Share Market Highlights: Sensex ends 314 points higher, Nifty at 12,874; SBI, Hindalco, Airtel top gainers

Sensex, Nifty LIVE Updates on November 17: Market indices closed on a bullish note on Tuesday, amid positive global equities, as renewed hopes of COVID-19 vaccine kept invbestors optimistic. Sensex closed 314 points higher at 43,952, while Nifty gained by 93 points to end at 12,874 today. The NSE Nifty 50 index and the S&P BSE Sensex ended about 0.2% higher at 12,719.95 and 43,443, respectively, on Friday.

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

3. 56PM: Market outlook

Ajit Mishra, VP - Research, Religare Broking said,"The benchmark started the week on a buoyant note following global peers as positive developments on the vaccine front lifted sentiments globally. The Nifty index traded with positive bias throughout the session and ended higher by 0.7% at 12,874 levels. The broader markets outperformed wherein both Midcap and Smallcap ended higher by 1.1% and 0.9% respectively. On the sector front, Metal, Capital Goods, and Banking were the top gainers whereas IT, Healthcare and Oil & Gas ended with minor losses.

The upbeat global markets combined with the news of successful vaccine trails is helping the benchmark to inch higher with every passing day. However, given the sharp up move recently, markets may see some consolidation however the bias would remain on the positive side. Further, with earnings season largely over, we expect global cues to dictate the market trend ahead. Amid all, the broader markets are attracting noticeable traction so traders should plan their positions accordingly."

3. 44PM: Closing

Market indices closed on a bullish note on Tuesday, amid positive global equities, as renewed hopes of COVID-19 vaccine kept invbestors optimistic. Sensex closed 314 points higher at 43,952, while Nifty gained by 93 points to end at 12,874 today.

3. 30 PM: Market outlook

Vinod Nair, Head of Research at Geojit Financial services said,"The market hit the all-time high, factoring yesterday's trading holiday, led by banking stocks and investors rejoicing  about the news of another vaccine to end the pandemic. This week, global markets started well, however today, it experienced mixed sentiments owing to increase in virus cases and tighter restrictions in the western world. Optimism over the development of vaccine is still outweighing concerns over the next wave of Covid. We recommend investors to start considering partial profit booking, on a short-term basis, due to high gaps developing between the actual performance of the economy and the market"

3. 14PM: Market outlook

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty took a bit of a breather post opening but clawed its way back to almost the high of the day. It is really a matter of time before we see the 13000 level on the index. While a strong support lies at 12550-12600, the overall trend is bullish and the momentum is fierce. A buy on dips approach would be the best way to enter into long positions."

3.04 PM: YES Bank share hits gains for ninth straight session

YES Bank shares were trading higher for the ninth consecutive session on Tuesday, buoyed by a rally in broader benchmark indices. The stock has given 19.58% returns to its investors in the last 9 days.

YES Bank share price opened at Rs 14.57 today, and later rose to the day's high of Rs 14.72 on BSE, as against the earlier close of Rs 14.57. The stock also hit a day's low of Rs 14.42.

On Friday, shares of YES Bank settled at Rs 14.55, up by 0.14% on BSE.

2.06 PM: JK Cement outlook

Phillips Capital in its note said," JK Cement has reported an extremely robust and 'Super Strong' set of numbers. EBITDA beats us / consensus by 37% / 34%. Vs. estimate - Volumes are exactly in-line. Realisations better by 5% and opex/tn lower by 3%. EBITDA/tn at Rs1,462 is 37% better. This is JK Cement's record performance since inception- highest ever absolute and per tonne profitability. We read JK Cement as one of those rare cement manufacturers which has been quite vocal about their public acknowledgement of existence of systemic Supply-Chain inefficiencies. Even on their call commentaries they have hinted multiple initiatives directly / indirectly on Supply-Chain front which has helped them to report such a 'Super Strong' set of numbers, as we see."

1. 52PM: Market outlook

On markets today--Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We are slowly inching towards the 13000 level. The next resistance for the index is 11950. If we can get past that, we could achieve 13100 during the course of the November series. The Nifty has a good support at 12550-12600 levels and till that holds, we can buy on all dips."

1. 46 PM: Trade deficit outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," India's merchandise trade deficit for the month of October 2020 stood at USD 8.71bn as compared to USD 11.75bn in October 2019. Exports for October 2020 were down by 5.1% YoY to USD 24.89bn, while imports were down by 11.53% YoY to USD 33.61bn. The trade deficit has widened from September's USD 2.7bn sequential decline in exports. Oil imports were down by 38.5% YoY to USD 5.8bn while non oil imports were down by 2.24% YoY to USD 27.62bn.  The economic slowdown and sharp fall in fuel prices due to Covid-19 has led to compression of India merchandise trade deficit which coupled with strong FPI flows have led to a strengthening bias on the rupee. In order to counter an appreciating rupee the RBI has been intervening in the forex market which is reflected in India's foreign exchange reserves which has hit all time highs of USD 568.5bn as on the 6th of November. Going forward we expect overall BoP to remain in the surplus. In order to counter the appreciating bias we expect continued intervention by the RBI in the forex market as the Government and the RBI would not want the rupee to appreciate significantly from current levels.

1.34PM: Global markets today

Asian markets are trading mixed with a positive bias backed by renewed hopes on covid-19 vaccine development.

US markets closed higher on Monday after Moderna said that its vaccine against Covid-19 was 94.5% effective lifting expectation of a stronger economic recovery. European markets closed higher on Monday as hopes for Covid-19 vaccine were boosted after news from Moderna. Oil&Gas stocks gained.

1.20 PM: Vaccine development & US policy outlook

Centrum Broking said in its note," With the interplay of aforementioned positive domestic factors coupled with the positive global factors in the form of development of vaccine and elimination of US policy uncertainty with US elections out of the way, we recommend investors to increase weights in beta stocks, on the back of stronger economic recovery. Thus, we are shifting weight away from FMCG and pharma making them equivalent weights and shifting it to BFSI sector. We continue to maintain our overweight stance on IT as we believe that digitisation wave is more structural and cannot be reversed, as this has led to cost savings for most corporates."

1. 11PM: Nifty technical outlook

Geojit Financial said in its report today," The 13400/700 view that we had discussed last week continue to be in play, but standard deviation studies suggest that a swing lower is highly overdue. This forces us to limit upside objectives to 12920/980 for now, while keeping a watchful eye on 12600-12400."

12.49 PM: Market outlook

In its Technical & Derivatives Report, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel BrokingDuring the previous week, we had witnessed a 'Bullish Flag' breakout around 12050 and since then markets never looked back. With its marathon rally in merely eight days, markets are very much in a commanding position. All's well that ends well and hence, from hereon we can see a brighter picture till the next SAMVAT. Looking at the daily chart, we can observe a couple of encouraging developments on charts. The 'RSI-Smoothened' is moving northwards after entering the bullish territory above 70 and adding to this, the 'ADX (14)' is becoming stronger as we can see its value rising well above the 25 mark. Generally, when we see these conditions together, it provides impetus to the rally. Hence, any dip towards 12600 - 12450 should be used as a buying opportunity. On the upside, the next milestone of 13000 is likely to be achieved very soon; in fact, we do not rule out the possibility of reaching 13100 - 13200 in this week itself."

12. 23PM: BPCL disinvestment oiutlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," As per various media reports the government has received bids from several companies for buying the Government's 52.98% stake in Bharat Petroleum Corp. Ltd (BPCL). The last date for submission of expression of interest (EoI) was on the 16th of November. The deadline had been extended multiple times by the Government due to the outbreak of the Covid-19 pandemic. This marks the end of the first phase of BPCL divestment by the Government. As per process the Government will now scrutinize the EOIs post which qualifying bidders will be asked to submit their financial bids for BPCL. Successful closure of BPCL stake sale in the current financial year is very critical for the Government given the ballooning fiscal deficit which is expected to overshoot the budget estimate by a wide margin."

12.10 PM: October WPI inflation outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," WPI inflation for the month of October 2020 increased to 1.48% from a revised figure of 1.32% in September. Primary article inflation slowed to 4.74% for the month as compared to 5.1% in September while fuel inflation continued to remain in the negative territory at -10.95%. However manufactured inflation which accounts for 64.2% of the WPI accelerated to 2.12% from 1.61% in September. However food inflation which accounts for 24.4% of the WPI softened to 5.78% from 6.92% in September. While the CPI inflation has accelerated significantly and is well above the RBI's comfort threshold of 6% WPI inflation continues to remain low though on an upwards trajectory. Going forward it is expected that manufacturing inflation will continue to move up gradually from a low base while food inflation will continue to dominate the headlines."

11. 44AM: HDFC AMC outlook

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said," HDFC AMC appointed Navneet Munot as the Managing Director & CEO. He will succeed the present Managing Director Milind Barve.  Navneet Munot, who is currently chief investment officer at SBI Mutual Fund and he worked here for 12 years. For the last few quarters market share has been not growing for HDFC AMC, in HDFC AMC's AUM declined  3.2% YoY to Rs. 3,54,400 crore (flattish QoQ), primarily on account of decline in liquid AUM. Equity AUM declined 12.8% YoY to Rs. 1,43,700 crore. HDFC AMC witnessed a decline in market share from 14.9% in Q2FY20 to 13.2% in Q2FY21. Equity AUM market share also weakened from 15.8% in Q2FY20 to 13.6% in Q2FY21. SIP Market share also declined. We believe the change in top management is structurally positive for HDF AMC. We have a positive view on HDFC AMC owing to the strong brand franchise and one of the best PAT to AUM (profitability), however, the only concern investor was having, subdued AUM growth and decline in Maret share, Which would likely get gradually resolved. Currently, HDFC AMC/Nippon/UTI AMC is trading at 13.9%/8.8%/3.4% of AUM, premium valuation for HDFC due to strong brand franchise and operationally well managed AMC."

11. 38 AM: Gold prices today

Gold prices edged lower on Tuesday as investors weighed concerns over  optimism over positive developments around a second possible COVID-19 vaccine. However, spiking coronavirus cases globally kept losses checked in the bullion metal.

Spot gold was flat at $1,890.27 per ounce, while U.S. gold futures were stable  at $1,889.70.

11. 22 AM: Gold outlook

Speaking on gold's outlook, Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking said," Yesterday, Gold prices closed 0.31% lower at 50,830 levels and silver closed 0.17% lower at 63,691 levels on the back of recovery in global equity market."

He added," Development on the front of corona virus vaccine put pressure on gold and silver as the safe haven demand may fade out. Supply also expected to rise in the coming days from the major gold mines as workers may return and resume production of the metal. The trend of Gold and silver now become sideways to down and expectation of safe haven demand of this asset may fade out."

On today's tehcnical outlook, he said," As for today traders can go for sell in gold at Rs 51000 levels with the stop loss of Rs 51300 levels for the target of 50500 levels. They can also go for sell  in Silver at Rs 64,000 levels, with the stop loss of 64600 levels and for the target of 62800 levels."

11. 10 AM: ONGC Q2 outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said," ONGC reported a 17.7% YoY degrowth in consolidated revenue from operations to Rs 83,619 crore for Q2FY21, due to fall in realizations across all segments including E&P, offshore and refining & marketing. EBIDTA for the quarter stood at Rs 13,869 crore down by 13.4% YoY. Net profit after minority interest for the quarter was down by 18.9% YoY to Rs 4,336 crore as compared to profit of Rs 5349 crore in the corresponding quarter previous year. During the quarter while there was no major loss of production numbers were adversely impacted due to sharp drop in realizations which resulted in a 49% drop in E&P EBIT to Rs 4,450 crore. However the refining and marketing division did well for the company with segment EBIT up by 462% YoY to Rs 3,735 crore. While the company has posted a decent set of numbers for the quarter we expect that the E&P business will continue to  remain under pressure due to subdued crude prices while refining spreads too are expected to remain under pressure due to lower demand for products."

11.02 AM: Tata Steel result update

Jyoti Roy - DVP- Equity Strategist, Angel Broking  said,"Tata Steel reported a 7.4% YoY growth in consolidated revenues to Rs 37,154 crore for Q2FY21, as compared to revenues of Rs 34,579 crore for Q4FY19. Sales volume for the quarter was up by 13.3% YoY to 7.4mn Tons while production was down by 3.2% YoY to 6.73mn Tons EBIDTA for the quarter stood at Rs 6,111 crore up 60.0% YoY while EBIDTA margins expanded by 540bps YoY to 16.45%. PBT for the quarter stood at Rs 2,205 crore as compared to Rs 27 crore in Q2FY20. However consolidated net profit for the quarter was down by 62.7% YoY to Rs 1546 crore due to deferred tax write back of Rs 4365 crore in Q2FY20. The company announced that it has initiated discussions with SSAB Sweden based on interest received for the potential acquisition of Tata Steel's Netherland business including Ijmuiden steelworks. The company has also announced that it would be reorganizing its India business in order to simplify the holding structure and to drive cost synergies. Overall Tata Steel has reported a decent set of numbers for the quarter.

10. 40 AM: Market outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said," The latest news on vaccine from Moderna is a major positive for economy & markets. Moderna vaccine appears better than that of Pfizer in terms of effectiveness & temperature requirements. Looks like the threat from Covid will be over by mid-2021. A major trend in markets is the shift from growth stocks to value stocks as evidenced by Russel 2000 touching all-time highs. In India too a shift to value stocks in the broader market can be expected".

10. 33 AM: WPI data

The annual rate of inflation based on Wholesale Price Index (WPI), stood at 1.48% (provisional) in October 2020 (over October 2019). The figure stood at 1.32% in September.

10. 02 AM: Stocks to watch today on November 17

L&T, RIL, Coal India, Tata Steel, Ruchi Soya among others are the top stocks to watch out for in Monday's trading session

Stocks in news: L&T, RIL, Coal India, Tata Steel, Ruchi Soya

9. 45 AM: Ruchi Soya to launch via FPO next year

Edible oil firm Ruchi Soya, which is owned by Patanjali Ayurved, will launch a follow-on public offer (FPO) next year to bring down promoters'' shareholding in the company, said Swami Ramdev.

Patanjali Group has run Ruchi Soya efficiently after the acquisition last year, he said, and expected higher growth during the current fiscal year.

Ruchi Soya to bring down promoter shareholding via FPO next year

9. 30 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 78.53 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 20.27 crore in the Indian equity market on 13 November, provisional data showed.

9. 15 AM: Opening session

Market indices opened on a bullish note on Tuesday, amid positive global equities, amid renewed hopes of COVID-19 vaccine. Sensex crossed 44,000 mark for the first time today on BSE at opening bell, rising over 400 points, while Nifty gained by 70 points to 12,865 today.

9.05 AM: Global markets today

Global equities were buoyed today as news of another promising coronavirus vaccine, which supported hopes of a quicker economic recovery.

Investor sentiment shot up after Moderna Inc said its experimental COVID-19 vaccine was 94.5% effective in preventing infection based on interim late-state data. The Cambridge, Massachusetts-based firm became the second drugmaker, after Pfizer Inc, to announce promising trial data in the development of a vaccine to defeat the pandemic.

8. 50 AM: Muhurat trading day

Key benchmarks trimmed initial gains and ended with decent gains on the Muhurat trading session on Saturday. The barometer index, the S&P BSE Sensex, gained 194.98 points or 0.45% at 43,637.98. The Nifty 50 index added 60.30 points or 0.47% at 12,780.25.

8. 40 AM:  Market outlook

Reliance Smartmoney Reserch in its report said," In the last week, NSE-NIFTY continue its prior rising trend and rose to new life-time-high. The index reporte gvd rise of 4.2% on back of strength across the board and also, due to substantial buying by FII. Since, four trading sessions, the index stuck between 12,600 and 12,800 levels on back of overbought technical indicators. As mentioned earlier, our bullish view will remain intact, we believe that NIFTY could test 13,200 level provided the index surpasses 12,800 mark convincingly. On the lower side, initially the index will find supports at 12,600 mark.

As for the day, support is placed at around 12,744 and then at 12,704 levels, while resistance is observed at 12,823 and then at 12,865 levels."

8. 30 AM: Last closing

The NSE Nifty 50 index and the S&P BSE Sensex ended about 0.2% higher at 12,719.95 and 43,443, respectively, on Friday.

The 10-year benchmark bond yield ended at 5.879%, while the rupee settled at 74.6 to the dollar.  Financial markets were closed on Monday for a public holiday.