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Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run

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Stock Market Highlights: Indian equity benchmarks snapped a two-day winning streak on Friday, dragged by losses across most sectors, especially financial, oil & gas and consumer shares. Weakness in the HDFC twins, Reliance Industries, Kotak Mahindra Bank and Infosys were the biggest drags on both indices. Broader markets were mixed, with the smallcap index ending 0.8 percent higher. The Midcap 100 gauge ended flat. 

Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
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  • Market This Week | Sensex, Nifty50 snap 2-week losing streak, led by IT, Bajaj twins

    Here are some highlights: 

    --Sensex, Nifty gain 1%; Nifty Bank up 0.5%

    --Nifty Midcap index up 1%; IT top gaining index

    --Pharma top losing index; Cipla, Divi’s, DRL top losers

    --IndusInd, TCS, HCL Tech, Bajaj Finserv, Tata Motors top Nifty gainers

    --Vodafone Idea, Persistent, Navin Fluorine, Chambal Fertilisers top midcap gainers

    --Glenmark, Delta, Vedanta, Apollo Hospitals top midcap losers

  • Rupee edges lower to close at 75.16 against US dollar

    The rupee ended at 75.16 against the greenback on Friday, as against its previous close of 75.

    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • Greater possibility of Nifty hitting 16,500 if it breaks below 16,780: Kotak Securities' Amol Athawale   

    Amol Athawale, Deputy Vice President-Technical Research at Kotak Securities, said the Nifty is forming a series of lower tops and lower bottoms on the daily chart. "In case it breaks 16,780, it would have major implications, and the possibility of the index hitting 16,500 would increase. The Bank Nifty has maintained a lower top formation, which is largely negative. Now, 35,500 or its 200-day simple moving average would be the key support level. The texture of the chart suggests the strong possibility of a quick pullback rally if it succeeds in trading above 35,500," he said. 

  • Market At Close | Unlock theme stocks Indian Hotels, PVR rise on Omicron 

    Here are some highlights:

    --Nifty Bank slips 311 points to 36,197; midcap index rises 3 points to 30,293

    --Reliance, Kotak Bank, HDFC, Infosys, HDFC bank drag Nifty

    --Brent surges 3%; oil & gas stocks top Nifty gainers in Friday’s session

    --Metal names fail to hold on gains as reports suggest price cut

    --DoT releases bank guarantees; Vodafone Idea shares rise 13%

    --Bharti Airtel down 2% despite bank guarantee release

    --Market breadth favours bulls; advance-decline ratio at 5:4

  • DMart could easily reach 1.7 times its size in 3-5 years: Elixir Equities' Dipan Mehta

    Dipan Mehta, Director at Elixir Equities, believes that DMart was the first really expensive stock, but has emerged as a company where one would see secular earnings growth. "It's a well-managed company... We are seeing that it is benefiting from the entire trend which is moving from unorganised to organised sector, and consistently we are seeing in earnings growth. So what you have to really compromise on is the price to earnings multiple which consistently remains high," he said. 

    "One can keep on arguing about its PE multiple and now there are many other companies which joined that particular argument right from Nykaa to Zomato, Paytm and PolicyBazaar... If you have a slightly longer-term view, of 3-5 years, this company could be easily 1.7 times its present size, and then maybe their PE multiple will not look that demanding. Even 2-3 years down the line, the market will ascribe a higher PE multiple. At corrections, you should look at getting into this company. Clearly, there is a retail revolution underway and this company will consistently grow as and when we see more and more shifting from unorganised to organised," he added.

  • Market At Close | Sensex tanks 1,061 points from day's high

    The 30-scrip index plunged 1,060.6 points from its intraday high to settle at 57,696.5 for the day. The Nifty50 settled at 17,196.7, down 205 points or 1.2 percent for the day, having touched 17,489.8 at the strongest levels during the session. 

  • Bearish signal as Nifty failed to keep above 17,400-17,500: Manish Hathiramani

    Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty50 failed to keep above the 17,400-17,500 zone in a bearish signal. "We are resisting at higher levels and therefore the upside is definitely capped in that region. Unless we do get past the patch of 17,400-17,500 on a closing basis, we won't really see a meaningful upside rally. If the index was to break 17,100 next week, it would be a matter of concern as there is every possibility that we will re-enter the current bear trend," he said. 

  • Closing Bell | Sensex tanks 765 points to 57,697, Nifty50 below 17,200

    The 30-scrip index ended 764.8 points or 1.3 percent lower at 57,696.5 and the broader Nifty50 benchmark settked at 17,196.7, down 205 points or 1.2 percent from its previous close. 

  • SPARC in licensing agreement with Biomodifying; shares jump 

    Sun Pharma Advanced Research shares recovered their intraday losses after the announcement. The stock was last seen up 2.4 percent at Rs 254.4 apiece on BSE minutes before the close.

    Sun Pharma Advanced Research Company said in a regulatory filing that it had entered into an agreement with Biomodifying LLC to exclusively license Biomodifying’s intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for cancer. 

    Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales. In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP, it added.

  • Market Watch: Mithun Aswath, Managing Partner at Kivah Advisors

    On IT sector

    “IT services stocks are trading at 50-100 percent premium of their long term earnings ratios. The visibility for the next 2-3 years is quite solid in IT services but if there is some disappointment in margins or on the revenue front, there can be a correction even in the IT sector. Would one be a buyer in that dip? Certainly yes, because the whole digitisation and tech spending story are here to stay.”

    On Expleo Solutions

    “We continue to hold Expleo Solutions. The stock has been quite well over the last 6 months and has doubled. Even from here, the story is just about to start. Their unlisted subsidiary which the parent holds is getting merged with the listed entity. The unlisted company is in the engineering space while the listed company is more in the financial services space. So once the merger goes through the company’s size and scale will change and the market will then recognise it better. So we think the listed company still deserves an upside from current levels.”

  • Market Watch: Parthiv Shah, Tracom Stock Brokers

    IEX

    I think it is a better idea to switch this counter into a play like something like a CDSL or CAMS. They are also kind of similar proxy and great business model, free cash flow generating and having very high ROEs. So we believe that at current levels and current valuations it will be more prudent to switch IEX into either CDSL or CAMS.
     

    MRF
     

    After the recent massive correction MRF, we are quite upbeat at these current valuations. This is one unique tyre company, which normally does margins of anywhere between 24 to 26 percent. They have a very high market share in the replacement tyre segment, which is also a high margin segment. We know for the fact unfortunately, we were in unprecedented times in terms of lot of raw material fluctuations and MRF does tend to get a lot of its raw materials from crude derivatives, which have fluctuated immensely and becomes difficult even for the best of the best OEM players or the branded players to kind of easily pass on and that's why probably since the last two quarters, we are seeing a lot of gross margin level compression in players like MRF and that is the reason why the stock has corrected. But our senses I think it is a great franchisee great company. We are even expecting going ahead, the auto sales to also pick up which should help players like MRF and also the replacement tyre segment. I think they are also we are expecting better volume numbers. MRF is one of the cost leaders in its category. So rather, I would say at such levels, I mean no harm in even adding reducing your costs but give it some time probably say six months to one year, we do expect that psychological mark to get breached and it is a great company to hold on to.

  • Market Watch: Aditya Agarwala of YES Securities

    Adani Power, IEX, IRCTC

    Hold on to all three stocks. IRCTC is one that is actually the most volatile at the moment. We all know that there have been news flows around the stock which has led to this volatility. My sense is you should probably put a stop loss closer at about Rs 730-720 on the downside that is the immediate support zone for IRCTC. If that is broken, then there can be a case for a deeper connection that may be below Rs 650 levels as well. So at the moment, IRCTC is still a hold.
    IEX stock has definitely bounced back sharply in trade today. Now if it sustains beyond Rs 280 odd levels, my senses is stock is good to go to levels of Rs 300-315 on the upside. So continue to hold on to IEX there was an interim correction and post bonus I guess stock is on its way up again, he can continue to hold on to it.
    Talking of Adani Power, again, my stock is entered into a sideways consolidation with very good support at Rs 90 odd levels. So probably you should keep a stop loss at 90 that happens to be a moving average support and trend line as well. Once 90 is broken, maybe he should look to exit then there can be a case of a deeper correction. On the upside if Rs 90 levels continue to hold stock can test levels of Rs 110-120. So at the moment, so hold on to all three, but be very careful on IRCTC. Rest two seems okay on charts.

  • SPARC

    - In licensing agreement with biomodifying for exclusive licence of biomodifying’s patents.

    - To get excl licence of biomodifying’s antibodies developed for multiple uses including for Cancer.

  • Tega Industries IPO day 3: Issue subscribed 117 times, NIIs book 405 times

    The initial public offering of Tega Industries has been subscribed 117 times on December 3, the second day of bidding. The offer has received bids for 112 crore equity shares against the IPO size of 95 lakh equity shares. Retail investors subscribed 25 times to the IPO, and non-institutional subscribers put in bids 405 times against their reserved portion. Qualified institutional buyers subscribed 62 times their reserved portion.

  • Market slips to day's low

    The BSE Sensex tanked 725.43 points, or 1.24 percent, to 57,735.86 while the Nifty slipped 194.60 points, down 1.12 percent, to 17,207.05.

  • Mukesh Ambani bullish on blockchain technology, says it is vital for equitable society
    RIL Chairman and Managing Director Mukesh Ambani, in an interview at the Infinity Forum, has said that he believes in blockchain technology as it can deliver unprecedented security, trust, automation…
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • Marcellus' Saurabh Mukherjea: Right time to invest in Bajaj Finance, HDFC Bank, Kotak Bank
    Saurabh Mukherjea, Founder of Marcellus Investment Managers, believes it is a good time to invest in well-run financial companies now, instead of more speculative spaces such as realty, travel,…
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • System sales higher by 50% over pre-COVID levels: Sapphire Foods
    The recently listed Sapphire Foods and the company that operates Pizza Hut, KFC and Taco Bell in parts of India, Sri Lanka and the Maldives has opened its 500th store in the region. The company says…
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • Market Watch | Buy Colgate, Cadila Health and Amara Raja, says Hemen Kapadia of KRChoksey Securities

    Here are trading calls from Kapadia:

    Buy Colgate Palmolive with a target of Rs 1,490 and a stop loss at Rs 1,430

    Buy Cadila Healthcare with a target of Rs 484 and a stop loss at Rs 454

    Buy Amara Raja Batteries with a target of Rs 654 and a stop loss at Rs 618

  • Crypto market likely to remain range-bound: Edul Patel of Mudrex

    "The total cryptocurrency market cap hovered around the $2.6 trillion mark with most of the top cryptos remaining range-bound over the past 24 hours,” said Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.

    “Cardano and Luna remained the best performers among the top 10 cryptos. Over the coming couple of days, we can expect the market to remain range-bound," he added.

  • Mumbai GST zone detects Rs 265 crore tax evasion by JSW Steel; co repays Rs 262 crore
    GST authorities claims that JSW Steel had wrongly availed input tax credit of compensation cess on coking coal used for captive consumption.
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • Hero Motocorp expands operations in Argentina

    Motorcycle and scooter manufacturer, Hero MotoCorp, along with Gilera Motors Argentina has expanded operations and inaugurated a flagship dealership in Argentina.

    Gilera Motors Argentina will make new investments to rapidly expand all business operations for Hero MotoCorp’s world-class products, Hero MotoCorp said in an exchange filing.

  • Here's what Reliance Industries' Mukesh Ambani says:

    (Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.)

  • Zee-Sony deal likely by Christmas: Reports
    Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures India are set to sign a binding merger agreement before Christmas within the pre-agreed 90 day time period, as per reports.
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • L&T and Kemroc ink pact to distribute latter's cutting-edge products in India

    Larsen and Toubro and Kemroc, a global manufacturer of attachments for excavators and backhoe loaders, have entered into a distribution agreement that will facilitate Kemroc products to be distributed and promoted in the Indian market by L&T.

    This strategic partnership will enable L&T to expand its product offerings and provide comprehensive solutions to customers in the construction industry in India, the company said.

    L&T shares were up 1 percent on BSE.

  • Dilip Buildcon gets completion certificate for Andhra Pradesh Project

    The company has received completion certificate for the Andhra Pradesh Project.

    “The Provisional Completion Certificate has been issued by the authority and had declared the project fit for entry into commercial operation as on November 08, 2021,” Dilip Buildcon said in a press release.

  • Mukesh Ambani says everything going digital at exponential pace, transacting online just the beginning     

    Reliance Industries Chairman Mukesh Ambani said that everything is going digital at an exponential pace. Transacting online is just the beginning, he said. 

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

  • Mukesh Ambani says India has built world class digital infra

    Reliance Industries Chairman Mukesh Ambani said that India has build world class digital infrastructure. "We are on the verge of building a digital society," he said.

    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 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
  • CLSA downgrades Maruti to 'sell', says lack of launches in SUV segment hurting market share
    The big fear in the market is that Maruti is unable to compete with its peers in the high-growth SUV space and is losing market share in that segment. Lack of launches is hurting their market share.
    Stock Market Highlights: Sensex ends 765 points lower, Nifty below 17,200 as market snaps 2-day winning run
Stock Market Highlights
: Indian equity benchmarks snapped a two-day winning streak on Friday, dragged by losses across most sectors, especially financial, oil & gas and consumer shares. Weakness in the HDFC twins, Reliance Industries, Kotak Mahindra Bank and Infosys were the biggest drags on both indices. Broader markets were mixed, with the smallcap index ending 0.8 percent higher. The Midcap 100 gauge ended flat.
Note To Readers

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