Equity MRK
Monday, November 23, 2020   
Asian Paints  2189.40    (1.18%)
 
Axis Bank  595.60    (-1.99%)
 
Bajaj Auto  3077.10    (0.58%)
 
Bajaj Finance  4809.65    (1.95%)
 
Bajaj Finserv  8773.45    (2.78%)
 
Bharti Airtel  477.05    (-1.33%)
 
H D F C  2250.80    (-3.55%)
 
HCL Technologi...  839.20    (2.45%)
 
HDFC Bank  1394.85    (-0.64%)
 
Hind. Unilever  2129.85    (0.48%)
 
ICICI Bank  468.30    (-2.48%)
 
IndusInd Bank  848.85    (4.79%)
 
Infosys  1140.25    (3.37%)
 
ITC  190.80    (-0.42%)
 
Kotak Mah. Ban...  1897.60    (0.44%)
 
Larsen & Toubr...  1125.70    (-0.57%)
 
M & M  705.25    (-1.50%)
 
Maruti Suzuki  6986.65    (0.28%)
 
Nestle India  17791.35    (1.84%)
 
NTPC  93.65    (1.96%)
 
O N G C  76.50    (6.84%)
 
Power Grid Cor...  194.90    (1.62%)
 
Reliance Indus...  1950.80    (2.72%)
 
St Bk of India  238.70    (-1.69%)
 
Sun Pharma.Ind...  512.80    (1.95%)
 
Tata Steel  542.70    (1.91%)
 
TCS  2724.00    (2.42%)
 
Tech Mahindra  865.75    (3.33%)
 
Titan Company  1346.25    (-1.37%)
 
UltraTech Cem.  4887.55    (0.39%)
 
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Mid Session Commentary
You are here : Equity | News | Mid Session Commentary
Nifty regains 12,800 mark
(13:30, 20 Nov 2020)

The equity benchmarks were trading with small gains in afternoon trade. The Nifty regained the 12,800 mark amid high volatility. IT and FMCG stocks advanced while pharma shares declined.

At 13:20 IST, the barometer index, the S&P BSE Sensex, rose 106.37 points or 0.24% at 43,706.33. The Nifty 50 index advanced 32 points or 0.25% at 12,803.70.

HDFC Bank (up 1.36%), Kotak Mahindra Bank (up 2.50%) and HDFC (up 0.70%) boosted the indices.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.93%. The S&P BSE Small-Cap index gained 0.64%.

Buyers outpaced sellers. On the BSE, 1,380 shares rose and 1,248 shares fell. A total of 183 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,180.61 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,854.94 crore in the Indian equity market on 19 November 2020, provisional data showed.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 0.47% to 19.6625. The Nifty November 2020 futures were trading at 12,815, at a premium of 8.05 points compared with the spot at 12,806.95.

The Nifty option chain for 26 November 2020 expiry showed maximum Call OI of 42.77 lakh contracts at the 13,000 strike price. Maximum Put OI of 38.95 lakh contracts was seen at 12,000 strike price.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 5,69,01,880 with 13,60,408 deaths. India reported 4,43,794 active cases of COVID-19 infection and 1,32,162 deaths while 84,28,409 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The credit ratings agency, Fitch Ratings, has said that economic reforms in India could support the country's medium-term growth. Fitch expects Indian government to undertake more reform measures over next few years and while it also expects reforms to also take place at state-level.

Meanwhile, Moody's Investors Service has revised its GDP projection for India in 2020-21 to a 10.6% contraction compared to a 11.5% drop it had estimated. The rating agency has also marginally elevated its forecast for 2021-22 GDP growth from 10.6% to 10.8%.

Further, Barclays has modestly revised its expectations of India's gross domestic product (GDP) growth for FY21 to minus 6.4% from minus 6% earlier to reflect marginally weaker incoming data it had earlier anticipated. However, it is upbeat about an economic revival in the economy from the next fiscal year which is FY22 and has also raised its FY22 GDP growth forecast to 8.5% from 7% earlier, to reflect a faster recovery in services amid continued policy support. Barclays also held that a possible vaccine roll-out from Q1 21 should broaden the recovery from farm and manufacturing to services.

Gainers & Losers:

Bajaj Finserv (up 5.33%), Titan Company (up 4.21%), Nestle India (up 2.67%), HDFC Life Insurance Company (up 2.47%) and Tech Mahindra (up 2.44%) were major gainers in Nifty 50 index.

Axis Bank (down 2.15%), IndusInd Bank (down 1.93%), Sun Pharmaceutical Industries (down 1.88%), Adani Ports & SEZ (down 1.32%) and Coal India (down 0.98%) were major losers in Nifty 50 index.

Stocks in Spotlight:

Reliance Industries (RIL) declined 2.66%. RIL and Reliance Retail Ventures (RRVL) in a joint statement on 19 November 2020 said that they have completed the current phase of partner induction and fund raise exercise for RRVL. RRVL has received cumulative subscription amounting to Rs 47,265 crore (or 10.09% stake in RRVL) from the nine financial partners and allotted 69.27 crore equity shares to them.

The nine financial partners and their respective stakes are as follows: Silver Lake Partners (1.60% stake), Silver Lake Partners - Co-Investors (0.40% stake), KKR (1.19% stake), Mubadala (1.33% stake), ADIA (1.18% stake), GIC (1.18% stake), TPG (0.39% stake), General Atlantic (0.78% stake) and PIF (2.04% stake).

Vodafone Idea advanced 3.88% after the company received Rs 3,760.10 crore cash for its 11.15% stake sale in Indus Towers, whose merger with Bharti Infratel has been completed. Vodafone Idea has made a prepayment of Rs 2,400 crore to the merged tower entity from the cash consideration received from Infratel.

The deal was first announced in April 2018 to create the world's largest mobile tower operator outside China. The Department of Telecommunications (DoT) had cleared Bharti Infratel's merger deal with Indus in February this year. The new merged entity would become the world's largest telecom tower company with more than 1.63 lakh towers.

Separately, Bharti Airtel announced that the merger of Indus Towers and Bharti lnfratel (together the combined entity) has been completed. The combined entity, to be renamed as Indus Towers, is listed on the National Stock Exchange of India and BSE,” it said in a regulatory filing. The telecom major further said that upon implementation of the scheme, the aggregate shareholding of Bharti Airtel in the combined entity shall reduce from 53.51% to 36.73%.

Global Markets:

US Dow Jones futures were down 192 points, indicating a negative opening in the US market today.

European stocks open lower while Asian shares were mixed on Friday as investors turned cautious over the short-term economic impact of the coronavirus as cases around the world continue to rise.

Direct Brexit talks have been suspended after a member of the EU team tested positive for COVID-19 on Thursday, but chief negotiators and their respective teams have continued discussions remotely in the hope of executing a deal within the next 10 days.

Japan's core consumer prices fell in October at their fastest pace annual in nearly a decade as the boost from last year's sales tax hike petered out, heightening fears of a return to deflation for an economy still dealing with COVID-19.

The wide core consumer prices, which excludes volatile fresh food costs, fell 0.7% in October from a year earlier, government data showed on Friday.

The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 48.3 from a final 48.7 in October, staying below the 50.0 threshold that separates contraction from expansion for a 19th straight month.

Meanwhile, China kept its lending benchmark loan prime rate steady for the 7th straight month, in line with market expectations. The one-year rate was kept unchanged at 3.85% and the five-year rate remained at 4.65%.

The US stock market finished firmly into positive territory on Thursday, 19 November 2020, as risk sentiments improved after Senate Democratic Minority Leader Chuck Schumer said Republican Majority Leader Mitch McConnell had agreed to revive talks to craft a new fiscal relief package.

However, market gains capped after Treasury Secretary Mnuchin later asked the Federal Reserve to return money earmarked under the March pandemic relief act for emergency lending to businesses, nonprofits and local governments. Further, weighing on the market sentiment was reports of soaring coronavirus cases and an unexpected rise in weekly jobless claims which raised fears of stalling growth in the world's largest economy.

The Dow Jones Industrial Average index advanced 0.15%, the S&P 500 index grew 0.39% and the tech-heavy Nasdaq Composite Index added 0.87%.

The rising number of coronavirus cases weighed on utilities but supported 'stay-at-home' stocks in the technology sector. Shares in Alphabet (Google) rose 1% with Amazon up 0.4%. US leading economic index climbed by 0.7% in October, according to a report released by the Conference Board on Thursday.

US jobless claims climbed to 742,000 in the week ended November 14th, an increase of 31,000 from the previous week's revised level of 711,000, the Labor Department reported on Thursday.

US existing home sales jumped by 4.3% to an annual rate of 6.85 million in October after soaring by 9.9% to a revised rate of 6.57 million in September, a report released by the National Association of Realtors on Thursday showed.

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