Page 1494 - Markets News
Sensex up 491 pts, Nifty closes above 17,300 as banking shares advance
The 30-share BSE Sensex jumped 491.01 points or 0.85 per cent to settle at 58,410.98 as 24 of its components advanced
 "Sensex up 491 pts, Nifty closes above 17,300 as banking shares advance")
Growth, moderate valuations positive for ICICI Prudential Life Insurance
Value of new business growth and margins remained strong in Q2
 "Growth, moderate valuations positive for ICICI Prudential Life Insurance")
Bond yields ease as MPC minutes hint at slower interest rate hikes
1-year bond yield logs the sharpest fall in two-and-a-half months
 "Bond yields ease as MPC minutes hint at slower interest rate hikes")
Merger overhang to delay HDFC Bank's re-rating, caution analysts
From a long-term perspective, they see up to 40.4 per cent upside in HDFC Bank's stock as growth outlook remains intact
 "Merger overhang to delay HDFC Bank's re-rating, caution analysts")
Pidilite may enter Nifty 50 once HDFC gets taken off after merger
The adhesive maker's inclusion to be ad hoc; analysts divided over treatment around HDFC's removal
 "Pidilite may enter Nifty 50 once HDFC gets taken off after merger")
Upbeat housing demand to lift realty stocks despite rate hikes: Analysts
While rising interest rates are expected to hamper affordability among buyers, analysts expect the underlying need for homeownership to remain strong, which would buoy housing sales going ahead
 "Upbeat housing demand to lift realty stocks despite rate hikes: Analysts")
We prefer a bottom-up approach in this environment: Satish Ramanathan
SATISH RAMANATHAN, chief investment officer for Equity at JM Financial Asset Management shares his outlook for the markets and his sector preferences
 "We prefer a bottom-up approach in this environment: Satish Ramanathan")
Flexicap, multicap schemes maintain large-cap skew amid global uncertainty
Large-cap companies are known to weather the market storm better, while smaller stocks tend to fall more during volatile market conditions
 "Flexicap, multicap schemes maintain large-cap skew amid global uncertainty")
Samvat 2079: What is Muhurat trading? Check date, stock market timing
The Muhurat trading session on October 24, 2022, will mark the beginning of Samvat 2079
 "Samvat 2079: What is Muhurat trading? Check date, stock market timing")
Stock of this fintech company has tanked 70 per cent from its record high
With 28 million shares opening up on November 15, 2022, along with 4 million shares that were already unlocked for AIF / FVCI investors, the float for PB Fintech is expected to go up significantly
 "Stock of this fintech company has tanked 70 per cent from its record high")
Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%
CLOSING BELL: Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent
 "Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%")
BPCL, HPCL hit 52-week lows on concerns of large losses in Q2FY23
Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses
 "BPCL, HPCL hit 52-week lows on concerns of large losses in Q2FY23")
Realty check: Brigade, Phoenix Mills can rally up to 14%; Indiabulls weak
Among the realty pack, Indiabulls Real Estate trades in a bear grip, while Brigade and Phoenix Mills may see an upside of 14 per cent.
 "Realty check: Brigade, Phoenix Mills can rally up to 14%; Indiabulls weak")
Avenue Supermarts slips 3% to hit 8-week low after margin squeeze in Q2
The management said that the inflationary stress is more acute at lower price points in discretionary non-FMCG categories.
 "Avenue Supermarts slips 3% to hit 8-week low after margin squeeze in Q2")
Nifty PSU Bank index surges 2%; Canara Bank, Bank of Baroda gain over 3%
Operational performance is expected to remain positive across lenders, given steadier yields. Thus, robust recovery in earnings is expected in PSU banks, ICICI Securities said
 "Nifty PSU Bank index surges 2%; Canara Bank, Bank of Baroda gain over 3%")
HDFC Bank can rally 10% if it conquers Rs 1,550-hurdle, chart indicates
The trend seems buoyant on the weekly chart with the 200-WMA, placed at Rs 1,285-level, acting as a major support for the stock.
 "HDFC Bank can rally 10% if it conquers Rs 1,550-hurdle, chart indicates")
Electronics Mart makes strong debut; lists at 53% premium over issue price
The stock listed at Rs 90, a 53 per cent premium to its issue price of Rs 59 per share on the National Stock Exchange (NSE) on Monday.
 "Electronics Mart makes strong debut; lists at 53% premium over issue price")
Bajaj Auto gains 2% in a weak mkt after net profit climbs 20% YoY in Q2FY23
The management expects Q3 to be better than Q2 with supply chain visibility being much better
 "Bajaj Auto gains 2% in a weak mkt after net profit climbs 20% YoY in Q2FY23")
Pivot point at 50,350 for MCX Gold this week; Silver may see volatility
The bears are likely to have the upper hand as long as MCX Gold futures trade below Rs 50,350 this week; Near resistance on the upside is seen at Rs 50,900.
 "Pivot point at 50,350 for MCX Gold this week; Silver may see volatility")
Stocks to Watch: HDFC Bank, Electronics Mart, Bajaj Auto, Axis Bank, DMart
Stocks to watch today: Electronics Mart will make its debut on the bourses today. As per IPO Watch, the company could list with a healthy premium of up to 50% over issue price of Rs 59 apiece
 "Stocks to Watch: HDFC Bank, Electronics Mart, Bajaj Auto, Axis Bank, DMart")