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Stock Market Highlights: Sensex ends 433 points lower, Nifty gives up 17,900 as market extends losses to 3rd day

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 extended losses to the third session in a row on Thursday, amid weakness across global markets as investors worried about quickening inflation. Losses in financial, IT and consumer stocks pulled the indices lower, though gains in metal shares lent some support. Weakness was visible across broader markets also, with the midcap and smallcap indices closing down 0.8 percent and 0.5 percent respectively.

Stock Market Highlights: Sensex ends 433 points lower, Nifty gives up 17,900 as market extends losses to 3rd day
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  • Market may slide further, volatility may persist: Religare Broking's Ajit Mishra

    Ajit Mishra, VP-Research at Religare Broking, said the market may slide further, and the major concern is volatility, which he believes may continue. "The upcoming macroeconomic data and the scheduled MSCI rebalancing would keep the choppiness high. Besides, the movement in global markets as well as fluctuations in currency (especially in the dollar) and crude prices will be closely tracked. On the benchmark front, Nifty has next major support around 17,750-17,650. Traders should align their positions accordingly and prefer hedged approach," he said. 

  • Market At Close | Pidilite top midcap gainer after better-than-expected Q2 results

    Here are some highlights: 

    --42 of 50 Nifty stocks close in the red; HDFC, ICICI Bank, SBI, Bajaj Finance major drags

    --Nifty Bank slips 463 points to 38,560; midcap index sheds 262 points to 31,782

    --Reliance, titan, m&m & tcs close with gains in a weak trading session

    --Pidilite top midcap gainer after better-than-expected Q2 earnings

    --Gmr Airports releases improved set of earnings, helps GMR Infra gain 3%

    --Bharat Forge top midcap loser ahead of earnings on Friday, down 6%

    --Balkrishna, Union Bank, Vodafone Idea, DLF, Indiabulls Housing top midcap losers

    --Navin Fluorine, BEL, Trent, L&T Info, IGL, L&T Tech top midcap gainers

    --Oil & gas stocks under pressure; IOC top Nifty loser, down 4%

    --Tata Steel ends flat amid volatility ahead of earnings

    --Godrej Consumer Products Q2 earnings miss Street estimates; stock down 3%

    --Market breadth favours bears; advance-decline ratio at 2:3

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

  • Bullish on Tata Steel: Prakash Diwan

    Market expert Prakash Diwan is bullish on Tata Steel. "This is a good time to evaluate the business from a longer-term perspective, given what SAIL has done, and what some of the other global players like Arcelor have put in... Very positive on Tata Steel. So quite constructive on it and hopefully you'll have a pleasant evening too," he said. 

    Tata Steel is scheduled to report its quarterly earnings later in the day. 

  • Market not expected to get into severe downtrend: Prakash Diwan

    Market expert Prakash Diwan does not expect the market to get into a severe downtrend. "The first trigger of concern or caution in my view is going to come if the interest rate hardening is actually actioned out by the Fed, and that could probably happen sometime in the New Year. So I don't think till December, you'll probably see any sort of a major move on that count though there are murmurs and a build-up towards that... It (Nifty50) will keep on ranging between 17,500 and 18,500, but I think it's one of sectoral rotation that's at work and thanks to the earnings that are getting through," he said.

  • Coal India should do much better in 2-3 quarters: Ambareesh Baliga

    Market expert Ambareesh Baliga expects Coal India to perform much better in 2-3 quarters. "Because of the dividend yield possibly, the downside from here is limited. In fact, I still have a price target of about Rs 230-250 for the stock. We have received Rs 200 recently before the thermal plant issues happen. So one should buy at these levels and especially when there's so much of uncertainty in the market, this is one stock which could be bought and held on," he said. 

  • Deepak Nitrite a good buying opportunity now: Ambareesh Baliga

    Market expert Ambareesh Baliga believes Deepak Nitrite is a good buying opportunity at this point of time. "The company is doing extremely well. It's an intermediate chemical company into basic chemicals, fine chemicals, specialty chemicals, including performance products, and manufactures phenol, acetone and isopropyl alcohol, and has about five manufacturing plants and global distribution networks in 30 countries," he said.

    "Now it is actually moving into more of value-added downstream products using their own material. And I think that should improve the margins going ahead. And it has recently also launched pharma and agrochemical products. So, looking at their execution capabilities, integrated business model and a very strong capex pipeline, I am looking at an EPS of about Rs 79-80 for FY22, and about Rs 88, or possibly Rs 90, for FY23. So looking at this, I think we should again see those levels of about Rs 3,000-3,100, which is a decent move from these levels," he said.

  • Nifty50 around lower end of range, respects 17,800 support: Deen Dayal Investments' Manish Hathiramani

    The Nifty has respected support at 17,800, said Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments. 

    "We are currently around the lower end (17,700) of the range, whose upper end is at 18,100. We need to see if we either break 17,700 or close above 18,100. One of the two will allow the index to break out or break down from this rangebound movement. Until then, it is best to sit on the sidelines and wait for a directional move," he said. 

  • Market At Close | Titan, Hindalco, JSW Steel, TCS, M&M top gainers

    On the other hand, SBI, ONGC, SBI Life, Bajaj Finserv and Tech Mahindra were among the worst hit among the 41 laggards in the Nifty50 pack.

  • Closing Bell | Sensex down 433 points at 59,920, Nifty gives up 17,900

    The 30-scrip index shed 433.1 points or 0.7 percent to end at 59,919.7 and the broader Nifty50 benchmark settled at 17,873.6, down 143.6 points or 0.8 percent from its previous close. Losses in financial, IT and consumer stocks pulled the main indices lower, though gains in metal shares lent some support. (Read more on the closing bell here)

  • Godrej Consumer Products shares remain in negative territory as Q2 numbers fail to excite Street

    In late afternoon deals, the stock was down 2.5 percent at Rs 953 apiece on BSE. The headline Sensex index was down 0.8 percent, on course to close lower for the third day in a row. 

    Stock Market Highlights: Sensex ends 433 points lower, Nifty gives up 17,900 as market extends losses to 3rd day
  • Godrej Consumer Products Q2 | Net profit rises 5% to Rs 479 crore, misses Street estimates

    Godrej Consumer Products reported a consolidated net profit of Rs 479 crore for the July-September period, up 4.6 percent on a year-on-year basis. Its consolidated revenue grew 8.5 percent to Rs 3,163.6 crore, according to a regulatory filing. 

    Analysts in a CNBC-TV18 poll had predicted the company's quarterly net profit at Rs 494 crore over revenue of Rs 3,175 crore. 

  • Technical Stock Picks | UltraTech, UPL, Apollo Tyres, Petronet LNG, 4 other stocks analysts recommend now

    Analysts recommend seven stocks to make the most of the current juncture in the market. (Catch the complete list here)

  • Bitcoin may become a form of digital gold eventually but does not possess the same safe-haven characteristics: Julius Baer's Carsten Menke

    Julius Baer's Carsten Menke believes the recent rebound in gold and silver prices is lasting longer than expected."Real US bond yields are approaching record lows again, pushing gold and silver prices back above $1,800 and $24 per ounce levels respectively," he said. 

    "We still see this as a temporary rebound as the drivers behind lower real yields should reverse. Any rebound in gold and silver prices that is not backed by safe-haven seekers should reverse sooner or later, as long as global growth remains in recovery mode," Menke said. 

    "While the absence of safe-haven seekers in the gold market is remarkable, we struggle to follow the idea that they are switching to Bitcoin... Bitcoin may become a form of digital gold eventually due to its constraint supply, but it does not (yet) possess the same safe-haven characteristics as gold. While there is an overlap of gold and Bitcoin investors in cases where investors are searching for shelter from systemic risks in financial markets, which we believe are very much dormant at the moment, we do not believe this is the majority of those active in the gold and Bitcoin markets. All in all, we thus see an unchanged backdrop in the gold and silver markets. Any rebound that is not backed by safe-haven seekers should reverse sooner or later as long as global growth remains in recovery mode," he added.

    Stock Market Highlights: Sensex ends 433 points lower, Nifty gives up 17,900 as market extends losses to 3rd day
  • Pidilite jumps over 4% after strong Q2 results; should you hold, add or sell?

    Pidilite Industries shares jumped nearly four percent after the adhesive maker posted a strong set of earnings for the quarter ended September. (Read more on Pidilite shares)

  • Nykaa shares give up listing day gains; here's what analysts suggest now

    Shares of FSN E-commerce Ventures, the parent company of Nykaa, suffered minor losses on Thursday, a day after it made a strong debut on Dalal Street. The Nykaa stock fell as much as 7 percent before recovering most of those losses. (Read more on Nykaa shares)

    Stock Market Highlights: Sensex ends 433 points lower, Nifty gives up 17,900 as market extends losses to 3rd day
  • Expect double-digit growth in IT revenues, midcap cos should do well: Varun Goel

    Varun Goel, Head-Equity at Nippon India AIF, is positive on IT services. "The outlook for IT exports specially to countries like the US, and Europe remains extremely strong. Our view is that midcap IT companies should continue to do well," he said. 

    Goel expects "good double digit growth in revenues, and profitability growth can even be higher".

  • Page Industries Q2 | Net profit up 45% at Rs 161 crore, beats Street estimates; revenue up 46%

    Page Industries reported a net profit of Rs 160.5 crore for the quarter ended September, up 44.7 percent on a year-on-year basis. Revenue rose 46.4 percent to Rs 1,084 crore. 

    Analysts in a CNBC-TV18 poll had predicted the company's net profit at Rs 119 crore over revenue of Rs 872.7 crore. 

    Page Industries shares jumped after the earnings announcement, having moved in a narrow range around the flatline earlier in the day. The stock rose as much as 1.9 percent to Rs 40,500 apiece. (Read more on Page Industries Q2 results)

  • Resignation CFO's personal decision: Pidilite's Bharat Puri 

    Pidilite Managing Director Bharat Puri told CNBC-TV18 the CFO's resignation was purely a personal decision. 

    He also said the company is seeing a lot of pent-up demand, but higher prices will begin to impact demand at some point. The company has made massive investments in the supply chain, he said. 

  • Sell Tech Mahindra, ONGC: Jay Thakkar

    Here are two trading calls from Jay Thakkar of Marwadi Shares & Finance: 

    --Sell Tech Mahindra at Rs 1,525 for a short-term target of Rs 1,450 with a stop loss at Rs 1,560
    --Sell ONGC at Rs 153-154 for a short-term target of around Rs 140 with a stop loss at Rs 157

  • Maruti Says Suzuki Motor revises 2021 forecast for sales volume, net sales downward 

  • A lot of opportunities in IT, realty, time to be selective: Nippon India AIF's Varun Goel

    Varun Goel, Head-Equity at Nippon India AIF, believes one needs to be reallty selective in the market now, and participate in stories with growth visibility for 3-5 years. 

    "One needs to be more selective in terms of identifying themes and stories where the uptrend is a little more long term in nature. So we are very clear that there are pockets of exuberance in the market. So one needs to be careful. I think sectors and themes where the secular uptick is beginning to demonstrate whether it's IT services, chemicals as a theme, residential real estate... Those are the pockets where there is still a lot of opportunity," he said. 

  • Kotak Institutional Equities initiates coverage on Zomato with 'buy' rating

    The brokerage has initiated coverage on Zomato with a 'buy' rating. Kotak sees the fair value of the stock at Rs 175. 

    Zomato’s leadership position in the underpenetrated food-delivery space will drive a healthy revenue CAGR of 36 percent over FY2021-30, it said.  

  • Seeing solvent prices soften a little bit. Customers are looking at diversifying their supply chains, says Yasir Rawjee of Glenmark Life.

  • Sapphire Foods IPO subscribed 1.9 times so far on final day

    Sapphire Foods India's initial public offering (IPO) was subscribed nearly two times on Thursday, the third and final day of the bidding process. The IPO - which is entirely an offer for sale (OFS) by promoters and existing shareholders - will close later in the day. Sapphire Foods India is an operator of KFC and Pizza Hut outlets in the country.

    By 12:21 pm, the Sapphire Foods IPO received bids for a total of 1.8 crore shares as against the 96.6 lakh shares on offer - a subscription of 1.9 times.

  • Technical stock picks: UltraTech, UPL, Apollo Tyres, Petronet LNG and other stocks analysts recommend now

    Dalal Street benchmarks appear to be stuck in a range for now, with the Nifty50 index hovering around Mount 18,000 and looking hesitant to attain its recent heights. Are there any short-term opportunities for traders now? Analysts recommend seven stocks -- including Apollo Tyres, Petronet LNG, Indiabulls Real Estate and UPL -- to make the most of the market at the current juncture. (Read here)

  • J Kumar Infra gets letter of acceptance for Rs 168.22 crore order

    "We are in receipt of Letter of Acceptance from M/s. Maharashtra Metro Rail Corporation Limited for the work including design (part) and construction of balance works of Concrete & Fabricated Steel Structures, Architectural works, Plumbing and Sewerage etc. of six elevated metro stations at Kharghar Village for Navi Mumbai Metro Line-1 amounting to Rs 168.22 crore," the company said in an exchange filing. 

  • Had to do cost management to maintain margin: Antony Cherukara of VST Tillers

    October has been slow and we expected better demand in the festive season, says Antony Cherukara of VST Tillers. We took a price increase of 3-4 percent to pass on commodity costs and we are expecting a much better H2. The minimum support price for crops is much better this year and our mission is to achieve revenue of Rs 3,000 crore by FY25. We are sure we will be able to achieve 20-30 percent growth in the tiller business. We are at 98% utilisation in the power tiller segment.

  • Ameera Shah, Metropolis Health On CNBC-TV18

    Non-Covid sales have risen 38 percent YoY. Covid-19 has been 14 percent of sales in Q2 vs 34 percent YoY. Covid-19 trends were different across geographies in India, however, H2 will be a good period for the non-Covid business.

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 extended losses to the third session in a row on Thursday, amid weakness across global markets as investors worried about quickening inflation. Losses in financial, IT and consumer stocks pulled the indices lower, though gains in metal shares lent some support. Weakness was visible across broader markets also, with the midcap and smallcap indices closing down 0.8 percent and 0.5 percent respectively.