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Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%

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Stock Market Highlights: Indian equity benchmarks gave up most of their intraday gains to end marginally higher in a volatile session on Monday. Gains in IT, pharma and consumer stocks were offset by losses in metal, oil & gas and financial shares. Broader markets were mixed. The Nifty Midcap 100 index rose 0.3 percent but its smallcap counterpart declined 0.3 percent. Three new scrips debuted in the secondary market: PB Fintech, Sigachi Industries and SJS Enterprises.

Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%
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  • Citi sees Nifty50 at 17,500 by December 2022

    Badrinivas NC, Managing Director, Country Treasurer and Head-Trading and Local Markets Treasury at Citi South Asia, believes valuations are much higher than historical premiums and the Nifty is likely to consolidate around the current levels.

    “We have a 12-month, December 2022 target of around 17,500 on the Nifty - a 2-3 percent downside from here, primarily coming from two reasons. One is quite rich valuations and the second the fact that there is a lot of private issuance coming in, and that is taking a lot of capital or drawing a lot of capital as well,” he said.

  • Short-term intact for Nifty, possibility of 1-2 days of rangebound movement before 18,200: HDFC Securities' Nagaraj Shetti

    Nagaraj Shetti, Technical Research  Analyst at HDFC Securities, said the Nifty50 index has formed a small negative candle with an upper shadow, suggesting the presence of crucial overhead resistance at 18,150-18,200 levels. It also signals rangebound action in the market at crucial overhead resistance, he added. 

    "The short-term uptrend of Nifty remains intact and the current rangebound action is not confirming any reversal from the highs. There is a possibility of 1-2 days of rangebound movement before any upside breakout of 18,200 levels. Immediate support is placed at 18,020," he said.

  • Nifty forms small bearish candle, expect temporary weakness ahead: Shrikant Chouhan

    Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said profit taking towards the closing hours erased most of the market's initial gains. "On the daily charts, the Nifty has formed a small bearish candle, which indicates temporary weakness. However, Nifty has been consistently taking support near the 20-day simple moving average and has maintained a higher bottom formation, which is broadly positive," he said. 

    "We are of the view that the 20-day simple moving average would act as a trend deciding level for the bulls, above which, the uptrend formation could continue up to 18,200-18,275 levels. On the other hand, a dismissal of 18,040 or the 20-day simple moving average could possibly open another correction wave till 18,000-17,925 levels," he added.

  • Sustaining above 18,000 important for Nifty to stay positive in short term: CapitalVia Global Research's Vijay Dhanotiya

    Vijay Dhanotiya, Senior Research Analyst at CapitalVia Global Research, believes sustaining above the 18,000 mark is important for the Nifty to stay positive in the short term. "If the index is able to sustain 18,000, it can witness positive momentum that can lead it to higher levels near 18,250 and 18,300. Mmentum indicators RSI and MACD suggest positive momentum in the market," he said. 

  • Global cues to dictate trend in coming sessions in absence of domestic events: Religare Broking's Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, said the market is broadly in a consolidation phase, and the prevailing volatility is normal. "In absence of any major domestic event, global cues will dictate the trend in the coming sessions. Participants should focus more on overnight risk management and maintain extra caution in stock selection," he said. 

  • Prefer small ticket diagnostics to big hospital space: Marcellus Investment Managers' Rakshit Ranjan

    Rakshit Ranjan, Portfolio Manager of Marcellus Investment Managers, said the fund does not like big ticket hospitals as much as small ticket diagnostics. "A hospital tends to be very big and lumpy, and hence scale advantages and operating efficiencies are far greater in the diagnostic space if you run it as a small format retailer rather than hospitals as a big format retailer. So Dr Lal PathLabs, for instance, is part of many of our portfolios. The recent acquisition of Suburban Diagnostics by them, and the expansion into west and south are opportunities that had COVID not happened, the opportunity to consolidate across geographies and the shift from the unorganised to the organised would not have been as great," he said. 

    The hospital space is very unorganised, he said. "Whether it be hospitals or diagnostics, it's very unorganised, and, hence, ripe for consolidation, and events like the pandemic are massive accelerators in driving consolidation in such an industry. So I wouldn't be surprised if great quality healthcare offering companies continue to compound at a healthy pace," Ranjan added.

  • Market At Close | Coal India top Nifty loser on weak Q2 earnings, gobal price fall 

    Here are some highlights:

    --Nifty Bank falls 31 points to 38,702; midcap index rises 103 points to 32,028

    --Coal India top Nifty loser on weak Q2 earnings, global price fall

    --Hero MotoCorp closes higher but off highs after better-than-expected Q2

    --ONGC closes in the green but off highs after mixed set of Q2 earnings 

    --Zee Entertainment Enterprises gains largely in last hour of trade, up 4% 

    --Adani Enterprises continues to gain momentum, at record high

    --Strong Apollo Hospitals Q2 show lifts other hospital stock; Fortis rises 7%

    --Manappuram top midcap loser as NII declines sequentially for second straight quarter

    --Laurus, Syngene, Biocon, Ashok Leyland, Zee Entertainment, Escorts top midcap gainers

    --M&M Finance, Firstsource, JK Cement, Motherson, GMR, Bank of Baroda top midcap losers

    --Market breadth favours bears; advance-decline ratio at 1:2

  • Market At Close | Power Grid, ONGC,  ITC, Cipla top gainers; Coal India, Tata Steel, Hindalco, Eicher Motors top laggards

    Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%
  • Closing Bell | Sensex rises 32 points, Nifty at 18,110

    The 30-scrip Sensex index ended 32 points or 0.1 percent higher at 60,718.7 and the broader Nifty50 benchmark settled at 18,109.5, up 6.7 points from its previous close. Gains in IT, pharma and consumer stocks were offset by losses in oil & gas, metal and automobile scrips. (Read more on the closing bell)

  • October WPI inflation at 12.54%; RBIL Bank economist says rise in food, fuel and manufacturing inflation worrying

    Wholesale price-based inflation spiked to 12.54 percent in October, mainly due to a rise in prices of manufactured products and crude petroleum. WPI inflation has remained double digits for the seventh month in a row. 

    Rajni Thakur, an economist at RBL Bank, said that the sequential increase in food, fuel and manufacturing inflation is worrying.

    Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%
  • Buy Finolex Cables, Thermax: Jay Thakkar 

    Here are two trading calls from Jay Thakkar of Marwadi Shares & Finance: 

    --Buy Finolex Cables for a target of Rs 590-620 with a stop loss at Rs 505 

    --Buy Thermax for a target of Rs 1,900-2,100

  • Vodafone Idea clarifies on reports suggesting company likely to get SBI loan after government measures

    Vodafone Idea said it keeps discussing its funding and other requirements with various banks. As of now, there is no development with respect to a loan from SBI after the government's measures, the private sector telecom company said. 

    Vodafone Idea shares traded 2.2 percent lower at Rs 10.1 apiece on BSE. The S&P BSE Telecom index was down 0.6 percent.

    Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%
  • Nykaa's Falguni Nayar says company saw good growth in festive season, Q3 is its strongest quarter

    Nykaa Founder and CEO Falguni Nayar said in an interaction with CNBC-TV18 that the company saw good growth in the festive season, and the October-December period is its best quarter. It expects marketing spends in FY22 to be higher than FY21, she said.

  • Subscribe to Tarsons Products: Nirmal Bang

    Nirmal Bang recommends subscribing to the Tarsons Products IPO. The brokerage believes the company can maintain margins at around 50 percent given its leading position and economies of scale. The pandemic has turned out to be a boon for companies in the healthcare space as governments worldwide have started allocating more funds, and people in general have become more conscious towards healthcare benefits, it said in a note.

    At the upper end of the price band, Tarsons' PE comes to be 51.1x its FY21 earnings, said Nirmal Bang, which expects the company to grow faster than current CAGR given the laboratory instrument industry is growing at 20 percent.

  • Bosch MD, CFO SC Srinivasan resigns with effect from December 31

    Bosch shares traded 1.3 percent lower at Rs 18,318.9 apiece on BSE, having declined as much as 1.8 percent earlier in the day. 

  • Infosys, TCS, ITC, HDFC Bank top Sensex movers

    Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

    Stock Market Highlights: Sensex, Nifty50 end volatile session flat; Tata Steel falls 3%, IRCTC jumps 5%
  • 11-12 insurance companies have invested in PB Fintech IPO: CEO Yashish Dahiya

    Yashish Dahiya, CEO of PB Fintech, said 11-12 insurance companies have invested in the company's IPO. The strong interest from insurers shows PB Fintech's relation with them, he said.

    Dahiya also PB Fintech will be profitable in the next 1-2 years.

    The company's core business is profitable, and has always been margin positive, he added. He also said experiments are costing money to the company but are necessary to make it stronger.

  • Promoters to look at selling small stake in company by end of financial year: PB Fintech's Alok Bansal

    Alok Bansal of PB Fintech said the company's promoters will look at offloading a small stake in the company by the end of the current financial year. Promoters will sell stake when the requirement to exervise the ESOP option arises, he said. 

    Bansal said he couldn't give the exact date and quantum of the stake sale by promoters at this point. 

  • IRCTC gains 6%; technical analysts see room for more gains in stock

    Shares of Indian Railway Catering and Tourism Corporation (IRCTC) gained as much as 6 percent on Monday. At 1158 IST, shares of IRCTC were trading 5.5 higher at Rs 911.75 on the BSE. The stock has been gaining for the last two days and has risen nearly 8 percent during the period. IRCTC is trading higher than 5, 20, 50, 100 and 200 day moving averages. (Read more here)

  • Sensex, Nifty trade flat amid volatility

    Benchmark indices were trading flat amid volatility in the afternoon session. The Sensex was up 9.73 points or 0.02 percent at 60,696.42, and the Nifty was up 1.40 points or 0.01% at 18,104.15. 

  • Rupee surges 12 paise to 74.33 against US dollar in early trade

    The rupee surged 12 paise to 74.33 against the US dollar in opening trade on Monday as a firm trend in domestic equities and easing crude oil prices boosted investor sentiments. At the interbank foreign exchange, the rupee opened strong at 74.38 against the dollar and gained further ground to 74.33 in early deals, a rise of 12 paise over its previous close.

  • Hindalco shares fall over 2%

    Hindalco falls despite a strong set of earnings and brokerages being positive on the stock

  • Vivek Chaand Sehgal, Motherson Sumi on CNBC-TV18

    Supply side challenges will continue for some time and these issues will take at least three months to get resolved. The demand is very strong, except from China. The waiting list is high for most luxury car makers. Working capital goes up in the September quarter; however, it is not something to worry about. We have done 27-28 acquisitions, three of which were during Covid. We will also announce many acquisitions in the coming 3-6 months.

  • Kulin Lalbhai, Arvind Fashions on CNBC-TV18

    Diwali season saw growth in high teens vs pre-pandemic levels. Business is now fully recovered to pre-Covid levels. Offline channels are seeing good footfalls as well. Our focus is on driving bottom-line and turn it positive. We will see inventory loading in H2. Target debt to go below Rs 600 crore by the end of the year. We have also achieved cash positive in Q2 and have planned 10 brands over a year under Sephora. The Sephora retail format is very strong and will cross Rs 500 crore revenues in a couple of years. It will continue to grow by 25 percent on YoY basis.

  • Nikhil Chopra, JB Chemicals on CNBC-TV18

    We see a strong overall operating performance, growing at 27 percent vs market growth of 10 percent in India. The quarterly revenue will be around Rs 600 crore in Q3 & Q4. However, we are facing headwinds of higher raw material costs.

  • October WPI Inflation comes in at 12.54% against CNBC-TV18 poll of 11.30% & Vs 10.66% last month

  • Tarsons Products IPO subscribed 44% so far on Day 1

    Tarsons Products' initial public offer (IPO) worth Rs 1,024 crore was subscribed 44 percent so far on Monday, the first day of the bidding process. Kolkata-based life sciences company Tarsons' IPO includes fresh issuance of shares worth Rs 150 crore and an offer for sale (OFS) of 1.3 crore shares (estimated at Rs 874 crore) by the existing investors and promoters. By 11:39 am, the Tarsons IPO received bids for 47.2 lakh shares as against the issue size of 1.1 crorem a subscription of 44 percent.

  • CNBC-TV18Exclusive | CLSA Global Strategy on India 

    High energy prices are associated with Indian underperformance, said Vikash Kumar Jain, Equity Strategist at CLSA India.

  • Hero MotoCorp gains 4% on positive management outlook, EV plans

    Shares of Hero MotoCorp surged as much as 4 percent on Monday after the company gave a positive outlook after posting quarterly numbers. The two-wheeler company's plans in the electric vehicle space also boosted sentiment. At 11:20 am, shares of the company were 2.2 percent higher at Rs 2,741.5 on the BSE. The stock has risen after two days of straight fall. The company reported a consolidated revenue at Rs 8,538.9 crore in the quarter ended September as compared to the previous quarter's Rs 5,502.8 crore and the year ago's Rs 9,473.3 crore.

Stock Market Highlights
: Indian equity benchmarks gave up most of their intraday gains to end marginally higher in a volatile session on Monday. Gains in IT, pharma and consumer stocks were offset by losses in metal, oil & gas and financial shares. Broader markets were mixed. The Nifty Midcap 100 index rose 0.3 percent but its smallcap counterpart declined 0.3 percent. Three new scrips debuted in the secondary market: PB Fintech, Sigachi Industries and SJS Enterprises.