Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
There is some more steam left in the current move on the upside. For the Nifty a plausible minor degree dip towards 12,000 can be considered as a fresh buying opportunity. The short term target for the Nifty is placed at 12,350.
Ajit Mishra, VP - Research, Religare Broking:
Markets will react to the GDP numbers in early trade on Monday. The recent feud between the US and China over Hong Kong could induce volatility in the global markets. Amid all, we reiterate our bullish view and suggest continuing with stock-specific trading approach.
Sanjeev Zarbade, VP PCG Research, Kotak Securities:
Major global markets were mostly positive for the week, the Chinese markets being an exception. Chinese equities remained under pressure on the back of ongoing turmoil in Hong Kong. Tensions rose between US and China after the US passed a law supporting the Hong Kong protests. The BSE-30 Index gained (1.1%) in the week to reach a new life-time high. Markets were buoyed by progress on phase-1 of the US-China trade deal, resolution of stress in financial sectors and multiple government initiatives to arrest the ongoing economic slowdown.
Market Close:
After a two days of run the benchmark indices cooled off and ended lower but recovered from the day's low on the back of buying seen in the last hour of trade.
At close, the Sensex was down 336.36 points or 0.82% at 40793.81, while Nifty was down 95.20 points or 0.78% at 12056. About 1210 shares have advanced, 1318 shares declined, and 182 shares are unchanged.
Zee Entertainment, Yes Bank, HUL, SBI and Dr Reddys Laboratories were among major losers on the Nifty, while gainers include Bharti Infratel, Adani Ports, Bharti Airtel, HDFC Bank and NTPC.
All the sectoral indices ended in the red led by the metal, auto, pharma, PSU bank, FMCG, IT and infra.
Rupee trades lower
The Indian rupee has recovered marginally from the day's lowbuttrading lower at71.79per dollar.
ICICIdirect recommends subscribe to Ujjivan Small Finance Bank IPO:
Ujjivan Small Finance Bank had a steady ride in terms of advances growth along with maintaining asset quality. There was continued focus on garnering retail liability along with building CASA base. We have a subscribe recommendation on the stock. Further, at the IPO price band of Rs 36-37, the stock is available at a P/BV of ~2.2x (post issue) at the upper band on H1FY20 basis.
Lemon Tree Hotels gains 3%
Shares of Lemon Tree Hotels rose nearly 3 percent on November 29 after the company launched hotel under Red Fox brand in Andhra Pradesh.
Euro Update
The euro hovered around its lowest levels for this month on Friday as the dollar held its poise on hopes that the United States and China would be able defuse their damaging tariff war with a preliminary trade deal.
Nifty Gainers and Losers:
Home First Finance files IPO papers
Mortgage lender Home First Finance Company (HFFC) on November 29 has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). The housing finance company is expected to raise Rs 1,500 crore through the public issue
ICICI Securities jumps 6%
Shares of ICICI Securities jumped 6 percent on BSE on November 29 after the company settled a case with market regulator SEBI.
Time to cash in on banking stocks; top 10 strong and weak rollover for December series
Strong rollover was seen in stocks like Torrent Power, JSW Steel, Container Corp, ACC, Bajaj Auto, Axis Bank, Godrej Consumer Products, MRF, Asian Paints, United Spirits.... Read More
Rupee trades near day's low
The Indian rupee extended the losses and trading near day's low at71.81 per dollar
Moving Average Trend:
HCC wins challenge in SC
Hindustan Construction Company won a challenge in the Supreme Court of lndia for setting aside Section 87 of the Arbitration and Conciliation Act.
Aditya Birla Finance lists commercial papers on exchanges:
A day after stock exchanges issued framework for the listing of commercial papers (CPs), Aditya Birla Finance (ABFL) on November 28 listed its CPs on the BSE and NSE.
Both exchanges said ABFL was the first company to list its CPs with them. These will mature on February 7, 2020.
The non-banking finance (NBFC) arm of Aditya Birla Capital, ABFL is well-diversified with a long-term credit rating of AAA (Stable) from ICRA and India Ratings.
Market update:
Headline index Sensexistrading almost 1 percent lower but secondary barometers are outperforming. Around 12:50 hours IST, the benchmark Sensex was 0.88 percent down, while the BSE Midcap and Smallcap indices were 0.30 percent and 0.44 percent up, respectively.
Yes Bank falls 2% ahead of board meet
Yes Bank share price fell 2.6 percent on November 29 ahead of the private lender’s board meeting to consider fund raising.
Time to cash in on banking stocks; top 10 strong and weak rollover for December series
Strong rollover was seen in stocks like Torrent Power, JSW Steel, Container Corp, ACC, Bajaj Auto, Axis Bank, Godrej Consumer Products, MRF, Asian Paints, United Spirits.... Read More
Granules India gets EIR
USFDA has issued establishment inspection report (EIR) for Granules Pharmaceuticals, Inc. facility, a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA.
Except BSE Power other sectors are in red:
OnMobile Global gains 4%
OnMobile Systems Inc., promoter of the company and Jump Networks have mutually agreed to extend the time period to December 20, 2019, to conduct the sale of shares.
Technical Trend:
Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities:
Gold slipped on Friday and was set for its worst month in three years as hopes for a US-China trade deal supported demand for riskier assets and the dollar, weighing on the safe-haven metal.
On the daily chart, Gold traded flat to positive on on Thursday which was also the Thanksgiving holiday. The ATR which is significantly low at 330 from 500 in Sep19, which indicaties signs of less of a trending, and more of a news based reaction market.
Prices have broken below the 20-Days EMA placed at 37,920, and 50-Days EMA placed at 37,877. Earlier prices had scaled near strong support at 100-Days EMA placed at 37,590 which needs to be respected, and if prices take support here then some bounce back can be expected towards 37850.
It is best to buy when market is showing intra lows & sell when market is showing intra highs as the basing range bound market can continue till the time there is no new confirmed triggers.
Market Update
Benchmark indices extended the morning losses and trading near day's low level.
The Sensex is down 336.94 points or 0.82% at 40793.23, and the Nifty down 92.70 points or 0.76% at 12058.50. About 1006 shares have advanced, 942 shares declined, and 114 shares are unchanged.
Open Interest Trend:
Rupee Update
The Indian rupee is trading lower but off day's low at 71.66 per dollar, with selling seen in the domestic equity market.
Buzzing:Dilip Buildcon share price rose 6 percent on November 29 after company received letter of acceptance from from Uttar Pradesh Expressways Industrial Development Corporation (UPEIDA) for EPC project in the state of Uttar Pradesh.
Long and Short Data:
Government plans Rs 21,000 crore extra spending:
A day after indicating the possibility of fiscal slippage, Finance Minister Nirmala Sitharaman on November 28 sought parliamentary approval for gross additional expenditure of Rs 21,246 crore, part of which will be used to recapitalize IDBI Bank and three state-run insurers.
Buzzing stock:
Shares of Bharti Airtel climbed almost 3 percent on BSE on November 29 after reports emerged that the company has submitted bids for the assets of Reliance Communications (RCom).
A PTI report said Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre.
Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.
Buzzing stock:
Shares of Indiabulls Housing Finance surged 12 percent in early trade on BSE on November 29 after the government affidavit filed in Delhi High Court said it did not find any irregularities in loans given to five companies.
The Ministry of Corporate Affairs (MCA) on September 28, found no irregularities in loans extended by Indiabulls Housing Finance to five companies, as alleged by a Public Interest Litigation (PIL).
Foreign brokerage firm CLSA retained buy on the stock with a target price at Rs 450 against Rs 350 and said that clarity on court case can lend relief to the company.
"Clarity can improve the company's access to the debt market, aiding liquidity and growth base case continues to assume marginal growth till FY21. A 200 bps higher loan growth can lend a 3 percent earnings upside for the company in FY21," CLSA said.
The current valuation is attractive while risks are receding on court cases. An uptick in growth can drive rerating, CLSA added.
Brokearge Views: Source - CNBC-TV18:
Nomura on Bonds
Number of positive & negative development for the Indian bond market since Aug
Expect the fiscal deficit to slip to 3.7% of GDP in FY20
Despite negative development, India’s bond yields have been relatively rangebound
Believe path for India’s bond yields is still lower, boosted by RBI rate cuts
Expect liquidity to remain flush & RBI to proactively add durable liquidity
Nomura on Autos
Nov wholesales likely to be a mixed bag with marginal growth in passenger vehicles
Segments other than passenger vehicles expected to decline for November
Expect passenger vehicle industry to be up 1% YoY in November
For 2-wheelers, expect industry volumes to decline by over 7% YoY in November
2W cos selling BS-VI models at 13-15% higher prices may be a key headwind
M&HCV volume decline in Nov likely to remain high due to weak demand
For tractors, we expect over 4% decline in volumes for M&M
Expect Maruti to report flat overall volume on better retails & leaner inventory
Expect Hero Moto to report over 10% YoY decline in November
TVS’ domestic volume is likely to decline by 14%
Expect Royal Enfield’s sales to decline 1% YoY to 65,000 units
In our view, Bajaj Auto may report 7% decline in domestic 2-wheeler segment
Jefferies on Autos
Overall price hikes in 2-wheelers due to BS-VI slightly higher than our expectation
Expect cost cutting opportunities for OEMs over time
Next few quarters will likely remain fuzzy for 2-wheeler as various themes play out
Fuel availability should not be an issue in 2W as BS-VI models can use BS-IV fuel
CLSA on Indiabulls Housing
Clarity on court case can lend relief; retain buy with target at Rs 450 versus Rs 350 per share
Clarity can improve company’s access to debt market, aiding liquidity & growth
Base case continues to assume marginal growth till FY21
200 bps higher loan growth can lend a 3% earnings upside for company in FY21
Current valuation attractive & receding risks on court cases, uptick in growth can drive rerating
Aurobindo Pharma up 2% on assets acquisition:
Aurobindo Pharma share price rose 2.5 percent on November 29 after company's subsidiary entered in pact with Profectus BioSciences to buy certain business assets.
Ashoka Buildcon gets LoA for project in Uttar Pradesh
Ashoka Buildcon share price gained over 3 percent on November 29 after company received letter of award from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA).
Market Opens:
Indian indices opened lower on November 29 on the back of weak global cues.
The Sensex is down 112.52 points or 0.27% at 41017.65, and the Nifty down 34.00 points or 0.28% at 12117.20. About 395 shares have advanced, 276 shares declined, and 45 shares are unchanged.
Yes Bank, Indiabulls Housing, GAIL, Zee Ent, Titan, Tech Mahindra and UltraTech Cement are among major gainers on the Indices, while losers are Tata Steel, Bharti Infratel, JSW Steel, ICICI Bank, HUL, L&T, SBI and RIL.
Except pharma, all other sectoral indices are trading lower. Meanwhile, BSE Midcap and smallcap indices are trading marginally higher.
Rupee Opens
The Indian rupee opened flat at71.61 per dollar on Friday versus previous close 71.60.
Market at pre-open
: Benchmark indices are trading positive in the pre-opening session on November 29.
At 09:03 hrs IST, the Sensex is up 80.72 points or 0.20% at 41210.89, and the Nifty up 22.20 points or 0.18% at 12173.40.
