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Mid - Session Commentary
Market behaviours during the course of the trading session for last one week.
Barometers hit day's high; breadth positive
12-Dec-19   14:27 Hrs IST

Key market barometers extended gains and hit fresh intraday high in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 207.43 points or 0.51% at 40,619.39. The Nifty 50 index was up 65.30 points or 0.55% at 11,975.45.

The broader market traded higher. The S&P BSE Mid-Cap index was up 0.59%. The S&P BSE Small-Cap index advanced 0.57%.

The market breadth favored the buyers. On the BSE, 1289 shares rose and 981 shares fell. A total of 187 shares were unchanged. In Nifty 50 index, 39 stocks advanced while 11 stocks declined.

The sentiment was buoyed by multiple announcements by the Union Cabinet on Wednesday. Global cues were positive after the US Federal Reserve kept interest rates unchanged, as expected, at its policy meeting on Wednesday and signaled rate settings were likely to remain accommodative. Investors awaited the decision of the European Central Bank (ECB) along with slew of domestic data due today.

Stocks in Spotlight:

Shares of AAVAS Financiers were trading 3.83% higher at Rs 1910. The company's board approved the issuance of NCDs with a face value of Rs 10 lakh each, aggregating up to an amount of Rs 460 crore.

KEC International rose 2.38% to Rs 283.85. A global brokerage has initiated coverage on the stock, with a 'buy' rating and a target price of Rs 388.

L&T Infotech advanced 0.44% to Rs 1641.15. The company won a multiyear engagement with Swedish financial services company, Hoist Finance AB, to manage its IT operations. LTI will leverage its operate to transform approach to enhance stability, security and efficiency of Hoist Finance's IT environment.

Numbers to Watch:

The yield on 10-year benchmark federal paper rose to 6.773% at 14:16 IST compared with 6.760% in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 70.655, compared with its close of 70.8525 during the previous trading session.

MCX Gold futures for 5 December 2019 settlement fell 0.08% to Rs 37,668.

In the commodities market, Brent crude for February 2020 settlement was up 39 cents at $64.11 a barrel. The contract fell 62 cents, or 0.96%, to settle at $63.72 a barrel during the previous trading session.

Data Releases Today:

India's industrial production (IIP) data for October 2019 will be announced on today. Industrial output in India dropped 4.3% year-on-year in September of 2019, following an upwardly revised 1.4% decline in August.

The Manufacturing production data for October 2019 will also be announced today. Manufacturing Production in the country decreased 3.90% in September of 2019 over the same month in the previous year.

The Consumer Price Index (CPI) figures for November 2019 will also be unveiled today. India's retail price inflation rate climbed to 4.62% year-on-year in October 2019, the highest in over a year, from the previous month's 3.99%. Inflation rose above the Reserve Bank of India's medium-term target of 4% for the first time since July 2018, following recent cuts in interest rates.

Economy:

The Union Cabinet, chaired by the Prime Minister Narendra Modi, gave an approval for setting up Infrastructure Investment Trust and monetize National Highway Projects. The Cabinet gave an approval authorizing National Highways Authority of India (NHAI) to set up Infrastructure Investment Trust(s) (InvIT) as per InvIT Guidelines issued by SEBI. This will enable NHAI to monetize completed National Highways that have a toll collection track record of atleast one year and NHAI reserves the right to levy toll on the identified highway. This move will also attract patient capital (for say 20-30 years) to the Indian highway market, as these investors are averse to construction risk and are interested in investment in assets which provide long-term stable returns.

Further, the Cabinet approved the proposal to make amendments in the Insolvency and Bankruptcy Code, 2016 (code), through the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019. The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise the objects of the code and to further ease doing of business. Amendments to the Code to remove bottlenecks, streamline the CIRP and protection of last mile funding will boost investment in financially distressed sectors. Additional thresholds introduced for Financial Creditors represented by an authorized representative due to large numbers in order to prevent frivolous triggering of Corporate Insolvency Resolution Process (CIRP).

The Cabinet also approved a partial credit guarantee scheme for public sector banks (PSBs) to purchase high-rated pooled assets from financially sound Non-Banking Financial Companies (NBFCs)/Housing Finance Companies (HFCs), with the amount of overall guarantee provided by government till the first loss of up to 10% of fair value of assets being purchased by banks or Rs 10,000 crore, whichever is lower. The scheme would cover NBFCs/HFCs that may have slipped into SMA-0 category during the one year period prior to 1 August 2018, and asset pools rated BBB+ or higher.

Politics:

The Rajya Sabha on Wednesday approved the Citizenship (Amendment) Bill, completing the legislative procedure for giving Indian citizenship to non-Muslim migrants from Pakistan, Afghanistan and Bangladesh. The Bill was passed with 125 votes in favour and 105 against it. The Bill was passed by Lok Sabha on Monday. It will now go to the President for his assent.

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