Sensex Today: Sensex closes at all-time high of 40,653, Nifty at 12,016, Sun Pharma, IndusInd Bank, Bharti Infratel top gainers

Earnings Today

Sun Pharma, LT Foods, BASF India, Powergrid, BPCL, DLF, HPCL,Thomas Cook, VIP Industries, Whirlpool of India, Aditya Birla Capital, Adani Transmission, Ajmera Realty, Andhra Bank, Gujarat Alkalies, Indowind Energy, Ipca Laboratories, Max India, Power Grid COrporation, United Breweries, UCO Bank, UPL, Wockhardt, IPCA Labs, Lloyds Steels Industries, Indraprastha Gas, Indostar Capital Finance, Glaxosmithkline Consumer Healthcare, Max India and HealthCare Global Enterprises among others are the top listed firms due to post their quarterly results today.

Pre-open Session

Benchmark indices rose 0.40% each by the pre-opening session and currently trade at record high levles on Thursday. Sensex has risen 140 points to 40,609, while Nifty is trading 38 points higher at 12,004 level.

Yesterday, Sensex breached earlier record high level to hit a fresh all-time high of 40,606.91 mark and Nifty made an intraday high to 12,002.90 level, trading 0.80% or 100 points away from the 52-week high of 12,103.05.

Opening Bell: Market starts at record high

Against the previous closing of 40,469.78, Sensex started the day at 40,625.64 and made an intraday high, also a fresh all time high of 40,656.66. Nifty on Thursday started the day at 12,021.10 compared to last close of 11,961 mark and made high of 12,021.40 in the early trade. Nifty currently trades 81.65 points away from the all time high of 12,103.05

Realty index gains the most

NSE realty index gained the most and outperformed the other sectors today, rising 1.59% intraday in expectation of new measures.

The rally in realty scrips today is on back of FM Sitharaman's announcement that the government is working with RBI to revive real estate sector. She flagged concerns over the problems faced by the real estate sector, saying that the ailing sector required a lot of attention. "A healthy real estate sector is the biggest creator of jobs," she added.

Market Viewpoint

Benchmark indices are clocking new highs recently based on commitment from the FM Sitharaman to speed up reforms in the near future. Amid improved earnings by index heavyweights, hopes of further policy actions and a good festive season amid strong global indices have also led optimism in investors to stay in the market. Currently  Sensex trades 159 points higher to 40,658 and Nifty are trading 47 points 12,013.

Sectors Update

While all the sectors traded in the green except auto, media and metal, realty stocks led the rally today, rising at 1.59%. Following this, FMCG, banking and financial indices gained 0.50% each.

Centre approves Rs 25,000 cr funding to finish stalled housing projects

Realty shares on Thursday traded higher after Union Cabinet approved formation of a bailout fund worth Rs 25,000 crore to finish stalled housing projects in the country.

Reacting to the news Indiabulls Real Estate traded nearly 5% higher, Sobha Limited rose 2.5%, followed by 1.5% rise in Oberoi Realty Limited and 1.25% advance in Prestige, DLF and Godrej Properties.



Talking to media after the Cabinet meeting on Wednesday, Finance Minister Nirmala Sitharaman said that the government has approved forming a special window which is to be structured as an alternative investment fund. The government will infuse Rs 10,000 crore in the relief fund.

 

"Government will give Rs 10,000 crore. We have already spoken with institutions like SBI, LIC and so on, who together will also put money which will touch Rs 25,000 crore. This will be kept open. Several sovereign funds have also expressed interest to come into it. Gradually, we will keep adding to the AIF corpus," the Finance Minister said.

Centre approves Rs 25,000 crore bailout fund for stalled housing projects

Yes Bank: Moody's places bank's ratings under review for downgrade

After 2 days of consecutive gain, YES Bank shares have fallen nearly 3% to Rs 66.70, its intraday low against the last close of Rs 68.75, after the global ratings agency Moody's placed private sector lender's ratings under review for downgrade on Wednesday.


Citing weak financial performance in the September quarter, Moody's said,"We note that there are significant execution risks around the timing, price and regulatory approvals required. During the review period, we will focus on the bank's ability to raise new equity capital."

A rating downgrade is possible if it were to fail to raise the capital or if the quantum of dud loans rose or because of a deterioration in the liquidity position, it said.

"The bank's weakening financial position can be somewhat offset by the planned capital raising. Nevertheless, there are significant execution risks around the timing, price and regulatory approvals required," the agency noted and warned that any inability to raise the fund will negatively impact the credit profile and ratings.


 

Bajaj Electricals slip nearly 4% post Q2 results

Shares of Bajaj Electricals fell 3.72% to the intraday low of Rs 340 on the BSE, after the company reported net loss of Rs 32.5 crore in September quarter. Company's revenue declined by 31% while its sales fell 31.51% to Rs 1,095.65 crore as against Rs 1,599.81 crore in the second quarter of the previous year.

Segment wise, consumer products division earned a growth of 9% while its EPC (Engineering, Procurement & Construction) segment registered a de-growth of 58.80%.

On Wednesday, shares of Bajaj Electricals closed 8.60 percent lower at Rs 349.10 apiece on the Bombay Stock Exchange.

Bajaj Electricals posts net loss of Rs 32.5 crore in September quarter, revenue declines 31%

FII remains bullish, DII stays bearish

Net investment of equity and debt reported by foreign portfolio investors (FPIs) remained positive with net buying logged at Rs 1,011.49 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with net selling logged at Rs 1,117.25 crore on Thursday.

 

Canara Bank rises 2% post Q2 result

Shares of Canara Bank rose 2% in Thursday's early trade after the company posted 22% rise in net profit at Rs 365 crore in September quarter, helped by lower provisions, higher other income and improvement in asset quality.

Canara Bank's net interest income (NII), or the core income a bank earns by giving loans, fell by 4.6%, whereas its operating profit rose 9.37% yoy to Rs 2,545 crore.

Canara Bank's asset quality showed improvement during September quarter, as gross non-performing assets (NPAs) ratio reduced to 8.68%, versus 10.56% in the year-ago quarter.

On Wednesday, Canara Bank shares closed trade at Rs 210.85 on the BSE, up 1.98% as compared to the previous close.

Canara Bank posts 22% rise in net profit at Rs 365 crore in September quarter, asset quality improves

Cipla stock rises 1.5% post Q2 result

Share price of Cipla tarded 1.5% higher at Rs 487.20 on the BSE after the drug maker reported 25% year-on-year (yoy) jump in its consolidated net profit at Rs 471.35 crore for the second quarter ended September 30, 2019. However, the profit was down 1% compared to Rs 478 crore in June quarter of this financial year.

Cipla's revenue from operations rose 10% to Rs 4,396 crore in Q2FY20 as against Rs 4,012 crore in Q2FY19. Consolidated revenue from India business grew 9%t yoy to Rs 1,810 crore, while international business delivered a growth of 8% yoy at Rs 2,454 crore.

On Wednesday, following Q2 earnings release, shares of Cipla were trading 2.87 per cent higher at Rs 481 apiece on the Bombay Stock Exchange.

Cipla Q2 profit surges 25% to Rs 471 crore, revenue rises 10%

Sectors Update

Sectorally, while gains in realty, FMCG, banking and media shares helped the bullish momentum, bearishness in metal, pharma, PSU banking and auto stocks dragged the broader indices further down.

 

Indiabulls Housing Finance shares rise as board approves fundraise

Indiabulls Housing Finance shares opened with a gain of 4.9% today  and later rose nearly 17% to an intraday high of Rs 255.9 on the BSE today.

Indiabulls Housing Finance reported Q2 consolidated net profit for the September quarter at a 32% decline to Rs 702.18 crore.

Its total income during the July-September 2019 period also came down to Rs 3,420.45 crore, from Rs 4,255.27 crore in the year-ago period, it said in a regulatory filing.

Its board of directors also declared an interim dividend of Rs 7 per equity share, it said.

The board also approved has approved fundraising plan through issuance of non-convertible debentures and warrants, up to Rs 10,000 crore.

On Wednesday, shares of Indiabulls Housing ended 2.79% down at Rs 219.25 on the BSE.

Markets erase most of day's gains

After hitting record high levels in the early trade, benchmark indices Sensex and Nifty capped early gains and rose 0.15% each. Currently Sensex trades 86 points higher to 40,556 and Nifty are trading 12 points 11,978. Sectorally, while gains in realty, FMCG, banking and media shares helped the bullish momentum, bearishness in metal, pharma, PSU banking and auto stocks dragged the broader indices further down.  Earlier today, Sensex made a fresh all time high of 40,676, while Nifty's intraday high of 12,021.40, mere 81.65 points away from the all time high of 12,103.05.

Lupin posts net loss of Rs 127 crore, shares decline over 4%

Lupin shares fell 4.35% to the intraday low of Rs 738.6 on the BSE, after the drug major on Wednesday reported a consolidated net loss of Rs 127.1 crore in the second quarter-ended September 30, 2019, impacted by a one-time loss of Rs 546.5 crore.

"The Mumbai-based firm had posted a net profit of Rs 266 crore in the same period last fiscal and Rs 303 crore in Q1FY20," Lupin said in a filing to the Bombay Stock Exchange.

Consolidated revenue from operations of the pharma major increased 10.3% year-on-year (YoY) to Rs 4,359.7 crore in Q2FY20 as against Rs 3,951 crore in Q2FY19. EBITDA (Earnings before, Interest, Tax, Depreciation and Amortisation) rose 10.8% YoY to Rs 864.3 crore as against Rs 780.3 crore in September quarter of the last financial year.

Following Q2 earnings, shares of Lupin closed 2.29% higher at Rs 772.15 apiece on the Bombay Stock Exchange.

Lupin posts net loss of Rs 127 crore in September quarter; hit by one-time loss of Rs 546 crore

Global Market Update

US markets retracted after seeing record highs in recent days, as investors weighed on a report that an interim China-U.S. trade deal could be delayed until December.

Key U.S. indices closed mixed Wednesday, after seeing record highs in recent days, as markets weighed a report that an interim China-U.S. trade deal could be delayed until December. The Dow closed unchanged, the S&P 500 edged up 0.07% and the Nasdaq Composite slipped 0.29%.

Elsewhere in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan  dipped a slight 0.2%, just off a six-month high hit earlier in the week.

Discussions are continuing between the world’s twolargest trading partners about terms and a venue for a meeting and it is unlikely to be wrapped up soon

Rupee weakens 14 paise to 71.11 per dollar

The rupee opened on a weak note and declined by 14 paise to 71.11 against the US dollar in opening trade on Thursday after reports that the US-China trade deal signing could be delayed to December weighed on investor community.

Forex traders said, the decline in the domestic unit was largely in tandem with other Asian currencies after reports of delay in US-China trade deal.

However, sustained foreign fund inflows, positive opening in domestic equities and easing crude oil prices supported the local unit.

The rupee opened weak at 71.10 at the interbank forex market and then fell further to 71.11, down 14 paise over its last close.

The rupee had settled at 70.97 against the US dollar on Wednesday.

Rupee vs Dollar: Rupee weakens 14 paise to 71.11 per dollar amid reports of delay in US-China trade deal
 

Delay in US-China trade deal

Reuters reported on Wednesday a meeting between U.S. President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue.

The official, who spoke on condition of anonymity, said it was still possible the “phase one” agreement aimed at ending a damaging trade war would not be reached, but a deal was more likely than not.

Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.

Reliance Industries (RIL) share price rises 1.18%

Reliance Industries share price rose in early trade today after global brokerage UBS reiterated its buy advice and raised target price for the stock of Mukesh Ambani-led firm. Reliance Industries (RIL) share price rose 1.18% to Rs 1,449 compared to the previous close of Rs 1,432. The stock opened 0.4% higher at  Rs 1,438 on BSE. RIL share price has risen after two consecutive days of fall.

Reliance Industries share price rises after two days of fall; UBS reiterates buy call, raises price target