Market Watch: VK Sharma, EVP, HDFC Securities
“HCL Technologies is a stock which we have seen open interest being built in the current series, but the stock hasn’t moved up yesterday. So I am buying the 850 Call and this is a pre-emptive buy. I am buying 850 Call at Rs 6.5 because the amount is less so there is no need for a stop loss, Rs 6.5 is the money that you will lose and the target is Rs 20 here.”
“ICICI Bank on the other hand has not seen any kind of built up in the entire series. Yesterday we had seen 4 percent open interest rise but that has only negated the shorts which were built earlier. But the stop has gone up 22 percent, so I am buying the 410 Call at Rs 5.75, I will keep a stop loss at Rs 3 target of around Rs 12.”
Opening Bell: Sensex opens marginally lower, Nifty holds 11,850; Bharti Airtel top gainer
Sensex, Nifty opened marginally lower on Wednesday dragged by banks and FMCG stocks, however, gains in IT stocks and heavyweights Bharti Airtel capped some losses. Bharti Airtel rose over 4 percent post its September quarter earnings. At 9:18 am, the Sensex was trading 88 points lower at 40,433 while the Nifty fell 22 points to 11.867.
The bank and fin servcies indices fell the most around 0.8 percent each while Nifty FMCG lost 0.7 percent. Nifty Metal and Nifty Realty were also down 0.6 percent each. However, Nifty IT, Nifty Pharma and Nifty Auto continued to trade in the green. Among stocks, Bharti Airtel, Hero Moto, Tata Motors, M&M and L&T were the top gainers on the Nifty50 index while Kotak Bank, Nestle, HDFC, Adani Ports and Hindalco led the losses.
JM Financial Q2 net profit up 7.3% at Rs 139 crore
JM Financial on Tuesday reported a consolidated net profit of Rs 139.06 crore for the quarter to September, a growth of 7.31 percent over the same period last fiscal, despite a 5.6 percent decline in revenue due to the pandemic. Total income declined to Rs 803.40crore, down 5.64 percent, the company said in a statement. For the first half of the year, its net profit rose 17.5 percent to Rs 392.17 crore on an income of Rs 1,707.52 crore, which grew 12.5 percent year on year. The company has made a special pandemic provision of Rs 123 crore for the quarter. More here
ICICI Pru Q2 net profit flat at Rs 303 cr on higher tax outgo
Leading private sector life insurer ICICI Prudential Life Insurance Co on Tuesday reported a flat net profit of Rs 303.22 crore in the September quarter, weighed down by higher tax outgo which offset the high underwriting profit and record margin from new premium income. The company had posted a net profit of Rs 301.86 crore in the year-ago quarter, it said in a statement. The value of new business margin expanded to a record 27.4 percent for the quarter from 21.1 percent in the year-ago period. “We had very high underwriting profit, which clipped at 32 percent in the reporting quarter, while the margin in the value of new business jumped to a record 27.4 percent in the reporting quarter, yet higher tax outgo offset these gains,” the company’s managing director and chief executive N S Kannan told PTI. More here
Updated state guidelines, quarantine norms for domestic flights
As domestic travel picks up, several states have changed their quarantine norms and guidelines for incoming passengers. Domestic flights resumed on May 25 after a two-month shutdown following the onset of the COVID-19 pandemic. The domestic air traffic has seen a steady rise in passenger traffic to over 160,000 daily air passengers in October as compared to around 30,000 in May. Broadly, there are two categories in terms of quarantine norms including those states and union territories that do not require mandatory quarantine for arriving passengers and others which do.
Earnings Today: Titan Q2; here’s what to expect
Titan will be reporting its Q2 earnings today. CNBC-TV18 poll suggests a 3 percent decline in revenue. However, because it is a business of high fixed expenditure, EBITDA is likely to decline by about 30 percent. The net profit is also expected to decline by around 37.5 percent to Rs 100 crore. However, the important thing to look out for is how the company performs on its operational front – whether there are some gold hedge related losses or profits. Also, management commentary on festive season offtakes and sentiment is key. Watch the video here
Just In: Top stocks to watch out for on October 28, click here
Here’s how the markets fared yesterday (October 27)
The Indian equity markets ended higher after heavy buying interest in banks, FMCG, auto and pharma stocks. Broader markets also supported the rally as midcaps surged higher. At closing, the Sensex ended 376 points higher to 40,522.10 while the Nifty50 index ended at 11,889.40, up 122 points. Broader markets outperformed the benchmarks, with Nifty Midcap100 and Nifty Smallcap100 indexes closing 1.21 percent and 0.2 percent higher respectively.
Barring Nifty IT, Nifty Realty and Nifty PSU Bank, all sectors ended in the green. IT index remained the worst-performing sector of the day while Nifty Private Bank was the best-performing index of the day, settling 3 percent higher. Kotak Mahindra Bank, Shree Cement, Nestle India, Asian Paints and Bajaj Finance were the Nifty50 top gainers while TCS, ONGC, Infosys, Wipro and HDFC remained the index top losers.
Welcome to our market live blog!
Hi, this is Mousumi Paul from the desk team of CNBC-TV18. I will be giving you all the updates on the stock market, economy and the corporate world. To begin with, the Indian market is likely to open lower on Wednesday on weak global cues. At 7:05 am, the SGX Nifty was trading 44.00 points or 0.37 percent lower at 11,843.50, indicating a negative start for the Sensex and Nifty50.