Sensex dips 116 pts; Broader indices shine; PSB, metal stocks rally

Closing Bell on October 16, 2023:JSW Steel, Tata Steel, Axis Bank, HCL Tech, Power Grid, M&M, Power Grid, Titan, and NTPC were the top Sensex gainers, up between 0.5 per cent and 1.7 per cent

4:02 PM

Tech View :: 'Consolidation in Nifty to continue'

Nifty 50
On the daily charts, the Nifty today has formed an Inside Bar pattern which suggests consolidation and also makes the extremes of the range of the previous day candle crucial levels from short term perspective.

In this case the extremes of the range are 19,805 and 19,635. A breach of this on either side shall lead to a trending move in that direction.

The daily and hourly momentum indicators provide divergent signals and in such a scenario a consolidation appears high probability. Contraction of the Bollinger bands also supports our sideways outlook on the Index. The range of consolidation is likely to be 19,500 – 20,100 from short term perspective.

 

Bank Nifty

Bank Nifty has also halted its fall and is in the process of recovering. Today’s low around 44,000 shall act as a pivot point and until that is not breached on the downside we can expect a pullback till  44,800 – 45,000 from short term perspective.

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

4:00 PM

Comment :: 'Muted market action to continue till...'

We feel the muted action may continue in the index until we see alignment between the Nifty and the banking index. However, there is no shortage of trading opportunities across sectors so participants should plan their positions accordingly. 

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

3:57 PM

Comment :: 'Persistently elevated oil prices may affect margins in H2'

Persistent geopolitical tensions continue to weigh down the sentiment on equity, yet the mid- and small-cap index witnessed bargain hunting ahead of festival-driven demand and optimistic Q2 result. If the oil price moves higher in a sustained manner, it may elevate yields and operation cost, potentially straining margins in H2FY24. As the earnings season gets into full swing, investors will be more inclined to take a bottom-up approach to restructure their portfolios

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

3:55 PM

Currency check :: Rupee ends flat vs US dollar

3:54 PM

Market Check :: Top losers on the BSE today

3:53 PM

Market Check :: Top gainers on the BSE today

3:51 PM

Buzzing stock :: GSFC leaps 10% on heavy volumes, hits record high

3:50 PM

Buzzing stock :: SpiceJet sinks over 8% amid report Rakesh Gangwal may not buy stake in airline

3:48 PM

Buzzing stock :: Delta Corp slides 9% on another tax notice worth over Rs 6,000 crore

3:46 PM

Broader markets :: Indices settle mixed; SmallCap index gains 0.3%

3:45 PM

Sectoral trends :: Metal, PSBs among handful of gainers on Monday

3:43 PM

Sensex Heatmap :: Heavyweights weigh on index; TCS, Airtel, HDFC Bank, RIL among top losers

3:42 PM

Closing Bell :: Nifty holds 19,700

3:40 PM

Closing Bell :: Sensex ends 116 pts lower after a range-bound session

3:28 PM

3 CPSE stocks are locked in 20% upper circuits, hitting multi-year highs

Shares of State Trading Corporation of India (STC India), India Tourism Development Corporation (ITDC), and KIOCL from the S&P BSE CPSE index were locked in the 20-per cent upper circuit, hitting multi-year highs on Monday, on the back of heavy volumes. In comparison, the S&P BSE Sensex was trading  flat at 66,285 2:26 PM. READ MORE

3:13 PM

ALERT :: Jai Balaji Q2 net down 5% Yoy; stock jumps 5%

>> Net Profit dips 4.8 per cent to Rs 201.55 crore

 

>> Total income up 14.6 per cent at Rs 1,574 crore
 

3:01 PM

Global Market Check:: US, UK stock futures paint a mixed picture

Source: Investing.com

2:52 PM

ALERT:: Choice International Q2 net soars 264% YoY; stock gains 1.5%

>> Net profit soars 264 per cent to Rs 29.90 crore YoY

 

>> Total income up 147% at Rs 193.90 crore from Rs 78.50 crore

chart

2:41 PM

Stock of this smallcap jewellery company has zoomed nearly 100% in 3 weeks

Shares of SKY Gold hit a new high of Rs 590.20, and have rallied 97 per cent in three weeks from a level of Rs 299.15 on September 25, 2023. READ MORE

2:30 PM

ALERT:: Rama Steel board to consider fund raise on Oct 20; stock down 0.5%

The company will also be announcing its Q2 results on the same day.

2:19 PM

Domestic passenger vehicles wholesales up 2% to 361,717 units in Sept: SIAM

Similarly, two-wheeler sales increased to 17,49,794 units last month from 17,35,199 units in the year-ago period, SIAM said. READ MORE

2:10 PM

These 2 factors dragged SpiceJet 11% lower today after surging 19% Friday

Shares of low-cost airline SpiceJet crashed 11.2 per cent to Rs 38.7 per share on the BSE in the intraday trade on Monday as investors booked profit in the scrip.  READ MORE

2:02 PM

Asian Market Update:: Nikkei slides 2%; Hang Seng 1%

Source: Yahoo Finance

1:50 PM

ALERT:: Oriental Hotels Q2 net slips 5%; stock dips 3%

Oriental Hotels today reported 5 per cent dip in Q2 net profit at Rs 103.80 crore for the quarter ended September 2023 when compared with Rs 109.20 crore in the year ago period. Total income, however, was up 4.8 per cent YoY at Rs 954.20 crore from Rs 910.60 crore.

1:40 PM

Comment:: Gold highly liquid even in times of crisis

"Gold is traditionally seen as a safe haven asset. During periods of geopolitical uncertainty, investors tend to seek refuge in assets that are considered less risky than equities or currencies. Gold's inherent value and lack of counterparty risk make it an attractive option. Gold is not subject to the same economic and political risks as other assets, making it a reliable store of wealth during uncertain times. It also acts as a hedge against currency devaluation and inflation. Usually, geopolitical crises lead to worries about a nation’s currency, people may turn to gold to preserve their purchasing power. In addition, gold is used to diversify one’s portfolio, investors diversify their portfolios to reduce risk during periods of crisis.

 

Gold is more appealing when the opportunity cost of holding other assets with interest rates, as the yellow metal carries nil interest rates. Usually, in war-like situations, the interest rates may be low or even negative. Furthermore, gold is highly liquid even in times of crisis making it a trusted asset during extreme situations. As this metal performed well during crisis periods historically, influencing investor behaviour as well.

 

As for Silver, the recent spike in silver prices was due to rising geopolitical uncertainty. However, silver is currently more used in industrial areas from where the demand outlook is bleak. Hence major rallies are less likely in the near future. Jewelry or ornaments demand during festivals and weddings also have less impact on prices."

 

- Hareesh V, Head of Commodities at Geojit Financial Services

 

1:30 PM

ALERT:: Yatra Online June quarter net jumps 68%; stock marginally down

Yatra Online today reported 67.7 per cent growth in net profit at Rs 1.04 crore for the quarter ended June 2023 when compared with Rs 0.62 crore in the year ago period. Total income was up 35.5 per cent YoY at Rs 80.55 crore from Rs 59.42 crore.

1:19 PM

BSE SmallCap index up 0.5%; KIOCL, Vakrangee, ITDC zoom up to 20%

1:07 PM

Venus Remedies zooms 20%; gets nod for 6 chemotherapy drugs in Philippines

 The stock of pharmaceutical company had hit a 52-week high of Rs 301.80 on July 10, 2023. In an exchange filing, Venus Remedies said the company has secured marketing authorisation for bortezomib cisplatin, doxorubicin, docetaxel, flurouracil and paclitaxel from the Philippines, thus making it a significant market for the company from the ASEAN region. READ MORE

12:55 PM

Comment :: Which sectors should you buy on dips?

Ideal buy on dip sectors are capital goods, automobiles, and financials.

Capital goods and automobiles are in a cyclical uptrend and the cycle will last for a few years. There is robust demand for capital goods and the automobiles sector will benefit from demand recovery plus margin improvement arising from fall in commodity prices.

Financials, particularly banking, are doing well and valuations are lower than historical averages.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

12:47 PM

Q2 Results :: Federal Bank posts PAT of Rs 954 crore

>> NII at Rs 2,056.4 crore vs Rs 1,762 crore YoY

>> GNPA at 2.26% vs 2.38% QoQ

>> NNPA at 0.64% vs 0.69% QoQ