Share Market Today: Sensex, Nifty Snap Three-Day Losing Streak

Yield on the 10-year bond fell 3 bps to 7.28% at the close on Tuesday.

Source: Bloomberg

The local currency appreciated 17 paise to 81.67 at the close on Tuesday. It opened at 81.72 before appreciating to 81.64 intraday.

It closed at 81.84 on Monday.

Source: Bloomberg

Indian stock benchmarks ended higher on Tuesday, snapping a three-day losing streak, aided by gains in metal and information & technology stocks.

Sensex rose 0.53% to 61,466.63. Nifty 50 advanced 0.49% to 18,249.10.

Among Nifty 50 stocks, 38 stocks advanced and 12 declined. IndusInd Bank, JSW Steel, NTPC, Ultratech Cement, HDFC Life Insurance Company were the top gainers.

BPCL, Nestle India, Bharti Airtel, Kotak Mahindra Bank and Power Grid Corp were the top losers.

The broader indices underperformed their larger peers with mid-cap gaining 0.45% and small-cap losing 0.14%.

Fourteen out of the 19 sectoral measures complied by BSE advanced, with BSE Metal and Information & Technology gaining the most.

The market breadth is skewed in the favour of bears. About 1,647 stocks rose, 1,809 fell and 152 remained unchanged.

Infosys shares gained after the software exporter signed a deal with Envision AESC to develop cloud-based platform to digitise the latter's EV battery manufacturing units.

The stock rose as much as 1.26%. Of the 49 analysts tracking the company, 43 maintain 'buy', four suggest 'hold' and two recommend 'sell'. The return potential of the stock implies an upside 7.6%.

Source: Bloomberg, Exchange filing

Domestic air passenger rose 27% year-on-year to 1.14 crore Vs 89.85 lakhs in September.

• IndiGo market share 56.7% Vs 57.7% in September.

• Vistara market share 9.2% Vs 9.6% in September.

• Air India market share 9.1% Vs 9.2% in September.

• AirAsia India market share 7.6% Vs 5.9% in September.

• SpiceJet market share flat at 7.3% in September.

• Go Air market share 7.0% Vs 7.9% in September.

• Akasa Air market share 1.4% Vs 0.9% in September.

Source: DGCA

• The deal includes cooperation in the areas of R&D and manufacturing services for Polaroid Film and Polaroid Sciences.

• The MSA anticipates, based on historical data of the existing supply agreement between the two companies, an overall revenue of approx Rs 121.5 crore over the partnership period of minimum 3 years.

• Polaroid is the holding company of the global Polaroid group of companies which is known for instant photography products.

Source: Exchange filing

Dr. Reddy's Laboratories, it's unit, along with Celgene, Bristol Myers Squibb and several drug makers were named defendants in a complaint filed in the district of New Jersey in the U.S.

The complaint, on behalf of indirect purchasers, states that the drug makers improperly restrained competition and maintained shared monopoly in the sale of Revlimid through respective patent litigation settlements.

The complaint alleges that agreements "improperly delayed generic entry entirely until 2022 and then improperly limited generic competition through 2026."

It seeks damages for purported overpayments and equitable relief.

Dr. Reddy's Laboratories said that the allegations lack merit and it will vigorously defend the litigation.

The stock traded almost flat, down 0.06%. Of the 42 analysts tracking the company, 34 maintain 'buy', six suggests 'hold' and two recommends 'sell'. The return potential of the stock implies a downside of 15.1%.

Source: Bloomberg, Exchange filings

European markets opened mixed on Tuesday amid comments from Federal Reserve on interest rate hikes, while rising Covid infections in China weighed down.

Shares of Jindal Poly Films surged the most in over three weeks on Tuesday.

The stock gained as much as 7.29%- the most since Oct. 28. It is now trading 4.93% higher. Total traded quantity is 19.8 times the 30-day average.

The price crossed above the 50-day simple moving average, indicating a potential upward price momentum.

The stock movement came after the company, in a stock exchange filing earlier today, denied media reports on the company considering sale of $1 billion European arm.

The company said it does not have any business arm in Europe. The overseas investment in packaging Film Business through JPF Netherland B.V. had already been transferred to Jindal Photo Imaging through scheme of arrangement in 2019, it added.

Source: Bloomberg, Exchange filing

Shares of Easy Trip Planners advanced and reached its record high after the company inked a memorandum of understanding to develop tourism in Assam.

The stock advanced as much as 17.10% to its highest-ever price of Rs 67.1 per share. Total traded volume is 19.8 times the 30-day average. The relative strength index is 81, suggesting that the stock might be overbought.

EaseMyTrip, the online travel platform operated by the company, inked a MoU with Assam Tourism Development Corporation.

The objective of this deal is to share resources and collaborate to push tourism growth in India's Assam state.

EaseMyTrip will provide white label solutions to endorse ATDC properties on its website and mobile application, along with complete booking process and payment gateway.

Of the four analysts tracking the company, two maintain 'buy', one suggests 'hold' and one recommends 'sell'. The return potential of the stock implies a downside of 15.7%.

Source: Bloomberg, Exchange filings

Shares of Steel Strips Wheels gained after the company inked a MoU with Israel-based Redler to establish a JV to make and sell EV controllers in India.

The stock gained as much as 4.4%. Total traded quantity is 2.3 times the 30-day average.

The joint venture will develop, manufacture and market motion control solutions for two, three and four-wheeled electric vehicles.

Of the two analysts tracking the company, both maintain 'buy'. The return potential of the stock implies an upside of 48.1%.

Source: Bloomberg, Exchange filing

India's stock benchmarks advanced aided by gains in consumer durables, FMCG and metal stocks.

Sensex rose 0.25% at 61,300.11 as of 12:54 p.m. Nifty 50 advanced with a similar magnitude to 18,203.35.

Among Nifty 50 stocks, 36 stocks advanced and 14 declined.

IndusInd Bank, Divi's Laboratories, Ultratech Cement, Adani Ports and SEZ, Hindalco Industries were the top gainers on Nifty 50. While, BPCL, Nestle India, Bajaj Auto, Power Grid Corporation and Coal India were the top laggards.

The broader indices underperformed their larger peers with mid-cap gaining 0.18% and small-cap losing 0.12%.

Thirteen out of the 19 sectoral measures complied by BSE advanced, with BSE Commodities and Consumer Durables gaining the most.

The market breadth is skewed in the favour of bears. About 1,621 stocks rose, 1,705 fell and 167 remained unchanged.

Larsen & Toubro shares gained after the conglomerate bought entire stake held by Chiyoda Corporation in L&T-Chiyoda Ltd. for Rs 75 crore.

The stock gained as much as 1.08%. Of the 41 analysts tracking the company, 40 maintain 'buy', none suggest 'hold' and one recommends 'sell'. The return potential of the stock implies an upside of 11.9%.

L&T-Chiyoda is a joint venture between Larsen & Toubro Limited and Chiyoda Corporation. L&T acquired 45 lakh equity shares or 50% stake in the joint venture entity.

The acquisition is expected to be completed by Dec 31.

Source: Bloomberg, Exchange filings

Shares UCO Bank surged to its highest in three years after large trade.

The stock gained as much as 14.48%- its highest since November 2019, to a 52-week high of 21.35.

The stock movement was triggered after about 1.18 crore shares, or 0.1%, changed hands in nine transactions on NSE, as per Bloomberg data.

Separately, the public sector bank said that the Central Government has named Rajendra Kumar Sahoo, who was the chief general manager at Punjab National Bank, as Executive Director of the bank for a period opf three years.

Total traded volume is 17.4 times the 30-day average. The relative strength index stood at 87, suggesting that the stock might be overbought.

Source: Bloomberg, Exchange filings

One 97 Communications' market capitalisation declined around 70% as the shares of the company tanked to its record low.

Source: Bloomberg

• B9 Beverages, the maker of Bira 91 beer, has raised Rs 570 crore ($70 million) from Japanese beverages group Kirin Holdings in a Series D round.

• Kirin had earlier invested around $30 million in Bira for a 10% stake.

• Bira said it will use the funds to commission new breweries, expand existing facilities and increase the company’s distribution footprint internationally as well.

Source: Company statement

Shares of Dhunseri Tea & Industries increased after the company signed a memorandum of understanding with Warren Tea to acquire three tea estates in Assam.

The stock gained as much as 2.82%. Total traded volume is 3.9 times the 30-day average.

Dhunseri Tea accquired Duamara Tea Estate, Tara Tea Estate, Deohall Tea Estate for Rs 32.95 crore, Rs 36.50 crore and Rs 21.35 crore, respectively.

The company aims to enhance its production, turnover and profitability through this acquisition.

Source: Bloomberg, Exchange filings

Shares of One 97 Communications fell to its record low on Tuesday amid a spate of investor sell offs after the one year anchor lock in period expired for the company last week.

The stock tanked to its lowest-ever price of Rs 483.2, logging in a decline of 10.02%.

Total traded quantity is 3.8 times the 30-day average. The relative strength index of the stock is 18, indicating that it might be oversold.

Of the 12 analysts tracking the company, six maintain 'buy', three suggest 'hold' and three recommend 'sell'. The return potential of the stock implies an upside of 78.1%.

Source: Bloomberg

• Shares of Kaynes Technologies listed at Rs 775 per share on the BSE, a premium of 32% to its IPO price of Rs 587.

• On the NSE, the stock listed at Rs 778, a 32.5% premium.

• Its IPO was subscribed 34.16 times.

Source: BSE, NSE

Several public sector banks such as UCO Bank India Ltd., Bank of Maharashtra Ltd. and others continued to gain even as benchmarks traded flat.

UCO Bank, Bank of Maharashtra, Indian Overseas Bank and Union Bank of India sustained gains for five days in a row, rising as much as 14.48%, 4.34%, 5.97% and 2.89%, respectively.

Bank of Baroda rose 1.3%, reversing Monday's losses. Meanwhile, Canara Bank gained for fourth straight day.

Punjab National Bank gained 1.68%- rising for six days in a row.

The Nifty PSU Bank index gained as much as 1.26%- continuing its gaining streak for the sixth straight day.

Source: Bloomberg

Shares of FSN E-Commerce declined as investors continued to sell their holdings in the beauty and apparel platform operator.

The stock declined as much as 3.16% during early trade. Total traded volume is 2.2 times the 30-day average.

Nykaa saw 1.84 crore shares change hands in a bunched trade, as per Bloomberg.

Of the 19 analysts tracking the company, 13 maintain 'buy', four suggest 'hold' and two recommend 'sell'. The return potential of the stock is 43.2%.

Source: Bloomberg

India's stock benchmarks opened flat on Tuesday, despite SGX Nifty indicating a positive start.

Sensex lost 0.03% to open at 61,126.56. While the Nifty 50 gained 0.11% to open at 18,179.15.

Among Nifty 50 stocks, 34 stocks advanced and 15 declined, while one remained unchanged.

Larsen & Toubro, NTPC, IndusInd Bank, Maruti Suzuki India and Eicher Motors were the top Nifty 50 gainers. Meanwhile, Tata Consultancy Services, Nestle India, JSW Steel, Apollo Hospitals Enterprise and Power Grid Corp of India were the top laggards.

The broader indices almost mirrored their larger peers with mid-cap and small-cap gaining 0.15% and 0.01% respectively.

Twelve out of the 20 sectoral measures complied by BSE declined, with BSE Oil & Gas losing the most.

The market breadth is skewed in the favour of bulls. About 1,374 stocks rose, 1,077 fell and 100 remained unchanged.

Glenmark Pharmaceuticals and its U.S. unit have reached a settlement agreement with Pfizer Inc., PF Prism C.V. and PF Prism IMB B.V. (Pfizer) for Axitinib Tablets.

The drug, which is the generic version of Pfizer's Inlyta Tablets, is used to treat cancer.

Glenmark, on Nov. 30, 2020, received tentative approval by the United States Food & Drug Administration (U.S. FDA) for their generic Axitinib Tablets of doses 1 mg and 5 mg.

Source: Exchange filing

Yield on the 10-year bond opened flat at 7.32% on Tuesday.

Source: Bloomberg

Indian currency appreciated by 12 paise to 81.72 at the open against the greenback on Tuesday.

It closed at 81.84 on Monday.

Source: Bloomberg

• U.S. Dollar Index at 107.83

• U.S. 10-year bond yield at 3.82% on Monday

• Brent crude down 0.2% to $87.45 per barrel

• Nymex crude at $79.73 per barrel

• SGX Nifty up 0.12% to 18,227.5 as of 6:20 a.m.

• Bitcoin rose 1.48% to $15,863.3.

• Archean Chemical Industries: Quant Money Managers bought 6.5 lakh shares (0.53%) at Rs 452.59 apiece.

• Delhivery: Morgan Stanley Asia (Singapore) Pte.-ODI bought 48.55 lakh shares (0.67%) at Rs 330 apiece, CA Swift Investments sold 1.84 crore shares (2.53%) at Rs 330.02 apiece.

• Easy Trip Planners: Saint Capital Fund bought 22 lakh shares (0.2%) at Rs 52.5 apiece, Dharampal Satyapal Ltd. sold 25 lakh shares (0.23%) at Rs 54.1 apiece.

• Hindustan Construction Company: IDBI Trusteeship Services sold 1.1 crore shares (0.73%) at Rs 17.82 apiece.

• Kaynes Technology India: The equity shares of the company will be listed on BSE and National Stock Exchange at Rs 587 per share with face value of Rs 10 each. The IPO, which received bids from Nov. 10 to Nov. 14, was subscribed 34.16 times. The QIB portion was subscribed 98.47 times, the non-institutional investor portion 21.21 times, retail portion 4.1 times and employee portion 11.92 times.

• Reliance Industries: The NCLT gave its approval to Reliance Jio, the telecom arm of the company, to acquire Reliance Infratel, the holding company for tower and fibre assets of Reliance Communications.

• Lupin: The company signed an MoU with Rajasthan government for collaboration to strengthen healthcare system, reduce prevalence and improve health outcomes for patients diagnosed with cardiovascular disease and chronic obstructive pulmonary disease in Alwar.

• Punjab National Bank: The bank appointed Binod Kumar and M Paramasivam as executive directors on its board.

• Kirloskar Electric Company: The company's Govenahalli unit has extended partial lay-off for 36 workmen out of 148 for 60 days, with effect from Nov. 20, 2022. All workmen laid-off at the Bhudihal unit have been recalled from Dec. 1, 2022.

• Axis Bank: S&P Global Ratings upgraded the bank’s long-term and short-term issuer credit rating to 'BBB-/A-3' from 'BB+/B', with stable outlook on the long-term rating. The agency also upgraded the long-term issue rating on the bank's senior unsecured notes to 'BBB-' from 'BB+'.

Stocks rose in Asia amid fragile sentiment as investors weighed the impact of Covid infections in China and parsed comments from Federal Reserve officials on interest rate hikes.

Oil steadied near $80 per barrel following a volatile session Monday after Saudi Arabia denied a report that it was discussing an oil-production increase for the OPEC+ meeting next month. Gold was flat. Bitcoin rose 1.8% to $15,909.33

India's benchmark indices ended the week’s first session in the red, falling the most in 11 days as IT, utilities, power and realty stocks weighed down the market.

The rupee depreciated further against the U.S. dollar as the greenback got stronger in the overseas market.

At 8 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- rose 0.28% to 18,255.5.