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  • Nifty fails to hold 12,000 mark

    Stocks ended with small gains in the recently concluded week as gains triggered by signs of progress in U.S.-China trade relations were mostly offset by Moody's downgrading India's outlook to negative from stable. The Nifty settled below the psychological 12,000 mark after rising above that level during the week. The secondary indices underperformed the key benchmark indices.

    In the week ended on Friday, 8 November 2019, the Sensex rose 158.58 points or 0.39% to settle at 40,323.61. The Nifty 50 index rose 17.55 points or 0.15% to settle at 11,908.15.

    The BSE Mid-Cap index fell 159.47 points or 1.07% to settle at 14,731.11. The BSE Small-Cap index fell 126.17 points or 0.93% to settle at 13,474.75.

    Key equity indices gained on Monday, 4 November 2019, supported by positive global cues. The barometer index, the BSE Sensex rose 136.93 points, or 0.34%, to 40,301.96. The Nifty 50 index rose 54.55 points, or 0.46%, to end at 11,945.15.

    Key equity indices declined on Tuesday, 5 November 2019, as investors locked profits after seven-day rising streak. The barometer index, the BSE Sensex fell 53.73 points or 0.13% to close at 40,248.23. The Nifty 50 index fell 24.10 points or 0.20% to close at 11,917.20.

    Indices reversed early losses and ended in the green on Wednesday, 6 November 2019. Positive global cues supported sentiment. The barometer index, the BSE Sensex rose 221.55 points or 0.55% to close at 40,469.78. The Nifty 50 index rose 48.85 points or 0.41% to 11,966.05.

    The benchmark indices extended gains for second straight session on Thursday, 7 November 2019, reacting to development on the US-China trade front. Media reports suggested that China and the U.S. have agreed to roll back tariffs on each other's goods in phases as they work toward a deal between the two sides. The barometer index, the BSE Sensex rose 183.96 points or 0.45% to close at a 40,653.74, its record closing high level. The Sensex scaled fresh all time high of 40,688.27 at the fag end of the trading session. The Nifty 50 index rose 50.05 points or 0.42% to 12,016.10. The Nifty closed above the crucial 12,000-mark for the first time since 4 June 2019.

    On Friday, 8 November 2019, the market reversed two-rising streak amid broad based selling pressure on Friday. Sentiment was affected after Moody's cut India's credit ratings outlook to negative from stable, citing the government's struggle to lift economic growth and narrow the budget deficit. Investors also mirrored negative global stocks amid uncertainty about the ongoing China-US trade war. The barometer index, the BSE Sensex fell 330.13 points or 0.81% to close at a 40,323.61. The Sensex scaled fresh all time high of 40,749.33 in afternoon trade. The Nifty 50 index fell 103.90 points or 0.86% to 11,908.15.

    On the equity front, Housing Development Finance Corporation (HDFC) advanced 4.79%. On a standalone basis, HDFC reported 60.58% increase in net profit to Rs 3,961.53 crore on a 19.87% increase in total income to Rs 13,494.12 crore in Q2 September 2019 over Q2 September 2018. HDFC reported 80.38% jump in consolidated net profit to Rs 10,388.61 crore on a 43.14% increase in total income to Rs 32,850.89 crore in Q2 September 2019 over Q2 September 2018.

    During the quarter ended 30 September 2019, HDFC sold 6,74,00,000 equity shares of GRUH Finance. This resulted in a pre-tax adjusted gain of Rs 8,000.29 crore in the consolidated financial results. The corporation has recognised such gains as realised gain of Rs 1,473.75 crore on sale of shares and the net unrealised gain of Rs 6,526.54 crore being fair value of the retained investment in GRUH. HDFC still holds 38% in GRUH. The result was announced during market hours on Monday, 4 November 2019.

    Yes Bank rose 3.60%. The bank reported net loss of Rs 600.08 crore in Q2 September 2019 as compared to net profit of Rs 964.70 crore in Q2 September 2018. Total income fell 4.28% to Rs 8,332.21 crore in Q2 September 2019 over Q2 September 2018. Yes Bank's overall profitability was hurt by a deferred tax asset (DTA) impact that resulted in a one-time additional charge of Rs 708.61 crore arising on account of change in corporate tax rate regime. The result was announced after market hours on Friday, 1 November 2019.

    According to the bulk deal data, Rakesh Jhunjhunwala, purchased 1,29,50,000 shares, or 0.51% stake, in Yes Bank at an average price of Rs 67.10 on the BSE on 4 November 2019.

    IT major Infosys gained 2.97%. The company responded to NSE email on whistle-blower complaints. Last month an anonymous whistleblowers accused the chief executive officer (CEO) Salil Parekh and chief financial officer (CFO) Nilanjan Roy of "unethical practices". The National Stock Exchange (NSE) sought clarification from the company on 22 October 2019 with reference to whistleblower complaints. Infosys clarified on 2 November 2019 that the anonymous complaints make certain allegations. There is no supporting evidence to substantiate the allegations. The anonymous complaints were placed before the audit committee and the non-executive members of the board, in accordance with the whistleblower practice of the company. Further, given the circumstances at this stage, where there is complete absence of prima facie evidence and the anonymous complaints are still under investigation, the company is not in a position to determine the concreteness, credibility and materiality of the anonymous complaints. In light of the above, no disclosure is required to be made, Infosys said.

    IT major Infosys' chairman Nandan Nilkeni said that co-founders had no role in the whistleblower complaints. The company said it strongly condemns the mischievous insinuations made by anonymous sources against the co-founders and former colleagues, suggesting their involvement in the recent whistleblower allegations. According to Nandan Nilekani, chairman, Infosys, These speculations are appalling and seem to be aimed at tarnishing the image of some of the most accomplished and respected individuals. I have deep regard for the life-long contribution of all our cofounders. They have built this institution and have served this company selflessly and even on Wednesday, remain committed to the long-term success of Infosys. As previously stated, the audit committee has appointed an external law firm to conduct an independent investigation into the allegations made in the complaints. The firm will share the outcome of the investigation at the relevant time with all stakeholders, the company added in its statement.

    Tata Motors declined 3.29%. The auto maker's total sales in the domestic & international market fell by 33.58% to 41,354 units in October 2019 as compared to 62,264 units during October 2018. The announcement was made after trading hours on Friday, 1 November 2019.

    Titan Company slumped 11.15%. The company's net profit rose 1.83% to Rs 320.16 crore on 0.4% rise in net sales to Rs 4,370.82 crore in Q2 September 2019 over Q2 September 2018. Revenue growth during the quarter was impacted substantially by the decline in the revenues of the jewellery division due to the sudden spike in gold prices in June 2019. The result was announced after trading hours on Tuesday, 5 November 2019.

    Hero MotoCorp fell 2.23%. The board of directors of Hero MotoCorp has considered and approved an investment of upto Rs 450 crore in its associate company, Hero FinCorp (HFCL) by subscribing to the issue of shares by way of private placement in one or more tranches. The announcement was made after market hours on Tuesday, 5 November 2019.

    Drug major Cipla was down by 1.31%. Net profit rose by 25% to Rs 471 crore on a 10% in total revenue from operations to Rs 4,395.78 crore in Q2 September 2019 over Q2 September 2018. EBITDA jumped by 21% to Rs 909 crore in Q2 September 2019 as compared to Rs 753 crore in corresponding quarter in the last fiscal. Revenue and EBITDA growth were aided by growth across key businesses. The announcement was made during market hours on Wednesday, 6 November 2019.

    Drug major Sun Pharmaceutical Industries slipped 3.59%. Consolidated net profit stood at Rs 1,064.09 crore in Q2 September 2019 over a net loss of Rs 269.60 crore in Q2 September 2018. The consolidated net sales jumped 16.10% to Rs 7,949.19 crore in Q2 September 2019 over Q2 September 2018. The announcement was made during trading hours on Thursday, 7 November 2019.

    Tata Steel fell 0.51%. On consolidated basis, the steel major reported a 6% rise in net profit to Rs 3,302.31 crore on the back of one time deferred tax gain of Rs 4,365.33 crore in Q2 September 2019. Adjusted profit after extra-ordinary item fell 10.88% to Rs 3,123.65 crore in Q2 September 2019 over Q2 September 2018. Net sales fell 15.77% to Rs 33,953.75 crore during the period under review. Adjusted EBITDA dropped 46% to Rs 3,817 crore on YoY basis. The company had a favorable tax impact of Rs 4,233 crore of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries. The announcement was made after market hours on Wednesday, 6 November 2019.

    Power Grid Corporation of India was down by 2.84%. The company reported 9.49% rise in consolidated net profit to Rs 2,571.10 crore on 2.34% fall in total income to Rs 9,659.79 crore in Q2 September 2019 over Q2 September 2018. The result was announced after market hours on Thursday, 7 November 2019.

    Bharat Petroleum Corporation (BPCL) fell 3.26%. BPCL reported 2.68% rise in consolidated net profit to Rs 1,502.63 crore on 10.99% fall in total income to Rs 65,015.28 crore in Q2 September 2019 over Q2 September 2018. The result was announced during trading hours on Friday, 8 November 2019.

    On the domestic macro front, the IHS Markit India Services Business Activity Index rose to 49.2 in October 2019 from 48.7 in September 2019.

    The Composite PMI Output Index fell from 49.8 in September 2019 to 49.6 in October 2019.

    Fitch Solutions has raised India's fiscal deficit forecast to 3.6% of the GDP for this fiscal year, from 3.4% previously, due to weak revenue collections resulting from sluggish economic growth and government's sweeping corporate tax rate cut.

    Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019/20 Union Budget due to weak goods and services tax (GST) and corporate income tax collections. The figures were announced on Wednesday, 6 November 2019.

    On Friday, 8 November 2019, credit rating agency Moody's lowered nation's outlook to negative from stable, while retaining the issuer rating at Baa2. The rating agency said its decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses, leading to a gradual rise in the debt burden from already high levels. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

    Finance Minister Nirmala Sitharaman on Thursday chaired a meeting with members of the Financial Stability and Development Council (FSDC). The FSDC is an apex-level body constituted, with an aim to strengthen and institutionalise the mechanism of maintaining financial stability and financial sector development among others, by the government of India with the finance minister as its head.

    The body also includes the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA) as its members along with finance ministry officials. The last meeting of the FSDC was held on June 19, in which the global and domestic economic situation and financial stability issues including, inter-alia, those concerning banking and NBFCs were reviewed among others.

    On the political front, India on Monday declined to join a 16-nation grouping led by China known as the Regional Comprehensive Economic Partnership (RCEP).

    RCEP is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners. The pact aims to create an integrated market with 16 countries, making it easier for products and services of each of these countries to be available across this region. The RCEP countries include the 10 members of the Association of Southeast Asian Nations, plus China, Japan, South Korea, Australia and New Zealand.

    A summit of the leaders of RCEP left open the door for India to still join if it can resolve issues before the deal is set to be signed in 2020. The announcement was made on Tuesday, 5 November 2019.

    Overseas, a private survey of China's services sector showed activity slowing to a eight month low in October. The Caixin/Markit services Purchasing Managers' Index (PMI) for October came in at 51.1 - its lowest reading since February. The 50-point level separates expansion from contraction in PMI readings.

    U.S. nonfarm payrolls rose by 128,000 in October, a Labor Department report showed, overshadowing data showing a contraction in the manufacturing sector for the third straight month.

    New data published by the British Retail Consortium (BRC) on Tuesday, 5 November 2019, showed that consumer spending in the U.K. saw its strongest year-over-year increase in October for six months. However, the organization warned that sales growth over a 12-month period fell to a new low of 0.1%. PMI data from IHS Markit showed that the euro zone's manufacturing sector continued to contract during October.

    In Europe, German exports posted their biggest rise in almost two years in September, data showed on Friday, 8 November 2019.

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Flash News 14-Nov-2019
  •  ( 17:00) Nifty reclaims 11,850 level; Sensex rises 170 pts  
  •  ( 15:55) Vedanta consol. Q2 PAT up by 43.68% to Rs 2,730 cr. Y-o-Y  
  •  ( 13:48) R. Damani buys 2.7 lakh equity shares or 1.75% stake of VST Industries  
  •  ( 13:34) Asian Markets continue on losing streak  
  •  ( 13:33) European Markets open lower  
  •  ( 13:33) Nifty nears 11,850  
  •  ( 12:40) Nifty holds 11,800  
  •  ( 12:39) Wholesale inflation at 0.16% in October  
  •  ( 12:10) IRCON International consol. Q2 PAT down by 4.35% to Rs 82.82 cr.  
  •  ( 11:43) Indices trade near day's high  
  •  ( 11:41) Nifty above 11,850  
  •  ( 11:33) IRCTC H1FY2020 PAT up by 14.01% to Rs 172.15 cr. Y-o-Y  
  •  ( 11:03) RITES reports 112% jump in Q2 net profit YoY  
  •  ( 11:02) NALCO registers a consolidated net loss of Rs 28.25 cr. this quarter  
  •  ( 09:40) Negative market breadth  
  •  ( 09:25) Market trading lower  
  •  ( 08:39) Greaves Cotton acquires Ampere Vehicles   
  •  ( 08:19) Most Asian stocks trading higher  
  •  ( 08:03) Dow and S&P 500 close at new records  
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14 November 2019 00:00
1775.10
(0.27 %)
715.85
(0.79 %)
3234.40
(0.93 %)
4211.95
(1.65 %)
362.65
(-1.59 %)
2225.10
(0.79 %)
1148.55
(0.48 %)
1273.70
(1.25 %)
2590.70
(0.08 %)
2069.65
(-1.01 %)
498.75
(2.67 %)
1374.40
(-2.79 %)
705.35
(2.04 %)
253.95
(0.00 %)
1597.50
(-0.50 %)
1381.05
(-0.85 %)
578.60
(0.66 %)
7247.10
(1.28 %)
118.55
(0.25 %)
136.25
(-1.38 %)
188.00
(-0.61 %)
1463.40
(-0.58 %)
306.10
(-0.15 %)
410.05
(-0.40 %)
167.00
(-2.11 %)
76.70
(-2.29 %)
391.95
(-1.23 %)
2195.60
(0.78 %)
759.00
(0.31 %)
143.95
(-2.90 %)
68.75
(0.73 %)
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