Closing bell: Equity indices wobbled in lacklustre trade on Wednesday as investors scanned a string of disappointing corporate results.

The 30-share BSE index Sensex closed higher by 94.99 points or 0.24 per cent at 39,058.83 and the 50-share NSE index Nifty ended up 15.75 points or 0.14 per cent at 11,604.10.

The Sensex hit an intraday high of 39,196.67 and a low of 38,866.08. Similarly, the Nifty touched an intraday high of 11,651.60 and a low of 11,554.40. The market breadth was positive as 930 shares advanced, against a decline of 855 shares, while 353 shares were unchanged at NSE.

At close, the biggest gainers in the Nifty pack were HCL Technologies, Eicher Motors, Infosys, Maruti and JSW Steel rising up to 3.53 per cent.

Adani Ports, Bharti Airtel, Zee, Vedanta and Grasim were the top losers, shedding up to 6.10 per cent.

Bajaj Auto Q2 profit rises 21% to Rs 1,523.32 crore

Bajaj Auto on Wednesday reported 21.23 per cent increase in its consolidated profit after tax at Rs 1,523.32 crore in the second quarter ended September.

The company had posted a consolidated net profit of Rs 1,256.57 crore in the same period last fiscal, Bajaj Auto said in a regulatory filing.

Total revenue from operations was down 4.09 per cent at Rs 7,707.32 crore as compared to Rs 8,036.34 crore in the year-ago quarter, it added.

Total vehicle sales in the second quarter stood at 11,73,591 units as against 13,39,444 units in the same period last fiscal, down 12 per cent, Bajaj Auto said.

Motorcycle sales were also down 13 per cent during the period under review at 9,84,240 units as compared to 11,26,542 units in the same quarter a year ago.

Commercial vehicle sales stood at 1,89,351 units as compared to 2,12,902 units in the second quarter last fiscal, down 11 per cent.

Dr Reddy’s recalls heartburn drug Ranitidine from US market

After suspending worldwide shipments of its drug Ranitidine following the ongoing probe by the US FDA into the reported carcinogenic impurity in it at low levels, Dr Reddy's on Wednesday said it had initiated a voluntary recall of several lots from the US market.

The city-based drug maker said in a filing with bourses that the recall, which began on October 1, is at the retail level for Over-The-Counter products and at the consumer level for prescription products of all of its ranitidine medications sold in US due to confirmed contamination with N-Nitrosodimethylamine (NDMA) above levels established by FDA.

ICICI Securities Q2 net up 1% at Rs 135 cr

ICICI Securities has reported a one per cent rise in profit after tax (PAT) at Rs 135.12 crore for the September quarter.

The company had posted a PAT of Rs 134.22 crore in July-September quarter of 2018-19, ICICI Securities said in a regulatory filing.

The company. which is a part of the ICICI Group, posted a revenue of Rs 418.22 crore for the second quarter of 2019-20 as against Rs 458.10 crore in the year-ago quarter, down 9 per cent.

The revenue fell mainly due to decline in retail broking revenues and regulatory changes in mutual funds distribution business.

ICICI Securities (I-Sec), which is in the business of broking, distribution of financial products, and investment banking, declared an interim dividend of Rs 4.25 per share for the second quarter.

Investments via P-notes fall for fourth month in a row, stand at Rs 76,611 cr

Dropping for the fourth consecutive month, investments through participatory notes (P-notes) in the Indian capital market stood at Rs 76,611 crore at the end of September.

P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be part of the Indian stock market without registering themselves directly after going through a due diligence process.

Investments through P-notes have been continuously declining since June, according to the latest data from markets regulator SEBI.

Suzlon sees exodus of Independent directors

Troubled wind energy firm  Suzlon  has seen an exodus of independent directors recently.

On October 4, Venkataraman Subramanian, one of the independent directors resigned from Suzlon citing increased commitments on the Boards of various other companies as well as his family commitments. Read more here

Strides Pharma gets USFDA inspection report for Alathur unit with no adverse observations

Strides Pharma Science on Wednesday said the inspection by the US health regulator of its formulations facility in Alathur in Kerala has been completed without any adverse observations.

In a regulatory filing, the company said the company’s formulations unit in Alathur was inspected by the US Food and Drug Administration (USFDA) in August 2019.

It has received the establishment inspection report (EIR), thereby confirming the successful closure of the inspections, the company added.

Broker's call: PVR (Buy)

CMP: ₹1,794.55

Target: ₹2,115

PVR owns and operates multiplexes across 19 States and UT’s with a total of 800 screens. Major income segments for them are Box office (Ticket revenue), Food & Beverage (F&B) and Advertisement (Ad).

Key takeaways:  a) Q2FY20 revenue grew by about 37 per cent on a y-o-y basis owing to better box office and F&B collections while ATP continued to witness marginal decrease of -3 per cent (y-o-y). Read more here

Nifty call: Buy on dips with stop-loss at 11,625

After correcting in yesterday’s session, the Nifty has started today's session on a positive note. The index has gained 0.4 per cent and the Sensex is trading higher by 0.5 per cent. Asian peers are showing mixed signs where the Nikkei is up by 0.3 per cent and Hang Seng is down by one percentage point. The US benchmarks closed marginally negative. Read more on the technical strategy here

ICICI Pru Life Insurance Q2 net profit almost flat at Rs 301 crore

ICICI Prudential Life Insurance posted an almost flat growth in net profit at Rs 301.86 crore in the second quarter of the fiscal year as against Rs 300.87 crore a year ago.

However, the private sector life insurer’s total income during July to September 2019 fell to Rs 8,209.08 crore from Rs 8,826.90 crore a year ago.

Its first year premium income also declined by 6.56 per cent to Rs 1,718.54 crore in the second quarter this fiscal from Rs 1,839.36 crore in the corresponding period a year ago.

MCX-Natural Gas continues to move sideways

The November futures contract of natural gas declined over the past week and on Monday it tested a key support at ₹172.4. Observing the chart, one can see that the contract is consolidating and has been moving within a broad range between ₹172 and the resistance ₹184.  Read more on the technicals here

Oriental Bank shares jump over 5% after Q2 earnings

Shares of Oriental Bank of Commerce (OBC) on Wednesday jumped over 5 per cent after the company reported a 23.5 per cent rise in net profit for the second quarter ended September 2019.

The scrip gained 4.97 per cent to ₹52.75 on the BSE. At the NSE, it rose by 5.26 per cent to ₹52.95.

OBC on Tuesday reported a 23.5 per cent rise in net profit at ₹126 crore for the second quarter ended September.

The state-owned bank had posted a net profit of ₹102 crore in the corresponding July-September period last fiscal.

The bank’s total income rose 15 per cent to ₹5,702 crore in July-September as compared with ₹4,967 crore in the year-ago period.

OBC’s gross non-performing loans or bad loans came down to 12.53 per cent of the gross advances as on September 30, 2019 from 17.24 per cent at the end of September 2018.

Samvat 2076: These are the stock picks of top brokerages

As we approach Diwali, Samvat 2076, which marks the beginning of the Hindu calendar year, leading stock brokerages have started recommending stock picks for 2019-20.

This year has been a good year for stock markets as most mid and small-cap stocks took a sharp plunge. Even though benchmarks Nifty50 and the BSE Sensex are ruling near peak levels, this has been led by a few strong stocks such as HDFC Bank, Hindustan Unilever, ICICI Bank and Infosys. Read the full story here

Broker's call: Dalmia Bharat (Buy)

CMP: ₹803.1

Target: ₹1,270

Key takeaways:  a) Despite the general slowdown in demand, Dalmia reported 8 per cent y-o-y volume growth to 4.47 million tonnes. However, with the greatest price drops in the South and East (the company’s market) and an 18 per cent drop in the Others segment, realisation (blended) declined 1.6 per cent y-o-y to ₹5,002 a tonne. Read more here

L&T bags contract from HPCL for residue up-gradation facility

L&T Hydrocarbon Engineering Limited has been awarded a mega project by Hindustan Petroleum Corporation Limited (HPCL).

The engineering, procurement, construction and commissioning (EPCC) contract is for setting up a Residue Upgradation Facility (RUF), EPCC-03 Package for Visakh Refinery Modernisation Project (VRMP) at HPCL's Vizag Refinery.

The RUF plant is licensed by Chevron Lummus Global with a capacity of 3.55 MMTPA. This plant will enable HPCL to convert the heaviest oils into high-quality Euro 6 diesel while simultaneously eliminating fuel oil production, as well as increasing feedstock and product flexibility. The unit is being implemented for the first time in India.

Will hike in promoters' stake make Sun Pharma healthy?

The promoters of  Sun Pharmaceuticals  increased their stake in the company marginally during the July-September quarter to 54.55 per cent from 54.38 per cent at the end of June. They bought 39 lakh shares worth about ₹400 crore from the open market during the quarter. Read more here

Infosys recovers lost ground; rises over 1%

Shares of Infosys on Wednesday bounced back, rising over 1 per cent, after a massive selloff in the previous session on concerns over a whistleblower complaint against the company’s top executives.

The scrip gained 1.28 per cent to ₹651.55 on the BSE. On the NSE, it rose by 1.26 per cent to ₹651.70.

Shares of Infosys on Tuesday plummeted nearly 17 per cent marking their worst intra-day fall in over six years, wiping ₹53,451 crore from its market valuation.

A complaint by a group that calls itself “ethical employees” of Infosys has alleged CEO Salil Parekh and CFO Nilanjan Roy were indulging in “unethical practices” to boost short-term revenue and profits.

The IT services giant on Tuesday said it is investigating the anonymous whistleblowers’ claims.

PSU bank shares advance; Indian Bank rises 4%

The PSU bank shares were leading the gain in Wednesday's morning session.

Shares of Indian Bank (up 4.51 per cent), Oriental Bank (up 2.78 per cent), SBI (up 1.85 per cent) and Bank of India (up 1.79 per cent) were the top performers in the PSU Bank index.

Central Bank of India, Bank of Baroda, Union Bank of India and Canara Bank too were trading in green.

The Nifty PSU Bank index was trading 1.53 per cent higher at 2,295.95 around 10.40 am.

Demerged Greenpanel’s listing today

Shares of Greenpanel Industries , the demerged-entity of Greenply Industries, will be listed at the bourses on Wednesday. Greenply had spun off the medium density fibreboard (MDF) business into a separate entity in 2018.

Shareholders of Greenply Industries had received one share of Greenpanel during the demerger. The spun-off was mainly for enhancing strategic flexibility to build a viable platform solely focusing on each of the businesses, Greenply had then said.

Rupee slips 9 paise to 71.03 against USD in early trade

The Indian rupee opened on a cautious note and fell 9 paise to 71.03 against the US dollar in early trade on Wednesday amid rising demand for the US dollar vis-a-vis other currencies overseas and unabated foreign fund outflows.

At the interbank foreign exchange, the rupee opened at 71.01 then fell to 71.03 against the US dollar, showing a decline of 9 paise over its previous closing.

The Indian rupee on Tuesday had closed at 70.94 against the US dollar.

Market update: Equity benchmarks BSE Sensex and NSE Nifty stared on a tepid note on Wednesday amid weak cues from global markets and foreign fund outflow.

At 10 am, the 30-share index was trading flat at 38,950.65, and the broader NSE Nifty slipped 7.05 points, to 11,581.30.

Other losers in the Sensex pack included Yes Bank, Tata Motors, IndusInd Bank, Kotak Bank, HUL, ONGC, M&M, PowerGrid and L&T, shedding up to 2.50 per cent.

Among the gainers were HCL Tech, Bajaj Finance, TCS, TechM, Axis Bank, Sun Pharma and RIL, rising up to 2 per cent.

In the previous session on Tuesday, the 30-share BSE Sensex closed 334.54 points, or 0.85 per cent, lower at 38,963.84. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.

Why has RBL Bank fallen by 10% post Q2

RBL Bank, the once-fancied stock in the banking space, has been under severe pressure recently, plunging by 50 per cent in the past four months. The bank’s September quarter results have only accentuated the pain for investors. A sharp rise in slippages and provisioning have impacted earnings, and expectations of the stress to persist in the next two-three quarters is likely to dampen investor sentiment.  Read more on the insight here

Q2 show: Bajaj Auto, L&T, HCLT, Indian Bank

Wednesday will see a host of high-profile companies unveiling their July-September results. Among these are Aarti Drugs, Bajaj Auto, Bajaj Holdings, Biocon, Castrol, CG Consumer, Dishman, GHCL, Havells India, HCL Tech, HDFC Life Insurance, Hero MotoCorp, Indian Bank, IRB Infra, JK Paper, JM Financial, JSW Steel, L&T, Mahindra CIE, NIIT Tech, Nucleas Soft, Onward, Praj Ind, PTC India, Tata Steel Long, Texmaco Infra, Texmaco Rail, Torrent Pharma and Zee Media.

Daily rupee call: Rupee continues to display strength

The rupee extended its gain on Tuesday as it closed the day higher by 0.3 per cent against the dollar. It closed the session at 70.94, above a critical resistance of 71. The rupee has now gained for fifth consecutive trading session. Click here to read more on the technicals

Markets opening: It's a flat opening for equity benchmarks, with the Nifty is trading above 11,550 level.

At 9.18 am, the Sensex is up 24.88 points at 28,988.72, while Nifty is up 7.85 points at 11,596.20. About 524 shares have advanced, 402 shares declined, and 49 remained unchanged.

HCL Technologies, Axis Bank, Bajaj Finserve, TCS and Britannia are trading higher, while Tata Motors, Adani Ports, Bharti Airtel, Bharti Infratel and Infosys have lost the most.

Today's Pick - GHCL (₹212.2): Buy

Investors with a short-term perspective can buy the stock of GHCL at current levels. The stock found support at ₹178.5 which is its 52-week low in late August, after a medium-term downtrend from the May high of ₹277. Subsequently, the stock changed direction triggered by positive divergence in the daily price rate of change indicator and the daily relative strength index. Since then, the stock has been on a short-term uptrend. Read more on the technicals here

Day Trading Guide for October 23, 2019

₹1238 • HDFC Bank

₹643 • Infosys

₹248 • ITC

₹144 • ONGC

₹1414 • Reliance Ind.

₹270 • SBI

₹2051 • TCS

11624 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Asian shares struggle after yet another Brexit delay

Asian shares and U.S. stock futures dipped on Wednesday after British lawmakers rejected the government's timetable to fast-track legislation for its deal to take Britain out of the European Union.

Technology shares in the region were knocked after Texas Instruments forecast current-quarter revenue well below estimates in a sign the global microchip industry is being squeezed by a downturn in demand and a prolonged U.S.-China trade dispute.

In after-hour trade, Texas Instruments shares tumbled 9.8%, driving down other chipmaker shares including Intel and Nvidia.

In Asia, SK Hynix slipped 1.0% while Tokyo Electron fell 3.6%.

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