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Stock Market Highlights: Sensex ends 77 points higher as market extends gains to third day in a row

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Stock Market Highlights: Indian equity benchmarks extended gains to a third straight day on Monday, shrugging off weakness in global markets. Gains in automobile, metal and financial and stocks pushed the market higher, but sharp losses in IT shares such as TCS, Infosys and Tech Mahindra limited the upside. Broader markets supported the upmove in the market, with the midcap and smallcap indices rising 0.6 percent and 1.2 percent respectively.

Stock Market Highlights: Sensex ends 77 points higher as market extends gains to third day in a row
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on October 11. Stay tuned for other updates on our website: CNBCTV18.com.

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  • Expect rupee to trade within 74.90-75.80 range vs dollar: Kotak Securities' Anindya Banerjee

    Anindya Banerjee, DVP, Currency and Interest Rate Derivatives at Kotak Securities, said a combination of rising oil prices, US bond yields and the dollar index impacted the rupee. "The RBI should not be bothered much as volatility has been quite low over the past 14 months. The weaker rupee offers the RBI an opportunity to lock into greater profits for its long positions in the forward and futures markets. We expect the USD-INR (pair) to trade with an upward bias within a range of 74.90-75.80 in the spot market," he said.

  • Rupee ends at lowest level since July 2020

    The rupee fell to its lowest level since July 2020 as a sharp rise in global oil prices raised concerns about inflation. The partially convertible rupee ended at 75.36 against the dollar, having hit the 75.39 mark -- its weakest since July 14, 2020 -- during the session. 

    India imports 80 percent of its oil needs and high prices result in increased imported inflation and have a spiralling impact on the prices across other sectors.

  • Positive on IT, not discouraged by one set of earnings: Avendus Capital Alternate Strategies' Vaibhav Sanghavi

    Vaibhav Sanghavi, Co-CEO of Avendus Capital Alternate Strategies, said: "While IT is something we continue to be buoyant on, we are not discouraged by one of the results here. At the same time, we may think that the banking and finance for probably a couple of quarters will start to show some good signs in terms of their price performance. So those are the sectors along with the indices are something which we are positive on."

    "Avoiding global sectors like metals and mining, which are tactical plays, at this point in time including materials," he added.

  • Expect IndiGo shares for a while before rising further: Prabhudas Lilladher's Amisha Vora

    Amisha Vora, Joint MD at Prabhudas Lilladher, expects InterGlobe Aviation shares to consolidate for a while before giving a good return. "I am not so gung-ho to be very frank. The sector is consolidated, it has very good, long-term growth (is there) but the stock will consolidate before it shoots and gives further returns," he said.

  • Kotak Institutional Equities raises InterGlobe Aviation target price

    Shares in Interglobe Aviation -- which owns and operates airline IndiGo -- have been rallying in the recent past. The stock closed 4.7 percent higher at Rs 2,055. The stock has rallied eight percent in the last month, and given an impressive 30 percent return in the past six months. It is now just 10 percent away from its 52-week high of Rs 2,300. The rally is across the aviation sector which has felt the brunt of the COVID-19 pandemic shutdowns. The domestic air traffic has picked up and is now at 76 percent of pre-pandemic levels. (Read more on IndiGo shares here)

  • Market At Close | Sensex, Nifty hit record closing highs but off intraday peaks; banking, PSU, auto shares top gainers

    Here are some highlights of the Oct 11 session:

    --Nifty crosses 18,000 level in intraday trade for 1st time ever

    --Sensex hits intraday high of 60,476, Nifty Bank 38,495, midcap index 31,748

    --Nifty Bank gains 519 points to end at 38,294; midcap index rises 193 points to settle at 31,631

    --HDFC Bank top contributor to Nifty Bank; stock hits record high

    --Reliance Industries fails to hold gains, slips nearly 3 percent from intraday high

    --More than 30 Nifty stocks close higher; Tata Motors, Coal India top gainers

    --Power stocks surge on rising demand; NTPC, Power Grid, Tata Power, Torrent Higher

    --Auto shares rise on improved demand ahead of festive season; Nifty Auto up over 2 percent

    --ONGC continues to gain momentum as crude oil rises further

    --Banking shares rise; SBI hits record high

    --IEX, MCX hit record highs on growth prospects

    --GMR Infra surges 9 percent on positive commentary in investor presentation

    --Bandhan Bank sees profit booking after strong Q2 update

    --Midcap IT stocks slip in line with large caps; coforge, mphasis top losers

    --Zee Entertainment gains sharply in last hour of trade, ends 6 percent higher

    --Rupee ends at 15-month low against US dollar

  • Market At Close | GMR Infra, Tata Power, ISEC, IEX, Route top gainers from broader indices

    On the other hand, Coforge, Vi, Mphasis, Chambal Fertilizers and Wockhardt were among the top laggards in the midcap and smallcap indices.

  • Market At Close | Tata Motors, Coal India, Maruti Suzuki, Power Grid top gainers; TCS, Tech Mahindra, Infosys, HCL Tech top losers

    Stock Market Highlights: Sensex ends 77 points higher as market extends gains to third day in a row
  • Closing Bell | Sensex rises 77 points to record 60,136, Nifty at record 17,955 

    The Sensex rose 76.7 points or 0.1 percent to end at 60,135.8 and the broader Nifty50 benchmark added 59.8 points (0.3 percent) to settle at 17,955 -- both record closing highs. Gains in financial, auto and metal shares pushed the market higher, but losses in IT stocks limited the upside. (Read more on the closing bell here)

  • Rupee hits 15-month low against the US dollar

  • Avenue Supermarts market cap reaches Rs 3 lakh crore as shares hit record high

    Shares of Avenue Supermarts, which operates supermarket chain DMart, hit an all-time high of Rs 4,629, rising more than six percent on BSE. The company's market capitalisation crossed the Rs 3 lakh crore mark.

    The scrip has jumped over 70 percent so far this year.

  • Shares of Affle India rise 2.6%

    The stock rose after Affle (India) Ltd announced that it has received Issue Notification for the grant of 2 patents from US Patent & Trademark Office.

  • GMR Infra, Aban Offshore among top midcap gainers; power stocks rise up to 7%

    GMR Infra and Aban Offshore, up 11 percent and 20 percent respectively, were among the top midcap gainers. Power stocks such as Torrent Power, CG Power and CESC rose between 2.5 and 6.75 percent.

    BEML, Voltas and SKF hit fresh 52-week highs with good volumes.

    Chambal Fertilizer, Bajaj Hindusthan and GSFC were under pressure with cuts of between two and seven percent.

    Around 320 stocks in the BSE 500 universe moved higher in late afternoon deals.

    Stock Market Highlights: Sensex ends 77 points higher as market extends gains to third day in a row
  • Reliance Industries' shares wipe early gains; down 0.4%

  • Long buildup in Tata Elxsi, IEX, IRCTC; existing investors can continue to hold: Jay Thakkar 

    Jay Thakkar of Marwadi Shares & Finance said Tata Elxsi, IEX and IRCTC have seen sharp upmoves, and the momentum in the three counters appears to be absolutely in favour of the bulls. "Those already holding long positions can continue to do so. At these levels also, I am seeing the long buildup happening out here... The prices are moving up with an increase in volume and definitely an increase in open interest. So I don’t see any short buildup out here, in fact the stocks are comfortably making higher tops and higher bottoms with an increase in volumes," said Thakkar. 

    "I would say that one can continue to hold on to their long positions. Creating fresh long positions here would not offer that risk-reward (ratio) but riding on to the long positions will definitely help to gain more from hereon. One can keep trailing their stop losses," he added. 

  • Radico Khaitan unveils two new luxury products; shares gain 3%

    Radico Khaitan Ltd has unveiled two new luxury products in the brown and white spirit categories--Magic Moments Dazzle Vodka and Royal Ranthambore Heritage Collection Royal Crafted Whisky.

    Both Magic Moments Dazzle and Royal Ranthambore will be available in select stores in Delhi, Karnataka, Uttar Pradesh, Goa, Maharashtra, Rajasthan and Haryana in the first phase of launch.

    “In the pursuit to expand our product base in the premium whisky category, Radico Khaitan is all set to offer most luxurious Indian whisky by the name of Royal Ranthambore Heritage Collection-Royal Crafted Whisky. We are extremely optimistic about the fact that this brand will be a game changer in this space and will undisputedly be the most phenomenal trend setter,” the company said in an exchange filing.

    “To expand the vodka category, we are doing a number of things including new flavours, new expressions and now an ultra-premium offering by the name of Magic Moments Dazzle Vodka,” the company added.

    Shares of Radico Khaitan were up over 3 percent on the BSE.

  • Buy Ceat, Finolex Cables: Jay Thakkar 

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

    --Buy Ceat for a target of Rs 1,570-1,700 with a stop loss at Rs 1,320 
    --Buy Finolex Cables for a target of Rs 600-650 with a stop loss at Rs 450 

  • Ramkrishna Forgings shares rise after company reports Q2 results

  • HDFC twins, ICICI Bank, Kotak Mahindra Bank top boosts for Sensex

    On the other hand, selling pressure in Infosys, TCS and Tech Mahindra kept the upside in the 30-scrip benchmark in check. 

    Stock Market Highlights: Sensex ends 77 points higher as market extends gains to third day in a row
  • Market Update | The benchmark indices extended the gain and trading at a fresh record high with Nifty above 18000. The Sensex was up 403.64 points or 0.67 percent at 60,462.70, and the Nifty was up 143.45 points or 0.8 percent at 18,038.65.

  • IndiGo rises on improved demand

  • CNBCTV18 Exclusive | Online gaming industry, casinos & race courses get a GST breather: Sources

    Punjab & Haryana HC stayed GST enforcement action against online gaming ind, casinos & race courses

  • Market Watch: Gautam Shah, Founder & Chief Strategist of Goldilocks Premium Research

    On markets

    I guess there is no template because this is the kind of bull market that India hasn't seen ever. Whether you look at it technically or whether you look at it from a fundamental standpoint, I think the environment is completely different to what we saw in the last 20-25 years. The beauty of it is that the charts have adjusted very well along the way. At no point in time, has the market seen any deeper correction. We haven't seen a 10 percent correction while the index is up more than 120 percent from the lows, and the going is still strong. Yes, 18,000 is an inflection point. There could be some consolidation around this number, but there is nothing on the medium-term chart, which suggests that the market is topping out here. The domestic liquidity angle is a revolution, it is here to stay that has just taken care of the volatility that we have seen in the previous bull markets. I do believe that if we were to clear 18,000 on a closing basis and stay above it for a few days, we could get to that next number of 18,600. But going forward, it's just going to be about pockets in the market, it's not about the headline indices, it's about various themes, like banks, real estate, capital goods. So the broader markets offer far greater opportunities than the headline indices from these levels.

    I think the problem is there are too many people on the sidelines trying to fight this bull market and this is probably the reason every time there is a small dip, you have buying interest coming in. So I don't see any significant correction coming in anytime soon, there could be some consolidation 3-5 percent, but on an overall basis, I think this market is adjusted really well. And you have a scenario where too many large caps are supporting the market at the same time. Look at banks, look at IT, the L&Ts of the world, the ITCs of the world, the Bhartis of the world - so you are in a sort of a sweet spot where so many names are helping this market go higher.

  • Sanjeev Prasad, MD & Co-head of Kotak Institutional Equities

    On TCS earnings

    “Disappointing numbers for sure, the market was looking at much higher numbers for TCS. It seems like the company is struggling for volumes currently whereas the rest of the industry seems to be in a somewhat better position. Now whether it is an issue specific to TCS – will find out in the next few days, but at least in our assessment, it is more like a TCS specific issue for now. Clearly, it doesn't set the tone well for the rest of the IT sector. On top of that, the sector is pricing a lot of strong, stable margins so on and so forth and TCS has disappointed on both and it is becoming really hard to justify the valuation the sector is trading at now.”

    On Reliance Industries and Green energy

    “There is a lot of opportunities that this company can create over the next few years. If you look at the entire energy space, the paradigm shift in energy to renewable energy is making a big splash over there. Market size and opportunity are pretty large over there, if you look at renewable energy itself, we are looking at somewhere about 20 gigawatts incremental capacity over the next five years and by the time we reach 2020-2025 or so we will be looking at somewhere about 40 gigawatts incremental capacity. So clearly the market opportunity is very large which Reliance wants to exploit. Reliance is not a stock I want you to sell currently, there is still a lot of good news out there which will come out over the next 7 years.”

    On Tata Motors

    “We are seeing some whispers around for example Tata Motors talk about some strategic partner or PE entity coming in the domestic PV business. Clearly, Tata Motors also has done a remarkable job in the domestic PV business. At least last two three years they have transformed their business dramatically, the EV strategy seems to be well ahead of the competition, newer product launches have been well received by the markets. So it seems to be doing the right things. On the commercial vehicle the cycle will turn over the next few months so seems to be in the right position as far as the domestic recovery theme is concerned.”

    “JLR has its own challenges, it is not the optimum size when it comes to being a global player, but I am sure Tata will something in mind with respect to JLR itself. The brand is very powerful and if it combines it with some other entity, then we will see how that evolves but at least the domestic story has been doing very well for Tata Motors.”

  • The finance ministry said India’s economic recovery gained further momentum in September as the Agri sector continues to strengthen rural demand. High-frequency economic indicators indicate a broad-based recovery as the Indian domestic equity market remains buoyant. FPI flows robust with India reporting highest inflow of $3 billion in September. In FY22 so far, India is reported to have received $7.2 bn FPI inflow – the 2nd highest after Brazil’s $9 bn. Have attracted FDI inflow of $27.37 bn in first four months of FY22, up 62% yoy.

  • Samir Seksaria and Milind Lakkad of TCS to CNBC-TV18

    We maintained a margin despite significant supply-side challenges. Further tightness could result in margin variation going forward and we expect supply-side challenges to last a couple of more quarters. We aim to sustain margin, 26-28 percent band continues to be a guiding beacon. We also expect FY23 fresher hiring to be similar to FY22 and we will be able to manage even if the attrition is at 12-13 percent. Attrition is a concern but will be able to manage up to a couple of percentage points. Tying in competency initiatives to compensation. We see a marginal increase in wage costs for lateral hiring. The industry is leading profitability due to past investments.

  • Prakash Diwan of prakashdiwan.com

    On Reliance

    Reliance has been very clearly indicating that it was ready for some sort of a re-rating given the fact that post the last AGM we have not seen anybody talk about pricing in or pencilling in the potential earnings from the new energy or the green energy side. There were always issues about the timelines or the ability of the company to be able to do something so significantly large in a short span of time but what got the market excited was two things – one was that we have seen the upsurge in the gas business that potentially could reflect in the earnings now and the retail expansion through the 7-11 acquisition. Those things were optically attractive. But what seems like have happened is real news has come through on Saturday and Sunday and this definitely deserves a little bit of re-rating because you now have two ongoing businesses that the company participates in. So the organic route could have taken time but I think it is time that the inorganic route that the company has chosen to accelerate at Rs 75,000 crore investment is now going to start reflecting in the price. I have always been very positive right from those Rs 2,300-2,400 zones. At some point, you would have to wait for the earnings to now start reflecting or giving you the direction in terms of where the stock would be headed in terms of the quantum but I believe the direction is definably on its way up and it will probably see a lot of inflows beyond 13 percent that is currently the weightage in the market cap.

    On IEX
     

    There has been a significant tailwind supporting this price action volume for this name but from a fundamental perspective, a lot of that good stuff that everybody is anticipating will take time to happen, it is not something that could happen overnight. This power shortage has brought things to the fore in terms of the realization that you need a much more competitive price discovery mechanism and IEX probably is one of the good platforms to do it. There could be others who would also be able to get into that space at some point in time the way MCX is looking at it and I keep on pointing out, a smaller player like Power Trading Corporation (PTC) – smaller in the context of the trading part – could probably spread its wings and go beyond its comfort zone to do a lot of other things which could help it participate in the market. So I would put more money behind these platforms, power is the hot sector right now but then everything is in the price at this point in time, you could probably book profits and look at other names that would emerge in this space and that is going to be very promising, so don’t put all your money on one horse, there could be other horses also at some point in time.

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

  • Rupee slumps 17 paise to 75.16 against US dollar in early trade

    The Indian rupee depreciated 17 paise to 75.16 against the US dollar on Monday after rising crude prices and the strength of the American currency in the overseas market weighed on investor sentiments. At the interbank foreign exchange, the rupee opened on a weak note at 75.11, then fell further to 75.16, registering a decline of 17 paise from the last close.

  • Infosys recovers all the losses, turns positive

Stock Market Highlights: Indian equity benchmarks extended gains to a third straight day on Monday, shrugging off weakness in global markets. Gains in automobile, metal and financial and stocks pushed the market higher, but sharp losses in IT shares such as TCS, Infosys and Tech Mahindra limited the upside. Broader markets supported the upmove in the market, with the midcap and smallcap indices rising 0.6 percent and 1.2 percent respectively.