Markets snap 6-day losing run; Sensex jumps 635 pts, Nifty nears 19,050

Closing Bell on October 27, 2023: Among sectors, the Nifty PSU Bank index jumped 4 per cent today

4:03 PM

Comment :: 'Utilise rebound to reduce longs;

Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines. However, participants shouldn’t read much into a single-day recovery.

The earlier support zone i.e. 19,200-19,300 would act as a hurdle in case of further rebound. Weakness in heavyweights especially from the banking pack combined with feeble global markets would continue to weigh on the sentiment. We thus suggest utilising a rebound to reduce longs and wait for clarity.

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

 

4:01 PM

Tech View :: 'Nifty can consolidate within 18,800 – 19,200'

Nifty50

We expect this pullback to continue till 19,160 – 19,220 where resistance, in the form of a Fibonacci retracement level and the 40 hour moving average, is placed.

The hourly momentum indicator has a positive crossover which is a buy signal. Thus, considering the above parameters, we expect the pullback to continue.

On the weekly charts, we can observe that the Nifty has respected the support zone of 18,800 – 18,925 where multiple support parameters in the form of the 40 week average and a crucial Fibonacci retracement level was placed.

Thus, going ahead the Nifty can consolidate within 18,800 – 19,200 before resuming next leg of the fall. In terms of levels, 19,160 – 19,220 shall act as a support zone while 18,930 – 18,900 shall act as an immediate support zone.

 

Bank Nifty

Bank Nifty also witnessed a pullback from the steep decline during the week. The pullback can continue till 43,400 where resistance in the form of the hourly upper Bollinger band is placed. On the downside 42,730 – 42,600 is the crucial support zone.

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

3:54 PM

Tech View :: Will the pullback rally sustain?

After relentless selling in recent days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19,250. As long as it stays below 19,250, the market may continue to be inclined towards selling on any upward movements.

 

On the downside, a resumption of weakness is expected if the index falls below 18,800. This is because put writers are likely to defend the Nifty with substantial positions at 18800, with immediate support placed at 19,000.

Views by: Rupak De, Senior Technical analyst, LKP Securities

3:53 PM

Comment :: 'Market worried about earnings downgrade'

The domestic market recovered well compared to yesterday’s sharp corrections, due to restrained FII’s selling along with moderation in currency and global bond yield volatility.

Till date, the Q2 results outcome is decent, which is in-line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of further slowdown in the world economy due to elevated interest rate and geopolitical risk.

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

3:51 PM

Bond market :: 10-year bond yield eases Friday

3:50 PM

Currency check :: Rupee ends 2 paise weaker

3:48 PM

IPO Update :: Blue Jet Healthcare issue subscribed 8x so far

>> QIB, NII portions booked over 13x each, retail 2x

>> Bidding closes at 5 PM today

3:44 PM

Sector check :: Real estate stocks rally up to 14%

3:43 PM

Sector check :: PSU bank rally on solid Q2; Bank of India leaps 7.5%

3:41 PM

Sectoral trends :: PSBs, Media indices soar the most in broad buying

3:39 PM

Sensex Heatmap :: 28 of 30 index stocks surge; Axis Bk, HCL Tech gain 3% each

3:38 PM

Closing Bell :: Nifty ends near 19,050

3:37 PM

Closing Bell :: Sensex zooms over 600 pts after six days of sell-off

3:21 PM

ALERT:: Cipla surges 4% on beating Q2 estimates; profit jumps 43%, revenue up 15%

The positive growth was aided by strength in domestic as well as US sales. Its overall Q2 revenue was its highest ever in a quarter, Cipla said. READ MORE

3:13 PM

Global check:: Nasdaq futures up almost 1%; Dow up 0.2%

Source: Investing.com

3:07 PM

ALERT:: Dwarikesh Sugar Q2 net grows 31%; stock slips 2%

Dwarikesh Sugar today reported 30.9 per cent growth in Q2FY24 net profit at Rs 10.26 crore when compared with Rs 7.84 crore in Q2FY23. Total income, however, declined 17.3 per cent YoY to Rs 448.68 crore.

2:57 PM

ALERT:: SRF Q2 net dips 30%; stock up marginally

SRF today reported 29.7 per cent dip in Q2FY24 net at Rs 308.72 crore when compared with Rs 439.15 crore in Q2FY23. Total income declined 12.9 per cent YoY to Rs 2,625.09 crore.

2:49 PM

ALERT:: Indian Hotels Q2 net up 38%; stock off day's high

Indian Hotels today reported 38.1 per cent growth in Q2FY24 consolidated net at Rs 178.97 crore when compared with Rs 129.59 crore in Q2FY23. Total income rose 17.8 per cent YoY to Rs 1,480.87 crore.

2:41 PM

Maruti Suzuki at fresh high; up 4% on record quarterly sales, profit in Q2

The company reported 80.3% YoY jump in net profit to Rs 3,716.5 crore on account of higher net sales, softening of commodity prices, cost reduction efforts and higher non-operating income. READ MORE

2:33 PM

ALERT:: Cipla Q2 net jumps 45%; stock up 2%

Cipla today reported 44.9 per cent growth in Q2FY24 consolidated net at Rs 1,155.37 crore when compared with Rs 797.414 crore in Q2FY23. Total income was up 15.2 per cent YoY at Rs 6,854.47 crore.

2:19 PM

ALERT:: Maruti Q2 net soars 80%; stock rallies 4%

Maruti Suzuki today reported 80 per cent surge in Q2FY24 net profit to Rs 3,716 crore when compared with Rs 2,061 crore in Q2FY23. Revenue from operations grew 24 per cent YoY to Rs 37,062 per cent.

2:09 PM

ALERT:: Indian Overseas Bank Q2 net up 25%; stock surges 5%

Indian Overseas BAnk today reported a 24.8 per cent growth in Q2FY24 net profit at Rs 625 crore when compared with Rs 501 crore in Q2FY23. Net Interest margin increased to 3.12 per cent from 2.79 per cent.

.

1:57 PM

Shriram Finance surges 9% on healthy September quarter results

Shriram Finance's reported NIM expanded ~60bp QoQ driven by lower negative carry because of lower liquidity on the balance sheet, and increase in high-yielding products in the mix. READ MORE

1:45 PM

Asian Market Update:: Hang Seng soars 2%; Nikkei, Shanghai 1%

Source: Yahoo Finance

1:33 PM

ALERT:: Adani Energy commissions 2500 MW Green Evacuation 400 kV System in TN; stock up 1.5%

Adani Energy Solutions today announced the successful commissioning of the Karur Transmission Ltd (KTL) project. The project includes the establishment of the 400/230 kV, 1000 MVA Karur Pooling Station and an associated transmission line spanning 8.51 circuit kilometers (CKM) in Tamil Nadu.

 

1:22 PM

ALERT:: Bajaj Finserv Q2 net rises 24%; stock up 1%

Bajaj Finserv today reported a 23.9 per cent growth in Q2FY24 net profit at Rs 1,928.96 crore when compared with Rs 1,556.93 crore in the corresponding quarter a year ago. Total income grew 25.1 per cent YoY to Rs 26,022.66 crore.

1:14 PM

Top stock additions and reductions by mutual funds in last three months

IDBI Bank, Adani Green and Hindustan Zinc were the three new large-cap entries by mutual funds in September 2023. Among large-caps, significant buying was seen in Maruti Suzuki, Reliance Industries, Cholaman. Inv. Fin, while highest selling was seen in HDFC Bank, L&T and State Bank of India, shows data analysed by Nuvama Institutional Equities. READ MORE

 

 

1:01 PM

Indo Count hits 21-month high, rallies 12% on hopes of strong earnings

Growth in home textiles in India seems quite positive in coming years, driven by healthy export demand with benefits from reciprocal FTAs (free trade agreements). Read

12:50 PM

Buying a car this Diwali? Here are the latest loan rates, processing fees

Some banks are offering additional interest concessions of up to 0.25 per cent for existing housing loan borrowers and corporate salary account holders. Read

12:30 PM

India will lead the world in 6G: PM Narendra Modi at India Mobile Congress

PM Modi said that the need of the hour is to take forward the success in mobile and electronics and establish a strong semiconductor manufacturing sector in India. Read