Stock Market Highlights: Sensex ends 415 pts lower and Nifty below 18,700 dragged by ICICI Bank, HDFC and Infosys

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Summary

Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 ended lower on the last trading day of the week, amid largely negative cues from global markets, halting an eight day gaining streak for the headline indices.

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Dec 2, 2022 4:10 PM

Correction in the market led by auto stocks: Vinod Nair

"The rally in the domestic market was halted by negative cues from global counterparts and broad-based profit booking in large caps. The correction in the market was led by auto stocks as the sales data came in lower than expected due to weaker exports and sequential de-stocking. Declining manufacturing activity in the US is proof that the central bank’s policy tightening has started to show results, which in turn will encourage the Fed to keep rate hikes at bay," says Vinod Nair, Head of Research at Geojit Financial Services.

Dec 2, 2022 3:47 PM

Sensex and Nifty snap 8-day gaining streak

-- Autos end lower on the back of November sales, Eicher and M&M top losers

-- PB Fintech surges nearly five percent after 2.3 shares of the company change hand in a block

-- Maruti slips nearly two percent as company announces rise in prices across models from Jan 2023

-- Paytm up nearly eight percent as company sees strong growth & adj EBIDTA breakeven target by Sept 2023

-- ONGC & Oil India end in the green after government cuts windfall tax on crude & diesel

-- Apollo Hospitals continues gaining momentum, rises nearly two percent

-- Tyre stocks surge following positive commentary by JK Tyre management

-- MOIL up four percent after company reports a rise of 82 percent in manganese ore production sales

-- UBL rises more than two percent after Heineken plans to raise beer prices

-- Amara Raja up one percent as company signs mou for lithium-ion battery gigafactory with Telangana government

-- Market breadth favours advances, advance-decline ratio at 1:1

Dec 2, 2022 3:40 PM

Rupee ends 10 paise lower vs dollar

Dec 2, 2022 3:34 PM

ICICI, SBI has done well: Gurmeet Chadha

"This entire fintech business of distributing loans, insurance to put it in very simple manner is about more than more offtake and then as a result working on the fees and the commission to make on it. So if they can demonstrate that, I think at some point of time, probably can be considered. But I will be more keen on insurance companies like the HDFC life, which has been a bit of range bound, been a bit of an underperformer. So the private insurance like ICICISBI has done well, they have changed the product mix very, very diligently. It's a nice mix of annuity, par and nonpar now," says Gurmeet Chadha, Managing Partner & CIO at Complete Circle.

"Insurance in my view is a very structural story over the next 5-10 years considering the penetration levels we are in and now we are seeing some improvement in persistency ratios also, claims to come down post COVID period. So I would look at more there for now."

Dec 2, 2022 3:20 PM

Momentum readings for Escorts Kubota have reached a bit overbought zone: Ruchit Jain

On Escorts Kubota Ruchit Jain of 5paisa.com advices keeping some trailing stop losses and hold. "The 20 days exponential moving average is now around Rs 2,170, which from a short to medium-term perspective is a good support on any kind of declines. The momentum readings have reached a bit overbought zone, but it needs to be seen whether no after this overbought setups, whether it shows some timewise correction or pricewise correction. But ideally as of now, it would be good to hold on to the stock with a stop loss below Rs 2,170."

Dec 2, 2022 2:54 PM

Amara Raja Batteries signs MoU with Telangana government for Lithium-ion battery gigafactory

Dec 2, 2022 2:37 PM

Buy Voltas, Tech Mahindra, Muthoot Finance: Hemen Kapadia

Here are two recommendations by Hemen Kapadia of KRChoksey Securities
-- Buy Voltas for a target of Rs 880 with a stop loss at Rs 835
-- Buy Tech Mahindra for a target of Rs 1,150 with a stop loss at Rs 1,090
-- Buy Muthoot Finance for a target of Rs 1,175 with a stop loss at Rs 1,100

Dec 2, 2022 2:31 PM

HDFC Bank board approves issuance of NCDs up to Rs 15,000 crore on a private placement basis

Dec 2, 2022 2:28 PM

Shares of Jyothy Laboratories Ltd surged nearly five percent to hit a 52-week high

The company is currently engaged in its expansion plan as it’s focusing on strengthening brands and direct distribution with consumer franchises. (Read more)

Dec 2, 2022 2:20 PM

Maruti to hike prices across models w.e.f January 2023

Dec 2, 2022 2:09 PM

Bajaj Hindusthan Sugar has paid entire overdues towards term loan installments till September 2022 to all the lenders

Dec 2, 2022 1:40 PM

Tyre stocks see a sharp surge

Dec 2, 2022 1:22 PM

Buy Tata Steel, Apollo Hospitals: Prakash Gaba

Here are some recommendations from Prakash Gaba of prakashgaba.com:
-- Buy Tata Steel for a target of Rs 114-115 with a stop loss at Rs 110 
-- Buy Apollo Hospitals for a target of Rs 5,000 with a stop loss at Rs 4,800 

Dec 2, 2022 1:07 PM

Expecting financials to drive 7% of the total 15% increase in EPS: Jigar Mistry
"2021 was an interesting year for Nifty because commodity companies and Tata Steel, JSW Steel, Hindalco and Oil and Natural Gas Corporation (ONGC), which together account for only four percent weight, drove almost 50 percent of earnings. This year, we are expecting financials to drive seven percent of the total 15 percent increase in EPS that we are expecting. So the construct changes, and therefore those pureplay numbers might be a little difficult to be taken just on the face value basis," Jigar Mistry, Co-Founder, Buoyant Capital tells CNBC-TV18. 

Dec 2, 2022 12:58 PM