Share Market Highlights: Sensex ends 694 points lower, Nifty at 12,858; NTPC, Sun Pharma, TCS, SBI top losers

Sensex, Nifty Highlights on November 25: Market indices reversed trend after 3 days of consecutive gains and closed almost 1.5%lower each, amid profit booking in Asian equities. After hitting record highs today, Sensex ended 694 points lower at 43,828 and Nifty fell by 196 points to 12,858. During the session, Sensex hit a lifetime high of 44,825 and Nifty touched record high of 13,145. Yesterday, Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055. Global equities were mostly buoyed today encouraged by news on the development of coronavirus vaccines and more assurance for a transition of power in the US to President-elect Joe Biden.

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

3. 55PM: Market closing

Market indices reversed trend after 3 days of consecutive gains and closed almost 1.5%lower each, amid profit booking in Asian equities. After hitting record highs today, Sensex ended 694 points lower at 43,828 and Nifty fell by 196 points to 12,858.

3. 48PM :Market closing outlook

Vinod Nair, Head of Research at Geojit Financial services said, "The market rally which was led by developments on vaccine and FPI inflows came to a halt today due to profit booking across sectors in the second half of the trading session. While western markets continued its positivity, being encouraged by news on vaccine developments and ease in the US political risk. We can expect profit booking to continue in our domestic market, in the short-term, as the liquidity driven rally can take a pause having reached all-time high on a monthly basis. This money was triggered by the overwhelming result of the US election unleashing high amounts of funds which was put on-hold. FIIs can take a breather and check for the next phase of policies in the US and Europe for 2021"

3. 30 PM: Nifty technical view

Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said," The market failed to show resilience to stay above the Nifty 50 Index level of 13040. While it is subject to further price action evolution, our research suggests the technical factors are aligned to support a lackluster market movement going forward. We expect any corrective wave down should found support around 12890-12860. As such we advise the traders to refrain from building a fresh buying position until we witness a correction till 12890-12860 level. We have observed volatility to expand in today's trading session indicating profit booking and distribution of stocks at a higher market level."

3. 24PM: Union Bank of India share rises 5%

Union Bank of India share rose over 5% today after the lender said it plans to raise up to Rs 1,000 crore from bonds to fund business growth. Union Bank share gained 5.64% to Rs 27.15 against previous close of  Rs 25.70 on BSE.

The banking stock has risen 5.74%  in last 4 days. The share trades higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages.

The share has fallen 54% in one year and lost 51.465 sinc ethe beginning of this year. Market cap of the lender rose to Rs 17,138 crore.

Union Bank of India share rises 5% on plan to raise Rs 1,000 crore

3. 17PM: Auto sector outlook

India Ratings and Research believes Auto sector is expected to see second consecutive year of secular decline in auto production and sales, reverting industry volumes to a decadal low. The agency also believes that the two-wheeler and passenger vehicles segments are better placed in this environment and recovery is likely to be faster due to consumer preference towards personal mobility and the demand from rural markets. Commercial vehicles would continue to see muted demand due to lower industrial production and excess capacity in the system.

The Auto Ancillaries sector has been undertaking significant investment over the past few years in order to meet evolving safety and emission norms as well as capacity expansion for future demand. This has led to lower capacity utilization and operating leverage for industry players due to the muted demand environment, as well an elevation in credit metrics. However, the performance in 2HFY21 is expected to be better than 1HFY21 both for Auto & Auto Ancillaries as auto demand is showing a gradual improvement.

3.09 PM: Alembic Pharma update

Yash Gupta- Equity Research Associate, Angel Broking said," Alembic Pharmaceuticals Limited announced that its joint venture Aleor Dermaceuticals Limited (Aleor) has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Testosterone Gel, 1.62%. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD). AndroGel 1.62%, of AbbVie Inc. (AbbVie). Testosterone Gel is indicated for replacement therapy in adult males for conditions associated with a deficiency or absence of endogenous testosterone, Primary hypogonadism and Hypogonadotropic hypogonadism (congenital or acquired). Testosterone Gel, 1.62% has an estimated market size of US$ 107 million for twelve months ending September 2020 according to IQVIA. This is important approval for alembic pharmaceuticals this will help the company to increase its USA revenue share, it may take 6-9 months to launch this product."

2. 56 PM: Market falls further

Market indices reversed trend after 3 days of consecutive gains amid profit booking registered in some Asian equities. After hitting record highs today, Sensex was trading 564 points lower at 43,970 and Nifty fell by 155 points to 12,899.

2. 41PM:  Lupin outlook

Yash Gupta Equity Research Associate, Angel Broking said," Lupin limited up by 1% at 902 on positive news of the launch of Tacrolimus Capsules. Lupin Limited announced the launch of Tacrolimus Capsules USP after Lupin's alliance partner Concord Biotech Limited received an approval for its ANDA from the United States Food and Drug Administration (U.S. FDA). Tacrolimus Capsules USP, 0.5 mg, 1 mg, and 5 mg, are the generic equivalent of Prograf Capsules, of Astellas Pharma US, Inc. and are indicated for the prophylaxis of organ rejection, in adult patients receiving allogeneic kidney transplant, liver transplant, and heart transplant, and in pediatric patients receiving allogeneic liver transplants, in combination with other immunosuppressants. Tacrolimus Capsules USP had an annual sale of approximately USD 303 million in the U.S. as per IQVIA MAT September 2020 data."

2. 34 PM: Market falls further

Market indices reversed trend after 3 days of consecutive gains amid profit booking registered in some Asian equities. After hitting record highs today, Sensex was trading 564 points lower at 43,970 and Nifty fell by 155 points to 12,899.

2. 13PM: Rupee outlook

"The news of Janet Yellen being president-elect Biden's choice for the post of treasury secretary further buoyed risk sentiment. Appointment of Yellen as treasury secretary is believed to result in greater cohesion between monetary and fiscal policies," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further said today is the November exchange traded currency derivatives expiry. There could be some selling on account of this.

2. 08 PM :Future Retail share hits 10% upper circuit

Shares of Future Retail jumped to hit another 5% upper circuit on Wednesday since the Competition Commission approved Reliance Industries (RIL)'s proposed acquisition of retail, wholesale, logistics, and warehousing businesses of Future Group.

Future Retail stock price has been hitting 5% upper circuit for the third consecutive session today. the stock has given investors 35% returns in the last 5 days of trade.

Future Retail stock price today opened with a gain of 4.95% at the intraday high of Rs 91.2 and has since traded at this price, with only buyers bidding and no sellers offering.

1. 54PM: Rupee rises 6 paise to 73.95

Indian rupee, the local currency appreciated by 6 paise to 73.95 per US dollar on Wednesday's opening session as sustained foreign fund inflows and positive development on the coronavius vaccine front kept investors optimistic. further, strong opening in domestic equities, sustained foreign fund inflows and weak American currency also supported the domestic currency benchmark.

The local unit opened at 73.98 per US dollar at the interbank forex market and gained by 6 paise over its previous close to touch 73.95 against the greenback. On Tuesday, the rupee settled 10 paise higher at a three-week high of 74.01 per dollar.

Meanwhile, the dollar index, was down 0.16 per cent to 92.08 against a basket of six currencies.

1. 37PM: Gujarat gas outlook

Yash Gupta- Equity Research Associate, Angel Broking said,:"  Gujarat gas has buy rating. The company has outperformed in Q2FY21 in terms of volume growth, Gujarat gas reported volume growth of 6.4% while Mahanagar gas and Indraprastha gas have reported negative growth of 37% and 16% respectively. Gujarat gas volumes are back to pre-covid levels as strong demand from industrial sector, 80% of total volume comes from industrial. Industrial demand is very strong in Morbi. Morbi ceramic to get further boost as strong demand from USA as they have imposed 200%-300% of import duty on Chinese ceramic. Company also ramping up its capacity at Morbi to enable it to handle 8 MMSCMD against current capacity of 5.9 MMSCMD. Company has clock highest margin in Q2FY21 due to the benefit of lower imported price of LNG, we expect margin to sustain for the time being. LNG import to increase in Gujarat ports as incremental demand in the state, along with this Gujarat gas to add new geographical areas."

1. 25PM: Tata Motors share rises 3%

Tata Motors share rose nearly 3% in early trade today after brokerage CLSA maintained buy call on the stock. Tata Motors share gained 2.81% to Rs 176.85 against previous close of Rs 172 on BSE.

The large cap stock has gained 3.37% in the last 4 days. Tata Motors share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving average.

The share has gained 4.34% in one year and fallen 6.4% since the beginning of this year.

However, in a month, the share has gained 26.46%. Market cap of the auto firm rose to Rs 53,516 crore on BSE.

Tata Motors share rises 3% after CLSA retains buy call

1. 16 PM: YES Bank share falls after three days of consecutive gains

YES Bank share was trading 4.2% higher in Wednesday's opening trade, reversing trend after rising for the three straight days, amid a trend reversal in broader benchmark indices Sensex and Nifty led by profit-booking

Amid profit booking after high investor participation in the recent trades, YES Bank share price today opened higher at Rs 14.75 today, although fell 4.2% lower to the day's low of Rs 14.05 as against the earlier close of Rs 14.67 on Tuesday. The stock also hit the day's high of Rs 14.77 on BSE.

In the last one month period, YES Bank stock has delivered 6.3% returns to investors as against Sensex that also gained 9% during the same period.

1.09 PM: Vehicle finance NBFC outlook

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said," Recently Vehicle finance NBFC (VF) has run very sharply specifically Cholamandalam Inv & Fin ( CIFC) Shriram Transport Fin (SHTF) and M & M Finance (MMFS). When lockdown imposed street was expecting very high credit cost, persistent high GNPA, and prolonged weakness in demand for the vehicle. However, As the gradual lockdown opens a demand for Vehicles improved very well, collection in an upward trajectory, tractor sales continue to do well and management commentary indicates slippages would be in the conformable zone.

On-demand side, PV sales for the industry improved significantly, 2W and Tractor sales exceeded prior-year levels in Aug20 and Sep20. High-frequency data for rural such as Agri export, Fertiliser sales, and agricultural production all are pointing toward improvement in the situation.

VF NBFC has guided 3 to 5 % of slippages on the worst-case scenario for that, Non-specific Provision has (2-3% of AUM) taken. Most of the NBFC is maintaining cash, which is 8 -12% of borrowing, as uncertainty recedes NBFC will gradually use cash for lending, along with this lower-cost funding will boost NIM.

Considering, Improvement in demand, the possibility of lower slippage from moratoriuom book than expected, and improvement in rural area business activity will support VF business, We have a positive view on CIFC, Considering its diversified book and ability to raise fund at a competitive rate and gaining market share."

12. 42 PM: Market outlook

Yash Gupta Equity Research Associate, Angel Broking said," Profit booking seen in Indian indices, Indian indices open higher on back of positive global market clues. Indices fail to sustain morning gain, Nifty slips from day high of 13145 to 13000, We expect market some profit booking in coming days. Today S&P BSE OIL & GAS (up 0.49% ), S&P BSE Energy (up 0.46%) while S&P BSE Healthcare (down 1.22%), S&P BSE CAPITAL GOODS (down 1.3%)  Global Market update - DOW Jones up by 454 points (up 1.54%) and NASDAQ up by 15649 points (up 1.31%). Indian Indices Nifty and Sensex down by 53 points (0.41%) and 198 points (0.44%) respectively."

12. 27 PM: Sensex approaches 45K, Nifty scales 13,100

Sensex and Nifty rose in line with global markets to scale fresh record highs in early trade today. While Sensex climbed 302 points to 44,825, Nifty gained 90 points to 13,145. On Tuesday, Sensex ended 445 points higher at 44,523 and Nifty closed 128 points higher at 13,055. Nifty crossed and ended above the key level of 13,000 for time on Tuesday.

Benchmark indices have logged a spectacular rally in November with three sessions to go this month. Nifty which closed at 11,642 on October 30 has risen 1502 points to 13,145 today. Similarly, Sensex which closed at 39,614 on October 30 has gained 5,211 points till date. With Sensex and Nifty hitting record highs in almost every session in November, here's a look at the factors that led to the rally in benchmark indices today

Sensex approaches 45K, Nifty scales 13,100: Five factors behind the rally

12. 10 PM: Petronet LNG Limited outlook

Geojit Financial Services said in its note," On sequential basis, total throughput processed increased by 33.7% and Dahej terminal throughput rose 34.3%, with increase in demand to pre-COVID levels and strong operation efficiency. From Q2FY21 the demand from refining, fertilizers, and other segments have started increasing, gradually reaching pre-COVID levels. GAIL completed Kochi-Mangalore pipeline, which will boost the company's utilization rate and operational efficiency. Moreover, the Dahej terminal has also now started operations at full capacity. Hence, we reiterate our BUY rating on the stock with a target price of Rs. 327, based on 15.0x FY22E adj. EPS."

11.51 AM: Metropolis Healthcare outlook

Keshav Lahoti- Associate Equity Analyst, Angel Broking," Metropolis Healthcare is a leading Pathology centre in India. Company has an asset light model with a strong balance sheet. New guidelines issued by Maharashtra Government for travellers entering in the state from Delhi, Rajasthan, Gujarat and Goa will have to compulsorily undergo RT PCR test is positive for the business of the company.  Due to Covid-19, the company is doing better business than in the non-Covid environment as testing such as RT PCR and antibody is leading to increased revenue and profitability for the company. Non covid business portfolio is close to normalcy and is in improving trend MoM. We continue to have a buy rating on the company by revising target price upwards to Rs. 2593 by valuing it at 36x EV/EBIDTA FY22E."

11. 40 AM: Gold outlook

Gold price slipped as back to back positive news on covid-19 vaccine and easing US political uncertainty made investors to look for riskier assets.

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday Gold prices closed 1.81% lower at 48,585 levels and silver closed 1.49% lower at 59,621 levels on the back of recovery in global equity market and development on the front of corona virus vaccine.  Gold ETF holding is also falling more than a million ounce in this month. In international market Gold is trading at its 4 months low level at $1824 per ounce and silver is trading at $23.41 per ounce.  Wall Street's Dow hit historic highs above 30,000 points in a rally that pulled the three major U.S. stock indexes up by about 1.5% each. The trend of Gold and silver now become 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 48800 levels with the stop loss of Rs 49200 levels for the target of 48300 levels. They can also go for sell  in Silver at Rs 60,000 levels, with the stop loss of 60800 levels and for the target of 58800 levels. Gold may test $1760 to $1785 per ounce levels soon."

11. 33AM: Telecom sector 2QFY21 revenue growth outlook

Telecom sector 2QFY21 revenue growth  - Dayanand Mittal from JM Financial Institutional Securities Limited said:"Industry revenues in 2QFY21 was up 4.0% QoQ, rising for the 4th consecutive quarter, driven by a mix of strong MBB additions witnessed across telcos in 2QFY21 and tariff hikes taken in Dec'19. However, we believe that the revenue growth momentum could moderate unless there is a significant and sustainable tariff hike going forward. Telcos Revenue Market Share (RMS) trends remained largely unchanged in 2QFY21. However, VIL's revenues (AGR +NLD + ILD) remained subdued due to the continued subscriber losses and possible seasonality in 2Q."

11. 19 AM: Upcoming IPO outlook

Keshav Lahoti- Associate Equity Analyst, Angel Broking said,: "Today, Indian market touched a new lifetime high again. Companies prefer to launch an IPO when there is liquidity and positivity in the stock market. When peers companies are trading at premium valuation, companies get advantage of announcing the IPO at high price. Many IPO launched over the last few months such as Route Mobile, Happiest Minds made investors double on the day of listing. Many companies delayed the IPOs due to the correction in the market due to pandemic. Hence, the pipeline of the IPO is quite strong and market conditions are also favorable. We believe many IPO will be launched in the next few months. Few key IPOs which investors are eagerly waiting for in the pipeline are LIC, NSE, Burger King, Kalyan Jewellers, Zomato and RailTel Corp."

11.00 AM: Pharma sector 2QFY21 review

On Pharma sector 2QFY21 review - Anmol Ganjoo from JM Financial Institutional Securities Limited said,": Indian Pharma continued in 2QFY21 from where it left off in the previous quarter with companies posting a strong sequential recovery across segments and all companies under coverage (ex-Lupin) witnessing an earnings upgrade/no meaningful cuts to estimates. Our pharma coverage universe posted a 7% YoY growth in revenue with EBITDA and PAT witnessing 25% and 26% YoY growth respectively. 9/12 companies in our coverage universe delivered a beat on estimates with Dr Reddy's, Cadila & Torrent witnessing the highest earnings upgrades. The sequential recovery in the domestic business (+17% QoQ, +7% YoY growth for our coverage universe vs market growth of 1%) was the strongest across segments. While domestic outperformance in case of Cipla, Cadila, Dr Reddy's, Alembic & Jubilant was driven by Covid-related opportunities, Torrent remained an outlier in terms of its ability to deliver market-beating growth despite no Covid contribution."

10. 54 AM: Stocks to watch today on November 25

Mphasis, Union Bank of India, Reliance Industries, State Bank of India, Ruchi Soya among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: Mphasis, Union Bank of India, Reliance Industries, State Bank of India, Ruchi Soya

10. 47 AM: Global markets

Asian markets are trading higher taking cues from overnight positivity on Wall Street on vaccine hopes and easing political uncetainty in US.  US markets closed higher with Dow Jones moving past 30000 for the first time as Presidential transition starts easing uncertainty and also backed by positive vaccine development news. European markets closed higher on hopes that another vaccine has been found which is effective against covid-19.

10. 35 AM: Market outlook

Geojit Financial Services said in its note," Confident trades early in the day itself above 13000 yesterday dispelled the reversal fears, quickly putting the 13200 move in motion, with near term objectives of 13400/700 also in sight. Alternatively, inability to float above 13120, after the opening surge today, should bring in caution, but would require 13050 or 12830 to be broken, to call for 12350/300."

10. 18 AM: Nifty technical outlook

On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,": We have successfully achieved the Nifty target of between 13100-13200 this morning. This zone could prove to be a resistance zone and there is every possibility we witness profit booking. Traders can utilise the current market level to lighten up on their positions and use a trailing stop loss method. The support is now upgraded to 12800."

10.09 AM: Market reverses trend

Market indices reversed trend after 3 days of consecutive gains amid profit booking registered in some Asian equities after hitting record highs on positive cues. Similarly, after hitting record highs today, Sensex was trading 198 points lower at 44,235 and Nifty fell by 48 points to 13,007.

9. 56 AM: Oil prices today

Oil price rose on the back of news of another vaccine being found effective against covid-19 giving hope for a speedy demand recovery. The international benchmark Brent crude futures was up 1.09% to $48.27 per barrel.

9.48 AM: Global markets

Trump administration officially began the transition process to President-elect Joe Biden following weeks of delay. Further, Positive momentum in the race for a coronavirus vaccine has boosted global markets. Investors now await the FOMC's minutes from its last meeting due later today for clues on the direction of monetary policy. Crude oil prices were also trading 1% higher in the morning of Asia trading hours.

9. 33 AM: Market outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," The kind of recovery we had witnessed on Friday, it was very much evident that the bulls are not willing to give up and soon we were about to surpass 13000. Finally it has become the reality and now next immediate levels to watch out for would be at 13100-13200. Today's up move was mainly propelled by the financial stocks as we saw Banking index inching closer to its milestone of 30000. The undertone remains bullish but as a momentum trader, taking some money off the table should be considered as a healthy practice. The support base now shifts higher around 12800-12730; before which, intraday supports are at 12980-12900 for the coming session.

Since almost all sectors are contributing in the rally, intermediate corrections are likely to be bought into. Meanwhile, continue to focus on individual stocks and trail stop losses higher for existing trades."

9. 22AM: Opening session

Market indices opened at new record highs on Wednesday, amid positive cues from global markets and unabated foreign fund inflows. SGX Nifty on the Singapore Exchange was rising by 65 points, indicating positive trend in domestic grounds today. Sensex gained by 255 points to trade at 44,744 and Nifty was trading 76 points higher at 13,131. Yesterday, Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055.

9. 12 AM: Nifty technical outlook

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said," With the Dow crossing the 30000 mark for the first time, there is euphoria in global stock markets. Declining dollar index is pushing FII flows and India is a major recepient of this huge capital flows. In November, till date, FIIs have invested a record Rs 55553 crores in India. This frenzied buying is unprecedented. Even though  lots of justifications - economic, political & policy related- can be given for this massive global rally, the fact is that this rally is predominantly liquidity driven. Valuations are rich and in many cases approaching bubble territory. If the Sensex goes past 45000, some profits may be booked  and cash levels in portfolios raised. Mid-caps are likely  to rise further"

9. 07 AM : Market outlook

Reliance Research said in its note,: "Finally, NSE-NIFTY surpassed its psychological hurdle of 13,000 level convincingly. Yesterday, positive global cues and buying across the board supported the up-move. Due to further rise in the index, their key technical indicator on the near-term timeframe chart has given breakout from negative divergence. As mentioned earlier, we believe that could take the index towards 13,200 and 13,500 levels. On the lower side, the index will initially find support at 12,700 and then at 12,600 levels.

As for the day, support is placed at around 12,996 and then at 12,936 levels, while resistance is observed at 13,097 and then at 13,139 levels."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 4,563.18 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,522.11 crore in the Indian equity market on 24 November, provisional data showed.8. 40 AM:

8. 30 AM: Closing on Wednesday

Market indices ended at record highs on Tuesday, amid positive cues from global markets and unabated foreign fund inflows. Sensex ended 445 points higher at 44,523 and Nifty gained 128 points to 13,055. During the session, Sensex hit a lifetime high of 44,601 and Nifty touched record high of 13,079. Yesterday, Sensex closed 194 points higher at 44,077 and Nifty gained by 67 points to 12,926.

Nifty closes above 13K for first time, Sensex at record high; M&M, ITC, SBI top gainers