Yes Bank gains 3% as Brahm Dutt could be part-time Non-executive Chairman

Currently Brahm Dutt is serving as Independent Director of the bank since July 24, 2013.

Yes Bank shares gained 3 percent in morning on Friday after a media report suggested that Brahm Dutt could be a part-time Non-executive chairman of the lender.

Currently Brahm Dutt is serving as Independent Director of the bank since July 24, 2013.

Sources told CNBC-TV18 that Dutt is likely to be the part-time Non-executive Chairman of the private sector lender.

In a statement to the exchanges on Thursday, Yes Bank said that their Nomination & Remuneration Committee (N&RC) and board have finalised the recommendation for Non-Executive Part-Time chairman position. The candidate's name will be sent to the Reserve Bank of India.

In November, Independent Directors R Chandrashekhar and Vasant Gujarathi, and Non-Executive Chairman Ashok Chawla, resigned from the private lender's board of directors.

The board on December 3 approved the appointment of TS Vijayan as an Additional Director (Independent) with immediate effect, and his appointment as Independent Director for a period of five years.

The bank said that with Vijayan and another additional independent director Uttam Prakash Agarwal on the board, the number of members on the board stands at eight.

Yes Bank said it will decide on the successor of founder Rana Kapoor at its board meeting on January 9. After the meeting, the bank will send the name of the candidate to the Reserve Bank of India.

The bank, in a statement, said that they are 'on track' to complete the process on time. Human resource consulting firm Korn Ferry is assisting the bank in the selection of the new chief executive officer.

Citi said if RBI approves internal candidate as CEO, it will be business as usual, but if external candidate approved then it could be a tricky situation.

The research house feels the stock may remain range-bound despite low valuations.

At 09:39 hours IST, the stock was quoting at Rs 178.00, up Rs 3.30, or 1.89 percent on the BSE.

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Telecom stocks gain led by Bharti Airtel; Colgate hits new 52-week high, YES Bank most active

The breadth of the market favoured the advances with 831 stocks advancing and 685 declining while 532 remained unchanged. On the BSE, 889 stocks advanced, 625 declined and 77 remained unchanged.

Following US markets which closed flat and a cautious Asian market, the Indian benchmark indices this Friday morning is trading on a cautious note with the Nifty50 up 20 points, trading at 10,811 while the Sensex gained 78 points and is trading at 36,008.

Nifty Realty continues to outperform the broader indices, up half a percent led by Indiabulls Real Estate, Godrej Properties, Oberoi Realty, Prestige Estates, Sobha and Sunteck Realty.

The auto index was trading in the green led by Motherson Sumi Systems which spiked 9 percent after a media report indicated that the company is in talks to acquire German-based auto cable firm.

The other gainers were Bharat Forge, Tata Motors DVR and TVS Motor Company.

From the banking space, PNB and YES Bank added 1.5 percent followed by ICICI Bank, HDFC Bank and Bank of Baroda.

Bharti Infratel jumped over 2 percent while Reliance Infra, Reliance Power, NCC, Vodafone Idea, Siemens and Tata Communications were the top infra gainers.

From the BSE midcap space, the top gainers were AB Fashion which jumped 5 percent followed by Adani Transmission and Reliance Infra while the top losers were IIFL Holdings and Max Financial Services.

The top BSE smallcap gainers were Premier Explosives which zoomed 12 percent followed by Prozone Intu Properties and Goa Carbon while the top losers were Arihant Superstructures and Intrasoft Tech.

The top gainer from NSE include Indian Oil Corporation, Bharti Airtel, UltraTech Cement, YES Bank and Grasim Industries while the top losers included HCL Tech, UPL, Maruti Suzuki, IndusInd Bank and Hero Moto.

The most active stocks were YES Bank, Motherson Sumi, IOC, Indiabulls Housing and PC Jeweller.

Colgate Palmolive, NRB Bearing and Proseed India have hit new 52-week high on NSE in this morning session.

16 stocks have hit new 52-week low including names like Narayana Hrudayalaya, ANG Industries, Excel Realty, Gayatri Highways, GTL Infra and Syngene International among others.

The breadth of the market favoured the advances with 831 stocks advancing and 685 declining while 532 remained unchanged. On the BSE, 889 stocks advanced, 625 declined and 77 remained unchanged.

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Jain Irrigation gains 4% on order win worth Rs 584 crore

The project is based on Resource To Root concept pioneered by Jain Irrigation.

Shares of Jain Irrigation Systemsadvanced 4.3 percent intraday Thursday as company bagged an order worth Rs 584 crore.

The company has bagged one more order of integrated micro irrigation project in Karnataka. The project is based on Resource To Root concept pioneered by Jain Irrigation.

Karnataka Neeravari Nigam a division of Water Resources Department of Karnataka has placed this order on the company through National Competitive Bidding.

At 15:25 hrs Jain Irrigation Systems was quoting at Rs 66.75, up Rs 2.05, or 3.17 percent.

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Trade Setup for Friday: Top 15 things to know before Opening Bell

Gaurav Ratnaparkhi of Sharekhan by BNP Paribas said the bearish view holds true as long as the Nifty trades below the recent high of 10,941.

The market failed to hold on to 10,800 level on the Nifty, but maintained positive momentum for the third straight session on December 13 backed by Asian cues and rate cut hope after further fall in November retail inflation.

The Nifty 50 climbed 53.90 points to 10,791.50 and the BSE Sensex gained 150.57 points to close at 35,929.64 after hitting 36,000 level in intraday trade.

After a three-day rally with around 500 points gain and volatility in the second half of the third day may be an indication that there could be some profit booking in the coming session, experts said.

"Having placed at the key resistance (10,850-10,900 levels), and a formation of confusion type candle pattern at the highs, is signalling a possibility of minor profit booking," Nagaraj Shetti, Technical Research Analyst at HDFC securities told Moneycontrol.

Immediate support is now placed at 10,740 levels, he said.

The Nifty 50 formed a bearish candle which also resembles a 'Spinning Top' kind of pattern on the daily charts.

A Spinning Top candle is often regarded as a neutral pattern which suggests indecisiveness among both bulls as well as bears and can be formed in an uptrend as well as in a downtrend.

When a Spinning Top is formed in an uptrend, the one we are in right now especially after two string days, suggests that the buyers might be losing conviction and a possible top could be in place, but will still require confirmation.

"The hourly momentum indicator that was pushed towards the overbought zone formed a negative divergence & turned its trajectory down today. Thus, overall set up suggests that this is a high probability area for the index to start the next leg down," Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said.

The bearish view holds true as long as the Nifty trades below the recent high of 10,941, he added. "On the downside, 10,700-10,670 shall act as a key support zone below which steep downside can be expected."

The broader markets continued to outperform frontliners with the Nifty Midcap rising 0.7 percent and Smallcap gaining 1 percent. All sectoral indices barring Metal ended in the green.

India VIX fell by 3.24 percent to 15.29 levels. It has seen a sharp cut of 25.89 percent in the last three sessions which suggests that bulls are now getting a grip on the market with the expectation of limited downside.

Key support and resistance level for Nifty

The Nifty closed at 10,791.55 on December 13. According to Pivot charts, the key support level is placed at 10,747.83, followed by 10,704.12. If the index starts moving upward, key resistance levels to watch out are 10,836.93 and then 10,882.32.

Nifty Bank

The Nifty Bank index closed at 26,816.35, up 172.50 points on December 13. The important Pivot level, which will act as crucial support for the index, is placed at 26,709.52, followed by 26,602.68. On the upside, key resistance levels are placed at 26,937.32, followed by 27,058.28.

Use volatility to accumulate good quality stocks for the long term

As volatility is a long-term investor’s best friend, we believe investors should make use of such situation to accumulate good quality companies for long term.

The market has reacted positively with strong volumes, after major events like state election results, RBI governor’s resignation and OPEC’s meeting are out of the way.

The market seems to have discounted the uncertainity over the last couple of months due to the lined up key events and corporate governance issues cropping up in the financial sector

Additionally, the markets have reacted positively to the US-China trade truce, stable debt market and stabilizing crude oil prices. We believe markets will not break October 2018 lows so easily unless some global issue escalates.

As volatility is a long-term investor’s best friend, we believe investors should make use of such situation to accumulate good quality companies for long term.

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Lupin falls nearly 2% after EU Court upholds Euro 40 mn fine on company

The General Court upheld the EC's decision holding Lupin liable to pay a fine of EUR 40 million.

Shares of Lupin fell nearly 2 percent in the early trade on Thursday after General Court of the European Union has upheld the a decision of European Commission (EC) to impose a fine of 40 million euros on the company.

The General Court of the European Union has delivered its judgment concerning Lupin's and other companies appeal against the EC’s 2014 decision in the Perindopril litigation.

The General Court upheld the EC's decision holding Lupin liable to pay a fine of EUR 40 million.

Lupin will study the General Court's judgment and evaluate further course of action.

At 09:19 hrs Lupin was quoting at Rs 811, down Rs 10.85, or 1.32 percent on the BSE.

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Nifty PSU Bank outperforms led by Indian Bank; HUL hits new 52-week high, Sun Pharma drags

The breadth of the market favoured the advances with 1159 stocks advancing and 388 declining while 491 remained unchanged. 

Following positive global cues, the Indian benchmark indices were trading in the green this Thursday morning with the Nifty50 up 70 points, trading at 10,808 while the Sensex gained 245 points and is trading at 36,024.

Nifty PSU Bank is the outperforming sector, up over 2.5 percent led by Indian Bank which jumped 4 percent followed by State Bank of India which gained 3 percent. The other gainers were Union Bank of India, Central Bank of India and Bank of India.

Midcap stocks were also gaining led by Dewan Housing Finance, Indian Bank, NBCC, RBL Bank, United Breweries, MRPL and Cholamandalam Investment.

Pharma stocks were trading mixed with Sun Pharma down 2 percent followed by Cipla and GSK Pharma while the gainers included Lupin, Piramal Enterprises, Aurobindo Pharma and Dr Reddy's Labs.

From the BSE midcap space, the top gainers were Indian Bank, IIFL Holdings and TI Financial Holdings while the top losers were Gillette India and Bayer Corp.

The top BSE smallcap gainers were Pricol which zoomed 12 percent followed by Indo Rama Synthetics and Munjal Auto Industries while the top losers were KDDL, Ashapura Intimates and Jyothy Labs.

The top gainer from NSE include Indiabulls Housing Finance, YES Bank, State Bank of India, Bharti Airtel and HPCL while the top losers included Sun Pharma, UPL, Hero Moto, Cipla and Eicher Motors.

The most active stocks were Reliance Industries, YES Bank, Sun Pharma, Indiabulls Housing and State Bank of India.

Hindustan Unilever, Colgate Palmolive, NRB Bearing, PVR and Tube Investments have hit new 52-week high on NSE in this morning session.

18 stocks have hit new 52-week low including names like Excel Realty, Gayatri Highways, Rolta India, Visesh Infotecnics and Nagarjuna Oil Refinery among others.

The breadth of the market favoured the advances with 1159 stocks advancing and 388 declining while 491 remained unchanged. On the BSE, 1189 stocks advanced, 348 declined and 58 remained unchanged.

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