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Polycab
Shares of JSW Steel fell as much as 3.5 percent to Rs 250.80.
The stock resumed declines after a one-day breather and was the worst performer on NSE Nifty 50.
JSW Steel traded at 14 times its estimated earnings per share for the coming year, according to Bloomberg data. Of the shares traded on NSE, about 41 percent were at the ask price and 49 percent were at the bid.
Indian equity benchmarks continued to fluctuate between gains and losses, following a surprise pause in rate cut by Monetary Policy Committee.
The S&P BSE Sensex fell 0.2 percent to 40,758 and the NSE Nifty 50 fell 0.26 percent to 12,011. The broader markets represented by the NSE Nifty 500 Index traded little changed.
India’s Monetary Policy Committee unexpectedly keeps the benchmark repo rate unchanged at 5.15 percent. All 34 economists surveyed by Bloomberg as of Wednesday forecast a reduction, with the majority expecting a quarter-point cut, and the rest pegging reductions at between 15 to 50 basis points.
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European stocks ticked higher with U.S. equity-index futures on Thursday after a mostly positive session in Asia as investors weighed the prospects of America removing a scheduled tariff hike on Chinese imports in 10 days.
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Source: Bloomberg
Shares of DCM Shriram rose for the second day and advanced as much as 9.3 percent to Rs 374.90.
The company has commissioned 200 KLD distillery at Ajbapur on Dec. 3, according to its statement on the exchanges. “The total capacity of the company’s distillery after the said commissioning now stands at 350 KLD,” it added.
The stock traded at 6.8 times its estimated earnings per share for the coming year, according to Bloomberg data.
Shares of MAS Financial Services extended gains for the second consecutive trading session. The stock rose as much as 9.3 percent to hit an all-time high at Rs 785.
Trading volume was more than 13 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicting that the stock may be overbought.
The stock rose 7.7 percent in the past five days and returned 8.8 percent in the past 30 days.
Shares of Federal-Mogul Goetze extended declines for the second consecutive trading session. The stock fell as much as 10.1 percent, the most in 10 months, to Rs 534.
Of the shares traded on National Stock Exchange, about 39 percent were at the ask price and 54 percent were at the bid, according to Bloomberg data. Trading volume was almost six times its 20-day average, Bloomberg data showed.
Indian equity benchmarks recovered after falling in the afternoon session, following a surprise pause in rate cut by Monetary Policy Committee.
The S&P BSE Sensex rose 0.2 percent to 40,930 and the NS Nifty 50 rose 0.11 percent to 12,056.70. The broader markets represented by the NSE Nifty 500 Index traded little changed.
India’s Monetary Policy Committee unexpectedly keeps the benchmark repo rate unchanged at 5.15 percent. All 34 economists surveyed by Bloomberg as of Wednesday forecast a reduction, with the majority expecting a quarter-point cut, and the rest pegging reductions at between 15 to 50 basis points.
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Shares of Polycab extended gains for the fifth consecutive trading session. The stock rose as much as 10 percent to hit an all-time high at Rs 1,091.70.
Trading volume almost six times its 20-day average, according to Bloomberg data. The stock advanced 99 percent in the past 12 months compared to 14 percent rally in the Sensex.
Polycab traded at 24 times its estimated earnings per share for the coming year, Bloomberg data showed.
RBI Executive Director Michael Patra says:
India Top Shadow Banks Soothed by Yield-Hungry Global Funds
The timing of rate cut is important to ensure greatest impact rather than mechanically cutting interest rates, RBI Governor Shaktikanta Das says in response to BloombergQuint’s Ira Dugal’s question.
Indian equity benchmarks fluctuated between gains and losses to trade little changed after India’s Monetary Policy Committee keeps unexpectedly keeps repo rate unchanged.
India’s Monetary Policy Committee unexpectedly keeps the benchmark repo rate unchanged at 5.15 percent. All 34 economists surveyed by Bloomberg as of Wednesday forecast a reduction, with the majority expecting a quarter-point cut, and the rest pegging reductions at between 15 to 50 basis points.
Key highlights:
The Monetary policy committee’s surprise move of keeping the rate unchanged will be a negative factor for stocks, Bloomberg reported quoting Samco Securities’ Umesh Mehta.
“The RBI has thrown the ball back to the government for them to do whatever is required to kickstart the economy. From investing point of view nothing has changed. It’s still expected that markets will be higher and the revival will happen eventually. From a trading point of view this could act as a pause, that the market won’t move higher immediately,” the head of research told Bloomberg, adding that the move will open up opportunities as the pause rate cuts could result in stock market volatility.
Source: RBI Statement on Developmental and Regulatory Policies
MPC says:
RBI cuts growth forecast to 5 percent in 2019-20 and 5.9-6.3 percent in the fist half of the next fiscal.
India Bonds Drop Most in Two Months on RBI’s Surprise Rate Pause
Monetary Policy: MPC Surprises With Status-Quo On Rates Despite Growth Slump
Shares of InterGlobe Aviation resumed declines after a one-day breather. The stock fell as much as 3.5 percent to Rs 1,356.50.
IndiGo said it expects its capacity to grow by 22-23 percent for fiscal year 2020 as against earlier stated guidance of 25 percent announced during September quarter earnings. The company lowered its capacity growth guidance for the second time in last 45 days.
During the second-quarter earnings, IndiGo had lowered its capacity growth guidance to 25 percent from 30 percent for 2019-20.
Despite expected MTM forex losses, IndiGo expects profits in the third quarter to be similar to last year. RASK and CASK are expected to increase by about 4-5 percent in the ongoing quarter. It also expects capacity growth of 15-20 percent in March quarter.
Shares of Zee Entertainment extended gains for the second consecutive trading session. The stock rose as much as 5.2 percent to Rs 296.
Of the shares traded on NSE, about 44 percent were at the ask piece and 40 percent were at the bid, Bloomberg data showed. The stock declined 39 percent in the past 12 months compared to a 14 percent gain in the Sensex.
Nifty’s 12,100 call option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire today, fell 11.72 percent to Rs 12.80. Over 12.25 lakh shares were added to the open interest which stood at over 36.05 lakh shares.
Shares of Gayatri Projects rose as much as 4.9 percent to Rs 73.30.
The company’s arm offered to sell 6 percent stake in Sembcorp Energy to Sebcorp Utilities for Rs 406 crore. Both the parties have signed a non-binding term sheet with each other.
The analysts consensus price target tracked by Bloomberg was at Rs 179, implying a potential return of 144.5 percent from the current market price.
Shares of Vodafone Idea fell as much as 7.1 percent to Rs 7.20. The stock was the second-worst performer on NSE Nifty 500 Index.
Of the shares traded, 56 percent were at the ask price and 43 percent were at the bid, Bloomberg data showed. The stock advanced 11 percent in the past five days and rallied 75 percent in the past 30 days.
Shares of Bharti Airtel fluctuated between gains and losses to trade 1.7 percent to Rs 453.75.
The company planned to raise $3 billion or Rs 21,500 crore via debt and equity shares or convertible instruments. Via debt, the company will raise $1 billion or Rs 7,200 crore and via equity shares or convertible instruments $2 billion or Rs 14,300 crore. Equity issuance can lead to 6 percent dilution.
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Shares of Housing & Urban Development Corporation fell as much as 7.9 percent, the most since September 2018, to Rs 37.30.
The company said that two borrowing agencies of the company have defaulted in repayment of their dues with a default amount of Rs 87.46 crore against principal outstanding of Rs 869.4 crore and has been classified as non-performing assets with an impact of 1.14 percent on gross NPA.
Trading volume was 150 times its 20-day average, Bloomberg data showed. Of the shares traded on NSE, about 59 percent were at the ask price and 30 percent were at the bid.
Indian equity benchmarks opened higher, led by the gains in Reliance Industries Ltd. and ICICI Bank Ltd.
The S&P BSE Sensex rose 0.19 percent to 40,926 and the NSE Nifty 50 rose 0.19 percent to 12,066. The broader markets represented by the NSE Nifty 500 Index rose 0.18 percent.
The market breadth was tilted in favour of buyers. About 882 stocks advanced and 528 shares declined on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty PSU Bank Index’s 0.56 percent gain. On the flipside, the NSE Nifty Metal Index was the top sectoral loser, down 0.31 percent.
The Indian rupee fluctuated between gains and losses in the opening trade. The home currency traded little changed at 71.54 compared to yesterday’s close of 71.53 against the greenback.
Indian equity benchmarks are headed for a mixed start.
The S&P BSE Sensex rose 0.17 percent to 40,892 during the pre-market trade and the NSE Nifty 50 fell 0.3 percent to 12,013.
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