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Stock Market Highlights: Sensex tumbles over 1,100 points from day's high, ends at 57,065; Tata Steel drops 4%, Kotak Bank 3%

Stock Market Highlights: Sensex tumbles over 1,100 points from day's high, ends at 57,065; Tata Steel drops 4%, Kotak Bank 3%

Stock Market Highlights: Sensex tumbles over 1,100 points from day's high, ends at 57,065; Tata Steel drops 4%, Kotak Bank 3%
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Summary

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 failed to hold on to intraday gains in a choppy session on Tuesday. Losses in financial, oil & gas and metal shares pulled the headline indices lower, though gains in IT and consumer stocks lent some support. Broader markets strengthened, with the Nifty Midcap 100 index ending 0.5 percent higher. Its smallcap counterpart rose 1.6 percent. Ace investor Rakesh Jhunjhunwala-backed Star Health launched an initial public offer (IPO) to raise Rs 7,249 crore. Go Fashion shares made a strong debut on Dalal Street, listing at a premium of 91 percent over its issue price. 

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Nov 30, 2021 5:14 PM

Bullish on Cadila Healthcare: Sushil Kedia

Sushil Kedia, Founder of Kedianomics, has added Cadila Healthcare to his buy list, after last week's call of Glenmark Pharmaceuticals. "Every other major pharma stock is deeply oversold. Let an uptrend get stabilised, and others may also become good buys. But it is safe enough for us to say Cadila is one thing I would like to add," he added.

Nov 30, 2021 5:01 PM

Zee Entertainment remains one of better picks in media space: Anand Tandon 

Market expert Anand Tandon believes Zee Entertainment Enterprises remains one of the better picks in the media space.

"There seem to be some issues that keep coming with the ownership and management control and so on, so there will be a little bit of a cloud there. Generally, if you are looking at that space, I don't think there are too many options. It is not like it is extremely horrendously expensive and if there is a change of management; overall, the company may actually do well even from here," he said. 

"Broadly, one should be looking at opportunities to buy in that space. Albeit there is one issue that because of the kind of expenses that they will continue to make in the OTT unit, the numbers may come down, but the valuations will probably catch up and ride upwards as well," he added.

Nov 30, 2021 4:33 PM

Auto difficult market, issues on both demand supply sides: Anand Tandon 

Market expert Anand Tandon finds automobiles to be a difficult market to look at now given issues on both the demand and supply sides. "Either they don't have semiconductors on the cars or there is no demand for two-wheelers. Clearly, because of the kind of price movement we have seen, for example, in fertilisers and on the farm sector, and unseasonal rains, the farm sector this time may not be in the same position as it was earlier to be able to continue to buy tractors," he said. 

"The only good spot seems to be construction-related MHCVs and the logistics-related market, which is essentially the MHCV/LCV kind of market, and that is the part one can perhaps focus on," he added.

Nov 30, 2021 4:31 PM

Not be ready to press ‘buy’ button on Tata Steel for now: Mehraboon J Irani

Market expert Mehraboon J Irani said there is a temptation certainly to re-enter Tata Steel but not at this particular moment. "Steel prices have cooled off certainly in China. And if you look at the input parity, I think the prices in India are considerably higher. I personally believe that a reduction in steel prices is around the corner or possibly has already started to happen. So the point is, on the other hand, the stock has corrected 25-30 percent from its high. So, there could be a temptation here that. I would like the dust to settle, and would like to see ultimately what happens, how much the market reacts further in case there is a reduction in steel prices, because the gap is a little bit too much," he said.

"I would not like to go and buy into the ferrous metals and steel, especially Tata Steel, at this moment. Knowing the little bit of uncertainty in the overall scenario right now, I will not be ready to press the ‘buy’ button now," he added.

Nov 30, 2021 4:27 PM

Correction to create opportunities in IT, specialty chemical spaces: Mehraboon J Irani

Market expert Mehraboon J Irani is positive on IT and specialty chemical spaces. He believes the current correction is possibly going to provide opportunities to invest in both the spaces at attractive valuations. 

"We all wanted the market to correct. When it corrected, we all started possibly pressing the ‘sell’ button. Now has the market turned the corner? Is the bull market over? I wouldn't like to hazard a guess on that particular point but would like to believe that while we could see lower levels for the time being, a bottom could be in place. If you look at individual stocks, a few stocks that were highly fancied have come off 20-40 percent from their recent highs, especially from sectors that were preferred by retail investors," he said.

Nov 30, 2021 4:20 PM

Rupee edges lower to end at 75.16 vs dollar

The rupee ended at 75.16 against the US dollar as against its previous close of 75.10.

Stock Market Highlights: Sensex tumbles over 1,100 points from day's high, ends at 57,065; Tata Steel drops 4%, Kotak Bank 3%
Nov 30, 2021 4:06 PM

Market At Close | Tata Steel, Kotak Bank, JSW Steel top laggards; Power Grid, Shree Cement, Bajaj Finserv top gainers

Nov 30, 2021 4:05 PM

Nifty50 can slide further, next target 16,500: Manish Hathiramani 

The Nifty50 failed to close above the 17,000 mark, which is definitely a matter of concern for the bulls, said Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments. "This is a psychological break of the bullish sentiment. The Nifty can slide lower to its next target of 16,500 as . Any up move will now be seen as an opportunity to sell the index for lower targets," he said. 

Nov 30, 2021 4:03 PM

Market At Close | Sensex, Nifty off 2% from day’s highs; Nifty Bank down 3% 

Here are some highlights: 

--Last hour sell-off leads to 3-month lows for market

--Metal stocks continue to fall; Nifty Metal falls 2%

--Nifty Bank falls 281 points to 35,695; midcap index gains 135 points to 29,651

--Unlock theme stocks fail to hold on to intraday gains; Delta Corp, IndiGo fall

--Market breadth turns neutral from positive; advance-decline ratio worsens to 1:1 from 4:1

--Volatility index gains 13% from low to close up nearly 2% 

--Over 30 Nifty stocks fall; Tata Steel, Kotak, JSW Steel top losers

Nov 30, 2021 3:54 PM

Closing Bell | Sensex drops 1,119 points from day's high, at 57,065; Nifty50 gives up 17,000

The 30-scrip index ended 195.7 points or 0.3 percent lower at 57,064.9, retreating 1,118.9 points from its intraday high of 58,183.78. The Nifty50 benchmark settled at 16,983.2, down 70.8 points or 0.4 percent from its previous close.  

Nov 30, 2021 3:43 PM

Omicron unlikely to make a large dent on market: Axis AMC's Chandresh Nigam 

Chandresh Nigam, MD and CEO of Axis AMC, believes the next couple of months may be uncertain with respect to Omicron, but the new COVID variant is unlikely to make a large dent on the market.

"The markets were in some kind of a reactive mode or corrective mode; I think reasonably flat over the last couple of months. Omicron, obviously, is something that is uncertain, unknown. But as we have seen in the past, these are sometimes buying opportunities. Unless Omicron gives us something which is completely unknown, and we can't handle it; I would think this is part of normal correction in the market, not to be taken to really change or take any drastic action on your asset allocation. In fact, just use that as an opportunity for people who are under invested to maybe invest or start investing in the markets as well," he said. 

"The markets were already in correction mode. This has further exacerbated the situation. But this, as like all corrections, will get over and the markets will start to focus on fundamentals which I am saying both from an economic perspective as well as the breadth of the market, which looks quite solid," he said. 

Nov 30, 2021 3:33 PM

Energy crunch shows signs of easing globally: Julius Baer's Norbert Rucker 

Norbert Rucker, Head Economics and Next Generation Research at Julius Baer, believes the energy crunch shows signs of easing globally, but "Europe continues to fear shortages, particularly of natural gas".

"While Europe continues to fear supply shortages, particularly of natural gas, North America eyes more abundance, even though with some support from the weather wild card. The outlook for mild winter weather pressured US natural gas prices and caused a sell-off of more than 10 percent yesterday. Thanks to rising production, more coal instead of gas use at power plants, and the lack of severe cold spells so far, storage and supplies remain comparably abundant across the Atlantic. In Europe, meanwhile, the past days arrival of wintry conditions and rather soft wind conditions mirrors itself in elevated gas use for heating and power production and thus declining storage levels. This nourishes supply concerns and lends support to prices," he said.

He, however, said Russian gas flows into Europe remain depressed, and it is the lack of gas in the related storage sites in Germany and Austria that still largely accounts for the observed deficit overall. "This shortage is flow and not capacity related and thus potential delays in the Nordstream II pipeline approval process should be irrelevant for Europe’s gas supplies. We expect a further easing of global energy supplies and an eventual partial normalisation of Russian gas flows into Europe," he added.

Stock Market Highlights: Sensex tumbles over 1,100 points from day's high, ends at 57,065; Tata Steel drops 4%, Kotak Bank 3%
Nov 30, 2021 3:15 PM

Buy Zee, Tech Mahindra, Tata Motors, Tata Power, Indian Hotels: Mitessh Thakkar

Here are five buy recommendations from Mitessh Thakkar of earningwaves.com: 

--Zee Entertainment has given a good pullback, and is now close to the support pivot of Rs 326. One can keep a stop loss around Rs 324 for a target of Rs 350.

--Tech Mahindra is seeing a good follow-through after a pullback. That's a 'buy' now with a stop loss below Rs 1,140 for a target of around Rs 1,175-1,180.

--Tata Motors is a good buy. The decline could be a good entry opportunity. One can buy whenever the stock comes back into this range of Rs 460-435. Keep a stop loss below Rs 420-415, and the first target should be Rs 540, but it can eventually go to Rs 610, and even possibly Rs 650 plus.

--Tata Power has done phenomenally well and should remain a good buying opportunity. Medium-term support is closer to Rs 200-190 levels. Any declines to Rs 210-200 levels should be a good buying opportunity with a stop loss below Rs 180. The stock should not only eventually hit Rs 260 again

--Indian Hotels gave a big breakout from Rs 156 to about Rs 162, and broke into all-time highs. In this pullback, the stock returned to those levels. Any declines close to Rs 170-165 would be buying opportunities with the stock poised to retest Rs 230. One should keep a stop loss below Rs 155.

Nov 30, 2021 3:00 PM

Omicron scare: Is it a good time to add diagnostics stocks to your portfolio?

Bright prospects for diagnostics and healthcare businesses amid the pandemic have boosted stocks of companies like Dr Lal PathLabs, Metropolis Healthcare and Apollo Hospitals in the recent past. Among diagnostics companies, Dr Lal PathLabs shares have rewarded investors with a return of 65 percent in the last 12 months. Thyrocare has risen 46 percent. Hospital stocks Max and Apollo have increased 197 percent and 148 percent in value respectively during the period. (Read more on diagnostics stocks)

Nov 30, 2021 2:55 PM

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