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Diwali Muhurat Trading 2022: ICICI Bank lifts Sensex to one-month highs
7 min read . Updated: 24 Oct 2022, 07:52 PM IST
Premium- Muhurat trading: Sensex climbs 524.51 points to close at 59,831.66; Nifty ends above 17,700
Indian stock markets moved higher in the one-hour special Muhurat trading session to mark the beginning of Samvat 2079 - the Hindu calendar year that starts on Diwali. The exchanges will remain closed on October 26, on the occasion of Diwali Balipratipada.
24 Oct 2022, 07:52:27 PM IST
ICICI Bank lifts Sensex to one-month highs
Indian shares scaled one-month highs in a special one-hour "muhurat" trading session to mark the festival of Diwali on Monday, lifted by sharp gains in private lender ICICI Bank following a solid earnings report. All sub-indexes except the Nifty FMCG index ended higher on Monday, led by a 1.28% rise in the Nifty Bank index. ICICI Bank added 2.1% after second-quarter profit surged 37%.
24 Oct 2022, 07:32:09 PM IST
ICICI Bank jumps 3% after ‘spectacular’ Q2
“ICICI Bank (ICICI) reported a spectacular set of numbers with NIM for the quarter being highest in at least a decade and RoA for the quarter being the second highest since at least 2007. YoY credit growth is also the highest in at least 12 years. Asset quality continued to improve too, with QoQ moderation in slippages reported by the bank," Edelweiss said in note. It has a buy rating on the stock with target price of ₹1,135.
24 Oct 2022, 07:21:19 PM IST
UK market at session high as Sunak set to become PM
UK's main equity indexes hit session highs on Monday as Rishi Sunak looked set to become the next prime minister after other candidates quit the race, offering investors some relief after a tumultuous few weeks in UK politics. The blue-chip FTSE 100 rose 0.6%, while the domestically focussed FTSE 250 index jumped 1.3%.
24 Oct 2022, 06:39:54 PM IST
Results impact: HUL shares down 3%
“The quarter saw high priced inventory come into the system which led to sharp gross margin slippage of 580bps YoY to 45.8%. EBITDA margins at 22.9% were managed due to cut in ad spends (250bps) and lower other expenses (180bps). We expect inflationary pressure to have peaked out and expect sequential margin recovery. We will revisit our numbers post earnings call. We have an Accumulate rating on the stock with a TP of ₹2827," said Amnish Aggarwal – Head of Research - Prabhudas Lilladher.
24 Oct 2022, 06:19:23 PM IST
Sensex edges closer to 60K, Nifty firm above 17,750
Sensex opened with a gap-up of around 600 points to inch closer to 60K levels. ICICI Bank led the gainers by surging around 2%.
24 Oct 2022, 06:08:45 PM IST
Sensex, Nifty surge in pre-open trade
The Sensex was up over 500 points while Nifty traded near 17,750 levels in pre-open trade, suggesting possibility of a strong gap-up opening.
24 Oct 2022, 06:04:33 PM IST
Religare expects outperformance in midcaps to continue
The Nifty Midcap is up by nearly a percent so far this year in line with the Nifty index while the smallcap index is reeling behind as it is down by nearly 14%, says Religare. “Continuation pattern in making: It has retraced from its record high in the last two months and currently holding strongly above the support zone of medium term moving average (100 EMA). The chart structure indicates the formation of a cup and a handle pattern. Within the broader space, we believe the prevailing outperformance of the Midcap pack would continue as the smallcap index has multiple hurdles to cross to be league."
24 Oct 2022, 06:02:05 PM IST
Religare's 5 technical stock picks
Religare's 5 technical stock picks: Aegis Logistics, Gujarat Narmada Valley Fertilizers and Chemicals Ltd, KPIT Technologies, Manappuram Finance, Zydus Lifesciences
24 Oct 2022, 05:45:43 PM IST
Intraday positions will be squared off 10 mins prior to market closing: Zerodha
“Any F&O credits (i.e. premium from options sold, marked-to-market profit, intraday profits, etc.) from October 21st and intraday equity profits from October 20th & 21st will not be included in the available funds during the Muhurat trading session due to the settlement holiday. Meanwhile, you will be able to check these credits in your Console ledger. All intraday positions will be squared off 10 mins prior to market closing. After Market Orders (AMO) will be collected until 5:57 PM for Equities and 6:10 PM for F&O on October 24th to be placed in the Muhurat trading session," Zerodha said.
24 Oct 2022, 05:24:37 PM IST
UK bonds surge on hopes of Sunak victory
UK bonds surged after Rishi Sunak emerged as the frontrunner to become prime minister, a candidate investors expect will restore credibility to economic policy making and help calm the nation’s rattled markets. Short-dated notes led the rally, sending the yield on the two-year note lower by as much as 41 basis points to 3.39%. Traders are also paring bets on the extent of interest-rate hikes by the Bank of England. The result of the contest could be announced as soon as today if Sunak emerges as the only candidate with sufficient backing from lawmakers.
24 Oct 2022, 05:22:21 PM IST
Bulls are ready to celebrate Diwali: Santosh Meena
“Technically, Nifty is witnessing higher highs and higher lows formation after respecting its 200-DMA. On the upside, 17725 is an immediate hurdle; above this, we can expect a rally toward the 17900-18000 zone. On the downside, 17400 is an immediate and strong support level while 17300-17200 is the next demand zone. As per open interest distribution, 17500 will act as a major put base ahead of monthly expiry," said Santosh Meena, Head of Research, Swastika Investmart.
24 Oct 2022, 05:11:49 PM IST
India's outperformance stands out: Geojit
“Even though Samvat 2078 ended with marginal negative returns the overarching feature of the year gone by was India’s distinct outperformance. While the MSCI World Index and MSCI Emerging Market Index fell by 23 % and 33% respectively, Nifty hugely outperformed with a minor cut of only 3 %. This outperformance in a year of a war in Europe and rising inflation and interest rates in the developed world reflects Rising India’s resilience. From the market perspective, two factors stand out: One, India’s economic fundamentals are relatively strong. Two, DIIs and retail investors have become a force to reckon with overwhelming the FII selling. This trend can be expected to continue," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
24 Oct 2022, 05:08:22 PM IST
Global market update: US stock futures rise slightly
US futures were slightly higher as a rout in Chinese shares weighed on sentiment while investors await the next batch of earnings from some of the world’s biggest companies. Treasury yields dipped and the dollar gained. Contracts on the S&P 500 and Nasdaq 100 fluctuated before edging higher. US-listed Chinese stocks including Alibaba Group Holding Ltd. to JD.com Inc. tumbled in premarket trading, with investors spooked by President Xi Jinping’s tightening grip on China’s ruling party.
24 Oct 2022, 04:55:52 PM IST
RIL to list financial services business
Jio Financial Services will be spun off and listed in India, Reliance said in an exchange filing Friday. It will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management.
24 Oct 2022, 04:53:20 PM IST
Financials expected to outperform in Samvat 2079: Geojit
"Financials are again likely to lead the rally since credit growth in the economy is robust and continues to gain momentum. However, investors should be cautious since there are major challenges ahead, particularly rising interest rates and the unknown trajectory of the Ukraine war," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
24 Oct 2022, 04:50:24 PM IST
ICICI Bank could give 20% in 12 months: LKP Securities
“Earnings in 2QFY23 re-acknowledge our conviction that ICICI Bank is maintaining a sustainable and prudent growth led by tech-driven initiatives. We have positive outlook on the bank with BUY rating," LKP Securities said which has a target price of ₹1,097 on the stock.
24 Oct 2022, 04:28:07 PM IST
CDSL net profit remains flat in Q2
Central Depository Services (India) Limited (CDSL), Asia’s first and only listed depository, announced its audited consolidated and standalone financial resultsfor the half-yearly ended September 30, 2022. Total income rose 20% to ₹298 crore for the six-month period while net profit rose to ₹158 crore. On a quarterly basis, the net profit was however flat at ₹69 crore.
24 Oct 2022, 04:22:08 PM IST
Global sentiment remains key in holiday shortened week: Analysts
Nifty last week ended at 17,576 but SGX Nifty futures point to sharp gap-up opening later today. SGX Nifty futures were sharply higher from Friday's closing levels and were near 17850. "As there are no major triggers for this week, the market direction will be based on global sentiment and the earnings season," said Vinod Nair, Head of Research at Geojit Financial services.
24 Oct 2022, 04:15:51 PM IST
Banks, Capital goods stock may outperform in Samvat 2079: Nilesh Shah
"Samvat 2079 is likely to be like Diwali. There will be celebration along with loud busting of crackers. Ukraine, US Fed Rate, Oil, Inflation and Zero Covid policy of China will continue to bust," Nilesh Shah, Group President and MD at Kotak Mahindra Asset Management Company, said. Banks, capital goods, manufacturing are likely to outperform the market in Samvat 2079. Also, tech and pharma will provide interesting opportunities on a bottom up basis in the correction, he added.
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