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Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back

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Stock Market LIVE Updates: The Indian equity indices Sensex and Nifty opened higher amid mixed global cues. Broader markets, midcap and smallcap indices traded higher. Among sectors, Nifty Metal, Nifty PSU Bank and Nifty Auto indices led the gains, while pharma index was under pressure.

Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
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  • Sebi eases operational procedure to make fee payments

    Easing the operational procedure, markets regulator Sebi asked companies and merchant bankers to pay the fees for filing public issues through the payment gateway provided on its intermediary portal. The intermediaries can also generate an e-challan, which can be shared with the companies or entities for making the required payment. Once the payment is made, it will be updated on Sebi's intermediary portal, the regulator said in two separate notices. (Read more)

  • ITC AGM: Actively pursuing inorganic opportunities in FMCG business, says Sanjiv Puri

    The possibility of subsequent Covid waves creates near-term uncertainties, said Sanjiv Puri, chairman and managing director of ITC. Despite the pandemic being a cause of concern for livelihoods and economic growth, the Indian economy holds immense promise and the pace of vaccination brings further optimism, he said at the company’s 110th annual general meeting. (Read more on ITC AGM)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • ITC AGM: Actively pursuing inorganic opportunities in FMCG business, says Sanjiv Puri

    The possibility of subsequent Covid waves creates near-term uncertainties, said Sanjiv Puri, chairman and managing director of ITC. Despite the pandemic being a cause of concern for livelihoods and economic growth, the Indian economy holds immense promise and the pace of vaccination brings further optimism, he said at the company’s 110th annual general meeting. (Read more on ITC AGM)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Rupee settles nearly unchanged at 74.44 against US dollar

    The rupee fell by one paisa to close at at 74.44 (provisional) against the US dollar amid a muted trend in the domestic equity market. At the interbank forex market, the rupee opened at 74.43 against the greenback, and moved between 74.37 and 74.48 during the session. (Read more on forex market here)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Broader market witnessed a V-shaped recovery: Sameet Chavan of Angel Broking

    "The major culprit in today’s intraday weakness was the overall nervousness in the banking space. In addition, the recent draggers, the mid- and small-cap baskets, were feeling the heat in the first half, and were on the cusp of a breakdown from short term swing lows at one point. Fortunately, the banking space stabilised at its supports and although it did not recover much, other heavyweights lent a helping hand," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

    "The broader market importantly witnessed a V-shaped recovery which gave a sigh of relief to market participants. Apart from this, the real star was the metal basket, as we witnessed a spectacular comeback after 2-3 days of some profit booking," he added. 

  • Narrow range activity likely to continue in near future: Kotak Securities' Shrikant Chouhan 

    "Nifty witnessed a technical selloff to slip below the 16,300 level. For the last four trading sessions, the index is trading within the range of 16,180-16,350 levels. The texture of the chart suggests narrow range activity is likely to continue in the near future," said Shrikant Chouhan, Executive Vice President-Equity Technical Research at Kotak Securities.

    "For day traders, 16,180 would be the key support level and trading above the same could see the uptrend formation likely to continue up to 16,350. Any further upside in the market may lift the index up to 16,400-16,425 levels. On the flipside, the uptrend would be vulnerable below 16,180," he added. 

  • Momentum expected to continue in coming days: Rahul Sharma of Equity99

    "The market has recovered sharply from lower levels, and the momentum is expected to continue in the coming days," said Rahul Sharma, Co-Founder, Equity99.

    "Nifty gave a bearish candle signal at the close. For the next trading session, crucial support will be at 16,200. If it breaks, then 16,145. A close below the 16,145 mark may trigger the weakness to continue up to 16,050-16,000 levels. On the upper side, levels of 16,300-16,350 will act as a hurdle," he added. 

  • BSE circular just an excuse for correction in midcap, smallcap segments: Santosh Meena of Swastika Investmart

    "BSE's circular is just an excuse for a correction in the midcap and smallcap segments, because it is limited to few stocks and won't have any meaningful impact on the overall market," said Santosh Meena, Head of Research, Swastika Investmart.

    "We are in a structural bull market where this kind of a shakeout phase will be part of the journey. The correction in midcap and smallcap space started at the beginning of August and gained momentum in the last two trading sessions, which has taken out a lot of weak hands. Therefore, we may see a bounce back from here," Meena said.

     
  • Clarity from BSE provides some relief to market; mainstream sectors succumb to profit booking: Vinod Nair of Geojit   

    "Following continued selling in broader markets and weak Asian and US peers, Indian indices shed their early gains, however, a late recovery helped the market close the day on a flat note. Measures taken by BSE to curb excessive price movement in smaller stocks nudged selling pressure in smallcap and midcap stocks while a clarity from the stock exchange on limiting its restrictions to penny stocks gave some relief. Mainstream sectors succumbed to profit-booking while metal, energy and infra sectors traded against the trend," said Vinod Nair, Head of Research at Geojit Financial Services.

  • Nifty ends just above flatline at 16,282 after recovering nearly 120 pts from lows

  • Market At Close | Here are the highlights of today's trading session

    • Market ends off lows; Nifty turns positive again in last hour of trade
    • Sensex ends at 54,410 after hitting an intraday low of 54,167
    • Nifty ends just above flatline at 16,282 after recovering nearly 120 pts from lows
    • Reliance top contributor to Nifty50; steel stocks end as top gainers
    • Shree Cement falls for 2nd day after Q1 results, down 2%
    • Midcap index stages the best recovery among key indices, ends 600 points off lows
    • JSPL, Page Ind & Bharat Forge end as top gainers on midcap index
    • Nifty Bank underperforms peers as private banks drag index, down 230 pts
    • Kotak, ICICI & HDFC Bank contribute most to Nifty Bank’s fall
    • Zomato gains 9% even as net loss widens; Jefferies says adjusted q1 EBITDA loss in-line with estimates
    • Siemens hits intraday record after Street cheers management commentary on order book
    • Reduction in net debt fails to push Cadila higher; stock ends down 2.2%
    • Pidilite ends at high point after consumer & bazaar volumes come in-line with estimates; Pidilite now 2.5% away from record high of Rs 2,334 
    • NSE advance-decline ratio shows significant recovery, at 1:2 vs 1:7 in early trade
  • Closing Bell: Sensex, Nifty close flat; Tata Steel surges 4%

    The S&P BSE Sensex index ended 28.73 points or 0.05 percent lower at 54,525.93, having recovered 358.73 points from the weakest level of the day. The broader NSE Nifty50 benchmark settled at 16,282.25, up 2.15 points from its previous close. Losses in auto, pharma and private sector financial shares dragged the market lower, however sharp gains in metal and select PSU banking stocks provided some support. A recovery in broader markets, especially midcap stocks, from deeper losses also supported the market sentiment. (Read more on what the market looked like at the close)

  • Banking to be a sector to  play for next 2-3 years: Motilal Oswal AMC's Aditya Khemani 

    There has been a meaningful increase in the market share of top financiers in the country, and the banking sector would be one sector to play for the next 2-3 years, Aditya Khemani, Fund Manager at Motilal Oswal AMC, told CNBC-TV18. 

    He said he is very positive on top financiers, including State Bank of India. 

    "ICICI Bank has the highest weight in our portfolio," said Khemani, adding that the valuations of ICICI Bank, Axis Bank and SBI are very comfortable. 

    There is a disconnect in how the public and private markets value businesses, he added. 

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Sensex, Nifty50 turn flat as market recovers day's losses

    The S&P Sensex index was down 13.54 points or 0.02 percent at 54,541.12 in the final 15 minutes of trade, having rebounded 373.92 points from its intraday low. The broader NSE Nifty 50 benchmark was at 16,287.75, up 7.65 points or 0.05 percent from its previous close, after sliding to as low as 16,162.55 earlier in the day. 

    Broader markets recovered much of their intraday losses. The Nifty Midcap 100 was down 0.10 percent, in a dramatic recovery after falling as much as 2.30 percent during the session. The Nifty Smallcap 100 index was down 0.70 percent, having plummeted as much as 3.14 percent in intraday trade. 

  • BSE action timely and appropriate, but unlikely to have significant impact on market: Geojit's VK Vijayakumar 

    "The market is excessively volatile, particularly in the mid and small-cap segments. There is froth in these segments and in the present context of high valuations, some triggers can cause corrections. A trigger came in the form of a BSE circular, which introduced add-on price bands on stocks with market capitalisation of less than Rs 1,000 crore and listed exclusively on the stock exchange. These stocks with low liquidity are capable of being manipulated by a group of traders. In the present exuberant state of the market, such manipulation is easy and appears to be happening," said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services. 

    "Therefore, this action from BSE is timely and appropriate from the perspective of market integrity. However, it is unlikely to impact the market significantly," he added. 

  • PNC Infratech Q1: Net profit rises 26% YoY to Rs 117.9 crore

    Infrastructure company PNC Infratech reported a 26.4 percent rise in net profit to Rs 117.9 crore for the quarter ended June 30. Its revenue increased 33.8 percent to Rs 1,462.5 crore, and EBITDA grew 26.4 percent to Rs 362.5 crore. 

    The company's EBITDA margin came in at 24.8 percent in the first quarter of the current financial year, as against 26.3 percent in the corresponding period a year ago. 

    Tax expenses rose to Rs 70.3 crore in the quarter, from Rs 31.1 crore in the year-ago period. 

    PNC Infratech shares traded 0.93 percent lower at Rs 292.55 apiece on BSE in late afternoon deals, having recovered from an intraday loss of as much as 6.87 percent suffered earlier in the day.

  • Retro tax amendment: Government likely to approach 17 companies that will get relief, say sources

    The government is likely to approach 17 companies that will get relief due to the amendments in the Income Tax Act to do away with retrospective tax demands, sources told CNBC-TV18. The government wants these companies to begin the assessment of dues and settle legacy disputes, they said. 

    The Parliament recently cleared the amendments to the Income Tax Act, 1961. Now no retro tax will be applicable for indirect tax transfer of Indian assets made before May 28, 2012.

    The government is likely to return Rs 8,100 crore of retro tax money collected so far, out of which, Rs 7,900 crore will likely be returned to Cairn Energy.

  • Siemens hits record highs after Q3 results

    Siemens standalone profit after tax (PAT) jumped to Rs 162 crore during the quarter ended June 30, 2021, on the backs of higher revenues. A year ago, the company had reported a profit of Rs 10 crore. Its revenue from operations rose to Rs 2,658 crore from Rs 1,149 crore in the year-ago period.

    After clocking multifold gains in PAT, the shares of Siemens jumped over 8 percent to trade at Rs 2,195.

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Pidilite Q1 results: Net profit at Rs 217.6 crore, below Street estimates; shares recover day's losses

    Pidilite reported a net profit of Rs 217.6 crore for the quarter ended June 30. For the corresponding period a year ago, the company had posted a net profit of Rs 15.8 crore. Its revenue more than doubled to Rs 1,936.8 crore in the June quarter, from Rs 877.8 crore in the year-ago period. 

    The company's EBITDA came in at Rs 347.5 crore and the EBITDA margin at 17.9 percent. 

    Analysts in a CNBC-TV18 poll had predicted the company to report a net profit of Rs 225 crore over revenue of Rs 1,850 crore. They had estimated the company's EBITDA at Rs 340 crore and the EBITDA margin at 18.5 percent. 

    The company's growth in the consumer and bazaar sales volume stood at 113 percent, as against the estimate of 110-120 percent by the analysts.

    The Pidilite stock recovered its intraday losses to trade in positive territory after the earnings announcement. At 2:30 pm, Pidilite shares traded 0.52 percent higher at Rs 2,233.15 apiece on BSE, outperforming the headline Sensex index, which was down 0.27 percent. 

  • JBM Auto profit at Rs 12.2 crore in June quarter vs loss of Rs 25.9 crore a year ago; shares flat

    JBM Auto posted a net profit of Rs 12.2 crore for the quarter ended June 30. For the corresponding period a year ago, the company had reported a net loss of Rs 25.9 crore. Revenue in the April-June period came in at Rs 546.8 crore, as against Rs 129.1 crore in the year-ago period. The company's EBITDA stood at Rs 56.3 crore, as against an EBITDA loss of Rs 7.9 crore for the year-ago period.

    JBM Auto shares traded down 0.06 percent at Rs 482.25 apiece in late afternoon deals on BSE, having recovered from deeper losses earlier in the day. The benchmark Sensex index was down 0.27 percent at the time, having recovered most of the day's losses in a volatile session. 

  • Cadila Health Q1 profit jumps 29% to Rs 587.2 crore, slightly below estimates; shares down 2%

    Cadila Health reported a 29.3 percent year-on-year rise in net profit to Rs 587.2 crore for the quarter ended June 30. Revenue rose 14.5 percent to Rs 4,025.4 crore. 

    The company's EBITDA rose 18 percent to Rs 933 crore, and hte EBITDA margin rose to 23.2 percent from 22.5 percent in the year-ago period.

    Analysts in a CNBC-TV18 poll had estimated the company's net profit at Rs 599.5 crore over revenue of Rs 3,901.8 crore.

    Revenue from its India formulations business grew 64 percent on a year-on-year basis, and 33 percent sequentially. Emerging markets revenue rose 17 percent YoY and 11 percent QoQ. 

    The pharmaceuticals company said its net debt position as of July 2021 was below Rs 1,000 crore following the closure of the animal health business deal. 

    Cadila Health shares traded 2.29 percent lower at Rs 564.55 apiece on BSE, having declined as much as 3.50 percent earlier in the day. The stock sharply underperformed the headline Sensex index, which was down 0.20 percent. 

  • BSE clarifies on add-on price band framework
     
    Stock exchange BSE said the Add-on Price Band Framework is applicable to exclusive securities in the X, XT, Z, ZP, ZY and Y groups. The framework will be applicable on securities with a price of Rs 10 and above if their market capitalisation is less than Rs 1,000 crore, the bourse said. 
     
    BSE had on Monday introduced the new surveillance framework to counter price volatility in mid- and small-cap stocks. It had specified weekly, monthly and quarterly limits for stocks subject to pre-specified gains over the last six months, one year, two years and three years. (Read more on BSE's clarification here)
    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Lupin says price erosion impacted US business, expects pickup from Q2    

    Lupin shares tumbled a day after the pharmaceutical major reported its earnings for the June quarter that showing weakness in its US business. Late on Wednesday, Lupin reported a net profit of Rs Rs 542.46 crore for the qurater ended June 30, as against a net profit of Rs 106.9 crore it had reported for the corresponding period a year ago. Its revenue increased 21 percent to Rs 4,270.19 crore on a year-on-year basis.

    Lupin’s North America sales came in at Rs 1,333 crore, down 10.8 percent sequentially. The US sales account for 35 percent of the company's global sales.

    Single-digit price erosion impacted Lupin's US business, which is expected to pick up from Q2, the company's management told CNBC-TV18. It also said the company sees a significant increase in the US business in the second half of the year. The price pressure is product-specific, the company said. 

    Lupin shares traded 6.11 percent lower at Rs 1,050.70 apiece on BSE, underperforming the benchmark Sensex index, which was down 0.22 percent. The stock was also the top loser in the Nifty Pharma index, which was down 1.53 percent. (Read more on Lupin shares here)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Lupin says price erosion impacted US business, expects pickup from Q2    

    Lupin shares tumbled a day after the pharmaceutical major reported its earnings for the June quarter that showing weakness in its US business. Late on Wednesday, Lupin reported a net profit of Rs Rs 542.46 crore for the qurater ended June 30, as against a net profit of Rs 106.9 crore it had reported for the corresponding period a year ago. Its revenue increased 21 percent to Rs 4,270.19 crore on a year-on-year basis.

    Lupin’s North America sales came in at Rs 1,333 crore, down 10.8 percent sequentially. The US sales account for 35 percent of the company's global sales.

    Single-digit price erosion impacted Lupin's US business, which is expected to pick up from Q2, the company's management told CNBC-TV18. It also said the company sees a significant increase in the US business in the second half of the year. The price pressure is product-specific, the company said. 

    Lupin shares traded 6.11 percent lower at Rs 1,050.70 apiece on BSE, underperforming the benchmark Sensex index, which was down 0.22 percent. The stock was also the top loser in the Nifty Pharma index, which was down 1.53 percent. (Read more on Lupin shares here)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Sapphire Foods IPO: KFC, Pizza Hut operator files draft papers with Sebi

    Sapphire Foods India Ltd, which operates KFC and Pizza Hut outlets in the country, has filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The initial share-sale will be entirely an offer-for-sale (OFS) of 17,569,941 equity shares by promoters and existing shareholders, according to the draft red herring prospectus (DRHP). (Read more on the proposed Sapphire Foods IPO here)

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
  • Tata Motors gives a sneak peak of its new electric sedan

    Follow these links to check out the carmaker's Facebook, YouTube and Instagram posts.

  • Government tempted to tinker with GST rates but need stability: Revenue Secretary 

    Revenue Secretary Tarun Bajaj said the government is tempted to tinker with GST rates, but won’t do it for the need of stability. Bajaj also said the cess on the auto sector will continue for a few more years.

    The upcoming GST Council agenda may look at bringing some items out of the exemption bracket, said Bajaj while addressing a Confederation of Indian Industry (CII) event. He also said the government's GSL collections are stable at over Rs 1 lakh crore (a month) by increasing compliance. He also said he hopes to see a better tax-to-GDP ratio this year without raising rates.

    He said the government wants to complete the privatisation of Air India and Bharat Petroleum Corporation this financial year. "Sufficient interest" has been received, he said.

    Here are highlights of what the revenue sectretary said: 

    • Government did not impose any new taxes in last Union Budget
    • The idea is to give time to the corporate sector to plan
    • Amazed at corporate sector's resilience 
    • Corporate sector is doing better 
    • See very robust tax revenues without raising rates 
    • Covid has resulted in the formalisation of the economy 
    • The formal sector has gained a lot, which is reflected in tax revenues
    • Indirect taxes like customs are being graded to provide comfort 
    • Seeing becoming a net exporter in mobile phones 
    • Don’t see much private investment happening from corporate sector 
    • Government's capex can only help so much; need corporates to step ahead
    • Cess has a negative impact on auto industry but don’t know solition to this 
    • Demerger PSU assets a new idea
    • Want to complete Air India, BPCL privatisation this financial year; got sufficient interest
    • Rs 6 lakh crore asset monetisation plan in the offing
    • CONCOR EoIs expected as soon as land lease policy finalised
    • Looking at more public-private partnership in government insurance companies
    • Expect the LIC IPO this financial year itself; it will be the biggest ever
    • Need to increase the tax base
    • Current tax buoyancy is due to lot of quiet steps taken by the department
    • Don’t want to increase tax rates for the corporate sector
    • Hope to see a better tax-GDP ratio this year without raising rates 
    • Goading states to spend more on sectors which need capital, not on freebies
  • Goldman Sachs initiates ‘buy’ rating on Radico Khaitan. Here’s why

    Goldman Sachs has initiated a ‘buy’ rating on Radico Khaitan with a target price of Rs 1,144, at 34 percent upside potential from the current levels. The brokerage has also added the stock to its conviction list.

    Radico Khaitan is a leader in the vodka business in India, with a 45 percent market and volume share. Now, it is becoming a competitor in whiskey, brandy, rum and gin as well. According to Goldman Sachs, the company is steadily improving its cash generation and is aggressively repaying its debt. (Read more on how Goldman Sachs views Radico Khaitan)

  • ICICI Bank, Kotak Mahindra Bank, HDFC twins top drags for Nifty50

    Gains in Reliance Industries, Tata Steel, JSw Steel and Hindalco, among others, arrested the fall in the 50-scrip benchmark index. 

    Stock Market LIVE Updates: Sensex ends marginally lower, recovers most of day's losses; midcaps bounce back
Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 recovered most of the day's losses to end marginally lower on Wednesday, having seesawed between gains and losses in a volatile session. Losses in financial, auto and pharma shares outweighed sharp gains in metal stocks in a session that saw broader markets recover much of their losses in the second half. NSE's India VIX index -- which gauges the expectation of volatility in the near term -- ended 0.05 percent higher at 12.71, having surged as much as 4.88 percent during the session.