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Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day

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Stock Market Highlights:  Indian equity benchmarks Sensex and Nifty50 ended a choppy session lower on Friday tracking weakness across global markets. Both indices extended losses to the fourth day in a row amid losses in IT and select financial shares, though gains in metal and pharma counters limited the downside. Broader markets fared better than the headline indices.

Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day
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  • Partial profit booking advisable between 17,650, 17,750 levels: Kotak Securities' Shrikant Chouhan

    Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said Nifty50 index has formed a bearish candle and on the intraday charts, it has maintained lower top series, indicating temporary weakness.

    "While the market will remain volatile in the near future, the 17,650-17,750 level would be key resistance for traders while 17,400-17,300 could act as sacrosanct support for positional traders. Contra traders may take a bet near the support level of 17,300 with a strict support stop loss at 17,250. Partial profit booking is advisable between 17,650 and 17,750 levels," he said.

  • 'Wait and watch' on Zee Entertainment Enterprises: Gurmeet Chadha

    Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, said in an interview to CNBC-TV18 that Zee Entertainment's proposed merger improves its market share to 27-28 percent. "There is some concern on Zee losing some broadcasting market share and also gives  some synergies in terms of the sports and kids segments. I think the market is still concerned on three broad issues. One is obviously the non-core investments like Sugar Box. Second was on still some outstanding with related parties including Dish TV which is still sub Rs 400 crore, although it has come down. Third is the focus on the movie production business, which is not very lucrative. I think the proposed merger could solve some of those governance issues," he said. 

    He however suggests a wait-and-watch approach on ZEEL. "Their OTT platform continues to show traction, with viewership doubling both on monthly average users as well as daily average users. Their paid subscribers have also doubled. So all the operating metrics are fine, but we have seen the market whenever it gets a whip of anything to do with governance, it doesn't react favourably. So it is a wait-and-watch for me," he said.
    But as far as the asset goes, as the operating performance goes it is a good asset. So once these issues get resolved, it's still at about 20 times, so if you compare it to peers - if all these things get resolved, it could be a decent medium term bet.

  • Eicher Motors top pick in two-wheeler space: Rakshit Ranjan of Marcellus 

    Rakshit Ranjan, Portfolio Manager at Marcellus Investment Managers, said in an interview to CNBC-TV18 his top pick in the two-wheeler segment is Eicher Motors. "We have some exposure to that in some of our portfolios,” he said. 

    “The two-wheeler space has a much more consistent and healthy run rate as a sector compared to the four-wheeler space, where it will have to be a lot more cyclical call for investors. Two-wheelers are better than four-wheelers if you don’t want to take too much of risk in timing. Otherwise, auto as a whole itself is quite cyclical and so timing will matter more, which is also one of the reasons why we don’t have too much of exposure beyond one or two companies in this space in our coverage," he said.

    "Over the longer term, EV disruption is going to be one big game changer. While many companies will try to catch up with disruption, we don’t think more than one or two companies at the moment give us the confidence that they can do it with high returns on capital coming out of the initiatives in this space," he said. 

  • Positive on Divi's, Sun Pharma: Quantum Securities' Neeraj Deewan 

    The pharma space has seen some consolidation, said Neeraj Deewan, Director, Quantum Securities. He said Divi's stays among his top topics. "I think the current correction that we see in Divi's is a good opportunity to enter. Even Sun Pharmaceutical Industries has seen a good move," he said. 

    It is one space which should stay a defensive bet even if there is some correction, he said. He also likes Sun Pharma.

  • Expect rupee to move in 73.80-74.30 range next week: Kotak Securities' Anindya Banerjee 

    Weakness in the dollar overseas and FPI flows into the ongoing Aditya Birla IPO helped the rupee, said Anindya Banerjee, DVP-Currency and Interest Rate Derivatives at Kotak Securities. "Sharp gains in Chinese currency against the US dollar helped the rupee. We expect a range of 73.80-74.30 to unfold over the next week," he said.

  • Expect rangebound action within 17,350-17,950 band for some time: Manish Shah

    The pattern playing out on the weekly chart is a dark cover, and it has appeared after a sharp rally, said Manish Shah, Founder of Niftytriggers.com. "Interpreting this pattern, we find that bears were in control of the counter in this timeframe. On the weekly timeframe, MACD is still in a buy mode. The oscillator position does show a sharp momentum. On the daily timeframe, Nifty saw a brief bounce from the lows as it touched the support line. We also see a bearish island reversal. So we have some bearish developments during the week," he said. 

    "Nifty has declined a substantial portion of the previous swing. Most probably we can expect rangebound action within the 17,350-17,950 band for some time. On the longer-term charts, mainly weekly and monthly, the underlying trend is bullish. Most probably any short-term declines in the market will be short-lived as Nifty will try to slow down on its relentless move up," Shah added.

    He expects resistance for the index at 17,850-17,835 levels. "If Nifty moves beyond this, we can expect a rally. Major support is seen at 17,350, a break above which will lead to a rally to 19,000. The immediate interpretation of the move in Nifty does suggest prolonged rangebound action between 17,350 and 17,950 for some time," he added.

  • Rupee edges higher to end at 74.12 against dollar

    Rupee closed at 74.12 against the dollar, as against its previous close of 74.23.

  • Market At Close | Sensex, Nifty off day's lows; midcaps relatively outperform

    Here are key highlights of the October 1 session: 

    --Nifty Bank recovers from intraday low of 36,876 to close at 37,226
    --Midcap index relatively outperforms, up 13 points at 30,397
    --Bajaj twins reverse previous day’s gains, down 2-3 percent
    --Maruti’s below-estimate sales, lower production pull stock 2 percent lower
    --Bharti Airtel falls for 5th straight day, down 9 percenet for week 
    --M&M top Nifty gainer after auto maker posts better-than-expected tractor sales
    --ONGC rises 1 percent; city gas company stocks slip after gas price hike
    --TVS Motor moves sharply higher after monthly sales beat estimates, up 3%
    --Stocks added to F&O today see healthy gains: Abbott up 7%, JK Cement up 3%
    --Market breadth favours bulls; advance-decline ratio at 5:4

  • Market At Close | Manappuram, GMR Infra, Dixon, IDBI, Delta Corp top gainers in broader indices

    On the other hand, Cummins, Oberoi Realty, Oil India, IEX and Welspun were among the top laggards. 

    Some 240 stocks in the BSE 500 universe -- the broadest index on the bourse -- finished the day in positive territory.

  • Market At Close | M&M, Dr Reddy's, UltraTech top gainers; Bajaj Finserv, Maruti, Airtel top losers

    Here's a look at the biggest movers and draggers for the 50-scrip index:

    Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day
  • Market At Close | HDFC twins, ICICI Bank, TCS biggest drags on Sensex

    Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day
  • Closing Bell | Sensex down 361 points at 58,766, Nifty gives up 17,550

    The Sensex index ended 360.8 points or 0.6 percent lower at 58,765.6 and the broader Nifty50 benchmark shed 86.1 points or 0.5 percent to settle at 17,532.1. Weakness in IT and select financial shares pulled the market lower, however strength in pharmaceutical and metal shares limited the downside. 

  • Zee Entertainment Enterprises expresses inability to convene EGM as requisitioned by OFI, Invesco

    Zee Entertainment Enterprises expressed inability to convene an extraordinary general meeting (EGM) as requisitioned by shareholders OFI and Invesco. The company said its board unanimously oncluded that the requisition notice is not valid and suffers from many legal infirmities.  

    Zee Entertainment Enterprises' board had called a board meeting to deliverate over the requisition notice for an EGM. 

    ZEEL shares traded three percent lower at Rs 294 apiece in late afternoon deals. 

  • Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities on markets:

    In line with global markets, Sensex 30 and Nifty 50 saw a decline this week. Sensex 30 and Nifty 50 fell by about 2 percent during the week, while BSE Midcap and BSE Smallcap index outperformed the Sensex and Nifty, noted Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

    In terms of sector, the BSE Power index gained 6 percent and BSE Oil & Gas index moved up by 4.3 percent. BSE Energy and BSE Metal index too gained around 3 percent in this week. On the other hand, with about 5 percent decline, the BSE IT index was the major underperformer, Chouhan added.

    Meanwhile, the US 10 year treasury yield rose further this week above the 1.5 percent mark, but crude oil prices remained on the higher side.

    “On the domestic data front, the performance remains broadly on expected lines. Global and domestic inflation risk from a sharp increase in global energy prices, rising US bond yield, and concerns over the Evergrande issue are near-term challenges for the global and Indian equity markets,” said Chouhan.

    FIIs have been net buyers in September 2021. Most of the major emerging markets witnessed FPI inflows in September 2021.

  • Positive on specialty chemicals: White Oak Capital's Manoj Garg 

    Manoj Garg, Director-Investments at White Oak Capital Management, believes there are opportunities in specialty chemicals unfolding for India. There is strong potential in the country's specialty chemicals sector as domestic manufacturers are emerging credible suppliers to companies globally, he said. 

    "Stable regulations and active enforcement are likely to provide a long runway of sustainable growth for the industry... We believe companies with a strong track record of execution, R&D capabilities, sustainable manufacturing practices and presence in sustainable chemistries will be long-term beneficiaries of this underlying trend," he said.

  • Oyo DRHP: Promoter Softbank, Hero's Sunil Munjal, Singapore's Grab to sell shares in IPO
    Oyo will see promoter Softbank Vision Fund, Hero Enterprise's Sunil Munjal, and Singapore's ride-hailing company Grab selling shares as part of the Rs 1,430 crore Offer for Sale in the hospitality…
    Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day
  • Mahindra & Mahindra shares gain nearly 3%

  • Shares of Tata Motors were up 0.3%

  • Buy TVS Motor, MGL, UPL: Hemen Kapadia 

    Here are three trading calls from Hemen Kapadia of KRChoksey Securities:

    --Buy TVS Motors at Rs 552 for a target of Rs 574 with a stop loss at Rs 540
    --Buy MGL at Rs 1,085 for a target of Rs 1125 with a stop loss at Rs 1,065
    --Buy UPL at Rs 710 for a target of Rs 740 with a stop loss at Rs 695

  • Maruti Suzuki September sales dip 46% to 86,380 units
    The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported 46.16 percent decline in sales at 86,380 units in September. The company had sold 1,60,442 units in September last year, MSI…
    Stock Market Highlights: Sensex ends 361 points lower, Nifty50 cracks below 17,550 as market extends losses to fourth day
  • IndusInd Bank shares trade 1% lower

  • September #AutoSales | SML Isuzu reports total vehicle sales up 99% at 716 units Vs 360 units (YoY) 

  • PVR shares were down 0.3% while INOX Leisure’s scrip was up nearly 1%

  • "We are in a structural bull market from 3-5 year view": Carnelian Capital Advisors' Vikas Khemani

    Vikas Khemani, Founder of Carnelian Capital Advisors, believes "we are in a structural bull market" from a perspective of 3-5 years. "This is one of those few times where so many factors are coming together contributing towards the economic recovery of India. You have a consolidated banking sector, the IT sector is doing well and creating jobs, you have infrastructure happening very well, manufacturing picking up, real estate recovering smartly, and interest rates likely to remain low. So if you see so many things happening," he said in an interview to CNBC-TV18. 

    "One has to play their own favourite themes. All of these in my opinion are going to play significant value. From the next 12-18 months, I would say, credit will start doing well, banking and financial services can do well because we have had anemic credit growth for some time largely led by worries of a third wave (of infections). If the economy opens up and a third wave does not hit, you might see credit growing very well, and thereby probably from a perspective of the next 12-18 months, that sector could outperform... We have had a significant rally in IT, probably that sector can consolidate. Five years onwards, in my opinion, we will see a very broad-based wealth creation cycle in India ahead of us," he said.

  • HDFC Bank issues statement on customer forgery whistleblower: Reports

    HDFC Bank said they provide an opportunity to customers to clarify if suspicious/discrepant documents are found. “In many cases, applicants don't respond to our attempt for clarification on suspicious documents. Loan application is declined if suspicious documents are found and industry database is updated to prevent future applications from such customers,” said HDFC Bank.

    We don’t waive processing costs for those who come forward in suspicious cases. Processing fee charged for bk’s cost of efforts for additional due diligence, not to close the case. Collection/non-collection of processing fee has no bearing on reporting of suspicious docs, the bank added.

  • Paras Defence makes best debut so far in 2021; shares list at 170% premium

    Paras Defence and Space Tech shares made the best debut so far in 2021, clocking listing gains of 170 percent on the Bombay Stock Exchange (BSE). The shares were listed on BSE at a share price of Rs 475, over a 171 percent premium to the higher end of its issue price range. The shares were listed on the National Stock Exchange at Rs 469, a premium of 168 percent to its issue price.

  • These PSU banks being lenders to Air India, are reacting positively to the news of Tata Group likely to have bagged the 'Maharajah'

  • Market Watch: Sunil Subramaniam, MD & CEO, Sundaram Mutual Fund

    On global markets
     

    I still think there is a temporary phenomenon, what is happening in China and what is happening with commodities. We believe that ultimately the interest rate hike, which is what concern the markets, is probably a year away, and the inflation that is there in the commodities and all, it is a supply-side. So don't expect the central bankers to react to it. So I expect the liquidity trap, though tapering will start towards the end of this year, is likely to be more gradual. So I think there is a temporary blip. That being said, a period of extended volatility can be expected, but I don't think this is the harbinger of a big correction.

    On specific stocks and sectors  
     

    There are two sectors I would say good quality public sector banks because I see that the Indian economy is in a revival mode, and with their reach, with their low-cost CASA balances, I still think good quality public sector banks are still a value pick.
    The second would be the cyclical pack, the industrials and the cyclical like cement and, steal and all of that because to me, the big story for India is going to be the recovery of the Indian economy led first by consumption, but sustainably by the capital expenditure from the government, from the FDI from the PLI scheme and from private sector capex starting. So I still believe that the markets have not discounted fully the V-shape bounce back that can happen in cyclical stocks. But to be cyclical stocks and public sector banks are two places where there is still value to be maximised.”
     

    Aviation
     

    I still think it is attractive because Air India sale is one thing, but restructuring Air India's operations, getting rid of their uneconomical sectors, getting that company back to profitability is a long hard haul. Second, remember one thing that Jet Airway is permanently going off, I know the news that Jet is coming back has created a big gap and I think the pent up demand will more than take care of the supply that is available. So I remain that aviation is one of those cyclical things that I spoke about - aviation is there in the pick as something that in a revival post to the Covid is probably going to be easing a heavy spurt in demand.

  • Eicher Motors posts 73% rise in September VECV sales 

    Eicher Motors reported total VECV sales of 6,070 units in September, marking a rise of 73 percent on a year-on-year basis. Exports rose 54.5 percent to 788 units.

    Eicher Motors shares traded one percent lower at Rs 2,763.5 apiece on BSE in afternoon deals. 

Stock Market Highlights:  Indian equity benchmarks Sensex and Nifty50 ended a choppy session lower on Friday tracking weakness across global markets. Both indices extended losses to the fourth day in a row amid losses in IT and select financial shares, though gains in metal and pharma counters limited the downside. Broader markets fared better than the headline indices, with the smallcap gauge ending 0.1 percent higher and the midcap counterpart finishing flat.
Here are key highlights of the Oct 1 session: