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Closing Bell: Market slips in trade, Nifty loses 10,600-mark; Titan, Tech Mahindra among gainers

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This blog will keep you posted on the latest market updates.

Closing Bell: Market slips in trade, Nifty loses 10,600-mark; Titan, Tech Mahindra among gainers
  • That's all for today, readers! Stay tuned for more news, views and updates.

  • Closing Bell: Market slips in trade, Nifty loses 10,600-mark; IT stocks, Titan Company gain##Closing Bell: Market slips in trade, Nifty loses 10,600-mark; IT stocks, Titan Company gain

    The market on Monday closed negative with the BSE Sensex at 34,812 points and the NSE Nifty at 10,482 points after a volatile session, ahead of the announcement of key inflation data. Indian equities witnessed a steep fall after the Saudi oil minister's comment on output cut. The comment led to an increase in the rise of oil prices and a consequent fall in the Indian benchmark indices. Oil marketing companies were among the major index losers while IT stocks were among the gainers. 

  • Britannia reports Q2 net profit at Rs 303 crore. Check out the numbers.

    Closing Bell: Market slips in trade, Nifty loses 10,600-mark; Titan, Tech Mahindra among gainers
  • Just in: Britannia reports consolidated Q2 net profit at Rs 303 crore. Details awaited.

  • RIL to invest additional Rs 3,000 crore in Odisha.##RIL to invest additional Rs 3,000 cr in Odisha.

    Reliance Industries Chairman and Managing Director Mukesh Ambani said on Monday the group, which has already invested Rs 6,000 crore in Odisha over the last few years, will invest an additional Rs 3,000 crore in the state.

    "Today, Reliance has emerged as one of the largest investors in the state in the last few years. Reliance has already invested over Rs 6,000 crore in the state. And today, I am committing to invest an additional Rs 3,000 crore in our new businesses in Odisha," he said at the Make in Odisha Conclave here.

    The additional investments would be made in the next three years.

    "Most of our investments are in creating the Jio network. For Reliance, Jio is not just another business. It is a mission to transform India -- to transform Odisha. We have created sustained new employment opportunities, both direct and indirect, to over 30,000 people in the state," he said.

    (From IANS)

  • Jamna Auto Q2 profit up 21% at Rs 35 crore##Jamna Auto Q2 profit up 21% at Rs 35 crore

    Jamna Auto Industries Monday reported 20.62 percent increase in consolidated net profit at Rs 35.51 crore for the second quarter ended September 30. The company had posted a net profit of Rs 29.44 crore in the same quarter of the previous fiscal, Jamna Auto said in a regulatory filing.

    Revenue from operations during the reported quarter stood at Rs 548.37 crore. It was at Rs 386.1 crore in the corresponding period last fiscal.

    During the second quarter, total expenses were higher at Rs 472.68 crore as against Rs 321.94 crore in the year-ago period, it added.

    (From PTI)

  • Foreigners sold Asian equities in October on worries over trade, slowing growth.##Foreigners sold Asian equities in October on worries over trade, slowing growth.

    Foreign investors sold Asian equities heavily in October on concerns over slowing earnings, higher US interest rates and trade tensions between the United States and China.

    Data from regional stock exchanges showed foreigners sold a net total of $14.54 billion in Taiwan, South Korea, India, Thailand, Philippines, Indonesia, and Vietnam equities in the last month.

    The total was the highest in at least 7 years, the data showed.

    The outflows were led by Taiwan, South Korea and Indian equities, with each market seeing net sales of about $4 billion or more in the last month.

    "It is a run for the doors as risk sentiment was heightened on the backdrop of aggravated concerns over both trade tensions and tightening monetary conditions," said Jingyi Pan, a Singapore-based market strategist at trading and investments provider IG.

    The region's growth worries were highlighted by the International Monetary Fund in the last month, which cut its projection for next year, citing trade wars and monetary tightening in some economies.


    (From Reuters)

  • Market update: Sensex, Nifty fall further as crude sees a rise after Saudi Oil Minister's comment on output cut.

  • Titan growing faster than industry each quarter: CFO Subramaniam##Titan growing faster than industry each quarter: CFO Subramaniam


    Watches and accessories maker Titan Co reported an 8.34 percent growth in consolidated profit during the July-September quarter. Subbu Subramaniam, CFO of Titan, spoke to CNBC-TV18 about the earnings growth and the company's business plans going forward.

    "The company is growing faster than the industry each quarter," said Subramaniam.

    "The company is now seeing the benefits of ad spends for jewelery in the third quarter," said Subramaniam, adding that going forward in second half, the ad spends would be lower. "It was part of the plan to incur higher ad spends in first half and therefore expected margins to be lower," he said.

    Shares of the company are trading with more than a five percent gain and is the top Nifty gainer today.

  • Next 6 months is going to be a breather time for most IT stocks: IDFC Securities##Next 6 months is going to be a breather time for most IT stocks: IDFC Securities

    According to Anish Damania, CEO and Head of Institutional Equities at IDFC Securities, companies which will exhibit strong earnings growth trends will dominate the outperformance scenario.

    “We see consumption stories continue to dominate the trend. In the capital goods space as well companies have reported very good numbers, so we have recently upgraded Larsen & Toubro (L&T) to a buy. The stock has also corrected reasonably well over the last one year, so that gives a lot of cushion,” said Damania on Monday.

    Read the story here.

  • Crude vs Nifty: Close Alignment##Crude vs Nifty: Close Alignment


    Crude oil prices and stocks market have moved hand-in-hand over the past one decade and the trend is no different this time around. Despite a rise in the global oil prices, the correlation between crude and the Nifty have always been positive and has stayed true this time as well.

    Check out the chart here.

  • Market update: The market has neared the day's low. 

  • Domestic investors more worried about politics than earnings and macro: Udayan Mukherjee##Domestic investors more worried about politics than earnings and macro: Udayan Mukherjee

    According to CNBC-TV18 Consulting Editor Udayan Mukherjee, the domestic investors are more worried about the political uncertainty back home than earnings growth and macro-economic developments.

    “Flows have been remarkably patient and mature this time compared to the history of mutual fund flows but there is something which worries the domestic crowd more than earnings and macro and that is politics and if something goes wrong out there, maybe the emotional balance of mutual fund flows might change around a bit and we are going to be faced with such a prospect in next couple of months. So I would be cautious despite taking comfort from the October flows," said Mukherjee on Monday.

  • Rupee update: The rupee is currently trading at 72.78 against the US dollar.

  • Oil market update: Brent crude jumps 2 percent on Saudi December supply cut.##Oil market update: Brent crude jumps 2 percent on Saudi December supply cut.

    Brent crude oil prices jumped by 2 percent on Monday after top exporter Saudi Arabia announced a supply cut in December, a measure likely aimed at halting a market slump that has seen crude decline by 20 percent since early October.

    Front-month Brent crude futures, a benchmark for global oil prices, were at $71.59 per barrel at 0644 GMT, up by 2 percent from their last close.

    US West Texas Intermediate (WTI) crude futures rose 1.5 percent to $61.08 per barrel.

    Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day (bpd) in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in getting other producers to agree to a coordinated output cut.

    Khalid al-Falih told reporters that Saudi Aramco's customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand. The cut represents a reduction in global oil supply of about 0.5 percent.

    (From Reuters)

  • WATCH | Equinomics says the market will remain volatile in the near term. Here's why.

  • Stock check: Housing Finance Companies are gaining in trade. Check out the numbers.

    Closing Bell: Market slips in trade, Nifty loses 10,600-mark; Titan, Tech Mahindra among gainers
  • Market update: Sensex, Nifty trade positive; Infosys, HCL Tech, Tech Mahindra gain as rupee weakens.##Market update: Sensex, Nifty trade positive; Infosys, HCL Tech, Tech Mahindra gain as rupee weakens.

    The market remained volatile in the first half of the trading session on Monday as the BSE Sensex was trading at 35,174 points and the NSE Nifty was trading at 10,601 points, after slipping from the 10,600-mark in intraday trade.

    The IT stocks - Infosys, Tech Mahindra and HCL Technologies - remained the top index gainers as the rupee opened weak against the strong US dollar. As of 11:45 AM, the rupee was trading at 72.78 against the US dollar.

    Titan Company also remains to be the top gainer, gaining 3 percent, after posting an 8.34 percent rise in its second-quarter results on Friday.

    Tata Steel came up in trade after the news of Usha Martin accepting the company's deal acquisition. The company, as of 11:45 AM, was gaining nearly two percent.

    The market remained volatile as the benchmark indices had pared gains for a certain period of time in the first half of the trading session.

  • Gold prices steady but under pressure from firmer dollar.##Gold prices steady but under pressure from firmer dollar.
     

    Gold prices steadied on Monday after touching a one-month low in the previous session, but the metal remains under pressure from a firmer US dollar and expectations the Federal Reserve is on track to tighten borrowing costs.

    Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce.

    "Higher US interest rates and a stronger dollar are flashing red for gold investors," said Stephen Innes, APAC trading head at OANDA in Singapore.

    There was little to no safe haven appeal and robust U.S. leading indicators showed the U.S. services-based economy was firing on all cylinders, suggesting the Fed will hold the course on expected rate rises, he said.

    The dollar index, which measures the greenback against a basket of six major currencies, inched up 0.1 percent.

    The greenback built on last week's gains and rose towards a 16-month high.

    The Fed has reaffirmed its plan to raise interest rates by in December, followed by two more potential rate hikes by mid-2019 on the back of an upbeat economy and rising wage pressures.

    (From Reuters)

  • Jet Airways Q2 results: Here's what to expect.##Jet Airways Q2 results: Here's what to expect.

    Struggling carrier Jet Airways will report its second-quarter results, which could be one of its worst earnings in its lifetime.

    If  Jet Airways reports loss this time then it will be the third consecutive quarter of quarterly loss.

    Get the details here.

  • Stock check: Tata Motors is at the day's low after reporting weak JLR retail sales in October.

  • WATCH| Market Master Holland is not overly worried about markets at the moment. Here's why.

  • Here’s what to expect from Eicher Motors' Q2 results.##Here’s what to expect from Eicher Motors' Q2 results.

    Eicher Motors will report its second-quarter results on Monday and the street is expecting a low double-digit topline growth this time around.

    Shares of Eicher Motors have fallen almost 25 percent this year. The key reason for that is the Royal Enfield growth has slowed down considerably compared to what we have seen in the last few quarters.

    Get the details here.

  • Fuel prices decline again; petrol at Rs 83.07/litre in Mumbai. Check the prices here.##Fuel prices decline again; petrol at Rs 83.07/litre in Mumbai. Check the prices here.

     

    Fuel prices continued to decline on Monday for the fifth consecutive day, with petrol and diesel at Rs 83.07 per litre and Rs 75.76 per litre, respectively in Mumbai.

    According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai, were at Rs 77.56 per litre, Rs 79.49 per litre and Rs 80.56 per litre, respectively, while diesel stood at Rs 72.31 a litre in New Delhi, Rs 74.17 a litre in Kolkata and Rs 76.43 a litre in Chennai.

    Petrol price has been cut by more than Rs 5.22 per litre and diesel by Rs 3.59 in the last 27 days in Mumbai on softer international rates, a pace faster than the spike in prices witnessed in the two-month period beginning mid-August.

    Read our story here.

  • CPI inflation likely to soften to 3.6%, IIP growth seen at 4.1%##CPI inflation likely to soften to 3.6%, IIP growth seen at 4.1%



    India's headline inflation rate for October based on Consumer Price Index (CPI) is expected to cool off on a monthly basis and will mark the fourth straight month of deceleration due to muted food prices.

    The CPI inflation is seen at 3.6 percent compared to 3.77 percent a month ago. Core CPI is expected to be around 5.85 percent versus 5.81 percent a month ago.

    October was a volatile month for crude prices and that is expected to reflect in terms of volatility in the CPI data.

    Read the details here.

  • WATCH| UBS Securities says looking at 13% EPS growth for Nifty earnings.

  • Sensex, Nifty open positive as global cues recover; Tata Motors lose, IT stocks gain.##Sensex, Nifty open positive as global cues recover; Tata Motors lose, IT stocks gain.


     

    The market on Monday opened on a positive note as global cues recovered. The BSE Sensex opened at 35,279 points while the NSE Nifty opened at 10,620 points, ahead of the announcement of the country's IIP and CPI status for the months of September and October, respectively. 

    In the morning trade, Tata Motors was among the top index losers after it posted weak Jaguar Land Rover sales. The company, in an exchange filing had said, Jaguar Land Rover reported total retail sales of 44,282 vehicles in October 2018, down by 4.6 percent on a year-on-year basis.

    The IT stocks gained in the morning trade after the rupee opened weak at 72.68 against the US dollar. Infosys, HCL Tech and Tech Mahindra each rose by over a percent. 

  • Rupee open: Rupee opens at 72.72 against the US dollar.

  • Here's what to expect from Britannia's Q2 results.##Here's what to expect from Britannia's Q2 results.

    Britannia Industries will report a good set of numbers on Monday and the focus will be on the company's volume growth, which is likely to be between 8-10 percent.

    Britannia Industries is 16 percent off its record high. Currently trades at 46 times two year forward earnings; at the peak it was trading at around 56 times. So there is a 10 multiple dilution there or valuation discount in Britannia.


    Read the details here.

  • Surplus, liquidity issues likely to rock Reserve Bank's November 19 board meeting.##Surplus, liquidity issues likely to rock Reserve Bank's November 19 board meeting.

    The RBI's board meeting on November 19 is expected to be a stormy affair in the backdrop of the ongoing tussle between the government and the central bank, sources said, adding that some members are likely to raise issues concerning capital framework, management of surplus and liquidity measures for MSMEs.

    Tensions between the RBI and the government have recently escalated, with the finance ministry initiating discussion under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

    (From PTI)