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Stock Market Highlights: Sensex ends 157 points higher, Nifty reclaims 17,500; ITC up 5%, L&T 3%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 finished a choppy session higher on Thursday, managing to extend gains to the third day in a row. Gains in auto, metal and fast moving consumer goods stocks were offset by losses in financial shares. Broader markets also strengthened, with the Nifty Midcap 100 finishing 0.6 percent higher, and its smallcap counterpart rising 1.2 percent.

Stock Market Highlights: Sensex ends 157 points higher, Nifty reclaims 17,500; ITC up 5%, L&T 3%
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  • Remain positive on Vodafone Idea, target price Rs 18: Ambareesh Baliga

    Independent market expert Ambareesh Baliga remains positive on Vodafone Idea. "I have been giving a buy call on Vodafone Idea for the last two to two-and-a-half years. First I said that surely Vodafone Idea will not shut down, because India or the government cannot afford to have only two telecom companies. And they cannot afford to shut down Vodafone. So there will be something to ensure that Vodafone survives. And that happened. We saw that initial move and after that, one needs to see whether the operations are sustainable or not. And now with this hike in the subsequent tariffs, I think that is clearly shown the way that Vodafone idea will have a sustainable model going ahead," he said. 

    "With that confirmation, we have seen the next move from that Rs 9-10; I think it can go to about Rs 18. But beyond that, I think it will be a bit difficult. So that's the reason I have given a target of about Rs 18 for this stock, because beyond that, investors will wait to see the performance in black and white, which is still some time away. At the same time, a lot of people are stuck when the stock came down from those higher levels. So at every level, you see a decent amount of selling, so my target is Rs 18 and I will participate in this stock till then," he added.

  • Market At Close | Financials underperform; HDFC Bank, SBI top losers

    Here are some highlights: 

    --Nifty Bank slips 202 points to 37,082; midcap index rises 186 points to 30,955

    --ITC top Nifty gainer after analyst meet announcement

    --Vodafone Idea surges 15% on reports of company raising fund for bondholder payment

    --Zee continues to gain, up 4% to 52-week high

    --Can Fin, Vedanta to consider interim dividend; stocks rise 2-3% 

    --Whirlpool rises 3% after Wednesday’s 6% fall; Motilal Oswal has ‘buy’ call

    --Macquarie says caps on credit-card MDRs will be negative for sbi card; stock down 6%

    --Biocon falls 3%; sources say company in talks with Mylan to merge biosimilar business

  • Exide most underrated auto ancillary company: Ambareesh Baliga

    Independent market expert Ambareesh Baliga believes Exide is the most underrated auto ancillary company. "It's a leader in that space. There's a large OEM as well as replacement market where the margins are higher. And the recent deal with HDFC Life actually has created a huge cash surplus or cash reserve for them. Although it's in the equity of HDFC Life, and that is quite liquid. I assume that that will be used for the expansion into the lithium ion batteries plant and that's a decent amount; it's about Rs 6,500-7,000 crore. It's a debt-free company," he said. 

    "There's also a PLI scheme for lithium ions. I think there's a major misconception in the market that the lead acid batteries, where they are leaders, will actually go to the market because of EVs. But I think it's important to note that the tipping point for EVs against the internal combustion engines would be sometime in 2027 or 2028, which is still an some time away. We will continue to see large number of IC engines car on the roads, at least till about 2035 or 2040, which is close about 18-20 years from now. And at the same time, there are a lot of other applications which will continue using the lead acid batteries because lead acid batteries are much cheaper than lithium ion ones," he added. 

    "You have telecom, you have electricity backup, railways, commercial vehicles and also the replacement market for the passenger vehicles – they will be there for the next 15 years... I think by then, Exide also would be a very large player in the in the lithium ion battery market. And the market cap is about Rs 14,000 crore and sitting on Rs 7,000 crore of cash. So expecting an EPS of about Rs 12 for FY23. So I'm having a price target of about Rs 240 for the next 6-8 months. But then if you're talking of longer term, I think it's a multi bagger," Baliga said.

  • Fairly optimistic on commodities, commodity manufacturing, textiles, engineering, automotive chain: Kenneth Andrade 

    Kenneth Andrade, Founder and CEO of Old Bridge Cap Management, said: "We are fairly optimistic on commodities, commodity manufacturing, textiles, engineering, and the entire automotive chain."

    He believes these sectors should be the dominant theme for the remainer of this decade.

  • Market At Close | Sensex, Nifty gain for 3rd day; Reliance, ITC, L&T top movers

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

  • Closing Bell | Sensex up 157 points, Nifty reclaims 17,500 

    The 30-scrip index ended 157.5 points or 0.3 percent higher at 58,807.1 and the broader Nifty50 settled at 17,516.9, up 47.1 points or 0.3 percent from its previous close. Both gauges closed higher for a third straight day.

    Gains in auto, metal and fast moving consumer goods stocks were offset by losses in financial shares. (Read more on the closing bell)

  • NSE IT index down 0.5 percent dragged by the Mindtree, HCL Technologies, L&T Infotech

  • Bank of Maharashtra, NPCI partner to launch Contactless Credit Card on RuPay Platform

    Bank of Maharashtra (BoM) on December 9 announced that partnered with the National Payments Corporation of India (NPCI) to launch its first credit card on the homegrown card payment network, RuPay.

  • Paytm Payments Bank receives 'scheduled bank' status from RBI
     
     
    India’s homegrown Paytm Payments Bank Limited on Thursday said that it has been included in the 'Second Schedule to the Reserve Bank of India Act, 1934'. Being a scheduled payments bank, Paytm Payments Bank can now explore new business opportunities.
     
  • Done with price hikes for now; expect growth in double digits: Asian Paints

    Asian Paints is done with price hikes, for now, Abhijit Roy, MD & CEO, told CNBC-TV18. He further said that the company expects good profitability in Q4 of FY22. According to him, there is good growth in the re-painting segment. On crude, he said that the prices do impact the paint industry but not as much as it is believed. However, there is a strong influence of crude on certain key inputs, said Roy.

  • Paytm slips 2%; RBI's proposal to release discussion paper on digital payment charges hits sentiment

    Shares of One 97 Communications, Paytm's parent, fell as much as two percent on Thursday after the Reserve Bank of India's (RBI) announcement to release a discussion paper on digital payment charges is seen weighing on Paytm.

  • Star Health Insurance to list on exchanges tomorrow, December 10

  • Market Watch | Buy Adani, Dhampur Sugar: Himanshu Gupta, Globe Capital

    - Buy Adani Enterprises with a stop loss of Rs 1,715 and a target of Rs 1,775.

    - Buy Dhampur Sugar with a stop loss of Rs 295 and a target of Rs 320-325.

  • Exclusive: Biocon in talks with Mylan to merge biosimilar businesses; IPO likely post merge

    A large deal is brewing in the pharmaceutical sector. CNBC-TV18 has learnt that Biocon is engaged in talks with Mylan Laboratories for a merger of Biocon Biologics with Mylan’s biosimilar business. Should this large transaction go through, it would scale up Biocon's biosimilar business and unlock value.

  • Dr. Reddy's announces launch of Valsartan Tablets in US

    Dr. Reddy’s Laboratories, along with its subsidiaries on Thursday announced the launch of Valsartan Tablets, USP, a therapeutic equivalent generic version of Diovan (valsartan) Tablets approved by the U.S. Food and Drug Administration (USFDA), according to an exchange filing. 

  • Fintech vs traditional players debate overrated: Gurmeet Chadha

    Gurmeet Chadha, Co-Founder and CEO of Complete Circle Consultants, believes the entire debate of fintech versus traditional players is a little overrated. "We are entering the age of more collaboration. If you can call Paytm a fintech play, Bajaj Finance originally is a fintech play. I always call this a consumption company in the NBFC space. I think valuations have been a little stretched. So if I were to prefer, if I were to pick banking and financials, I think ICICI Bank takes the cake," he said. 

    "All looks good. On a risk reward basis considering if we are still at higher levels, I think some of the private banks at around one and a half to book value make more sense from an incremental capital view," he said. 

  • IT industry supply side pressures moderating? Jobspeak IT index at 7 month low

    The Naukri Jobspeak IT index has seen a sequential decline for the 2nd month in a row in November. This can be read as an indication that the supply-side pressures for the IT industry are moderating. Subsequently, this might also mean that the attrition levels should decline going forward.

  • CE Info Systems (MapmyIndia) IPO full subscribed

    By 1:12 pm, the MapmyIndia IPO received bids for almost 74 lakh shares as against the 70.4 lakh shares on offer, a subscription of 1.1 times.

  • Market Watch | Buy FSL, Godrej Consumer: Jay Thakkar, Marwadi Shares & Finance

    - Buy FSL with a stop loss of Rs 174 and targets of Rs 188 and Rs 194.

    - Buy Godrej Consumer Products with a stop loss of Rs 910 and a target of Rs 974. 

  • Looking to average your midcap holdings? Keep these points in mind

    Whenever the market corrects sharply, one question that immediately comes to mind is: should I average my cost by buying some more at lower levels? And this holds true for even some of the seasoned market players. After all, market runs on two dominant emotions: greed and fear.

    Here are five points you need to keep in mind before you double down on that stock.

    Stock Market Highlights: Sensex ends 157 points higher, Nifty reclaims 17,500; ITC up 5%, L&T 3%
  • Gold Price Today: Yellow metal futures edge higher to Rs 48,150; time to take positions?

    Indian gold futures moved higher on Thursday tracking global benchmarks.  A lacklustre trend in equities boosted the demand for safe havens, though strength in the dollar overseas limited the yellow metal's appeal for holders of other currencies. At noon, MCX gold futures were up 0.2 percent at Rs 48,129 per 10 grams, having risen to as high as Rs 48,156 earlier in the day. MCX silver futures were up 0.1 percent at Rs 61,694 per kilogram. The contract had gained to as high as Rs 61,730 earlier on Thursday.

  • Market Update: Sensex, Nifty back in green amid volatile trading session

    The Sensex was up 192.52 points or 0.33 percent at 58,842.20, and the Nifty was trading higher by 56.15 points or 0.32 percent at 17,525.90. About 2,134 shares have advanced, 1,063 shares declined, and 119 shares are unchanged.

  • Market Watch: Rohit Srivastava, Founder and Strategist of Indiacharts.Com

    On Markets

    I think that this is a routine correction, we've actually seen. The only difference being that I would have expected it to be more of a sideways in a range bound consolidation phase over two months, rather than deep down, which has ended up happening. I think that's the only place where we probably got caught off guard. But apart from that, I think it looks routine, because most stocks are holding up their weekly or monthly support levels, nothing has broken down to say that the bull market that we have seen from March of 2020. So that's really an important context to have, that it has not ended. There are going to be two hurdles along the way one of them is going to be the 61 percent retracement of this entire fall, which is at around 17,950. So that's going to be the first place where we look for potential pause or will try to doubt whether this bounce that we are seeing in the market is for real. And once we get past that, and I think we are on our way back to new all-time highs in January, February or March. So that's the sort of outlook we are building on. And as we do that, we will have to look at how the sector participation takes place. So far it has been broad based, except for rotation, which is what should happen.

  • ITC to hold first analyst meet on December 14; stock up 1%

    In a release to the exchanges, ITC has confirmed that it will hold its first-ever analyst meet on December 14 later this month. The stock has reacted positively to the news and has shot up a percent odd at the time of publishing this copy. The ITC stock showed a sharp uptick after the news of the analyst meet hit exchanges. (Read more here) 

  • Whirlpool rises for the second day

  • CNBC-TV18 Exclusive | Credit Suisse's Neelkanth Mishra says don’t think froth in market has all gone 

    Neelkanth Mishra of Credit Suisse said in an exclusive interaction with CNBC-TV18 that he doesn't think that the froth in the market has all gone. 

    The FY24 EPS could rise by 5% from the current levels, and PE multiples won't change as much, he said. 

  • CNBC-TV18 Exclusive | India has tailwinds, but need to be cautious globally, says Credit Suisse's Neelkanth Mishra

    In an exclusive interview to CNBC-TV18, Neelkanth Mishra of Credit Suisse said India has a lot of tailwinds but there is a need to be cautious globally. 

    He sees steel prices correction as global prices come off. The end-demand globally is weak for steel given China’s stance, he said. 

    Mishra remains cautious on two-wheelers due to the EV transition, and expects four-wheelers to benefit from discretionary demand. 

  • Burger King gains 8%; CEO says will complete 50 restaurants this year

    Shares of Burger King India rose as much as 8 percent in early trading on Thursday on the BSE. Rajeev Varman, CEO, Burger King India told CNBC-TV18 that the company is back on its construction targets and will complete 50 restaurants this year. 

  • Buy ICICI Bank, SBI: Mitessh Thakkar

    Here are three trading calls from Mitessh Thakkar of earningwaves.com:

    --Buy ICICI Bank for a target of Rs 783 with a stop loss at Rs 743 

    --Sell Cipla for a target of Rs 860-855 with a stop loss at Rs 895 

    --Buy SBI for a target of Rs 505 with a stop loss at Rs 477 

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 finished a choppy session higher on Thursday, managing to extend gains to the third day in a row. Gains in auto, metal and fast moving consumer goods stocks were offset by losses in financial shares. Broader markets also strengthened, with the Nifty Midcap 100 finishing 0.6 percent higher, and its smallcap counterpart rising 1.2 percent.

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