Samvat 2079: Sensex up 525pts; logs best Muhurat-day gain in 14 years

Muhurat Trading Session Wrap: Financial shares led by ICICI Bank, HDFC twins top gainers chart. Nestle, L&T also up smartly, while Hindustan Unilever sheds 3 per cent.

7:55 PM

Market breadth extremely positive:: 2,662 advances v/s 744 declines

7:53 PM

Sectoral movers & shakers on the BSE

7:51 PM

Broader indices gain in tandem with benchmark Nifty 50

7:42 PM

Nifty 50 Movers & Shakers

chart

7:40 PM

Sensex 30 Heatmap:: Nestle, ICICI Bank lead gainers chart; HUL slips

7:29 PM

NSE Nifty 50 gains 154pts, ends at 17,731

7:24 PM

Closing Bell: Sensex ends 525 points higher at 59,832

7:15 PM

Debt MFs face lower risk, may put up a better show in Samvat 2079

Samvat 2079 could be rewarding for investors in debt mutual fund (MF) schemes, after disappointment in the last two years. READ MORE

7:07 PM

Jefferies on Reliance Industries

We lower our FY23E EBITDA by 2%, accounting for weaker O2C with export duties capping margins, Jio ests. lower with limited benefits of operating leverage and Retail estimates higher incorporating strong H1 performance. We forecast 10% Adj EPS CAGR over FY22-25E largely driven by Reliance Retail (RR) and Jio. Maintain Buy with price target of Rs 3,090.

Photo: Shutterstock

7:04 PM

MARKET COMMENT :: Jyotivardhan Jaipuria, founder, Valentis Advisors

The rate cycle will start slowing from the early part of next year and it will probably end in the middle of next year. By the end of the next calendar year, we will start looking at cuts in rates as well. We are probably going to see a recession in the US and Europe and consequently there will be an earnings slowdown.

Once the strength of the dollar peaks, we will see improvement in flows into emerging markets. The key headwind to watch out for will be any change in oil prices. We have seen our CAD go up and foreign reserves come down

Jyotivardhan Jaipuria

7:03 PM

Bombay Dyeing slumps 13% following Sebi ban on promoters Wadias

The Securities and Exchange Board of India (Sebi) barred Bombay Dyeing and Manufacturing Company (BDMCL), promoters Nusli Wadia, sons Ness Wadia and Jehangir Wadia from accessing the capital markets for two years for alleged misrepresenting financial statements. The market regulator has also slapped a cumulative penalty of Rs 15.75 crore on eight individuals and two entities, in the matter. READ MORE

7:02 PM

GLOBAL MARKETS :: Dollar shakes off suspected Japan intervention; stocks brace for earnings

The dollar weathered another suspected blast of Japanese intervention to rise against the yen on Monday, while European markets got a lift from hopes that U.S. interest rates could rise more slowly than previously thought.

 

The dollar roared to 149.70 yen in early trade before hastily retreating to 145.28 in a matter of minutes in what traders and analysts said appeared to be at the hands of the Bank of Japan. It was last down almost 1% at 149.24. READ MORE HERE

Photo: Reuters

7:00 PM

Credit Suisse to pay $234 million to settle French tax fraud case

French prosecutors said Monday that Credit Suisse has agreed to pay 238 million euros (USD 234 million) to settle tax fraud allegations, the latest blow for the embattled Swiss bank. READ MORE HERE

Photo: Bloomberg

6:59 PM

COMMENT :: Nigel Green, deVere Group

The UK’s new Prime Minister Rishi Sunak will enjoy a honeymoon period and a relief rally in the markets, but it won’t last very long. The pound will edge higher and gilt yields lower in response to Rishi Sunak’s ‘coronation’ by Conservative colleagues to be the party leader and PM. We expect the current relief rally of the markets will be over sooner rather than later because the UK still faces a storm of economic problems.

Rishi Sunak

6:56 PM

D-Link India zooms 15% after company reports 85% surge in Q2 net

D-Link India zoomed over 15 per cent to Rs 234 on the BSE in today's special trading session after the company reported 85 per cent YoY growth in Q2 net at Rs 22.17 crore. Total income rose 20.5 per cent to Rs 292.19 crore.

 

6:51 PM

Major Sensex movers:: ICICI Bank, HDFC twins contribute nearly 50% gains

6:46 PM

China's billion-dollar cash-for-copper trade grinds to a halt

China’s bonded copper stockpile (so called because metal there is held “in bond,” before import duties have been paid) first came to the world’s attention in the wake of the global financial crisis. When copper prices slumped, Chinese traders bought up all the metal they could find — thanks to Beijing's massive stimulus plan — making copper the leading indicator of the global economic recovery. READ MORE

6:43 PM

What five factors will drive markets in Samvat 2079?

Analysts believe financial markets may see volatility due to the threat of recession in western countries in the days to come. Here’s a look at the key factors that may shape the markets this Samvat WATCH VIDEO HERE

Photo: Bloomberg

6:41 PM

Nomura on MphasiS

We lower our FY23-24F EPS by ~4% due to near-term growth headwinds and cut our target price to Rs 2,010 (vs Rs 2,110 earlier), based on an unchanged 20x FY24F EPS. Our target multiple is based on a 3-stage growth model discussed in our sector report . The stock is trading at 21x FY24F EPS. Key risks are weaker-than-expected revenue growth and margin improvement.

6:40 PM

ICICI Bank gains 2% post Q2 results

The private sector lender reported a 37 per cent YoY jump in net profit to Rs 7,558 crore in July-September (Q2FY23) quarter, aided by lower provisions and higher net interest income (NII), supported by healthy loan growth. READ MORE

 

6:39 PM

Puravankara's Apr-Sept sales bookings up 43% to 1,306 crore

Bengaluru-based realty firm Puravankara Ltd's sales bookings have risen 43 per cent to a record Rs 1,306 crore during April-September period of this fiscal year on better housing demand READ MORE

(Photo: Bloomberg)

6:36 PM

Axis Bank extends rally, stock hits new 52-week high

6:32 PM

Broader indices more or less gain in tandem with benchmark Nifty 50

6:29 PM

Nifty 50 Top gainers: HDFC, L&T, Nestle India shine

6:22 PM

Financial shares, L&T top gainers among Sensex 30; HUL slips 2.5%

6:21 PM

Nifty atop 17,750, up nearly 200 points

6:19 PM

Sensex up over 600 points in early deals, nears 60,000-mark

6:07 PM

L&T, Bajaj twins top gainers in pre-open trade among Sensex 30

6:04 PM

Sensex up 570 points in pre-open deals

6:02 PM

Credit Suisse to pay $234 million to settle French tax fraud case

French prosecutors said Monday that Credit Suisse has agreed to pay 238 million euros (USD 234 million) to settle tax fraud allegations, the latest blow for the embattled Swiss bank. READ MORE