- Sensex and Nifty Close Flat After Hitting Intra-day Record Highs

Indian shares ended flat on Thursday after hitting record high in intra-day deals, as US and China signed an initial trade deal aimed at diffusing their 18-month tariff war. During the day, Sensex hit 42,000 for the first time with index heavyweights Reliance Industries, Kotak Bank, HUL, and Nestle contributing the most to the gains. However, gains were capped as investors shifted focus to domestic corporate earnings.

The Sensex settled 60 points higher at 41,932, while Nifty ended 12 points higher at  12,355.  In intra-day deals, the Sensex rose as much as 187 points to hit a new high of 42,059, while Nifty added 46 points to hit fresh high of 12,389.  Meanwhile, broader markets outperformed with Nifty Midcap and Nifty Smallcap indices up 0.8 percent and 0.5 percent, respectively.

Among stocks, Eicher Motors, Nestle, Zee, Kotak Bank, and Bharti Airtel were the top gainers on Nifty, while NTPC, Bharti Infratel, JSW Steel, GAIL, and Hindalco led the losses. All sectoral indices, except Nifty Metal, ended the day in the green. Nifty Media rose the most, up 1.4 percent, while Nifty Realty and Nifty Pharma added 0.7 percent and 0.4 percent, respectively. Nifty FMCG, and Nifty IT also advanced 0.2 percent each. Meanwhile, Nifty Bank and Nifty Auto were flat with a positive bias. However, Nifty Metal shed 1.3 percent during the day.

GMR infra had announced the stake sale in GMR Airports in March 2019 at a value of Rs 8,000 crore for 44.44 percent stake and is awaiting regulatory approval for it to fructify. Sources suggest that an increase in stake sale will also mean more fundraise for GMR Infra. Sources indicate that after months of deliberation, the deal is in the last leg of consummation and may be able to get all the approvals soon. READ MORE

Nestle India is the top BSE gainer while NTPC was the worst-performing stock from the index. 17 out of 30 BSE stocks were trading in the red. At 2:35 pm, the BSE S&P Sensex was trading 87.74 points or 0.21 percent higher at 41,959.71. 

Out of 11 Nifty50 sectors, only Nifty Metal is trading 1.27 percent lower amongst all its peers. Nifty Media remained the best-performing index, surging 1.56 percent followed by Nifty Realty and Nifty PSU Bank. 

Indian companies raised Rs 1.25 lakh crore in 2019, the second-highest quantum of funds since CY05, a new report shows. Out of this, primary market issuance aggregated Rs 1 lakh crore versus Rs 66,400 crore in CY18.

The report by Edelweiss said that rights issues made a grand comeback to the fund-raising arena garnering about Rs 52,000 crore, implying a share of 41 percent of total issuances, while QIP accounted for Rs 32,500 crore.

This year, analysts are even more optimistic about the prospects of the Indian primary market. Edelweiss believes CY20 holds promise with initial public offerings (IPOs) from unique business themes potentially vying for investor attention and favour.

Here's more on the story here.

Shares of GMR Infrastructure ltd hit a 52-week high of Rs 25 per share on Thursday. The infra firm said it will sell 49 percent stake in airport business to Tata Group entity TRIL Urban Transport, a higher quantum than announced earlier.

The diversified group had earlier announced offloading 44.44 percent shareholding in the airport business.

In a regulatory filing, GMR Infrastructure said it has decided to "increase the transaction size by agreeing to divest 49 per cent in GMR Airports Limited (vs previously agreed 44.44 percent) to TRIL Urban Transport Private Limited (part of TATA Group), an affiliate of GIC and SSG Capital Management... in one or more tranches".

The deal would be subject to regulatory approvals.

An amended and restated Shares Subscription and Purchase Agreement and Shareholders Agreement has been executed for the revised deal, according to the filing.

So far this year, GMR Infra shares have jumped 15 percent, while the last one year return on the stock is over 45 percent.

1. Indian market turned negative after the metal index slipped 1.60 percent dragged by the losses in heavyweights like Vedanta and Coal India. 

2. At 12:33 pm, the Sensex was trading 32.40 points or 0.08 percent lower at 41,840.12 while the Nifty50 was trading at 12,331, down by 12.30 points or 0.10 percent. While in comparison, broader indices surged with Nifty Smallcap100 and Nifty Midcap100 index trading 0.45 percent and 0.61 percent respectively. 

3. Nifty Metal index slipped the most, by 1.38 percent followed by Nifty Bank, Nifty Financial Services and Nifty Private Bank.

4. Eicher Motors, Nestle India, Power Grid, Bharti Airtel and Zee Entertainment were the Nifty50 top gainers while Vedanta, NTPC, JSW Steel, Hero MotoCorp and GAIL remained the top losers. 

Shares of pharma firm Wockhardt surged 14 percent in intra-day deals on Thursday after Indian regulatory DCGI approved its two new antibiotics.

The stock has risen as much as 14 percent to Rs 295.50 per share on BSE. At 12:15 pm, the stock was trading 6.5 percent higher at Rs 276 per share as compared to a 0.05 percent or 23 points fall in BSE Sensex at 41,849.

DCGI has approved Wockhardt’s 2 new antibiotics, EMROK (IV) and EMROK 0 (Oral), for acute bacterial skin and skin structure Infections including diabetic foot infections.

The Reserve Bank of India (RBI) on Wednesday issued new rules for banks and other financial institutions to improve user convenience and increase the security of card transactions.

The apex bank asked card issuers to allow customers card transactions at ATMs and PoS terminals within India at the time of issuance or re-issuance of card.

For existing cards, issuers can take a decision based on their risk perception whether to disable the card not present (domestic and international) for transactions.

Click here to read more.

1. Indian market turned negative after the metal index slipped 1.60 percent dragged by the losses in heavyweights like Vedanta and Coal India. 

2. At 11:55 am, the Sensex was trading 18.37 points or 0.04 percent at 41,854.36 while the Nifty50 was trading at 12,332.30, down by 11 points or 0.09 percent. While in comparison, broader indices surged with Nifty Smallcap100 and Nifty Midcap100 index trading 0.487 percent and 0.45 percent respectively. 

3. Nifty Metal index slipped the most, by 1.63 percent followed by Nifty Bank, Nifty Financial Services and Nifty Private Bank.

4. Eicher Motors, Nestle India, Power Grid, Bharti Airtel and Hindustan Unilever were the Nifty50 top gainers while Vedanta, Coal India, NTPC, JSW Steel and Tata Steel remained the top losers. 

YES Bank's shares rose on Thursday after it the bank assured its customers on its liquidity and stability. 

In a press release on January 15, the bank said: "We firmly assure all our customers on Yes Bank's liquidity and stability. In this regard, it may be noted that the bank's overall capital adequacy ratio is comfortably above regulatory requirements and all efforts are being made to financially strengthen the bank even further."

YES Bank further informed the exchanges that it has acquired SICAL Logistics. It said, "We wish to inform you that Yes Bank has, pursuant to invocation of pledge of shares, acquired 60,00,000 equity shares having a nominal value of Rs 10 per share, constituting approximately 10.25 percent of the post-issue paid-up share capital of a listed company, namely, SICAL Logistics Limited."

The stock price of Torrent Pharmaceuticals surged nearly 4 percent intraday on Thursday after the Board said that it will consider raising funds via equity on January 27. 

In its BSE regulatory filing, the company said, " Taking enabling resolutions for raising of funds by issue of equity shares including convertible bonds/debentures through Qualified Institutional Placement (QIP) and/or depository receipts or any other modes."

The company also said that it will consider and approve the audited financial results on a standalone basis and unaudited financial results on January 27. 

Intraday, the shares surged 3.63 percent at Rs 1,967.95 per share on the NSE. 

Sources say:

1. The government could recalibrate fiscal deficit roadmap

2. Experts say recalibration of FY20 fiscal deficit seen at 3.7-4 percent vs 3.3 percent aim

3. FY21-22 rolling targets of 3 percent fiscal deficit may shift on recalibration

4. FY20 fiscal deficit recalibration likely on wide gap in tax, divestment rev

5. FY20 revised estimates to be pegged on lower nominal GDP of advance estimates

6. Government trying to avoid additional market borrowing, limit fiscal slippage

7. November CGA data: 46 percent of `16.50 lakh crore FY20 tax revenue target achieved

8. November CGA data: fiscal deficit close to 3.9 percent; 4 percent on new nominal GDP

The share prices' of Bharti Airtel and Vodafone Idea surged 1 percent and 6 percent respectively on the NSE ahead of the Supreme Court hearing on the adjusted gross revenues (AGR) around 1:50 pm today.

The Nifty50 index crosses the earlier level of 12,374.30 while Sensex hits 42,000 level for the first time ever. 

The United States and China signed an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of US products, defusing an 18-month row between the world’s two largest economies but leaving a number of sore spots unresolved. Beijing and Washington touted the “Phase 1” agreement as a step forward after months of start-and-stop talks, and investors greeted the news with relief. Even so, there was scepticism the US-China trade relationship was now firmly on the mend. The deal fails to address structural economic issues that led to the trade conflict, does not fully eliminate the tariffs that have slowed the global economy, and sets hard-to-achieve purchase targets, analysts and industry leaders said. READ MORE

Indian shares are likely to open marginally higher on Thursday, tracking rallying global stocks after the US and China signed an initial trade deal. However, India’s trade data and Q3 corporate earnings may weigh on domestic indices.

Among brokerages, CLSA is bullish on Sun Pharma, while Kotak Institutional Equities has a 'sell' call on Bajaj Auto. Click here to read all the top brokerage calls for Thursday.

- USD trades lower v/s Euro, JPY

1. US-China sign deal to de-escalate trade dispute

2. The deal leaves in place 25 percent tariffs on $250 billion goods on both sides

3. Focus now shifts to Phase 2 deal & on technology and cybersecurity issues

- Swiss Franc at 1-year high v/s USD

1. CHF at 3-year high v/s Euro

2. US adds Switzerland to its watchlist of currency manipulators

- Gold prices gain as details of US-China fail to soothe concerns

1. The US retains tariffs on some goods

2. Palladium climbs to record highs at $2261 an oz

3. Platinum hits highest in 2 years

4. Platinum prices gained 3.7 percent to $1024an oz

- Crude oil prices hit 1-month lows

1. US crude inventories fell 2.5 million previous week

2. US weekly data shows big increase in gasoline, distillate inventories

3. Gasoline inventories at February highs, distillate at September 2017 highs

4. US production at new record highs at 14 million bpd

5. OPEC: Expect low demand in 2020 for its oil

Asia: Asia Markets saw muted gains on Thursday after the United States and China ended some uncertainties for the world economy by signing a partial trade agreement.

US: The Dow ended above 29,000 for the first time on Wednesday and the S&P 500 also closed at a record high after the United States and China signed a Phase 1 trade agreement and pledged to resolve a tariff dispute that has roiled Wall Street for over a year. 

To read more, check out this article.

Indian shares ended mildly in the red on Wednesday, after hitting record highs in two previous sessions, as major banking heavyweights including IndusInd Bank, SBI, and HDFC Bank fell during the day.

The Sensex settled 80 points lower at 41,873, while Nifty ended 19 points lower at 12,343. Meanwhile, broader markets outperformed with Nifty Midcap and Nifty Smallcap indices up 1 percent each. READ MORE HERE

Good morning, readers. This is Mousumi Paul. I am a sub-editor at CNBCTV18.com. 

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