Share Market News update: Sensex, Nifty snap eight-day gaining streak; SBI, Kotak Bank, IndusInd Bank top losers

Sensex, Nifty LIVE Updates on November 12: Sensex and Nifty fell after eight days of consecutive gains amid profit booking in line with weak Asian equities. While Sensex closed 236 points lower to 43,357, Nifty lost 58 points to 12,690.

Meanwhile, Finance Minister Nirmala Sitharaman announced Rs 6,000 equity infusion to NIIF's debt platform. FM announced additional Rs 10,000 crore fund for the rural economy. She further added that Rs 18,000 crore will be provided over and above the budget estimate which was mentioned in the Budget 2020-21 under Pradhan Mantri Awas Yojana. particularly for the urban areas. 18 lakh houses to be completed with an additional fund which will also help in generating jobs in the housing sector, she added.

Credit boost has been given to 2.5 crore farmers through Kisan Credit Cards, Rs 1.4 lakh crores has been distributed to farmers, FM said. Rs 25,000 crore has also been disbursed to farmers from Additional Emergency Working Capital Funding through NABARD.

During yesterday's session, Sensex jumped 430 points to breach 43K and hit an all-time high of 43,708, while Nifty gained 138 points to touch a fresh high of 12,769 today.

Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Amrutanjan Healthcare, Andhra Cements, Apollo Microsystems, Bajaj Hindusthan Sugar, Centrum Capital, Cochin Shipyard, Eicher Motors, Fortis Healthcare, HEG, Infibeam Avenues, Noida Toll Bridge and Page Industries, among others, are slated to announce their Q2 results on Thursday.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,207.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,463.86 crore in the Indian equity market on November 11, provisional data showed.

On the currency front, Indian rupee declined 18 paise to settle at 74.36 per US dollar on Thursday, amid strengthened American currency in the overseas market and rising crude prices.

Here's a look at the updates of the market action on BSE and NSE today

3:30 pm : SBI, Kotak Mahindra Bank and IndusInd Bank were the top  Sensex losers falling upto 3.16%.

3.07 PM: Manappuram Finance result update

Geojit Financial Services said in its note," Total AUM grew by 18.6% YoY and 6.1% QoQ aided by strong growth of 30.1% YoY and 11.3% QoQ in Gold AUM. Improvement in Gold AUM was due to increased loan ticket size and high contribution from Online Gold Loan. Improvement in collection level close to pre-covid level is seen across all segments. Net Interest Income grew by 17% YoY and 7% sequentially with interest income growing at 21% YoY and 5% sequentially. GNPA/NNPA on standalone basis stands at 1.1%/0.7%. We expect higher slippages and provisioning in microfinance segment in coming quarters. We recommend Buy rating on the stock with an upward target price of Rs 192 based on 1.9x Adj BVPS of FY22E."

2. 50 PM: Top losers and gainers

IndusInd Bank, followed by HDFC twins, Kotak Bank, SBI, Axis Bank and ICICI Bank were among the top losers today. On the other hand, M&M, Sun Pharma, Infosys, HUL and Nestle India were trading with gains.

2. 45PM: Shree Cement result outlook

Commenting on Shree Cement Q2FY21 results, Keshav Lahoti- Associate Equity Analyst, Angel Broking Ltd said,"On a Consolidated basis for Q2FY21, Shree Cement reported 8.2% increase in revenue to Rs 3,250 crore in line with street expectation. Operating EBITDA for the quarter registered an improvement by 14.3% Rs 1,000 cr due to improvement in margins by 170 basis points because of reduction in the power and fuel cost. Net profit increased by 69.8% to Rs 528 crore beats consensus estimate of Rs 440 cr due to improvement in operating margins and decrease in depreciation expense.  Shree Cement's result was above street expectations. We are positive on the cement sector as well as on the company as in most of the regions cement demand is almost back to pre covid levels, industry margins have increased due to reduction in cost and company is gaining market share. Although, we are cautious on the premium valuation company is commanding on the streets."

2. 33PM:  Star Cement Result outlook

Commenting on Star Cement Q2FY21 results, Keshav Lahoti- Associate Equity Analyst, Angel Broking Ltd said," "On a Consolidated basis for Q2FY21, Star Cement reported 5.2% increase in revenue to Rs 402 crore in line with street expectation. Net profit increased by 35.8% to Rs 61.5 crore beats consensus estimate of Rs 52.5 cr due to improvement in operating margins especially due to reduction in the power and fuel cost. Star Cement's result was above consensus estimates. We are positive on Star Cement as demand in most of the regions the company caters to  is almost back to pre covid levels and it has a leadership position in its key market of the north-east region."

2. 17PM: NMDC outlook

Jyoti Roy- DVP- Equity Strategist, Angel Broking said, "NMDC has announced a buyback of 13.12 crore share, at a price of Rs 105 per share for an aggregate consideration of Rs 1,378 crore. This represents 4.29% of the total number of fully paid-up equity shares of the company. Earlier in the month HPCL had announced a buyback of Rs 2,500 crore. We believe that this is a method by which the Government is looking to shore up its finances in the aftermath of the Covid-19 crisis. The Government holds a majority stake in PSU companies and will be the biggest beneficiary of the buybacks. We expect that there could be more PSUs declaring buybacks or large dividends as the Government will try and mobilize as much revenues as possible given that they are staring at a large fiscal deficit this financial year."

2.00 PM: Market falls further

Market indices Sensex and Nifty reversed from eight days of consecutive gains amid profit booking and traded on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 360 points to 43,232, and Nifty was trading 95 points lower at 12,656.

1. 50 PM: Indiabulls Housing Finance share rises 10%

Indiabulls Housing Finance share hit upper circuit of 10% today despite the firm reporting a 54 per cent fall in its Q2 net profit. The share gained after the company's net profit was higher by 18.5 per cent, from Rs 272.84 crore in the preceding quarter ended June. Share of the housing finance firm rose 10% in early trade to Rs 175.30 against previous close of Rs 159.40 on BSE.

Indiabulls Housing Finance share rises 10% despite weak Q2 earnings, here's why

1. 34PM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Yesterday gold prices fallen by 0.66% and closed at 50169 levels and silver prices also fallen by 0.80% and closed 62541 levels as the development and optimism on Covid-19 vaccine by P-fizer. End of uncertainty on US election as Biden won the 46th Presidential election in US this year also put pressure on Gold and supports the US Dollar. However physical demand and investment demand from china and India may support the prices of Gold and silver. Spot Gold is trading at $1876 per ounce and silver is trading at $24.16 per ounce. Traders are also shifting their funds from Gold to Equity market as optimistic equity markets after development on Covid 19 vaccine. The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 50,400 levels with the stop loss of Rs 50800 levels for the target of 49800 levels. They can also go for sell  in Silver at Rs 63,000 levels, with the stop loss of 63800 levels and for the target of 61700 levels."

1. 16PM: Rupee slips by 9 paise to 74.45

Indian rupee, the currency benchmark, fell 9 paise to 74.45 per US dollar on Thursday's opening trade, tracking muted domestic equities.

The local unit opened at 74.44 per dollar at the interbank forex market and fell further down by 9 paise to trade at 74.45 over its last close of 74.36.

Rupee slips by 9 paise to 74.45 per dollar amid weak equities

1.05 PM: Ashoka Buildcon share price gains 6.6%

Ashoka Buildcon stock was trading 6.6% higher on Thursday's afternoon session, after the company reoported earning figures for the quarter ended Septermber 30. The company reported a a six-fold jump in consolidated profit after tax at Rs 70.42 crore for the quarter, as against Rs 11.45 crore corresponding quarter a year ago.

Ashoka Buildcon stock price opened with a gain of 3.54% today atRs 67.30 and later touched an intraday high of Rs 69.3, rising 6.62% on BSE. The stock also hit an intraday low of Rs 66.90 as against the last close of Rs 65. Ashoka Buildcon share is trading higher than 5, 20, 50, 100 and 200 day moving averages.

12. 50 PM: Moody's revises India 2020 GDP target

Ratings agency Moody's in its latest report has said that it sees "very gradual improvement in economic activity" of emerging market countries like India, Argentina, Brazil, Mexico, Indonesia, Turkey and South Africa. The ratings agency has revised India's 2020 GDP target and expects the contraction of 8.9% as compared to 9.6% earlier. Moody's has said the scope for additional rate cuts is limited in most emerging market countries, including India, Brazil, Mexico, and Indonesia.

Good news! Moody's revises India 2020 GDP target; expects contraction of 8.9% vs 9.6% earlier

12. 47 PM: FM Sitharaman's presser today

Finance Minister Nirmala Sitharaman will address the media at 12:30 pm on Thursday, November 12, where she is expected announce a fresh round of stimulus package to revive the economy.

The economic stimulus package is likely to focus on MSMEs, rural and urban income groups, and sectors such as hospitality, aviation, and services. The package was in the works for around three months where in the finance ministry and PMO (Prime Minister's Office) considered several proposals to assuage stressed sectors.

Nirmala Sitharaman Press Conference LIVE Updates

12. 31PM: Aurobindo Pharma share rises over 6%

Aurobindo Pharma share rose over 6% today after the firm reported a 26 per cent rise in consolidated net profit in Q2. The share rose up to 6.4% to Rs 863.60 against previous close of Rs 811 on BSE. The pharma share has gained 96.53% in one year and risen 88% since the beginning of this year.

Total 5.23 lakh shares changed hands amounting to turnover of Rs 44.41 crore  on BSE. Market cap of the firm rose to  Rs 50,214 crore.

The share has gained 12.12% in the last 2 days.

Aurobindo Pharma share rises over 6% on strong Q2 earnings

12. 20 PM: Market outlook

Yash Gupta- Equity Research Associate, Angel Broking said," Indian Indices Nifty and Sensex down by 71 points (0.56%) and 289 points (0.66%) respectively. Indian Indices opens flat on back of profit booking in global market. Today S&P BSE Healthcare ( up 1.10% ), S&P BSE REALTY (up 0.96%) a good set of number from Brigade enterprises and prestige estates while S&P BSE Finance (down 1.14%) and S&P BSE Energy (down 0.44%). As per the market news today at 12:30 there may be some announcement by the Finance ministry regarding the stimulus package. We expect the market to have limited upside from this level and may be volatile on the back of global markets. Global Market update - DOW Jones down by 23 points (down 0.08%) and NASDAQ up by 232 points (up 2.01%)."

12.16 PM: YES Bank share falls 4.4%

YES Bank stock was trading 4.4% lower on BSE on Thursday's afternoon session, after 5 days of consecutive gains. YES Bank share price opened at Rs 14.70, also it's intraday high. However, the stock erased gains and fell 4.4% to the intraday low of Rs 13.61 as against the earlier close of Rs 14.21 on BSE.

Shares of the private lender, that have been trading in single digits this year have hit a 52-week high price of Rs 87.95 and a 52-week low of Rs 5.55.

YES, Bank shares have risen 12% in one week, 6% in one month. However, since the beginning of the year, YES Bank stock has declined 70%. YES Bank stock price is trading higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages. The market capitalisation of the lender stood at Rs 34,625 crore as of today's session.

12. 08 PM: Galaxy Surfactants outlook

Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Galaxy Surfactants reported a better than expected set of numbers for Q2FY21 with consolidated revenues registering a growth of 10.8% YoY to Rs  718.7. EBIDTA for the quarter was up by 36.0% YoY to Rs  121.5 crore while EBIDTA margins expanded by 314bps YoY to 16.9% due to better product mix. Net profit for the quarter was up by 21.8% YoY to Rs  81.7 crore despite higher tax rate during the quarter. Overall the company posted a strong set of numbers for the quarter driven by both performance surfactants and specialty segments. The company registered a volume growth of 10.4% for the quarter with the performance surfactant segment registering a  volume growth of 15.3% YoY while the specialty segment posted a growth of 2.1% YoY. Post the Q2FY21 numbers we maintain our positive stance on the stock with a target price of Rs  2,075."

11. 55 AM: SBI outlook

Commenting on State Bank of India, Geojit Financial Services  said its report," Q2FY21 Net interest income improved 14.6% YoY, aided by 17.1% YoY drop in interest on borrowings. Pre-provision operating profit grew 11.9% YoY while PAT surged 51.9% YoY to Rs. 4,574cr owing to lower provisioning in the quarter. The bank is well positioned to deploy excess liquidity into credit growth. Additionally, the bank is adequately capitalized to cover losses while its asset quality has improved sequentially. Hence, we reiterate our BUY rating with a target price of Rs. 294 using the SOTP methodology. We value the standalone bank at 0.7x FY22E BVPS at Rs. 216 and subsidiaries at Rs. 97."

11. 41AM: JK Cement 2QFY21 results outlook

JMFL in its report said,:"JK Cement (JKCE) 2QFY21 results were significantly ahead of expectations on lower fixed costs. Revenue recorded a growth of 24% YoY led by market share gains on completion of expansion. Overall volumes grew by 26% YoY; 28%/9% YoY volume growth in grey/white cement segment. Blended realisations grew marginally on a QoQ basis (inline with expectation) as white cement/putty volumes doubled in 2Q increasing its proportion in overall mix. Blended EBITDA/t at INR 1,461/t (vs. INR 1,135/t last year), reported 29% YoY growth primarily led by decline in costs. Other expenses declined marginally YoY on absolute basis despite 26% growth in volumes. Net debt (at INR 13.7bn currently) is expected to peak at INR 25bn as company spends INR 5-6bn towards projects and c.INR 1.5-2.5bn towards maintenance capex, infusion in Fujairah and Panna project. Company is expected to kick-start expansion at Panna from 1QFY22 (2-3 years time for commissioning with capex of less than INR 25bn). Going forward we expect the ramp up in new capacities along with the cost initiatives will drive the strong FCF generation helping the company to fund its expansion projects. We upgrade the EBITDA estimates by 12-15% and roll forward by 12 months. We continue to value the company at 10x FY22 EBITDA to arrive at a revised TP of INR 2,100."

11. 30 AM: Infosys outlook

Commenting on Infosys-Manik Taneja, from JMFL said," Infosys's Virtual Analyst Meet provided increased confidence in resiliency (as seen in recent quarters, Infosys is the lone Tier I techs to see positive growth in 1HFY21 with margins improving to near FY18 levels after the investments made through FY18-20). While INFO kept shy of providing any firm quantitative outlook on midterm growth and margins, it expects to revert to pre Covid momentum ('with possible upsides from industry tailwinds') as well as expects to maintain and expand operating margins going forward aided by strategic levers (read: AI/Automation, onsite/offshore revenue mix, employee pyramid, sub contracting costs and operating leverage). Infosys's commentary was reassuring with company signalling single minded focus on execution aided by stability at the top leadership team over the recent years (unlike what was seen through FY11-18). We remain BUY on Infosys with INFO being our top pick in the sector. Our Tier I preference is INFO>HCLT>TECHM (All rated BUYs)>Wipro>TCS (both rated HOLDs)."

11. 20 AM: Market falls further

Market indices Sensex and Nifty reversed from eight days of consecutive gains amid profit booking and traded on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 266 points to 43,327, and Nifty was trading 72 points lower at 12,676.

11. 11AM: Nifty technical update

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,: "In our last week's outlook, we had mentioned a bullish Flag pattern on Nifty with targets of 12700 - 12800 and the said target has been met. Technically, when prices reach their pattern target levels with oscillators in the overbought zone, the prices are likely to see some correction or consolidation. This is what we said yesterday in the report and exactly the same was witnessed in the first half. Having said that, with a medium-term view, we believe that it's just the beginning of mega Bull Run, and 13000 and beyond levels are very much on cards. In such a scenario, buying on dips for index or having a stock specific approach will be the right strategy. For the coming session, immediate support is placed around 12630 - 12550 levels."

11.02 AM: Private Sector Banks update

Commenting on Private Sector Banks, LKP Securities said in its note," The overall NPA ratio declined sequentially because of Supreme Court's interim order. Nevertheless, most of the large banks reported stable pro-forma NPA numbers, while most lenders indicated healthy trend in collection efficiencies (~94% for most of the bank) in Sep/Oct-20. The large private sector banks expect ~3% of book may go for restructuring. 2QFY21 results indicated private bank's earnings recovery from COVID faster than anticipated. Private Banks witnessed healthy NII growth (~16% YoY) as NIMs remain stable. On the back of higher collection efficiencies, we estimate SCB's FY21E, GNPA ratio to inch up to ~11.5% (v/s 13% estimated by RBI under base case scenario). However, the Net NPA formation may remain stable because of ample contingent provision (ex. PCR) available in the balance sheet. We estimate the NNPA ratio to be at ~4% by FY21E which is lower than FY16-19 run rate

10. 54 AM: FII inflow outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said,"Sustained FII buying (Rs 6027 crores yesterday) is imparting strength to the market even at high levels. This month, so far, around $ 4 billion have come in.DII selling is having no impact on the market. Investors have to be cautious at these levels. Remain invested in quality large-caps. Prospects for segments like IT appear good even at present levels. Last month witnessed lots of mutual fund redemptions & stoppage of SIPs. These decisions have already been proved wrong"

10.39 AM: Market falls further

Market indices Sensex and Nifty reversed from eight days of consecutive gains amid profit booking and traded on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 266 points to 43,327, and Nifty was trading 72 points lower at 12,676.

10. 21 AM: Metropolis Q2FY21 results

Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"For Q2FY20 Metropolis Healthcare reported 29.2% YoY revenue growth to Rs 289 cr.  With additional revenue coming from Covid testing, cost management measures as well as operating leverage has resulted in significant uptick in EBITDA margins at record levels of  32.9% expanding by 470 bps before CSR and ESOP expenses. PAT increased by 40.3% to  Rs 60.5 cr. Result was better than our expectation.  For the quarter, the company has conducted the maximum number of COVID tests in the industry. We are bullish on the company as it is gaining market share, improving margin profile and consistent financial track record which is expected to continue in the future."

10.10 AM: Gland Pharma IPO update

Commenting on Gland Pharma IPO, Yash Gupta- Equity Research Associate, Angel Broking said,"Gland Pharma IPO the biggest pharma IPO in India, lack of confidence from retail investors, on Day 3 IPO fully subscribed as QIB showed good interest in the company. Overall IPO subscribed 2.05 time, QIB portion subscribed 6.40 time while retail portion subscribed 0.24 times only. Company priced IPO at PE levels of 30.1x at the upper end of the price band that is at a slight premium to mid-cap pharma peers as per FY 2020 numbers. The company is also trading at EV/Sales of 8.1x and EV/EBITDA of 20.1, which is also higher as compared to peers. We have assigned a"NEUTRAL"recommendation to our retail clients. We are not expecting any big listing gain from the IPO and expecting 100% allotment to retail."  

10.00 AM: Earnings today

Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Amrutanjan Healthcare, Andhra Cements, Apollo Microsystems, Bajaj Hindusthan Sugar, Centrum Capital, Cochin Shipyard, Eicher Motors, Fortis Healthcare, HEG, Infibeam Avenues, Noida Toll Bridge and Page Industries, among others, are slated to announce their Q2 results on Thursday.

9. 45 AM: Technical outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty seems to be taking a breather which is natural and healthy for a trend to sustain. If it gets past yesterday's high, it will resume it's uptrend. The overall target for the index could be in the vicinity of 13000 and hence corrections can be fruitfully utilised to enter the markets. We have a good support at 12000 and till that holds, we can aim for higher targets."

9. 37 AM: Stocks to watch today on November 12

Ashoka Buildcon, SpiceJet, IndiGo, PNB, Aurobindo Pharma, ICICI Bank among others are the top stocks to watch out for in Thursday's trading session

Stocks in news: Ashoka Buildcon, SpiceJet, IndiGo, PNB, Aurobindo Pharma, ICICI Bank

9. 27 AM: Nifty outlook

Reliance Smartmoney Reserch in its note said," : NSE-NIFTY resumed its northward journey post intraday decline and continued its prior life-time-high closing trend for straight third trading session in a row. Yesterday, despite mix global cues the index managed to continue its up-move. As mentioned earlier, our bullish view will remain intact, but due to its overbought technical indicators, near-term consolidation or such kind of intraday decline cannot be ruled out. On the lower side, initially the index will find supports at 12,500 and 12,300 levels. In case of major decline, its 20-day and 50-day EMA will act as a strong support for the index, which are now placed at 12,037 and 11,723 levels, respectively. NIFTY could test 13,200 level provided the index surpasses 12,800 mark convincingly.

As for the day, support is placed at around 12,624 and then at 12,498 levels, while resistance is observed at 12,822 and then at 12,895 levels."

9. 18 AM: Opening session

Market indices Sensex and Nifty reversed from eight days of consecutive gains and opened on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 90 points to 43,503, and Nifty was trading 35 points lower at 12,714.

9.09 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 6,207.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,463.86 crore in the Indian equity market on 11 November, provisional data showed.

8. 50 AM: Rupee closing

On the currency front, Indan rupee declined 18 paise to settle at 74.36 per US dollar on Wednesday, amid strengthened American currency in the overseas market and rising crude prices.

8. 40 AM:Market outlook

Shrikant Chouhan,  Executive Vice President (Equity Technical Research), Kotak Securities said," In the last three days, the market bouncing back, following a pattern of 100% recovery from intraday low levels. Today, too, Nifty 50 index recovered from its low. After falling to 11570 levels, the Nifty 50 index surged to the highest level of the day around 12770 levels.

He added," Today, the market has formed a "Hanging Man" formation on the daily chart, which is a sign of weakness, however, it could turn positive for the market if tomorrow Nifty crosses the level of 12800 and sustains above it till the end of the first half of the trading session. Such type of formation appears at the final stage of the euphoric up-move.  Tomorrow could be the most crucial day for the market.  Above the level of 12800, the Nifty could move to 12950.  On the other side, 12670 and 12570 would be supports for the market."

8. 30 AM: Closing on Wednesday

After a volatile trading session, market indices ended on a bullish note on Wednesday for the eighth consecutive session, amid positive global equities. Sensex ended 316 points higher at 43,593 and Nifty gained 188 points to close at 12,749. During the session, Sensex jumped 430 points to breach 43K and hit an all-time high of 43,708, while Nifty gained 138 points to touch a fresh high of 12,769 today.

Sensex, Nifty close at record highs for third session; Hindalco, Axis Bank top gainers