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    Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%

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    Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%

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    Stock Market Highlights: Indian equity benchmark indices gave up intraday gains in a choppy session on Wednesday, extending losses to a second straight day. Losses in financial and oil & gas stocks pulled the headline indices lower, though gains in infrastructure, IT and metal scrips lent some support. Broader markets also suffered losses, with the Nifty Midcap 100 index closing 0.3 percent lower, and its smallcap counterpart declining 0.7 percent. SBI shares ended one percent higher after the state-run lender reported its Q2 numbers, which showed improvement in its asset quality. The market will open for a special, one-hour 'Muhurat' trading session on the day of Diwali, November 4.

    Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
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    • Diwali Stock Picks | Ready for Muhurat trading? Analysts share their top bets for Samvat 2078

      As investors gear up for the special, one-hour ‘Muhurat’ trading session this Diwali on November 4, brokerages have shared their top recommendations to make most of Samvat 2078 – the year that begins on the day of Diwali. (More than 60 stocks to choose from this Diwali)

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • Expect Federal Reserve to announce tapering of bond buys: Geojit Financial Services' Vinod Nair

      Vinod Nair, Head of Research at Geojit Financial Services, said the Federal Reserve is widely expected to announce tapering of its asset purchase program in the near term.

      "Any hint on a reversal in interest rates is keeping investors on the edge. Any indications showing a faster rate of tapering will have a negative effect on the equity market. Or else, we can expect a reversal from this weak trend. On a positive note, despite a rise in input costs, India’s Services PMI jumped in October owing to ongoing improvements in demand boosting the growth of sales," he added.

    • Expect profit booking towards immediate support at 17,750-17,700: LKP Securities' Rohit Singre

      Rohit Singre, Senior Technical Analyst at LKP Securities, said the Nifty50 index appears to have formed a small consolidation zone at 17,600 and 18,000 "until we don’t see a breakout on the either side".

      "We may not see a clear direction move. The index is unable to cross its strong zone of 18,000 for the last two sessions. Until we don’t cross these levels, we may not see good buying comes in, and profit booking can be witnessed towards immediate support at 17,750-17,700," he said. 

    • TCS, Tata Consumer among top conviction bets: Purnartha Investment Advisors' Rahul Rathi 

      Rahul Rathi, Chairman and Fund Manager at Purnartha Investment Advisors, told CNBC-TV18 his top conviction bets now include TCS, Tata Consumer Products, DMart and Bajaj Finance.

    • Caution advised on market now, Fed commentary to be key: Religare Broking's Ajit Mishra

      Ajit Mishra, VP-Research at Religare Broking, said all eyes would be on the Federal Reserve meeting tonight. While no action is expected on the key rates, the US central bank's commentary on tapering, growth and inflation would be a key thing to watch out for, he said.

      "We will see the participants’ initial reaction on Thursday evening, November 4, in the special Diwali Muhurat trading session. We reiterate our cautious view on markets and suggest limiting leveraged positions," he added.

    • Market At Close | Private sector financial stocks drag market; Nifty Bank sheds over 500 points

       Here are some highlights: 

      --Nifty Bank falls 536 points to 39,402; midcap index drops 84 points to 31,198

      --Sun Pharma’s better-than-expected Q2 fails to boost sentiment; stock down 3%

      --Bharti Airtel erases intraday gains, ends down 2% despite strong Q2

      --Infra, cement, steel stocks support Nifty; L&T, Grasim, Asian Paints top gainers

      --Real estate stocks continue to move higher; Godrej Properties, Oberoi Realty jump

      --Escorts, IRCTC, Union Bank, Chambal Fertilisers, Bandhan Bank top midcap losers

      --Trent, HPCL, Apollo Hospitals, Siemens, GSPL, India Cements top midcap gainers

      --Market breadth favours bears; advance-decline ratio at 3:4

    • Rupee strengthens to 74.46 vs dollar

      The rupee gained to end at 74.46 against the US dollar, as against its previous close of 74.68.

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • Positive on Bharti Airtel, Rs 800 mark looks achievable: Prakash Diwan

      Market expert Prakash Diwan is positive on Bharti Airtel shares. "All those price objectives of Rs 800 or Rs 800 plus seem to be pretty much within reach for the stock now," he said. 

      "Bharti Airtel numbers probably got eclipsed with so many key earnings coming out more or less at the same time. What it tells us is that Bharti’s march towards that Rs 200 milestone on the ARPU front is something the management has not only been talking about but now also the methodology seems to be in place or the process seems to be much more clear... If they were to kind of overcome all the issues that they had in terms of AGR overhang and start seeing growth in the profitable segments of the market, there is no reason why they cannot touch that Rs 200 mark. The only caveat here is that if the JioPhone were to kind of start offering serious competition as it intensifies its distribution and marketing attempts, there could be a little bit of a slowdown. But I don’t see any reason why Bharti cannot – given a few months here and there – not achieve those milestones in the next six-twelve months and, which means that it is fairly aggressive growth that we are talking about from the commentary which is reflected," he said. 

    • Market At Close | L&T, Asian Paints, Hindalco, Grasim, UPL top gainers

      On the other hand, Sun Pharma, IndusInd Bank, Bharti Airtel, ICICI Bank, Kotak Mahindra Bank and HDFC Bank were the worst hit among the 27 laggards in the Nifty50 pack.

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • SBI Q2 | No major concern relating to asset quality on recast account Front, says Chairman

      SBI Chairman Dinesh Kumar Khara said there is no major concern relating to asset quality on the recast account front. The restructured accounts are performing well, he said. 

      The lender is not concerned on asset quality, and its collections as well as under-writing have improved significantly, Khara added.

    • Closing Bell | Sensex falls 257 points to  59,772, Nifty at 17,829

      The Sensex index ended 257.1 points or 0.4 percent lower at 59,771.9 and the broader Nifty50 benchmark settled at 17,829.2, down 59.8 points or 0.3 percent from its previous close. Losses in financial and oil & gas shares pulled the market lower, though gains in infrastructure, metal and select IT shares arrested the fall. (Read more on the closing bell

    • SBI Q2 | Asset quality Improves

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • SBI Chairman says credit demand improving with increasing economic activity

      SBI Chairman Dinesh Kumar Khara said credit demand is on the rise with increasing economic activity. 

      Here are some highlights: 

      --Corporates planning for future investment to help credit growth

      --Provided for entire additional liability in P&L A/c with revision in family pension payable

      --SBI GNPA levels have dropped below 5% 

      --Total restructuring at Rs 30,212 Cr (Restructuring 1.0 at Rs 12,995 crore, 2.0 at Rs 17,317 crore)

      --Have a comfortable capital position

      --Internal accruals to take care of SBI growth requirements

    • SBI Chairman says economic situation looks positive, expect recovery to pick up

      SBI Chairman Dinesh Kumar Khara said the country's economic situation looks positive, and that he expects the recovery to pick up going forward.

      Speaking on the lender's performance in Q2, he said the highlight of the quarter is the significant improvement in asset quality.
       

    • HPCL working on plans to increase EV charging stations in partnership with Tata Power

      State-run oil marketing company Hindustan Petroleum Corporation Ltd (HPCL) Chairman and Managing Director MK Surana said the company is working on plans to set up electric vehicle (EV) charging stations in partnership with Tata Power.

      “We have got agreements and memorandum of understanding (MoU) with some important companies and Tata Power agreement is one of the important ones in this. So, we are working on it. In some places, we have already put up an EV charging facility along with them and we will be increasing it,” he said. (Read more)

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • Sitting on cash, exiting market early biggest mistakes: Shankar Sharma

      Shankar Sharma of First Global is of the view that this is not the time to be sitting on cash. In fact it could turn out to be a big mistake, he told CNBC-TV18. 

      “There is a huge risk in the markets and I will tell you what that is. It is that you can exit too soon. That is to my mind the biggest risk that we as investors must confront. There are times during which the risk in the markets might fall and therefore you will be left holding stocks that are going to fall and then there are markets in which the risk is exactly the opposite, that you might have sold too soon and therefore, you are sitting on cash and you don't have enough stocks. We are in that category of risk right now that we can all become excessively conservative and therefore take significant money off the table and that would probably be the worst thing you can do at this stage of the market. That is the risk of the market that you exit too soon," the market veteran said. (Read more)

    • SBI Q2 | NII at Rs 31,183.9 crore, beats Street estimates

      State Bank of India reported net interest income of Rs 31,183.9 crore for the quarter ended September. Analysts polled by CNBC-TV18 had estimated the lender's NII at Rs 28,751.4 crore. (Read more on SBI Q2 results)

      Stock Market Highlights: Sensex closes 257 points lower, Nifty50 below 17,850; SBI up 2%
    • SBI shares recover intraday losses after Q2 results

      SBI shares traded 1.9 percent higher at Rs 531.6 apiece on BSE after the PSU lender reported its financial results for the September quarter. 

    • SBI reports profit of Rs 7,626.6 Cr against CNBC-TV18 poll of Rs 7,737.8 cr

    • Market Watch: Rajesh Pherwani, Founder, Valcreate

      On engineering and capital goods space

      The engineering and capital goods space is likely to see a cyclical upside for the next two to three years at least. The focus on capital goods and the infrastructure space is likely to benefit many of the companies including L&T. I am very positive on the road sector. The entire road sector is likely to benefit because the government’s focus is on this sector. We will see good traction in the sector. I am pretty positive on many of these companies.

      On sectors

      I am pretty positive about metals, oil and gas, infrastructure, pockets of pharmaceutical and consumer discretionary also – as the economy comes back and after the pandemic, there will be rebooting of the economy. So we might see a lot of the other sectors which have not performed like hotels or tourism or entertainment kind of related sectors, some of those may also come back and there could be a good pick up in the consumer discretionary part like consumer durables and home improvements. Those are the sectors which are doing well, housing, real estate is doing well. So I think these are the sectors, which will see a good leg up in the next year.

    • Diwali stock picks: Analysts recommend over 60 scrips for Samvat 2078

      From Diwali 2020 to Diwali 2021, the 30-strong Sensex index has given a return of close to 40 percent, breaking a chain of records along the way in a liquidity-driven run. Here are analysts' top stock picks to make the most of Diwali 2021, and the incoming year, the Samvat 2078.

    • Shalabh Saxena, MD & CEO of Bharat Financial Inclusion may join Spandana Sphoorthy. Also, Ashish Damani, CFO of Bharat Financial Inclusion may join Spandana Sphoorthy as CFO.

    • K Ravi, Managing Director, NCL Ind on company's Q2 numbers


      Net profit of NCL Industries declined 28.34% to Rs 30.74 crore in the quarter ended September 2021 as against Rs 42.90 crore during the previous quarter ended September 2020. K Ravi, Managing Director, NCL Ind told CNBC-TV18 said we will achieve 2.6 mt sales volumes In FY22. "Expected EBITDA is Rs940/t in H2FY22. We have increased price by Rs50/bag. Most of the spike in costs will be taken care of by price hike as coal has cooled off. We are 
      running at full capacity but  will add more in FY23." We are not in the race for Andhra cement as the debt was too large for company to absorb, he added.

    • eClerx Services spurts after Q2 PAT climbs 10% QoQ to Rs 101 cr

      eClerx Services surged 10% to Rs 2360.50 after the company's consolidated net profit rose 10.34% to Rs 100.74 crore on 7.61% increase in net sales to Rs 523.25 crore in Q2 September 2021 over Q1 June 2021.

      PD Mundhra, Co-founder and Executive Director of eClerx Services told CNBC-TV18 that they expected momentum to pick up in Q3 & Q4. "Onshore revenue is at 20% Vs 46% YoY and high offshoring aided margin expansions. We will be able to maintain margin at current levels," said Mundhra. 
      Attrition is generally between 30-35%, though it was at 41% in Q2FY22. We are also looking to hike wages in April 2022, he added.

    • Trent Ltd top midcap gainer after Q2 earnings 

      Tata group retail firm Trent Ltd on Tuesday reported a consolidated net profit of Rs 79.99 crore for the second quarter ended September 2021. The company was the top midcap gainer on Wednesday.

    • Rupee rises 14 paise to 74.54 against US dollar in early trade

      The rupee surged 14 paise to 74.54 against the US dollar in opening trade on Wednesday as IPO-related inflows and a positive trend in domestic equities supported the local unit. At the interbank foreign exchange, the rupee opened strong at 74.64 against the dollar and gained further ground to 74.54 in early deals, a rise of 14 paise over its previous close. 

    • India's services sector activity expands at fastest pace in 10.5 years in Oct: PMI

      India's services sector activity expanded at the strongest pace in ten-and-a-half years in October, driven by a substantial upturn in business activity amid favourable demand conditions, a monthly survey said on Wednesday. The seasonally adjusted India Services Business Activity Index rose from 55.2 in September to 58.4 in October, signalling the strongest rate of growth in ten-and-a-half years. For the third straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion, while a score below 50 denotes contraction.

    • Bharti Airtel shares surge 3%; Goldman Sachs says 'buy'

      Shares of telecom operator Bharti Airtel surged as much as 3 percent on Wednesday as the company's better-than-expected quarterly earnings boosted sentiment for the stock. However, it came off its initial high of Rs 732.50 and to trade at Rs 716.75, up 0.5 percent on the BSE. Goldman Sachs has reinstated its 'buy' call on the stock and added that Bharti Airtel trades at 8.1 times FY23E EV/EBITDA, broadly in line with its historical trading average but higher than global telcos at 6-7 times which the brokerage believes is warranted given the telecom operator's superior growth profile.

    • Diwali Muhurat Trading 2021: Date, timing, where to watch it live and other details here

      The half-century-old tradition of customary Muhurat Trading on the occasion of Diwali will take place between 6.15 pm and 7.15 pm on November 4 this year, according to the NSE and BSE. Meanwhile, the block deal session will take place between 5.45 pm and 6 pm and the pre-open session between 6 pm and 6.08 pm. Before the block deal session, Lakshmi Poojan will take place from 4.45 pm and the opening bell-ringing ceremony (or Muhurat Trading) from 6.15 pm. 

    Stock Market Highlights
    : Indian equity benchmark indices gave up intraday gains in a choppy session on Wednesday, extending losses to a second straight day. Losses in financial and oil & gas stocks pulled the headline indices lower, though gains in infrastructure, IT and metal scrips lent some support. Broader markets also suffered losses, with the Nifty Midcap 100 index closing 0.3 percent lower, and its smallcap counterpart declining 0.7 percent. SBI shares ended one percent higher after the state-run lender reported its Q2 numbers, which showed improvement in its asset quality. The market will open for a special, one-hour 'Muhurat' trading session on the day of Diwali, November 4.

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