Stock Market LIVE Updates: Indian equity benchmarks Sensex and Nifty50 began Wednesday's session on a negative note tracking weakness across other Asian markets. Losses in oil & gas, IT and select financial stocks pulled the headline indices lower, though gains in automobile and consumer shares lent support. Broader markets were mixed with the smallcap index up 0.3 percent but the midcap gauge down 0.2 percent.
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Key support for Nifty50 at 17,800: Gaurav Ratnaparkhi
Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan by BNP Paribas, sees key support for the Nifty50 index at 17,800. "The Nifty witnessed sustained selling pressure for yet another session. An intraday bounce faced resistance near the key hourly moving averages and the 20-day moving average. From there, the index nosedived towards the end of the session. As a result, Nifty has entered the near-term support zone of 17,900-17,800. The hourly chart shows that the index has reached lower end of the rising channel with a minor breach on the downside," he said.
He sees scope for a bounceback as long as the index holds 17,800 on a closing basis, and a near-term hurdle is at 18,000-18,050 levels.
Like Fortis from hospital space: Mayuresh Joshi
Mayuresh Joshi of William O'Neil continues to like Fortis from the hospital space. "The hospital space has delivered a very good set of numbers. So I think you take instance of Apollo Hospitals, Fortis or Max Healthcare, I think all numbers have been extremely good... A lot of managements in their conference calls have actually mentioned that the non-COVID revenues and OPD surgeries that were missing will start coming through significantly. And the average length of stay is also coming down, which probably means that the kind of capex that they're putting in, in bed additions, as well as the asset light model in terms of managing the beds, these dynamics will keep on improving over the next few quarters," he said.
"The diagnostics part of the businesses which these hospital chain have is also showing significant signs of improvement as well as the EBIT contribution from new hospitals... Valuations are on the higher side but again, the earnings trajectory might probably get maintained. So anybody holding on to Apollo Hospitals should hold on, maybe you could trail your stop losses a little bit. Again, looking from a PAT perspective, at this juncture, I think Fortis healthcare is something that we like the arguments very, very similar to what I put out," Joshi added.
Market At Close | Asian Paints rises after brokerages give thumbs up to price hike
Here are some highlights:
--Nifty Bank slips 266 points to 38,042, midcap index drops 214 points to 31,729
--Reliance Industries, financial stocks remain a drag; auto stocks support
--Maruti, Tata Motors top Nifty gainers for 2nd straight day
--Asian Paints rises after brokerages’ positive stance following price hike
--Nifty Bank slips 266 points to 38,042, midcap index drops 214 points to 31,729
--SBI Life top Nifty gainer, followed by Asian Paints, Maruti, Tata Motors
--UPL, RIL, Cipla, Britannia, IOC & Coal India top Nifty losers
--Apollo Hospitals continues to gain momentum post Q2 earnings, up 13%
--Birlasoft, Tata Power, Firstsource, Coforge, Biocon top midcap gainers
--Realty stocks see selling trade; Godrej falls 4%, DLF 2%
--Chambal Fertilisers, Thermax, Petronet, MCX, Glenmark top midcap losers
--Market breadth favours bears; NSE advance-decline ratio at 2:3
Market At Close | UPL, Reliance Industries, Cipla, Britannia top Nifty laggards; Asian Paints, Maruti Suzuki, SBI Life top gainers
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 down 314 points, Nifty50 below 17,900
The 30-scrip Sensex index ended 314 points or 0.5 percent lower at 60,008.3 and the broader Nifty50 benchmark settled at 17,898.7, down 100.6 points or 0.6 percent from its previous close. (Read more on the closing bell)
Bharat Dynamics wins Rs 171 crore order, shares jump
The Bharat Dynamics stock recovered intial weakness to gain more than two percent after the news. In the last hour of trade, Bharat Dynamics shares were up 2.4 percent at Rs 426.7 apiece on BSE.
Welspun Corp, Apollo Hospitals, Lux, Birlasoft top BSE500 gainers, up 8-12%
Welspun Corp, Apollo Hospitals, Lux Industries, Birlasoft, KPIT Tech, Varroc Engineering and Rajesh Exports were the top performers among the almost 200 gainers in the broadest index on BSE.
On the other hand, Lemon Tree, Eris Lifesiences, Godrej Properties, Bhambal Fertilisers, Mazagon Dock Ship, Indus Towers and Petronet, trading between 3.5 percent and 4.6 percent lower, were among the laggards.
Targetting December for handing over Air India to Tata Group: DIPAM Secretary
Macro focus exclusively on growth, wealth creation: Economic Affairs Secretary
The macroeconomic focus is exclusively on growth and wealth creation, the Economic Affairs Secretary said. Economic growth has to come from virtuous growth from the private sector, the official said.
Business travel is still far from pre-pandemic levels, the Economic Affairs Secretary added.
BEL maintains revenue growth expectation at 15-17%, EBITDA margin at 20-22%
BEL's Dinesh Kumar Batra said an interaction with CNBC-TV18 that the September quarter compensated for the disruptions faced by the company in the previous three months. The company maintains its expectations on revenue growth at 15-17 percent and on EBITDA margin at 20-22 percent, he said.
ITC, Infosys, Asian Paints, Maruti Suzuki top Sensex movers
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
BEL To CNBC-TV18
Q2 compensated for the disruptions in Q1. Developing key elements in smart cities. Have a strong base of developing embedded software, says Dinesh Kumar Batra of BEL.
Ramani Dathi, TeamLease On CNBC-TV18
We have added 25,000 accounts in this quarter. The demand and business outlook is robust. There is a net one percent shortfall in interest which is Rs 14-15 crore per annum.
JSW Steel added to Dow Jones Sustainability Index
JSW Steel, the flagship firm of the diversified US$ 13 billion JSW Group, has been selected for inclusion in the S&P Dow Jones Sustainability Index (DJSI) for Emerging Markets for 2021. JSW Steel is one of 15 Indian firms in the DJSI EM Index, which includes 108 companies worldwide.
Gold likely to rebound after yesterday’s loss, may rise to Rs 49,300 per 10 gm
Gold prices were trading marginally up in India on Wednesday, following international trends. Gold December futures were trading at Rs 49,070, Rs 32 up, per 10 grams. Silver December futures were ruling at Rs 66,384 per kg, up Rs 150.
Dollar surges on upbeat US data
The dollar strengthened through key resistance levels on Wednesday, propelled by better-than-expected US retail data, although the upbeat news was not enough to lift Asian shares, which were dragged by worries about COVID-19 and higher costs.
Sensex down 73 points, Nifty below 18,000 amid volatile trade
Benchmark indices were trading flat in the volatile session with Nifty above 17,950. The Sensex was down 73.45 points or 0.12 percent at 60,248.92, and the Nifty was down 31.20 points or 0.17 percent at 17,968.
Go Fashion IPO fully subscribed on Day 1
Women's bottom-wear company Go Fashion India's initial public offering (IPO) was subscribed 1.17 percent so far on Wednesday, the first day of the bidding process. Chennai-based Go Fashion's IPO comprises fresh issuance of shares worth Rs 125 crore and an offer for sale (OFS) of equity worth Rs 888 crore by promoters and existing shareholders.
By 12:45 pm, retail investors had put in bid 6.21 times the shares reserved for them, while the part set aside for non-institutional investors was subscribed 14 percent.
Nikhil Kamath, Co-Founder & CFO, Zerodha & Co-Founder & CIO, True Beacon - III
On Paytm listing
I wouldn't ask investors to stay away but I haven't researched Paytm to the extent that I could give you an expert opinion on it. Some very smart investors, like Softbank, have bet the bank on it and they seem optimistic about the future of Paytm and what it could do and what it could pivot into in a way. So I wouldn't be right in asking people to avoid this stock. But it would be fair to say, to really look at the value available on the table, do a lot of research on your own, don't buy into any of the stocks coming out today, just because 100 other people around you are buying into them, because I don't think that works in the long run.
Tarsons Products IPO subscribed 5.51 times so far on final day of bidding
Tarsons Products IPO has been subscribed 5.51 times so far on Wednesday - the final day of the bidding process. The public issue was subscribed 7.01 times in the retail category, 1.47 times in QIB, and 7.53 times in the NII category. The Tarsons IPO offers a fresh issue of up to Rs 150 crore and an offer for sale of up to 1,32,00,000 equity shares. The price range for the offer is Rs 635-662 per share. Tarsons Products had earlier raised Rs 306 crore from anchor investors.
Panacea Bio To CNBC-TV18
There was refinancing done by the company in 2019. We have sufficient cash flow, says Dr Rajesh Jain of Panacea Bio.
Paint sector valuations rich but can buy for long term: Motilal Oswal Financial Services' Gautam Duggad
Gautam Duggad of Motilal Oswal Financial Services told CNBC-TV18 that valuations in the paint sector appear to be rich but can buy from the basket for the long term. The structural factors that drive growth in paints are in place, he said.
He also said Motilal Oswal Financial Services' model portfolio is tilted towards cyclicals.
Alembic Pharmaceuticals JV Aleor Derma gets US nod for traumatic skin lesions drug
Alembic Pharmaceuticals' JV, Aleor Derma, has received approval of the US drug regulator for Mupirocin Cream, used in the treatment of traumatic skin lesions. Alembic Pharma shares traded 0.9 percent higher at Rs 109.6 apiece on BSE.
Go Fashion IPO | Total subscription reaches 90% so far on Day 1
By 11:30 am, Go Fashion's initial public offer saw total subscription of 90 percent so far on Wednesday, the first day of the bidding process. The portion reserved for retail investors saw subscription of 4.6 times and that for non-institutional investors 12 percent.
A lot of smart money selling out of new-age companies, Nykaa to do well: Zerodha's Nikhil Kamath
Nikhil Kamath, Co-Founder of Zerodha, told CNBC-TV18 a lot of smart money is selling out of new-age companies in favour of retail investors. He believes it is unwise to bet all chips on new-age companies.
"What we question is the premium being paid for new age companies," he said. Nykaa is likely to do well, he said.
Axis Bank Large Trade | Rs 859 crore shares change hands
Around 1.2 crore Axis Bank shares, worth Rs 859 crore, changed hands.
The Axis Bank stock traded 0.6 percent lower at Rs 722.2 apiece on BSE. The Nifty BAnk index was up 0.2 percent.
E-commerce contributes 5-6% to overall revenues, expected to rise to 15-17% in few years: Go Fashion CEO
Gautam Saraogi, CEO of Go Fashion, said in an interaction with CNBC-TV18 that the company's e-commerce unit accounts for 5-6 percent of its overall revenue, and its contribution is expected to reach 15-17 percent in the next few years.
The company currently spends 2-3 percent on ads, and will continue to do that, he said.
Saraogi also said supply chain works well for the company from its centralised warehouse facility.
Go Fashion's Gautam Saraogi says huge opportunity in growth in ladies bottom wear
Gautam Saraogi, CEO of Go Fashion, told CNBC-TV18 the company is growing at a 30 percent revenue CAGR pre-COVID, and had market share of 4-5 percent until few years ago. Its current market share is at around eight percent, he said.
The company has a huge opportunity in terms of growth in ladies bottom wear, and expects its EBITDA to Grow with expansion in exclusive brand outlets. Saraogi also said he doesn't think there will be any requirement for brand expansion. Go Fashion will stick to the outsource model, which will remain in the long term, he said.
Go Fashion IPO subscribed 61% so far on Day 1
By 10:45 am, the IPO of Go Fashion -- the operator of Go Color outlets -- received bids for 49,51,989 shares as against the issue size of 80,79,491 shares, a subscription of 61 percent.
