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Stock Market Highlights: Market ends higher, Nifty closes above 12,870; Tata twins surge over 6%

Stock Market Highlights: Market ends higher, Nifty closes above 12,870; Tata twins surge over 6%

Stock Market Highlights: Market ends higher, Nifty closes above 12,870; Tata twins surge over 6%
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Stock Market Highlights: Indian indices closed higher on Tuesday tracking global peers over news of another promising coronavirus vaccine lifted hopes. The Sensex closed 315 points higher to 43,952.71 while the Nifty50 index settled at 12,874.20, up 94 points. Tata Motors and Tata Steel remained the top contributors to the Nifty50 index. 

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Closing Bell: Sensex, Nifty end at record close led by banks, metal stocks; Tata Steel up 6%

Indian shares ended at record closing highs on Tuesday after a long weekend, following gains in Asian peers, as news of another promising coronavirus vaccine lifted hopes.

Investor sentiment was given a boost when US drugmaker Moderna said its experimental COVID-19 vaccine was 94.5 percent effective in preventing infection.

The Sensex rose 315 points to end at a new closing high of 43,952.7 while the Nifty was up 94 points to settle at a record close of 12,874. In intraday deals as well, the benchmarks hit new highs. The Sensex surged as much as 523 points to its new all-time high of 44,161 while the Nifty rallied 154 points to its fresh high of 12,934.

Markets had eked out modest gains in a one-hour special “muhurat” trading session for Diwali on Saturday and were closed on Monday.

On the Nifty50 index, Tata Motors, Tata Steel, HDFC Life, SBI and Adani Ports were the top gainers while BPCL, Hero Moto, NTPC, IOC and ONGC led the losses.

Broader markets were also positive for the day with the Nifty Midcap index hitting its 52-week high, up over 1 percent and the Nifty Smallcap index up 0.3 percent.

Among sectors, Nifty Metal rose the most, up 2.3 percent while Nifty Bank and Nifty Fin Services were up around 2 percent each. Nifty Auto also added 1 percent. However, the FMCG, IT, and pharma indices ended in the red for the day.

CARE affirms Asahi Songwon credit rating at AA- with stable outlook: CARE Ratings has reviewed the ratings on the bank facilities of the Company and reaffirmed that rating for the Long-Term Bank Facilities, Long-Term/Short-Term Bank Facilities and Short-Term Bank Facilities.

Goldman Sachs revises #India’s FY21 GDP target, now expects 10.3% contraction Vs earlier forecast of 14.8% contraction. It sees GDP growth rebounding to 13% in FY22.

Continue to like real estate; underweight on consumer staples, says Mirae’s Rahul Chadha


Rahul Chadha, CIO of Mirae Asset Global Investments Hong Kong in an interview with CNBC-TV18 said that he continues to like the real estate space but is underweight on consumer staples. “Real estate is a sector which has been most attractive in the last 20 years and with reflation coming through, should benefit the sector. We have seen consolidation post-GST, demonetization, etc. We continue to like IT as well,” he said. He further said that he expects cyclical, metals and materials stocks to do well as the Indian economy recovers. He also expects broader markets to catch up with frontline indices. For more, watch video

October MF trends: Private banks' weightage recovers, IT scales another new high

Equity mutual funds witnessed outflow for the fourth consecutive month in October with investors moving out Rs 2,725 crore compared to an outflow of Rs 734 crore in September, the AMFI data showed. Investors continued to book profit at every higher level. The month witnessed notable changes in the sector and stock allocation of funds, brokerage house Motilal Oswal noted in a recent report. After hitting a 29-month low in September, private banks saw a positive interest among MFs in October and its weight was up 160 bps MoM to 17.4 percent. It continued to remain the top sector holding for MFs for the second consecutive month in October.

Among other sectors, technology's weight continues to scale new highs as the weight increased 20 bps MoM to 11.8 percent. It was the second-best sectoral holding among MFs. Meanwhile, the consumer sector's weight moderated for the fifth consecutive month to 8.3 percent, down 40 bps MoM. More here

Vodafone Idea shares up 10% on reports of tariff hike in near term

The share price of Vodafone Idea jumped 10 percent on reports that the firm is considering a tariff hike by the end of this year or by early 2021.

As per reports, Vodafone Idea or Vi is planning to increase its tariffs by 15-20 percent by the end of 2020 or early 2021 to increase revenue.

Vi lost 8 million users in the July-September quarter while Airtel added 14 million and Jio 7 million.

In Q2, Vodafone Idea's net loss narrowed to Rs 7,218.2 crore from Rs 50,897.9 crore in the same quarter of the previous fiscal. The average revenue per user (ARPU) increased to Rs 119 from Rs 107 in Q2FY20 and Rs 114 in Q1FY21.

"Q2 results suggest the company continues to lose market share. The company’s revenue market share is expected to fall to 20 percent by FY23 from 28 percent in FY20," Goldman Sachs said in a review report. Here's more on this

Jyoti Roy - DVP- Equity Strategist, Angel Broking: As per various media reports the government has received bids from several companies for buying the Government’s 52.98% stake in Bharat Petroleum Corp. Ltd (BPCL). The last date for submission of expression of interest (EoI) was on the 16th of November. The deadline had been extended multiple times by the Government due to the outbreak of the Covid-19 pandemic. This marks the end of the first phase of BPCL divestment by the Government. 

As per process the Government will now scrutinize the EOIs post which qualifying bidders will be asked to submit their financial bids for BPCL. Successful closure of BPCL stake sale in the current financial year is very critical for the Government given the ballooning fiscal deficit which is expected to overshoot the budget estimate by a wide margin, said Roy.

Industrial investments back to FY20 level; overweight on L&T, ABB and Voltas: Credit Suisse

Credit Suisse said that the industrial investments are showing signs of recovery as per its short cycle index. The industrial investments were down 7 percent in Q2FY21, but now are almost back to FY20 levels, it said.

The brokerage is of the view that Q2FY21 reflects that there has been no lasting damage.

Within the capital good space, Credit Suisse has retained its Overweight stance on Larsen and Toubro (L&T), ABB and Voltas. Click here to watch the video

Interglobe Aviation

RIL shares flat after 4% opening boost; Reliance Retail buys 96% stake in Urban Ladder

Reliance Industries Ltd (RIL) shares jumped over 4 percent in Tuesday's opening trade after the conglomerate's retail arm bought a majority stake in Urban Ladder Home Decor Solutions. However, the stock price soon eased from opening highs and traded nearly flat as the broader market got off-highs.

RIL shares opened with a gain of 4.1 percent at Rs 2,084.00 apiece on the BSE. The stock was trading 0.09 percent lower at Rs 2,000.00 as against a 0.20 percent gain in the benchmark Sensex.

Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries Ltd (RIL) has acquired equity shares of Urban Ladder Home Decor Solutions Private Ltd (UrbanLadder) for a cash consideration of Rs 182.12 crore. The investment represents 96 percent holding in the equity share capital of UrbanLadder.

RRVL has a further option of acquiring the balance stake, taking its shareholding to 100 percent of the equity share capital of UrbanLadder, the company said. Click here to know more

Tata Steel shares jump 7% to hit 52-week high after Q2 earnings

The share price of Tata Steel jumped over 7 percent on Tuesday to hit a 52-week high of Rs 529.50 as brokerages maintained bullish view on the stock after the company reported its September quarter earnings.

Tata Steel reported a 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore, against Rs 4,043.5 crore in the corresponding quarter a year ago. Total revenue from operations, however, rose 7.4 percent to Rs 37,154 crore from Rs 34,759 crore, YoY.

Operational performance during the quarter improved as EBITDA increased 59.7 percent to Rs 6,217 crore from Rs 3,893 crore and EBITDA margin expanded to 16.7 percent from 11.3 percent, YoY. Read more

India's exports dip 5.12% in October: India's exports fell 5.12 percent to $24.89 billion in October, after recording positive growth in September, on account of drop in shipments of petroleum products, gems and jewellery, leather and engineering goods, according to government data released on November 13. Trade deficit in October narrowed to $8.71 billion as against $11.75 billion in the corresponding month a year ago.

Imports also fell 11.53 percent to $33.6 billion (year-on-year) in October 2020. Major export commodities that recorded negative growth in October included petroleum products (52 percent), cashew (21.57 percent), gems and jewellery (21.27 percent), leather (16.67 percent), man-made yarn/fabrics/made-ups (12.8 percent), electronic goods (9.4 percent), coffee (9.2 percent), marine products (8 percent) and engineering goods (3.75 percent). (Source:Moneycontrol)

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Tata Steel shares jump 7% to hit 52-week high after Q2 earnings


The share price of Tata Steel jumped over 7 percent on Tuesday to hit a 52-week high of Rs 529.50 as brokerages maintained bullish view on the stock after the company reported its September quarter earnings. Tata Steel reported a 59.6 percent year-on-year (YoY) fall in Q2FY21 profit at Rs 1,635.4 crore, against Rs 4,043.5 crore in the corresponding quarter a year ago. Total revenue from operations, however, rose 7.4 percent to Rs 37,154 crore from Rs 34,759 crore, YoY. Operational performance during the quarter improved as EBITDA increased 59.7 percent to Rs 6,217 crore from Rs 3,893 crore and EBITDA margin expanded to 16.7 percent from 11.3 percent, YoY.

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