Wall Street stocks dipped early Thursday amid continued murkiness in the US-China trade talks, while Macy's tumbled following poor results.
Investors remained cautious on the US-China negotiations after US President Donald Trump said late Wednesday that China was not "stepping up" sufficiently to finalize a preliminary accord struck last month.
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In a session that was spent in a defined range, the Nifty ended up forming a small engulfing bearish candle following a Doji that emerged on Wednesday. This has once again reinforced 12,000-12,050 zone as stiff and important resistance
- Milan Vaishnav, Consultant Technical Analyst, Gemstone Equity Research & Advisory
Inability of Nifty to sustain above 12,000 for quite some time may be hinting at an impending weakness, which will be confirmed on a close below 11,896 level. Below this, selling will get accentuated further with initial targets placed at around 11,802. On the other hand, a strong close above 12,038 will negate the current bearish view by extending the strength towards 12,103
- Mazhar Mohammad, Chartviewindia said
Nifty made lower high and lower low and formed a red body candle on the daily chart. Formation of a negative candle after a Doji candle doesn’t bode well for the bulls. However, the overall chart structure is still bullish and till Nifty holds above 11,850, we maintain a positive stance on the market for a target of 12,050 and 12,103 levels. On the flipside, immediate support is placed at 11,920, 11,850 and 11,780 levels
The consolidation phase below 12,000 continues. The region around previous all-time highs of 12,100 is witnessing some profit booking. It's not at all unexpected to witness some retracement near all-time highs. Broader structure continues to remain positive and the uptrend is intact. Near term corrections towards the support zone should be utilized to build long positions
- Manav Chopra, Head Research - Equity, Indiabulls Ventures
Concerns over delay in US –China trade deal and Fed minutes fueled negativity in markets across the globe. While domestic blue chips are finding it difficult to maintain positivity due to excessive valuations. Focus will be on next week’s Q2 GDP data, which is expected to be below the 5% reported in Q1. It is probable that the forecasted growth of 6.1% for FY20 is likely to be downgraded further. At the same time, Nifty50 is trading at one year forward P/E of 19x & 26x on 12 month trailing basis which does not provide much leeway to perform in the short-term
- Vinod Nair, Head of Research, Geojit Financial Services
Most analysts and I believe the DoT itself based on some computations that it has done, has indicated that the sector needs 20% or more hike in ARPU. I am not talking about individual tariffs. Tariffs will have to be calibrated to be able to deliver on the ARPU. At present, we are at about Rs 124 ARPU per month. That will have to go close to Rs 150 or more. People say that is a stretch and I am saying is that as recently as three plus years ago, our customers were paying about Rs 180-200 for voice services and some data. Clearly affordability is not the problem in my mind. It is a question of saying how can you make those stick.
- Rajan Mathews, DG, COAI
Nifty traded lackluster and settled marginally lower, taking a breather after the recent upmove. It opened flat and remained range-bound thereafter, however, movement on the stock-specific front kept the traders busy. Most sectoral indices ended lower in line with benchmarks and the broader indices too remained under pressure. We strongly feel that market is set for profit taking or consolidation prior to further rise. Traders should limit their naked leveraged trades in the index and book profits on every rise. In case of decline, 11,800-11,850 zone would act as a cushion in Nifty. Stocks, on the other hand, would continue to see movement on both sides thus maintain extra caution in the stock selection
Sensex falls 76 points, Nifty ends at 11,968; Vodafone Idea plunges 7%, Zee zooms 12%
CLOSING BELL: Sensex falls 76 points, Nifty ends at 11,964; Vodafone Idea plunges 7%, Zee zooms 12%
Eventually, all those PSUs should be strategically divested. It is a very good move in the right direction. The market is still going to wait and watch how the whole thing pans out. So far, this government has not had any track record of divesting. They announced divestment of IDBI, Air India. They have not been able to do it successfully. The market is likely to wait and watch before re-rating the entire pack. In that sense, disinvestment in BPCL, Concor and three more names would be very critical because there is a very short timeframe. They have to do it in next three-four months. If one of the disinvestment becomes successful, that could lead to reasonably good re-rating of the rest of the pack.
- Vikas Khemani, Founder, Carnelian Capital Advisors
Puranik Builders files fresh IPO papers with Sebi; plans to raise Rs 1,000 crore
Realty firm Puranik Builders has filed fresh papers with markets regulator Sebi to raise an estimated Rs 1,000 crore through its initial share-sale.
The IPO comprises fresh issue of shares worth Rs 810 crore, besides, an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders, according to the draft papers filed with Securities and Exchange Board of India (Sebi).
China stocks down for 2nd day on Sino-US spat over Hong Kong
China stocks extended losses for a second straight session on Thursday, as a fresh dispute between Washington and Beijing over Hong Kong stoked concerns that an interim trade deal could be delayed.
The market will now focus on September quarter GDP number due on November 29, which will further indicate a deeper slowdown in the economy. RBI will have to act and may ignore a temporary rise in food prices to deliver another 25-40 bps rate cut before getting into prolonged pause. Both RBI and Moody’s have lowered GDP forecast. The rupee had broken the range of 71.40-70.80 after India’s factory output contracted 4.3% in September, which was at a 8-year low.
The market and the quality part of it are largely factoring in a reasonable recovery in the economy and earnings. However, given the structural issues faced by the economy, a quick recovery seems improbable. Earnings may, however, recover faster due to lower corporate tax rates and lower-than-anticipated loan loss provisions for banks.
Crude oil futures fall on weak domestic cues
Crude oil futures on Thursday fell by Rs 9 to Rs 4,089 per barrel after participants reduced positions even as the oil prices gained overseas.
On the Multi Commodity Exchange, crude oil prices for December delivery dropped by Rs 9, or 0.22 per cent, to Rs 4,089 per barrel with a business volume of 19,048 lots.
Infra stocks fall; RInfra down 5%
Shares of infrastructure companies were trading in the red in Thursday's afternoon session. Shares of Vodafone Idea (down 5.67 per cent) , Reliance Infrastructure (down 5.00 per cent) , Bharti Airtel (down 2.97 per cent) and InterGlobe Aviation (down 1.48 per cent) were the top losers in the index. CG Power and Industrial Solutions (down 1.42 per cent) , CESC (down 1.39 per cent) , NTPC (down 1.03 per cent) and Tata Power Company (down 0.72 per cent) too were trading with losses. The Nifty Infrastructure index was trading 0.39 per cent down at 3312.50 around 02:07 pm.
Cheap prices are the biggest friend of an investor and that is what they should focus on and forget high markets, low market whatever etc.
- Vallabh Bhanshali, Chairman, Enam Group
Gold, silver slump in futures trade amid weak demand
Gold prices on Thursday fell Rs 47 to Rs 38,108 per 10 gram in futures trade as participants cut down their bets amid a weak global trend, PTI reported.
On the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 47, or 0.12 per cent, to Rs 38,108 per 10 gram in a business turnover of 1,876 lots.
The yellow metal for February delivery plunged Rs 32, or 0.08 per cent, to Rs 38,190 per 10 gram in 409 lots.
The IPO price band has been set at Rs 193-195 per share. The issue will close on November 26. The IPO involves a fresh issue of shares of face value Rs 10 each to raise up to Rs 24 crore, and an offer for sale of 1.97 crore shares by existing investors through which it will raise Rs 385 crore.
PSU shares slip; REC dips over 3%
Shares of PSU were trading with losses in Thursday's afternoon session. Shares of REC (down 3.10 per cent ) , Steel Authority of India (SAIL) (down 2.64 per cent ) , Hindustan Petroleum Corporation (down 2.20 per cent ) and Power Finance Corporation (down 2.12 per cent ) were trading with losses. The Nifty PSE index was trading 1.22 per cent down at 3270.15 around 12:58 pm.
DHFL shares slip as NBFC headed for NCLT
Price as on 21 Nov, 2019 01:02 PM, Click on company names for their live prices.
Unrest erupted in Iraq and Iran this month — two of the Middle East’s biggest producers — as people took to the streets protesting financial hardship and bad governance. That’s adding to the range of supply threats already afflicting the Organization of Petroleum Exporting Countries, from economic collapse in Venezuela and simmering discontent in Algeria to the recent missile attack on Saudi Arabia.
I can sort of see that if Concor’s 52% and the BPCL sale go through this year, then we are looking at $15-20 billion coming into the fisc. That is 7.8% of GDP and it will take us a long way towards plugging the fiscal gap. I think $15-20 billion will probably make it the largest ever disinvestment receipts in India and it will set a new benchmark.
- Saurabh Mukherjea, Founder and CIO, Marcellus Investment
Vodafone Idea traded 4.38 per cent down at Rs 6.76, while Bharti Airtel fell 2.63 per cent to Rs 425.75. Both of these companies have been struggling with high debt and huge losses amid brutal competition with Reliance Jio.
Consumer Durables shares trade lower; Crompton Greaves down 2%
The S&P BSE Consumer Durables index was down in Thursday's afternoon session with its components trading lower. Shares of PC Jeweller (down 1.60 per cent) , Crompton Greaves Consumer Electricals (down 1.58 per cent) and VIP Industries (down 0.75 per cent) were trading with losses. The S&P BSE Consumer Durables index was trading 0.12 per cent down at 25149.68 around 12:32 pm.
Global shares falter as China-U.S. row over Hong Kong wrecks trade deal hopes
Global stocks took a beating on Thursday as a fresh row between Washington and Beijing over U.S. legislation on Hong Kong threatened to undermine their trade talks and delay a “phase one” deal that investors had initially hoped to be signed by now, Reuters reported.
As far as BPCL is concerned, it is both the entire stake and the management control. Given its strategic nature and the fact that the environment for oil marketing companies is extremely positive at this point of time, means there is scope for a good amount of interest and rerating for the entire sector. You might see a bit of delay in the actual process and the government getting the money, but the market is definitely sensing that and the entire oil marketing company space is going to rerate because of the event and better marketing margins and the possibility of unlocking of value from here on.
- Hemang Jani, Senior Vice President, Sharekhan
Media shares gain; Network 18 Media surges 16%
Media shares were trading with gains in Thursday's afternoon session. Shares of Network 18 Media & Investments (up 15.34 per cent) , Zee Entertainment Enterprises (up 8.47 per cent) , Jagran Prakashan (up 7.20 per cent) and Music Broadcast (up 4.51 per cent) were trading in the green. The Nifty Media index was trading 3.23 per cent up at 1923.35 around 12:08 pm.
Sony in talks to buy stake in Mukesh Ambani's TV network
The Tokyo-based company is currently conducting due diligence on Ambani’s Network18 Media & Investments Ltd. before any possible offer, the people said, asking not to be named as the information is not public. Sony is considering several potential deal structures, including a bid for the company or a merger of its own Indian business with Network18’s entertainment channels, one of the people said.
September quarter earnings season broadly turned out to be better than expected, which took BSE benchmark Sensex to its record high mark. Sensex scaled a fresh all-time high of 40,676 amid the ongoing earnings season. This was one of the better earnings seasons anytime in last three or four years, says Vivek Mavani, Independent Investment Adviser.
Power shares mixed; RInfra falls 5%
The BSE Power index was down in Thursday's morning session. Shares of Adani Power (up 3.40 per cent) , KEC International (up 3.08 per cent) , NHPC (up 0.64 per cent) and Adani Transmission (up 0.60 per cent) were among the top gainers. While Reliance Infrastructure (down 4.96 per cent ) , NTPC (down 1.41 per cent ) , Kalpataru Power Transmissions (down 0.70 per cent ) and JSW Energy (down 0.63 per cent ) were the top losers in the index. The S&P BSE Power index was trading 0.38 per cent down at 1920.49 around 11:59 am.
In the broader market slowdown that began in early 2018, a number of ‘multibaggers’ of the past decade faltered and lost more than half their values in just two years.
In all, there are 45 stocks in the BSE500 index that more than doubled in the first seven years of the decade, but could not continue their pace, and eroded shareholders’ wealth thereafter.
YES Bank, of course, tops the list. Others included Somany Ceramics, La Opala, Motilal Oswal Financial Services, Graphite India, Rain Industries, CEAR, Blue Dart, eClerx, Wockhardt, Bombay Dyeing and Force Motors, among others.
Telcos fall despite Cabinet nod to a two-year moratorium on spectrum payments
Price as on 21 Nov, 2019 11:22 AM, Click on company names for their live prices.
Anil Ambani-led companies drag lower
Price as on 21 Nov, 2019 11:18 AM, Click on company names for their live prices.
40 stocks hit 52-week lows on NSE
Among the stocks that touched their 52-week lows were Blue Dart Express, Force Motors, La Opala RG and Apollo Sindoori Hotels.
Metal shares decline; NMDC down 2%
Metal shares were trading with losses in Thursday's morning session. Shares of Hindustan Copper (down 5.18 per cent ) , NMDC (down 2.11 per cent ) , Coal India (down 1.95 per cent ) and Steel Authority of India (SAIL) (down 1.85 per cent ) were trading with losses. The Nifty Metal index was trading 1.26 per cent down at 2493.1 around 10:58 am.
12 stocks hit 52-week highs on NSE
Around 12 stocks rose to touch their 52-week highs on NSE in Thursday's session. Among the stocks that touched their 52-week highs were Aavas Financiers, Agro Phos, BPCL, Chembond Chemicals, IGL, Max Financial Services, Polycab India and Rallis India. Benchmark NSE Nifty index was trading 27.90 points down at 11,971.20 while the BSE Sensex was trading 80.94 points down at 40,570.70.
Overall, 18 shares were trading in the green in Nifty50 index, while 32 were trading in the red.
BPCL down 2.4%, SCI slips 4% after Cabinet okays stake sale
BPCL was down 2.41 per cent at Rs 531.50, while SCI traded nearly 4 per cent lower at Rs 65.65. However, Container Corporation (Concor) of India was up 0.53 per cent at Rs 581.
Realty shares down; Indiabulls Real Estate dips 3%
Realty shares were trading with losses in Thursday's morning session. Shares of Indiabulls Real Estate (down 2.75 per cent ) , Brigade Enterprises (down 0.93 per cent ) and Godrej Properties (down 0.75 per cent ) were the top losers in the index. The Nifty Realty index was trading 0.16 per cent down at 273.50 around 10:18 am.
Indian equity investors are facing a great dilemma: benchmark stock indices hover near record highs when economic growth is near multi-quarter lows.
IT shares gain; HCL Tech up 1%
IT shares were trading higher in Thursday's morning session. Shares of HCL Technologies (up 0.98 per cent) , Tata Elxsi (up 0.43 per cent) , Tech Mahindra (up 0.39 per cent) and NIIT Technologies (up 0.33 per cent) were the top performers in the index. The Nifty IT index was trading 0.20 per cent up at 15,348.55 around 10:10 am.
Zee Entertainment shares rally 10% as promoters sell stake
Shares of Zee Entertainment hit the upper circuit in opening deals on Thursday after reports said 14.52 crore shares of the company changed hands in a block deal on the National Stock Exchange (NSE). The scrip rallied 10 per cent to Rs 337.85, while the benchmark BSE Sensex was down 25 points at 40,626. The Subhash Chandra-led Essel group on Wednesday said it was planning to sell 16.5 per cent stake in Zee Entertainment Enterprises (ZEEL) to financial investors in order to repay loan obligations to certain lenders of the group.
Performance among the sectoral indices on BSE
The BSE Telecom index was down 2 per cent. It was followed by Metal (down 0.58 per cent), Realty (down 0.48 per cent), Consumer Durables (down 0.29 per cent), Oil & Gas (down 0.28 per cent) and Power (down 0.20 per cent).
With a rally of over 10 per cent, Zee EntertainmentNSE 7.49 % emerged as the biggest gainer in the Nifty 50 pack. The scrip hogged limelight after reports said 14.52 crore shares of the company changed hands in a block deal on the National Stock Exchange (NSE).
Vodafone Idea with over 35.31 crore shares changing hands was leading among the most traded stocks on NSE on Thursday. Shares of Dish TV India (number of shares traded: 4.27 crore) , NCC (number of shares traded: 3.29 crore) , YES Bank (number of shares traded: 2.99 crore) , Zee Ent. (number of shares traded: 2.49 crore) , Reliance Comm (number of shares traded: 1.69 crore) , Reliance Power (number of shares traded: 1.14 crore) , Hind Const Co (number of shares traded: 1.12 crore) , UCO Bank (number of shares traded: 0.98 crore) and Alok Industries (number of shares traded: 0.79 crore) also featured among the most traded stocks on the NSE. ZEEL (Rs 851.35 crore) was leading the pack of most active stocks in value terms.
Corporation Bank, Reliance Capital among top losers on BSE
The domestic equity benchmark BSE Sensex was trading 20.63 points down at 40,631.01 on account of selling in frontline bluechip counters. Shares of Choice International (down 16.82 per cent) , Advance Metering (down 12.71 per cent) , Cosco (India) (down 10.52 per cent) , India Tourism (down 9.99 per cent) , Sambhaav Media (down 9.89 per cent), IST Ltd (down 9.05 per cent) , MediCaps Ltd (down 8.71 per cent) , Vijay Textiles (down 8.44 per cent) and Corporation Bank (down 7.22 per cent), Reliance Capital (down 5 per cent) were among the worst performers. In the Nifty pack, 19 stocks were in the green, while 31 stocks were in the red.
ZEEL, IRB Infra among top gainers on BSE
The domestic equity benchmark BSE Sensex was trading 181.94 points up at 40,651.64 on account of buying in frontline bluechip counters. Shares of Angel Fibers (up 20 per cent), Dredging Corp (up 20 per cent), Vimta Labs (up 19.98 per cent) , S Chand & Company Ltd. (up 19.97 per cent) , UCO Bank (up 19.96 per cent) , Tejas Networks (up 19.95 per cent) , CHD Chemicals (up 19.88 per cent) , Bharat Immunologicals (up 19.27 per cent) , Clarus Infra (up 19.25 per cent), Vodafone Idea (up 17.44 per cent), IRB Infra (up 14.28 per cent) and ZEEL (up 11.17 per cent) were among the top gainers. The Nifty 50 index was trading 59 points up at 11,999.10. Among the 50 components in the Nifty index, 29 shares were trading in the green, while 21 were in the red.
The rupee on Thursday opened 3 paise down at 71.84 against the US dollar amid rising crude oil prices and fresh concerns over US-China trade tensions that supported demand for the safe-haven greenback.
Pre-open session: Sensex up over 50 points, Nifty above 12,000; Rupee opens at 71.83 against US dollar
Tech view: Doji may disrupt the rally
Nifty on Wednesday failed to penetrate the 12,000-12,050 zone and saw paring of gains from the high of 12,038. This kept the index within the broader consolidation zone between 11,800 and 12,050 levels. In the process, a ‘Doji’ occurred. If the Doji occurs during a rally and near the high point, it may potentially disrupt the rally.
Singapore trading indicates negative start
Nifty futures on the Singapore Exchange traded 17 points, or 0.14 per cent, lower at 11,995, indicating a weak start for Dalal Street.
Asian shares down on trade concerns
Majority of Asian indices opened lower on Thursday, extending losses on Wall Street on revived concerns about a China-US trade deal after US lawmakers approved legislation to support Hong Kong civil rights. Hang Seng, Nikkei and Shanghai were down up to 1.75 per cent in the morning deals.
Oil prices fell in early trade
Oil prices retreated on Thursday as a spat over Hong Kong added to worries of a delay in any US-China trade deal, after posting steep gains in the previous session on bullish US crude inventory data. Brent crude futures fell 25 cents to $62.15 a barrel while WTI crude futures dropped 20 cents to $56.81
FIIs buy Rs 566.52 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers in capital market to the tune of Rs 566.52 crore on Wednesday, data available with NSE suggested. DIIs were also net buyers to the tune of Rs 183.41 crore, data suggests.
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