0

0

0

0

0

0

0

0

0

This article is more than 3 month old.

Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day

Mini

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended losses to a third straight day on Thursday, dragged by IT, metal and consumer durable shares. Buying interest in financial stocks, especially PSU banking names, and select automobile counters kept the downside in check. Broader markets also fell, with the midcap and smallcap indices falling 0.4 percent and 0.8 percent respectively.

Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on October 21. Stay tuned for other updates on our website: CNBCTV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

    And on FacebookLinkedInInstagram and Telegram

    Download our mobile app for Android and iOS platforms

  • Fluctuating raw material prices to hurt corporate balance sheets: Deven Choksey

    Deven Choksey of KRChoksey said in an interview to CNBC-TV18 that the sharp volatility in raw material prices is not helping anybody. "The industry will have its own trouble," he said. The fluctuating prices are not going to be friendly to the corporate balance sheets, and are going to hit the margins, he said. 

    "On one side they would require to commit to the market the supply and on the other, with the hike in raw material prices, they will have to accept the price for the duration till the time it is passed on. That is what is being seen in the results of companies like Havells, Asian Paints and Supreme Petrochem. This is going to be a challenging time going forward. We will have to start paring down our expectations on the margin front," he said. 

  • Nifty50 has support at 17,800, rally expected to resume once index crosses 18,300: Manish Shah

    Independent analyst Manish Shah said the Nifty index has held the support level of 18,050-18,100. "On the lower timeframe, we clearly see a change in sentiment from bullish to bearish as several green candles appear in the last hour of the day. At the end of the day, it was a candle with a long real body; not long enough to be classified as a hammer," he said. 

    "We are in a fast-moving market as the directional movement shows a bullish sentiment. MACD has moved into a sell mode. Usually, corrective decline lasts 2-3 days before the market reverses and resumes its original direction, which in this case is up. We reiterate that Nifty is in a strong trend and needs to move above 18,300 for a rally to 18,900-18,950. Support for Nifty is at 17,800. Expect the rally to resume once Nifty trades beyond 18,300," he said.

  • Rupee ends flat at 74.86 against dollar

    The rupee ended at 74.86 against the US dollar, as against its previous close of 74.87. 

    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Market At Close | Kotak Mahindra Bank, Tata Motors, Grasim top gainers; Asian Paints, Hindalco, Infosys top laggards

  • Market At Close | Sensex, Nifty extend losses to third straight day; Nifty Bank hits record high

    Here are highlights of the October 21 session:

    --Nifty Bank closes above 40,000 for first time

    --Nifty Bank Rises 512 points to 40,030; midcap index sheds 122 points to 31,356

    --Asian Paints falls 5 percent after weak Q2 results; top Nifty50 loser 

    --Reliance Industries falls 2.9 percent, ahead of earnings on Friday

    --Asian Paints falls 5.2 percent after company reports weak Q2 earnings; Pidilite falls 4.5 percent, Berger Paints 6.2 percent

    --Havells drops 9 percent; L&T Fin 7 percent after Q2 results

    --Midcap IT stocks continue downward move; Mindtree, Coforge, L&T Tech top losers

    --PSU banks continue to see buying; Union Bank, RBL, BoB post healthy gains

    --Tata Motors DVR jumps 10 percent; Rakesh Jhunjhunwala raises stake to nearly 4 percent

    --Tata Motors gains 4 percent after S&P raises JLR and company's rating

    --Market breadth favours bears; advance-decline ratio at 4:5

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

  • Closing Bell | Sensex ends 336 points lower, Nifty at 18,178

    The Sensex ended 336.5 points or 0.6 percent lower at 60,923.5 and the broader Nifty50 benchmark shed 88.5 points or 0.5 percent to settle at 18,178.1. 

  • L&T says its green offerings at Rs 27,700 crore, 29.6% of revenue

    L&T shares traded 0.1 percent lower at Rs 1,805 apiece on BSE in late afternoon deals.

  • Clear miss on EBITDA front: Sharekhan' Kaustubh Pawaskar on Asian Paints Q2 results 

    Sharekhan' Kaustubh Pawaskar described Asian Paints' Q2 performance as a clear miss on the EBITDA front. 

    “I was expecting around 21 percent kind of EBITDA margins, which came at around 12.8 percent. It is a miss on the gross margin level. So there is a clear gap between increases in the raw material prices – there is a sharp increase in raw material prices and whatever the price increase the industry has taken. It will take some time for that gap to bridge because I don’t think the company would significantly increase their prices. Prices would be increased in a calibrated manner and more focus would be on achieving the volume growth. Volume growth numbers are in-line with what we and the street were anticipating. However, it was a miss on the margin front,” he said.

  • Asian Paints Q2 performance huge disappointment on margins front: Axis Securities' Naveen Kulkarni 

    Naveen Kulkarni of Axis Securities said Asian Paints' Q2 numbers were "a huge disappointment on the margins, no doubt about that".

    "We were expecting an EBITDA of close to Rs 1,300 crore. Compared to our lower expectations also, the numbers are far lower. Overall, the numbers are much weaker than what we had expected... I believe that input cost pressures are not going to go away very quickly. So the view is that till we start seeing the price hikes coming through, which are enough to offset the input cost pressures and demand scenario sustaining are going to be the key factors to watch out for," he said. 

  • Mahindra & Mahindra shares down 0.5%

  • Expect crude prices to moderate Q4 onwards: HPCL’s MK Surana
    In conversation with CNBC-TV18’s Anshu Sharma, MK Surana, chairman and MD of HPCL talked about how OMCs are navigating in such a volatile time when crude prices are rising and as 85 percent of India's…
    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • UPL shares down 0.5%

  • Maintain overweight stance on India; bullish on top life insurance cos, select NBFCs: BNP Paribas
    In an interview with CNBC-TV18, Manishi Raychaudhuri, Asian Equity Strategist, Equity Cash Asia Pacific at BNP Paribas, said that valuations are starting to look a little frothy in the Indian market.…
    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Market Watch | G Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory on Financials:

    Right now PSU banking pack looks really attractive on a selective basis, said G Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory.

    This is the first time many themes have played on simultaneous in the last 18 months except PSU banking theme, which he believes will play out because credit growth has again improved close to 7 percent and the setting up of bad bank is also positive.

    So among them the best to pick according to Chokkalingam is Indian Bank, it is available at 35 percent discount adjusted book value. It has least NPAs if you leave out the SBI, and its net NPA is somewhere around 3.3 percent, very high provision coverage, very high capital adequacy ratio and nine lakh crore business but available at 1 or 2 percent of the business, the current market cap, he said.

    “It is one stock which can give a phenomenal return we have a target of around Rs 220,” he added. 

    The second one is Kirloskar Oil Engines, very good management and the stock has corrected over nearly 20 percent in the last six seven months and it is engaged in agriculture pumps and engines. The very attractive bond is that the agriculture sector is doing very well whether you take in exports or domestic prices so this is big positive for pump business.

    Second attractive point is that it has a strong balance sheet net cash company. And the main trigger is that they got into financial services, which is doing very well. In the first quarter, they are done very good performance. And fund size already is about Rs 1000 crore, he said.

  • UBS says Indian equities “extremely expensive”; double upgrades China to 'overweight'
    UBS says valuation gap of Indian equities with ASEAN countries is “too wide to justify”. The brokerage has made some significant changes in its market positioning by lifting China to overweight, and…
    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Market Watch | G Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory on Market:

    “In the last two days, almost seven lakh crore got wiped out till yesterday. This kind of tremors in the market is good, so that the pressure is not built up,” G Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory.

    Medium term that is at risk, the current market cap of Rs 268 lakh crore, even 0.5 percent would be about $17 billion and our market doesn't have that kind of liquidity appetite if 0.5 percent of the selling comes to the market, he said.

    “Having said that, I am not scared that there will be a crash till end of December or an end of current financial year that is March 2022. The main reason is that there's a structural change in the market. People like you and me, who were in the market for you know, more than one decade or three decades, we 3 crore in number till 2014. Now, in the last 18 months, three crore new investors have come and last Monday, more than three, four lakh investors visited in a single day. So it's like what happened to GameStop is happening here with the whole market. I'm not talking about the valuation, the new investors coming and rewriting the story of equity markets. So therefore, I believe the smallcap, midcap may not crash but one has to be very cautious about the valuation of individual scripts,” Chokkalingam said.

    Historically, whenever smallcaps outperformed by more than 100 percent, since then it has corrected but because of new investors that might not get repeated at least till December, because economic fundamentals are strong, he said.

    There is FDI robust inflow, $23 trillion global stimulus, a small part of that also be a big money for India. So a lot of good things are happening in the short term, but one could be careful about the medium term, he quickly added.

    Also, one should be very cautious about the individual valuation of the stocks. “So put 30 percent in the institutional stocks, top 250 market cap, then the 30 percent in stocks whose valuations are comparable to pre-pandemic level, and then 30 percent, you go where there is value in momentum,” he said.

  • Havells India Q2FY22: Strong start to festive season; further price hike possible, says management
    Havells under pressure post their Q2 results as margin miss and Lloyd reporting losses disappoints Dalal Street. CNBC-TV18 spoke to Anil Rai Gupta, Chairman and MD of the company to discuss the…
    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • High energy prices could undermine global economic recovery: Hardeep Singh Puri
    "Ideally, when the demand is picking up, that is a sign of heightened economic activity after an extended slowdown period. And I don't think people should be complacent because if prices go up and…
    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Market Watch | Sell Hero MotoCorp and buy HDFC, says Gupta of Globe Capital

    Here are trading calls by Himanshu Gupta, Globe Capital:

    Sell Hero MotoCorp with a target of Rs 2,700-2,680 and a stop loss at Rs 2,760

    Buy HDFC with a target of Rs 2,880-2,900 and stop loss at Rs 2,810. From one-two days perspective, targets close to Rs 2,880-2,900 can be seen. If somebody has to take a positional call, targets of Rs 3,000 can be witnessed in HDFC Ltd in the short-term.

  • Asian Paints Q2 numbers miss estimates

  • Asian Paints shares down 5% as Q2 earnings below estimate

  • Rakesh Jhunjhunwala hikes stake in Tata Motors DVR to 3.93% in September quarter

    Legendary investor Rakesh Jhunjhunwala raised his stake in Tata Motors DVR to 3.93 percent in the July-September period, from 1.97 percent in the previous quarter. 

    Tata Motors DVR shares were up 5.6 percent at Rs 245.7 apiece on BSE in afternoon. Tata Motors was up 1.1 percent at Rs 492.4 apiece. 

    Stock Market Highlights: Sensex ends 336 points lower, Nifty50 gives up 18,200 as market extends losses to third day
  • Bank of Maharashtra Q2 Results | Net profit more than doubles to Rs 263.7 crore; shares jump

    Bank of Maharashtra reported a net profit of Rs 263.7 crore for the quarter ended September 30, as against Rs 130 crore a year ago. Its net interest income (NII) -- the difference between interest earned and interest expended -- grew 33.8 percent to Rs 1,499.6 crore. Provisions came in at Rs 281.3 crore, as against Rs 252 crore in the previous quarter and Rs 255 crore in the three months to September 2020. The lender's asset quality improved, as its gross bad loans as a percentage of total loans stood at 5.56 percent in the July-September period, as against 6.35 percent in the previous quarter. 

    Bank of Maharashtra shares traded 5.7 percent higher at Rs 22.2 apiece on BSE in afternoon deals, having risen as much as 8.8 percent earlier in the day. The Bank Nifty index was up 0.3 percent at the time. The headline Nifty50 gauge was down 0.8 percent.

  • Sterlite Technologies shares up 0.1%

  • IDBI Bank ​reports Q2 numbers | Net profit rises nearly 75 percent YoY while net interest income up 9.4 percent

  • Chetan Ahya, Morgan Stanley on CNBC-TV18     


    We expect the global GDP growth at 4.5 percent next year. On an adjusted basis, global growth is above 4 percent. The global growth dynamics are, however, similar to that of 2003-07 levels but the global GDP is expected to get back to pre-covid levels. Consumption has to be driven by income which is driven by capex and job creation. The macro balance sheets should be in a good shape. US policy real rates are currently in extremely negative territory. There are two external risks including the Fed tightening due to inflation risks & one domestic risk to the economy. 

  • Market Watch: Jay Thakkar, Marwadi Shares & Finance

    - Buy Kotak Mahindra Bank with a stop loss of Rs 2,040 and a target of Rs 2,150-2,175
    - Buy Bank of Baroda with a stop loss of Rs 91.50 and a target of Rs 102-105    

  • Strong start to the festive season: Havells to CNBC-TV18    


    The business has been stable and we see no impact on margin owing to cost. Going forward, the margin should continue to remain strong and will be profitable on Lloyds next year. Margin will bounce back to pre-covid levels in the next few quarters. There was a lag in passing on price hikes but we will see stabilisation in margin and market share from next season onward. Capex continues to remain at Rs 250-300 crore for this year as well. Demand is picking up considerably in the realty, infra & industrial sectors as the start to the festive season has been very strong.

  • Sell Bajaj Finance, Buy Federal Bank: Mitessh Thakkar, earningwaves.com

    - Sell Bajaj Finance with a stop loss of Rs 7,780 and a target of Rs 7,640.
    - Buy Federal Bank with a stop loss of Rs 95 and a target of Rs 101.

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended losses to a third straight day on Thursday, dragged by IT, metal and consumer durable shares. Buying interest in financial stocks, especially PSU banking names, and select automobile counters kept the downside in check. Broader markets also fell, with the midcap and smallcap indices falling 0.4 percent and 0.8 percent respectively.
Note To Readers

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