Sensex, Nifty LIVE Updates on November 12: Market indices Sensex and Nifty reversed from eight days of consecutive gains and opened on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 90 points to 43,503, and Nifty was trading 35 points lower at 12,714. Meanwhile, September quarterly earnings announcements by Amrutanjan Healthcare, Andhra Cements, Apollo Microsystems, Bajaj Hindusthan Sugar, Centrum Capital, Cochin Shipyard, Eicher Motors, will also set the tone for the stock market today. Yesterday, Sensex ended 316 points higher at 43,593 and Nifty gained 188 points to close at 12,749.
Here's a look at the updates of the market action on BSE and NSE today
10. 21 AM: Metropolis Q2FY21 results
Keshav Lahoti- Associate Equity Analyst, Angel Broking said,"For Q2FY20 Metropolis Healthcare reported 29.2% YoY revenue growth to Rs 289 cr. With additional revenue coming from Covid testing, cost management measures as well as operating leverage has resulted in significant uptick in EBITDA margins at record levels of 32.9% expanding by 470 bps before CSR and ESOP expenses. PAT increased by 40.3% to Rs 60.5 cr. Result was better than our expectation. For the quarter, the company has conducted the maximum number of COVID tests in the industry. We are bullish on the company as it is gaining market share, improving margin profile and consistent financial track record which is expected to continue in the future."
10.10 AM: Gland Pharma IPO update
Commenting on Gland Pharma IPO, Yash Gupta- Equity Research Associate, Angel Broking said,"Gland Pharma IPO the biggest pharma IPO in India, lack of confidence from retail investors, on Day 3 IPO fully subscribed as QIB showed good interest in the company. Overall IPO subscribed 2.05 time, QIB portion subscribed 6.40 time while retail portion subscribed 0.24 times only. Company priced IPO at PE levels of 30.1x at the upper end of the price band that is at a slight premium to mid-cap pharma peers as per FY 2020 numbers. The company is also trading at EV/Sales of 8.1x and EV/EBITDA of 20.1, which is also higher as compared to peers. We have assigned a"NEUTRAL"recommendation to our retail clients. We are not expecting any big listing gain from the IPO and expecting 100% allotment to retail."
10.00 AM: Earnings today
Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Amrutanjan Healthcare, Andhra Cements, Apollo Microsystems, Bajaj Hindusthan Sugar, Centrum Capital, Cochin Shipyard, Eicher Motors, Fortis Healthcare, HEG, Infibeam Avenues, Noida Toll Bridge and Page Industries, among others, are slated to announce their Q2 results on Thursday.
9. 45 AM: Technical outlook
On markets opening --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty seems to be taking a breather which is natural and healthy for a trend to sustain. If it gets past yesterday's high, it will resume it's uptrend. The overall target for the index could be in the vicinity of 13000 and hence corrections can be fruitfully utilised to enter the markets. We have a good support at 12000 and till that holds, we can aim for higher targets."
9. 37 AM: Stocks to watch today on November 12
Ashoka Buildcon, SpiceJet, IndiGo, PNB, Aurobindo Pharma, ICICI Bank among others are the top stocks to watch out for in Thursday's trading session
Stocks in news: Ashoka Buildcon, SpiceJet, IndiGo, PNB, Aurobindo Pharma, ICICI Bank
9. 27 AM: Nifty outlook
Reliance Smartmoney Reserch in its note said," : NSE-NIFTY resumed its northward journey post intraday decline and continued its prior life-time-high closing trend for straight third trading session in a row. Yesterday, despite mix global cues the index managed to continue its up-move. As mentioned earlier, our bullish view will remain intact, but due to its overbought technical indicators, near-term consolidation or such kind of intraday decline cannot be ruled out. On the lower side, initially the index will find supports at 12,500 and 12,300 levels. In case of major decline, its 20-day and 50-day EMA will act as a strong support for the index, which are now placed at 12,037 and 11,723 levels, respectively. NIFTY could test 13,200 level provided the index surpasses 12,800 mark convincingly.
As for the day, support is placed at around 12,624 and then at 12,498 levels, while resistance is observed at 12,822 and then at 12,895 levels."
9. 18 AM: Opening session
Market indices Sensex and Nifty reversed from eight days of consecutive gains and opened on a bearish note on Thursday, amid weak Asian equities. Sensex was falling 90 points to 43,503, and Nifty was trading 35 points lower at 12,714.
9.09 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 6,207.19 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3,463.86 crore in the Indian equity market on 11 November, provisional data showed.
8. 50 AM: Rupee closing
On the currency front, Indan rupee declined 18 paise to settle at 74.36 per US dollar on Wednesday, amid strengthened American currency in the overseas market and rising crude prices.
8. 40 AM:Market outlook
Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities said," In the last three days, the market bouncing back, following a pattern of 100% recovery from intraday low levels. Today, too, Nifty 50 index recovered from its low. After falling to 11570 levels, the Nifty 50 index surged to the highest level of the day around 12770 levels.
He added," Today, the market has formed a "Hanging Man" formation on the daily chart, which is a sign of weakness, however, it could turn positive for the market if tomorrow Nifty crosses the level of 12800 and sustains above it till the end of the first half of the trading session. Such type of formation appears at the final stage of the euphoric up-move. Tomorrow could be the most crucial day for the market. Above the level of 12800, the Nifty could move to 12950. On the other side, 12670 and 12570 would be supports for the market."
8. 30 AM: Closing on Wednesday
After a volatile trading session, market indices ended on a bullish note on Wednesday for the eighth consecutive session, amid positive global equities. Sensex ended 316 points higher at 43,593 and Nifty gained 188 points to close at 12,749. During the session, Sensex jumped 430 points to breach 43K and hit an all-time high of 43,708, while Nifty gained 138 points to touch a fresh high of 12,769 today.
Sensex, Nifty close at record highs for third session; Hindalco, Axis Bank top gainers