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Record close for Nifty; realty, metals jump, pharma drags

14:00

The News International Team

3:30 pm: Indian benchmarks surged to fresh record highs at Friday close with a 0.3 percent gain, with the Nifty rising 32 points to 8,389 while the Sensex climbed 102 points to 28,046.

High-beta shares led the gains through the day, with stocks of real estate, metals, chemicals and oil & gas rising 2.2 percent, 2.2 percent, 1.7 percent and 1.1 percent, respectively. While defensive sectors such as pharmaceuticals and consumer durables closing in the red (down 1.2 percent and 0.4 percent, respectively).

Among individual stocks, top gainers for the day included Hindalco, GAIL, SBI and Tata Steel (up between 2.3 and 3.7 percent) while losers were pharma firms Sun, Cipla and Dr Reddy’s lost 1.2 to 2.5 percent.

Equities were boosted by gains in US and Asian markets earlier in the day, even as wholesale inflation fell to a multi-year low to 1.77 percent, which spawned further hopes the central bank may consider easing interest rates sooner rather than later.

Friday was also the last day of what has largely been a satisfactory second-quarter earnings season.

3:00pm: The Sensex is up 120.59 points at 28061.23, and the Nifty up 31.85 points at 8389.70. About 1549 shares have advanced, 1418 shares declined, and 116 shares are unchanged. The realty index is up 2.5 percent.

Meanwhile, Sukumar Rajah, Templeton Asset Management is bullish on Indian equities and finds the Indian market attractive for long-term investors. Speaking to CNBC-TV18, he said going ahead returns of market will depend on earnings growth of India Inc. He foresees revenue growth of Indian companies to be over 15 percent in next five years. 

Rajah is overweight on financials, industrial and consumer discretionaries.

2:30 pm: India would have the fastest economic expansion among Asian countries and its gross domestic product is expected to grow by 6.3 percent in 2015, according to Morgan Stanley forecasts of global economies. The Indian rupee’s exchange rate to USD would be at Rs 62.2 by end of next year compared to Rs 62 in the current quarter (Q4 this year), according to a presentation made at the Morgan Stanley’s Annual Asia Pacific Summit held here from November 12-14 said.

It is seen at Rs 62.5 in the first two quarters of next year and Rs 62.3 in the third quarter of next year. Comparative to other Asian GDP growths, India would have the fastest economic expansion, it said.

Don’t miss: SBI Q2 net up at Rs 3100 cr, asset quality stable

The market seems to be in sluggish mode as it refuses to move ahead. The Sensex is up 41.43 points at 27982.07 and the Nifty is up 12.30 points at 8370.15. About 1570 shares have advanced, 1347 shares declined, and 102 shares are unchanged.

Metals are up while healthcare stocks are dragging. Hindalco, Coal India, GAIL, SBI and Tata Steel are top gainers while Sun Pharma, Cipla, BHEL, DR Reddy’s and HDFC are among the laggards.

The August WPI inflation was revised higher to 3.85 percent from 3.74 percent earlier, the data said. Inflation in the fuel and power segment which include LPG, petrol and diesel declined to 0.43 percent as compared to price rise of 1.33 percent in September.

The Reserve Bank which maintained status quo in interest rate since January, will come out with the monetary policy review on December 2. The RBI factors in retail inflation while formulating its monetary policy. The decline in both retail and WPI inflation for October, coupled with improvement in industrial output for September, will put pressure on the RBI to lower interest rates to boost growth.

Japanese stocks gained on Friday to close near a seven-year intraday high amid choppy trade ahead of Monday’s third quarter GDP figures. The Nikkei advanced 0.6 percent to 17,490.83, its fourth consecutive day of gains. For the week, the average has added 3.6 percent and since the Bank of Japan’s shock easing on Oct 31 it has soared 11.7 percent. The broader Topix advanced 0.8 percent to 1,400.41, while the JPX-Nikkei Index 400 added 0.8 percent to 12,790.16.

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