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Stock Market Highlights: Sensex ends 1,159 points lower, off Mount 60,000; Nifty give up 17,900

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Stock Market Highlights: Indian equity benchmarks nosedived on Thursday amid a selloff across sectors as Morgan Stanley downgraded Indian equities citing expensive valuations. Deep losses in financial, IT and consumer shares dragged the market. The Nifty Bank index tumbled more than three percent, moving further away from recent highs. Broader markets also bled, with the midcap and smallcap indices dropping close to two percent in late afternoon deals. Volatility prevailed as traders rushed to square off their positions ahead of the expiry of monthly derivatives contracts due by the end of the session.

Stock Market Highlights: Sensex ends 1,159 points lower, off Mount 60,000; Nifty give up 17,900
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  • Concerned about midcap IT valuations: Vallum Capital's Manish Bhandari

    Manish Bhandari, CEO of Vallum Capital Advisors, believes it is strange how valuations have run up in midcap IT. "To me, this looks like an acceleration of earnings, which has happened in the in these 2-5 quarters or so. So today, for me to buy a midcap IT, I would be very wary about the value what I am paying for the businesses I am buying. So that is another sector which I would be concerned about," he said. 

  • Element of uncertainty in market: Deven Choksey 

    Deven Choksey of KRChoksey said there is an element of uncertainty in the market. Most of the companies that have been reporting results, except the financials, are facing significant amount of cost pressure, which is resulting into the nervousness and offloading of positions by investors, he said. 

    "On the other side, the three IPOs in next 15 days’ time are expected to basically corner some Rs 2 lakh crore worth of money from the liquidity systems, including from the NBFCs. With this kind of funding going into them, probably it is very obvious to know that players in the market would probably are more busy in the IPO market vis-a-vis going into the secondary market," he said. "A lot of new funds are also going to be get attracted to these IPOs even though two of them are not profit-making. Still, the attraction in them is much higher," Choksey added.

  • Expect further downside in short term: HDFC Securities' Nagaraj Shetti

    "A long bear candle was formed (within a high low range of 390 points) on the daily timeframe chart, which signal a decisive downside breakout of the immediate supports. Such a sharp one day weakness was not happened in the last 35-40 sessions and this could indicate a shift in momentum from longs to short," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

    "The recent all time high of 18,604 of 19th Oct could now be considered as an important top reversal for the Nifty. Having broken decisively below the important moving average supports like 10-day and 20-day EMA around 18,116 and 18,013 levels respectively, the near-term outlook for the market is weak, and one may expect further downside in the short term. As per this moving average theory, the Nifty could slide down to 20 week EMA, which is currently placed at 17590 levels.

    Conclusion: Thursday's decisive weakness after a range movement could indicate a sharp reversal of near term uptrend of the market and one may expect further weakness in the coming sessions. The next lower levels to be watched at 17590-17550 levels by next week. Any attempt of upside bounce from here could encounter resistance around 18040 levels.

  • Nykaa IPO | Public offer subscribed 133% so far on Day 1

    By 4:15 pm, the IPO of Nykaa owner FSN E-Commerce Ventures was subscribed 133 percent on the first day of the bidding process.

    The portion reserved for retail investors was subscribed more than 320 percent, and that for non-institutional subscribers 46 percent. The quota reserved for qualified institutional buyers saw subscription of 115 percent and that of employees 49 percent.

  • Nifty may extend fall towards 17,500-17,600 levels: Manish Shah

    Independent technical analyst Manish Shah expects the undertone of the market to be bearish for the time being as long as the Nifty50 index remains below 17,950. The index has formed a long-ranged candle, the sheer size of which raises the question whether the underlying sentiment has changed towards bearishness, he said.

    "Nifty trades below the previous minor swing low of 17,950 and there was also a violation of a trendline coming up from July lows. The MACD is in a sell mode and Nifty has closed below the 20-day moving average. The price action is bearish and Nifty trades below 17,950... Expect a decline towards 17,500-17,600 levels. For Nifty to revert to a bullish trajectory, it will have to trade above 18,350. Expecting the undertone to be bearish for the time being and as long as it remains below 17,950," he added.

  • Market At Close | BSE companies lose market cap of more than Rs 5 lakh crore 

    Here are some highlights:

    --F&O expiry, select FIIs downgrading Indian equities leads to market sell-off

    --Banks biggest losers; Nifty Bank drops 3%

    --Market records biggest single-day fall since April

    --Forty four of 50 nifty stocks close in the red; Adani Ports, ITC, ONGC top losers 

    --BSE companies erase market cap of more than Rs 5 lakh crore 

    --Nifty Bank falls 1,365 points to 39,509; midcap index sheds 611 points to 30,509

    --Banks see sharp fall; HDFC Bank, SBI, Kotak Bank, ICICI Bank drop 3-4%

    --ITC slips 6% despite reporting in-line q2 numbers

    --Adani Ports weak Q2 leads to fall of 7%; other Adani stocks fall 

    --Tata Chemicals slips 11% after weak Q2; other chemical stocks under pressure 

    --Adani Enterprises, PNB, Union Bank, Deepak Nitrite, Lupin top midcap losers

    --IRCTC rises 11% after stock split; TVS Motor surges in last hour of trade

    --Metropolis, Ambuja, Dalmia Bharat gain 

    --Market breadth favours bears; advance-decline ratio at 2:7 

  • Market At Close | Adani Ports, ITC, ONGC, Kotak Bank, ICICI Bank worst hit among 44 Nifty losers

  • Closing Bell | Worst day for Sensex in 6 months

    The Sensex tumbled 1,158.6 points or 1.9 percent to end at 59,984.7 and the broader Nifty50 gave up 353.7 points or 1.9 percent to settle at 17,857.3. A sell-off across sectors led by financial, IT and consumer goods shares dragged the market. (Read more on the closing bell)

  • Morgan Stanley downgrades India to 'equal-weight'

    Morgan Stanley downgraded India to 'equal-weight' from 'overweight' citing expensive valuations.

  • Marico Q2 Results | Net profit up 16% at Rs 316 crore, beats Street estimates

    Marico reported a net profit of Rs 316 crore for the July-September period, up 15.8 percent on a year-on-year basis. The consumer products company posted a 21.6 percent year-on-year increase in revenue to Rs 2,419 crore for the three-month period.

    Analysts in a CNBC-TV18 poll had expected the company's net profit for the September quarter at Rs 300 crore over revenue of Rs 2,375 crore. (Read more on Marico Q2 results)

  • Nykaa IPO Subscription Update | Public offer subscribed 82% so far on Day 1

    By 2:54 pm, the IPO of Nykaa owner FSN E-Commerce Ventures was subscribed 82 percent so far on the first day of bidding.

    The offer received bids for 2.18 crore equity shares against the IPO size of 2.64 crore equity shares.

    The portion reserved for retail investors was subscribed over 260 percent, and that for non-institutional investors saw 36 percent subscription. The quota for qualified institutional buyers was subscribed 46 percent. The employee portion was subscribed 41 percent.

  • Bullish on markets, risk assets; monetary tightening biggest risk for India: Citi
    Mohammed Apabhai, Managing Director, Head-Asia Pacific Trading Strategies at Citi, discussed the outlook and the sectors that look attractive as we get into Samvat 2078, in an interview with CNBC…
    Stock Market Highlights: Sensex ends 1,159 points lower, off Mount 60,000; Nifty give up 17,900
  • Marico Q2 earnings:

    Domestic volume growth at 8% Vs poll of 8-9%

  • Coromandel International shares trade 2.6% lower

  • Marico stock down 2.4% post quarterly earnings

    Marico’s revenue came in at Rs 2,419 crore in the quarter ended September against Rs 1,989 crore in the corresponding period last year. The FMCG company’s net profit stood at Rs 316 crore as compared to Rs 273 crore in the year-ago period.

  • Avoid momentum plays, bizarrely priced IPOs; bullish on IT, PSU, consumption: LIC AMC’s Ahmad
    As we are transitioning from early cycle economic recovery to a mid-cycle one, the volatility is likely to resurface and drawdowns in magnitude of 5-10 percent should be considered as normal and as an…
    Stock Market Highlights: Sensex ends 1,159 points lower, off Mount 60,000; Nifty give up 17,900
  • Oriental Carbon & Chemicals shares fall 3%

  • Nifty Bank is down over 1,000 points to trade below 39,900 level while Nifty Financial Services is down 402.35 points, or 2.06 percent, to trade at 19,102.40.

  • IRCTC shares surge over 15% as stock trades ex-split

    Shares of Indian Railway Catering and Tourism Corporation (IRCTC) surged more than 15 percent on Thursday after the division of shares. At 1:50 pm, IRCTC shares were trading nearly 10 percent higher at Rs 907.80 per share. The board of the company has given its nod to a stock split in the ratio of 1:5, cutting its face value from Rs 10 to Rs 2 each.

  • Gujarat Gas Ltd reports Q2 earnings

    Net profit down 47.5% at Rs 249.1 cr vs Rs 474.8 cr (QoQ) while EBITDA down 41.7% at Rs 421.1 cr vs Rs 722.8 cr (QoQ). 

  • Setback for Bharti Airtel as SC bars telco from seeking Rs 923 crore GST refund

    Bharti Airtel was denied a Rs 923 crore GST refund by the Supreme Court on Thursday. The Supreme Court granted the government's appeal against the refund, overturning the Delhi High Court's ruling in the favour of the telecom. Bharti Airtel received a GST refund of Rs 923 crore for the period July-September 2017, claiming that it had paid excess tax of Rs 823 crore during that time since the GSTR-2A form was not operable.

  • Paytm shouldn’t be straightforwardly valued on revenue: Paytm to CNBC-TV18

    Paytm was started to bring access to financial services. It has convinced common shopkeepers to accept digital payments and we believe Paytm is a change agent. Our target is to bring financial services to half a billion Indians by 2025 and we are confident the company will not need outside capital for growth. We have internal incremental revenue and revenue multiple is not the only way to value companies. Paytm shouldn’t be straightforwardly valued on revenue. We use metrics on a large number of engaged users. The company, as of now, has 23 million merchants. We have added 5 lakh devices in the just last 6 months and facilitated 2.8 million loans through financial services partners.

  • L&T rises 4% despite fall in Q2 profit

    Shares of engineering major Larsen & Toubro (L&T) gained as much as 4 percent during early trade on Thursday on the BSE despite a 67 percent drop in consolidated net profit to Rs 1,819.45 crore for the quarter ended September 30, 2021.

     
  • Bajaj Finserv reports Q2 earnings

    Bajaj Finserv on Thursday reported a 14 per cent year-on-year (YoY) rise in consolidated net profit at Rs 1,122.1 crore for the quarter ended September, which was below analysts’ expectations.

  • UCO Bank reports highest PAT in 6 years; net profit at Rs 205.5 crore in Q2FY22 

    UCO Bank reported a net profit of Rs 205.4 crore and NII of Rs 1,598 crore. NII stood at Rs 1,597.7 crore, up 14.7 percent year on year and 9.4 percent quarter on quarter while operating profits stood at Rs 1,334.2 crore, up 0.3 percent YoY & 3.7 percent QoQ. The lender's asset quality improved in Q2FY22 with gross non-performing assets (GNPA) ratio falling to 9 per cent from 9.4 per cent QoQ while net non-performing assets (NNPA) ratio improved to 3.4 per cent from 3.95 per cent QoQ. UCO Bank also became the 3rd bank to classify exposure to the Srei group as NPA.

  • Titan shares fall 4% despite stellar Q2 earnings

    Despite reporting stellar Q2 numbers and a strong demand commentary, shares of Titan Co fell as much as 4 percent on Thursday after gaining for two straight days. At 12:18 pm, shares of Titan Co were trading 2.2 percent lower at Rs 2,405.20. The stock has gained close to 40 percent in the past three months, and today's fall in the scrip is likely due to profit-taking after confirmation of strong earnings.

  • Nykaa IPO | Subscribe from long-term view, says Sushil Finance 

    Sushil Finance recommends subscribing to the Nykaa IPO for the long term, given the company's increasing PAT and positive cash flow, and the huge growth opportunity in the beauty and personal care market.

    "At the upper end of the price band, the issue is priced at a P/BV of 72.72 based on its NAV of Rs 15.47 as of June 2021, and a P/E of around 899 at FY21 and around 289x as of June 30, 2021... However, the P/E valuation may not be right metric and we believe that NYKAA is a high growth company, and is present in an attractive sector. It will remain a high-risk and high-return investment for a small portion of a portfolio," it added. 

  • ICICI Bank, HDFC Bank, ITC, Infosys biggest drags on Sensex

    Stock Market Highlights: Sensex ends 1,159 points lower, off Mount 60,000; Nifty give up 17,900
  • Most of our sites and factories are up to their full capacity: R Shankar Raman, Whole-Time Director & CFO, L&T


    It would be better if we looked at the glass as half full place because at half year level, at Rs 65,000 crores we have caught up with the pre- COVID revenues. So, if we give credit to the quarter one being better than the quarter one of the pre-COVID year then it provides some softening headroom for quarter two to be touched lower than quarter two of the pre-COVID. “Overall, what is very, very important is the pace of execution and that is something that we are acutely conscious. We are definitely negotiating certainly headwinds, even as we speak because the wave two that we had in terms of COVID did have its own disruptions, which we have tried to overcome by and large and now, most of our sites and the factories are to their full capacity. So, that did slow down a bit of progress on Q2,” said R Shankar Raman, Whole-Time Director & CFO, L&T said on the company's revenue.

Stock Market Highlights
: Indian equity benchmarks nosedived on Thursday amid a selloff across sectors as Morgan Stanley downgraded Indian equities citing expensive valuations. Deep losses in financial, IT and consumer shares dragged the market. The Nifty Bank index tumbled more than three percent, moving further away from recent highs. Broader markets also bled, with the midcap and smallcap indices dropping close to two percent in late afternoon deals. Volatility prevailed as traders rushed to square off their positions ahead of the expiry of monthly derivatives contracts due by the end of the session.