Market at close: Benchmark indices ended the volatile session on positive note on Thursday with Nifty ended below 10,800 level.
The Sensex was up 150.57 points or 0.42% at 35929.64, while Nifty was up 53.90 points or 0.50% at 10791.50. About 1470 shares have advanced, 1055 shares declined, and 135 shares are unchanged.
Wipro, Kotak Mahindra Bank, Infosys, Maruti Suzuki and Tata Motors are the top gainers on the Sensex, while Yes Bank, Sun Pharma, TCS, Tata Steel and Coal India are among major losers.
Jain Irrigation Gets Order Worth Rs 584 Cr
Just In: New York Life Picks Up around 2% stake in Max Financial Services
US-based New York Life has picked up around 2 percent stake in Max Financial Services (MFS) through bulk deals and open market purchases for over Rs 215 crore, signalling its renewed interest in the life insurance business of its former partner in India.
According to market sources, New York Life acquired 49,99,130 shares of MFS from Max Ventures Investment Holdings, a promoter group holding company, at Rs 429.50 per share in a bulk deal on Thursday.
After the transaction, the promoter holding in MFS has come down to 28.42 percent from 30.29 percent earlier.
Max Financial Services is the holding company of Max Life, a non-bank, private life insurance firm. Source: PTI
TVS Motor Rolls Out BMW 310cc motorcycle
TVS Motor Company said it rolled out the 50,000 unit of the BMW 310cc motorcycle. The motorcycle was rolled out from the Hosur plant of the company.
In April 2013, the company and BMW Motorrad signed a long-term strategic partnership to manufacture sub-500cc motorcycles for the globe.
This collaboration has resulted in the launch of three products on the 310cc platform namely BMW G 310 R, BMW 310 GS and TVS Motor Company’s TVS Apache RR 310.
Steel Strips Wheels bagged their largest repeat exports order for truck & trailer Aftermarket from USA.
"Order comprises supplies of close to 90,000 truck steel wheels in 4 months from its Chennai plant. Total revenue generated by this additional order would be over USD 4 million," the company said.
Yes Bank Stock Reaction
Yes Bank Corrects Further After Board Meeting
The bank's Nomination & Remuneration Committee (N&RC) and board of directors have finalised the recommendation for non-executive part-time chairman position and will be promptly seeking requisite approvals from the Reserve Bank of India.
The Search & Selection Committee (SSC) and the Board of Directors are on track to complete the said process within the stipulated timelines of the Reserve Bank of India. The SSC has discussed and deliberated on the final shortlisted external and internal candidates presented by Korn Ferry post their comprehensive interviews and assessment.
The final recommendation will be submitted to the Reserve Bank of India by the Board of Directors post their next meeting scheduled on January 9, 2019. Source: Yes Bank Press Release
Ford India to Hike Prices
Automaker Ford India said it will increase prices of its models by up to 2.5 percent from January to partially offset the impact of rising input costs.
"We are taking this step due to increase in input price owing to high commodity prices and frequent fluctuations in foreign exchange rates," Ford India Executive Director - Marketing, Sales and Service, Vinay Raina told PTI.
Ford sells a range of models, from compact utility vehicle Freestlye (starting price Rs 5.23 lakh) to iconic sports car Mustang priced at Rs 74.62 lakh (all prices ex-showroom Delhi).
Sensex Off Day's High
Benchmark indices were off day's high in afternoon with the Sensex rising 88.89 points to 35,867.96 amid volatility.
The 50-share NSE Nifty gained 36 points at 10,773.60. The profit booking at higher levels was on expected lines as the Nifty rallied nearly 500 points in three straight sessions from 10,333 to little over 10,800 levels.
RBI Governor Meets PSB Chiefs
Banking sources told CNBC-TV18 that heads of all Mumbai-based public sector banks met with RBI Governor Shaktikanta Das today.
Das adopted a very consultative approach in meeting with bankers. Liquidity issue, credit growth and support to MSMEs issues discussed with bankers.
Sources said the governor discussed ways for better credit support to MSMEs and the discussion was centred on how liquidity can be eased.
Sun Pharma Corrects
Shares of Sun Pharmaceutical fell over 3 percent after markets regulator Sebi said it is examining the whistleblower complaint against the company.
When asked about the whistleblower complaint against Sun Pharma, Sebi Chairman Ajay Tyagi told reporters on Wednesday: "There is a whistleblower complaint which we are examining. I have nothing more to add."
A whistleblower had last month approached Sebi with a document alleging various irregularities by the company, its promoter Dilip Shanghvi and others.
Shanghvi, who is also the managing director of the pharma firm, earlier this month denied receiving any query so far from the markets regulator regarding the whistleblower complaint. Source: PTI
Gold Update: Gold was little changed on Thursday as the dollar steadied and equities climbed on signs of easing trade tensions between the United States and China, while palladium rose to a record high, trading at a premium to the bullion.
Top gainers and losers on the Sensex:
Buzzing: Share price of Sequent Scientific added 4 percent after it received EIR from USFDA.
Company's 100% subsidiary SeQuent Research has received establishment inspection report (EIR) from USFDA for its state of-the-art GLP compliant, analytical and bio analytical services laboratory at Mangalore.
Mustafa Nadeem, CEO, Epic Research
Well, we have been bearish on Yes Bank since Rs 190 odd levels given the current news events that are factored in the price. The stock has tested one of the most important supports at Rs 140-150 levels.
A new MD and CEO being appointed is going to have an impact as the stock price is a sum total of many things and leadership is certainly the factor carrying more weight. That is also reflected in price in the last few days in the stock which has rebounded from lower levels gaining +20%.
This is certainly the time when one can start accumulating at lower levels since the worst case scenario in stock has been witnessed. We may see some consolidation going forward but yes buying on dips in this stock is on the cards for the next few weeks for a decent double-digit return.
Ashoka Buildcon Emerges As Lowest Bdder for Project in Jharkhand
Ashoka Buildcon shares climbed over 3 percent intraday after the company emerged as lowest bidder for rural electrification works in Jharkhand.
The company submitted its bid to Jharkhand Bijli Vitran Nigam Limited (JBVNL) for the project - rural electrification works of Package-4.
The bid value of the project is Rs 214.21 crore, with a completion period of 18 months.
Jefferies Maintains Positive View on Dabur
Dabur India shares gained more than 2 percent intraday after global research firm Jefferies has maintained its buy call on the stock.
The brokerage house expects the stock to increase by 7 percent to Rs 460.
"Its market share gain continued amidst steady demand and management reiterated steady demand scenario and improving execution going ahead," it said.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Broad Market and Sectoral Indices Performance
Oilfield Auction Deferred by a Month
The government has deferred by one month the auction of 25 oil and gas fields that hold resources worth an estimated Rs 1 lakh crore, upstream regulator DGH said.
The second round of Discovered Small Fields (DSF) auction opened in August and December 18 was the last date for submission of bids.
"Due to consistent demand of investors, the last date for submission of bids for India DSF Bid Round-II is now extended till 1200 hrs January 18, 2019," the Directorate General of Hydrocarbons (DGH) said in a tweet. Bids will be opened on the same day, it added. Source: PTI
Ujjivan Financial Jumps 11% as Analysts Positive on Stock
Ujjivan Financial Services shares rallied 11 percent intraday after global research house Macquarie expects the stock to double in next three years, though for the time being it slashed price target.
While maintaining outperform call on the stock, the investment firm cut target price on the stock sharply to Rs 290 from Rs 460 earlier, but it thinks there is a case for stock to double in next three years as the improving business fundamentals are being overlooked.
Cut in EPS estimates to factor in higher cost of funds was the reason behind lower price target.
Axis Capital also maintained buy call on the stock with a target price at Rs 280 as it believes core business is taking good shape with more than 20 percent CAGR loan growth.
Asian Markets Strong in Trade
Asian stocks continued to trade higher, following positive lead from Wall Street overnight on hope of easing tensions between the US and China.
Japan's Nikkei, China's Shanghai Composite and Hong Kong's Hang Seng gained 1 percent each.
Rajya Sabha Adjourned For The Day Following Protests
The Rajya Sabha Thursday was adjourned for the day without transacting any business following protests by Tamil Nadu parties inside the well over
the Cauvery river issue.
No sooner had the House paid its respects to the nine persons who laid down their lives 17 years back when terrorist attacked the Parliament House complex and the listed papers presented, members belonging to the AIADMK and DMK trooped into the well of the House shouting slogans.
"Protect the Right of Tamil Nadu," read the placards held by protesting members.
A couple of members from Andhra Pradesh too were in the well demanding special status for the state. Source: PTI
Oil Prices Inch Up
Oil prices rose, buoyed by a drawdown in US crude inventories and signs that China is taking more concrete steps to put a trade war truce with Washington into action.
Crude oil prices have also been supported by OPEC-led supply curbs announced last week, although gains were capped after the producer group lowered its 2019 demand forecast.
International Brent crude oil futures were at $60.47 per barrel, up 0.53 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were at $51.31 per barrel, up 0.31 percent. Source: Reuters.
Business Secured in November
NBCC said it has secured the total business of Rs 743 .26 crore in the month of November, 2018.
Just In: Tata Motors To Hike PV Prices From Jan 1
Tata Motors said it will hike prices of its passenger vehicles across models by up to Rs 40,000 from January 1, 2019, to offset the impact of rising input costs and increase in fuel prices.
The company's passenger vehicles portfolio ranges from entry-level small car Nano to the premium SUV Hexa, which are currently priced between Rs 2.36 lakh and Rs 17.97 lakh (ex-showroom Delhi).
The company will launch its new premium SUV Harrier in January.
"The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase," Tata Motors President of Passenger Vehicles Business Unit Mayank Pareek said in a statement. Source: PTI