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Stock Market Highlights: Sensex ends 81 points lower, Nifty50 holds 18,000 as market extends losses to 2nd day

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended losses to a second straight day on Wednesday, though they recovered most of their intraday losses. Gains in oil & gas and automobile stocks were outweighed by losses in financial, metal and IT shares. Broader markets also weakened, with the midcal and smallcap indices ending 0.4 percent and 0.1 percent lower respectively. Paytm's IPO was fully subscribed on the final day of bidding. Nykaa began its journey in the secondary market on a strong note. 

Stock Market Highlights: Sensex ends 81 points lower, Nifty50 holds 18,000 as market extends losses to 2nd day
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  • Positive on Muthoot Finance: Karvy Capital's Kunj Bansal 

    Kunj Bansal, CIO of Karvy Capital, has a positive view on Muthoot Finance. "This is one of my recommendations. The results have been reasonably good as the company is in the more secure lending business. The management has also given a good guidance, the return on assets is three percent plus and return on equity is close to 20 percent. So I think it is a good buy for medium to long term investors,” he said.

  • Good opportunity for traders in IndusInd Bank: Karvy Capital's Kunj Bansal 

    Kunj Bansal, CIO of Karvy Capital, sees a good opportunity for traders in IndusInd Bank both on the long and short sides. “If you look at the stock price movement of IndusInd Bank, it looks like the follow-up buying has been continuously missing. Few days ago, the bank declared the results and the management call was positive, and the stock moved up, but the recent news flow about ever greening of some NPAs and asset quality concerns has resulted in this fall. Medium-term investors should always go towards safer stocks which are less news flow-oriented and more governed by fundamentals," he said.

  • Won't chase Nykaa at current levels, wait and watch for now: Dilip Bhat

    Dilip Bhat, Joint MD of Prabhudas Lilladher, suggests a wait-and-watch approach on Nykaa for now. "I would say that based on the fundamentals that are available of the company, I would not be chasing the stock at this level. I think today is the day when it has got listed and there's bound to be a good volatility which is what we are seeing, I would wait and watch... and possibly then have a look at it again," he said. 

    "Valuing Nykaa has never been so easy; it's very challenging, particularly at these levels. Certainly, the valuations are something to be interpreted in a very different way based on the parameters that exist at the moment for this company and without any doubt, in the normal conventional parameters, it's much beyond the fundamentals, the price is significantly ahead of the fundamentals. But as I said that this being a new generation kind of stocks, which are the new-age stocks and possibly it will be valued in a slightly different way," he added.

  • Cement should do well on macro basis: Prabhudas Lilladher's Dilip Bhat

    Dilip Bhat, Joint MD of Prabhudas Lilladher, expects a fair amount of traction visibility in cement in the coming months. "We expect the demand to firm up as India goes in the investment and capex mode... I expect that the EBITDA per tonne will keep on moving upwards because of the price push as well as because the operating leverage also coming into play. So I think cement as such should do well on a macro basis," he said. 

  • Market At Close | Bank of Baroda reports mixed set of Q2 earnings, stock falls 5%

    --Nifty Bank slips 346 points to 39,023; midcap index declines 142 points to 32,044

    --Reliance Industries supports market, metal, banking stocks drag

    --M&M extends gains to a second day on strong management commentary

    --Tata Steel falls 3% ahead of earnings on Thursday

    --Bank of Baroda reports mixed set of Q2 earnings; stock down 5%

    --IndusInd, Hindalco, Tata Steel, CIL, JSW Steel top Nifty losers

    --Firstsource, Strides, India Cements closes with major cuts following weak Q2

    --Indiamart, MCX, Delta Corp, TVS, Muthoot Finance top midcap gainers

    --Aurobindo Pharma rises 3% after upgrade by brokerages

    --IGL ends lower despite healthy set of earnings

    --Market breadth neutral; advance-decline ratio at 1:1

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

  • Praj Industries needs to take out Rs 360 decisively, next target Rs 398: Rajat Bose 

    Rajat Bose of rajatkbose.com said Praj Industries appears to be in a consolidation mode since June. "It needs to take out Rs 360 mark decisively; in that case, the next target would be Rs 398. It is possible that Praj might take out those levels and scale up to higher levels. In such a situation, I would suggest you can continue to hold it and put a stop loss at Rs 280," he added.

  • Nykaa Listing | Make sure to invest for long term, advises Nirmal Bang

    Nykaa parent FSN E-Commerce Ventures made a stellar debut on Dalal Street on Wednesday. This has pushed the Indian online beauty startup's valuation to nearly $13 billion. Rahul Arora, CEO of Nirmal Bang Institutional Equities, believes that profit booking for the lucky few who got the shares in the IPO is not a good idea. (Read more)

  • Hold Vedanta, further momentum expected after Rs 340: Mayuresh Joshi

    Mayuresh Joshi, Head of Equity Research at William O' Neil, suggests investors to hold Vedanta for now. "With increasing cashflows, they should be net cash positive over the next few years. So the investor can hold on. If the stock crosses Rs 340, because supply is very tight at this point of time, there can be further momentum. On the downside, Rs 296 is one level that we can watch out for," he said. 

  • Market At Close | UPL, Airtel, M&M, Britannia top gainers; Hindalco, IndusInd, Tata Steel, JSW Steel top laggards

  • Closing Bell | Sensex falls 81 points to 60,353, Nifty50 at 18,017

    The Sensex index ended 80.6 points or 0.1 percent lower at 60,352.8 and the broader Nifty50 benchmark settled at 18,017.2, down 27.1 points or 0.2 percent from its previous close.  

  • Banking an over-owned space, stocks have underperformed after Q2 results: Kotak AMC's Harish Krishnan  

    Harish Krishnan, EVP and Senior Fund Manager at Kotak AMC, said banking stocks have underperformed after their Q2 earnings. "Part of the concerns for the Street is that this is an ove-rowned space. Growth-wise, we are inching up but it is still not at a level where we can say that credit growth in the system can grow at strong double-digit numbers. Also as this is an over-owned space, a lot of the funding for the IPOs is happening through it. So we will have to wait and see how this plays out," he said. 

  • Geojit launches online service for NRI investors to open demat, trading accounts

    Geojit Financial has launched a platform for non-resident external (NRE) and non-resident ordinary (NRO) investors to open online trading and demat account services through Central Depository Services. 

    NRE and NRO account holders can now open trading and demat accounts in five minutes through the platform hello.geojit.com, the brokerage said in a statement. 

    “All that is required of a prospective participant is to have an Aadhaar linked mobile number and a PAN. Indians located in any part of the world can now seamlessly open an account online and benefit from the India growth story,” said Jones George, Chief Digital Officer, Geojit.

  • Paytm IPO | Issue fully subscribed on final day, retail portion booked 1.5 times

    The IPO of Paytm owner One97 Communications was subscribed 137 percent on November 10, 2021, the third day of bidding. The offer has received bids for 6.63 crore equity shares against the IPO size of 4.83 crore equity shares. The portion reserved for retail investors was subscribed 1.5 times, and that for non-institutional investors 17 percent. The quota reserved for qualified institutional buyers (QIBs) subscribed two times.

    Stock Market Highlights: Sensex ends 81 points lower, Nifty50 holds 18,000 as market extends losses to 2nd day
  • Paytm IPO | Issue fully subscribed on final day, retail portion booked 1.5 times

    The IPO of Paytm owner One97 Communications was subscribed 137 percent on November 10, 2021, the third day of bidding. The offer has received bids for 6.63 crore equity shares against the IPO size of 4.83 crore equity shares. The portion reserved for retail investors was subscribed 1.5 times, and that for non-institutional investors 17 percent. The quota reserved for qualified institutional buyers (QIBs) subscribed two times.

  • Bank pf Baroda Q2 | Net profit jumps 24% to Rs 2,088 crore, beats Street estimates

    Bank of Baroda reported a net profit of Rs 2,087.9 crore for the July-September period, exceeding Street estimates by a huge margin. The state-run lender's net interest income rose 2.1 percent on year to Rs 7,565.9 crore. 

    Analysts in a CNBC-TV18 poll had predicted the bank to report a net profit of Rs 1,641.9 crore over NII of Rs 7,409.6 crore.

    Gross non-performing assets came in at 8.1 percent in Q2, as against 8.9 percent in the previous quarter.

    Shares in Bank of Baroda were down 3.3 percent at Rs 102.9 apiece on BSE after the earnings announcement.

  • Alembic Pharma Q2 | Net profit down 49% at Rs 169 crore but beats Street estimates 

    The drug maker reported a net profit of Rs 169.3 crore fore the quarter ended September, down 49.2 percent on a year-on-year basis. Revenue declined 11.3 percent to Rs 1,292.3 crore. 

    Analysts in a CNBC-TV18 poll had estimated the company's profit at Rs 148.3 crore over revenue of Rs 1,294 crore. 

    Alembic Pharma shares recovered intraday losses after the earnings announcement. At 2:25 pm, the stock was up 0.5 percent at Rs 784 apiece on BSE, having declined as much as 1.9 percent earlier in the day. 

    Stock Market Highlights: Sensex ends 81 points lower, Nifty50 holds 18,000 as market extends losses to 2nd day
  • NIIT Q2 | Net profit doubles to Rs 52 crore, revenue up 43.5%

    NIIT reported a net profit of Rs 52.4 crore for the July-September period, as against Rs 26 crore for the corresponding period a year ago. Revenue increased 43.5 percent to Rs 314.2 crore.

    The stock extended gains after the earnings announcement. In late afternoon deals, the NIIT stock was up 3.9 percent at Rs 318 apiece. 

  • Strides Pharma Q2 | Net loss at Rs 162.5 crore, revenue down 9%

    Strides Pharma reported a net loss of Rs 162.5 crore for the July-September period, as against a net profit of Rs 80.9 crore for the corresponding period a year ago. Revenue fell 9.1 percent on year to Rs 721.5 crore. 

    The management said the company continues to face headwinds in its US business. 

    Strides Pharma Science shares traded 4.9 percent lower at Rs 524.3 apiece on BSE. The 30-scrip headline Sensex index was flat, having recovered the day's losses.

  • Kalyan Jewellers Q2 results: Company posts consolidated profit of Rs 68 crore

    Kalyan Jewellers India on Wednesday reported a Rs 68.77 crore consolidated profit after tax (PAT) for the quarter ended September 30, as sales were bolstered by the lifting of COVID-19-related limitations and a rising economy. In the equivalent quarter of 2020-21, Kalyan Jewellers India recorded a combined loss of Rs 136.12 crore, according to a regulatory filing.

  • Nykaa Listing | Falguni Nayar says fashion biz EBITDA positive, gross margins at par with beauty biz

    Nykaa Founder Falguni Nayar told CNBC-TV18 the company, whose shares hit debuted on the secondary market earlier in the day, will invest in customer acquisition for long-term growth. Nykaa will show value to investors who have trusted the company, she said. 

    Nykaa's focus will be on expanding its market share in both the beauty and fashion verticals, Nayar added.Falguni Nayar, Nykaa On CNBC-TV18 

  • Latent View Analytics IPO subscribed over 3 times so far on Day 1

    Latent View Analytics' initial public offer (IPO) worth Rs 600 crore was subscribed more than three times on Wednesday, the first day of the bidding process. The initial share sale of Chennai-based Latent View Analytics, a data analytics company, will close for subscription on Friday, November 12. By 1:06 pm, Latent View's IPO received bids for a total of 5.7 crore shares as against the 1.8 crore shares on offer, a subscription of 3.3 times.

  • Paytm IPO fully subscribed; total subscription at 1.05x till 1:17 pm

  • Cadila Healthcare gets US FDA nod for Glycopyrrolate injection

    Cadila Healthcare said that it has received final approval from the USFDA to market Glycopyrrolate injection. Glycopyrrolate is used before surgery to decrease the volume of secretions from mouth, lungs and stomach.

  • Company's portfolio getting much stronger now: Prakash Diwan, Market Expert on Mahindra & Mahindra

    After many quarters, Mahindra & Mahindra is talking about expansion of the PV segment. We’ve seen how the farm equipment segment has always kind of created a very strong base. But I think the optimism around the recent launch that they had, the kind of bookings that they've had and this first lever of the chip shortage, getting resolved, even from commentary from the Bosch management was very clear that you could probably start seeing a little bit of supply side issues getting resolved, and the demand is pent up. And I kept on insisting that the time to see volume growth in a player like M&M is going to be January onwards. The kind of SUV demand that's pent up, and a lot of states are getting into elections – we have seen that usually correlates very well with the kind of sales trajectory that some of these companies have. And their portfolio is actually now getting much more stronger, even on the pickup side with a lot of alternative fuel variants that are kind of getting popular, which was not the case last year. So all put together M&M definitely has more headroom. And that Rs 1,000-plus zone is something where it could go and race for some time. But that very clearly seems like a tactical move up from another 15-20 percent from hereon. 

  • Zomato shares under pressure ahead of Q2 results

    Zomato shares were under pressure, down as much as 2 percent on Wednesday, ahead of its quarterly results. The company is slated to announce its earnings for the September quarter today. At 12:35 pm, Zomato shares were down 0.4 percent at Rs 136.95 on the BSE. In the past three months, the stock has gained 9 percent whereas the Nifty500 index has risen 11.5 percent.

  • ICICI Bank, HDFC twins, Infosys top drags on Sensex

    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 81 points lower, Nifty50 holds 18,000 as market extends losses to 2nd day
  • Sapphire Foods IPO subscribed 72% so far on Day 2

    Sapphire Foods India's initial public offer (IPO) was subscribed 72 percent so far on Wednesday, the second day of the bidding process. The IPO -- which is entirely an offer for sale (OFS) by promoters and existing shareholders -- will close on Thursday, November 11. Sapphire Foods India is an operator of KFC and Pizza Hut outlets in the country. By 12:42 pm, the Sapphire Foods IPO received bids for a total of 69.9 lakh shares as against the 96.6 lakh shares on offer - a subscription of 72 percent. 

  • Paytm IPO subscribed nearly 0.7x till 12:30 pm on last day (3rd day) of the issue

  • Cosmetics is one of the best performing consumer sectors: Susmit Patodia, Associate Director & Fund Manager-PMS, Motilal Oswal AMC

    Nykaa is a very interesting company compared to any of the rest because there is a third leg to the service that they provide, apart from what almost all related companies like Zomato’s of the world do, which is give you governance and market infrastructure, Nykaa goes one step forward, and actually adds value, not only to the customer but also to the brand. We should not forget that this is not a marketplace, it is actually a selling model, so the numbers that come out of this are different. So, it just happens to come in the way of the tech IPOs and we start thinking of this also as a tech company. But there is a lot of physicalities involved in Nykaa as well – it sells online, but a lot of their model is physical, actually.
    Buying it depends on your time horizon, globally, cosmetics is one of the best performing consumer sectors. Because it is a product that once you start using an age of 16, the usage actually goes up the age. So keeping that macro construct, I am pretty confident that cosmetics as a space and hence Nykaa should do very well in the long term. If you start looking at the trailing 12 months PE, or even a full year PE, it starts looking very different. But if you take 5-7 year view, I am sure this company will still do well.
    Moreover, the potential addressable market is going to go up because this is a classic $2,000 to $4,000 per capita GDP segment that is cosmetics. If detergents soaps and shampoo were from $1500 to $2,500, then cosmetics is the forefront and China is a great example of that when the per capita GDP goes from $2500 to $5000. So the target market is going to explode.
    We should also remember one more big difference whenever we make a comparison with respect to India and any other country is there is a lot of unorganized slashes which has been the problem of cosmetics in India. So you know, you might get it cheaper on another website but unlikely that people are going to buy it because you want to put it on your face or your body. So that is one nuance of India, which is probably not present outside India when you make the comparison.
    In terms of a theme, convincing sort of path to profitability, would you rather go with the food aggregators, would you rather go with the payment interfaces/insurance aggregate - what part of it looks most convincing to you?
    The most convincing to me right now looks anyone who has got the unit economics already right - that is the most important aspect. Then, the whole path to profitability at the company level depends on unit economics. If your unit economics itself is not stable, then that is very difficult to get to company profitability. So, that's why Nykaa is one company where unit economics is very strongly positive.

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended losses to a second straight day on Wednesday, though they recovered most of their intraday losses. Gains in oil & gas and automobile stocks were outweighed by losses in financial, metal and IT shares. Broader markets also weakened, with the midcal and smallcap indices ending 0.4 percent and 0.1 percent lower respectively. Paytm's IPO was fully subscribed on the final day of bidding. Nykaa began its journey in the secondary market on a strong note. 

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