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Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day

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Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 recovered intraday losses in a volatile session to end stronger on Monday. Gains in financial and IT stocks pushed the indices higher though losses in pharmaceutical scrips limited the upside. Broader markets surged, aiding investors' morale, with the midcap and smallcap gauges ending more than one percent higher each. Analysts awaited the last leg of quarterly numbers from India Inc for cues.

Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on November 8. Stay tuned for other updates on our website: CNBCTV18.com.

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  • Dip in IndusInd good opportunity to buy for aggressive investors: Inditrade Capital's Sudip Bandopadhyay 

    Sudip Bandopadhyay, Group Chairman of Inditrade Capital, sees the dip in IndusInd Bank shares as a good opportunity for aggressive investors. 

    "The bank was under pressure for quite some time and it was recovering, and we were all looking at a potential upside. So this allegation has come at an unfortunate time. Probably the management has come and denied the allegation. We will have to wait a little more. Before we can take a view on exactly this specific allegation and the seriousness of the allegation regarding the books of accounts will emerge after a time... For a minute, if we leave this issue aside, we have been positive on the bank and believe that it has had a lot of potential," he said.

  • What White Oak Capital's Prashant Khemka thinks of new-age companies now

    Prashant Khemka, Founder of White Oak Capital Management, said that PE and price-to-sales ratios, which are simple rules of thumb, are very misleading when it comes to new-age businesses. "So when you do it on a cash flow basis, which is how the market and each company in the market is to be valued and is valued by and large, some companies look very attractively valued, even if they are loss making today and might remain loss making for years to come. Just like Tesla, people have been talking about many stories of some very famous investors and hedge fund managers going short on Tesla.... And those were all very smart folks and they shorted Tesla when it was less than 10% of its current value. So today, it's $1.21 - 3 trillion or something, when it was less than $100 billion in value, there were these extremely extraordinarily gifted smart investors who felt that this thing is like a sham, which is worthless, because it's losing so much money, that it is ought to be shorted. But now there are a lot more believers in Tesla," he said.

    "The point I'm making is not that every loss making company is going to make money and generate cash flows down the line... But then by the same token, it is very foolhardy to discard all loss making companies today as being worthless or overvalued... It is foolhardy to discard them merely on the basis of PE multiples or price/sales or any other such thumb rule of approach... One needs to evaluate them just as you just as one evaluates profit making companies," he said.

  • Federal Bank top pick in midcap banking space: Centrum Broking's Nischal Maheshwari

    Nischal MaheshwariCEO-Instutional Equities and Advisory at Centrum Broking, has a positive bias on Federal Bank. The stock is Centrum's top pick in the midcap banking space, he said. 

    Speaking on Muthoot Finance, he said Centrum does not cover the stock, but the gold lending space has been doing pretty well. "We are quite positive on it because we cover the other bank which is Federal and in this current quarter, it has also shown very strong results... The space is doing very good so possibly Muthoot should be in a good focus," he said.

  • Britannia Q2 | Net profit falls 23% to Rs 382 crore, misses Street estimates; revenue up 5.5% 

    FMCG major Britannia reported a net profit of Rs 381.8 crore for the quarter ended September, missing Street estimates. The net profit was down 22.9 percent on a year-on-year basis. Revenue was up 5.5 percent at Rs 3,607.4 crore in the second quarter of the current financial year. 

    Analysts in a CNBC-TV18 poll had predicted the company to report a net profit of Rs 495.2 crore over revenue of Rs 3,560 crore. (Read more on Britannia results)

  • Market At Close | Midcap stocks outperform; banking scrips remains under pressure

    Here are some highlights:

    Nifty Bank falls 135 points to 39,438; midcap index gains 376 points to 31,819

    Nifty PSU index gains most amongst sectoral indices, followed by PSU Bank, Infra

    IndusInd Bank falls 11% on loan evergreening issue, drags Nifty Bank by 156 points

    Divi’s falls 5% on weak Q2, Pfizer Paxlovid efficacy better than Molnupiravir

    Gold rebound leads to gain in Titan, Muthoot, Manappuram Finance

    OMCs post gains of 3-8% following excise cut by government on petrol, diesel

    Most PSU banks continue to gain momentum; Union Bank up 10%, Canara 7%

    Cement stocks see buying interest as cost pressure subsides; UltraTech up 4%

    Adani group stocks rise; Adani Enterprises up 6%, Adani Ports up 3%

    Aurobindo slips, Britannia rises ahead of Q2 earnings

    Indiamart, Vodafone, Oberoi, Escorts, Gujarat Gas top midcap losers

    Whirlpool, JK Cement, IEX, BEL, Pfizer top midcap gainers

  • Market At Close | Titan, Indian Oil, Bajaj Finserv, UltraTech top gainers; IndusInd Bank, Divi's Labs, M&M top laggards

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Closing Bell | Sensex rises 478 points to 60,546, Nifty50 at 18,069

    The 30-scrip index gained 478 points or 0.8 percent to end at 60,545.6 and the broader Nifty50 benchmark settled at 18,068.6, up 151.8 points or 0.9 percent from its previous close. Gains in financial and IT shares pushed the headline indices higher, though losses in pharmaceutical shares limited the upside. 

  • Market fairly well anticipates, factors in Fed tapering: White Oak Capital

    The market has anticipated and factored in tapering of stimulus by the Federal Reserve fairly well, White Oak Capital told CNBC-TV18. It has widely anticipated that the US central bank will increase key rates at a certain time, it added.

  • Muthoot Finance expects 5% growth in Q3, Q4

    Muthoot Finance expects five percent sequential growth in the third and fourth quarters of the current fiscal year, Managing Director George Alexander Muthoot told CNBC-TV18. He also said the company's housing finance portfolio will grow in a calibrated manner. (Read more)

  • Add Aurobindo Pharma on dips: Nirmal Bang Institutional Equities' Vishal Manchanda

    Vishal Manchanda of Nirmal Bang Institutional Equities recommends adding Aurobindo Pharma shares on dips. "Aurobindo has corrected after the Cronus deal, which was a trigger point for the correction. Also, compliance is something where the company has been consistently facing problems, and that that is where they need to address things. And if it addresses that, and gets all the plants on track, it would bring in some confidence," he said. 

    "The other largest area, where the company can actually impress investors, is its injectable business. The company has been kind of expecting that to double over the next 3-4 years. If it is able double its injectable business, which is a high margin business, it could have a disproportionate impact on earnings. The company can really surprise the Street in the next 2-3 years with its injectable business. We haven't seen any large approvals on the injectable front. So that's something we will have to wait and watch, and as they come through, the stock should stock should move up from here," he added.

  • Balrampur Chini Q2 | Net profit up 6.1% at Rs 83 crore, revenue down 5.9% 

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Wockhardt Q2 | Net profit rises 10 times, Revenue up 21%

    Wockhardt reported a net profit of Rs 33.5 crore for the July-September period, as against Rs 3.3 crore for the corresponding period a year ago. Revenue rose 20.7 percent to Rs 862 crore

    The company's EBITDA rose to Rs 95.9 crore in the September period, as against from Rs 16.8 crore in the year-ago period. Its EBITDA margin came in at 11.1 percent, as against 2.4 percent a year ago. 

    Wockhardt shares recovered initial losses after the strong earnings announcement. The stock traded 5.6 percent higher at Rs 465 apiece in late afternoon deals on BSE.

  • Britannia shares gain 2% ahead of Q2 earnings announcement

    Britannia shares traded 1.7 percent higher at Rs 3,711 apiece on BSE, having risen as much as 1.9 percent earlier in the day. The FMCG major is scheduled to report its financial results for the July-September period later in the day. (What to expect from Britannia Q2 earnings)

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Nifty tops 20-day moving average 

    The 50-scrip benchmark crossed the 20-day moving average of 18,064 in a late afternoon rebound.

  • T+1 settlement cycle to be implemented in phased manner: NSE

    Stock exchange NSE said the T+1 settlement cycle will be implemented in a phased manner. 

    The first list of companies with the new cycle will begin from February 25, 2022, it said. 

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Suven Pharma on CNBC-TV18

    We have a good orderbook. Though raw material, freight costs have been a worry, the margin is expected to be in the same range. The non-availability of basic chemicals is a concern for the entire industry, however, our company does not pass everything on when it comes to input costs.

  • Bank Of New York Mellon Corp will sever ties with Adani’s Carmichael coal mine in Australia

    BNY Mellon has decided to resign from all legacy transactions with Adani in Australia, says won't pursue transactions as co's biz not aligned with its ESG principles

  • Market Watch: Prakash Gaba, prakashgaba.com

    Buy Bajaj Finance with a stop loss of Rs 7,500 and a target of Rs 8,000.

    Buy Dalmia Bharat with a stop loss of Rs 2,050 and a target of Rs 2,200.

  • Market Watch: Brijesh Bhatia, Senior Research Analyst, Equitymaster
     

    On market

    Considering the markets we have seen a stellar  2077 (I guess he means Samvat) and I still believe 2078 will belong to bulls. The recent dips right from 18,000 on the Nifty --we are hovering in a narrow range for quite a few trading sessions. But it is still a buy on the dips market and definitely 17,400, the recent low will act as a major support zone for Nifty.

    If one were to look at the cycle of mid-cap and small-cap outperformance against the Nifty, it generally goes for 18 to 22 months and it's still around 9-10 months young. So probably 2022 or somewhere 2078 (Samvat) might continue to outperform or for mid-caps and small caps over the Nifty. I would definitely look for an investment on the dips into the mid-caps as well as some of the landscapes which are looking exciting.

    IT

    The large caps IT stands out to be a very strong, power sector stands. TCS, Infosys, and Tech Mahindra stand out to be strong contenders. In the pharma midcap space, Glenmark and some of the large-cap like Sun Pharma stands out to be a better play. From midcap it is infrastructure and power is the one sector for the next one year that will continue to outperform and Tata Power could be the one stock Bharti Airtel could be a good accumulation into the infra space.

    Cement

    In the last six months realty has been come back very strongly. Infra is coming back after a long consolidation of 10 years. So, cement won't back out – We have UltraTech, ACC already running up and Birla Corp is breaking out of the fresh momentum of 85 days consolidation breakout. So from large-cap Ultratech and ACC stands out to be a good accumulation and the mid-cap Birla Corp is one that could be a standout in this space.

    Banks

    Banks will continue to outperform. We saw Kotak Mahindra Bank coming out strong when it broke out of Rs 1300 and a similar structure is breaking out into IndusInd Bank as well. So Rs 1750-1800 can be eyed on IndusInd Bank from 6 to 12 months perspective.

  • SBI Q2: Corporate credit growth has been muted, says Chairman Dinesh Kumar Khara

    The State Bank of India reported a net profit of Rs 7,626.6 crore for the quarter ended September, up 66.7 percent on a year-on-year basis. SBI shares recovered intraday losses after the earnings announcement. However, the loan growth for the bank came in only at 6 percent in comparison with HDFC Bank, ICICI Bank that posted growth in mid-teens. Throwing more light on the Q2 numbers and loan growth, Dinesh Kumar Khara, Chairman, SBI told CNBC-TV18 that credit growth is seen in two to three broad components, one is the retail credit, which has grown at about 15 percent plus year on year, while corporate credit saw some muted growth. But having said that, I would also like to articulate that we have got unavailed limits, both in working capital as well as undisbursed term loans and both of them aggregates to almost about Rs 4,50,000 crore, he said.

  • Paytm IPO subscription update

    Digital payments startup Paytm's initial public offering (IPO) was subscribed nine percent so far on Monday, the first day of bidding. By 12:30 pm, the Paytm  IPO received bids for 43.7 lakh shares, as against the total 4.8 crore shares on offer, a subscription of about nine percent. The portion reserved for retail investors was subscribed 34 percent.

  • Crypto rally lifts ether to new record, bitcoin to near 3-week high

    Bitcoin rose to a two-and-a-half-week peak on Monday and ether climbed to a fresh record as cryptocurrencies ride higher on a wave of momentum, flows, favourable news and inflation fears. Bitcoin was last up about 3% at $65,121 and ether, which underpins the ethereum network, sat at a record top of $4,711.

    Ether is up 57% since the start of October and bitcoin about 50% as investors have cheered last month's launch of a U.S. futures-based bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge.

  • IndusInd Bank shares slid 12% amid loan evergreening report; bank denies allegations

    IndusInd Bank shares slid 12 percent on Monday after a report said whistleblowers had alleged loan evergreening at the private sector lender's microfinance arm. At 11:44 am, shares of the lender were down 10.4 percent at Rs 1,065. Whistleblowers had alerted the Reserve Bank of India and the IndusInd board that Bharat Financial Inclusion had evergreened some loans - a practice where new loans are given to stressed borrowers to enable them to repay existing loans.

  • Expect Q2 growth rate trend to continue through Q3, Q4, gold loans to keep growing

    George Alexander Muthoot of Muthoot Finance said in an interview to CNBC-TV18 the company expects saw good growth in Q2, a trend it expects to continue through Q3 and Q4. The company expects its net interest margin -- a key metric for lenders -- to sustain at 11-12 percent. 

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • ICRA upgrades Canara Bank's bond rating to AAA from AA+, outlook stable

  • HDFC, Infosys, Kotak Mahindra Bank, Bajaj Finance top Sensex movers

    Stock Market Highlights: Sensex closes 478 points higher, reclaims 60,500 as market extends gains to second day
  • Bank of Baroda, Canara Bank, Devyani, PVR, VIP fresh 52-week highs

    Bank of Baroda, Canara Bank, Devyani International, Cholamandalam Investment, Ashok Leyland, Prince Pipes, PVR, Phoenix Mills and VIP INdustries hit 52-week highs.

  • Government-run HLL has not placed any orders with Zydus Cadila for ZyCoV-D, sources tell CNBC-TV18 

  • Infosys remain on our list of top 5 stocks, IndusInd Bank part of our portfolio: Samir Arora 

    Samir Arora said Infosys remains among the top five stocks in Helios Capital's list. IndusInd Bank is part of its portfolio, he said. 

    Many stocks, which had run ahead of themselves, were calling for a correction, he added. 

    Speaking on the primary market, he said he would not apply for any IPOs in the Indian market for the remainder of the current fiscal year.

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 recovered intraday losses in a volatile session to end stronger on Monday. Gains in financial and IT stocks pushed the indices higher though losses in pharmaceutical scrips limited the upside. Broader markets surged, aiding investors' morale, with the midcap and smallcap gauges ending more than one percent higher each. Analysts awaited the last leg of quarterly numbers from India Inc for cues.

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