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Stock Market Highlights: Sensex ends 50 points lower, Nifty slips below 18,450 as market halts 7-day winning run; HUL falls 4%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 retreated from all-time highs registered earlier in the day to end lower on Tuesday, breaking a winning run that lasted seven trading sessions. During the session, the 30-scrip index touched the 62,000 mark for the first time before changing direction. Losses in auto, metal, FMCG and PSU banking shares pulled the market lower, though gains in IT stocks limited the downside. Broader markets suffered deep losses, with the midcap and smallcap indices declining around two percent each. Analysts awaited more quarterly results from India Inc for cues.

Stock Market Highlights: Sensex ends 50 points lower, Nifty slips below 18,450 as market halts 7-day winning run; HUL falls 4%
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on October 19. Stay tuned for other updates on our website: CNBCTV18.com.

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  • HUL a great stock, great investment: Mehraboon J Irani

    Market expert Mehraboon J Irani is positive on HUL shares. 'At around Rs 2,800, I had mentioned very clearly that this is not the price which HUL should be quoting at because I felt it was a little bit expensive. At around Rs 2,500-2,550, I don’t have any reservations. I feel that HUL is a great stock, a great investment. At Rs 2,500-2,550, I am quite sure institutional buying will come back into the counter and the stock should not be lying at Rs 2,500 for long. That is my personal feeling.

    Speaking on ITC, he said he had been very critical of the stock for the last 3-4 years but it is possibly one of the most undervalued stocks in the market. "The reason is very simple: it is a great company, well-managed -- no doubt about it. But when you have so many businesses under the same umbrella, this is not something which the big investors like. So if and when the management exclusively comes forward and says that we are planning to put it into 3-4 different compartments or different companies, I promise you, this stock should be quoting at least 50 percent higher if not more. I don’t see any downside risk and if people look at deep value and look at it from a longer-term angle, I think Rs 250-255 is a great price to buy into ITC for a patient investor for the time being. As and when the stock moves with some concrete things coming in from the management side, the stock should fly," he said.

  • See 20% upside in L&T Infotech in next one year: Mehraboon J Irani

    Market expert Mehraboon J Irani told CNBC-TV18 L&T Infotech is only for people who are looking at a year down the line. He sees 20 percent upside in the stock from the current levels in the next one year. "I believe there will be positive surprises coming from this company going ahead. The correction in the stock price can definitely come after the sharp run up," he added.

    "There has been a margin surprise in midcap IT companies. It is a big positive surprise, be it Mindtree or L&T Infotech. Look at the way the valuations of Tata Elxsi are turning out; people are expecting great numbers. The stocks have run up sharply. For L&T Infotech, the going is good, the management is very clear that in the next three years also they don’t see too much of a problem as far as traction of orders goes across many segments. The headcount also is quite impressive, the revenue growth is superb and the margins have gone up. Do I buy the stock now or should I wait for possibly a pullback? My answer is very simple, if you are ready for 5-8 percent correction in the stock price, it should be trading higher three years down the line. It is a great thumbs up for me," he said.

  • Apollo Hospital ready for a Rs 1,000 upmove: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, told CNBC-TV18 he believes Apollo Hospital is again ready for a Rs 1,000 upmove despite all the correction. "TCS has made a bear trap and is good for a new high again. MFSL is a good buy at current levels for again going into a new high. IndiGo, IGL and MGL are some of our long trades,” he said.

  • Prefer NTPC, CESC to Tata Power among power generators: Anand Tandon

    Market expert Anand Tandon said in an interview to CNBC-TV18 that Tata Power has one of the weakest balance sheets given its debt levels. "So if you are looking at generation companies, I would still argue NTPC is cheaper, perhaps even Calcutta Electrics is still reasonably priced compared to some of the bigger ones. The only good thing about Tata Power is that it has a large renewables portfolio. Renewables, while may be in favour, are going at lower and lower yields in terms of what they are able to get and given that you are not seeing a commensurate drawdown in the prices of the solar panels or any of the components that go into it, you are working on very thin pricing in terms of the interest rates," he said.

    "Any change there and that can get you into trouble. Currently, the market seems to like it and that is where it is. So if you are looking at fresh investments, I won’t be looking at renewables at this level," Tandon added.

  • Market At Close | Midcap index records biggest one-day fall in last 6 months

    Here are highlights of the October 19 session: 

    --Tech Mahindra, L&T, Infosys top Nifty50 gainers; ITC, Tata Motors, Eicher Motors top laggards

    --Nifty Bank ends 144 points lower at 39,540, slips 471 points from record high

    --Midcap index declines 714 points to 32,171

    --ITC falls 6%; government forms panel for tobacco taxation policy

    --HUL falls 4% after company reports below-than-expected volume growth 

    --IT stocks keep losses for Nifty in check; Tech Mahindra, Infosys, HCL Tech gain

    --Strong L&T Infotech earnings lift midcap IT stocks; L&T Tech, Mphasis up 6% each

    --Credit Suisse's positive views on capital goods lead gain in L&T, Siemens

    --IEX closes off highs but still 6% higher; board to mull bonus issue

    --Tata Power, IRCTC, Union Bank, BHEL, India Cements top midcap losers

    --Market breadth firmly in favour of bears; advance-decline ratio at 1:4

  • Market At Close | Sensex, Nifty50 slip from record highs, snap 7-day winning run

  • Closing Bell | Sensex falls 50 points, Nifty at 18,419

    The Sensex index ended 49.5 points or 0.1 percent lower at 61,716.1 and the broader Nifty50 benchmark declined 58.3 points or 0.3 percent to settle at 18,418.8. Losses in auto, FMCG, metal and PSU banking shares pulled the market lower, though gains in IT stocks provided some support.

    Both indices put an end to a seven-day winning streak. 

  • CNBC-TV18 Exclusive | Sources say NTPC may buy 7-10% stake in Power Exchange (PXIL)
        
    NTPC may buy a 7-10 percent stake in Power Exhange of India (PXIL), sources told CNBC-TV18. 

    NTPC did not respond to CNBC-TV18’s query on the news. 

    NSE was looking to sell PXIL in 2018. PXIL is promoted by NSE and NCDEX. 

  • ITC declines 5%, VST Industries 3%; Godfrey Phillips gains; why cigarette stocks are in focus today

    ITC shares dropped nearly five percent after the government formed a committee to review the taxation policy for tobacco products. It will develop a comprehensive tax policy on the products from the point of view of public health. The panel will also analyse the existing tax structure for all forms of tobacco and work on a blueprint for tax policy. (Read more on cigarette stocks here)

  • HUL shares erase initial gains; volume growth lower than Street estimates

    Hindustan Unilever shares traded 2.5 percent lower at Rs 2,588.4 apiece on BSE after the earnings announcement, having risen to as high as Rs 2,732 as against their previous close of Rs 2,654.2.

  • HUL shares rise 2%; Q2 performance in line with Street expectations

    HUL shares traded 2.4 percent higher at Rs 2,717 apiece in late afternoon deals on BSE, after the FMCG major reported its financial results for Q2.

  • Hindustan Unilever Q2 Results | Net profit at Rs 2,187 crore, meets Street estimates

    FMCG major HUL reported a net profit of Rs 2,187 crore for the quarter ended September 30, meeting Street estimates. Hindustan Unilever reported revenue of Rs 12,724 crore for the second quarter of the current financial year. 

    Analysts in a CNBC-TV18 poll had predicted the company's profit at Rs 2,175 crore over revenue of Rs 12,570 crore. 

  • Commodity rise might continue through year-end: Rohit Srivastava

    Rohit Srivastava, Founder and Strategist of Indiacharts.com, believes commodity price increases might continue going forward, "maybe into the year-end". 

    "My sense is the metal sector continues to outperform not only aluminium and copper but possibly participation even from steel and the rest of the segments within the sector as well. It should become more of a broad-based move and might even continue to do so irrespective of what Nifty is doing," he said. There has been a good move in leaders such as Nalco, Hindalco and Vedanta because of aluminium prices hitting 52-week highs last month, he said. "The good news, though in the last few days is that the rally in commodity prices became a little more broad-based. So you started to get copper to participate because copper was the strongest last year and then it actually went into a long consolidation mode for the last 4-5 months, and was not really participating in the move," he said. 

    "So the dollar index having rolled over I think over the last 3-4 days gives me a sense that possibly the longer-term dollar bear market has resumed," he said.

  • Page Industries shares rise 4.8%

  • Paras Defence shares surge 20%, cross Rs 900 mark for first time; should you stay invested?
    Recent debutant Paras Defence's shares reached a fresh peak on Tuesday, extending gains to the third trading session in a row. At the current price, the Paras stock is up more than five times compared…
    Stock Market Highlights: Sensex ends 50 points lower, Nifty slips below 18,450 as market halts 7-day winning run; HUL falls 4%
  • Market Watch | Susmit Patodia, Associate Director & Fund Manager - PMS, Motilal Oswal AMC on:

    Real estate

    “We are coming out of a 10 year cycle for real estate, so there is a long way to go with respect to where the demand can go and where these companies and the stock prices can go,” said Susmit Patodia, Associate Director & Fund Manager - PMS, Motilal Oswal AMC.

    “So we are just starting off. Right now, we are at that inflection point where probably all this supply that can get sold or which is built up is getting absorbed,” he added.

    You will have the next leg when you will have the land acquisitions, he is sure the cycle will repeat where projects will get sold on launch and so on and so forth. The whole cycle will continue, according to him.

    The great thing is home loan rates are still at 6.5 percent, developers now are ready to sell at prices at which they will get sold rather than hold prices. All these factors coming together, Patodia believes that we are at the beginning of this real estate cycle and not only for real estate companies but the whole ecosystem will benefit from this.

    Smallcaps and midcaps

    “We have been quite bullish on smallcaps and midcaps over the last one year,” he said.

    “We think now it is the time to be a little cautious on the smallcaps and midcaps not because they have done so well but because whenever we see valuations in excess of the largecaps at not very different growth rates, that is where we start to become a little cautious,” Patodia added.

    He believes that the largecaps are a little better priced than the smallcaps.

  • Aurionpro to increase stake in subsidiary to 80%

    Aurionpro Solutions will sign an agreement to acquire a further stake in its subsidiary SC Soft. The transaction involves acquisition of a further 29 percent stake in SC Soft from the existing shareholders, in various tranches up to December 31, 2022.

    This acquisition is pursuant to the right available to Aurionpro Solutions under the subscription and shareholders’ agreement signed for the acquisition of 51 stake in 2018.

    “The acquisition of 51 percent stake in SC Soft and resultant integration has established Aurionpro as an end to end supplier in the Automatic Fare Collection segment and further acquisition of stake in SC Soft will strengthen this position with increased synergies and capabilities,” the company said in a regulatory filing.

  • D B Realty shares were locked in their 5 percent upper circuit limit, hitting a 52-week high at Rs 42.95 

  • Shares of Shakti Pumps (India) rise nearly 1%

  • Oracle Financial Services Software shares soar 8.4% 

  • Metal sector would outperform in the coming months, says Indiacharts.com's Srivastava

    A very good move in the leaders like National Aluminium Company, Hindalco Industries, Vedanta, is because the aluminium prices were hitting 52 week highs all of last month, said Rohit Srivastava, Founder and Strategist of Indiacharts.com.

    The good news, though in the last few days is that the rally in commodity prices became a little more broad-based, he said.

    “So you started to get copper to participate because copper was the strongest last year and then it actually went into a long consolidation mode for the last four to five months and was not really participating in the move. You also saw a pretty deep correction in the likes of say lead prices and in fact, the most important one, the outperforming sector of last year was steel. You actually saw a decline in steel and iron ore prices since the China issue came in that had sort of suppressed most of those. So the good news is we are starting to see that momentum again,” Srivastava added.

    “So copper prices moved up, steel prices bumped up a bit, they are still not back where they were, but at least you got that bump up so you get a feeling that maybe they have bottomed out. You are seeing new highs in zinc, you are seeing new highs in nickel. So all of put together, and the last but not least in the watching is the dollar itself,” he said.

    “So the dollar index having rolled over I think over the last three to four days gives me a sense that possibly the longer term dollar bear market has resumed. If that is true, then these commodity price increases that we are seeing right now might actually continue into the months ahead maybe into the year end,” he highlighted.

    So, his sense is the metal sector continues to outperform not only the aluminium and copper names but possibly get participation from steel and the rest of the segments within the sector as well. It should become more of a broad-based move and might even continue to do so irrespective of what Nifty is doing. “So Nifty may go in its own path but if you have rising commodity prices and a falling dollar environment, then the metal sector would outperform in the coming months,” explains Srivastava.

  • Market Watch |  Buy Tech Mahindra but sell Crompton Greaves, says Thakkar

    Here are two trading calls by Mitessh Thakkar of earningwaves.com:

    Buy Tech Mahindra with a target of Rs 1,575 and a stop loss at Rs 1,520

    Sell Crompton Greaves with a target of Rs 445-444 and a stop loss at Rs 469

  • Market Watch | Buy Infosys and Axis Bank, says Religare Broking’s Mishra

    Here are two trading calls by Ajit Mishra of Religare Broking:

    Buy Infosys with a target of Rs 1,900-2,000 and a stop loss at Rs 1,780

    Buy Axis Bank with a target of Rs 850 and a stop loss at Rs 790

  • Zomato shares fall over 1%

    Shares of food delivery giant Zomato fell over 1 percent after the company drew massive criticism on social media platform Twitter.

    This criticism comes after a customer service executive asked a customer from Tamil Nadu to learn the "national language" Hindi to be able to converse.

    The issue erupted when a user named Vikash shared screenshots of his conversation with a Zomato customer care executive on Twitter. Vikash, who was facing trouble with his order, had asked the executive to call the restaurant for confirmation. The executive told Vikash that they were unable to get clarity from the restaurant due to a "language barrier". (Tap to read ahead)

  • Tata Motors shares were down 0.8%

  • Brahmaputra Infra over gains 2% on order win

    Brahmaputra Infrastructure Ltd has bagged an order worth Rs 101.51 crore.

    Shares of the company were trading 2.1 percent higher on the BSE at Rs 36.

  • Tech Mahindra shares jump 4.6%

  • Moody's upgrades outlook for Indian banking system to 'stable' from 'negative'

  • Buy ICICI Bank for target of Rs 758: Viratechindia.com's Rahul Mohindar 

    Here are two trading calls from Rahul Mohindar of viratechindia.com:

    --Sell Dr Reddy's Laboratories for a target of Rs 4,740 with a stop loss at Rs 4,910 
    --Buy ICICI Bank for a target of Rs 758 with a stop loss at Rs 737 

Stock Market Highlights:
Indian equity benchmarks Sensex and Nifty50 retreated from all-time highs registered earlier in the day to end lower on Tuesday, breaking a winning run that lasted seven trading sessions. During the session, the 30-scrip index touched the 62,000 mark for the first time before changing direction. Losses in auto, metal, FMCG and PSU banking shares pulled the market lower, though gains in IT stocks limited the downside. Broader markets suffered deep losses, with the midcap and smallcap indices declining around two percent each. Analysts awaited more quarterly results from India Inc for cues.