Sensex, Nifty strong; Maruti top gainer, FMCG stocks decline

Buying continued in equity benchmarks as well as broader markets in noon trade with the Sensex rising nearly 200 points, aided by auto, banking & financials and telecom stocks.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney master your money IThe Winning Leap SME Special
Moneycontrol

Home » News » Markets » Local Markets

Nov 29, 2016, 01.20 PM | Source: Moneycontrol.com

Sensex, Nifty strong; Maruti top gainer, FMCG stocks decline

Buying continued in equity benchmarks as well as broader markets in noon trade with the Sensex rising nearly 200 points, aided by auto, banking & financials and telecom stocks.

Like this story, share it with millions of investors on M3

Sensex, Nifty strong; Maruti top gainer, FMCG stocks decline

Buying continued in equity benchmarks as well as broader markets in noon trade with the Sensex rising nearly 200 points, aided by auto, banking & financials and telecom stocks.

Post Your Comments

Share Cancel

12:00
Moneycontrol Bureau

12:59 pm Market Update:
The Sensex was up 196.56 points at 26546.73 and the Nifty gained 63 points at 8189.90.

About 1703 shares advanced against 691 declining shares on the BSE.

12:50 pm Oil production cut:
Iraq's prime minister says his country will agree to cut its own oil production as part of a plan by OPEC to push crude prices higher.

Prime Minister Haider al-Abadi told The Associated Press that current prices are not sustainable for oil-producing countries.

Al-Abadi's comments could be critical because Iraq along with Iran has been reluctant to go along with cuts, creating an obstacle for an OPEC deal, according to published reports.

Al-Abadi said he understands that OPEC members will agree to reduce production by between 900,000 and 1.2 million barrels per day that would be a cut of between 2.7 per cent and 3.6 per cent from October levels. He said it would be enough to push prices up.

"Yes, we will take our share and we agreed to this," he told the AP.

12:41 pm Morgan Stanley on Idea:
With retaining underweight rating and target price of Rs 60 on Idea, Morgan Stanley says the company has 9,800 of its own towers with a tenancy ratio of 1.67x. It values these towers at around USD 1.1 billion, assuming Enterprise value per tower of USD 1,08,000, a 5 percent discount to Bharti Infratel's EV/tower at current market price.

Including Idea's 16 percent stake in Indus, the brokerage house values its overall tower portfolio at USD 3.3 billion.

12:31 pm JP Morgan on Britannia:
Bakery and dairy products maker Britannia shares gained nearly 2 percent intraday after JP Morgan has initiated coverage with an overweight rating and a December 2017 target price of Rs 3,500, implying 18 percent potential upside.

It is a leading packaged foods company and benefits from a rising focus on innovation, astute marketing and good execution, which should continue to support market-share gains and mix enhancements, the brokerage house says.

In near term, even as demonetisation keeps 2HFY17 performance volatile, JP Morgan expects growth rates to improve over FY18 and find current levels to be a good entry opportunity for long term investors.

It also expects revenue momentum to sustain a 13 percent CAGR with modest margin expansion driving a 16 percent EPS CAGR over FY16-19.

Strong free cash flow generation, healthy return ratios and potentially higher dividends are other positive drivers, it says.

12:20 pm Demonetisation effect: Rating agency Moody's Investors Service sees securitisation market to remain stable next year despite the demonetisation drive as it expects good credit quality across most asset classes.

"Robust growth and low oil prices will underpin stable auto ABS performance despite the economic disruption from the demonetisation drive," Moody's Senior Vice-president Yian Ning Loh said in a report, adding that ABS backed by CV loans account for 45 percent of total volume outstanding.

It expects performance of commercial vehicle (CV) loans supporting auto asset-backed securities (ABS) transactions to remain stable next year even though it expects the delinquency rates to increase somewhat in the very short term owing to the demonetisation.

"But delinquencies should return to their current levels over the course of 2017 due to robust economic growth and low oil prices," says the report.

Also read - See Nifty earnings growth at 5% in FY17: UBS Securities

12:00 pm Market Check

Buying continued in equity benchmarks as well as broader markets in noon trade with the Sensex rising nearly 200 points, aided by auto, banking & financials and telecom stocks.

The 30-share BSE Sensex was up 185.42 points at 26535.59 and the 50-share NSE Nifty gained 59.40 points at 8186.30 while the BSE Midcap index climbed 0.9 percent and Smallcap jumped 1.2 percent.

About three shares advanced for every share declining on the exchange.

Oil prices fell on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday to rein in a global supply overhang and prop up prices.

International Brent crude oil futures were trading at USD 47.80 per barrel, down 0.91 percent, from their last close. US West Texas Intermediate crude futures were down 0.79 percent at USD 46.71 a barrel.

11:00
Pharma stocks are underperforming while auto stocks are gaining. Maruti, M&M, GAIL, HDFC and Tata Motors are gainers while Sun Pharma, Lupin, HUL, Cipla and NTPC are losers in the Sensex.

Read More »

10:00
Equity benchmarks retained early gains with the Nifty holding 8150 level, supported by banking & financials, auto, infra, oil and metals stocks. However, healthcare stocks were under pressure.

Read More »

09:15
Tata Steel, Adani Ports, Coal India, Sun Pharma and BHEL are top gainers while Hero MotoCorp, Infosys, Lupin, NTPC and Asian Paints are losers in the Sensex.

Read More »

Buy, Hold, Sell ? Hear it first on M3
Sensex, Nifty strong; Maruti top gainer, FMCG stocks decline

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login