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Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 rose more than one percent on Wednesday. Buying interest in financial, oil & gas, IT and automobile shares pushed the headline indices higher, though losses in pharmaceutical and healthcare names played spoilsport. Broader markets also strengthened, with the Nifty Midcap 100 index ending one percent higher but its smallcap counterpart eking out a 0.1 percent gain. Official data on Tuesday showed India's GDP expanded a better-than-estimated 8.4 percent in the September quarter. Tega Industries' IPO to raise Rs 619 crore was fully subscribed on the first day of bidding.

Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
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  • Expect USD-INR to continue in 74.50-75.40 range in near term: Kotak Securities' Anindya Banerjee

    Anindya Banerjee, DVP-Currency and Interest Rate Derivatives at Kotak Securities, expects the USD-INR pair to continue to move within a range of 74.50-75.40 in the spot market over the near term.

  • Volatility to continue on concerns over new COVID variant, tapering: Motilal Oswal Financial Services' Siddhartha Khemka

    Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services, expects volatility in the market to continue going forward given the uncertainty around the Omicron variant of COVID-19 and the tapering of pandemic-era stimulus by the Fed. "However, the sharp sell-off has made valuations comfortable and economic data continues to point towards a recovery, keeping long-term fundamentals intact," he said.

    Khemka advises investors to buy during this period of volatility in a staggered fashion. 

  • Onicron fear may persist in global markets in near future: Religare Broking's Ajit Mishra 

    Ajit Mishra, VP-Research at Religare Broking, expect the fear of the Onicron variant of COVID-19 to persist in the global markets in the near future. "Favourable domestic data may result in some intermediate relief but the possibility of any major directional move seems unlikely. It’s prudent to stay cautious and wait for more clarity," he said. 

  • Nifty50 needs to cross 17,350 hurdle to test 17,500-17,800 levels: Choice Broking's Palak Kothari

    The Nifty50 index has confirmed a doji kind of candle on the hourly chart, which highlights the confusion between buyers and sellers, said Palak Kothari of Choice Broking. "The index has support at 16,800 and resistance comes in at 17,350, a level, which, if crossed, may lead to fresh buying interest, helping the index test 17,500-17,800 levels. The Bank Nifty has support at 35,300 and resistance at 37,000," Kothari added.

  • Good support for Nifty50 near 17,050-16,950 levels: LKP Securities' Rohit Singre

    Rohit Singre, Senior Technical Analyst at LKP Securities, said the Nifty index has formed two strong hurdle zones on the higher side, around 17,220 and 17,300. "Until we don’t cross or give a decisive close above these levels, we may not see aggressive buying come in. The levels are immediate trend deciding levels. Good support is seen near the 17,050-16,950 zone," he said. 

  • Market At Close | IndusInd, JSW Steel, Tata Motors, Axis Bank top gainers; Cipla, Divi's, UltraTech, Dr Reddy's top laggards

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

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • Market At Close | Barring Kotak Mahindra Bank, all Bank Nifty members rise

  • We are in nascent stage of multi-year upcycle in real estate: Anshul Saigal

    Anshul Saigal, Head and Executive VP at Kotak PMS, believes it is just the beginning of a real estate upcycle, which will benefit developers as well as building material players. "We are in affordability terms back to 2003 levels, where prices have corrected, incomes have gone up, wealth has gone up and so in affordability terms, we are at a very affordable stage in real estate. There has been consolidation in the sector. The number of builders in the sector is down by 50 percent over the last four or five years, which means that the product that is coming out in the market is good, and investors and buyers are seeking that product.

    "We think that this year will be a year of volume uptick that will lead to the prices consolidating next year and in fact starting to move up. As that happens, we will have investor interest move into this sector. We are in the nascent stage of a multiyear upcycle in real estate... We believe that this is going to be an engine of growth for not just Corporate India but also for GDP as a whole," he said. 

  • Telecom space attractive: Anshul Saigal

    Anshul Saigal, Head and Executive VP at Kotak PMS, said the telecom space appears to be attractive at the current juncture, with price increases from all players. "The space has seen a consolidation phase of over 10 years in terms of prices, followed by ARPUs peaking out sometime in 2016-17, from where ARPUs halved and then went up, say about 50 percent. Even if we align this number to inflation, there is a significant downtick versus what ARPUs used to be at, about Rs 200, in 2016-17. In that context, there is room for ARPUs to move up much more from here. In fact, we are at the Rs 150-160 level, and this number, if we were to adjust it to inflation, could be somewhere in the region of Rs 250 in comparison to where ARPUs were in 2016," he said. 

    "Having seen such a consolidation in the industry as also price consolidation. This space is attractive and of late, we have seen price increases from all players, even the one player which has deep pockets and which had ruffled feathers in the space, even that player has raised prices. So it looks like there are tailwinds on earnings and that can only be good for the businesses as also for stock prices," Saigal added. 

  • Hold Tata Motors, long-term prospects good: Mayuresh Joshi 

    Mayuresh Joshi of William O' Neil suggests holding Tata Motors for the longer term. "We have also seen chip shortages, and we have heard a lot about Malaysian plants reopening. The chip shortage is something that is dampening the industry prospects overall, whether it is local or global. Having said that, I think expectations in terms of EV launches over the next few years, and the stiff competition that it probably faces, Tata Motors is gearing up to the competition as well as expectations in terms of creating their EV models which are competitive in terms of having volumes go up as well," he said. 

    "Just a level of caution because the market is so volatile: Rs 344 is the level which is the long-term support of the stock, the 200-DMA that should be monitored," he said. 

  • Colgate-Palmolive needs to cross 50-DMA of Rs 1,593 to regain price strength: Mayuresh Joshi 

    Mayuresh Joshi of William O' Neil believes the Colgate-Palmolive stock needs to cross its 50-day moving average of Rs 1,593 to regain its price strength. "If you probably look at market share purely in terms of toothpaste as well as toothbrushes, I think that has been stable for some time... In the toothbrush category, the company is maintaining market share, but again, I think huge innovations coming here as well. So in Colgate ZigZag, they introduced some deep enamel, which are both salt- as well as turmeric-infused. So I think there is a lot of innovation happening, with 30 percent odd margins expected to get maintained. RoEs and RoCs have always been superior for Colgate in that sense... The company's earning strength and EPS ratings as per our methodology are top notch. So I think Colgate-Palmolive can be a hold, but again, I think they need to cross these levels to regain price," he said. 

  • Rupee ends higher at 74.91 against dollar

    The rupee ended stronger at 74.91 against the greenback, as against its previous close of 75.16.

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • Closing Bell | Sensex rises 620 points to 57,685, Nifty at 17,167

    The 30-scrip index rose 619.9 points or 1.1 percent to end at 57,684.8 and the broader Nifty50 benchmark settled at 17,166.9, up 183.7 points or 1.1 percent from its previous close. Gains in financial, oil & gas and IT shares pushed the headline indices higher, though losses in pharmaceutical counters played spoilsport. 

  • Vodafone Idea shares zoom 20%; here's why

    Vodafone Idea shares surged 20 percent to end at Rs 13.25, having hit a 10-month high during the session. The stock inched closer to a 52-week high of Rs 13.8, hit in January 2021. (Read more on Vodafone Idea shares)

  • Improvement in chip shortage situation but no fresh capacity coming in auto space: S Krishna Kumar

    Independent market expert S Krishna Kumar believes there is definitely an improvement in terms of the semiconductor supply side, but the new capacities, required for growth, are going to come only in the September quarter of the next year. "It is still some time away from the capacities coming out and hence we just having a normalisation of the supply that was disrupted and no fresh capacity coming," he said. 

    "If you look at the Indian market and how the EV transition is happening, we are seeing that probably the two-wheelers and the passenger buses are the ones where the offtake is a little bit better. So, if you look at companies which probably are supplying into these areas are the ones that will benefit from an EV transition in the medium term. But this transition is going to be over the next six years, broadly speaking. From an auto ancillary perspective, there is definitely a lot of weakness in the two-wheeler demand per se, given that the fuel costs have gone up substantially. So that is a segment that we need to be careful about in terms of growth outlook at this point in time, and they are also challenged by the EV. If you look at the passenger car segment, there is good offtake and things are improving there. So the stocks would be good participants in the rally," he said. 

    In the commercial vehicle space, trucking demand is coming back very strongly. So the CV cycle will be off to a big uptick, where you will see volumes probably doubling from where they are today. So that is a good space to be in. If you look at the auto ancillary chain, which supplies into the CVs in a big way, like the braking systems, the engine parts, the forgers etc., they will be doing well in addition to the broad brush diversified auto ancillaries. However, the focus areas could be more engine components and the braking system at this point in time for CVs," he added. 

  • Fed taper talk, Omicron may have triggered profit taking: S Krishna Kumar

    Independent market expert S Krishna Kumar believes the taper talk by the US central bank along with the new COVID variant probably triggered some profit taking in the market. "We had a tremendous rally in equities and other assets over the last 16-18 months after the COVID phase. So valuations had gotten a little bit too expensive and probably the markets were finding it difficult in terms of value at these levels."

    "The point to note is that these are corrections in a long-term bull market. The other fact of the matter is that if you look at the COVID impact, in both the waves, we have understood how to manage COVID without much of shutdowns etc., and so the effect on economic activities is that much limited," he added. 

  • Momentum picking up at stock-specific level: Rohit Srivastava

    Rohit Srivastava, Founder and Strategist at Indiacharts.com, said the recent correction looks like a routine one, which typically lasts 5-6 weeks. The market completed six weeks on Friday, he said. 

    "I think we are sort of done time-wise as far as the correction is concerned. And also this was deep. My original anticipation was that it was going to be a rangebound sideways correction between October and November, but instead, it ended up being more downward... We start recovering back to highs and should start looking for good opportunities. The momentum is picking up at a stock-specific level, and we should probably identify those and move on," he said. 

  • Taper tantrum unlikely to create instability in Indian market: Brickwork Ratings

    "If the Fed continues with the pace of tapering as announced, it is expected to stop its bond buying programme by mid 2022. This means the Fed may opt for a reduction in the size of its balance sheet and gradually remove the monetary stimulus in the later part of 2022. Moreover, the possibility of a hike in the federal funds rate in 2022 is strengthened, which was brought down to near zero levels (0-0.25 percent), from 1.5-1.75 percent since March 15, 2020," said Brickwork Ratings

    "The COVID-19 stimulus by the US Fed has been aimed at fostering smooth market functioning and accommodative financial conditions in the COVID-hit economy. Definitely, this stimulus package provided unprecedented support to financial markets and the economy, but its spillover effect contributed to greater capital flows into emerging markets like India mainly due to interest rate differentials. Indian markets witnessed huge capital inflows, particularly into equities in FY21 amounting to a record $37 billion. These record portfolio inflows helped the Indian rupee to appreciate from 76.2 per dollar in April 2020 to 72.8 per dollar in March 2021, despite the COVID-induced economic instability," it added. 

  • Maruti Suzuki domestic sales down 19% in November

  • Auto Sales | Here's how auto makers fared in November 

    STRONG 

    --Commercial vehicle sales stronger in November 

    --Tata Motors total sales up 25%, CV sales up 15%

    --Ashok Leyland MHCV sales up 10%  

    --Eicher Motors total CV sales up 3.1% 

    WEAK

    --Two-wheeler sales under pressure due to demand weakness, chip shortage

    --Bajaj Auto overall sales down 10%; domestic sales down 20%

    --Bajaj Auto says entry-level bikes see weakness in demand, semiconductor shortage hits sports segment

    --TVS Motor total sales down 17.2%, two-wheeler sales down 29%

    --Passenger vehicle sales continue to be under pressure due to semiconductor shortage

    --M&M auto sales down 6.2%

    --Tractor industry hit by delayed harvest of kharif crop owing to late monsoon 

    --Escorts tractor sales down 30%

    --M&M tractor sales down 15% YoY at 27681 vs 32726 units

    --Ashok Leyland total sales down 2%

  • 45th GST Council Meeting | Levying GST on petrol, diesel rejected, says government official

    The levying of GST on petrol and diesel was rejected in the 45th meeting of the GST Council, a government official said. 

    The GST Council put in abeyance GST on fuel till COVID is not over, the official said. 

  • Neutral view on Paytm: Mayuresh Joshi of William O' Neil

    Mayuresh Joshi of William O' Neil has a neutral view on Paytm shares. In an interaction with CNBC-TV18, he suggested a wait-and-watch approach on the stock. 

    "For an IPO, creating a base takes a few weeks and in those few weeks, it is determined how demand and supply dynamics are taken care of. The gross merchandise value has been increasing, but again, it faces stiff competition as well," he said.

    Joshi said the IPO base still appears to be incomplete for Paytm. "We would ideally like to watch out over the next few weeks, whether it takes out the IPO price with good demand coming through, and that supply being overshadowed with good demand," he said. 

  • India November manufacturing PMI at 57.6 in November vs 55.9 in previous month

    The manufacturing PMI signallied the strongest improvement in the health sector in the past 10 months. 

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • India November manufacturing PMI at 57.6 in November vs 55.9 in previous month

    The manufacturing PMI signallied the strongest improvement in the health sector in the past 10 months. 

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • Auto Sales | M&M total sales down 6% in November, miss Street estimates

    Mahindra & Mahindra reported total sales of 40,102 units in November, down 6.2 percent on a year-on-year basis. Analysts in a CNBC-TV18 poll had expected the company's monthly sales at 41,400 units.

    Passenger vehicle sales, however, increased seven percent to 19,458 units.

    M&M's total tractor sales reduced 15 percent to 27,681 units last month. Analysts in the CNBC-TV18 poll had predicted total tractor sales at 24,500 units.

    Tractor sales in the domestic market declined 17 percent to 26,094 units.

    The M&M stock was flat at Rs 835.1 apiece on BSE in late afternoon deals, having fluctuated between gains and losses in a narrow range around the flatline earlier on Wednesday. 

  • Paytm shares drop nearly 4%, at day's low

    Paytm parent One97 Communications' shares traded near the lowest point of the day at Rs 1,637.9 apiece on BSE, down 3.7 percent. Last month, the stock made a weak debut in the secondary market.

    Paytm's IPO was the biggest public offer of all time in India. 

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • CNBC-TV18 Exclusive | Chief Economic Advisor says inflation less of a threat in India 

    Chief Economic Advisor Krishnamurthy Subramanian said in an exclusive interview to CNBC-TV18 that inflation is less of a threat in India "because we have worked on supply-side issues". WPI has been higher due to a low base, he said. 

    He also said the impact of exogenous factors inflation in the country is very small.

    The CEA said he is not worried on current account deficit and trade deficit numbers.

    Stock Market Highlights: Sensex ends 620 points higher, Nifty50 reclaims 17,150 led by financial, oil & gas shares; IndusInd up 6%, SBI 3%
  • Auto Sales | TVS Motor total sales down 17% in November
                    
    TVS Motor Company to report total sales of 2.72 lakh units in November, down 17.2 percent on a year-on-year basis. Analysts in a CNBC-TV18 poll had predicted the company's total monthly sales at 2.95 lakh units.

    TVS Motor's total two-wheeler sales also fell 17.2 percent, to 2.57 lakh units. Two-wheeler sales in the domestic market were down 29 percent at 1.75 lakh units.

    Its exports, however, increased 30 percent to 96,000 units.

    Sales in the three-wheeler segment rose 33 percent to 14,830 units.

    TVS Motor shares traded 1.1 percent lower at Rs 679.9 apiece on BSE, having risen to as high as Rs 
    697.4 apiece earlier on Wednesday. 

  • Tractor Sales | VST Tillers tractor sales down 34% in November

    VST Tillers reported tractor sales of 496 units in November, down 34.3 percent on a year-on-year basis.

    Its power tiller sales rose 4.4% to 2,227 units.

    The VST Tillers stock was down 1.3 percent at Rs 2,847.1 apiece on BSE in afternoon deals. 

Stock Market Highlights
: Indian equity benchmarks Sensex and Nifty50 rose more than one percent on Wednesday. Buying interest in financial, oil & gas, IT and automobile shares pushed the headline indices higher, though losses in pharmaceutical and healthcare names played spoilsport. Broader markets also strengthened, with the Nifty Midcap 100 index ending one percent higher but its smallcap counterpart eking out a 0.1 percent gain. Official data on Tuesday showed India's GDP expanded a better-than-estimated 8.4 percent in the September quarter. Tega Industries' IPO to raise Rs 619 crore was fully subscribed on the first day of bidding.