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Stock Market Highlights: Market ends in red for second day, closes October F&O series below 11,700; L&T, Titan top losers

Stock Market Highlights: Market ends in red for second day, closes October F&O series below 11,700; L&T, Titan top losers

Stock Market Highlights: Market ends in red for second day, closes October F&O series below 11,700; L&T, Titan top losers
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Summary

Stock Market Highlights:  The Indian stock market ended lower for the day but gained in the October expiry series. The Sensex ended 173 points to 39,749.85 while the Nifty50 index ended at 11,670.80, down 59 points. Barring IT index, all sectors closed in red. Broader markets underperformed the benchmarks, by closing up to 1 percent lower. L&T and Titan were the index top losers, down up to 5 percent.

Live Updates

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

1. Market falls for 2nd straight day; Sensex & Nifty at 3-week lows

2. Nifty fails to hold 11,700, ends 59 points lower at 11,671

3. Sensex slips 173 points to 39,750 & Nifty Bank 141 points to 24,092

4. Midcap Index declines 74 points to 16,974; market breadth favours declines

5. L&T top Nifty loser after Q2 earnings & lower special dividend than expectations

6. Titan extends yesterday's losses as commentary fails to boost the sentiment

7. Axis Bank falls 2% after reporting higher slippages in Q2

8. Maruti reporting earnings lower than expectations, stock slips over 1%

9. Reliance Industries closes with a gain of 1% ahead of results tomorrow

10. Jute Companies surge on Cabinet decision w.r.t compulsory jute package, Ludlow up 11%

11. Piramal Enterprises, Tata Elxsi, Chemcon Speciality, NIIT Tech top Midcap losers

Oct 29, 2020 3:44 PM

Closing Bell: Market ends in red for second day but gain in October expiry; L&T, Titan top losers

The Indian stock market ended lower for the day but gained in the October expiry series. The Sensex ended 173 points to 39,749.85 while the Nifty50 index ended at 11,670.80, down 59 points.

Asian Paints, UltraTech Cement, Shree Cements, HCL Tech and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were L&T, Titan Company, ONGC, Adani Ports and Tata Motors.

Except IT and energy, all other sectoral indices ended lower led by FMCG, pharma, metal and auto. BSE Samllcap index shed 0.5 percent.

Oct 29, 2020 3:38 PM

Laurus Labs' Q2 consolidated net profit comes in at Rs 242.3 cr, more than 300% on a yearly basis. Tax expense is at Rs 72 cr Vs Rs 9.2 cr

Oct 29, 2020 3:30 PM

Gold Updates: Gold inched up on Thursday after a sharp slide in the previous session as a halt in the dollar's rally supported some safe- haven buying driven by surging coronavirus cases and the approaching U.S. elections.

Oct 29, 2020 3:18 PM

Cabinet approves 100% jute bag packaging for food grains & 20% for sugar

Oct 29, 2020 3:16 PM

Will reach 90% demand levels in Q3 and 100% recovery by Q4, says Blue Star

Blue Star's revenue is a miss on estimates, but the margins were salvaged due to cost-cutting.

Talking about cost-cutting, Vir Advani, VC & MD, Blue Star said, “We have managed to hold on to margins which were good in spite of price realization dropping in the market and that was supported by overheads and operating cost reduction. We have done some structural changes to our cost structure which I am confident will carry through the year and even into next year.”

“On the operations, we had a reasonably okay Q2, revenue recovered to about 72 percent compared to the same quarter last year and EBITDA recovered to 75 percent," Advani added. Read more

Oct 29, 2020 3:01 PM

Havells Q2 net profit at Rs 326 cr Vs CNBC-TV18 poll of Rs 155 crore

Oct 29, 2020 2:33 PM

Maruti Suzuki's consolidated net profit rises 2% YoY to Rs 1,419 crore

Maruti Suzuki on Thursday reported a 2 percent rise in the consolidated net profit for the quarter ended September at Rs 1,419 crore as against Rs 1,391 crore in the corresponding quarter last year.

CNBC-TV18 poll predicted the net profit to be at Rs 1,522 crore.

Revenue from operations surged 10.34 percent YoY to Rs 18,755 crore as compared to Rs 16,997 crore in the same quarter last year.

Earnings before interest, tax, depreciation and amortization (EBITDA) surged 20 percent YoY to Rs 1,933 crore while margins improved to 10.3 percent from 9.5 percent led by lower sales promotion and advertising expenses.

Sales in the domestic market was up 18.6 percent to 3.7 lakh units. High sales volumes lead to improved capacity utilization, said the company's press release.

At 2:10 pm, the stock traded over 2 percent lower to Rs 7,028 per share on the NSE.

Oct 29, 2020 2:21 PM

Rupee Update: The Indian currency ended lower for the second day in a row amidst volatility in the equity markets. The rupee ended at 74.11 against the US dollar as compared to the previous day's close of 73.87. 

Oct 29, 2020 2:17 PM

Stock Update: IDBI Bank's Board approved raising up to Rs 6000 crore via issue of equity shares. At 2 pm, the shares traded 0.8 percent lower to Rs 36.95 per share on the NSE. 

Oct 29, 2020 2:02 PM

BPCL reports profit, EBITDA & margin higher than expectations

Oct 29, 2020 1:42 PM

Markets worried for 2nd wave of COVID could cause more bankruptcies: Andrew Holland of Avendus

Markets are worried that the second wave of COVID-19 could lead to more bankruptcies than we saw in the first round, said Andrew Holland, Chief Executive Officer at Avendus Capital Alternate Strategies.

The second wave of COVID-19 in Europe is alarming and quick, he said. “We know what the government and the central bank’s response will be, so we expect more action there in terms of stimulus,” he said in an interview with CNBC-TV18.

“The whole capital goods space is something where one has to be confident that there will be a rebound in the Indian economy,” he added.

According to him, one has to see acceleration into the second half of 2021 to get excited about the capital goods sector. Speaking about Larsen and Toubro (L&T), he said, “The move in the stock is going to be when you have that confidence and not having it in your portfolio could be a mistake.”

He believes, having some economic recovery sectors and stocks is probably the way to play the market over the next six months. Watch the video here

Oct 29, 2020 1:39 PM
Oct 29, 2020 1:14 PM

ICICIdirect on Axis Bank: The management held its guidance to remain well above industry credit growth, though it is currently cautious on certain segments. It can see minimal loans going for restructuring (estimated 1.6% of loans). Strong capital position, healthy operating metrics and reasonable prudence in provisioning provides comfort for steady earnings visibility and return ratios reaching 0.9% RoA and ~9% RoE by FY22. ICICIdierct value the bank at 1.6x FY22E ABV to arrive at a revised target price of Rs 600 (from Rs 530) and maintain buy.

Oct 29, 2020 1:01 PM

Sources tell CNBC-Awaaz that the Cabinet has approved hike in Ethanol prices by Rs 3.34/Litre.

Oct 29, 2020 12:44 PM