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Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop

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Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 gave up intraday gains in a choppy session on Tuesday. Gains in auto, financial and construction shares were offset by losses in metal and oil & gas stocks. Strength in broader markets, with the midcap and smallcap indices rising around one percent each, kept the downside in check. Investors globally awaited a key interest rate decision by the Federal Reserve due this week.

Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
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  • Caution may prevail ahead of Fed decision: Religare Broking's Ajit Mishra

    "A mixed trend was witnessed on the sectoral front wherein buying in realty, PSU banking and auto packs kept traders busy. The broader indices outperformed... Participants are maintaining a cautious stance ahead of the Fed meet and we may see a similar trend on Wednesday as well," said Ajit Mishra, VP-Research at Religare Broking.

    "However, the scheduled weekly expiry may trigger volatile swings in the index. Stocks, on the other hand, are still seeing noticeable traction so the focus should be on identifying the sectors/themes which are playing out well and select the stocks accordingly," he said.
     

  • Bharti Airtel Q2 | Net profit at Rs 1,134 crore, beats Street estimates

    Bharti Airtel reported a net profit of Rs 1,134 crore for the quarter ended September, exceeding Street estimates. The telecom major reported revenue of Rs 28,326.4 crore for the three-month period. 

    Analysts polled in a CNBC-TV18 poll had estimated the company's net profit at Rs 710 crore over revenue of Rs 27,960 crore. 

    The company's profit was aided by an exceptional gain of Rs 540 crore. 

    Airtel's average revenue per user (ARPU) came in at Rs 153, in line with analysts' estimates. In the previous quarter, ARPU was at Rs 146.

    Bharti Airtel shares ended 0.1 percent higher at Rs 712.9 apiece on BSE ahead of the earnings announcement. (Read Bharti Airtel Q2 earnings)

  • Some more upside in real estate stocks: Anand Tandon 

    Market expert Anand Tandon believes there is some more upside in real estate stocks. "The companies had huge inventories, and that inventory is now going away in most markets. So there is definitely now an uptick because even if you sell off your inventory, you have money to go out and build more," he said. 

    "So you will find that the pipeline will go up. I think it is not a short-term phenomenon, you have the wealth effect, you have low interest rates, so you will find that because of the lull that we have seen in the last few years and as the prices remain firm or start to inch up, there will be more demand,” Tandon added.

  • FMCG space looks quite interesting: Anand Tandon 

    The FMCG space looks quite interesting to market expert Anand Tandon. "I have been a bit concerned about the inflation that is coming through and to the extent that branded players will be able to pass it on, it is quite good," he said.

    "Along with volume you will also get price increase and because of that you will be able to expand your bottom line much faster than you would have been in a situation where inflation was low. So, generally, I like the FMCG space per se and within that, Dabur has a niche with their own ayurvedic product range etc. So overall, Dabur is extremely well-positioned and I would be overweight on that space," he added. 

  • Pankaj Tibrewal sees pause on earnings upgrade cycle in Q3, Q4

     

    Pankaj Tibrewal, Senior Executive VP and Fund Manager-Equities at Kotak Mahindra AMC, believes there will be a pause on the earnings upgrade cycle. "We have been sounding a little cautious on the markets overall for the last couple of months and our view is that for the last four or five quarters, the momentum in the market was aided by a very strong earnings upgrade cycle, which led to stock prices moving very fast. What we are seeing starting September quarter now, and the result seasons is on and probably into the third and fourth quarter, is that there will be a pause on the earnings upgrade cycle. Once that happens, I think market may move sideways and that is our call that one needs to be a little cautious," he said. 

    . There are two pockets one need to really avoid - one is the quality name basket where they have rocky valuations and clearly the valuations have gone skyrocketing there. The other extreme is the low quality companies where the RoEs are in single digit, but they have started trading at three times, four times price to book and that valuation is clearly insane. So there are two pockets one should clearly avoid.

    "There are two pockets one need to really avoid: the quality name basket where they have rocky valuations; clearly the valuations have gone skyrocketing there, and the low quality companies, where RoEs are in single digits... So there are two pockets one should clearly avoid," he added. 

  • Early signs of capex recovery in economy: Kotak Mahindra AMC's Pankaj Tibrewal 

    Pankaj Tibrewal, Senior Executive VP and Fund Manager-Equities at Kotak Mahindra AMC, believes there are early signs of a capex recovery in the economy. "Our focus on cyclical is one towards the private sector and private sector financials. The second is that we believe that there is a clear revival on the earnings, on the manufacturing and the industrial capex side, and we believe that something which is looking very, very good," he said. 

    "There are early signs of capex recovery in the economy and we believe that part is a good portion of our portfolios. The third part is the real estate revival and we have been advocates of a real estate revival for a long period of time now and we are playing it through the entire home improvement space, cement and some of the other ancillary to the real estate sector. So this is how we are playing the entire cyclical recovery in the economy," he added. 

  • Market At Close | Broder markets outperform Sensex, Nifty

    Here are some highlights:

    --Nifty Bank gains 175 points to 39,938; midcap index adds 257 points to 31,281

    --Reliance Industries, metal, IT stocks drag market; auto shares lend support

    --Tata Steel, Grasim, JSW, Hindalco, Tech Mahindra, HCL Tech top Nifty losers

    --Titan up 2% on expectation of increased jewellery buying on Dhanteras

    --Maruti top Nifty gainer on improved demand; Tata Motors fails to hold opening gains

    --SBI rises 1% ahead of Q2 earnings

    --RBL Bank, Shriram Transport, Bandhan, AB Fashion, Union Bank, DLF top midcap gainers

    --PI Industries falls 7% 

    --Dabur ends flat amid volatility after strong Q2 show

    --Sun Pharma reports better-than-expected earnings, stock ends flat

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

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

  • Market At Close | Maruti Suzuki, NTPC, Titan, SBI top gainers

    Tata Steel, Grasim, JSW Steel, Hindalco, HCL Tech and IndusInd Bank were the worst hit among the 30 laggards in the Nifty50 index. 

    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • Closing Bell | Sensex down 109 points at 60,029, Nifty50 gives up 17,900

    The Sensex index fell 109.4 points or 0.2 percent to end at 60,029.1. The broader Nifty50 benchmark shed 40.7 points or 0.2 percent to settle at 17,889.  

    Losses in oil & gas, metal and select IT shares pulled the Nfity50 index lower. However, gains in construction, auto and select financial shares limited the downside. (Read more on the closing bell)

  • Union Bank of India Q2 | Net profit rises to Rs 1,526 crore, NII up 8.5%

    The lender reported a net profit of Rs 1,526.1 crore for the quarter ended September. Union Bank of India had posted a net profit of Rs 515.6 crore for the corresponding period a year ago. 

    Its net interest income -- the difference between interest earned and interest paid -- increased 8.5 percent to Rs 6,829.3 crore.

    Gross non-performing assets came in at 12.64 percent in Q2, as against 13.60 percent in the previous quarter. Net NPAs were at 4.61 percent in the September quarter, as against 4.69 percent in the previous three months.

    Union Bank of India shares extended intraday gains after the earnings announcement. In late afternoon deals, the stock was up 5.6 percent at Rs 49.3 apiece on BSE. 

  • Raamdeo Agrawal says this has been defining year for market, phenomenal participation by retail investors

    Market veteran Raamdeo Agrawal said in an interview to CNBC-TV18 that this has been a defining year for the market. There has been phenomenal 
    participation by retail investors, he said. 

    He believes the market will surprise on the upside.

    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • CNBC-TV18 Market Sentimeter | Nearly 60% market participants polled find highest conviction in large caps

    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • JSPL Q2 | Revenue up 67% at Rs 13,612 crore, meets Street estimates

    Jindal Steel & Power Ltd (JSPL) reported a net profit of Rs 2,584 crore for the quarter ended September 2021, as against Rs 836.6 crore for the quarter ended September 2020. Its revenue increased 67 percent on year to Rs 13,612 crore for the July-September period. 

     Analysts in a CNBC-TV18 poll had predicted the company's net profit at Rs 2,602 crore over revenue of Rs 13,856 crore.

    JSPL shares traded two percent lower at Rs 422.5 apiece on BSE after the earnings announcement.

  • Dabur Q2 | Net profit up 4.6% at Rs 505 crore, beats Street estimates
     
    FMCG major Dabur reported a net profit of Rs 505.3 crore for the quarter ended September, up 4.6 percent on a year-on-year basis. The company's revenue increased 12 percent to Rs 2,817.6 crore. 
     
    Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 490 crore over revenue of Rs 2,670 crore.
     
     
    Dabur's domestic volume growth came in at 10 percent, as against analysts' prediction of 4-5 percent. 
     
    The company said it was the fifth successful quarter in a row with double digit volume growth. 
     
    Dabur shares traded 0.3 percent lower at Rs 596 apiece in late afternoon deals on BSE.
    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • US central bank action on liquidity to dictate gold prices, says Millwood Kane International's Nish Bhatt

    Action by global central banks, mainly the Federal Reserve, on liquidity tightening will guide gold prices going forward, said Nish Bhatt, Founder and CEO of Millwood Kane International. Concerns of tapering, a strengthening US dollar and the high pace of vaccinations have dampened the prospects for gold, he said. 

    Dhanteras 2021 

    "Indians' love for gold knows no bounds... In the run-up to the festive and marriage season, coupled with unlocking across India, the demand for gold is likely to pick up, helping its price," he said.

    After posting stellar gains for the past few years, the yellow metal has been trading rangebound for the past 12 months. Gold outperformed as an asset class in 2020 but lost its sheen as economies across the globe recovered from the lows of COVID-19. Gold prices are still far away from their all-time high witnessed in August 2020, he added.

    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • Devyani shares surge. Here's why

    Devyani International shares traded 9.3 percent higher at Rs 136 apiece on BSE, soon after jumping as much as 11.9 percent. 

    Sapphire Foods announced an issue price of Rs 1,120-1,180 apiece for its upcoming IPO. At the upper end of the issue price, the company is valued at Rs 7,335 crore. It values the company at seven times its FY21 sales, as against Devyani's 14 times. 

    Both companies operate KFC and Pizza Hut chains in India. 

  • Canara Bank, TVS Motor, Brigade Enterprises hit 52-week highs

    IIFL Finance, Canara Bank, Home First Finance, TVS Motor, Brigade Enterprises, Allcargo Logistics and AB Fashion hit 52-week highs. 

  • Hindustan Petroleum Q2 | Net profit rises 7% to Rs 1,923.5 crore, beats estimates

    Hindustan Petroleum Corporation Ltd (HPCL) reported a net profit of Rs 1,923.5 crore for the September quarter, up 7.2 percent on a quarter-on-quarter basis. Revenue came in at Rs 83,063 crore in Q2, as against Rs 72,442 crore in the previous quarter.

    Analysts had predicted HPCL's Q2 profit at Rs 1,831 crore over revenue of Rs 82,310 crore. 

    HPCL shares traded 1.6 percent lower at Rs 306.9 apiece on BSE. The headline Sensex index was down 0.3 percent.

  • Sun Pharma Q2 | Net profit increases 13% to Rs 2,047 crore, beats Street estimates

    The drug major reported a net profit of Rs 2,047 crore for the quarter ended September, far ahead of Street estimates. The net profit was up 12.9 percent on a year-on-year basis. Sun Pharma's revenue increased 12.5 percent to Rs 9,626 crore.

    Sun Pharma shares recovered intraday losses after the earnings announcement. At 1:40 pm, the Sun Pharma stock traded 0.7 percent higher at Rs 817.2 apiece on BSE. (Read more on Sun Pharma results)

    Stock Market Highlights: Sensex ends 109 points lower, Nifty50 slips below 17,900; oil & gas, metal shares drop
  • Dhanteras 2021: Here's why you should invest in gold this Diwali

    For investors looking to buy gold this festival season, Renisha Chainani, head of eesearch, Augmont said it is an apt time. “Gold outlook is positive going forward and is expected to touch record high soon, as its mainly dependent on three things -inflation, economic outlook and demand,” Chainani said in an exclusive interaction with CNBC-TV18. (Read more here)

  • Richa Agarwal- Senior Research Analyst, Equitymaster, on India’s largest IPO ever - Paytm IPO


    “Big tech firms are going for the big kill and Paytm is next in line, ready for the biggest IPO of the decade. Paytm is set for the biggest IPO ever of the decade. With revenue of Rs 32 billion, and a loss of Rs 17 billion. And negative cash flows. While it’s unfashionable to talk of profits in tech companies, especially the ones about to hit the markets, even on growth parameters, a lot is left to be desired. In FY21, the year of the pandemic, when the use of digital wallets and mobile payments surged, the company posted a decline in revenues. Despite a 60% cut in marketing and promotional expenses, the losses continued and the road to profitability is unclear. More money is being raised from offer for sale from existing shareholders, than the fresh issues. While it’s highly likely to be a successful IPO, from a long term perspective, this seems more like a speculative than a prudent investment bet."

  • Bank of India Q2 results


    Net profit at Rs 1,051 crore Vs Rs 525.8 crore in the year-ago period. NII is down 14.3 percent at Rs 3,523.5 crore vs Rs 4,113.3 crore in the same period last year.
    Gross NPA stood at 12 percent Vs 13.51 percent YoY and net NPA at 2.79 percent Vs 3.35 percent YoY. Provisions stood at Rs 894 crore Vs Rs 1,652 crore (QoQ) & Vs 2,045 crore (YoY).

  • Gold Price Today: Yellow metal futures slide below Rs 47,850

    Domestic gold and silver prices edged lower on Tuesday amid a rising dollar, which dents the demand for bullion among holders of other currencies. However, weakness in domestic equities maintained the safe-haven appeal of previous metals.

    At 12:31 pm, MCX gold futures for a delivery on December 3 quoted at Rs 47,832 per 10 grams, down by Rs 71 or 0.2 percent compared with their previous close.

  • Fino Payments Bank IPO subscribed 96% so far on final day

    Fino Payments Bank's initial public offering (IPO) was subscribed 65 percent so far on Tuesday, the third and final day of the bidding process. By 12:09 pm on November 2, the fintech company's initial share sale received bids for a total of 1.1 crore shares as against the issue size of 1.2 crore shares on offer -- a subscription of 96 percent, according to exchange data.

  • Sanjay Gupta, CEO, Star Cement to CNBC-TV18

    Star Cement Ltd reported a 22.79 per cent decline in its consolidated net profit to Rs 46.53 crore for the second quarter ended in September 2021. The company had reported a net profit of Rs 60.27 crore for the July-September quarter a year ago. Sanjay Gupta, CEO, Star Cement said they are hopeful of achieving 20 percent revenue growth in FY22. He said we need prices to increase by another 10-12 percent to pass on the entire cost pressure. Volume growth in October is at 8 percent and we expect prices to firm up further post Diwali, said Gupta. 

  • CLSA downgrades Oberoi Realty to 'underperform', raises target price on higher pre-sales estimates

    CLSA downgraded Mumbai-based property developer Oberoi Realty to 'underperform' from 'outperform', but raised its target price on higher pre-sales estimates. The brokerage now has a target price of Rs 980 on Oberoi Realty, as against the earlier Rs 965. The company's strong start to the second half of the financial year is largely priced in, according to CLSA.

  • CNBC-TV18 exclusive | LIC Chairperson
     

    Certain things regarding IPO are yet to be decided. LIC is owned by the Govt of India, in a way policyholders have a stake in the corporation and it will take a month to find the embedded value of LIC. We expected to come at an embedded value in a month and the process is on. Good PSU companies will continue to do well and we can’t say the IRCTC issue has hurt retail sentiment for PSU companies. We will be able to continue doing well and gain market share even after listing. We are also cautiously watching developments at ZEE and will take the call at the right time.

  • Delhivery to file DRHP for IPO with Sebi

    Logistics company Delhivery has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its IPO, sources said. The issue size of the IPO is likely Rs 7,128 crores (Rs 2,128 crore OFS & primary issuance of Rs 5,000 crore)

  • VIP to take some price hikes: Dilip G Piramal

    VIP Chairman Dilip G Piramal told CNBC-TV18 the company will be taking some price hikes. Revenue is expected to be good for the rest of the year, though there are a lot of issues with respect to supply in the market, he said.

    Ocean freight is at an abnormally high level, he said. 

    VIP Industries shares traded 0.8 percent higher at Rs 552.9 apiece on BSE in late morning deals. 

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 gave up intraday gains in a choppy session on Tuesday. Gains in auto, financial and construction shares were offset by losses in metal and oil & gas stocks. Strength in broader markets, with the midcap and smallcap indices rising around one percent each, kept the downside in check. Investors globally awaited a key interest rate decision by the Federal Reserve due this week.

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