Sensex gains 550 pts, Nifty near 17,500; PSB index up 4%, HDFC twins weak

CLOSING BELL: The gains were largely led by bank, auto, IT, and FMCG stocks. Their sectoral indices were up over 1 per cent each

4:03 PM

Market Comment:: Equities cheer Q2 earnings, RBI's comments on inflation

"The Indian market is sustaining its gains due to favorable global & domestic cues. Home-grown positivity is the downward trend of crude prices and upside prospects to Q2 corporate earnings. Notably too, RBI’s confidence that headline inflation has peaked in September and henceforth will decline is taken cheerfully by the financial market, providing upside to banks."

 

- Vinod Nair, Head of Research at Geojit Financial Services
 

4:02 PM

Market Comment: PSU Banks lead rally on pick-up of loans this festive season

"Benchmark Indices gained a percentage today primarily led by the PSU Banks as the pick up in the corporate loan cycle and retail loans during the festive season provided the much needed Tailwinds. The trickle down effect to the non-banking PSU stocks was a key highlight of today's trade as several PSU stocks led by the Defence sector across sectors were heavily sought after on the back of rising volumes."

 

- S Ranganathan, Head of Research at LKP securities. 

 

3:55 PM

Data Patterns zooms over 10%; stock up over 139% since debut

Data Patterns hit a new all-time high at Rs 1,450. In the past three months, the stock has zoomed around 96 per cent, as compared to a 8 per cent rise in the S&P BSE Sensex, and has appreciated by 139 per cent from its issue price of Rs 585 per share on the BSE. READ MORE

3:51 PM

Tata Elxsi slumps 7% as earnings disappointment weighs

Shares of Tata Elxsi hit ended with a loss of over 7 per cent at Rs 7,203, and was down for the second straight day, after the Tata Group company reported weak revenue growth in the July-September quarter (Q2FY23). READ MORE

 

3:47 PM

Market breadth was fairly positive; 133 stocks hit new 52-week high

3:45 PM

Phoenix, Brigade Enterprises shine among the Realty pack

3:43 PM

Sectorally, Media was the second best performer today

3:42 PM

Nifty PSU Bank index top gainer once again, soar another 4%

3:40 PM

Broader indices gain in sync with benchmark Nifty 50; India VIX dips 5%

3:38 PM

Nifty 50:: Top FIVE gainers and losers on Tuesday

3:37 PM

Sensex 30 Heatmap:: 25 gainers v/s 5 losers; SBI soars 3%

3:36 PM

NSE Nifty 50 gains 175 points, ends at 17,487

3:33 PM

Closing Bell:: Sensex ends 550 pts higher at 58,961

Closing Bell:: The S&P BSE Sensex ended 550 points higher at 58,941 on Tuesday led by gains in SBI, ITC and Bharti Airtel. The BSE benchmark was up for the third straight day.

3:27 PM

Pidilite may enter Nifty 50 once HDFC gets taken off after merger

Adhesive maker Pidilite Industries is likely to replace Housing Development Finance Corporation (HDFC) in the Nifty 50 index. This will be an ad hoc inclusion on account of the mortgage major’s expulsion from the Nifty index—tracked by funds with assets of over $30 billion—on account of its merger with HDFC Bank, which has entered final stages. READ MORE

3:22 PM

Flexicap, multicap schemes maintain large-cap skew amid global uncertainty

Flexicap and multicap schemes— which have the mandate to buy shares across small-, mid- and large-cap universes—are playing it safe amid an uncertain global environment. Schemes in these categories are maintaining a skew towards large-caps while maintaining a bare minimum allocation to small-caps. READ MORE

3:15 PM

Growth, moderate valuations positive for ICICI Prudential Life Insurance

The quarter two results for the 2022-23 financial year (Q2FY23) for ICICI Prudential Life Insurance got a mixed reaction from analysts. The value of new business (VNB) grew strongly by 21 per cent year-on-year (YoY) to hit Rs 620 crore. But another key metric, annualised premium equivalent (APE), was flat with roughly 1 per cent growth. In Q2 however, the gross premium grew 3.8 per cent YoY to Rs 9,900 crore, well below expectations of Rs 10,900 crore, with new business premium up 7.3 per cent YoY and renewal premiums up 1.3 per cent. READ MORE

3:08 PM

Just In:: EPOS and Mindtree expand strategic Digital Engineering partnership

According to a release issued by Mindtree to the BSE, the a global technology services and digital transformation company has extended its relationship with premium audio and video solutions brand, EPOS as a digital engineering partner to help augment and accelerate the brand’s development of audio technologies and solutions.

3:01 PM

Global Check:: US, UK stock futures up smartly

Source: Investing.com

2:54 PM

Seasonal gains, deal pipeline point to strong FY23 for L&T Infotech

The September quarter results of Larsen & Toubro Infotech (LTI), India's sixth largest information technology services company, were better than street estimates, barring the slip in margin performance. Macro challenges were expected to impact the sector, but the same were not reflected in LTI’s show and it reported growth across verticals and geographies. READ MORE

2:40 PM

USFDA issues four observations to Alembic Pharma's Panelav plant

Alembic Pharmaceuticals Ltd said the US health regulator has issued a Form 483 with four procedural observations after inspection of its oncology injectable formulation facility at Panelav in Gujarat. Read here

2:30 PM

ONGC Videsh making a proposal to retake 20% stake in Russia's Sakhalin-1

ONGC Videsh Ltd is making a proposal to retake 20 per cent stake in Russia's Sakhalin-1 oil and gas project in the far east, sources said. Read more

2:18 PM

NMDC set to call for EoI for appointment of consultant for mining license

State-owned NMDC Limited has said it is taking the first step for obtaining a Mining License (ML) to start operations at a gold mine in Andhra Pradesh. Read more

2:07 PM

Global markets | US equity futures firmly higher

1:57 PM

Axis Bank hikes MCLR by 25 bps, joining other lenders in policy action

Central bank's MPC has cumulatively increased the repo rate by 190 bps since May. Read here

1:48 PM

TVS Motor gains 4%, scales new summit on hopes of strong Q2 earnings

In September, TVS Motors’ volumes grew by 9 per cent year-on-year (YoY) to 379,011 units, above analyst estimates, owing to better-than-expected volumes in the domestic market. On the international markets front, the company said there is marginal improvement, however, the challenges with economic slowdown and higher inflation still persists. The management is cautiously optimistic that the sales momentum will continue to improve. READ MORE

1:38 PM

India's festival gold sales to shine less brightly this year, says WGC

Demand for gold jewelry, coins and bars typically peaks in the world’s second-biggest consumer over October to December, driven by festivals including Diwali that starts next week and the spate of weddings that follow. Jewelry sales nearly doubled in the final quarter last year as consumption revived after two bleak years dominated by the pandemic. READ MORE

1:28 PM

ALERT :: Government examining proposal to increase Palm Oil Import Tax, reports Reuters

1:18 PM

Crude may retest higher levels in coming week

>> The OPEC output is still about 3 million barrels per day short compared to the target. This shortfall has been met with the supply from the Strategic Petroleum Reserve (SPR) of the US on a weekly basis.

>> In the last couple of weeks, the release from the SPR has been to the tune of 7 million barrels for commercial use. The SPR level is at its lowest level in recent history.

>> According to some reports, the US would replenish the stock that has been released in any case at some point in time. The US will have to move into replenishing the stock once the oil price touches lower levels. It is a fact that close to 15% of the global energy demand has been shifted to renewable and non -conventional energy sources in the last decade.

 

Crude prices likely to stay elevated

Despite the strength of the US Dollar as indicated by the Dollar Index, oil prices are expected to stay northbound mainly on the account of supply-restricting factors, and therefore, we could see a retest of higher levels in the coming weeks.

Views by: Emkay Wealth Management

 

 

1:07 PM

Tata Elxsi dips 14% in 2 days, hits 3-month low post weak Q2 revenue growth

For Q2FY23, Tata Elxsi reported Rs 763 crore of revenue from operations, a growth of 5.1 per cent quarter-on-quarter (QoQ), and 28.2 per cent year-on-year (YoY). EBITDA margin declined by 312 basis points QoQ to 29.7 per cent, while net profit stood at Rs 174.3 crore, down 5.7 per cent QoQ but up 39.1 per cent YoY. READ MORE

12:54 PM

Nifty500: 248 stocks have more upside; Sun Pharma, RITES 'overbought'

Technically, overcoming of key resistances after a brief period of sideway movement points towards a positive trigger. The BSE Sensex and Nifty have thus far climbed 2 per cent in the last two trading sessions on a weekly scale; such move was last seen in August 2022 that further accelerated into an additional 1.7 per cent gain. READ MORE