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LIVE BLOG
Economic Times | 03 Nov, 2022 | 11:36AM IST
Stock Market LIVE Updates: Sensex over 60,900, Nifty around 18,000; IT, Realty, Metal lag; Relaxo declines 5%, Karnataka Bank gains 2%
Tracking weak global cues after the Fed announced a 75-basis-point hike in benchmark interest rates, key equity indices opened lower on the second straight day on Thursday, dragged by the banking, financial and IT stocks.At 9.17 am, the BSE Sensex was trading 315 points or 0.52% lower at 60,590. Nifty50 was trading at 17,997, down 85 points or 0.47%.The Fed commentary after the expected 75bp rate hike, particularly Jay Powell’s remark that the terminal rate is likely to be higher than thought earlier, disappointed markets which resulted in a sell off in US markets, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.“India’s outperformance is likely to continue since leading indicators like credit growth, capital expenditure and auto sales point to robust economic recovery,” Vijayakumar said.“FPI buying of Rs 12,610 crores during the last 5 trading sessions can provide support to the market at lower levels. Large-cap banks, capital goods and the premium auto segment can be bought on declines,” Vijayakumar suggested.Sectorally, the Nifty IT plunged 1.26% and Nifty Realty fell 0.55%. While Nifty Auto and Nifty PSU Bank opened higher. In the broader market, Nifty Midcap50 advanced 0.40% while Smallcap50 increased 0.39%.
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Yes Bank executive says getting more deposits for banking industry will be a challenge
- Getting more deposits for the banking industry will be a challenge
- Don't expect any significant impact on net interest margin despite rising interest rates
- Expect transfer of loans to JC Flower's asset reconstruction company to be completed by Nov
JK Paper Ltd reported a second-quarter profit that nearly tripled, helped by strong demand for its packaging boards and copier papers.
Price as on 03 Nov, 2022 11:33 AM, Click on company names for their live prices.
RBL Bank executive says expect retail, wholesale loan mix to change slightly going ahead
- Expect the retail, wholesale loan mix to change slightly going ahead
- Think that as of now offering higher savings rate strategy still works
Nifty Private Banks up 0.7%; Federal Bank up 4.45%, IDFC First up 2.50%
Price as on 03 Nov, 2022 10:57 AM, Click on company names for their live prices.
Adani Group to invest Rs one lakh crore in Karnataka over 7 years
The Adani Group has plans to invest almost Rs 1 lakh crore over the next seven years in Karnataka as it seeks to expand its footprint in multiple sectors, according to Adani Ports and SEZ Limited CEO Karan Gautam Adani. He said having already invested over Rs 20,000 crore in Karnataka till now, the busineess group is active in multiple sectors in the state, ranging from cement, power, city piped gas and edible oil to transport, logistics and digital.
Alembic Pharma receives USFDA final approval for Ketorolac Tromethamine Injection USP, 15 mg/mL, 30 mg/mL, and 60 mg/2 mL (30 mg/mL) single dose vials.
Price as on 03 Nov, 2022 10:49 AM, Click on company names for their live prices.
Growth in India's services sector quickened in Oct, optimism highest since early 2015
Activity in India's dominant services industry gathered pace in October despite high inflationary pressures, underpinned by robust domestic demand, leading to the second fastest hiring pace in over three years, a private survey showed. The S&P Global India services Purchasing Managers' Index edged up to 55.1 in October from September's six-month low of 54.3, easily beating the Reuters poll expectation for 54.6 and above the 50-mark that separates expansion from contraction for a fifteenth month. That marked the longest stretch of growth since October 2016.
Source: Reuters
Source: Reuters
Relaxo Footwears drops 7%, touches 52-week low on weak Q2 results
Price as on 03 Nov, 2022 10:40 AM, Click on company names for their live prices.
EIH, the hospitality firm, which runs hotels and resorts under Oberoi and Trident brands, on Wednesday reported a consolidated net profit of Rs 26.48 crore for the second quarter ended September. The company reported a loss of Rs 34.22 crore in the corresponding year-ago period.
Price as on 03 Nov, 2022 10:37 AM, Click on company names for their live prices.
Dalmia Bharat reported a 76.84 per cent decline in consolidated net profit at Rs 47 crore for the quarter ended September. The company had posted a net profit of Rs 203 crore during the July-September quarter a year ago.
Price as on 03 Nov, 2022 10:35 AM, Click on company names for their live prices.
As expected the federal reserve has raised rates by another 75bps as it continues to deal with the worst outbreak of inflation in 40 years.The federal reserve acknowledged that the future rate uptick will take into account cumulative rate hikes so far, the lags with which monetary policy affects economic activity and inflation as well as economic and financial developments.
- Kunal Valia, Chief Investment Officer – Listed Investments, Waterfield Advisors.
Saurabh Mukerjea of @MarcellusInvest talks to ET Now
#BeatTheStreet | Saurabh Mukerjea of @MarcellusInvest says ��Defence is a key sector under focus ��Have a large h… https://t.co/dWy4mGeDZG
— ET NOW (@ETNOWlive) 1667449786000Tata Motors, Maruti Suzuki, Eicher Motors trade in red; 2-wheeler stocks fare better
Price as on 03 Nov, 2022 10:08 AM, Click on company names for their live prices.
We reiterate our constructive stance and expect the Nifty to challenge the alltime high of 18600. Eventually head towards 18900 by December 2022. In the process, bouts of volatility owing to global uncertainty cannot be ruled out. Thus, dips should be capitalised on as incremental buying opportunities.
- ICICIDirect Research
Adani Transmission reported a 32% dip in its consolidated net profit at Rs 194 crore in September quarter compared to year ago, mainly due to adverse forex movement adjustment. The company explained in a statement that in the second quarter of FY23, consolidated PAT of Rs 194 crore was lower year on year.
Price as on 03 Nov, 2022 10:03 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for November 03, 2022
Nifty IT down almost 1%; Tech Mahindra down 1.68%
Price as on 03 Nov, 2022 09:58 AM, Click on company names for their live prices.
The US health regulator has pulled up drug maker Lupin for manufacturing lapses, including failure to establish adequate written procedures for cleaning equipment, at its Maharashtra-based plant. In a warning letter, the USFDA has pointed out various lapses at the Tarapur (Thane) plant which produces active pharmaceutical ingredients (API).
Price as on 03 Nov, 2022 09:51 AM, Click on company names for their live prices.
Mahindra & Mahindra Financial Services reported over 55% decline in its net profit at Rs 492 crore in the quarter ended September 2022. In the year ago same quarter ended September 2021, it had posted a net profit of Rs 1,103 crore.
Price as on 03 Nov, 2022 09:50 AM, Click on company names for their live prices.
Stocks in focus: M&M Financial, JK Cement, Relaxo Footwear, Dalmia Bharat, Triveni Turbine and more
The Fed commentary after the expected 75bp rate hike, particularly Jay Powell’s remark that the terminal rate is likely to be higher than thought earlier, disappointed markets which resulted in a sell off in US markets. But it is important to note that when asked about moderating rate hikes he said, “ that time is coming and it may come as soon as the next meeting or the one after that.” So, it is possible that the markets can again bounce back since the economy continues to be strong and unemployment is at record lows indicating that a recession is not imminent. India’s outperformance is likely to continue since leading indicators like credit growth, capital expenditure and auto sales point to robust economic recovery.FPI buying of Rs 12610 crores during the last 5 trading sessions can provide support to the market at lower levels. Large-cap banks, capital goods and the premium auto segment can be bought on declines.
- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Opening Bell: Sensex falls over 200 points, Nifty nears 18,000; Relaxo declines 5%, Karnataka Bank gains 2%
BROKERAGE RADAR | GOLDMAN SACHS ON BANKS
- Our top buys within Indian banks are ICICI Bank, Kotak Bank and SBI
- Buy-rated Kotak Bank, ICICI Bank and SBI are our top picks
- Sell rated names are Bajaj Finance, SBI Cards and PNB Housing
- Tighter loan-deposit ratio in the system to impact NBFCs
- Cost of funds to rise 200-250 bps for NBFCs
- FY23/24E EPS estimates for the NBFCs/HFCs in our coverage
Pre-open session: Sensex slips over 350 points; Nifty below 17,950
Oil slips as dollar firms, but supply worries check losses
Oil futures fell early on Thursday as the dollar firmed on the Federal Reserve's hawkish stance, but concerns over looming supply risks kept a floor under prices.Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while U.S. West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7%, to $89.41.
Asia shares slip, Fed flags higher rates for longer
Asian share markets slid on Thursday after the U.S. Federal Reserve laid the groundwork for a protracted tightening campaign that torpedoed market hopes for a pause, sank bonds and lifted the dollar.
Quarterly earnings today
Housing Development Finance Corporation, Adani Enterprises, Adani Total Gas, Adani Wilmar, SRF, Hero MotoCorp, Hindustan Petroleum Corporation, Bank Of India, Vodafone Idea and Indian Bank are among companies that will announce their quarterly earnings today.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 147.5 points, or 0.81 per cent, lower at 18,015, signaling that Dalal Street was headed for a negative start on Thursday.
Tech View: Nifty forms bearish engulfing top as 18K turns make-or-break level
Headline equity index Nifty formed a bearish engulfing top pattern on the daily scale and gave up entire gains of the previous session.
Wall Street drops as Powell signals Fed not close to done
U.S. stocks ended sharply lower on Wednesday, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points but signaled that smaller rate hikes may be on the horizon.
Rupee falls 21 paise to close at 82.80 against US dollar
The rupee depreciated 21 paise to close at 82.80 against the US dollar on Wednesday, tracking a muted trend in domestic equities ahead of the release of the US Fed's policy statement.
Sensex, Nifty on Wednesday
The 30-share Sensex ended 215 points lower at 60,906, while its broader peer, Nifty50, ended below the 18,100 mark.
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