ICICI Bank, Infosys Help Nifty Halt Three-Day Fall

Indian equity benchmark—NSE Nifty 50—halted a three-day losing streak, led by the gains in ICICI Bank Ltd. and Infosys Ltd.

The 50-stock index rose 0.41 percent to close at 12,043.20 while the S&P BSE Sensex rose 0.43 percent to end at 40,750.29. The broader markets represented by the NSE Nifty 500 Index rose 0.4 percent.

The market breadth was tilted in favour of buyers. About 999 stocks advanced and 789 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty IT Index’s 1.7 percent advance.

Shares of Kotak Mahindra Bank rose as much as 0.3 percent to Rs 1,652. The stock is set to record high.

The scrip extended gains for the fourth consecutive trading session.

Mindtree

• Stock rose as much as 4.5 percent to Rs 749.
• Trading volume was more than 10 times its 20-day average.

Larsen & Toubro Infotech

• Stock rose as much as 4.2 percent to Rs 1,684.75.
• Trading volume was more than six times its 20-day average.

Emami

• Stock rose as much as 1.9 percent to Rs 318.20.
• Trading volume was almost five times its 20-day average.

CSB Bank

• Company listed at a premium of 41 percent at Rs 275 per share on National Stock Exchange, compared to its issue price of Rs 195 apiece.
• The stock rose as much as 56 percent to Rs 304 thereafter.

Ramco Systems

• Stock rose as much as 3.4 percent to Rs 194.40.
• The company’s Dubai arm secures order from Middle East MNC to implement warehouse management services in Saudi Arabia.

Eris Lifesciences

• Stock rose as much as 3.6 percent to Rs 449.45.
• The company bought diabetic drug trademark from Novartis for $13 million.

Apollo Hospitals

• Stock rose as much as 4.9 percent to Rs 1,472.85.
• Fresh longs seen with high open interest of 13 percent.
• Trading volume was two times its 20-day average.

Indian equity benchmarks reversed losses during the last-hour trade.

The S&P BSE Sensex rose 0.13 percent to 40,724.44 and the NSE Nifty 50 rose 0.13 percent to 12,009. The broader markets represented by the NSE Nifty 500 Index rose 0.15 percent.

Shares of Gujarat Fluorochemicals extended gains for the second consecutive trading session. The stock rose as much as 10.2 percent to Rs 498.30.

The analysts 12-month consensus price target tracked by Bloomberg stood at Rs 575, implying a potential upside of 17.8 percent from the current market price.

U.S. equity-index futures slipped along with shares in Asia, while stocks in Europe edged higher as President Donald Trump kept investors guessing about the likelihood of a trade truce with China before this month’s tariff deadline.

• The Stoxx Europe 600 Index gained 0.2 percent.
• Futures on the S&P 500 Index decreased 0.2 percent.
• The U.K.’s FTSE 100 Index dipped 0.2 percent.
• The MSCI World Index was little changed.
• The MSCI Emerging Market Index sank 0.4 percent.

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Source: Bloomberg

The offer-for-sale of shares in HDFC Asset Management Company was subscribed 49.65 percent as of 2:10 p.m., according to data available on Bombay Stock Exchange.

The company’s promoter Standard Life Investments proposed to sell 47.5 lakh shares or 2.23 percent equity, with an option to sell additional 38.5 lakh shares or 1.81 percent equity.

The floor price has been set at Rs 3,170 per share, which is at a discount of 8 percent to current closing price of Dec. 3. Standard Life Investments has 29.94 percent stake in the company as per recent exchange filing.

Shares of the Mukesh Ambani-led conglomerate declined 2.9 percent intraday, its biggest intraday slide since October, to Rs 1,533.75 apiece.

However, the stock has advanced 33 percent in the past 12 months compared to a 12 percent gain in the Sensex.

Shares of the Tata-Group firm rose as much as 6.1 percent to Rs 167.75 apiece.

Automaker Tata Motors Ltd. has decided to increase prices of its passenger vehicles from January, primarily to offset costs incurred for upgrading engines to the latest emission standards.

This comes as Maruti Suzuki India announced car price hikes, which come into effect January, to offset rising input costs, on Tuesday. Other automakers like Toyota, Mahindra and Mahindra Ltd are likely to follow suit.

The stock traded 60 times its estimated earnings per share for the coming year, Bloomberg data showed.

The Cabinet has approved umbrella bond ETF through which government hopes to diversify investor base by bringing in more retail investors, Sitharaman said.

Key highlights from cabinet decisions:

• Cabinet approves launch of Bharat Bond Exchange Traded Fund
• Fund to provide additional money for CPSUs, CPSEs & other government organisations
• Bharat Bond ETF would be the first corporate bond ETF in the country
• Bond ETF can be subscribed by retail investors.
• Units bought by retail investors will be tradeable.
• Each unit will not be more than Rs 1,000.

Catch all the updates on cabinet briefing here:

Indian equity benchmarks traded lower after fluctuating between gains and losses.

The S&P BSE Sensex fell 0.16 percent to 40,606 and the NSE Nifty 50 fell 0.16 percent to 11,975.60. The broader markets represented by the NSE Nifty 500 Index fell 0.13 percent.

Eight out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU bank Index’s 1.2 percent gain. On the flipside, the NSE Nifty Metal Index as the top sectoral loser, down 0.8 percent.

The IHS Markit India Services Index rose to 52.7 in November from 49.2 in October. The composite PMI rose to 52.7 from 49.6.

In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

Shares of ICICI Bank rose as much as 2.9 percent to hit an all-time high at Rs 524.30. That comes after brokerage firms Nomura and UBS hiked their price target on the stock.

Here’s what analysts had to say:

UBS

• Maintained ‘Buy’; hiked price target to Rs 620 from Rs 570.
• All divisions focusing on risk calibrated pre-provisioning operating profit.
• Digital helping gain market share with better cost efficiency.
• Improving profitability will lead to further rerating for the stock.

Nomura

• Maintained ‘Buy’; hiked price target to Rs 645 from Rs 610.
• Bank is building sustainable income avenues.
• Increased granular income streams across businesses, de-risked its corporate asset book and focus remains on growing core pre-provisioning operating profit.
• Expect core PPOP to record +19 percent CAGR over FY19-22.

Indian equity benchmarks reversed opening losses.

The S&P BSE Sensex rose 0.1 percent to 40,714 and the NSE Nifty 50 rose 0.07 percent to reclaim 12,000-mark. The broader markets represented by the NSE Nifty 500 Index rose 0.1 percent.

Shares of ICICI Securities extended gains for the second consecutive trading session. The stock rose as much as 2.6 percent to Rs 353, its highest level since August 2018.

The scrip returned 4.3 percent in the past five days and 7 percent in the past 30 days.

Shares of CEAT fluctuated between gains and losses to trade little changed at Rs 930.

About 3,52,098 shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Of the shares traded, 48 percent were at the ask price and 40 percent were at the bid, according to Bloomberg data. The stock traded at 15 times its estimated earnings per share for the coming year.

Shares of HDFC Asset Management fell as much as 3.3 percent to Rs 3,329.

The company’s promoter Standard Life Investments proposed to sell 47.5 lakh shares or 2.23 percent equity, with an option to sell additional 38.5 lakh shares or 1.81 percent equity.

The floor price has been set at Rs 3,170 per share, which is at a discount of 8 percent to current closing price of Dec. 3. Standard Life Investments has 29.94 percent stake in the company as per recent exchange filing.

Indian equity benchmarks opened lower, in line with Asian peers on heightened uncertainty over this month’s upcoming tariff deadline.

The S&P BSE Sensex fell 0.3 percent to 40,562 and the NSE Nifty 50 fell 0.29 percent to 11,958. The broader markets represented by the NSE Nifty 500 Index fell 0.34 percent.

The market breadth was tilted in favour of sellers. About 856 stocks declined and 543 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index’s 1.8 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.5 percent.

Index Futures

• Nifty December futures closed at 12,046.4, premium of 52 points versus 43.2 points.
• Nifty December futures series open interest up 1 percent, adds 78,000 shares in open interest.
• Nifty Bank December futures closed at 31,711, premium of 97.9 points versus 49.9 points.
• Nifty Bank December futures series open interest down 3 percent, sheds 45,000 shares in open interest.

Options

• Nifty PCR at 1.30 versus 1.44 (across all series).

Nifty Weekly Expiry: Dec. 5

• Max open interest on call side at 12,100 (31.2 lakh shares).
• Max open interest on put side at 12,000 (20.9 lakh).
• open interest addition seen in 12,000C (+11 lakh shares), 11,950P (+4.3 lakh shares).

Nifty Monthly Expiry: Dec 26

• Max open interest on call side at 12,500 (18.7 lakh shares).
• Max open interest on put side at 12,000 (31.7 lakh shares).

• GTL Infrastructure to move into short term ASM Framework.
• Mukand Engineers, Nitco, Zee Learn, NHC Foods to move out of short term ASM Framework.
• Mahamaya Steel, Jaiprakash Associates, Jaiprakash Power Ventures, Sterling and Wilson Solar price band revised to 5 percent.

The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.16 percent to 71.80 against the greenback.

Indian equity benchmarks are set to open lower.

The S&P BSE Sensex traded little changed at 40,651 during the pre-market trade and the NSE Nifty 50 fell 0.65 percent to 11,916.80.

• Ujjivan Small Finance Bank IPO, gets 486 percent demand on the second day of sale. The offer closes today.
• CSB Bank shares to start trading on stock exchanges after IPO gets 86.9 times demand at Rs 195 per share.
• HDFC AMC's promoter Standard Life Investments proposed to sell 47.5 lakh shares or 2.23 percent equity, with an option to sell additional 38.5 lakh shares or 1.81 percent equity. The floor price has been set at Rs 3,170 per share, which is at a discount of 8 percent to current closing price of Dec. 3. Standard Life Investments has 29.94 percent stake in the company as per recent exchange filing.

• Bajaj Finance said that company’s current exposure to Karvy Stock Broking is approximately Rs 312 crore, which is against the pledge of listed shares. The company had filed an appeal before the Securities Appellate Tribunal against the unilateral action taken by NSDL for release of valid pledge created by Karvy Stock Broking pursuant to order of Securities and Exchange Board of India. SAT had directed SEBI to grant a personal hearing to the Company on the basis of the representation made earlier. The tribunal also directed that any transfer of remaining securities from DP Account of Karvy Stock Broking shall remain suspended.
• Eris Lifesciences acquired trademark ‘Zomelis’ from Novartis for Indian pharma market for $13 million.
• Piramal Enterprises: Piramal Pharma Solutions announced collaboration with BerGenBio on the development of FDA fast track designated Leukemia treatment, according to Bloomberg report.
• Natco Pharma completed the acquisition 12.81 percent stake in OMRV Hospital for Rs 5 crore.
• Punjab & Sind Bank: Board will meet on Dec. 6 to revalidate the approval for a further period of twelve months for QIP Issue of Rs 500 crore.
• Steel Strips Wheels November total wheel rim sales fell 2 percent to 12.52 lakh units versus 12.78 lakh units.
• Equitas Holdings: Equitas Small Finance Bank hiked interest rate up to 8.25 percent on fixed deposit with effect from Dec. 2.
• Nestle: Board declared an interim dividend of Rs 55 per share. Record date set at Dec. 11.
• IRB Infra will consider raising funds via non-convertible debentures on Dec. 6.
• RBL Bank: Shareholders will meet on Dec. 27 to issue and allot equity shares on preferential basis.
• Ricoh India delisting exit offer price set at Rs 50 per share.
• NBCC submitted revised resolution plan for Jaypee Infratech on Dec. 3
• One Point One Solutions: Yes Bank sold its entire stake of 13.77 lakh shares, equal to 5.49 percent, in the company.

• Markit India services and composite PMIs for October to be released at 10:30 a.m.

• The S&P 500 Index fell for a third day, though it pared some of its losses in afternoon trading.
• Oil rose for a third day before this week’s OPEC+ meeting that could lead to deeper supply cuts by some of the world’s biggest crude producers, and after a report that showed U.S. supplies likely tightened in the past week.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.29 percent to 12,015.50 as of 8:36 a.m.

The risk-off tone that’s engulfed global markets continued today as Asian stocks slid on heightened uncertainty over this month’s upcoming tariff deadline.

Australia’s main share index fell about 1.5 percent while losses were more modest in South Korea, Hong Kong and Japan.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.