Homemarket News

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares
    Read Time
    1 Min(s) Read

    Summary

    Stock Market Highlights: Indian equity benchmarks BSE Sensex and NSE Nifty50 failed to hold on to the green in a choppy session on Tuesday amid mixed global cues. Gains in oil & gas and metal counters were offset by losses in financial, FMCG and IT shares. Broader indices Nifty Midcap 100 and Nifty Smallcap 100 finished 0.6 percent and 0.3 percent higher respectively. DreamFolks Services shares made a strong debut in the secondary market.

    Live Updates

    Thank you, readers! That's all from CNBCTV18.com's live market coverage on September 6, 2022. Stay tuned for other updates on our website: CNBCTV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

    And on FacebookLinkedInInstagram and Telegram

    Download our mobile app for Android and iOS platforms

    FMCG sector seeing fatigue: Jai Bala

    Jai Bala of Cashthechaos.com points hout that a slide below the 42,000 mark for the FMCG index will drag the sector into a correction. "I have a short over there from the FMCG space. Godrej Consumer Products declined from last year to March lows made this year. It is looking incomplete and the bounce from there is looking like a corrective bounce and has stopped just short of that 61.8 retracement. A stop above Rs 945 with a short target of about Rs 810 (is recommended). If the medium term assessment is correct, it will probably go below the March lows made in 2022. Take one step at a time. Rs 810 is the short-term target and the medium-term one below the March low," he tells CNBC-TV18. 

    Market At Close | Sensex and Nifty50 flat with a negative bias

    Here are some highlights:

    --Bharti Airtel and Apollo Hospitals top Nifty gainers — stocks rise three percent each

    --NTPC amongst top Nifty gainers — stock hits 11-year closing high

    --Adani group stocks rise — Adani Enterprises gains three percent and Ambuja five percent

    --Apollo Tyres surges six percent following a positive brokerage note

    --ICICI Lombard top midcap loser on reports of likely block deal

    --Tata Power, Crompton Consumer, PNB rise after block deals

    --Syngene fails to hold on to the green — stock falls two percent on block deal

    --Market breadth neutral — advance-decline ratio at 1:1

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Rupee ends flat vs US dollar

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Government and LIC together to sell 60% stake in IDBI Bank: Sources

    The government and Life Insurance Corporation (LIC) together are likely to offer a 60 percent stake for sale in the IDBI Bank divestment, sources tell CNBC-TV18.

    The Expression of Interest (EoI) will be invited by October, they add. (Read more)

    India considering proposal for calibrated reduction of export duty on steel: Sources

    The government is examining a proposal for calibrated reduction of export duty on steel, people in the know of the matter told CNBC-TV18. They also said Finance Minister Nirmala Sitharaman along with top Finance Ministry and Steel Ministry officials reviewed the export duties on steel and iron ore on Monday. (Read more)

    Indian market is trading at elevated premiums versus EMs: Manishi Raychaudhuri

    The Indian market has been outperforming its global peers, especially the emerging markets, in its recent bull run. However, market veterans are worried about the high valuations and elevated premiums being witnessed currently and believe that there may be a cool-off period around the corner. (Read more)

    Buy Tata Power, AU Small Finnce Bank: Rahul Sharma
    Here are two recommendation by Rahul Sharma of JM Financial Services:
    -- Buy Tata Power for a target of Rs 260-270 with a stop loss at Rs 235 
    -- Buy AU Small Finance Bank for a target of Rs 700 with a stop loss at Rs 635 

    Kolkata-based Bandhan Bank is catching the attention of investors
    Jefferies has a 'buy' rating on Bandhan Bank with a target price of Rs 400 apiece, implying an upside of almost 41 percent from its closing price on Monday. The brokerage finds the valuation of Bandhan Bank attractive at current levels, given its correction over the past few months. (Read more)

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Force Motors shares hit 7-month high

    Force Motors reports a 10 percent increase in total vehicle production in August. Its total sales increase 12.1 percent, according to a regulatory filing.

    Domestic sales increase 21.9 percent largely on account of the onset of the festive season.

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Buy State Bank of India, SRF: Sacchitanand Uttekar
    Here are two recommendations by Sacchitanand Uttekar, AVP Technical (Equity) at Tradebulls
    -- Buy State Bank of India (SBI) for a target of Rs 560 with a stop loss at Rs 536
    -- Buy SRF for a target of Rs 2,730 with a stop loss at Rs 2,630

    Rising competition and falling COVID cases puts diagnostic sector under pressure

    Speaking to CNBC-TV18, Om Manchanda, Managing Director at Dr Lal Pathlabs said that the entire diagnostic industry is facing a decline due to falling COVID cases. (Read more)

    Export duty on iron ore likely to stay: Sources 

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    NTPC near strongest level of the day

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Moody’s affirms India rating at 'Baa3' and outlook at 'stable'

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Apollo Tyres zooms to a 52-week high

    India's second-largest tyre company in revenue terms, Apollo Tyres surged in Tuesday's trading session after Morgan Stanley initiated coverage on the stock with an "overweight" rating. The brokerage's price target of Rs 329 per share implies a potential upside of 31 percent from Monday's closing levels. (Read more

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Insurance policies could be dematerialised with NSDL, CDSL or Karvy: Sources

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Equity Outlook, September 2022: Sunil Damania
    According to Sunil Damania, Chief Investment Officer, MarketsMojo, FIIs will invest way more than they sold in the first half of the calendar year. "India is among the fastest-growing economies in the world, with inflation moving down — a rare combination in the present world-economic scenario. No fund manager can afford to ignore this rare combination if they wish to generate alpha on their portfolio."

    Expect gross margin of 15%: Liberatha Peter Kallat of DreamFolks Services

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Buy L&T, Adani Ports, SBI, Axis Bank: Ashish Chaturmohta

    Ashish Chaturmohta, Director and Head-Research at JM Financial Services, shares four trading calls: 

    --Buy Larsen & Toubro for a target of Rs 2,100 with a stop loss at Rs 1,920 

    --Buy Adani Ports for targets of Rs 920 and Rs 1,000 with a stop loss at Rs 830 

    --Buy State Bank of India for a target of Rs 585 with a stop loss at Rs 525 

    --Buy Axis Bank for a target of Rs 800 with a stop loss at Rs 745 

    NIIT CEO says demerger on track

    Sapnesh Lalla, CEO and Executive Director at NIIT, tells CNBC-TV18 that the company's demerger plan should be completed in the first quarter of the year ending March 2024. "We are on track. We are, as I had mentioned earlier, in the process of getting the various different permissions... It's likely that next year, as we start the new fiscal year, we will be pretty close to listing two companies or demerging the NIIT CLG business or the NLSL business out of NIIT," he says. 

    "It will be completed around Quarter 1 of this coming year, which means April-June 2023," he adds. 

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Narayana Hrudayalaya shares hit 4-month high 

    Narayana Hrudayalaya shares rise more than five percent to a more than four-month high of Rs 744, after the company announced plans to acquire a 100-bed orthopedic and trauma hospital at Narayana Health City campus in Bengaluru for Rs 200 crore. The company will buy the hospital from Shiva and Shiva Orthopaedic Hospital on a slump sale basis.

    ICICI Direct remains positive on the NH stock. The company is focused on expansion in key markets of Benagluru and Kolkata on the back of its capex guidance of around Rs 1,000 crore for the year ending March 2023, according to the brokerage. 

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    India one of the stronger emerging markets: Gary Schlossberg

    Gary Schlossberg, Global Strategist at Wells Fargo Investment Institute, tells CNBC-TV18 tht India, in his view, is one of the stronger emerging markets. The focus on domestic economy is holding up quite well for India, he says. 

    He expects the Fed and the ECB to become more aggressive with tightening of their monetary policies. 

    "Higher interest rates will create something of a headwind or at least a test for the Indian market. On top of that, we're just entering a global slowdown led by Europe, and to some extent, the US, and China trying to jumpstart its economy... We think that will be only partially successful later rather than sooner. These will be the two key tests, I think, for the Indian market between now and the end of the year. We're just entering that stage. And the true test lies ahead," Schlossberg adds. 

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Buy NTPC, Punjab National Bank: Mitessh Thakkar
    Here are two recommendations of Mitessh Thakkar of earningwaves.com
    -- Buy NTPC for a target of Rs 173 with a stop loss at Rs 164 
    -- Buy Punjab National Bank for a target of Rs 38.50 with a stop loss at Rs 35.90 

    DreamFolks reports Q1 earnings

    The consolidated net profit stood at Rs 13.4 crore against a loss of Rs 1.4 crore in the year-ago period.Consolidated revenue was reported at Rs 160.3 crore. Consolidated EBITDA stood at Rs 19.2 crore vs a loss of Rs 1.1 crore in the corresponding period previous fiscal. 

    DreamFolks Services also made its debut in the secondary market on Dalal Street on Tuesday, with the stock of the airport service aggregator platform listing at a premium of up to 56 percent above its issue price. (More here)

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Sticking to Rs 900 crore revenue guidance for FY23: Nikhil Kumar of TD Power System 

    Buy Tata Power, Triveni Engineering & Industries: Ashish Kyal

    Here are two recommendations by Ashish Kyal of Waves Strategy Advisors:
    -- Buy Tata Power for a target of Rs 260 with a stop loss at Rs 234 
    -- Buy Triveni Engineering & Industries for a target of Rs 270 with a stop loss at Rs 235 

    Blue Star bags Rs 390-crore orders from Bangalore Metro Rail

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    Sensex drops over 450 pts from day's high and Nifty50 slides below 17,650

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

    DreamFolks makes a strong market — shares list at 56% premium

    DreamFolks Services shares made a stellar debut in the secondary market on Dalal Street on Tuesday, with the stock of the airport service aggregator platform listing at a premium of up to 56 percent above its issue price.

    The DreamFolks stock began its journey at Rs 508.7 apiece on NSE, as against the upper end of its IPO price range of Rs 308-326.

    On BSE, the stock began trading at Rs 505 apiece, a premium of 54.9 percent. (Read more)

    The IPO of DreamFolks, to raise up to Rs 562 crore, concluded last month with a strong response across investor categories. The overall subscription stood at 56.7 times the shares on offer, as the IPO received bids for a total of 53.7 crore shares as against the 94.8 lakh shares on offer, according to exchange data.

    Stock Market Highlights: Sensex ends volatile session down 49 pts amid weakness in financial and FMCG shares

      Most Read

      Market Movers

      View All
      CompanyPriceChng%Chng