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Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight day on Tuesday, led by financial and oil & gas shares. Gains in Tata Motors, Tata Steel, Titan and Tech Mahindra stocks also aided the overall gain in the market. Broader markets surged with the midcap and smallcap indices rising 1.8 percent and 2.6 percent respectively.  Analysts awaited more quarterly numbers from India Inc for cues.

Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
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  • Buy TCS, sell Tech Mahindra: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, said Tech Mahindra charts are signalling a "clear cut sell now". The stock might drop to Rs 1,362. For a hedge on this short or as a standalone trade, TCS is a 'buy',” he said.

  • Buy Tata Motors on dips, won't be surprised if it reaches Rs 600: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, is positive on Tata Motors shares. “This is a market of sector rotation. You sell strength and buy weakness. With the burst upwards in Tata Motors today, every pullback is a 'buy'. I won’t be surprised if Tata Motors goes to Rs 600 and Tata Motors DVR also rises by another Rs 100,” he said. 

  • Nifty Bank has seriously outperformed other sectors, sell Kotak Mahindra Bank: Sushil Kedia 

    Sushil Kedia, Founder of Kedianomics, recommends a 'sell' on Kotak Mahindra Bank shares. "Nifty Bank has seriously outperformed all other sectors. For me, Bandhan Bank and RBL Bank are the only two banks on which we are waiting to trigger a 'buy', but the rest of the banking stocks are all suspicious,” he said. 

  • Zee-Invesco Case | Wait and see the final order, says corporate lawyer HP Ranina 

    The Bombay High Court temporarily barred Invesco from calling an EGM at Zee. 

    “Whatever may be the reason, nobody knows what reason is. Zee has said that is some legality or there are some formalities to be complied with, and some regulatory issues are involved. At this point of time, I don't think we are aware of the reasons for the Bombay High Court's move. They have only said that you keep it on hold and Zee is not bound to call for it immediately. So I think there is an interim order as far as I can see. The final orders yet to come," said corporate lawyer HP Ranina.

    “Invesco cannot challenge the interim order. We will have to wait and see what the final order is, and I don’t think Invesco can go ahead just now. Let us see what the order says and whether it is appealable at this point of time. Normally, interim orders are not appealable unless there is a factual error in coming to that decision,” he added.

  • Sun TV can be priced at higher levels if one discounts ownership issues: Anand Tandon 

    Market expert Anand Tandon believes Sun TV is a franchise that can actually be priced at much higher levels if one discounts the ownership issues. "The business has always done reasonably well... But the market has decided to place it in the valuation level it is. Buying into the stock depends on your comfort level with the ownership," he said. 

  • Zee Entertainment shares not seen spiking too much: Capitalmind's Deepak Shenoy 

    Deepak Shenoy Founder of Capitalmind, does not expect Zee Entertainment Enterprises shares to spike too much. "Zee Entertainment is a good company; it has a solid viewership. It is likely to see more of a courtroom battle, and a boardroom battle in the next few years... The big thing will be: do they have to make an open offer? I will wait for that. But right now, too many things are in flux. It is a great company but don’t know where the leadership is going to go from here,” he said.

  • 18,200 to act as immediate support for Nifty50: Equity99's Rahul Sharma

    "Volatility continues in the market with just two days left for expiry. Realty and metal sectors are performing well along with banks. We are witnessing a sectoral move in the market," said Rahul Sharma, Co-Founder of Equity99. 

    The October derivatives contracts are due for an expiry on Thursday. 

    "For the Nifty 50 index, the level of 18,200 will act as immediate support, which, if broken, might be followed by 18,100, and later on 18,000. On the upper side, 18,350 will act as strong resistance, followed by 18,475 and 18,525 possibly," he said. 

    Sharma expects infrastructure, banking, metal and auto stocks to be in focus going forward. 

  • Rupee edges higher to close at 74.96 vs dollar

    The rupee ended 12 paise higher at 74.96 against the US dollar.

    The USD-INR pair continues to see low volatility as global cues remain mixed, said Anindya Banerjee, DVP-Currency and Interest Rate Derivatives at Kotak Securities. He expects the rupee to move within a range of 74.75-75.20 in the near term.

  • Be a buyer as long as Nifty holds above 17,950: Manish Shah

    Independent technical analyst Manish Shah advises market participants to be a buyer as long as the Nifty index holds above 17,950. 

    "Moving averages continue to display strong momentum. Nifty should signal a rally towards 18,900-18,950 once it moves above 18,250. The recent high at 18,600 could act as a temporary barrier... With two days to go for the October 2021 (F&O) expiry, Nifty could give a big surprise on the upside," he said. 

  • Bulls remain in control of cryptocurrencies: Mudrex's Edul Patel

    "The cryptocurrency market remained rangebound over the past 24 hours. Most top cryptocurrencies showed a positive momentum as the bulls remained in control. The crypto fear-and-greed index points to 76, indicating greed prevailing in the market," said Edul Patel, CEO and Co-Founder of crypto trading platform Mudrex.

  • Market participants should maintain positive yet cautious approach: Religare Broking's Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, advises market participants to maintain a positive yet cautious approach now, and prefer hedged positions. "The market managed to end higher thanks to firm global cues... Mostly, sectoral indices traded in sync with the benchmark... Indications are in the favour of a further rebound however a lot would depend on the earnings announcements scheduled in the following sessions," he said. 

    "We have some prominent names like Bajaj Auto, ITC, Indusind Bank, Maruti Suzuki and L&T that will announce their results on October 27. Besides, global cues would also remain in focus," he added.  

  • Market At Close | Ramco Cements, IDFC First, Dixon top midcap gainers; Torrent Pharma, Indus Towers, Persistent top losers

  • Market At Close | IndusInd Bank, Axis Bank fall ahead of Q2 results 

    Here are some highlights:

    --Midcap index outperforms benchmarks, up 549 points at 31,102

    --Nifty Bank rises 46 points to 41,238  

    --Tata Motors surges 6 percent following gain in Tesla on back of big EV order

    --Titan, SBI Life amongst to Nifty50 gainers ahead of Q2 results on Wednesday

    --Metal stocks make a comeback; Tata Steel rises 4 percent, JSW Steel 3 percent

    --ICICI Bank sees profit booking after strong run on Monday; stock slips over 1 percent

    --IndusInd Bank, Axis Bank fall ahead of Q2 results due later in the day

    --Kotak Mahindra Bank rises 3 percent after strong loan growth

    --Ramco Cements, IDFC First, Dixon, Tata Power top midcap gainers; Torrent Pharma, Indus Towers, Persistent, Syngene top losers

    --Paint companies snap losing streak; Asian Paints, Berger Paints up 3 percent

    --Canara Bank slips 4% following lower-than-expected loan growth

    --Market breadth favours bulls; advance-decline ratio at 3:1

  • Market At Close | Tata Motors, Tata Steel, SBI Life, Titan top gainers; IndusInd Bank, ICICI Bank, Power Grid top laggards

    Stock Change (%)
    TATAMOTORS 5.9
    TATASTEEL 4.2
    SBILIFE 3.8
    TITAN 3.7
    NESTLEIND 3.3
    JSWSTEEL 3.1
    HINDALCO 3.1
    BAJFINANCE 3.1
    ASIANPAINT 3
    UPL 2.8
    BPCL -0.1
    AXISBANK -0.1
    HDFCBANK -0.1
    ADANIPORTS -0.1
    TCS -0.2
    NTPC -0.3
    DRREDDY -0.3
    POWERGRID -0.8
    ICICIBANK -1.2
    INDUSINDBK -1.9
  • Closing Bell | Sensex rises 383 points to 61,350, Nifty50 reclaims 18,250

    The Sensex index ended 383.2 points or 0.6 percent higher at 61,350.3 and the broader Nifty50 benchmark added 132.2 points (0.7 percent) to settle at 18,257.6. 

  • Zee-Invesco Case | Bombay High Court bars Invesco from calling Zee EGM

    Zee Entertainment Enterprises shares traded four percent higher at Rs 316.5 apiece in late afternoon deals on BSE. The headline Sensex index was up 0.7 percent. 

  • Reliance Industries, Kotak Mahindra Bank, Bajaj Finance, Tata Motors top Nifty50 movers

    On the other hand, losses in stocks such as ICICI Bank, Hindustan Unilever, IndusInd Bank and Infosys kept the upside in the 50-scrip benchmark in check. 

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

    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Canara Bank confident of double-digit growth in retail portfolio going ahead 

    Canara Bank's management is confident of achieving double-digit growth in the retail portfolio going forward. The lender has maintained its guidance of Rs 14,000-15,000 crore slippages for the full year. The actual slippages are expected to come in below guidance, it said. 

    The lender expects minimum credit growth of 7.5 percent for the full year, it added. 

    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Market Watch | Jigar Mistry, Co-Founder, Buoyant Capita on:

    IRCTC

    Over the last week or so the small cap index correct by around 8 percent and the Sensex has been down by 1- 2 percent or so. If you look at BSE 500 names, some 30 odd stocks are down 15 percent or more in the last one week or so, but down only 2 percent over the last one month. “So excesses do get built out and eventually they get taken out very swiftly as well,” said Jigar Mistry, Co-Founder, Buoyant Capita.

    “IRCTC we have owned it, we had actually first bought it when it was Rs 1600 and we continued to own some parts of the quantity, because the run had been just too sharp for us to justify continued ownership in that name. So, we have sold out the majority of that position, some miniscule positions to hold on but again, this is not a fly by night company which will generate something like Rs 1,000 crore in fact a year down the line,” he added.

    And there are optionalities in terms of how you know the payment gateway for this will get taken care of besides the other benefits, like the PNR would start getting built now as individual passengers, the water prices would increase essentially. So it's a decent stock to own, just when the valuation get too much, we cannot keep holding them. So we hold a miniscule quantity, Mistry said.

    At current levels of Rs 4,250, are valuations fair, can it be justified to continue to hold on?

    Yes. The current price is not that excessive. Over the last two or three days, this was among the top traded stocks, which means that a lot of people might have got worried and sold out of this name. So incrementally, once the business fundamentals take on, it could be an interesting bet, he said.

    Banking, insurance, metals

    “The sectors that we like are banking, insurance, metals, chemicals, very selective IT and some reopening. Banking we have argued in the past that Sensex and Nifty -- broader markets have moved to a higher level, people kept on worrying about the banking system and once ICICI came out with the reserves some part of that was gone,” Mistry said.

    So going forward, he thinks all the banks that can report reasonably decent growth and control the slippages and asset quality will get rerated.

    The ones he continues to like are ICICI Bank, which has been his top holding but also SBI, Federal Bank and Canara Bank.

    “In insurance we have like Max Financial, although that sector has corrected and SBI Life Insurance makes a lot of sense as well. But we own Max Financial,” he added.

    “In technology, I think, you know, with the numbers that have come out, we are fairly certain that there is no problem with demand but the margins is something that needs to be taken care of, and when they are trading at that all-time highs one needs to be wary. So the ones that we own are Eclerx Services and Cyient,” he said.

    From reopening space, Mistry likes Welspun, India Pokarna and SIS.

    In chemicals, commodity chemicals got rerated. He believes one needs to take a step back there, understand on how the incremental businesses are getting driven. So the ones he likes and owns are Gujarat Flourochem and Sudarshan Chemicals.

  • Kotak Mahindra Bank posts best sequential loan growth in 24 quarters

    Kotak Mahindra Bank's Q2 loan growth on a quarter-quarter basis is the best in 24 quarters. It is best in eight quarters on a year-on-year basis. 

    The private sector lender posted strong loan growth momentum across its products. Its cost deposit ratio of 60.2 percent is the highest in the industry. 

    Its COVID-19 provisions were flat at Rs 1,279 crore sequentially. 

    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Gold, silver, nickel, coriander and other commodity bets analysts recommend now 

    Gold and silver have risen gradually in the recent past amid a weakening dollar, making precious metals more appealing for holders of other currencies. Crude oil has crossed a series of hurdles with Brent futures reclaiming the $86 per barrel mark, on the back of a recovery in demand for energy amid limited supply. Are there any trading opportunities in commodities now? (Analysts' top recommendations for short-term gains)

    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Kansai Nerolac unfazed by newer entrants in market; says raw material inflation a cause of concern

    Kansai Nerolac Paints is not worried about newer players entering the paint market, Anuj Jain, executive director (ED), told CNBC-TV18.

    The company reported weak earnings for the September-ended quarter. Revenues are in line but profit after tax (PAT) is down 48 percent in this quarter, and gross margins have contracted sharply by 1,040 bps hit by raw material prices. (Read further here)

    Shares of the paint maker were up nearly 4 percent on the BSE.

  • Buy Manappuram Finance, PNB: Mitessh Thakkar 

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

    --Buy Manappuram Finance for a target of Rs 215 with a stop loss at Rs 201 
    --Buy Punjab National Bank for a target of Rs 51 with a stop loss at Rs 44.50 

  • Jindal Stainless shares jump 14%

  • Tata Power second-biggest gainer on Nifty200; stock rebounds after falling for 5 days
    In the past one month, the stock has soared 62 percent as compared to the sectoral gauge that was up merely 15 percent. The overall trend in the stock is a positive one and has the potential to touch…
    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Explained: NSE’s F&O ban list, when are securities added to it?
    A security is added to the ban list when the open interest in a security exceeds 95 percent of the market wide position limit (MWPL). Confused? Let us clear it for you
    Stock Market Highlights: Sensex ends 383 points higher, Nifty50 reclaims 18,250 as market extends gains to second day
  • Hikal shares gain 8%

  • Canara Bank Q2 slippages include Rs 3,200 crore in dues from Srei Infra: Sources 

    Sources told CNBC-TV18 that Canara Bank's slippages of Rs 6,896 crore in Q2 include due of Rs 3,200 crore from Srei Infra. 

    A provision of 50 percent has been made against slippages from Srei Infram, they said. 

  • Kotak Mahindra Bank Q2 | Standalone profit declines 7% to Rs 2,032 crore, beats Street estimates

    Kotak Mahindra Bank reported a net profit of Rs 2,032 crore for the July-September period, down seven percent on a year-on-year basis. Net interest income (NII) -- the difference between interest earned and interest expended -- rose 3.2 percent to Rs 4,020.6 crore. 

    Analysts in a CNBC-TV18 poll had predicted the private sector lender's net profit at Rs 1,792.2 crore and NII at Rs 4,008.1 crore. 

    Loan growth was at 15 percent on a year-on-year basis. Sequentially, it was at eight percent. 

    Gross NPAs came down to 3.2 percent in Q2 from 3.6 percent in Q1. Net NPAs declined to 1.1 percent from 1.3 percent.

    Kotak Mahindra Bank's net interest margin -- a key metric -- came in at 4.45 percent in Q2, as against 4.6 percent in the previous quarter. (Read more on Kotak Mahindra Bank results)

    Kotak Mahindra Bank shares recovered initial losses after the earnings announcement. The Kotak Bank stock was up 2.7 percent at Rs 2,214.6 apiece on BSE, having declined as much as 1.6 percent earlier in the day. The headline Sensex index was flat amid choppy trade. 

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended gains to a second straight day on Tuesday, led by financial and oil & gas shares. Gains in Tata Motors, Tata Steel, Titan and Tech Mahindra stocks also aided the overall gain in the market. Broader markets surged with the midcap and smallcap indices rising 1.8 percent and 2.6 percent respectively.  Analysts awaited more quarterly numbers from India Inc for cues.

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