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Stock Market Highlights: Sensex, Nifty ends higher but close the week in red; metal index surges 4%

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Stock Market Highlights: Indian equity benchmark indices ended the day higher but registered a weekly loss on Friday. Broader markets closed over 1 percent higher each. Nifty Metal remained the best-performing index of the day, closing 4.11 percent higher followed by Nifty Realty and Nifty Bank. JSW Steel and Tata Steel remained the Nifty50 top gainers, surging over 6 percent while UPL was the index top loser, down 8 percent.

Stock Market Highlights: Sensex, Nifty ends higher but close the week in red; metal index surges 4%
  • Here are the key highlights from this week:

    1. Market snaps 2-week gaining streak; Sensex & Nifty slip over 1% each this week

    2. Nifty Bank falls 1.3% & Midcap index nearly 2% this week

    3. Metal the only index to close higher this week; PSU Bank top losing index

    4. Wipro, Tata Motors, UPL, Bharti Airtel & Sun Pharma top Nifty losers this week

    5. JSW Steel, Tata Steel, Hindalco, UltraTech Cement top Nifty gainers this week

  • Here are the key highlights from today's trading session:

    1. Market back in the green after a day of pause

    2. Banks lead market higher while Nifty Bank gaining 2%

    3. HDFC, HDFC Bank, ICICI Bank & Infosys lift market while RIL drags

    4. Nifty gains 82 points to 11,762 & Sensex 255 points to 39,983

    5. Nifty Bank advances 461 points to 23,533 & Midcap index 187 points to 16,787

    6. Metal & Realty indexes gain the most amongst indices while media & IT slip

    7. JSW Steel, Tata Steel & Hindalco surge on improved demand

    8. BPCL gains over 4% as govt doesn't see further extension to share sale

    9. HDFC Bank up over 2% & Avenue Supermarts 0.5% ahead of earnings tomorrow

    10. Mindtree sees profit booking after Q2 earnings, stock slips 7%

    11. Federal Bank closes with minor gains despite reporting a stable set of earnings

    12. Newly listed companies- Route Mobile, Chemcon & Happiest Minds under pressure

  • Closing Bell: Market ends the day higher but posts a weekly loss; Nifty Metal closes over 4% higher

    Indian equity benchmark indices ended the day higher but registered a weekly loss on Friday.

    The Sensex ended 0.6 percent higher at 39,982 while the Nifty 50 index ended 0.76 percent higher at 11,769. Both Sensex and Nifty have posted losses of over 1 percent this week, first time in three weeks.

    Broader markets closed over 1 percent higher each. Nifty Metal remained the best-performing index of the day, closing 4.11 percent higher followed by Nifty Realty and Nifty Bank.

    JSW Steel, Tata Steel, BPCL, Hindalco and Divis Labs remained the Nifty50 top gainers while UPL, HCL Tech, M&M, Asian Paints and Reliance Industries were the index top losers.

  • Rupee Update: The Indian currency ended higher and erased early losses at 73.34 against the US dollar as compared to previous close.

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    Stock Market Highlights: Sensex, Nifty ends higher but close the week in red; metal index surges 4%
  • Ban on import of ACs with refrigerants a positive for large players

    The government on Thursday issued a notification banning import of air conditioners with refrigerants. This means that many of the larger players who have been importing air conditioners and refrigerants separately, won’t be impacted. But the move will hurt smaller players who import air conditioners with refrigerants. The government is taking this step to promote domestic manufacturing and cut imports on non-essential items. Continue reading.

  • UPL's shares dip over 9% after resignation of auditor from subsidiary

    United Phosphorus Ltd (UPL) share price plunged on Friday after KPMG, the auditor of company's material arm UPL Corporation resigned citing no reason. The stock fell as much as 9.5 percent to Rs 458.25. At 1:15 pm, the stock recovered slightly and traded 6.95 percent lower quoting at Rs 471.35 per share on the NSE.

    The company's exchange filing said, “This is to inform you that the company has received the attached communication dated 14th October, 2020 from UPL Corporation Limited, Mauritius, a material subsidiary of the Company."

    KPMG in its letter wrote, "There are no circumstances connected with our resignation which we consider should be brought to the notice of the members."

    The company added that BSR & Co. LLP, Chartered Accountants, who were appointed as Statutory Auditors of the Company for the period of five years at the AGM held on July 8, 2017, continue to remain the Statutory Auditors of the Company, including for the consolidated financial statements of UPL, India.

    BSR & Co. LLP is a sub-licensee of KPMG in India.

  • Experts' View: "HCL Technologies’ Q2FY21 earnings report reflects healthy broad-based revenue traction, which was the key positive takeaway, along with EBIT margin expansion, which came in at its highest level since FY15. We are enthused with the revenue recovery seen after a challenging Q1FY21, and believe company is well-positioned to ride this medium-term upswing in IT spend with its broad portfolio of services, including well established cloud position, ER&D services and P&P differentiator. We have an accumulate rating on company with a target price of Rs 893", says KRChoksey on HCL Technologies.

  • Goa Carbon reports a drop of 40.6% month-on-month & 25% year-on-year in production to 6,246 tonnes.

  • Gold rate today: Yellow metal trades flat; buy for a target of 51,200 levels, suggest experts


    Gold prices in India traded flat with a negative bias on the Multi Commodity Exchange (MCX) Friday following a muted trend in the international spot prices on uncertainties over the stimulus package in the US and firm dollar, analysts said.

    At 11:00 am, gold futures for December delivery eased 0.07 percent to Rs 50,679 per 10 grams as against the previous close of Rs 50,712 and opening price of Rs 50,586 on the MCX. Silver futures traded 0.36 percent higher at Rs 61,755 per kg. The prices opened at Rs 61,649 as compared to the previous close of Rs 61,535 per kg.

    Meanwhile, a tighter COVID-19 lockdown in London as the second wave of the pandemic spreads through Europe along with increasing cases in the US Midwest, lent support to the yellow metal. Read more

  • Stock Update: Persistent Systems' shares traded 3 percent lower to Rs 1,251.45 per share on the NSE after the company announced that it has entered into a stock purchase agreement with Capiot Software to acquire its entire business along with its subsidiaries in India, Singapore and Australia. The cost of the acquisition is $6 million with an additional deferred income of $1 million per annum over the next three years on completion of certain conditions along with an additional incentive.

  • Federal Bank's Q2 net profit comes in at Rs 307.62 crore Vs CNBC-TV18 poll of Rs 354 crore

  • CLSA says time to bet on laggards; find out why and which ones


    According to broking firm CLSA, it is time to reshuffle the portfolio. CLSA has tracked trends over the last many years and found that the laggards and the winners of the first nine months and the last three months tend to reverse historically.

    The leaders of the first nine months of the calendar year tend to underperform in the next three months and vice versa. CNBC-TV18’s Nimesh Shah has more details.

    For this quarter, CLSA expects banks, cement stocks and L&T to do well. In the utilities space, CLSA prefers NTPC, Power Grid, IGL and Mahanagar Gas. Read more

  • Indiabulls Housing sells stake in OakNorth Holdings: Indiabulls Housing Finance has further sold a portion of its stake in OakNorth Holdings Ltd. (the wholly owning parent company of OakNorth Bank plc) for approximately Rs 220 crore. The sale proceeds will be accretive to the regulatory net worth and the CRAR of the company.

    With the latest stake sale, the company has raised a total of Rs 2,493 crore as fresh equity in the month of September and October 2020 (Rs 683 crore through QIP and Rs 1,810 crore through sale of stake in OakNorth) adding to the regulatory equity capital of the company. (Source: Moneycontrol)

  • hcltech CEO C Vijayakumar tells us that co will see a positive growth in FY21

  • RBI to conduct OMOs on October 22: Reserve Bank of India (RBI) is going to conduct open market operations (OMOs) for Rs 10,000 crore on October 22. The OMO size may be enhanced in subsequent auctions, depending on the market response.

  • Experts' View: Anuj Gupta from Angel Broking sayd, "As for today traders can go for buy in gold at Rs 50,500 levels with the stop loss of Rs 50250 levels for the target of 51200 levels. They can also go for buy  in Silver at Rs 61,300 levels, with the stop loss of 60,800 levels and for the target of 62,400 levels.”
     
     

  • Federal Bank's profit may slip 15% while NII is seen rising nearly 16% year-on-year. 

  • Cyient shares rally over 4% after Q2 earnings


    Shares of Cyient rallied over 4 percent on Friday after the company reported better than estimated September quarter earnings. The stock price gained as much as 4.66 percent to an intraday high of Rs 383.40 apiece on the BSE. Cyient, on Thursday, reported a 3.1 percent rise in Q2FY21 net profit at Rs 83.9 crore as against Rs 81.4 crore in the previous quarter. CNBC-TV18 analysts' poll had estimated a net profit of Rs 83 crore. Revenue during the quarter increased 1.2 percent to Rs 1,003.3 crore from Rs 991.7 crore, QoQ. CNBC-TV18 poll estimated revenue of Rs 995 crore.

  • BPCL stock gains 4% as sources say EoI for stake sale may not be extended

    Shares of Bharat Petroleum Corp Ltd (BPCL) rose over 4 percent on Friday after government sources told CNBC-TV18 that hopefully the expression of Interest (EoI) timeline for the firm's stake sale will not need a further extension. The competition will be key in BPCL stake sale and will help the government get a better price, they added. The stock rose as much as 4.2 percent to the day's high of Rs 340.45 per share on BSE. However, in 2020 till date, the stock is down nearly 32 percent.

  • CLSA says time to bet on laggards; find out why and which ones

    According to broking firm CLSA, it is time to reshuffle the portfolio. CLSA has tracked trends over the last many years and found that the laggards and the winners of the first nine months and the…
    Stock Market Highlights: Sensex, Nifty ends higher but close the week in red; metal index surges 4%
  • HCL Tech shares fall over 4% post September quarter earnings; brokerages still bullish


    Shares of HCL Tech fell over 4 percent on Friday after the firm reported its September quarter earnings. The IT major reported a 7.4 percent rise in net profit for at Rs 3,142 crore for the September quarter as against Rs 2,925 crore in the previous quarter. The net profit beat CNBC-TV18 analysts' poll estimates of Rs 3,046 crore. The stock lost as much as 4.4 percent to Rs 821 per share. It has fallen 8 percent in the past two trading days and is down 10 percent from its 52-week high of Rs 910.75, hit earlier this week on October 14. Despite the stock fall, brokerages seem to be in favour of the stock. Motilal Oswal, in a recent report, mentioned that it likes HCL Tech given its robust business model, high return ratios, strong management team, and reasonable valuation.

  • MindTree's share price cracks 10% on lower-than-expected revenue, management commentary

    MindTree' shares plunged sharply on Friday after the IT company reported its September quarter earnings. The stock fell as much as 10 percent to Rs 1,282.40 per share on the NSE. The revenue of the company came in-line as compared to larger IT peers. It stood at Rs 1,926 crore for the September quarter, up 0.9 percent QoQ. Rupee revenue of the company stood at Rs 1,926 crore against Rs 1,909 crore and consolidated dollar revenue was up 3.1 percent at $261 million against $253.2 million. The consolidated net profit jumped 19 percent QoQ to Rs 253.7 crore as against Rs 213 crore in the quarter ended June 2020. The EBITDA margin for the quarter improved to 19.6 percent from 18.2 percent from the previous quarter.

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    Stock Market Highlights: Sensex, Nifty ends higher but close the week in red; metal index surges 4%
  • Technical Experts View: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments says, "Strong medium-term support for the Nifty lies at 11,550-11,600. As long as this holds, we continue to look for opportunities to buy into this uptrend. If we break 11,550, we should be headed down to levels closer to 11,350. On the upside, the resistance would be at 11,950-12,000."

  • Stock Update: UPL's shares plunged as much as over 9 percent to Rs 474 per share on the NSE after the company's subsidiary UPL Corporation's auditor KPMG resigned citing no reason. “There are no circumstances connected with our resignation which we consider should be brought to the notice of the members,” the auditor said in its letter. 

  • Govt sources tell us that LIC IPO unlikely before March & that competition will be key in BPCL stake sale as it will help govt get a better price

  • Market Watch: Mehraboon J Irani, MD & CEO at Gini Gems Consultants


    On IT


    There could be a breather as far as the sharp rise in IT stocks go. There could be a correction, there could be a consolidation though on a relative basis they may outperform the overall markets. I would wait for a correction possibly to buy into them.


    On cement & Two-wheelers


    The space which looks interesting according to me is two-wheeler space and the cement space. There could be a rotational shift. Despite the fact that cement stocks have gone up, I will not be surprised if they come up with very good numbers starting with Ultratech later this week. Cement is a good space. Two-wheelers – I think there will be a positive surprise coming as far as the companies are concerned, both from Hero Motocorp as well as Bajaj Auto.

  • Opening Bell: Sensex opens 300 points higher, Nifty above 11,700; all sectors in the green

    Indian indices opened higher on Friday tracking positive cues by Asian peers, led by gains in major key indices in early deals. At 9:18 am, the Sensex was up 324 points at 40,052, while the Nifty rose 54 points to 11,735. Broader markets were also positive with the midcap and smallcap indices up over half a percent each. All sectors were in the green at opening with Nifty IT and Nifty Bank leading, up 1.3 percent and 1 percent, respectively. The Financial Servcies, Auto, and FMCG indices also rose around hald a percent each. Tata Motors, IndusInd Bank, ICICI Bank, Infosys, and Bharti Airtel were the top gainers while UPL, HCL Tech, Cipla and Asian Paints were the only stocks in the red.

  • JUST IN: HCL Tech's Q2 net profit comes in at Rs 3,142 cr Vs CNBC-TV18's poll of Rs 3,046 cr

Stock Market Highlights: Indian equity benchmark indices ended the day higher but registered a weekly loss on Friday. Broader markets closed over 1 percent higher each. Nifty Metal remained the best-performing index of the day, closing 4.11 percent higher followed by Nifty Realty and Nifty Bank. JSW Steel and Tata Steel remained the Nifty50 top gainers, surging over 6 percent while UPL was the index top loser, down 8 percent.

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