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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.
Marico Q2 earnings:
Domestic volume growth at 8% Vs poll of 8-9%
Coromandel International shares trade 2.6% lower