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Share Market Highlights: Sensex ends 282 pts higher, Nifty closes above 12,850; RIL falls 3.5%, Bajaj Finserv up 9% – The Financial Express

Sensex, Nifty ended the day with gains.Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended with gain on Friday. S&P BSE Sensex closed with 43,882 points while Nifty ended at 12,859. Among the top drags were index heavyweight Reliance Industries, down 3.5% followed by banking stocks such as IndusInd Bank and Axis Bank. Bajaj Finserv shares skyrocketed 9%, followed by gains in Titan, and Bajaj Finance. Broader markets continued to gain on Friday and outperformed the benchmark indices. 

With a vaccine coming into the picture this month and the wrinkle of US Elections ironed out, fund managers across the globe are now turning bullish. Bank of America’s Global Fund Manager Survey (FMS) for November is the most bullish one so far in 2020. Growth expectations are at a 20-year high and cash levels have dropped to pre-coronavirus levels. Although the pandemic still remains the biggest tail risk but a credible vaccine is now expected to be out earlier than before.

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Sensex closed with 43,882 points on Friday and the Nifty 50 ended at 12,859. Bajaj Finserv shares zoomed 9%. Gland Pharma jumped 22% over issue price on listing day. 

Bajaj Finserv is top Sensex gainer on Friday with shares surging 9.59% to trade at Rs 8,572 per share. 

Sensex is up over 250 points while Nifty 50 was above 12,850 just minutes ahead of closing. 

“The BSE Sensex is closing higher by about 1% in this Diwali week. Global markets were also buoyant on news of successful trials of Moderna’s Corona Vaccine. With the end of the earnings season, focus will shift back to economic recovery and market valuations. Risk to the markets is from a resurgence of covid infections in India. We advise investors to focus on building a portfolio of quality stocks across market caps,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

The coming year will see a divided government in the United States. The Democrats will control the Oval Office and the House of Representatives, while the Republicans will hold the Senate. This will result in a sea of change from what had been happening for the last four years. The impact will be seen in the stimulus package, regulations and hence on Wall Street. However, the split government will also help in curbing any move to significantly increase taxes, aggressive regulations on healthcare and fossil fuel, according to global investment bank UBS.

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L&T Finance Ltd has invoked shares of three Essel Group companies — Zee Media Corporation, Zee Learn and Siti Network Ltd — and appropriated them against loan outstanding amount.

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Navratna Defence PSU Bharat Electronics Ltd (BEL) share price surged nearly 14 per cent to Rs 109.85 apiece in two days on the company’s strategic vision and strong management commentary. The state-run defence company shares had touched a 52-week high of Rs 118.45 on August 14. BEL said it is confident of clocking double-digit topline growth over the next decade on the back of huge opportunities in the defence as well as non-defence segments.

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India’s economy has started to heal as is evident by a significant sequential improvement in high-frequency data such as PMI, rail freight, power demand, GST collections, and e-way bills.  The sectoral improvements have raised optimism for the economic growth in the fiscal’s second quarter. GDP may contract at a slower pace of 6 per cent on-year in Q2 FY21, compared to a 23.9 per cent fall in the previous quarter, said a report by Morgan Stanley. Further, consumption and investments are also expected to have improved, with exports positively contributing to growth, the report added.

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Sensex gained momentum and gained over 100 points. Nifty 50 breached 12,800. Bajaj Finserv, Titan, and Kotak Bank were the top index gainers. 

“Indian indices fail to sustain opening gain, Indices open positive on the back of positive global market clues. In market profit booking is clearly visible as Nifty has already really more than 1100 points in November. We expect market to trade in range bound and 13000 will be a hurdle for the Nifty. Today S&P BSE Telecom (up 1.45% ), S&P BSE Information Technology (up 1.15%) while S&P BSE Energy (down 1.92%), S&P BSE BANKEX (down 0.60%)  Global Market update – DOW Jones up by 44 points (up 0.15%) and NASDAQ up by 103 points (up 0.87%),” said Yash Gupta Equity Research Associate, Angel Broking.

SBI Life Insurance reported a rebound in business premium in the month of October, with annual premium equivalent growing 14% on-year basis. This growth came after months of consecutive decline. Improvement was also seen in policy retention and the ULIP business on the back of improved capital market performance. SBI Life Insurance is now looking to optimize its product mix in the protection/annuity business, according to brokerage firm Motilal Oswal. “This should help in improving profit margins to ~22% by financial year 2023,” said brokerage firm Motilal Oswal. 

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Gland Pharma IPO had a strong listing at Rs. 1720 (Issue Price was Rs. 1500). It is a niche player, focused on injectables. It has proven track record of growth and profitability along with a consistent regulatory compliance history. It has never received a negative USFDA report. The future prospects are bright as it has 267 ANDA filings of which 215 are approved. Pharma sector is in focus and given its strong fundamentals and promising future, there is lot of investment interest. Retail participation was muted at the absolute issue price was higher at Rs 1500 and past few IPOs didn’t have strong listing.

~ Hemang Jani, Head – Equity Strategy, Broking & Distribution, Motilal Oswal 

Vodafone Idea share price jumped as much as 4.6 per cent to Rs 9.70 apiece on BSE, a day after the struggling telecom firm informed the exchanges that it has sold its 11.15 per cent stake in Indus for a cash consideration of Rs 3,760 crore in accordance with the terms of the agreement.

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Sensex and Nifty trimmed gains and began trading flat, dancing between gains and losses. 

“The market appears tantalisingly poised now. Sustained FII buying is providing support to the market while continuous DII selling is pulling the market down. Bouts of profit booking at record high levels are normal. Also, corrections are desirable for markets to remain healthy. The next leg of market rally is likely to be in mid-small-caps. There are some concerns on the second wave of the pandemic. But this is likely to be short lived since there is hope on the vaccine front,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

To prevent appreciation in the pair, RBI has so far remained active by absorbing the foreign inflows that have been witnessed in heavy quantum. It will be important to see how long and till what extent RBI is comfortable with the strength in rupee. Most likely, in the near term 73.80 shall remain protected for a few more sessions and in medium term 73.00 shall act as a base for rupee. However, if RBI gets lenient in the FX intervention, then the pair is shall swiftly move close to 73.50 levels amid the given surge in inflows. The weakness is likely to be capped close to 74.90-75.00 levels given by the overall economic outlook, selling pressure and a risk to inflation. Overall, as the broad range for the pair remains within 73.00-75.00, the near to medium term view shall remain as sell on upticks between 74.50-74.80 and buy on dips between 73.00-73.50 levels: Amit Pabari, managing director, CR Forex Advisors

The markets have opened in a see-saw mood! It is still trying to figure out the direction for the day. As long as 11500 holds, we continue to remain in the hands of the bulls and can enter the Nifty on all dips for a potential target of 13100: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

COMEX gold marginally higher near $1865/oz after a 0.7% decline yesterday. Gold has edged up after taking support near $1850/oz but price is range bound amid mixed factors. Supporting price is rising virus cases, mixed economic data and central bank commitment towards additional measures. However, weighing on price is vaccine progress, ETF outflows and concerns about the US fiscal stimulus deal. Mixed factors may keep gold range bound between $1850-1880: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

Gland Pharma shares made stock market debut at Rs 1,701 per share, up Rs 201 or 13.4% from the IPO issue price. Minutes after listing, the stock added gains and reached a high of Rs 1,796 per share. Gland Pharma’s initial public offering (IPO) was the largest ever public issue by a pharmaceutical firm in India. Backed by China’s Fosun Pharma, the firm met with a lacklustre response during the subscription period with only Qualified Institutional Buyers (QIB) oversubscribing their portion while retail investors and Non-Institutional Investors (NII) stayed away.

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“The markets have opened in a see-saw mood! It is still trying to figure out the direction for the day. As long as 11500 holds, we continue to remain in the hands of the bulls and can enter the Nifty on all dips for a potential target of 13100,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

Gland Pharma shares made their stock market debut at a 13% premium to the IPO price. Shares of the pharma firm reached a high of Rs 1,740 apiece. 

Snesex trimmed opening gains and began trading flat with a positive bias on Friday morning. Nifty moved below 12,800.

On the BSE Smallcap index, J&K Bank was the top gainer as hit surged over 12%. It was followed by DB Corp and Adani Gas. 

Nifty Open Interest Put Call ratio fell sharply to 1.29 levels from 1.67 levels. Amongst the Nifty options (26-Nov Expiry), Call writing was seen 12800-12900 levels, Indicating 12900 level will act as a strong resistance going forward. On the lower side, support is seen around 12700 levels where we have seen addition in Puts.

To Sum It Up, Short build up in the Nifty, Long unwinding was seen in Bank Nifty Futures and fall in the Nifty Open Interest Put Call ratio on the back of Call writing at 12800-12900 Indicates that one should be cautious for the markets. Therefore, our advise is to be bearish, if Nifty breaches below important support of 12700 level otherwise traders can create long position keeping stoploss at the same level.

In the Bank Nifty, our advice is to be bearish, if Bank Nifty trades below 28500 level otherwise can crate a long position by keeping same stoploss.

~ HDFC Securities

BSE Midcap index was up 1% while the Smallcap index zoomed 0.98% on Friday morning. The benchmark Sensex was up 0.6%.

Only HUL, TCS, and Infosys were the three stocks among the 30 Sensex constituents that were trading with losses. None of them were down more than 0.50%.

On the opening bell Tata Steel, Bajaj Finserv, Bjaja Finance, L&T, and Titan were some of the top gainers on Sensex. 

After rude shock delivered by the bears on Thursday, Sensex and Nifty are again in the green. Sensex was up over 100 points while the Nifty 50 was seen breaching the 12,800 mark. 

Sensex gained 132 points while the 50-stock NSE Nifty breached 12,800 levels on Friday morning during the pre-open session. 

Sensex was tradign flat with a positive bias during the pre-open session. Nifty 50 managed to breach the 12,800 levels.

During the pre-open session on Friday, Sensex and Nifty were seen surging. Nifty was above the 12,800 levels. 

Maximum Put OI is at 12,500 strike with 25.92 lakh contracts, followed by 23.46 lakh contracts at 12,700 strike. 

Punjab National Bank (PNB) is looking to appoint consultants who will help identify the bank’s real estate assets for sale and carry out the sale process. Sources close to the development said properties for sale – both land and buildings – are being identified on an ongoing basis.

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For the November series, maximum Call Open Interest is palces at 13,500 strike with 34.35 lakh contracts. This is followed by 33.34 lakh contracts at 13,000 strike. Massive Call writing was seen at 12,900 strike which saw addition of 18.66 lakh contracts. 

Foreign Institutional Investors have not dissapointed in recent trading sessions. FIIs bought doemstic equities worth Rs 1,180 crore on Thursday while Domestic Institutional Investors were net sellers of stocks worth Rs 2,854 crore. 

Stock markets are likely to continue witnessing stock specific action on Friday. Global markets have sent mixed cues to domestic equity markets as fear of renewed lockdowns weighs heavier on sentiment than the positive news flow around two successful coronavirus vaccines. Technically Nifty has to break the 13,000 mark for any significant upside from here on while support for the benchmark is placed in the 12650-12600 range. 

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Reliance Retail today said that it has raised Rs 47,265 crore by selling 10.09 per cent stakes to investors such as Silver Lake Partners, KKR, ADIA, and others. The official release said that Reliance Industries and Reliance Retail Ventures Limited (RRVL) have completed the current phase of partner induction and fund raise exercise for RRVL. Out of the overall 10.09 per cent of stake sale, Silver Lake Partners has bought 1.6 per cent; Silver Lake Partners – Co-Investors bought 0.4 per cent; KKR took 1.19 per cent; Mubadala took 1.33 per cent; and ADIA bought 1.18 per cent. Further, GIC bought 1.18 per cent stake; and TPG took 0.39 per cent stake in RRVL.

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“Going ahead, the market is likely to be volatile as sentiments oscillate between fear of rising covid cases globally and optimism over vaccine progress. While the overall structure of the market remains positive, the rising Covid cases in Delhi is a concern and needs to be watched out for, though the cases are falling in rest of India. Technically, Nifty has to continue to hold above 12750 to witness an up move towards 13000  while a hold below the same could see weakness towards 12650,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

India’s latest round of stimulus measures shifted focus back to longer-term growth by focusing on manufacturing and job creation, global rating agency Moody’s said on Thursday, as it predicted a 10.6% contraction in the country’s real GDP in FY21, against a 11.5% drop forecast earlier.

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