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Indian equity benchmarks halted their record closing streak ahead of the release of quarterly GDP growth data.
The S&P BSE Sensex fell 0.82 percent or 336.36 points to 40,793.81 and the NSE Nifty 50 fell 0.78 percent to 12,056. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.
The Nifty may witness correction if it extends today's decline, according to Kunal Rambhia.
“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.
The market breadth was tilted in favour of sellers. About 901 stocks declined and 867 shares advanced on National Stock Exchange.
Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 2.5 percent fall. On the flipside, the NSE Nifty Realty Index was the only sectoral gainer, up 0.98 percent.
Home First Finance plans to raise as much as Rs 1,500 crore, which includes Rs 1,100 crore worth of shares offered for sale by founders and existing investors though initial public offering, Bloomberg reported quoting its draft red herring prospectus on issue manager Axis Capital’s website.
The proceeds from the issue will be used for future capital requirement, the report added.
Adani Ports & SEZ
Adani Gas
Varroc Engineering
Future Retail
IDFC First Bank
India's equity benchmark—NSE Nifty 50—may witness correction if it extends today's decline, according to Kunal Rambhia
“The markets are witnessing profit booking today. If we see a decline on Monday too, The Nifty could be heading towards 300-point correction,” the founder and fund manager at The Streets told BloombergQuint in an interaction.
Shares of the financial services firm rose as much as 4.1 percent to Rs 114.60 each—its highest level over the last 12 months.
The company’s lending arm Aditya Birla Finance listed its commercial paper due Feb. 7 on National Stock Exchange. The commercial paper is worth Rs 100 crore which yields at 5.38 percent, according to a Bloomberg report.
The relative strength index on the stock was above 70, indicating it may be overbought.
About 14 lakh shares of Adani Ports and SEZ changed hands in a bunched trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of the Gautam Adani led-group firm rose as much as 3.1 percent to Rs 384.30 each.
Source: Bloomberg
Shares of Gayatri Projects extended gains for the fourth consecutive trading session. The stock rose as much as 9.9 percent to Rs 69.55.
Trading volume was more than three times its 20-day average, Bloomberg data showed. Of the shares traded, 35 percent were at the ask price and 39 percent were at the bid.
The scrip advanced 20 percent in four days and is set for its longest stretch of gains in over a month.
Indian equity benchmarks extended opening declines to trade at day’s low.
The S&P BSE Sensex fell 0.8 percent or over 350 points to 40,769.41 and the NSE Nifty 50 fell 0.8 percent to 12,051. The broader markets represented by the NSE Nifty 500 Index fell 0.57 percent.
Shares of Yes Bank extended gains for the third consecutive trading session. The stock rose as much as 5.6 percent to Rs 74.
The Mumbai-based lender plans to consider raising funds in its board meeting today. The bank has approved as accredited entity by Green Climate Fund to help mobilise Climate Finance in India.
Besides, brokerage and research firm Edelweiss upgraded the stock rating to ‘buy’ from ‘hold’ and hiked the price target to Rs 101 from Rs 70.
Here’s what Edelweiss had to say:
Shares of PNB Housing Finance fell as much as 2.5 percent to Rs 540.10.
That comes after brokerage firm Goldman Sachs initiated ‘sell’ rating on the stock with a price target at Rs 458.
Here’s what the research firm had to say:
Among the 20 analysts tracked by Bloomberg, 11 have a ‘buy’ rating on the stock, while six have a ‘hold’ rating and three have a ‘sell’ call.
Nifty’s 12,100 put option contract was among the most active Nifty option contracts on National Stock Exchange.
Premium on the contract, which is set to expire on Dec. 5, rose 47.55 percent to Rs 82.85. Over 1.94 lakh shares were added to the open interest which stood at over 15.41 lakh shares.
About 50 lakh shares of Adani Ports and SEZ changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Shares of Indiabulls Housing Finance advanced for the third consecutive trading session. The stock advanced 45 percent during the period.
Today, the stock rose as much as 12.5 percent to Rs 376.70, the highest since Sept. 27, 2019.
The company has informed exchanges that MCA has filed an affidavit in Delhi High Court that said, “As far as the loans given by Indiabulls Housing to five companies, viz, DLF, Amricorp, Vatika, ADAG and Chordia which are the subject matter of the instant Writ Petition, the report states that loans given to Amricorp, ADAG and DLF have been repaid and loans given to other two entities viz Vatika and Chordia reported to be Standard Accounts.”
Trading volume was more than four times its 20-day average, Bloomberg data showed.
Shares of Reliance Capital rose as much as 4.8 percent to Rs 16.50.
About 35 lakh shares of the company changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.
Besides, the company has delayed payments of interest, principal obligations due on Nov. 27 on non-convertible debentures, according to its stock exchange notification.
Trading volume was seven times its 20-day average, Bloomberg data showed. The stock declined 93 percent in the past 12 months compared to 15 percent advance in the Sensex.
Shares of Aurobindo Pharma resumed gains after a one-day blip. The stock rose as much as 2.7 percent to Rs 461.85.
The drugmaker’s U.S. arm entered into an agreement to acquire certain business assets from Profectus BioSciences for $11.29 million, according to its stock exchange filing. The target company is a clinical vaccine development company. The transaction expected to be completed by first half of 2020, the statement added.
The stock rose in four out of five sessions this week. Of the shares traded, 42 percent were at the ask price and 35 percent were at the bid, Bloomberg data showed.
Shares of Future Consumer rose as much as 15.8 percent to Rs 29.30 while shares of Future Retail rose as much as 18.5 percent to Rs 389.40.
The Competition Commission of India on Thursday approved Amazon.com NV Investment Holdings’s proposal to acquire about 49 percent stake in Future Coupons Ltd., a promoter group entity of Future Retail Ltd. (Read the full story here)
Amazon.com NV Investment Holdings—the investment arm of the U.S.-based retailer—had entered into an agreement on Aug. 23 with the promoters of Future Group buy a 49 percent stake, comprising both voting and non-voting shares, in Future Coupons.
Shares of Bharti Infratel swung to gain as much as 10.6 percent to Rs 283.30 from a fall of as much as 7.3 percent.
The stock had ended 14 percent higher yesterday. Trading volume was 3,325 times its 20-day average, according to Bloomberg data. Bharti Infratel traded at 15.3 times estimated forward earnings per share compared to 20.5 times for the two-year historical average.
Indian equity benchmarks opened lower after gaining for two consecutive trading sessions.
The S&P BSE Sensex fell 0.2 percent to 41,033 and the NSE Nifty 50 fell 0.29 percent 12,116. The broader markets represented by the NSE Nifty 500 Index fell 0.19 percent.
The market breadth, however, was tilted in favour of buyers. About 808 stocks advanced and 566 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 0.39 percent fall. On the flipside, the NSE Nifty Media Index was the top sectoral gainer, up 0.3 percent.
The Indian rupee opened lower against the U.S. dollar. The home currency depreciated as much as 0.08 percent to 71.65 percent against the greenback.
Indian equity benchmarks are set for a tepid start.
The S&P BSE Sensex traded little changed at 41,166.14 and the NSE Nifty 50 rose 0.2 percent to 12,176.
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