Sensex slips 248 pts, Nifty near 19,600; Bajaj Auto zooms 6.5%, Nestle 3.5%

Closing Bell on Thursday, October 19, 2023: Bajaj Auto, LTIMindtree, and Nestle India were the top gainers, soaring 6.5%, 6%, and 3.5%, respectively, post their September quarter results

4:22 PM

Tech View :: 'Expect Nifty to stage pillback rally after recent weakness'

Nifty50
On the daily charts, the Nifty has taken support at the 19,530 – 19,500 zone where support in the form of the 61.82% Fibonacci retracement level of the previous rise form 19,333 – 19,850 is placed.

We expect the Nifty to stage a pullback after the recent sharp correction since the past couple of days. We believe that today’s low of 19,512 shall act as a crucial support and until that is not breached on the downside we can expect the Nifty to witness a pullback towards 19,730 – 19,800 from short term perspective.

Bank Nifty

There are signs of positive divergence developing on the daily momentum indicator as a new low in prices was not accompanied by a new low on the momentum indicator which indicates momentum on the downside is weakening and the probability of a pullback is high. We expect the Bank Nifty to witness a pullback towards 44,000 – 44,400 from short term perspective.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

4:10 PM

Comment :: 'Roller coaster ride for traders on weekly F&O expiry day'

It turned out to be a roller coaster ride for participants on the weekly expiry day as Nifty oscillated sharply on both sides and finally settled marginally lower at 19,624 level. 

The recent price action in index shows indecision amid mixed cues. And, earnings has cascaded the choppiness on sectoral front too, making stock selection difficult for the traders.

We thus suggest limiting aggressive positions and preferring hedged trades until we see some clarity over next directional move.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:08 PM

Comment :: Key triggers for the markets in near-term

Amid increasing global political strain, US treasury yield, and underwhelming IT earnings, the domestic market continued to trade with a minor cut.

However, some optimism was evident in the equity market given global efforts to stabilize the West Asia conflict, which deescalated crude prices trend.

Investors are closely monitoring the Q2 earnings season, US Fed chair speak and West Asia developments

Views by: Vinod Nair, Head of Research at Geojit Financial Services

 

4:05 PM

Commodity :: Oil prices down over 1%; Brent continues to hold $90/bbl

4:03 PM

Bond Market :: Yields on 10-year G-Sec extend gain

4:02 PM

Currency :: Rupee ends 3 paise higher at 83.24/$ vs last close of 83.27/$

4:00 PM

BSE Stats :: Market Breadth balanced in 1:1

3:56 PM

Buzzing stock :: MMTC sinks 20% in 2 days on report govt may close the company

3:53 PM

Buzzing stock :: Nestle India rises 3.6% on stock split plan, healthy Q3CY23 result

3:52 PM

Buzzing stock :: Ultratech Cement rallies nearly 3% as Q2 PAT swells 69% YoY

3:49 PM

Buzzing stock :: Bajaj Auto surges over 6% as Q2 margins delight Street

3:47 PM

Broader markets :: SmallCap index ends in green despite overall market weakness

3:44 PM

Sectoral trends :: Auto, FMCG indices gain driven by Bajaj Auto, Nestle

3:43 PM

Sensex Heatmap :: Nestle, Ultratech, IndusInd end as top gainers post SEpt quarter results

3:40 PM

Closing Bell :: Nifty ends below 19,650

3:39 PM

Closing Bell :: Sensex slides 248 pts

3:28 PM

Ultratech Cement Ltd Q2FY24 result: Net profit jumps 68% YoY to Rs 1,280 cr

The revenue from operations for Q2FY24 came in at Rs 16,012.13 crore, compared to Rs 13,892.69 crore year-on-year (y-o-y). This is a rise of 15.25 per cent. On a quarter-on-quarter (q-o-q) basis, the revenue for operations was down 9.72 per cent. It stood at Rs 17,737.1 crore in Q1FY24. READ MORE

3:14 PM

This PSU stock is down 10% for 2nd day after 51% rally in preceding 4 days

In the past two days, the stock of the public sector undertaking (PSU) company has declined 19 per cent. It tanked 24 per cent from its 52-week high level of Rs 177.65 touched on Tuesday, October 17, 2023. In the four days prior to this, the stock had zoomed 51 per cent from Rs 117.40 on October 11.  READ MORE

3:01 PM

Granules India gets USFDA nod for generic drug used to treat heartburn

The approval by the US Food & Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Esomeprazole Magnesium delayed-release capsules of strengths 20 mg and 40 mg. READ MORE

2:51 PM

Sector Alert:: Nifty Auto outperforms; Bajaj Auto zooms 7%, Hero Moto 3%

2:41 PM

ALERT:: South Indian Bank Q2 net jumps 23%; stock up 0.5%

South Indian Bank today reported a 23.2 per cent growth in Q2 net profit at Rs 274.81 crore when compared with Rs 223.10 crore in the corresponding quarter a year ago. Total income advanced 24.5 per cent YoY to Rs 2,484.77 crore.

2:30 PM

Parag Milk Foods appoints Rahul Kumar Srivastava as COO; stock jumps 3%

Rahul Kumar Srivastava's presence is poised to be instrumental in Parag Milk Foods' journey toward a new era of leadership and growth, said the company in a BSE filing. 

2:20 PM

MMTC at lower circuit, sinks 19% in 2 days on reports govt may wind it down

Shares of MMTC Ltd were locked in the 10 per cent lower circuit on BSE for a second straight session on Thursday amid reports that the government may wind down the PSU due to a lack of investor interest in its offer-for-sale (OFS). 

2:08 PM

ALERT:: Kirloskar Pneumatic Q2 net up 12% QoQ; stock sheds 5%

Accelya Solutions today reported 12 per cent growth in Q2 net profit at Rs 20.20 crore for the quarter ended September 2023 when compared with Rs 17.90 crore in the preceeding quarter (Q1FY24). Total income was up 16 per cent QoQ at Rs 286 crore.

1:57 PM

EU debates how to handle challenges as Israel-Hamas war provokes concerns

Sweden hosted a meeting of ministers from eight countries, among them Germany, Belgium and France, focused on how to handle incidents where people burn the Muslim holy book, the Quran. READ MORE

1:45 PM

ALERT:: Accelya Solutions Q2 net slips 5%; stock tumbles 5%

Accelya Solutions today reported a 4.8 per cent decline in Q2 net profit at Rs 31.53 crore for the qaurter ended September 2023 when compared with Rs 33.11 crore in the corresponding quarter a year ago. Total income, however, rose 10.4 per cent YoY to Rs 127.29 crore.

1:34 PM

ALERT:: Satin Creditcare Network okays Rs 300 cr fund raise; stock soars 4%

The board of directors of Satin Creditcare Network, on Thursday, approved a propsal for raising of funds for an aggregate amount of up to Rs 300 crore. 

1:22 PM

ALERT:: PVR-Inox reports Rs 166.20 crore profit; stock down 1%

PVR-Inox reported a net profit of Rs 166.20 crore for the quarter ended September 2023, and total income of Rs 2,023.70 crore. The figures as not comparable as PVR-Inox merger was effective February 2023.

1:11 PM

Asian Market Update: Nikkei, Hang Seng plunge up to 2%

Source: Yahoo Finance

1:02 PM

Festive car discounts soar this year as supplies improve: Car dealers

As the festive season gains momentum, car dealerships across India are offering discounts ranging from Rs 25,000 to over Rs 1 lakh for various models. Dealer sources reveal that festival discounts are higher than those offered in the 2022 festive period which was affected by supply chain issues of electronic components for cars. READ