Thank you, readers! That's all from CNBCTV18.com's live market coverage on October 7, 2022. Stay tuned for other updates on our website: CNBCTV18.com.
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Too much uncertainty around tech spending globally: Dipan Mehta
Elixir Equities Director Dipan Mehta suggests investors to wait and watch the IT space till the actual numbers come out. "This time around, the order inflow is going to be the most important metric that investors should track and how it compares with the last quarter and on a year-on-year basis. In the previous slowdowns in Europe and the US, tech spending did slow down and IT companies stagnated," he tells CNBC-TV18.
"However, we had a pandemic where software and tech spending have become central and important for every organisation. So let’s see whether that theory is playing out for this quarter or not. Overall, investors should take a more informed decision about what to do with their positions in the IT sector,” he adds.
Market At Close | Sensex and Nifty50 flat as market recovers most of day's losses in last hour of trade
Here are some highlights:
Financial stocks lead recovery
Titan surges five percent to come inches within record high after strong quarterly update
TCS falls one percent ahead of July-Sept earnings on Monday
ONGC rises one percent tracking crude oil
Delta Corp continues to move higher ahead of earnings
FMCG stocks under pressure on subdued business updates
City Union Bank, Ambuja, ABB, Tata Communications and Delta Corp top midcap gainers
Ramco Cements, Jubilant FoodWorks, Biocon and Dalmia Bharat top midcap losers
Market breadth favours the bulls — advance-decline ratio at 3:2 (Read more)
Why SBI Securities is bullish on Maruti Suzuki
SBI Securities' Sunny Agrawal says his firm is selectively bullish on stocks like Maruti Suzuki, TVS Motor Company and Eicher Motors.
"For Maruti, two factors are playing out. One, there is healthy demand and so the orderbook stands at 3-3.5 lakh vehicles, and volume growth for July-August-September has been healthy. On the other hand, the cooling off in metal prices will definitely lead to the margin expansion for the player like Maruti," he adds.
Agrawal also says that the EBITDA margin of Maruti Suzuki is in the range of 7-8 percent, which he expects to expand to around 11-12 percent over the next two years. "We recommend investors to deploy fresh money in Maruti at the current level."
Biocon shares fall as European regulator finds major deficiency at Bengaluru plant
The Biocon stock fell as much as almost three percent during the session, after the company said the EDQM categorised one deficiency found at its Bengaluru API plant as 'major’. Read more here
Tesla shares have lost 30% of their value since Elon Musk's Twitter deal announcement
Elon Musk’s decision to revive his Twitter offer has caused a heavy blow to Tesla shares. (Read more)
Ajmera Realty carpet area sold rises 49% in July-September
In a quarterly business update, Ajmera Realty reports 79,976 square feet of carpet area sold in the July-September period, as against 53,801 square feet in the corresponding period a year ago, and 1.57 lakh square feet in the quarter ended June 2022.
Its sales values jump 82 percent to Rs 166 crore, but collectaions decline six percent to Rs 102 crore, according to the update.
Jefferies upgrades Hero and is bullish on these auto stocks
Jeffries preferred buys are TVS Motor Company, Maruti Suzuki, Eicher and Tata Motors. It has an underperforming rating on Motherson and Bharat Forge and has have upgraded Hero Motocorp to a buy with a target price of Rs 3,000. Here's why