Domestically, cases might be reducing but analysts say, equity markets are likely to remain volatile ahead of the US Presidential electionsShare Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices followed global peers on Thursday and ended with losses. S&P BSE Sensex moved 172 points lower to close at 39,749. The 50-stock Nifty managed to hold on to the crucial support levels and closed at 11,670. Only 9 of the 30 Sensex constituents ended with gains. Asian Paints, UltraTech Cement, HCL Technologies, and Kotak Mahindra Bank were the top gainers on Sensex while Titan Company and L&T were the top drags. Reliance Industries managed to gain
Stock markets entered Thursday’s session following a 3.5% fall in the S&P 500 index on Wednesday — the worst rout witnessed by the index since June this year as coronavirus cases increased in the United States. Shares of hotels, airlines, energy companies were among the worst performers on Wall Street. Even the big tech firms or the FAANG stocks were seen slipping as much as 5% during the day. Cases of coronavirus have been increasing across the United States and Europe which has multiplied the fear of more restrictions that could hit economic recovery in the post pandemic world. The rout in the US has also been aided by the non-existent US stimulus-package.
Highlights
For the second-day straight, Sensex and Nifty ended with losses as they looked towards weaker global cues and not the better than expected quarterly earnings. S&P BSE Sensex moved 172 points lower while Nifty closed at 11,670, which is above the crucial support levels of 11,650-11,660. Only 9 Sensex constituents ended with gains and among sectors only Nifty IT managed to move higher. HDFC Bank and HDFC were some of the top drags while Asian Paints, UltraTech Cement, and HCL Technologies were seen trading higher. With today’s loss, so far this week, Sensex has fallen 2.3%.
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Private sector lender DCB Bank on Thursday said RBI has imposed a fine of Rs 22 lakh on the bank for violating marketing norms for financial products. The Reserve Bank imposed the penalty by an order dated October 28, DCB Bank said in a BSE filing."The RBI has...imposed a monetary penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions of directions issued by RBI contained in the circular on 'Marketing/distribution of mutual fund/insurance etc., products by banks' dated November 16, 2009," the RBI order attached with the filing said. (PTI)
Benchmark indices moved lower for the second consecutive day on Thursday. Sensex closed 177 points lower while Nifty 50 managed to end just above the 11,660 mark.
Nifty is just above the support levels of 11,660 just minutes before closing. Analysts say, if Nifty 50 falls below 11,660 it could take the index lower in the coming sessions. Sensex down over 200 points.
Although, up from their lows, Sensex and Nifty were trading with losses on Thursday just ahead of the closing bell. Sensex was still down over 150 points while Nifty was below 11,700 mark.
Just half an hour prior to the eclosing bell on Thursday, Nifty Next 50 was trading with gains while broader markets were slipping. Sectorally, Apart from Nifty IT index all other indices were trading with losses.
Q2 revenue grew 14% On-year to Rs 19.4bn and came in above estimates on robust 2W/4W replacement growth of 11%/16% and market share gains in 2W OEM segment. AMRJ’s market share with Hero MotoCorp and TVS Motors saw an increase.
We expect revenue/earnings CAGR of 10%/14% for FY20-23E, with an average ROCE of 24% and FCF of Rs5.7bn/year. We maintain our Buy rating with a revised TP of Rs863 (Rs803 earlier), based on 15x FY23E EPS (Sep’22E EPS earlier).
~ Emkay Global
The slide for the Indian rupee continues, as it slips below the 74/$ level, INR is now trading at a 2-month low. The US dollar has strengthened as investors flock to a safe haven in times of uncertainty. The rising number of COVID cases has forced governments in a few EU countries to enforce lockdown. We are just a week away from the US Presidential election and the lack of clarity on the new stimulus package has created market uncertainty. Reports emerging that the Indian government is finalizing the next stimulus package to boost sentiment and bring growth back on track. Going forward a clear outcome from the US election, clarity on stimulus package from the US, and the Indian government will guide the INR: Nish Bhatt, Founder & CEO, Millwood Kane International - an investment consulting firm
While the issue of unemployment has taken centre stage in almost all the corners of the country, Bihar has a worse story to tell. Being among the poorest states in India, Bihar is struggling with an unemployment rate which is double the national average. After the lockdown brought high-scale economic disturbances during April and May, the unemployment rate in Bihar shot up to 46 per cent, while the all-India unemployment rate in the same period was 24 per cent, according to the Centre for Monitoring Indian Economy (CMIE).
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Low expectations after one of the sharpest downgrades to NIFTY50 forward earnings (>30%) since GFC due to the impact of Covid is helping higher number of beats thus far during Q2FY21. However, apart from low expectations, positive demand emanating from rural India, government spending, export markets, and essentials is also helping the earnings picture. Lower input cost and cost control in general is helping profit margins.
~ICICI Securities
A K Prabhakar, Research Head at IDBI Capital Markets and Securities Ltd has selected a few stocks as Diwali 2020 value picks with up to 41 per cent upside. Indian share markets were highly volatile in the last one year where both domestic and global developments swayed the investor sentiment. Since the last Muhurat trading session (October 27, 2019), BSE Sensex has added 672 points, while the Nifty 50 has risen 130 points.
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S&P BSE Sensex moved lower once again, falling over 150 points. Nifty 50 was also seen giving up the 11,700 mark.
"Indian Indices Nifty and Sensex down by 18 points (0.16%) and 26 points (0.07%) respectively. Indian Indices opens negative on back of negative global market clues due to fear of lockdown due to increase in covid cases. Today S&P BSE Energy (up 0.45%), S&P BSE BANKEX (up 0.28%) while S&P BSE CAPITAL GOODS (down 1.59%), S&P BSE CONSUMER DURABLES (down 1.39%). We expect the market to trade in range bound. Global Market update - DOW Jones down by 943 points (down 3.43%) and NASDAQ down by 426 points (down 3.73%)," Yash Gupta Equity Research Associate, Angel Broking.
BSE Sensex was up over 30 points while the Nifty 50 was trading near 11,730 mark as benchmark indices recouped all losses and moved into the green.
Axis Bank’s share price opened over 2% higher on Thursday morning despite weakness in Sensex, however, soon the private lender was down 1.8% as the benchmark recovered some of its losses. Axis Bank reported its July-September quarter results on Wednesday, where its net profit increased to Rs 1,682 crore against a net loss of Rs 112 crore in the same period last year. Results displayed strong core performance where net interest income increased 20% on-year basis and fee income increased 4%. Stocks of Axis Bank have gained 65% from their March lows and is now at Rs 501 per share.
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While broader markets and the benchmark index are down in the red, Nifty Pharma index is trading with marginal gains on Thursday. Dr Reddy's was the top index gainer followed by Alkem Labs, Cipla, Divi's labs, and Biocon.
Titan Company share price plunged over 5 per cent to Rs 1,187 apiece on a 37.81 per cent on-year decline in its standalone net profit to Rs 199 crore for the quarter ended September 30. The company had reported a net profit of Rs 320 crore in the corresponding period of the preceding fiscal. Titan’s jewellery segment witnessed 98 per cent recovery.
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Stocks of Bharti Airtel are today trading flat but looking up, just a day after the telecom major skyrocketed 12% on BSE Sensex. The upmove was aided after NSDL changed Bharti Airtel's FII limit to 100%, which was later in the day changed back to 49%.
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Ahead of the October series expiry, Nifty 50 opened below 11,650 points following weaker global cues, but soon recouped some losses to trade near 11,700-mark. Put option data shows that maximum open interest (OI) is placed at 11,500 strike with 54 lakh contracts while call OI is the most at 12,000 strike with over 65 lakh contracts. “Ahead of the expiry option statistics are suggesting us that shorting is advisable if Nifty breaks the level of 11,680. For that we need to keep stop loss at 11770,” Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities told Financial Express Online.
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"We broke the support of 11650 upon opening itself. Traders can then look at initiating shorts below 11650 for a target of 11450. The upside is capped at the resistance level of 11900," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
COMEX gold trades mixed near $1875/oz after a 1.7% decline yesterday. Weighing on gold price is gains in US dollar and weaker investor interest as is evident from ETF outflows. Rising virus cases, uneven economic recovery and supply concerns have however lent some support. Gold's sell-off has dented market sentiment and weakness may extend however we still don't expect a major drop as global uncertainty may increase gold's safe-haven appeal: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
There will be frequent sessions of risk off mode until US elections due to the over-all cautiousness in the investors risk appetite. In this scenario of global panic sell-off in equities and currencies, Rupee could resist but cannot escape completely from the global heat and the same can be witnessed from the currency’s price action. However, unlike other Asian peers, the resilience of the pair backed by Foreign inflows that is above $3 billion so far, can prevent any knee jerk reaction in USDINR pair that might cause a dramatic depreciation beyond 74.50 crucial levels. As there are series of events that can lead to turnaround in the currencies, it is advisable to follow the policy rather risking the exposures by seeking for desired levels: Amit Pabari, managing director, CR Forex Advisors
CDSL International Financial Services Centre (“IFSC”) Branch, GIFT City, Gujarat, has been recognized as the First Foreign Depository in the IFSC by the International Financial Services Centres Authority (“IFSCA”) vide their approval dated October 28, 2020. The CDSL IFSC Branch has become the first Foreign Depository in the IFSC, to obtain the said recognition and would facilitate holding and transfer of all the eligible securities which are permitted at the IFSC, GIFT City.
Larsen & Toubro Ltd (L&T) share price fell nearly 5 per cent to Rs 935.55 apiece on BSE, a day after the company reported a 45 per cent on-year decline in its consolidated net profit to Rs 1,410 crore in the July-September quarter. The stock was the top Sensex loser in the early morning trade today.
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Benchmark indices Sensex and Nifty are trading with losses on Thursday morning, following weak global cues. Nifty was just below 11,650 mark. Technical analysts say Nifty finds support near 11,600-11,650 levels.
Nifty 50 was trading near support levels in the pre-open session as Dalal Street exhibited weakness following weaker global cues. The 50-stock index was at 11,633 mark.
Sensex was down over 600 points as the pre-open session began but soon recouped but was still trading over 250 points lower. On the other hand the 50-stock Nifty was down below the 11,650 mark.
S&P BSE Sensex fell over 600 points in the pre-open session while Nifty 50 moved below the 11,700 mark. Global cues are weak on Thursday morning.
Technically, MCX Gold December has given a breakdown below 50700 levels after a constant struggle to break above 51000 levels indicating sideways to marginal downside momentum to continue up to 50200-49800 levels where Resistance is at 50700-50900 levels. MCX Silver December ended below 61000 levels forming a long Bearish Candlestick indicating a strong negative trend in the counter. Resistance is at 61600-62050 levels and Support at 59200-58500 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities
International oil prices have started with small gains this Thursday morning in Asian trade amid covering of shorts. Technically, NYMEX WTI Crude Oil has given a sharp correction where prices can find some halt near $36.40-$36.80 level which holds a multiple support zone. However, the overall trend remains Bearish. Upside $37.89-$38.60 will hold a resistance. Domestic crude could start marginally higher this Thursday morning, tracking overseas prices. Technically, MCX Crude Oil November has corrected almost 6% in the last session where it has given a close above 200-DMA which is placed at 2765 levels. However, prices could see some sideways momentum in the coming session. Support holds at 2745-2711 & Resistance at 2800-2860 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities
BSE Sensex and Nifty 50 are likely to extend losses from the previous session on Thursday on account of expiry of October series futures and options contracts. Analysts expect the volatility to remain in the share market ahead of US presidential election
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For the Ocotber series, maximum call open interest is placed at 12,000 strike with 65.59 lakh contracts. This is followed by 49.89 lakh contracts on 11,900 strike.
US stock markets, this week, have seen the worst sell-off since March. Dow Jones is down nearly 6% while NASDAQ has moved down over 4%.
Larsen and Toubro (L&T), the country’s infrastructure and construction behemoth, reported a 45% year-on-year decline in its consolidated net profit to Rs 1,410 crore in the September quarter. Despite the sharp fall in profits, the company managed to surprise the Street, which had estimated the company to post a net profit of Rs 1,250.77 crore. With uncertainty still looming large on the course of the pandemic, the company refrained from giving a guidance for the year yet again. L&T remained cautiously optimistic about the prospects of the second half of the year, as some signs of economic revival were visible, though private capital expenditure could still be a good two years away.
The company reported consolidated Ebitda of Rs 56.7 billion (-21% y-o-y) in 2QFY21, significantly above our estimates due to Ebitda outperformance in the JLR business. Even as the management has done a good job in cutting costs and conserving cash, volume outlook for JLR remains weak due to weak global growth and model launch pipeline besides the Brexit event in CY2021. We retain ‘sell’ but revise Fair Value to Rs 120 (from Rs 90 earlier), noting cost-cutting initiatives.
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A total of 82 companies including Maruti Suzuki, BPCL, Vodafone Idea, TVS Motors, InterGlobe Aviation, IDBI Bank, Bank of Baroda, Shriram Transport Finance, Welspun Corp and Welspun India are scheduled to announce their July-September quarter earnings today.
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“Markets have witnessed elevated volatility in the past few trading sessions. The medium-term trend remains positive but short term could witness continued volatility. Immediate range is seen at 11540-12140. Momentum remains positive above 11540; breach is expected to infuse short term selling pressure," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities. He added that currently selective buying is suggested in Metals, Infra and mid cap stocks while suggesting that investors should get aggressive below 11540 levels.
The S&P 500 and the Dow hit their lowest levels since late-September on Wednesday as a surge in coronavirus cases in the United States and Europe dashed hopes of a quick global economic recovery.Shares of hotels, airlines and other companies sensitive to COVID-19-related curbs fell with Wynn Resorts down 2% and the S&P 1500 airlines index declining 3%. The energy index lost about 3% as oil prices fell on fears of lower fuel demand.
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