCG, metal and auto stocks dragged.

Bharti Airtel, Reliance Industries and Aix Bank are the top Sensex gainers while Vedanta, TCS and Mahindra & Mahindra are the top losers. The most active shares include SBI Life Insurance, Bharti Airtel, YES Bank, Glenmark Pharma and Reliance Industries.

Dilip Buildcon has bagged an order worth Rs 2,123 crore in Madhya Pradesh from Coal India.

Shares of Dilip Buildcon (DBL) gained 4 percent intraday November 19 on receiving big order from country's largest coal mining company Coal India.

"DBL has been awarded over burden removal contract mining work for Nigahi Project at Singrauli District in Madhya Pradesh by the Northern Coalfield Limited (NCL), a subsidiary of Coal India," the construction company said in its BSE filing.

NCL issued Letter of Award (LOA) on November 18. The company said the order was valued at Rs 2,122.74 crore and the contract period was 1,552 days.

SBI Life Insurance share price falls 6%: Shares of SBI Life Insurance Company fell 5.6 percent intraday on November 19 after big block deals in the opening. About 3.3 crore shares (representing 3.4 percent of total paid up equity) exchanged hands through several block deals, reports CNBC-TV18.

Gold price today: Precious metals likely to remain volatile over US-China trade optimism

Market participants now await minutes of the Federal Reserve's last policy meeting, due on November 20, for clues about the future interest rate trajectory.

Market Opens: It is positive start for the Indian indices on November 19 with Nifty above 11,900.

The Sensex is up 68.43 points or 0.17% at 40352.62, and the Nifty up 17.10 points or 0.14% at 11901.60.

Bharti Airtel, Grasim, Bharti Infratel, Tata Steel, Tata Motors, IndusInd Bank, Tech Mahindra, Infosys and Axis Bank are among major gainers on the Indices, while losers are UPL, Gail and Kotak Mahindra Bank.

Among sectors, except metal other sectors are trading higher led by the infra, pharma and energy.

Rupee Opens: The Indian rupee opened lower by 7 paise at 71.91 per dollar on Tuesday versus Monday's close 71.84.

Market at pre-open: Benchmark indices are trading higher in the pre-opening session with Nifty above 11,900.

At 09:02 hrs IST, the Sensex is up 60.61 points or 0.15% at 40344.80, and the Nifty up 53.00 points or 0.45% at 11937.50.

SGX Nifty: Trends on SGX Nifty indicate a flat to lower opening for the broader indices in India, a fall of 12 points or 0.10 percent. Nifty futures were trading around 11,911-level on the Singaporean Exchange.

Oil prices: US oil prices fell for the second straight day on Tuesday amid market jitters over limited progress between China and the United States on rolling back trade tariffs, exacerbated by a rise in US inventories.

West Texas Intermediate (WTI) crude fell 10 cents or 0.18% to $56.95 a barrel by 0148 GMT, falling again from an eight-week high hit last Friday when hopes for the trade deal rose. Brent crude futures were down 12 cents, or 0.19%, at $62.32.

US Markets: Global equity markets edged higher on Monday, lifting prices of US government debt, as a new 90-day extension allowing US companies to do business with China’s Huawei eased the latest spike in investor angst over US-Sino trade tensions.

The three major US stock indexes set fresh intraday highs while MSCI’s gauge of equity performance worldwide rose to within 1% of a record peak set in January 2018.

Dow Jones Industrial Average rose 28.14 points, or 0.1%, to 28,033.03. The S&P 500 gained 2.04 points, or 0.07%, to 3,122.5 and the Nasdaq Composite added 14.29 points, or 0.17%, to 8,555.12.

Asian Markets: Asian shares started Tuesday softer as another day awaiting clearer news on the progress of US-China trade negotiations weighed on jaded investors’ sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1%. Japan's Nikkei was 0.2% lower in early trade. Australia's S&P/ASX 200 index was flat and trading volumes were light.