Share Market Today: Sensex ends above 41K for first time; Nifty logs record closing of 12,100

Stocks in the news today

YES Bank, Sical Logistics, Maruti Suzuki India Ltd, HDFC AMC, Fortis Healthcare, L&T Finance Holdings, Reliance Capital, Sterling and Wilson Solar and Coromandel International are among the stocks that are likely to be in limelight in today's trading session, due to recent announcements made by the above listed entities.

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Global Market Update

Global markets ticked higher as progress in Sino-US trade talks helped offset concerns about a slowing US economy.

On Wall Street, indices closed at fresh record highs on Tuesday, with Dow Jones Industrial Average rising 0.2%, S&P 500 gaining 0.22%,and the Nasdaq Composite adding 0.18%.

Nikkei 225 and Taiwan Index traded higher, followed by marginal gains in Hang Seng, KOSPI, Shanghai Comp while Straits Times traded in the red.  MSCI's broadest index of Asia-Pacific shares outside Japan up 0.14%.

On the Singaporean Exchange, SGX Nifty traded marginally higher at 12,098, indicating a positive start for the broader domestic markets.

RIL nears Rs 10 lakh crore

The market valuation of Reliance Industries stood at Rs 9,91,381.07 crore on Wednesday's opening trade, nearing close to the Rs 10 lakh crore mark

On Tuesday the Mcap had zoomed to Rs 9,99,045 crore ($139 billion) but came down to Rs 9,88,179.79 crore (nearly $138 billion) by the closing bell.

The company is still ahead of British energy major BP Plc in terms of market valuation.

BP Plc's m-cap was at $131 billion in pre-market trade at NYSE.

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Sector indices trade in green

Sector-based indices mostly traded in green, barring realty index. Most advances were registered in IT, auto and media stocks, followed by marginal gains in metal and pharma scrips.

Sensex, Nifty intraday high

On Wednesday's early trade, Sensex made a intraday high of 41,075.76, nearing to the lifetime high recorded yesterday at 41,120.28. Similarly, Nifty rose to day's high of 12,108.50, trading close to the all-time high of 12,132.45, recorded on Tuesday's trade.

Opening Session: Market Update

Share Market Today: Benchmark indices Sensex and Nifty have opened higher on Wednesday, on back of strong global equities. Global markets ticked higher as progress in Sino-US trade talks helped offset concerns about a slowing economy. BSE Sensex started the day's trade 200 points higher at 41,050 and Nifty opened at 12,068.50, rising 31 points higher against its previous close.

FII remain bullish, DII stays bearish

Net investment of equity and debt reported by foreign portfolio investors (FPIs) stayed bullish with net buying logged at Rs 4,677.75 crore from Indian equities while domestic institutional investors (DIIs) turned bearish with net selling logged at Rs 4,242.01 crore on Tuesday.

 

Rupee opens higher

Rupee opened higher at 71.44 against the US dollar on Wednesday at the interbank forex exchange, as compared to yesterday's close f 71.48 per dollar.

YES Bank rises over 5%

Shares of private lender YES Bank rose over 5% in the early session of Wednesday, after the lender said that its board will meet on November 29 to discuss and consider raising of funds by issue of equity or equity linked securities through permissible modes, subjected to requisite shareholders approvals.

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Sical Logistics plunges 4%

Shares of Sical Logistics, part of Coffee Day Group, fell in the early trade Wednesday as the company annoucned that it has sought shareholder's approval to sell or hive off business undertakings, including through sale of shares and assets.

The share price of Sical Logistics fell 4.5% to the intraday low of Rs 19 on BSE, with only sellers offering and no buyers bidding on the stock price.

Maruti shares rise 1.7%

Maruti Suzuki shares rose 1.7 % or 120.65 higher to the day's high of Rs 7,248 on the BSE, against the previous closing of Rs 7,127.35.

Competition Commission of India (CCI) on Tuesday approved the minority stake purchase deal of Toyota Motor Corporation and Suzuki Motor Corporation. Japanese car and motorcycle manufacturer Suzuki Motor Corporation owns 56.21% stake in Maruti Suzuki India.

Sterling and Wilson Solar declines 1%

Sterling and Wilson Solar shares fell nearly 1% in the trade today after India Ratings and Research placed the firm's long-term issuer rating of 'IND AA-' on rating 'watch negative' from 'stable'.

The rating agency attributed the rating downgrade to the uncertainty regarding the refinancing/rollover of SWSL’s short-term loans maturing between November 2019-January 2020. SWSL has significant amount of debt to be repaid and delays in the settlement of these intercorporate deposits by promoters will further detoriate the condition.

"Ind-Ra expects SWSL to provide clarity on its refinancing plans by the first week of December 2019. Any delay in the refinancing arrangement beyond that will be credit negative," the ratings firm said.

The rating firm added, "Given that Shapoorji Pallonji & Company Private Limited (SPCPL) continues to be the majority shareholder of SWSL, the rating of SWSL would remain linked to the credit profile of SPCPL and any further material deterioration in the credit profile of SPCPL will be negative for SWSL’s ratings."

Sensex pack gainers and losers

Yes Bank was the top gainer in the Sensex pack rallying up to 5 per cent, followed by Tata Motors, M&M, HDFC, HDFC Bank, Maruti, IndusInd Bank, Vedanta and TCS.

On the other hand, ICICI Bank, Tata Steel, L&T and ITC were trading in the red.

Brent crude slips

Brent futures, the global oil benchmark, slipped 0.24 per cent to USD 63.06 per barrel.

RBI to cut interest rates in Dec

The Reserve Bank of India, that has cut rates by 135 basis points this year to 5.15%, will slash interest rates in December for a sixth time this year, and again before July, according to economists in a Reuters poll who forecast those reductions would either marginally boost the economy or have no impact.

"Further rate cuts are likely to have a limited impact on the economy as cost of borrowing is not the pressing issue. The lack of risk appetite and fragile sentiment are holding back fresh investment in the economy," said Sakshi Gupta, senior India economist at HDFC Bank.

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Rupee rises to 71.40 per dollar

The Indian rupee gathered momentum and touched 71.40 against the US dollar, registering a rise of 10 paise over its previous close in early trade on Wednesday amid positive opening in domestic equities and sustained foreign fund inflows, easing crude prices.

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Market Update

Share Market Today: Benchmark indices Sensex and Nifty are trading higher on Wednesday, led by gains in HDFC twins, TCS and RIL as unabated foreign fund inflow and positive global cues enthused investor sentiments. BSE Sensex currently trades 120 points higher at 40,939 and NSE Nifty at 12,080, rising 42 points higher against its previous close.

Market Update

Global indices inched higher on Wednesday amid renewed hopes of a breakthrough in the trade deal between the US and China, that enthused investor sentiments. According to analysts, short covering ahead of the expiry of November derivatives contracts on Thursday is also contributing to the rally.

Moreover, Foreign portfolio investors (FPIs) have turned net buyers of Indian equities for last 3 months after being net sellers in July and August.



 

L&T Finance Holdings rises over 5%

The share price of L&T Finance Holdings jumped nearly 5 per cent in early trade after the company said it plans to raise Rs 60 crore through private placement of Non-Convertible Debentures (NCDs).

"The company's committee of directors has approved raising of funds up to Rs 60 crore through issuance of cumulative compulsorily redeemable non-convertible preference shares on a private placement basis," L&T group company said in an exchange filing on Tuesday.

The company will determine price for the proposed issue on 29 November 2019, it added.

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Auto index up on reports of scrappage policy approval on CCEA meet

Automobile stocks along with auto ancillaries were trading higher, with the Nifty Auto index climbing nearly 2% in Wednesday's early trade, following media reports that Cabinet may consider approving policy to scarp old vehicles in today's Cabinet Committee on Economic Affairs (CCEA) meeting.

Shares of Tata Motors, Mahindra & Mahindra, Bharat Forge and Ashok Leyland climbed 3% on NSE, followed by Maruti Suzuki India, Eicher Motors, Hero MotoCorp, TVS Motor Company and Bajaj Auto that traded higher in the range of 1-2% each.