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Stock Market Highlights: Sensex ends 149 points higher, Nifty at 17,992 as market scales new peaks

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 recovered intraday losses to close higher for the fourth session in a row on Tuesday. Gains across most sectors, led by auto, FMCG, metal and PSU banking stocks, pushed the market higher, however losses in IT shares limited the upside. All eyes were on more quarterly earnings reports from India Inc for domestic cues.

Stock Market Highlights: Sensex ends 149 points higher, Nifty at 17,992 as market scales new peaks
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  • If Nifty holds 17,880, expect rally to 18,150-18,200: Manish Shah

    Independent analyst Manish Shah said that even though Nifty showed a narrow range candle for the day, the close was at the top end of that range. "We have two days into the weekly expiry. If Nifty holds above 17,880, we can expect a rally to 18,150-18,200 levels. If this does not happen in the next two days, we can surely expect to see this in the next weekly expiry. Nifty is in a steady state of an uptrend and as long as it holds the 17,880 level, the bias is bullish. Avoid selling this market, and instead look to buy the dips and breakouts in the direction of the trend," he said.

  • Rupee to trade within 75.10-75.90 range in near term: Kotak Securities' Anindya Banerjee 

    Anindya Banerjee, DVP, Currency and Interest Rate Derivatives at Kotak Securities, said: "There may have been intervention from the RBI at higher levels, coupled with lumpy corporate flows which pushed prices lower. But rising oil prices and firming US bond yields kept the bids alive. Over the near term, the bias remains upward. The range can be between 75.10 and 75.90 in the spot market," he said.

  • Buy RBL Bank on pullback: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, said the pattern across almost all sectors has been that the stocks that are smaller or have a lesser index weightage are have continued to outperform in the last couple of weeks. "RBL on pullback will be a buy but we will get out of Axis Bank once it gets close to Rs 1,200, he said.

    "If Kotak Mahindra Bank comes up a little bit more, we might go short on it. SBI continues to remain trapped between Rs 471 and Rs 448. If it breaks the Rs 448 level, we will sell. So HDFC, ICICI, SBI and Kotak Mahindra Bank are kind of acting treacherous and showing signs of distribution,” Kedia said.     

  • Positive on NTPC, CESC from power sector: Anand Tandon

    Market expert Anand Tandon said in an interview to CNBC-TV18 that the real story would be in the power sector. "I would still look at generators as the sector that you want to be in in terms of a slightly longer-term play. The likes of NTPC suggest themselves but CESC also is a company that would likely benefit quite considerably," he said. 

  • Avoid Radico Khaitan at current levels: Mehraboon J Irani

    Market expert Mehraboon J Irani said in an interview to CNBC-TV18 that it would be an understatement to call the move in Radico Khaitan shares "a dream run". "One thing positive about Radico Khaitan is it has transformed itself very well from a simple distillery player to a proper branded IMFL player. Now present across categories and concentrating more on the premium product brands, with a seven percent market share... all this is positive," he said.

    "As far as the liquor market goes, the demographics are supporting it... The company is concentrating on premium product launches, increasing its reach in new territories, working on its existing brands. The only thing going against the stock at the present is valuation. At the current level, the stock has run up very sharply; people who have not bought it yet should not personally be in a hurry to buy now. So I would give it a pass at the current level while stating that if somebody has not bought it, it was a very big miss," he added.

  • Mehraboon J Irani likes four-wheelers more than two-wheelers from auto basket

    Market expert Mehraboon J Irani prefers four-wheelers to two-wheelers in the auto pack. His best bet is M&M, followed by Tata Motors. 

    "The semiconductor problem possibly could be behind us. Somewhere over the last two-three months, auto stocks by and large became under-owned, allowing you to possibly look at them from a longer-term angle at an attractive price. With buying coming in and now people understanding that things are going to improve going ahead, demand is robust. Auto stock levels had only one way to look and that is up... That is exactly what is happening," he said.

  • PSU banking stocks rose on hopes of privatisation: Geojit's Vinod Nair 

    Strong support from PSU banks on revamped hopes of privatisation and continued buying interest in consumer goods, metal and auto stocks helped the headline indices manage to end on a positive note, said Vinod Nair, Head of Research at Geojit Financial Services. 

    Global markets traded with cuts in fears of rising inflation due to soaring commodity prices and the energy crunch, he said. 

  • Market At Close | Bata, Canara Bank, Nalco top gainers; Torrent Power, Metropolis Health, Vodafone Idea top laggards

  • Market At Close | IT pack continues to underperform after TCS Q2 earnings

    Here are some highlights of the Oct 12 session: 

    --Sensex, Nifty50 post record closing highs led by banks; Nifty ends near 18,000

    --Nifty Bank rises 228 points to 38,522; midcap index up 175 points at 31,806

    --IT pack continues to underperform after TCS Q2 earnings

    --HCL Tech top Nifty loser ahead of earnings on Oct 14

    --PSU banks move higher with biggest lender SBI hitting record high

    --Metal names gain in second half of day; Hindalco, Vedanta close at day’s high

    --Consumption names surge ahead of festive season; titan at record high

    --Bharat Bio’s Covaxin being approved for children; Cadila Health down

    --Lupin gets nod for clinical trial of Remdesivir powder; stock up 1 percent

    --Bata. Canara Bank, Nalco, Bhel, Jubilant Food top midcap gainers

    --Torrent Power, Metropolis, Vodafone Idea, Indus Towers top midcap losers

    --Market breadth slightly favours bulls; advance-decline ratio at 1:1

    --Rupee ends at new 15-month closing low of 75.51 vs dollar

  • Coal India FY24 production target to be delayed due to pandemic: Coal Minister to CNBC-TV18

    The Coal Minister told CNBC-TV18 that Coal India’s production target of one billion tonnes for FY24 will be delayed due to the impact of COVID-19. The demand for power has increased, which shows the economy is picking up, he said. 

  • Closing Bell | Sensex rises 149 points to record 60,284, Nifty at record 17,992 

    Indian equity benchmarks recovered initial losses to scale fresh peaks in a choppy session on Tuesday, shrugging off weakness across global markets. Gains in automobile, metal, FMCG and select financial stocks pushed the market higher. Weakness in IT counters ahead of more quarterly earnings due this week limited the upside. The Sensex index ended 148.5 points or 0.3 percent higher at 60,284.3 and the broader Nifty50 benchmark added 46 points (0.3 percent) to settle at 17,992 -- both record closing highs. (Read more on the market at close)

  • Titan, Reliance Industries, SBI, HUL top boosts for Nifty50

    On the other hand, selling pressure in stocks such as HCL Tech, ICICI Bank, TCS, Infosys and HDFC Bank kept the upside for the 50-scrip index in check. 

    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 ends 149 points higher, Nifty at 17,992 as market scales new peaks
  • Coal Ministry launches 3rd tranche of commercial coal auction of 40 mines

  • Imported coal prices have increased almost 4 times, need to increase dry fuel availability: Coal Secretary

    The Coal Secretary said it is the right time to bring coal mines for auction at a time when coal requirement is in the news. The country needs to scale up its coal production and curb its imports, he said. 

    The prices of imported coal have risen almost four times, he said.

    Stock Market Highlights: Sensex ends 149 points higher, Nifty at 17,992 as market scales new peaks
  • NPS Investment | How much should you invest to get over Rs 1 lakh in pension per month?

    An NPS account holder can claim income tax exemption on up to Rs 2 lakh of investment in a single financial year — up to Rs 1.5 lakh under Section 80C of the Income Tax Act, and an additional Rs 50,000 under Section 80 CCD. (Read more on NPS)

    Stock Market Highlights: Sensex ends 149 points higher, Nifty at 17,992 as market scales new peaks
  • Nifty Bank surpasses 38,495 to new record high

    The banking index hit a new record high of 38,571.3 in late afternoon deals, crossing the 38,495.3 mark. Most of its 12 members traded higher, with SBI up 2.6 percent, Axis Bank 1.3 percent, Kotak Mahindra Bank 1.2 percent and PNB 1.7 percent. HDFC Bank shares were flat, while ICICI Bank was down 0.7 percent.

  • Drug regulator panel SEC recommended to give permission to conduct Phase II trial to Lupin for Remdesivir    

    The drug regulator's Subject Expert Committee (SEC) grants Lupin permission to conduct Phase-II clinical trial study for Remdesivir powder. 

    Lupin shares traded 0.4 percent higher at Rs 962.7 apiece on BSE in late afternoon deals, having risen as much as 1.8 percent earlier in the day to Rs 975.8.

  • Radico Khaitan, IDBI Bank, BHEL among midcap stocks that buzzed in trade on Tuesday

    Network18, Radico Khaitan and IDBI Bank hit 52-week highs. (Read more on midcap stocks here)

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

  • Cadila Healthcare shares were down 1.4%

  • Shares of Suryoday Small Finance Bank were up 1.7% on the BSE

  • Market Watch | Shrikant Chouhan, Kotak Securities on IT:

    “IT index is going to underperform in the near-term. It is currently trading at somewhere around 34,700-34,600 but based on its lower top formation, I am of the view that it is heading for the levels of at least 33,000 from current levels” said Shrikant Chouhan, Kotak Securities.

    So at least from here, we may see the levels of at least 1,000-1,500 points down from current levels, he added.

    “It is better to stay away from the entire space for the time being” Chouhan cautions.

    “After the results of Infosys, we should look for adding specific stocks from the space but yes, we like Infosys and in case Infosys falls to the levels of Rs 1,600 then there we should look for adding long positions on Infosys,” he said.

    Here are a few trading calls by Chouhan:

    Buy Bank of Baroda with a target of Rs 95-100 and a stop loss at Rs 85

    Buy Jubilant Food with a target of Rs 4,600-4,650 and a stop loss at Rs 4,150

  • Bullish views drive Radico Khaitan to hit record high; stock zooms 16%
    Shares of Radico Khaitan rose as much as 16 percent today, hitting an all-time high of Rs 1,185.15 after a bullish commentary by analysts boosted sentiment for the stock. Wide product launches across…
    Stock Market Highlights: Sensex ends 149 points higher, Nifty at 17,992 as market scales new peaks
  • Market Watch | Mitessh Thakkar says buy Petronet LNG and sell Tech Mahindra

    Here are two trading calls by Mitessh Thakkar, earningwaves.com:

    Buy Petronet LNG with a target of Rs 240 and stop loss of Rs 231

    Sell Tech Mahindra with a target of Rs 1,330 and stop loss of Rs 1,390

  • Important support for Sensex at 59,600-59,800 levels: Capitalvia Global's Gaurav Garg 

    Gaurav Garg, Head of Research at Capitalvia Global Research, expects 59,600-59,800 levels to act as important support for the Sensex index. "If it sustains above 59,600-59,800, we can expect it to trade in the range of 59,600-60,300 next. Technical indicators also support positivity in the market," he said. 

  • Market Watch | Dhiraj Sachdev, Managing Partner & CIO of Roha Asset Managers on:

    IT Stocks

    The fact that the COVID pandemic has significantly accelerated the shift to digital I mean we are all aware in the last several months, and many companies are yet to make the transition to fully digital operating model have only digitized select function, said Dhiraj Sachdev, Managing Partner & CIO of Roha Asset Managers.

    “To some verticals like travel aviation retail may witness IT budget cuts, but cloud migration appears to be a multiyear opportunity as cloud journey for enterprise clients have just started. Even TCS results have clearly showed that a deal pipeline appears to be very strong, including a lot of hiring, while the attrition is the other side of the story,” Sachdev said.

    “So areas of growth clearly include cloud software as a service, cyber security, and obviously the sector is poised for one of the best growth rates,” Sachdev explains.

    Sachdev believes that the only challenge IT sector currently faces is of attrition and higher salary costs and the valuations of large-cap IT companies are not cheap. So any ounce of disappointment obviously you see witnessing this kind of a selling pressure. So one should only expect modest returns from hereon and this is not just a blip, but yes, any corrections on these can be buying opportunity subject to expectation of a modest return, he added.

    Auto stocks

    “We like autos because we believe that the personal mobility like cars will again have a sharp recovery with pent up demand and preference to avoid public transport. Even small pickup trucks that carry fruits and vegetables have started to grow thanks to online delivery or ecommerce,” said Sachdev.

    Besides, heavy commercial vehicles has also began to show early signs of a sharp recovery. So, Sachdev is positive more on the commercial vehicle side of the business. Whereas two-wheelers may get disrupted on because of the EV side of the business, he believes.

    However the sector may have to deal with higher input cost pressures and semiconductor shortage in the near-term. “So we are watching the situation very closely before going overweight on the sector. Would rather prefer fleet owners given freight rates have gone up. So more often logistics play as a preference versus OEM auto manufacturers at this point of time,” Sachdev said.

  • Market Watch | Ajit Mishra of Religare Broking says buy HDFC Bank and Hero MotoCorp

    Here are the trading calls by Ajit Mishra, Religare Broking: 

    Buy HDFC Bank with a target of Rs 1,700 and stop loss of Rs 1,600 

    Buy Hero Motocorp with a target of Rs 3,050 and stop loss of Rs 2,850 

    Mishra On Britannia

    "We have seen decent correction in Britannia after making a record high of around Rs 4,100 mark, so around Rs 3,750 we have a very strong support area. The selling climax looks complete now and one can start accumulating this stock at the current levels," said Mishra.

  • Somany Ceramics on CNBC-TV18

    The industry has increased prices this week and we will take another price hike if gas prices increase further. Gas prices form 25-28 percent of our total costs. We are currently functioning at 100 percent capacity utilisation in tiles and sanitaryware. As of now, around 18-20 percent of the demand for tiles comes from renovation work.

  • L&T Construction bags significant  contracts for its various businesses

    Larsen & Toubro (L&T) said that its construction arm has secured various 'significant' orders in India for its various businesses. As per L&T's classification, the value of the said contracts lies between Rs 1,000 crore and Rs 2,500 crore.

  • Former SBI  chief Rajnish Kumar joins Bharatpe board as chairman

    BharatPe has appointed former SBI Chairman Rajnish Kumar as chairman of the board, the fintech startup said on Tuesday. In his role as BharatPe chairman, Kumar will be involved in formulating the firm’s short-term and long-term strategy, as well as work closely with the board and executives on regulatory matters. He will also advise and counsel the management on corporate governance.

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 recovered intraday losses to close higher for the fourth session in a row on Tuesday. Gains across most sectors, led by auto, FMCG, metal and PSU banking stocks, pushed the market higher, however losses in IT shares limited the upside. All eyes were on more quarterly earnings reports from India Inc for domestic cues.