0

0

0

0

0

0

0

0

0

Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%

Mini

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Monday, extending losses to the fourth trading session in a row. A sell-off across sectors, led by financial, IT and oil & gas shares, pulled the headline indices lower. Broader markets also tumbled, with both the midcap and smallcap indices falling around three percent.

Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on November 22. Stay tuned for other updates on our website: CNBCTV18.com.

    You can follow us on Twitter: @CNBCTV18Live @CNBCTV18News

    And on FacebookLinkedInInstagram and Telegram

    Download our mobile app for Android and iOS platforms

  • Expect market to consolidate for a while: Hem Securities' Mohit Nigam

    Mohit Nigam, Head-PMS at Hem Securities, said Dalal Street has been in uptrend for over 18 months. "A mere six percent correction from all-time high is a healthy movement as the market needs to, time and again, balance the expensive valuations and bullish sentiments," he said. 

    Currently, the Nifty50 is trading around a PE of 24, a 12-month low, he said. "The fall in PE has been higher than index correction on back of expansion of EPS. Thus, it could be said that the market seems to be getting ready for a healthy upmove ahead. However, the current correction might continue a little further if the sell-off extends. The market is expected to consolidate for a while at these levels as it awaits fresh triggers for an upmove," he added.

  • A break below 17,170 can take Nifty50 to 17,000-16,800 levels: Choice Broking's Sachin Gupta

    "The Nifty has formed a bearish candle at the top with divergence seen in RSI, which was suggesting that profit booking at higher levels can be seen, and the index corrected almost 6.5 percent. It has given a breakdown of the neckline of a head and shoulder pattern, which is a reversal pattern, suggesting downside movement in the coming sessions. The index has closed below its 21- and 50-day moving averages, and the Stochastic and MACD indicators are trading with a negative crossover, which points to weakness for the coming sessions," said Sachin Gupta, AVP-Research at Choice Broking.

    "Additionally, the index has given a breakdown below the lower Bollinger band, which suggests a southward journey in the counter. The index has support at 17,170 levels, a break below which can lead to 17,000-16,800 levels, and resistance at 18,000," he said.

  • Consolidation to continue, valuations rich, global cues causing volatility: Motilal Oswal Financial Services' Siddhartha Khemka

    Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services, believes the overall consolidation in the market is likely to continue as valuations are rich and global cues continuing to cause volatility. Inflation concerns have dominated headlines and the Fed is starting the tapering programme soon. Investors would also be eyeing the COVID situation in Europe and its impact on economic activity. In the near term, the market may remain under pressure until fresh positive triggers appear and stock-specific action likely to continue," he said.

    "The markets will take direction from macroeconomic data that is expected to be released during the week. The US and the eurozone will release manufacturing and service data on Tuesday. Further data from the US, including minutes of the Fed's last policy meeting, GDP and initial jobless claims, will be released on Wednesday ahead of Thursday’s Thanksgiving holiday," he added.

  • Hemang Jani expects significant upside in Bharti Airtel shares

    Hemang Jani of Motilal Oswal Financial Services believes there is a significant upside in Bharti Airtel both from short- as well as long-term investment perspectives. "After almost eight quarters, we are seeing price hike of 20 percent and almost about 85 percent of the customers are prepaid. This would be one of the companies which would give you a five percent kind of free cash flow after adjusting for the capex, and accounting standards and other stuff. So I think it is extremely positive news for Bharti Airtel," he said. 

    Jani also said: "Unfortunately, it has come at a time when the market sentiment is a bit weak. But given the overall ownership pattern of the telecom and Bharti Airtel in particular, we think that there is going to be a significant upgrades."

  • Constructive on Bharti Airtel over medium to long term, will gradually accumulate: Gurmeet Chadha 

    Gurmeet Chadha Co-Founder and CEO of Complete Circle Consultants, believes the key trigger for the Bharti Airtel stock was when in August the company did a rights issue. "The stock was at around Rs 500, and we saw a sharp upmove there. Also the capital allocation policy where (Sunil Bharti) Mittal himself highlighted that they would not be putting the funds to use either for Indus or OneWeb. And then identifying the non-core monetisable assets and the core assets, and also stating the medium- and long-term goal of Rs 200-300 in ARPU," he said. 

    Chadha also said he is more of an SIP stock investor, so will gradually accumulate on the stock. He is constructive on Bharti Airtel over the medium to long term. "The hike in prepaid tariffs announced by Bharti Airtel, and assuming it is followed up by Jio and Vodafone Idea, would add about Rs 8,000-9,000 crore to the EBITDA. Also if you see Airtel’s business, Rs 28,000 crore they did last quarter. The India mobility is about Rs 15,000 crore, Africa about Rs 8,500 crore, the Airtel business, which is around Rs 4,000 crore, is also doing very well. They are doing the tie-up on the local cable operators (LCOs) and advancing the reach to different cities; Airtel Home seems to be doing well," he said. 

    There has been a long period of underperformance relatively as far as Bharti Airtel is concerned, and the enhanced ARPU will give the company a lot of elbow room for the spectrum and the 5G rollout, he said. "There is still a large customer base in India, which is still 2G and still on feature phones," Chadha added.

  • Playing for domestic theme: Max Life Insurance's Mihir Vora

    "We are playing for the doemstic theme," said Mihir Vora, Director and Chief Investment Officer at Max Life Insurance. "We see two levers: one is domestic consumption has to come back with the economy gradually coming back on track. Also, government spending in infrastructure and related spaces continues to be robust. So government spending, the consumption demand coming back and private sector capex coming back because of the actions that we are seeing in the interest rates going low plus we are also seeing good amount of interest in real estate etc., volumes are picking up, it is gradually opening up and recovery of the local economy is what we are playing for... The cyclicals in global commodities are something that we are avoiding at this point in time," he said. 

  • Sensex, Nifty in free fall; here’s what is fuelling the market crash

    Equity benchmark indices Sensex and Nifty have been falling for four days in a row. Today’s sell-off was particularly severe, as the sustained downtrend appears to have led to a vicious cycle with falling prices prompting more investors to sell out in panic. The Sensex closed at 58,465.9, down 1,170.1 points or two percent over its previous close, after hitting a low of 58,011.9 intra-day. It has now fallen 2,252.8 points over the last four sessions. The Nifty tumbled 348.3 points or two percent to close at 17,416.6. It has shed 692.9 points over the last four sessions. 

    After a near one-sided rally over the last 18 months, Indian equities have become expensive. According to top foreign brokerages, the Sensex and Nifty are trading anywhere between 25 and 30 percent one-year forward earnings, which is far ahead of their historic valuations. The estimates for forward earnings vary across brokers, depending on the sectors they include or exclude. (Here's what else is hurting headline indices now)

  • Market At Close | Sensex, Nifty suffer biggest fall in 7 months

    Here are some highlights: 

    --Market falls for 4th straight session, records biggest fall in 7 months 

    --42 of 50 Nifty stocks close in the red; Bajaj Twins, ONGC, RIL, Tata Motors top losers

    --BSE companies erase market cap of nearly Rs 8 lakh crore 

    --All Nifty Bank constituents in the red; HDFC Bank, Kotak Mahindra Bank, SBI top losers

    --Nifty Bank slips 848 points to 37,129; midcap index drops 940 points to 30,332

    --Telecom stocks rise after Bharti Airtel's 20-25% tariff hike announcement

    --Vedanta gains with major volumes, up 7%

    --Most midcap stocks fall; Deepak Nitrite, Info Edge, Dixon, Alkem top losers

    --ONGC, Oil India fall; Asian Paints rises as crude hits 6-week low

    --Except telecom, all sectors drag market; financial, oil & gas spaces top losers

    --Paytm falls 12 percent, down nearly 40% from issue price

    --Market breadth firmly in favour of bears; advance-decline ratio at 1:6

  • Market At Close | Bharti Airtel, JSW Steel, Asian Paints top gainers

    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Closing Bell | Sensex falls 1,170 points, Nifty50 slides below 17,450

    The 30-scrip index fell 1,170.1 points to end at 58,465.9 and the broader Nifty50 benchmark settled at 17,416.6, down 348.3 points from its previous close. (Read more on the closing bell)

  • Long-term story of India intact, investors with 10-year horizon need not worry: Equitymaster's Rahul Shah

    Rahul Shah, Co-Head of Research at Equitymaster, believes investors with a time horizon of 10 years don't need to worry as the long-term story of India remains intact. But if it is 2-3 years, it may be a good idea to either partially or fully exit your most profitable investments, and take some money off the table. 

    "High growth expectations have been built into stock valuations for quite some time now. And if these expectations don't materialise soon enough, we may see further downward pressure on prices. From a valuations perspective, the broader market is already quite expensive. The only thing holding it up was hopes of a quick recovery in corporate earnings. Any delay there or any bad news on that front and there could be more downside in the offing," he said. 

  • 10% correction in Nifty50 from peak levels cannot be ruled out; eye on banks, auto OEMs: Elixir Equities
    Nifty50 tumbled as low as 17,483.40 today in the morning session, off as much as 1,121.05 points from its all-time high of 18,604. The 30-scrip Sensex tanked as low as 58,609.80, off 3,635.63 points…
    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Jesons Industries files IPO papers with Sebi; aims to raise Rs 900 crore
    Jesons Industries may consider the private placement of equity shares aggregating up to Rs 24 crore. If such pre-IPO placement is completed, the fresh issue size will be reduced.
    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Market was due for a correction; positive on real estate: Jefferies
    According to Mahesh Nandurkar, India Strategist at Jefferies, the correction in the market is unlikely to be a long-lasting one as the strong economic outlook and the corporate earnings growth will…
    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Is the current sell-off just regular profit-taking? Check out the video to know more

  • Amit Gupta's take on correction in the stock market:

    With the recent correction, markets have entered into consolidation phase where stock-specific volatility can be utilized to form the equity portfolios, said Amit Gupta, Fund Manager – PMS, ICICI Securities.

    “The stretched valuation segments are witnessing profit booking and money is flowing into value segments where earnings have started to grow after several earnings of stagnation,” he said.

    Commodity prices in the international markets have started to cool off with HR Steel prices in China having corrected by 18 percent, Aluminum by 17 percent and Iron ore prices by 64 percent due to sluggish real estate demand in China, and thus lower Chinese imports, Gupta said.

    He added that this should help to recover the margin pressure in some commodity user companies in India like Consumer stocks, etc.

  • NSE India VIX soars over 16% as bears tighten grip; experts suggest IT havens
    Amid a weak trend in global markets and persistent foreign fund outflows and heavyweights like Reliance and Bajaj Finance tracking losses, Sensex is down over 3,000 points from its most recent high of…
    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Reports said that Fitch has affirmed Canara Bank's Rating at 'BBB‐' with a ‘negative’ outlook. The lender’s stock was down nearly 5 percent on the BSE.

    The ratings agency also reportedly affirmed Bank of Baroda’s rating at 'BBB‐' with a ‘negative’ outlook. Bank of Baroda’s shares fell nearly 6 percent.

  • Nifty Realty falls the most among NSE sectoral indices and Nifty PSU Bank is the second-biggest loser.

    Stock Market Highlights: Sensex ends 1,170 points lower, Nifty50 cracks below 17,450; Bharti Airtel rises 4%
  • Nifty Bank down nearly 3%

  • Buy Finolex Cables, GIC: Jay Thakkar 

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

    --Buy Finolex Cables for a target of Rs 700-750 with a stop loss at Rs 530 

    --Buy General Insurance Corporation for a target of Rs 160 with a stop loss at Rs 130 

  • Sleepy Owl raises $6.5 mn funding from Rukam Capital, DSG Consumer Partners, others

    Sleepy Owl on Monday said it has raised USD 6.5 million (about Rs 48.3 crore) in funding, led by existing investor Rukam Capital. The series A funding raised by the Delhi-based direct to consumer (D2C) company, which operates in the ready-to-drink coffee space, also saw participation by existing investor DSG Consumer Partners and others, a statement said.

  • Fitch affirms Bank Of Baroda at 'BBB‐', Outlook Negative

  • Market Watch: Bhavin Shah, Founder and Portfolio Manager at Sameeksha Capital

    On ICICI Bank

    We continue to find that some of the traditional financial names, some of the top private sector banks continue to look reasonably valued to us. With a lot of excitement in many other sectors, this was a little overlooked and so I would say that there is some value there. We have talked about ICICI Bank, a lot of people talk about fintech and chase some of these fintech names which haven’t told us how they are going to make money whereas ICICI Bank is as much about technology as any of these fintech plays are. They are leading the charge among all the Indian banks in terms of technology. They have demonstrated a very good credit culture. So we have been buying the stock in this correction.

    On Paytm
     

    One has to first understand the articulation from the company about how they cannot make money if not today in three years, what is the profitability model for this business. Until that is done, it is like one has no idea what we are buying. It is not as if a lot of things they are doing are very unique or one has seen a clear comparative advantage in any of their activities that they have demonstrated. So I would say that stay away till one has clarity on what this business is about in terms of earnings and cash flows.
     

    On Zomato
     

    Though the stock has done very well post the IPO, our view has been that it is very overvalued. Even though the business proposition seems – a lot of people are excited about the fact that it is a duopoly structure that is taking place in food delivery but that is a fair point and that gives them a certain sustainable advantage but there also how it can be profitable, at what point and how much of that one should pay for is a real question. So that’s why we are clearly not interested in looking at Zomato at this price, it is far away from where one would feel comfortable, that price is much lower than what it is today.

  • Only aggressive investors should stay invested in Paytm, other fintech companies available at reasonable valuations: Swastika Investmart's Santosh Meena

    Santosh Meena, Head of Research at Swastika Investmart, said Paytm is continuing its southward journey after listing on the back of liquidation by retail investors, who were betting for a listing gain however there is a lock-in period of 30 days for anchor investors. "If we talk about the future outlook then it is still erratic because the market is not clear about its core business and timing of profitability," he said. 

    "We know that the digital economy is witnessing exponential growth across the globe, where India is in a leading position. The startup ecosystem is changing in India and many people think that India has the potential to produce big tech companies like what the US and China did in the past, therefore there is a frenzy for new-age businesses' IPOs in India and most of the promoters want to cash out this euphoria with unrealistic valuations but in reality, only one or two companies will survive and create wealth for investors while others will be wealth destroyers," he said.

    "Paytm comes out with exorbitant valuations where it was asking a market cap of Rs 1.4 lakh crore against revenue of Rs 3,000 crore. While Bajaj Finserv, which is an already listed fintech company with a proven track record of continuous profit and growth, is trading at a market cap of Rs 2.9 lakh crore against revenue of Rs 63,000 crore," said Meena. 

    "Paytm disrupted the payment industry post-demonetisation but got disrupted by UPI. The biggest strength for Paytm is its massive customer base along with strong brand positioning however there is no clear moat with low entry barrier businesses. The market will watch how Paytm will use its strengths to enter into new businesses or create a moat, and if it manages to emerge a leader in a particular business, we can expect buying interest from lower levels. Otherwise, it may take many years to reach its peak valuations... I still have the same view that only very aggressive investors should stay invested in the company while others should look at exit opportunities at any pullback. There is no apple to apple comparison for Paytm but there are better-listed fintech companies that are available with reasonable valuations with a certainty of growth," he added.

  • Recommend buying on dips; positive on India, neutral on Asia: Standard Chartered Wealth

    Steve Brice, Chief Information Officer at Standard Chartered Wealth Management, believes it is a buying on dips environment in the market as we approach year-end. Brice mentioned that normally this is the strongest period for global equities, however, the unprecedented times that have continued over the last two years have cast a shadow but Brice is hopeful that the market will be seeing volatility pick-up. He further mentioned that while he is neutral on Asia, he is positive on India.

  • Bear move has potential for quick slide to 16,000: Geojit Financial Services' Anand James 

    A head and shoulder topping pattern gives credence and momentum to the ongoing bear move, which has the potential for a quick slide to 16,000, Anand James, Chief Market Strategist at Geojit Financial Services, told CNBCTV18.com. "The Nifty50 being one month and 1,000 points away from the record peak, we are rooting for the bulls to regroup in the 17,350-17,166 band, and attempt a recovery rally," he said. 

  • Go Fashion IPO subscribed 15 times so far on final day

    Go Fashion India's initial public offer (IPO) was subscribed nearly 15 times so far on Monday, the third and final day of the bidding process. The Chennai-based women's bottom-wear company's IPO, which opened for bidding on Wednesday, November 17, will close later on Monday.

    By 12:27 pm, the Go Fashion IPO received bids for a total of 12.1 crore shares as against the 80.8 lakh shares on offer, a subscription of almost 15 times.

  • Paytm IPO pricing 'absolutely off': BharatPe CEO

    Ashneer Grover, Co-Founder and CEO of BharatPe, told CNBC-TV18 it was sad to see recent developments with the Paytm IPO. The steep fall has a wider implication on the sector, he said. 

    Grover also said the pricing of the Paytm IPO "was absolutely off as it has been losing market share". (Read more on what the BharatPe CEO said on Paytm)

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 suffered sharp losses on Monday, extending losses to the fourth trading session in a row. A sell-off across sectors, led by financial, IT and oil & gas shares, pulled the headline indices lower. Broader markets also tumbled, with both the midcap and smallcap indices falling around three percent.