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CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer

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Indian shares extended gains to end at record closing highs on Tuesday, following gains in Asian peers, boosted by IT, metals and banking stocks. The BSE Sensex settled 413 points higher at a new closing high of 41,352, while the NSE Nifty50 also rallied 111 points to end at a record close of 12,165.

CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • Thank you, readers! Here are the main highlights from today’s trading session##Thank you, readers! Here are the main highlights from today’s trading session

    - Sensex, Nifty and Nifty Bank Close At Record Highs


    - Nifty Hits Record High For The 9th Time, Sensex For 20th Time In 2019


    - Sensex Hits Intra-day Record High Of 41,401.70 and Nifty of 12,182.80


    - Nifty Bank Scales Record High Of 32,213, Up 166 Points Today


    - Midcap Index Ends 97 Points Higher; Market Breadth Favours Advances


    - HDFC Twins, Infosys and TCS Contribute Nearly 50 percent To Nifty Gains


    - HDFC Bank At Highest Level In Almost A Month, Contributes Nearly 80 percent To Nifty Bank's Gains


    - HUL Slips To Over 2-month Low After Unilever Plc’s Sales Growth Warning


    - L&T Gains 1 percent After SC Gives Partial Nod For Coastal Road Project


    - Sun Pharma Continues To Underperform After Observations For Halol Unit


    - Nifty Metal To Gaining Index As US and China Move Closer To Signing Phase-1 Deal

  • Closing Bell: Sensex, Nifty end at record close led by IT, metal stocks##Closing Bell: Sensex, Nifty end at record close led by IT, metal stocks

    Indian shares extended gains to end at record closing highs on Tuesday, following gains in Asian peers, boosted by IT, metals and banking stocks. Gains in index heavyweights like HDFC, HDFC Bank, Infosys, TCS, and ITC contributed the most. Risk sentiment was also supported by trade deal optimism, positive economic signals in China, which sent Asian shares to an 18-month high.

    The BSE Sensex settled 413 points higher at new closing high of 41,352 as against its previous closing high of 41,130, hit on November 28. Meanwhile, the NSE Nifty50 also rallied 111 points to end at record close of 12,165 as against previous closing high of 12,151, hit on November 28.  In intra-day deals, the BSE Sensex rose 463 points to hit a new high of 41,401.65, while the Nifty index advanced 129 points to its all-time high of 12,182.75.

    Tata Steel, Bharti Airtel, Vedanta, Hindalco, and Tata Motors were top Nifty gainers for the day, up between 2.9-4.6 percent, while Sun Pharma, GAIL, Bajaj Auto, M&M, and Titan led the losses. Most sectoral indices ended in green with Nifty Bank advancing 0.5 percent to end at new closing high of 32,140. Nifty Metal rallied 2.9 percent and Nifty IT surged 1.9 percent. Nifty Media also added 1 percent for the day, while Nifty Auto rose 0.6 percent. Nifty Fin Services gained 0.9 percent for the day and Nifty FMCG was up 0.4 percent. Meanwhile, Nifty Pharma and Nifty Realty fell around 0.3 percent each.

  • Roundup 2019: Gains in only three stocks help Nifty Energy rise 11% in 2019##Roundup 2019: Gains in only three stocks help Nifty Energy rise 11% in 2019


    The Nifty Energy index rose more than 11 percent in 2019 despite seven of 10 stocks in the index giving negative returns. The rise was led by gains in only three stocks - Reliance Industries (RIL), BPCL, and HPCL.While RIL and BPCL surged over 35 percent in 2019, HPCL added 5 percent on a year-to-date basis. Losers included Reliance Infra (down 92 percent), GAIL (down 34 percent), Tata Power (down 27 percent), ONGC (down 17 percent), IOC (down 8 percent), NTPC (down 7 percent), and PowerGrid (down 5 percent). READ MORE

  • Nifty crosses earlier level of 12,158.80 to hit record high for the 9th time in 2019##Nifty crosses earlier level of 12,158.80 to hit record high for the 9th time in 2019

  • Four more IPOs are lined up before March 2020: Here are the details##Four more IPOs are lined up before March 2020: Here are the details

    Eighteen companies raised about Rs 20,000 crore via initial public offerings so far this year, lower than 41 IPOs came in 2018 garnering Rs 76,200 crore. At least one more IPO is expected to hit the markets this month.  Prince Pipes and Fittings’s Rs 500 crore IPO will be open for subscription from December 18 to December 20. Equitas Small Finance Bank, EaseMyTrip and SBI Cards are other IPOs that are expected to come before March 2020. READ MORE

  • News Alert: Stock markets will remain open on 1st Feb (Saturday), Budget Day: BSE##News Alert: Stock markets will remain open on 1st Feb (Saturday), Budget Day: BSE

  • This is the only pharmaceutical stock that has given over 100% returns in 2019##This is the only pharmaceutical stock that has given over 100% returns in 2019

    The pharmaceutical sector had a tough beginning this year on the back of worsening US-China trade relations and economic slowdown. The second quarter saw an improvement in earnings in the sector, but weak trend continued. Despite all these negative factors in the sector, stock of AstraZeneca Pharma India, a midcap pharmaceutical company, has outperformed all its peers from the large-cap, midcap and smallcap pharma space.  Read here more on this

  • Here's a quick catchup of all live market action##Here's a quick catchup of all live market action

    1. Indian market holds its gains, with Sensex up 324 points while Nifty50 trading 88 points higher.  

    2. Broader indices remained positive, Nifty Midcap100 index and Nifty Smallcap 100 index was trading 0.59 percent and 0.72 percent higher. 

    3. Nifty Metal remained the outperformer of the day, up over 3 percent on the back of gains by Jindal Steel and SAIL.

    4. Tata Steel, Vedanta and Hindalco rose up to 4 percent while GAIL, Sun Pharma and Bharti Infratel slipped over 1 percent

  • BSE Stocks Update: Most heavyweights in green, Tata Steel outshines##BSE Stocks Update: Most heavyweights in green, Tata Steel outshines

    Out of 30-BSE stocks, 7 are trading in red while 23 continue in the green. Tata Steel was the best-performer in the lot, rising 4.64 percent while Sun Pharma was down the most, by 1 percent. At 1:37 pm, the Sensex was trading 334.76 points or 0.82 percent higher at 41,271.88. 

    CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • Nifty50 Sectoral Indices Update: All sectors in green except Nifty Pharma and Nifty Realty##Nifty50 Sectoral Indices Update: All sectors in green except Nifty Pharma and Nifty Realty

    Nifty Metal remained the outperforming index of the day, rising over 3 percent on the back of gains in Jindal Steel, SAIL, Tata Steel, Vedanta amongst others. Nifty Pharma traded the lowest on Tuesday after Biocon, Aurobindo Pharma, Divis Labs, Sun Pharma and Cadila Healthcare slipped up to 2 percent. 

    CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • Exclusive: IRDAI recommends raising FDI limit in insurance to 74%
    Insurance Regulatory and Development Authority of India recommendation to increase the share of foreign investment in the insurance business to 74 percent is likely to potential relief to a sector that has long craved capital and been hobbled by tight regulations.Get latest Finance online at cnbctv18.com
    CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • BofAML upgrades this auto stock to 'buy' despite ongoing slump; here's why##BofAML upgrades this auto stock to 'buy' despite ongoing slump; here's why

    Despite a slump in the automobile industry, Bank of America Merill Lynch (BofAML) has upgraded its rating for this stock to 'buy' from 'neutral' and raised its target price to Rs 8,650 from Rs 7,450 earlier. The brokerage expects Maruti Suzuki’s earnings growth to bottom in FY20 and improve in FY21-22.

    Amid falling sales, decreasing production for most companies due to a fall in consumer demand and liquidity crunch, automobile companies have been under pressure in 2019. Maruti Suzuki has given negative returns this year, down nearly 3 percent for the year. Here's a link to the story

  • Morgan Stanley expects India's weightage in MSCI Emerging Market index to rise 70 bps##Morgan Stanley expects India's weightage in MSCI Emerging Market index to rise 70 bps

    Finance Minister Nirmala Sitharaman, on December 13, confirmed the implementation of the budget announcement of increasing the statutory FPI limit in a company from 24 percent to sectoral foreign investment limit effective April 1, 2020. This, according to global brokerage Morgan Stanley, sets the stage for an increase in India's weightage in the MSCI Emerging Market index.

    Using the current list of constituents, the brokerage expects MSCI India's weight to rise by about 70 basis points in the semi-annual index review of May 2020, implying passive flows of $2.5 billion. Click here to read more on this.

  • Magma Fincorp shares fall 5% after ICRA revises outlook##Magma Fincorp shares fall 5% after ICRA revises outlook

    Shares of Magma Fincorp fell nearly 5 percent on Tuesday after the credit rating agency ICRA revised its outlook to 'Negative' from 'Stable' due to deterioration in the asset quality. The stock price declined as much as 4.8 percent to Rs 53.35 apiece intraday on the BSE.

    At 10:55 am, shares of Magma Fincorp declined 4.46 percent to Rs 53.55 on the BSE. So far this year, the stock has declined over 51 percent.

    The revision in the outlook on the firm's rating factors in the deterioration in the asset quality indicators following the reduced collection efficiencies in certain geographies and loan segments (commercial vehicles and construction equipment), the rating agency said.

    Consequently, the credit costs were high and adversely impacted the profitability metrics of the Group, ICRA added.

    While there could be some recovery in H2FY20, ICRA expects the group's profitability to remain subdued over the medium term.

    Moreover, ICRA expects the company to continue having relatively weaker asset quality indicators compared to the peer set.

    “Given the relatively moderate borrower credit profiles (first-time buyers, small entrepreneurs, self-employed and non-income proof category), the Group's ability to profitably grow its business while improving the asset quality from the current levels and maintaining prudent capitalization would be a key rating sensitivity,” ICRA said.

  • Five years to this day, SpiceJet nearly died. It now faces similar headwinds
    There are many reasons to be worried about the future of SpiceJet because of its severe cash crunch, though mercifully there have been no defaults or lease terminations or notices.Get latest Aviation online at cnbctv18.com
    CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • Citigroup sees limited upside for equities in 2020; modest recovery in GDP growth to 5.9% in FY21##Citigroup sees limited upside for equities in 2020; modest recovery in GDP growth to 5.9% in FY21

    With the year 2019 coming to an end, key brokerages are out with their macro and equity outlook for the year 2020.

    Citigroup in their outlook state that slow recovery and high valuations will mean only limited upside for equities in 2020. The quantitative easing (QE) from global central banks and any trade war resolution would mean that there could be some upside for emerging market equities but the upside would be quite limited according to Citigroup report. They have set December 2020 Nifty target at 12,700, which is just a 5 percent upside from current levels. READ MORE HERE

  • Remain bullish on ethanol business, new distillery to be commissioned in January, says Balrampur Chini to CNBC-TV18##Remain bullish on ethanol business, new distillery to be commissioned in January, says Balrampur Chini to CNBC-TV18

    1. Sugar mills have requested some rebates which haven't happened

    2. Surplus supply has led to no change in sugarcane prices

    3. ISMA estimates sugar production at 26 MT

    4. International sugar prices are on an upward trend, at 13.3 cents currently

    5. Not expecting any change in minimum support price for sugar

    6. Expect domestic prices to remain in range of `32-33/kg

  • Essar Judgment has solved some tricky issues for resolution of stressed assets​, said Edelweiss ARC on CNBC-TV18##Essar Judgment has solved some tricky issues for resolution of stressed assets​, said Edelweiss ARC on CNBC-TV18 

     

    Here are the key highlights:


    1. ARCs earn fees on the exposure and some return on the investment made
    2. Believe Essar Steel's resolution is a big positive for banks
    3. Essar judgment has solved some tricky issues for resolution of stressed assets
    4. Expect faster recoveries in some of the IBC cases like Bhushan Power
    5. The situation for NBFCs have eased, seeing more availability of money
    6. Expect banks to start using security receipts for selling stressed assets to ARCs
    7. Have seen maximum recoveries in the steel sector under IBC
    8. There are sectors like consumer sector where IBC may not hold good
    9. Believe power sector is the next up for resolution under IBC

  • Sources tell CNBC-TV18's Yash Jain that the government is mulling increasing FDI in the insurance sector##Sources tell CNBC-TV18's Yash Jain that the government is mulling increasing FDI in the insurance sector

    CNBC-TV18 Exclusive: Sources say
    1. Government mulling increasing FDI in insurance sector to 74 percent from 49 percent currently
    2. The government may look at increasing FDI in insurance sector to 74 percent via automatic route
    3. The government sought IRDA’s views on FDI in ins post which IRDA took industry consultation
    4. Most insurance companies in IRDA’s consultation in favour of increasing FDI to 74 percent 
    5. Government to decide on management control structure norms for insurance companies
    6. Government hopeful of opening up new avenues of capital with increasing FDI in ins space 

  • Indian Rupee opens higher, at 70.95##Indian Rupee opens higher, at 70.95

  • MarketBuzz Podcast with Anisha Jain: Sensex, Nifty likely to open higher; Cipla, Reliance Industries, Adani Green in focus

    Benchmark indices BSE Sensex and NSE's Nifty50 are expected to open higher on Tuesday, tracking positive sentiment in the global markets on the back of easing US-China trade worries.Get latest Market online at cnbctv18.com
    CNBC-TV18 Market Highlights: Sensex, Nifty end at record close led by IT, metal stocks; Tata Steel top gainer
  • Prince Pipes fixes IPO price band at Rs 177-178 per share##Prince Pipes fixes IPO price band at Rs 177-178 per share

    Prince Pipes and Fittings said it has fixed a price band of Rs 177-178 per share for its initial public offering, through which it is expecting to raise Rs 500 crore. The IPO will open for public subscription on December 18 and close on December 20, Prince Pipes said in a statement. The company's Rs 500-crore initial public offering comprises Rs 250 crore through fresh issue of shares and an equal amount through offer-for-sale. It has set a price band of Rs 177-178 per equity share for the IPO. READ MORE

  • SEBI plans more steps to avoid Karvy-like incidents, says Ajay Tyagi##SEBI plans more steps to avoid Karvy-like incidents, says Ajay Tyagi

    Capital markets regulator Securities and Exchange Board of India (SEBI) would take further steps to avoid issues like the recent development involving Karvy Stock Broking, said a top regulator official.

    "We have taken some steps and will take more steps," said SEBI Chairman Ajay Tyagi on Monday.

    The regulator had taken prompt action regarding regulatory issues arising from companies and broking firms, he said on the sidelines of an event.

    The regulator would take steps to avoid a situation like the recent developments when Karvy Stock Broking pledged Rs 2,300 crore securities of over 95,000 clients with HDFC Bank, ICICI Bank, Bajaj Finance and IndusInd Bank as collateral to raise money.

    On the significance of the Insolvency and Bankruptcy Code (IBC), he said it would have a positive impact on the market in five years.

    Though recent developments regarding defaults and corporate misgovernance had impacted the investor sentiment, "it doesn't mean everything is bad or wrong," Tyagi said.

  • Top brokerage calls for December 17: BofAML upgrades Maruti to 'buy'; Morgan Stanley raises TP for IndusInd Bank##Top brokerage calls for December 17: BofAML upgrades Maruti to 'buy'; Morgan Stanley raises TP for IndusInd Bank

    Benchmark indices BSE Sensex and NSE's Nifty50 are expected to open higher on Tuesday, tracking positive sentiment in the global markets on the back of easing US-China trade worries. Among brokerages, BofAML upgraded Maruti Suzuki to 'buy' and Morgan Stanley raised the target price for IndusInd Bank. Here's the link to the top brokerage calls for Tuesday

  • Boeing crisis escalates as planemaker halts 737 production after two crashes##Boeing crisis escalates as planemaker halts 737 production after two crashes

    Boeing Co is temporarily halting 737 production in January for the first time in more than 20 years as the grounding of the planemaker's best-selling MAX after two fatal crashes looks set to last well into 2020.

    Boeing, which builds the 737 south of Seattle, said it will not lay off any employees during the production freeze, though the move could have repercussions across its global supply chain and the US economy.

    The decision, made by Boeing's board after a two-day meeting in Chicago, follows news last week that the Federal Aviation Administration (FAA) would not approve the plane's return to service before 2020.

    The 737 MAX has been grounded since March after two crashes in Indonesia and Ethiopia killed 346 people within five months, costing the plane manufacturer more than $9 billion so far.

    Until now Boeing has continued to produce 737 MAX jets at a rate of 42 per month and purchase parts from suppliers at a rate of up to 52 units per month, even though deliveries are frozen until regulators approve the aircraft to fly commercially again.

    Halting production will ease a severe squeeze on cash tied up in roughly 375 undelivered planes, but only at the risk of causing industrial problems when Boeing tries to return to normal, industry sources said. Supply chains are already under strain due to record demand and abrupt changes in factory speed can cause snags.

  • Equitas Small Finance Bank files IPO papers worth Rs 1,000 crore##Equitas Small Finance Bank files IPO papers worth Rs 1,000 crore

    Equitas Small Finance Bank (Equitas SFB) on Monday said it has filed draft red herring prospectus (DRHP) with the regulator SEBI for Rs 1,000 crore initial public offer.

    The Initial Public Offering (IPO) comprises a fresh issue aggregating up to Rs 550 crore and an offer for sale of up to 8,00,00,000 equity shares by Equitas Holdings Limited (EHL), the promoter, Equitas Small Finance Bank said in a statement quoting DRHP. Read more here

  • Asian stocks climb but dearth of trade details caps gains##Asian stocks climb but dearth of trade details caps gains

    Asian shares gained on Tuesday, but a lack of detail about the Sino-US trade deal tempered some of the exuberance that sent Wall Street to record highs overnight, while familiar fears of a hard Brexit knocked the pound.

    MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent. Japan's Nikkei rose half a percent to its highest in more than year. Australia's S&P/ASX 200 eked a tiny extension to Monday's big gains. Here's the link to the story

Indian shares extended gains to end at record closing highs on Tuesday, following gains in Asian peers, boosted by IT, metals and banking stocks. The BSE Sensex settled 413 points higher at a new closing high of 41,352, while the NSE Nifty50 also rallied 111 points to end at a record close of 12,165.