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Closing Bell
The BSE Benchmark Sensex came off a record high of 40,392.22 in late session due to profit booking by traders and investors alike. Indices have been witnessing a bull-run for a fourth straight session following revival in automobile demand this festive season amidst better than expected earnings from corporates.
Earlier, overall sentiment for equities turned still upbeat after yesterday's Fed rate cut, for the third time this year. The Fed lowered its policy rate to 1.50%-1.75%.
After opening higher at 40,211.99, the BSE benchmark Sensex rose to an historic high of 40,392.22, before finishing at 40,129.05, up by 77.18 points. It ended yesterday at 40,051.87.
On the NSE, the Nifty, which rose to an intraday high of 11,945, finally settled at 11,881.20, up 37.10 points over its previous close.
Among the gainers were heavyweights such as YES Bank, SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech, HDFC, Bajaj Auto, TCS and Hindustan Lever rose between 1-7 per cent, while losers are M&M, Tata Steel, Tech Mahindra, ICICI Bank, Axis Bank, Reliance, Vedanta and HDFC Bank lost between 1-2 per cent
NIFTY PSU BANK STOCKS
NIFTY PSU BANK STOCKS
NIFTY MEDIA STOCKS
NIFTY MEDIA STOCKS
NIFTY IT STOCKS
NIFTY IT STOCKS
NIFTY BANK CHART
YES Bank gets $1.2 bn offer from global investor; stock zooms 30%
Yes Bank on Thursday said it has received a binding offer from a global investor for an investment of $1.20 billion in the Bank through fresh issuance of equity shares.
The bank, however, did not disclose details of the global investor.
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BPCL divestment: Strategic sale can spur pricing reforms
The argument that privatising BPCL will compromise the energy security of the country is debatable. The Centre will continue to have a significant presence in the fuel market... Read more
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BPCL disinvestment plan fuels security concerns around Numaligarh Refinery
In the last 10 days, talks of BPCL stake sale has led to massive agitations across Assam
Nifty 50 October Futures (11,909): The contract tests a key resistance at 11,900. Tread with caution
Both the Sensex and the Nifty are trading sideways, gaining over 0.5 per cent each. The market breadth of the Nifty is biased towards advances. The India VIX, volatility index has fallen 1.5 per cent to 16.4 levels.
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Sensex all-time high at odds with macro-reality
Sensex, Nifty 50 gains do not reflect the indifferent performance of corporates. Optimism over recent policy moves too does not explain the high valuations
All-time-high Sensex at odds with macro-reality
Sensex, Nifty 50 gains do not reflect the indifferent performance of corporates. Optimism over recent policy moves too does not explain the high valuations
A man uses his mobile phone to take pictures next to a cake to celebrate the Sensex index rising to over 40,000, in Mumbai, India, May 23, 2019. REUTERS/ Francis Mascarenhas
JK Tyre stock jumps nearly 10 per cent
JK Tyre & Industries stock rose nearly 10 per cent today on the back of heavy buying interest in the counter.
At 12.50 pm, volumes traded in the counter were approximately 40.53 lakh shares on the NSE.
The sentiment for the stock was buoyed on reports of the three-fold jump in consolidated net profit to Rs 167.70 crore in the second quarter ended Sept 30, 2019, mainly driven by gains from deferred tax liability.
The company had posted a consolidated net profit of INR 45.78 crore YoY. Consolidated revenue from operations during Q2FY20 stood at Rs 2,154.95 crore as against INR 2,493.76 crore YoY, down 13.59%.
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JK Tyre promoter take control of pledged shares after repaying Rs 200 crore loan
Bengal and Assam Company had borrowed Rs 200 crore from KKR Capital in March 2019 by pledging shares owned by the promoters in JK Tyre
Mid-session
Indian stock indices advanced for a fourth straight session on Thursday, inching up half a percent, after a rate cut by the U.S. Federal Reserve in line with expectations.
At 12.25 pm, the BSE Sensex was up by 185.46 points at 40,237.33. Out of 2,371 shares traded on the BSE, The number of advancing scrips were higher at 1,371 against the number of declining ones at 875. The unchanged ones were at 125.
The Nifty, on the NSE, was at 11,900.75, up by 56.65 points over its previous close.
SECTORAL INDICES ON NSE
NIFTY INDICES
Sensex stocks
Sensex chart
Infosys surges as market fails to heed rumours
Software major Infosys shares jumped nearly 5 per cent today on the bourses even as market players neglected the negative rumours floating around the stock.
Tata Global shares hit new 52-week high on results
Shares of Tata Global Beverages (TGBL) rallied nearly 6 percent intraday to hit new 52-week high of Rs 311 on the NSE after it reported strong earnings for the quarter ended September 2019.
NIFTY CHART
Broker's call
Indoco Remedies | SELL
PROSE INTEGRATED
Q2FY20 Result Update
CMP: Rs 162 |
Target Price: Rs 100 | Downside: 36%
Indoco missed our PAT estimates by 20% despite in-line sales and EBITDA performance, which were dragged by a higher tax rate. While sales growth was encouraging at 21% YoY, led by seasonality, improved productivity in India, and healthy exports performance, the management guided for EBITDA in the range of Rs1.1–1.25bn, in line with our estimates.
The guidance is backed by 15% sales growth in India and 30% in export formulations for FY20E. Though product sales have not achieved normalcy in the US (growth led by milestone payments) and the UK (expected to improve as Goa Plant 1 has received compliant status from UK MHRA), the management remains fairly confident of traction in sales by end of FY21E.
Indoco’s export business in regulated markets is largely CRAMS-based with higher dependency on partners, but it remains confident of capitalizing its relationship with its partners for sales ramp up. We believe this could be a slow process as contracts get renewed with both existing and new partners, and supply resumes at levels prior to the warning letter stage.
Analysts expect sales to register a 13% CAGR over FY19–21E, with EBITDA margin improving to 11.5–12% on a lower base until the capacity utilization for exports plays out. Although the past few months have seen favourable progress in the compliance situation, we believe the company still needs about two years to regain the peak levels of business performance. At the CMP, the stock trades at 26.6x FY21E EPS of Rs6. Maintain SELL.
2QFY20 Result Snapshot: Q2 performance was below expectations despite in-line sales (up 21% YoY) and EBITDA margin at 11.2% (up 230 bps QoQ and 170 bps YoY), primarily due to a higher tax rate.
Domestic sales (up 17% YoY) were led by seasonality, while exports (up 40% YoY) reported a sharp jump due to milestone payments in the US and resumption of sales in the UK.
Olectra Greentech stock rises 6% even as EV buses gain traction
Olectra Greentech stock rose over 6% today on positive outlook for the company as EV buses gaining traction on Indian roads.
The company has recently deployed more than 100 electric buses in India, including introduction of 40 buses in Hyderabad.
Quess Corp climbs 12% on higher revenues
Quess Corp climbed 12% today after the company reported stronger revenues with moderate increase in net profit for the second quarter ended September 2019.
Why FPIs are bullish on the Indian insurance sector
Foreign investors continue to pour money into the Indian insurance space. The sector received a record inflow of foreign equity investment in the first half of the current fiscal year.
Sensex stocks
Cognizant Q3 net increases 4% to $ 497 mn
Cognizant Technology Solutions plans to remove approximately 10,000-12,000 mid-to-senior level associates worldwide from their current roles in coming quarters to improve cost structure
Broker's call: Indian Bank (Buy)
Geojit
Indian Bank (Buy)
CMP: ₹128.8
Target: ₹156
Indian bank is a mid-sized bank in the public sector, with a loan book size of about ₹1,94,000 crore and deposit base of about ₹2,53,000 crore. The bank operates through a network of 2,884 domestic branches largely distributed across the Southern States.
Rupee up in early trade
The Indian rupee rose in the early trade. It opened higher by 13 paise at 70.77 against the dollar.
At 9.50 am, the domestic currency was quoted at 70.75 against the dollar
It ended on Wednesday at 70.90.
Rupee dollar chart
Source: BSE website
9.40 am
Sensex stocks
Opening Bell
Markets continued their bull run on, with benchmark S&P BSE Sensex and Nifty going up further in the opening trading session today.
An upbeat quarterly earnings reports from corporates helped boost investor sentiment, with PSU banks leading the gains.
The BSE Sensex gained 237.60 points to 40,289.47, while the Nifty was up 68 points to 11.912.65.
Heavyweights such as HDFC Bank, United Bank of India, SBI, JK Tyre, Kotak Mahindra Bank, Infosys, ICICI Bank, Sun Pharma, M&M, JSW Steel and Hindalco, are among major gainers on the indices, while losers are Tata Motors, Yes Bank and Eicher Motors.
All the sectoral indices are trading in the green led by PSU bank, IT, metal, energy and FMCG.
Fed rate cut
The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain US growth.
The Fed lowered its policy rate to 1.50%-1.75%, but dropped a previous reference in its statement to “act as appropriate” to sustain the economic expansion
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Sensex reclaims 40K as FPIs pump in $1 b in a day
Better-than-expected corporate earnings, too, boost sentiment
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Asia shares edge higher after Fed rate cut, focus on BOJ
BOJ likely to keep policy on hold on Thursday
Nifty Call
Near-term outlook stays positive above 11,800 levels
People walk past a new brand identity for Nifty Indices inside the National Stock Exchange building in Mumbai.
US Fed cuts interest rates, signals it is on hold
The Federal Reserve on Wednesday cut interest rates for the third time this year to help sustain US growth despite a slowdown in other parts of the world, but signalled there would be no further reductions unless the economy takes a turn for the worse.
Asia shares edge higher after Fed rate cut, focus on BOJ
Asian shares rose on Thursday and U.S. stock futures edged higher after the U.S. Federal Reserve cut interest rates as expected to keep economic expansion on track.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%. Japan's Nikkei stock index rose 0.41%, but Australian shares fell 0.24%.
U.S. Treasury yields extended declines in Asia after the rate cut, but further declines may be limited as Fed Chairman Jerome Powell signalled additional rate cuts are unlikely because there are several areas of strength in the U.S. economy.
U.S. stock futures nudged 0.07% higher on Thursday in Asia after the S&P 500 rose 0.33% to close at a record high on Wednesday for the second time in three trading sessions.
The Fed lowered its policy rate to 1.50%-1.75%, but dropped a previous reference in its statement to “act as appropriate” to sustain the economic expansion
Broker's call
CSEC Research:
Stocks to watch on positive side:
Tata motors, the rerating in the stock likely on account of good results, M&M, sharp improvement in volumes owing to festive demand warrants attention.
Stocks to watch on negative side:
HDFC bank, Kotak bank, the streched valuations likely to cap the upside in these counters, profit booking expected at current & higher levels.
Today's stock pick | GE T&D India
Investors with a short-term perspective can buy the stock of GE T&D India at current levels. Following a sharp fall in late July, the stock recorded a 52-week low at ₹124 in early August this year...
Day Trading Guide for October 31, 2019
Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading
660 • Infosys
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