Overall, buying in HDFC Bank, Kotak Mahindra Bank, Bajaj Finance, Bajaj Finserv and Bharti Airtel took the benchmark equity indices higher by over half a per cent. The 30-share BSE Sensex gained 282 points at 43,882, while the 50-share Nifty index advanced 87 points to 12,859.
Joseph Thomas, Head of Research, Emkay Wealth Management, said, “The market was volatile for almost half of the day’s trading, but closed on a positive note in line with almost all Eastern markets, and European markets at the opening. The spirits were upbeat with a major IPO listing, and the possibility of a vaccine becoming available in the first quarter of the next year. The markets looked well supported at the current levels with the rising interest of foreign investors in the domestic markets.”
Here is a lowdown on what happened in today’s trade:
Bharti Infratel rallies 18%
Shares of Bharti Infratel advanced nearly 18 per cent after the company said its proposed merger with Indus Towers to create a mega tower company has been completed. The scrip closed 17.73 per cent higher at Rs 218.50.
Vodafone Idea rings louder
Shares of Vodafone Idea climbed over 8 per cent after the company received Rs 3,760 crore cash on completion of the Bharti Infratel and Indus Towers merger deal. The scrip settled 8.31 per cent up at Rs 10.04.
Apollo Hospitals gains over 2%
Shares of Apollo Hospitals climbed over 2 per cent after the company announced a collaboration with Tata Medical and Diagnostics (TataMD) to introduce ‘TataMD CHECK’ diagnostic test for Covid-19 in the country, which will provide faster results. The scrip closed 2.23 per cent higher at Rs 2,352.
PSU Bank index gains
The PSU Bank index gained over 1 per cent amid reports that the policymakers are mulling a more liberal policy in allowing takeovers and mergers of PSU banks by corporates and foreign banks.
“The idea that is aimed at opening up the banking system is at a very nascent stage,” ET NOW reported. J&K Bank gained the most at 19.88 per cent. It was followed by Bank of India (up 6.41 per cent), UCO Bank (up 2.54 per cent), Indian Overseas Bank (up 2.13 per cent) and Central Bank (up 1.30 per cent). On the other hand, Bank of Baroda and PNB declined over half a per cent.
BSE climbs nearly 7%
Leading stock exchange BSE is mulling to sell a minority stake in its mutual fund distribution platform StAR MF, ET NOW reported quoting sources. Top fintech companies, banks and global investors are lined up for StAR MF platform stake, the report said during the day. Later, the scrip settled 6.97 per cent higher at Rs 558.45.
LVB tanks 39% in four days
Shares of Lakshmi Vilas Bank (LVB) slumped further and fell 10 per cent to hit a new 52-week low as investors’ sentiment remained cautious. This is also the fourth consecutive session of loss for the lender’s stock as the sentiment was spooked after the government placed the lender under a one-month moratorium and superseded its board. The scrip has tanked 39 per cent to Rs 9.55 on November 20 from Rs 15.65 on November 14.
Promoter action: Himadri Speciality Chemical
Promoter and director Shyam Sundar Choudhary disposed 32.34 lakh shares of Himadri Speciality Chemical on November 17-18, BSE data showed on Friday. Promoter Sheela Devi Choudhary also sold 7.63 lakh shares on November 18. The stock closed 5.40 per cent down at Rs 39.45.
Promoter Annamma Philip of MRF sold 5,381 shares of the company on November 19. The scrip closed 2.88 per cent up at Rs 79,106.
Gland Pharma lists at premium
Gland Pharma made a strong market debut on bourses as the scrip got listed at Rs 1,710 on NSE, a 14 per cent premium over its issue price of Rs 1,500. Later the scrip closed the day at Rs 1,828.
Stocks that hit fresh all-time high
Adani Green shares, which settled nearly 5 per cent up at Rs 1,135, scaled its fresh all-time high of Rs 1,138 during the day. Kotak Mahindra Bank, Affle India, Supreme Industries, Ratnamani Metals and Tube Investments also hit their fresh record highs.
Stocks that hit upper circuits
As many as 325 stocks hit their upper circuit limits on BSE. Some of the companies in the list included J&K Bank, Wockhardt, Inox Wind, GE Power and DHFL, among others.
Most active counters
With a total traded quantity of 55.96 crore shares, Vodafone Idea emerged as the most active stock on the NSE in terms of volume. It was followed by Uttam Value (20.48 crore), YES Bank (18.39 crore) and State Bank of India (8.44 crore). On the other hand, Reliance Industries (Rs 5,101 crore), Bajaj Finance (Rs 4,050 crore), Bajaj Finserv (Rs 3,394 crore) and IndusInd Bank (Rs 2,054 crore) stood among most active in terms of value.
Stocks that gave ‘buy’ signals
About 28 stocks on NSE crossed above the signal line of MACD indicator, flashing ‘buy’ signals. They included Jaiprakash Associates, JSW Energy, Sun TV, Quess Corp, Shalby and Tribhovandas Bhimji, among others.
Where is Nifty headed?
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, believes that the near term uptrend status remains intact and upside momentum is expected to continue after this small dip in the market. Hence, one may expect Nifty to move towards the new all time high of 12,963 levels by next week.
“A decisive/sustainable move above 13,000 levels could open next upside targets of 13,500-13,600 in the near term. Immediate supports to be watched at 12,680-12,730 levels,” he said.