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Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a volatile session on Wednesday sharply lower, extending losses to a second straight day. Losses across most sectors, led by auto, metal, oil & gas, FMCG and pharmaceutical shares, pulled the market lower. Broader markets also slumped, with the main Nifty midcap and smallcap indices ending more than two percent lower.

Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
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  • Wait out for 2-3 trading sessions before investing: Kunj Bansal

    Kunj Bansal, CIO of Karvy Capital, said in an interview to CNBC-TV18 that one should wait for a day or two to get a better idea of which approach is best in the market now. "In the remaining two days (of the week), the market might again bottom out and shoot up, who knows. Wven if that happens, the investor is reasonably certain that volatility has gone away. If that doesn’t happen, maybe the market will continue to correct; then also we have a lower level. If it doesn’t correct, it is stabilised. In either case, a medium-term investor who has waited till now, who has surplus money to invest, should wait out for 2-3 more trading sessions and then look to invest," he said.
     
  • Correction has been on cards for quite some time: Prakash Diwan
     
    Market expert Prakash Diwan said this kind of correction has been on the cards for quite some time. "We have been waiting for it. It was always difficult to time it perfectly but the exuberance that you see in some of the valuations was unsustainable. So this is not something which is surprising. The market has given us many instances in the recent past where it has been a very promising buy-on-dips strategy that works," he said. 
     
    "But it may take some time and it may lead to a lot of choppiness. I would believe it is best to sit on cash for some time, see what happens and look at the businesses that are more sustainable which are available at reasonable valuations and start allocating money to those but don’t be in a hurry to buy these dips," he said.
  • Rupee appreciates to end at 74.87 against dollar

    The rupee ended at 74.87 against the dollar, as against its previous close of 75.34.

    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Market At Close | Midcap index sheds over 1,300 points in two days, biggest two-day fall in six months

  • On Jubilant Foodworks | Prakash Diwan, Market Expert

    It still needs to shed some weight on the valuations not just because the mood is slightly sullen today but what is important is we need to understand that while there could be a comeback of growth in consumption is definitely kicking in, it is the inflationary impact that we have underestimating and once that goes up, it is extremely difficult for businesses like these to be able to increase prices. My sense is that while you might see a decent topline continuity in terms of growth, there could be some sort of a margin pressure and that means the profitability would impact. There could be some more sell off on this and once it reaches the healthier state then it stands out as probably a buy but not at this point in time.

  • Market at close

    • Broader market-led sell-off continues for the 2nd straight session
    • Midcap index falls over 1,300 pts in 2 sessions, biggest 2-day fall in 6 mths
    • Stocks that saw a bull-run in last few weeks, see a major beating
    • Majority of midcap stocks close with cuts; nse advance-decline ratio at 1:4
    • Sensex falls 456 points to 61,260 & nifty 152 points to 18,267
    • Nifty bank slips 22 pts to 39,518 & midcap index 692 pts to 31,538
    • Nifty PSU bank gains the most amongst indices, with index rising over 1%
    • 41 nifty stocks close in the red; Hindalco, BPCL, Titan, HUL, IOC top losers
    • Irctc down 19% today & 25% in last 2 sessions
    • Chemical shares (Deepak Nitrite, Aarti Ind, Tat Chem) fall after Navin fluorine earnings
    • Jubilant food ends 8% amid volatility following earnings, sssg of 26.3% below estimates
    • Telecom cos saw overall subscriber additions falling in august, stocks end higher today
    • Voda Idea ends 7% higher after co announces deferment of spectrum installment by 4 yrs
    • PSU banks gain in a weak session of trade, sbi hits record high, union bank up 6%
    • Metropolis, BHEL, Zee Ent, Indus Towers, Indian Hotels top midcap gainers
  • Market Watch: Prakash Diwan, Market Expert

    This kind of a correction has been on the cards for quite some time, we have been waiting for it. It was always difficult to time it perfectly but the exuberance that you see in some of the valuations was unsustainable. So this is not something which is surprising. The market has given us many instances in the recent past where it has been a very promising buy on dips strategy that works. But it may take some time and it may lead to a lot of choppiness. I would believe it is best to sit on cash for some time, see what happens and look at the businesses that are more sustainable which are available at reasonable valuations and start allocating money to those but don’t be in a hurry to buy these dips.

     
  • Top gainers and losers on Nifty

    Gainers:

    Bharti Airtel (3.96%)

    SBI (2.66%)

    Tata Motors (1.62%)

    IndusInd Bank (0.76%)

    Adani Ports (0.60%)

    Losers:

    Hindalco (-3.94%)

    BPCL (-2.66%)

    Titan (-2.61%)

    Bajaj Finserv (-2.34%)

    Hindustan Unilever (-2.30%)

  • Closing Bell | Sensex falls 456 points to 61,260, Nifty50 at 18,282 

    The Sensex index dropped 456.1 points or 0.7 percent to end at 61,260 and the broader Nifty50 benchmark shed 136.5 points (0.7 percent) to settle at 18,282.3. (Read more on the market at close here)

  • Closing Bell: Sensex tanks 450 points, Nifty at 18,200

    The Indian equity benchmark indices closed over half a percent lower Tuesday even as global markets strengthened. Sensex, the 30-stock index, closed 456 points or 0.74 percent lower at 61,259 and the 50-scrip index, Nifty was down 152 points or 0.83 percent to 18,266.

  • Just Dial stock down over 3% ahead of Q2 result

    Just Dial shares slipped over 3 percent Wednesday ahead of its second-quarter earnings announcement. In the first quarter of FY22, Just Dial had reported a net loss of Rs 3.5 crore against a net profit of Rs 83 crore in the same period last year. 

    Read more

  • Mindtree shares rise over 0.5%

    Mindtree—an IT software company with a market cap of over Rs 70,000 crore—has announced that Western Asset has selected it as a strategic partner for enterprise innovation and transforming IT services. The shares rose over half a percent after the news.

    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Vodafone Idea, Airtel surge after DoT reached out to telcos

    Telecom stocks surged after govt announced the contours of the relief package. The shares of Vodafone Idea, Bharti Airtel, Indus Towers rose as much as 10, 5, and 6 percent, respectively.

    Read more

  • HPCL says current crude oil prices high for India, $60-70/bbl comfortable

    State-run oil marketing company Hindustan Petroleum said the current rates of crude oil are high for India, and levels of $60-70 per barrel are comfortable. The demand for diesel is better now compared with 2019, it said. 

    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Vodafone Idea to defer spectrum auction instalments for 4 years to Sept 2025

    Private sector telecom operator Vodafone Idea has decided to defer its instalments towards spectrum auction dues for the next four years to September 2025 from October 2021. Vodafone Idea shares traded 5.5 percent higher at Rs 10.6 apiece on BSE, whose telecom index was up 2.7 percent.

  • IPCA Laboratories shares fall over 2%

  • Positive on banks, IT; book profits in momentum stocks: Edelweiss Securities
    Aditya Narain, Head of Research-Institutional Equities, Edelweiss Securities, sees comfort in the banking and IT space. From a valuation perspective, banks have remained relatively modest, they…
    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Despite reporting a decent set of quarterly numbers, Sonata Software shares fell over 5%

  • Jubilant FoodWorks shares now down 7%

  • ACC stock up 5% after strong Q3CY21 result; CLSA maintains ‘buy’ rating

    The shares of cement maker ACC Limited jumped nearly five percent on Wednesday after the firm reported a strong performance for the third quarter ended September 30, 2021.

    It jumped 4.83 percent to Rs 2,354 on the BSE and gained 4.75 percent to Rs 2,349.45 on the NSE.

    The cement maker, which follows the January-December financial year cycle, on Tuesday reported a 23.74 percent jump in its consolidated net profit to Rs 450.21 crore for the third quarter ended September 30, 2021, on a year-on-year basis. This exceeds Street estimates as a CNBC-TV18 poll had predicted the net profit to be around Rs 420 crore. (To read further click here)

  • Explained: What is circuit breaker and what happens when a stock hits upper or lower circuit?
    A circuit breaker is set up to ensure that there is no extreme price movement and investors are protected from any unwanted surprises. Here's everything you need to know about when an index hits the…
    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Technical stock picks: Delta Corp, Zee, Divi's Labs among analysts' top short-term bets
    Indian equity benchmarks are finally showing some signs of fatigue after breaking a series of records. Is this just the right time to take short-term positions in promising stocks? Analysts have…
    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • With the sell-off in the broader market, NBCC India's stock also witnessed selling pressure. The scrip was down nearly 2 percent on the BSE.

  • Market Watch | Dipan Mehta, Director, Elixir Equities on:


    Markets

    “I think it's only natural that we are seeing a mild correction at this point of time, and no real reason can be attributed to it except that money may be flowing out of secondary market in preparation for the primary market. From this point on, you're going to have a blockbuster primary market offering with many larger issues running into Rs 1000s of crores and some of them are concepts stocks and a lot of investor interest is there because of the nature of the business and the brand and the kind of business model which they have,” said Dipan Mehta, Director, Elixir Equities.


    So apart from money moving out from secondary market being prepared for primary market, Mehta said, he cannot attribute any reason for this mild correction. Typically, we are seeing profit booking at higher levels, and yesterday's figure for FII outflow and DII outflow, kind of spooked the markets as well, he added.


    Micdap earnings

    We need to be a bit selective and chemical companies, speciality chemical companies, cement companies, to an extent automobile companies may have a soft quarter. But medium to long term prospects are good, Mehta said.

    “So on a bad numbers, if you see a correction, then that's a good entry point, because long term fundamentals are great for these sectors. On the whole, for earnings season I would prefer to see the results and then take a call on the stocks,” he added.

    Navin Flourine has been disappointing, one can wait for a correction, 15-20 percent is easily possible in the stock especially the way it has rallied and then kind of see where the valuations are and whether long term earnings for growth could be and maybe then look at it getting into the stock if you're underweight speciality chemicals sector per se, he said.


    “A bit selective as far as mid cap stocks are concerned. My sense is go with the companies which are reporting exceptional results and which have got good earnings momentum for the next couple of quarters or so. There are many which would come perhaps mainly, I would say in the unlock trader investment theme,” Mehta said.


    IRCTC

    Whether to buy on dips or stay away from this stocks depends upon whether you're holding IRCTC or not, said Mehta.

    “And if you are among the lucky few who have held on to the stock at any point of time, then it's an easy decision. You just stay pretty much invested ride the momentum. There is a scarcity of that stock. And as and when fund managers are getting more inflows into their schemes, and if they are owning IRCTC then they are the ones who are driving the stock price up just to maintain the balance in their portfolio,” he added.


    However, fresh investments are clearly avoidable, according to Mehta. These kind of valuations do not favour significant outperformance if you buy from these levels and there is always the risk that if there's even a minor miss in the earnings, you may see a correction, he explained.

  • Telcos lost 1.13 lakh subscribers in August, reveals telecom data
    Telecom operator Vodafone Idea has lost 8.33 lakh subscribers in August as against the loss of 14.30 subscribers in July, according to August telecom data released on Wednesday.
    Stock Market Highlights: Sensex ends 456 points lower, Nifty slides below 18,300 as market extends losses to second day
  • Bharti Airtel shares gain over 3%, Vodafone Idea's stock surges nearly 4% and Reliance Industries' scrip fell over 1%

    (Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)

  • Taj GVK Hotels and Resorts' stock was up 1.4% on BSE 

  • Jubilant FoodWorks shares were trading 2.6 percent lower on the BSE

  • Buy Airtel, HCL; says Prakash Gaba of Technical Analyst 

    - Bharti Airtel is a buy with a stop loss of Rs 690 and a target of Rs 725
    - HCL Technologies is a buy with a stop loss of Rs 1,220 and a target of Rs 1,280-1,300

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 ended a volatile session on Wednesday sharply lower, extending losses to a second straight day. Losses across most sectors, led by auto, metal, oil & gas, FMCG and pharmaceutical shares, pulled the market lower. Broader markets also slumped, with the main Nifty midcap and smallcap indices ending more than two percent lower.