Stock Market Highlights: Sensex ends 396 points lower, Nifty slips below 18,000 dragged by financial, oil & gas shares

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Market At Close | Five of top six Nifty gainers auto stocks

Here are some highlights: 

--Auto stocks surge on positive developments related to chip

--Financial stocks remain a drag

--Reports of cement companies dropping price hike plans drag cement stocks

--Nifty Bank slips 395 points to 38,307; midcap index falls 86 points to 31,943

--Reliance Industries amongst top Nifty losers; stock drags Nifty by 58 points

--Shree Cement, Tata Consumer, SBI, Hindalco, UltraTech top Nifty losers

--Five of top six Nifty gainers auto stocks: Maruti, M&M, Tata Motors, Hero MotoCorp, Eicher Motors

--Metal stocks remain weak on demand-supply mismatch; Nifty Metal 2% off highs

--Coforge surges 4% on announcement of US IPO via ADR route

--Thermax top midcap gainer, up 30% since Q2 earnings last week

--Auto ancillaries gain along with auto names; Bharat Forge up 3%, Motherson up 6%

--PB Fintech extends listing day gains, up another 12% 

--Nykaa slips for 2nd straight day after Q2 earnings

--Union Bank, HPCL, Manappuram, Ashok Leyland top midcap losers

--Thermax, Motherson, Chambal Fertilisers, Coforge, Birlasoft top midcap gainers

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

Mixed global cues keeping market participants on edge: Ajit Mishra

Ajit Mishra, VP-Research at Religare Broking, believes mixed global cues are keeping market participants on edge, and expects the trend to continue at least in the near future. "Among the sectors, the continuous underperformance of the banking pack is dragging the benchmark lower... In the current scenario, it is prudent to stay light and wait for clarity," he said. 
 

Don't see much evidence of capex picking up: Anand Tandon

Market expert Anand Tandon does not see much evidence that capex in the country will pick up going forward. "If you have capacity utilisation in most industries still in the early 70s-late 60s kind of range or even lower, why would you really want to expand capacity? I would really want to see whether the capacity expansion story has will come through and therefore with that, you will get the engineering companies also doing very well... For the moment, I think market has probably run up in the expectation that it will happen. I would think that you may want to take a pause and wait for the reality to catch up," he said.

Manappuram Finance gold loan business should do reasonably well: Anand Tandon

Market expert Anand Tandon believes Manappuram Finance's gold loan business to perform reasonably well, given there is no major drop in terms of gold prices, and, therefore, no issue of in terms of non-performing assets (NPAs). "By and large when the prices remain reasonably firm, you will get fairly strong growth in terms of volume. So, on a net-net basis, that part of the business should be okay...It is always microfinance which is a little trickier. That has been a space which has been hit quite badly during the second wave of COVID... So if you want to be in that space, I would still argue that you're probably better with the banks which moved in that space, because at least the liability sides will be assured and will come in at a lower price than if you were just borrowing the wholesale market," he said. 

"Net-net, there are a better players for both gold loan by itself as well as the microfinance business. Of course, what is going for it is that it is not particularly expensive," he said.

RBI statement that equity market valuations are stretched added to pressure: Geojit Financial Services' Vinod Nair

Vinod Nair, Head of Research at Geojit Financial Services, said the RBI's statement that equity market valuations are stretched added to pressure in the market. 

"Global markets remained mixed as the Biden-Xi meeting ended with both the parties appealing for more cooperation. European and US markets are trading almost flat ahead of the release of Q3 Eurozone GDP and US retail sales data," he said.

Market At Close | Maruti Suzuki, M&M, Tata Motors, Hero MotoCorp top Nifty50 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 tumbles 396 points, Nifty slides to 17,999   

The 30-scrip index ended 396.3 points or 0.7 percent lower at 60,322.4 and the broader Nifty50 benchmark settled at 17,999.2, down 110.3 points or 0.6 percent from its previous close. (Read more on the closing bell)

No more addition recommended in auto space now: Sushil Kedia

Sushil Kedia of Kedianomics has been long on autos for long. "A large move has happened on them; there is no time yet to sell them. I think the money is made by becoming a contrarian buying into weakness into a larger trend of strength. So we bought that into \autos when they were looking very weak. We are doing that on the banks now. So there is no sell on autos yet, but I am not going to add more or recommend here again," he said.

Bank Nifty to rise all the way to 44,000 once its crosses resistance at 38,800: Kedianomics' Sushil Kedia 

Sushil Kedia, Founder of Kedianomics, believes the Bank Nifty index will fly all the way up to 44,000 once its takes out resistance at about 38,800. "That translates to an almost 20 percent upmove each in HDFC Bank and ICICI Bank, and IndusInd Bank may go to new all-time highs of Rs 1,300-plus. Bandhan Bank and RBL Bank may go completely wild," he said. 

Kedia believes banking is the space where the money lies for now. "For those who want to laugh into the banks into Christmas or maybe even before that, banking is the sector now... It is a sectoral rotation game and I think banks are ready to really take off," he said. 
 

JM Financial Institutional Securities initiates coverage on PB Fintech with 'hold' rating, target price Rs 1,270 

The brokerage initiated coverage on PB Fintech with a 'hold' rating and a target price of Rs 1,270. JM Financial Institutional Securities cited significant upside risks in the medium term.

Policybazaar remains ideally positioned to leverage its brand presence and insurer coverage to rapidly penetrate physical insurance distribution, and Paisabazaar is expected to grow synergistically by leveraging the group’s digital fulfillment capabilities, according to JM Financial Institutional Securities. The brokerage forecasts the group's revenue to deliver an FY21-31 CAGR of 31 percent.

The midcap movers that hit 52-week highs

Beyond the auto and auto ancillary sector, there are a few stocks that actually buzzed in trade on Tuesday. Ingersoll Rand and Finolex Cables added to gains clocked on Monday. Chambal Fertilisers, Sterlite Technologies and VA Tech surged amid good volumes. (Read more on top midcap movers)

Zee-Invesco Case | NCLT to hear matter next on December 14

Zee Entertainment Enterprises shares were left with a gain of half a percent at Rs 326.3 in late afternoon deals, having risen as much as 3.7 percent earlier in the day. 

Zee-Invesco Case | NCLT to hear matter next on December 14

Zee Entertainment Enterprises shares were left with a gain of half a percent at Rs 326.3 in late afternoon deals, having risen as much as 3.7 percent earlier in the day. 

Government clears additional release of Rs 10,000 crore for MNREGA: Official

A government official told CNBC-TV18 the Centre has cleared an additional Rs 10,000 crore for the Mahatma Gandhi National Rural Employment Gurantee Act (MGNREGA) scheme. 

Coforge files for US IPO via ADR route; shares up 3%

IT solutions firm Coforge has filed papers with the US Securities Exchange Commission (SEC) for an initial public offering (IPO) via American Depository Receipts (ADRs). Barings Private Equity Asia will sell part stake as part of the proposed transaction.

Coforge, formerly NIIT Technologies, is promoted by Barings Private Equity (PE) Asia and is listed on the domestic bourses.

Coforge shares traded 3.4 percent higher at Rs 5,684.6 apiece on BSE. (Read more)

Kotak Mahindra Bank, PVR Cinemas launch co-branded movie debit card

Kotak Mahindra Bank and PVR launched a co-branded debit card, claiming to be the first ones to offer such a product in the movie and entertainment category. Both companies are seeking to leverage on the rise in debit card usage in the aftermath of the coronavirus pandemic and the reopening of cinemas across the country. (Read more on the Kotak Bank-PVR debit card)

Kotak Mahindra Bank shares were down 0.7 percent at Rs 2,080.8 and PVR up 0.1 percent at Rs 1,706.9 apiece in afternoon deals on BSE. The headline Sensex index was down half a percent amid volatile trade. 

HCL Tech bags multi-year deal from Euroclear group

HCL Technologies shares traded 0.7 percent lower at Rs 1,162.7 apiece on BSE. The 30-scrip Sensex index was down 0.6 percent amid volatile trade. 

Metal prices rebound from lows

Metal prices rebounded a day after witnessing an across-the-board decline, from ferrous to non-ferrous. The bounceback comes despite a surge in the US dollar, which is trading at a 16-month peak. (Read more on metal rates)

Morgan Stanley says chip shortage issue now in the rearview mirror; auto stocks surge

Morgan Stanley said in a report that there is pent-up demand for server shipments in Asia. (Read more on what Morgan Stanley said on the semiconductor situation)

Technical Stock Picks | Airtel, ABB Power, Vinati Organics, Astral and other stocks analysts recommend now

Are headline indices going to continue rangebound action for some more time? Here’s a list of stocks handpicked by analysts now to make the most of the current juncture in the market. (Check out the complete list)

Only aggressive investors with long horizon should stay invested in Paytm: Swastika Investmart's Aayush Agrawal

Aayush Agrawal, Senior Research Analyst-Merchant Banking at Swastika Investmart, recommends only aggressive investors with a long-term horizon to stay invested in the Paytm IPO. Shares in One97 Communications -- the parent company of digital payments platform Paytm -- will list on stock exchanges on November 18. 

Paytm's payment services account for the majority of its income, and its attempts to broaden the service offerings and market reach may be challenging, which might have a negative impact on its income, said Agrawal. "As India is buoyant on digitalisation, we expect the company to benefit from the same in the long run. Also, new acquisitions and strengthening of the Paytm ecosystem will be beneficial for the company... The grey market premium of the company was around two percent between Rs 40 and Rs 50 when the issue opened, the lowest compared to most of the recently-listed stocks. As the major portion of the issue is an OFS, we expect the shares to list in a flat ambit with negative close at 5-10 percent," he added.

Hope to recover over Rs 280 crore from NPA resolution: PTC India Financial Services' Pawan Singh 

Pawan Singh, CEO and Managing Director at PTC India Financial Services, said in an interview to CNBC-TV18 the company's net non-performing assets have come down, with bad loans of Rs 280 crore near resolution. 

PTC India Financial Services hopes to recover more than Rs 280 crore from the resolution of NPAs, and is out of the stress cycle, he said.

Amazon-Future Case | Delhi High Court directs CCI to decide on CAIT complaint against Amazon within 2 weeks              

The Delhi High Court directed fair trade regulator Competition Commission of India (CCI) to decide on a complaint of the Confederation of All India Traders (CAIT)  against Amazon within two weeks. 

Traders' group CAIT had moved CCI to revoke its approval for the Amazon-Future coupons deal.

Dixon Tech in focus on reports of an improvement in chip shortage issue

Market Watch | Ajit Mishra, Religare Broking

Among the auto counters, we like Maruti Suzuki. It’s currently around Rs 7,860. So one can consider Maruti at current levels after the recent rise seen with a stop loss around Rs 7,600 for a target of Rs 8,250. The stock we like from the mid-cap IT space is Tech Mahindra. It is still hovering around record highs and inching gradually higher. So we expect this stock to test Rs 1,700 levels with a stop loss of around Rs 1,550.

Steel, aluminium prices impacted margins in Q2; chip shortage remains a concern: Endurance Tech

Endurance Technologies posted a weak operational performance in Q2. Profits were down 20 percent and margins slipped 390 basis points on a year-on-year basis. India business for the company did better but the European business was impacted because of chip shortage.

PB Fintech shares extend rally post-market debut; stock rises nearly 18% for 2nd day

Shares of PB Fintech, the parent company of PolicyBazaar and PaisaBazaar, continued their upward move for the second day and surged as much as 18 percent, a day after listing. On the Bombay Stock Exchange (BSE), the company's shares rose as much as 17.93 percent to an intraday high of Rs 1,418.60. On the National Stock Exchange (NSE), PB Fintech's shares advanced to Rs Rs 1,418.40 intraday, up 17.97 percent.

Maruti Suzuki jumps 6%, Tata Motors, Hero MotoCorp 3% each; Ashok Leyland down 4%

The S&P BSE Auto index traded two percent higher in afternoon deals. Here's how the auto basket fared: 

Asian Paints confirms 4-6% price hike from December 5    

The paint maker had said after its Q2 earnings that it would increase the pace of price increases going forward.

Asian Paints had earlier hiked its prices with effect from November 12, by 8-9 percent.