Nifty ends at 8114, Sensex soars 456 points; TCS, Infosys up 5%

3:30 pm Market closing: The market has ended on strong note with the Nifty ending above 8100. The Nifty was up 148.80 points or 1.9 percent at 8114.30 and the Sensex closed up 456.17 points or 1.8 percent at 26316.34.

TCS, Infosys, Sun Pharma, GAIL and HDFC were top gainers while Bajaj Auto, SBI and Bharti Airtel were losers in the Sensex.

2:59 pm Market Update: The BSE Sensex extended rally, up 434.91 points or 1.68 percent at 26295.08 and the NSE Nifty up 145.75 points or 1.83 percent at 8111.25.

About four shares advanced for every share falling on the BSE.

2:45 pm Fund raising: Drug firm Jubilant Life is seeking shareholders nod through postal ballot/e-voting to raise up to Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"In order to provide necessary flexibility regarding borrowings of the company in an optimal manner depending on the market conditions, the company proposes to offer, issue and allot redeemable NCDs up to Rs 1,000 crore...," Jubilant Life Sciences said in the notice to shareholders that it filed to the BSE.

This approval to the board to raise the amount also stipulates that this could be done in one or more series/ tranches during a period of one year from the date of passing the resolution, it added.

2:30 pm Buzzing: Shares of Talkwalkars Better Value Fitness gained 5.5 percent intraday on demerger of gym business.

"The board of directors, on November 24, unanimously approved scheme of arrangement between Talkwalkars Better Value Fitness (demerged company) and Talkwalkars Lifestyles (resulting company) and their respective shareholders providing for the demerger of gym business of Talkwalkars Better Value to Talkwalkars Lifestyles," the health centres chain said in its filing.

The gym business offers a diverse suite of services including gyms, spas, aerobics, yoga and health counselling under the brand Talwalkars.

Talwalkars said in order to achieve management and to have clear focus on business operations, it has decided to demerge gym business.

As of March 2016, the business has 176 fitness centres in 85 cities across India and SriLanka. It reported turnover of Rs 197.61 crore, which was 86.21 percent of group's total business.

2:20 pm Fitch on note ban: Demonetisation will have a "negative" impact on growth in the short run but for the full fiscal, the GDP decline would be "relatively moderate", Fitch Ratings said today.

The ratings agency, however, expects India's GDP growth to trend higher than China's in the medium term, adding that it would accelerate next fiscal on the back of reforms and monetary policy easing.

"The impact on GDP growth is clearly going to be negative in the short run and depends to a large extent on how long the cash crunch is going to take.

"A significant decline in the growth number for this quarter is highly likely, but for the fiscal year as a whole the decline may still be relatively moderate," Fitch Asia-Pacific Sovereigns Group Director Thomas Rookmaaker said.

He, however, said that there are many elements to the demonetisation exercise, which makes it difficult to quantify its impact on real GDP growth.

2:00 pm Market Check
Buying interest continued in afternoon trade that pushed equity benchmarks as well as broader markets higher by around 1.5 percent. Technology was the leader in the buying list, followed by FMCG and pharma stocks.

The 30-share BSE Sensex was up 363.05 points or 1.40 percent to 26223.22 and the 50-share NSE Nifty rose 122.35 points or 1.54 percent to 8087.85. The BSE Midcap was up 1.3 percent and Smallcap gained 1.8 percent on strong breadth.

About 1914 shares advanced against 555 declining shares on the Bombay Stock Exchange.

Tech Mahindra was the biggest gainer among Nifty 50 stocks, up 6 percent followed by Infosys, TCS, Aurobindo Pharma, HCL Technologies, Lupin, GAIL and Wipro with 3-5 percent upside. However, SBI, Bajaj Auto, Reliance Industries, L&T and ONGC were under pressure.

1:50 pm Exclusive: Sources at the Finance Ministry tell CNBC-TV18 that the banking regulator The Reserve Bank of India is proposing to hike the limit of market stabilisation scheme with the objective of sucking out excess liquidity in the system. Banks flush with incremental deposits owing to demonetisation drive has parked a substantial sum of money in the reverse repo window with the RBI. MSS (Market Stabilisation Scheme) securities are an extra tool with which the RBI can intervene in the market for managing liquidity. These securities are given by the banking regulator like bonds to clean up additional liquidity.

1:30 pm Interview: On Thursday onwards Big Bazaar announced that all its stores, along with fbb stores will be enabled to allow customers to withdraw upto Rs 2000 from their own bank accounts, using their Debit/ATM cards.

On the first day of cash dispensation the company saw around 50,000 transactions conducted, says Kishore Biyani, Chairman, Future Retail.

In an interview with CNBC-TV18 he said that modern trade has been doing really well and same store sales jumped to 40 percent on Thursday.

After the first days of demonetisation sales picked up and the company saw a sales growth of around 20-50 percent in last two weeks, he said.

The market continues to rally with the Nifty eyeing 8100. The 50-share index is up 109.45 points or 1.4 percent at 8074.95 and the Sensex is up 309.05 points or 1.2 percent at 26169.22. About 1866 shares have advanced, 554 shares declined, and 163 shares are unchanged.

Infosys, TCS, Lupin, GAIL and Wipro are top gainers while SBI, Bajaj Auto, ICICI Bank, L&T and Bharti are losers in the Sensex.

Leading bourse National Stock Exchange (NSE) will auction investment limits for overseas investors for purchase of government debt securities worth Rs 22,171 crore on November 28.

The auction will be conducted on NSE's 'e-bid' platform from 1530 hours to 1730 hours, after the close of market hours.

The debt auction quota gives overseas investors the right to invest in the debt, up to the limit purchased. As per latest data available with depositories, the total investment in government debt has reached Rs 1,25,829 crore till yesterday, which was 85.02 per cent of total permitted limit of Rs 1.48 lakh crore.

12:59 pm Market Update: Equity benchmarks extended rally with the Sensex rising 287.04 points or 1.11 percent to 26147.21 and the Nifty climbing 102.45 points or 1.29 percent to 8067.95.

About 1845 shares advanced against 528 declining shares on the BSE.

12:50 pm Interview: Suven Life reported a flat set of numbers for the second quarter ended September 30. Profits were up 5.3 percent to Rs 26.5 crore versus Rs 25.2 crore reported same quarter last fiscal but revenues were down 1.2 percent at Rs 11.5 crore versus Rs 117 crore year on year (YoY).

Defending the revenue numbers, Venkat Jasti, Chairman and CEO, Suven Life Sciences told CNBC-TV18 that their numbers should not be compared quarter on quarter because the CRAMS is a lumpy business. Actually, the revenues were up, he said.

The profits for the quarter were up because of the product mix, said Jasti.

Jasti is confident of maintaining EBITDA margins at 32 percent or more. EBITDA margins for the quarter stood at 31.9 percent versus 26.7 percent YoY. margins,   product mix

He is also confident of 10-15 percent topline growth in FY17 and FY18.

12:35 pm Buzzing: RS Software shares surged more than 8 percent intraday after a media report indicated that the company has cancelled a restrictive deal with its key client Visa Inc.

"RS Software (India), an early bird in the payment solutions business, is parting ways with its key client, US financial services giant Visa Inc, from which it derived more than 90 percent of its revenue for years," a media report said.

Chairman Raj Jain, in an interview to a media company said after 10 years of growth, RS Software is scaling back its engagement with Visa to tap into ''multi-billion dollar opportunities'' emerging in the digital payments solutions business.

12:20 pm PM on demonetisation: Attacking political rivals and those opposed to the demonetisation scheme, Prime Minister Narendra Modi today lashed out at them saying they would have lavished praise on him if he had given them time before announcing the move.

"Some people are criticising saying the government did not make ample preparation. I think that is not the issue that the government did not make ample preparation. I think the pain of such people is that the government did not give a chance to make any preparation," he said at a book launch function .

"If these people had got 72 hours to make their preparation then they would have lavished praise that there is no one like Modi," he stressed.

The Prime Minister's remarks come amid a standoff in Parliament on the issue with the opposition stepping up their attack on the government. Former Prime Minister Manmohan Singh had yesterday said the step was "a case of organised loot and legalised plunder" and reflected a "monumental management failure".

12:00 pm Market Check
The NSE Nifty started off December series on a strong note, rising more than 1 percent on short covering as well as value buying after losing more than 7 percent in November so far.

The 30-share BSE Sensex gained 276.55 points or 1.07 percent at 26136.72 and the 50-share NSE Nifty rose 102.25 points or 1.28 percent to 8067.75. The broader markets also traded in line with benchmarks as the BSE Midcap and Smallcap indices surged 1-1.5 percent.

Even the market breadth was strong as about 1777 shares advanced against 501 declining shares on the BSE.

Technology stocks were the biggest gainers, may be on account of recent rupee fall. Nifty IT index jumped over 4 percent as Infosys, Tech Mahindra, HCL Technologies and TCS gained more than 4 percent.

However, ICICI Bank, SBI, L&T, Reliance Industries and Bajaj Auto underperformed, down 0.3-0.9 percent.

Asia markets were mostly positive today, amid a lack of cues from US markets, which were shut Thursday for the Thanksgiving holiday.

11:45 am Exclusive: Sources at the Finance Ministry tell CNBC-TV18 that the banking regulator The Reserve Bank of India is proposing to hike the limit of market stabilisation scheme with the objective of sucking out excess liquidity in the system. Banks flush with incremental deposits owing to demonetisation drive has parked a substantial sum of money in the reverse repo window with the RBI. MSS (Market Stabilisation Scheme) securities are an extra tool with which the RBI can intervene in the market for managing liquidity. These securities are given by the banking regulator like bonds to clean up additional liquidity.

11:30 am IPO: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.

The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.

"We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer," the company informed BSE.

"The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders," it added.

The market is gradually picking up pace with support from technology, metals and oil & gas stocks. The Sensex is up 242.16 points or 0.9 percent at 26102.33, and the Nifty is up 87.85 points or 1.1 percent at 8053.35. About 1638 shares have advanced, 409 shares declined, and 125 shares are unchanged.

Infosys, TCS, GAIL, Tata Steel and Wipro are top gainers while Tata Motors, Bharti Airtel, Dr Reddy's, ICICI and Reliance are losers in the Sensex.

The Reserve Bank of India intervened heavily in morning trade on Friday as the rupee fell to around 68.65 per dollar, approaching the record low hit in the previous session, traders said.

The intervention sparked a sharp rebound in the rupee, which was trading at 68.4750 per dollar as of 0432 GMT, up from its 68.7350 close on Thursday.

The rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital outflows from emerging markets, and worries about the country's demonetisation drive.

10:57 am Market Update: Benchmark indices surged further with the Nifty reclaiming 8050 level.

The Sensex was up 231.36 points at 26091.53 and the Nifty gained 86.85 points or 1.09 percent at 8052.35.

About four shares advanced for every share falling on the BSE.

10:42 am Rupee recovery: Indian rupee has seen sharp recovery in morning from its opening level of 68.74 against the US dollar.

It has appreciated 35 paise to trade at 68.39 a dollar. In previous session, it hit a record low of 68.86 a dollar.

FIIs buying or RBI intervention could be the reason for recovery.

10:28 am FII outflow: Citi says in the week of 11/23/2016, bond funds continued to see a large outflow of USD 8.6 billion while equity funds had an inflow of USD 5.2 million.

US and Europe funds continued to see inflows of USD 5.9 billion and USD 140 billion, respectively. Global funds also saw an inflow of USD 2.4 billion.

USD 1.9 billion outflow from EM funds - EM funds had seen outflow for the fourth consecutive week. FIIs net sold USD 1.9 billion, where GEM funds lost USD 1.4 billion in outflow. Asia and Latin America funds had outflows of USD 456 million and USD 202 million, respectively. EMEA (Emerging Europe, Middle East, Africa) funds had USD 188 million of inflow.

Meanwhile, Asia particularly saw an outflow of USD 871 million during the week ended November 23. India continued to see USD 837 million of FII outflow. Taiwan and Thailand both had close to USD 200 million of foreign selling. However, Korea managed to attract USD 588 million of foreign buying after 3 weeks of outflows.

10:15 am FII View: Issues on the domestic front like demonetisation, a weakening rupee are bigger than global issues for India at present, according to BNP Paribas.

India will eventually cope with the situation but the underperformance across many sectors could last for another couple of months, said Manishi Raychaudhuri, Asian Equity Strategist - Equity Cash Asia Pacific at BNP Paribas.  

GDP and corporate earnings could drag down for next two quarters, he said adding that a variety of factors including demonetisation have rendered useless the Sensex target of 29,000.

10:00 am Market Check
Equity benchmarks gained strength amid volatility on the first day of December series, supported by technology, FMCG and banks stocks. The broader markets also extended gains with the BSE Midcap and Smallcap indices rising 0.8 percent and 1.2 percent, respectively.

The 30-share BSE Sensex was up 152.89 points at 26013.06 and the 50-share NSE Nifty rose 58.65 points to 8024.15. The market breadth was also strong as about four shares advanced for every share falling on the BSE.

Infosys, TCS, Asian Paints, Tata Steel, Adani Ports, Wipro, GAIL, Hero Motocorp and BHEL rallied 1-3 percent while Tata Motors lost 1.6 percent.

9:55 am Market check: The Sensex is up 179.27 points or 0.7 percent at 26039.44 and the Nifty is up 67.10 points or 0.8 percent at 8032.60. About 1396 shares have advanced, 348 shares declined, and 83 shares are unchanged.

Tata Steel and Infosys are up 3 percent while GAIL, TCS and Asian Paints are gainers while Tata Motors, NTPC, Cipla, Reliance and L&T are losers in the Sensex.

9:45 am New IPO: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.

The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.

"We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer," the company informed BSE.

"The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders," it added.

9:30 am FII view: Laurence Balanco of CLSA says tactically, he is looking for a minor pullback to relieve the momentum extremes seen in leading markets (US and Japanese equities, US dollar, US 10-year yield, copper).

While these extremes warn of a short-term reversal, the fact that momentum has confirmed the highs suggests that such a pullback should be short-lived and followed by further gains into Q1 2017, he adds.

He says the Achilles heel to this equity market advance would be a US 10-year yield breaking above 3.05 percent, which is the resistance zone provided by the upper boundary of the 35-year downtrend channel.

It is also close to the level where the rolling 12-month correlation between the S&P 500 and the US 10-year yields switches from positive to negative, Balanco feels.

The market has opened firm as the Sensex is up 70.47 points or 0.3 percent at 25930.64. The Nifty is up 29.95 points or 0.4 percent at 7995.45. About 571 shares have advanced, 147 shares declined, and 32 shares are unchanged.

Bharti, TCS, Infosys, Axis Bank and GAIL are top gainers while HDFC twins, L&T, Cipla and ONGC are losers in the Sensex.

The Indian rupee opened flat at 68.72 per dollar on Friday versus previous close 68.73. The government rushed to allay fears after the rupee drops to an all-time low of 68.86 to the dollar before recovering on perceived RBI intervention.

The commerce minister said, rupee fluctuation has been factored in by exporters.

Bhaskar Panda of HDFC Bank said, "High volatility and unidirectional move is the order of the day in the USD-INR market. A surging dollar index, spectre of US interest rate hike have seen net FII outflow to the tune of USD 4 billion leading to almost 4 percent depreciation of the rupee."

Among global markets, Asia is trading higher amid a lack of direction from US markets that were shut for the Thanksgiving holiday.  Asian stocks steadied on Friday as the Thanksgiving break in the United States pegged the dollar's relentless surge that had sucked capital out of most emerging markets.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05 percent on Friday. It is poised to end the week 0.8 percent higher, but remains down almost 2 percent from its close on November 8 before Donald Trump's surprise election to president, whose protectionist campaign promises are widely seen as negative for the region.

Meawhile, European finance ministers will continue Greece bailout talks. The Finance Ministers Of Germany, France, Italy, Spain and Netherlands plan to meet in Berlin today with officials from the international monetary fund to discuss Greece's debt crisis, the euro zone is aiming for a new agreement on fiscal reform by December 5.