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Sensex, Nifty correct ahead of Q2 GDP data
29-Nov-19   17:11 Hrs IST

Key equity market barometers corrected on Friday on worries of slower economic growth in the September quarter. Rising uncertainty over a US-China trade deal also kept sentiment in check. After hitting an intraday low of 12,017.40, the Nifty index managed to close above the 12,050 level. Mid and small-cap stocks bucked weak market trend.

The barometer index, the BSE Sensex, fell 336.36 points or 0.82% to 40,793.81. The Nifty 50 index fell 95.10 points or 0.78% to 12,056.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.16% while the S&P BSE Small-Cap index rose 0.47%. Both these indices outperformed the Sensex.

The market breadth was in the favor of the sellers. On the BSE, 1220 shares rose and 1341 shares fell. A total of 190 shares were unchanged.


India's GDP data for September quarter is scheduled to be published after market hours today, 29 November 2019. While Care Ratings, ICRA, Edelweiss expects the economy to have expanded at 4.7% in Q2, DBS and Nomura are on the lower band of the forecasts with projections of 4.3% and 4.2% respectively.

Foreign Markets:

Overseas, shares in Europe and Asia edged lower as investors worried that a new US law backing Hong Kong protests could derail Washington's and Beijing's efforts to end their trade war.

Hang Seng tumbled after US President Trump signed a bill supporting Hong Kong protestors. Hong Kong has been rocked by months of civil unrest initially sparked by a since-withdrawn extradition bill. The bill is in favour of pro democracy and might have grave implications on US China Trade Deal. China's foreign ministry responded, claiming the U.S. had sinister intentions.

Japan's industrial output slipped at the fastest pace since early last year in October. Factory output fell 4.2% in October from the previous month, trade ministry data showed on Friday, swinging from a 1.7% rise the previous month.

The Bank of Korea announced on Friday its decision to keep the benchmark interest rate steady at 1.25%, in line with expectations.

U.S. financial markets were closed Thursday for Thanksgiving Day and will have an abbreviated trading schedule on Friday.

Back in Europe, U.K. consumer confidence remained stuck at its lowest level since 2013 in November, amid uncertainty over the Dec. 12 general election. Meanwhile, French GDP data for the third quarter is due later in the global day.

Buzzing Index:

The Nifty Auto index fell 1.15% to 8,086. The index has corrected by 1.42% in two session from its recent closing high of 8202.85 on 27 November 2019.

Ashok Leyland (down 2.89%), TVS Motor Company (down 2.17%), Mahindra & Mahindra (down 2.12%), Tata Motors (down 2.03%), Hero MotoCorp (down 1.45%), Escorts (down 1.01%), Eicher Motors (down 0.89%), Bajaj Auto (down 0.42%) and Maruti Suzuki India (down 0.12%) declined.

Auto companies will declare November auto sales figures on Sunday, 1 December 2019.

Banks stocks witnessed profit booking. The Nifty Bank index snapped its four days winning streak and declined 0.55% to 31,946.10. The index rose 3.25% in last four trading sessions. It hit a record high of 32,157.05 on 28 November 2019.

Among private sector banks, Federal Bank (down 2.15%), RBL Bank (down 1.89%), Axis Bank (down 1.47%), ICICI Bank (down 1.4%), IndusInd Bank (down 0.08%) and Kotak Mahindra Bank (down 0.06%) declined.

HDFC Bank rose 0.70% to Rs 1274.25. The board of directors of the bank has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on 26 October 2020. The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition.

Yes Bank fell 2.50% to Rs 68.30 ahead of its board meeting today to consider fund raising.

A brokerage has upgraded the stock rating to 'buy' from 'hold' and hiked the price target to Rs 101 from Rs 70. The brokerage said underlying franchise strength would attract capital. Further, it believes that the underlying asset quality is acute and largely factored in.

Among PSU banks, Corporation Bank (down 4.55%), Union Bank of India (down 2.7%), Canara Bank (down 2.26%), Bank of Maharashtra (down 2.14%), State Bank of India (down 2.03%), Punjab National Bank (down 1.94%), Central Bank of India (down 1.78%) and Bank of India (down 1.68%) declined.

Stocks in Spotlight:

Shares of the Future Group surged after the Competition Commission of India (CCI) approved the acquisition by NV Investment Holdings LLC in Future Coupons.

Future Enterprises (up 20%), Future Consumer (up 8.8%), Future Market Networks (up 5%), Future Retail (up 3.43%), Future Supply Chain Solutions (up 1.29%) and Future Lifestyle Fashions (up 0.73%) advanced.

Adani Gas jumped 7.89% to Rs 161.30 after CCI approved Total Holdings SAS 37.4% acquisition in Adani Gas. Earlier in October this year, France's Total S.A. signed a deal to acquire a 37.4% stake in Adani Gas. The French energy giant will buy 25.2% stake from shareholders via an open offer and the remaining shares from Adani Family.

Lemon Tree Hotels advanced 3.28% to Rs 63.05 after it announced that the company has launched 101 rooms hotel named Red Fox Hotels in Vijayawada. The hotel is set on the banks of Krishna River and is an ideal destination of travelers.

PNB Housing Finance slipped 3.70% to Rs 532.95 after a foreign brokerage reportedly initiated 'sell' rating on the stock with a price target at Rs 458. The brokerage reportedly noted that PNB Housing had structural challenges that could lead to sub-optimal returns, lack of visibility on bottoming of asset quality and erosion of competitive advantage to limit ability to gain market share.

Shares of Indiabulls Group companies reversed intraday gains after Delhi High Court adjourned Citizen Whistle Blower Forum public interest litigation against Indiabulls Housing Finance to 28 February 2020.

Indiabulls Housing Finance fell 13.12% to end at Rs 290.35. The stock rose as much as 12.75% to hit the day's high of Rs 376.80 in morning trade. It later corrected as much as 16.40% to hit the day's low of Rs 279.40 in mid-afternoon trade.

Indiabulls Real Estate was locked in a lower circuit of 5% at Rs 68. Indiabulls Ventures fell 3.88% to Rs 171.05. Indiabulls Integrated Services was locked in an upper circuit of 5% at Rs 71.65.

Earlier in the day, Indiabulls Housing Finance advanced after the Ministry of Corporate Affairs (MCA) on Thursday found no irregularities in loans extended by Indiabulls Housing Finance (IBHFL) to five companies, as alleged by a Public Interest Litigation (PIL). In September, the petitioners had alleged in the PIL that the loans were given to shell companies. The company had refuted the allegations in the Court and had submitted documentary proofs and bank statements with respect to these loans. Subsequently, the court had issued a perjury notice to the petitioners

Telecom major Bharti Airtel rose 1.28% to end at Rs 442.30. The company said its board will meet on Wednesday, 4 December 2019, to consider raising funds. The announcement was made post trading hours today, 29 November 2019.

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