Headline equity index Nifty today formed a bearish candle on the daily charts, indicating indecisiveness between the bulls and bears. The index has been forming higher highs – higher lows from the last two sessions. “Now, it has to hold above 18,300 zones, for an up move towards 18,500 then 18,600 zones whereas supports are placed at 18,188 and 18,088 zones,” said Chandan Taparia of Motilal Oswal.
Analysts said there is no confirmation of any higher top reversal pattern unfolding at the highs.
Option data suggests a broader trading range between 17,900 and 18,700 zones while an immediate trading range between 18,100 and 18,600 zones.
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US stocks open lower after hawkish Fed comments
Wall Street’s main indexes opened lower on Monday after hawkish comments from a US Federal Reserve official tempered hopes of the central bank toning down its aggressive monetary policy approach.The Dow Jones Industrial Average fell 85.8 points, or 0.25%, at the open to 33662.05. The S&P 500 fell 15.0 points, or 0.37%, at the open to 3977.97, while the Nasdaq Composite dropped 89.4 points, or 0.79%, to 11233.904 at the opening bell.
SpiceJet posts Rs 838 cr Q2 loss on higher fuel prices, falling rupee
SpiceJet on Monday reported widening of net loss to Rs 837.8 crore in the three months ended September as record fuel prices and depreciating rupee caused turbulence for the budget carrier. Excluding the forex loss, the airline’s net loss stood at Rs 577.7 crore in the latest quarter under review.In the year-ago period, SpiceJet posted a net loss of Rs 561.7 crore. During that period, including a forex gain, the figure was Rs 568.7 crore, according to a release.The airline said business in the second quarter of the current fiscal was “hit by record high fuel prices, depreciating rupee in the traditionally weak quarter”.
Adani gets Sebi nod for NDTV open offer boosting takeover bid
Billionaire Gautam Adani’s conglomerate received the regulatory nod to float an open offer for a further 26% stake in New Delhi Television Ltd., marking a crucial milestone in a takeover battle between Asia’s richest person and the broadcaster’s founders.The Securities & Exchange Board of India, or SEBI, approved Adani Group’s open offer, according to a statement on the market regulator’s website Monday, allowing Adani to buy more equity from the media firm’s minority shareholders. The conglomerate revised the offer’s roll out date to Nov. 22. It will close on Dec. 5, NDTV said last week. (Bloomberg)
Keystone Realtors IPO subscribed 8 pc on Day 1
The Initial Public Offering (IPO) of Keystone Realtors, which sells properties under the brand ‘Rustomjee’, was subscribed 8 per cent on the first day of subscription on Monday. The Rs 635-crore IPO received bids for 7,24,599 shares against 86,47,858 shares on offer, according to an update available with the NSE.The category meant for Retail Individual Investors (RIIs) was subscribed 12 per cent and the quota for non institutional investors got 11 per cent subscription.The initial public offering has a fresh issue of up to Rs 560 crore and an offer for sale of up to Rs 75 crore.Price range for the offer is at Rs 514-541 a share.
Inox Green IPO subscribed 85 pc on Day 2 of offer
The initial share-sale of Inox Green Energy Services, a subsidiary of Inox Wind, was subscribed 85 per cent on the second day of offer on Monday. The Rs 740-crore IPO received bids for 5,70,13,780 shares against 6,67,21,310 on offer, as per NSE data.Retail Individual Investors (RIIs) category was subscribed 2.93 times, Qualified Institutional Buyers (QIBs) portion received 47 per cent subscription and non-institutional investors got 23 per cent.The Initial Public Offering (IPO) has a fresh issue of up to Rs 370 crore and an offer for sale of up to Rs 370 crore.The public subscription will conclude on Tuesday and has a price range of Rs 61-65 a share.
Sebi mulls mandatory confirmation, denial on media reports by top 250 listed cos
To streamline the disclosure requirements, Sebi has proposed mandating top 250 listed companies to confirm or deny any information reported in the mainstream media, which may have material effect on the listed entity. In addition, Sebi has suggested reducing the timeline to 12 hours from the occurrence of event or information from 24 hours at present for making disclosure to the stock exchanges.To bring uniformity in the “Materiality Policy” across listed entities, it has been proposed a quantitative criteria of minimum threshold for disclosure of events based on the value or the expected quantitative impact of the event, Sebi said in its consultation paper made public on Monday.
OPEC cuts oil demand growth forecast again as economic challenges mount
OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.Oil demand in 2022 will increase by 2.55 million barrels per day (bpd), or 2.6%, the Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report, down 100,000 bpd from the previous forecast.”The world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022,” OPEC said in the report.
“Nifty remained sideways during the session as it failed to give any directional breakout. On the daily chart, the index has sustained above the 50 EMA (17619), which confirms the positive trend. The momentum indicator is in positive crossover and rising. The trend for the short term looks positive. On the higher end, resistance is visible at 18450-18500. On the lower end, support is visible at 18250.”
– Rupak De, Senior Technical Analyst at LKP Securities
LTI-Mindtree merger comes into effect, becomes 5th largest IT company by m-cap
IT companies L&T Infotech (LTI) and Mindtree on Monday announced their merger came into effect today following regulatory and shareholder approvals. The combined entity LTIMindtree is now the fifth-largest IT services company in India in terms of current market capitalization.As part of the merger, all shareholders of Mindtree will be issued shares of LTI in the ratio of 73 shares of LTI for every 100 shares of Mindtree. The parent company, L&T, will hold 68.73% of the merged entity. The record date to determine the eligible shareholders of Mindtree for the issue of equity shares of LTI is fixed as November 24.
Zomato says Rahul Ganjoo, Head Of New Initiatives, resigns
Although there were favourable domestic indicators, the market was under pressure due to weakness in the US and other Asian markets. India’s wholesale inflation dropped below forecasts, aided by a slowdown in the prices of manufactured goods and fuel & electricity. The domestic CPI, which is anticipated to continue the trend, will boost confidence in the Indian market as it will lessen the risk indicators for the RBI to maintain its hawkish stance.
– Vinod Nair, Head of Research at Geojit Financial Services
FOREX WATCH | Rupee falls 48 paise to close at 81.26 vs US dollar
Sensex Heatmap: Top gainers & losers from the 30-pack index
Closing Bell: Sensex sheds 171 points, Nifty settles below 18,350; Raymond climbs 7%; Zomato tanks 4%
GLOBAL MARKET CHECK
- The Stoxx Europe 600 rose 0.4% as of 8:21 a.m. London time
- Futures on the S&P 500 fell 0.2%
- Futures on the Nasdaq 100 fell 0.4%
- Futures on the Dow Jones Industrial Average were little changed
- The MSCI Asia Pacific Index rose 0.1%
- The MSCI Emerging Markets Index rose 0.6%
GRASIM EARNINGS | PAT at Rs 964 crore vs ET NOW Poll of Rs 952 cr
Khadim India Q2 Earnings
#EarningsWithETNOW | Khadim India Q2 ▶️Cons PAT at Rs 5 cr vs Rs 6.5 cr YoY: Agencies ▶️Cons revenue from ops at… https://t.co/hFPM8SdE17
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Softsol India approves buyback of shares worth upto Rs 35 crore
Price as on 14 Nov, 2022 02:13 PM, Click on company names for their live prices.
Telecom stocks gain up to 5%
Price as on 14 Nov, 2022 02:09 PM, Click on company names for their live prices.
European stock markets rise at open
European stock markets climbed at the open on Monday following a mixed start to the week in Asia. London’s benchmark FTSE 100 index gained 0.3 percent to 7,341.83 points. In the eurozone, Frankfurt’s DAX index won 0.6 percent to 14,306.59 points and the Paris CAC 40 advanced 0.3 percent to 6,616.54.
INDIA VIX RISES OVER 3%
Binance CEO says crypto industry needs clarity of regulations
Dominant cryptocurrency exchange Binance’s chief executive Changpeng Zhao called for new but stable and clear regulations for the industry, in light of recent developments and participants “cutting corners”. “We’re in a new industry, we’ve seen in the past week, things go crazy in the industry,” Zhao told a gathering of G20 leaders at the summit in Bali. “We do need some regulations, we do need to do this properly, we do need to do this in a stable way.”
Meghmani Organics signed a supply agreement for supply of specific agrochemical products for 5 years
Price as on 14 Nov, 2022 01:14 PM, Click on company names for their live prices.
STOCK IN FOCUS: FORTIS HEALTH
LIVE | IHH's open offer for Fortis soon? Financial overhang of IHH buyout? and can one expect changes in board? Ash… https://t.co/sPnlTX0kWY
— ET NOW (@ETNOWlive) 1668400127000
#EarningsWithETNOW | Godrej Industries Q2FY23 (Consolidated YoY) ▶️Revenue at Rs 4,021 cr vs Rs 3,280 cr ▶️PAT at… https://t.co/LanThcjnWV
— ET NOW (@ETNOWlive) 1668409461000
Rupee slips below 81/USD on broad-based dollar demand
The Indian rupee was trading lower against the U.S. currency on Monday, unable to hold on to its advance at the open, as importers and speculators scooped up dollars. The rupee was at 81.0825 to the dollar by 0506 GMT, down from 80.7950 in the previous session. The local unit had opened at 80.52. There was a “mad rush” to buy dollars after the open and it was pretty much across the board, a spot currency trader said. It looks like the bottom (for USD/INR) is now in place at 80.50 levels, they said.
India’s October WPI inflation eases to 8.39% YoY
India’s annual wholesale price-based inflation (WPI) eased in October to 8.39% year-on-year, the lowest since March 2021, helped by a fall in commodity prices, government data showed on Monday. The October WPI inflation was lower than the Reuters forecast of 8.70% and 10.70% recorded in the previous month.
Metal stocks buzz in trade, rally up to 14%
Price as on 14 Nov, 2022 12:03 PM, Click on company names for their live prices.
Asset manager Kalrock Capital Partners said on Monday that probes into its investor Florian Fritsch have no impact on its acquisition of Indian airline Jet Airways. Fritsch is assisting in investigations by regulatory agencies in Liechtenstein, Switzerland, and Austria. The probes are based on anonymous complaints filed in relation to certain businesses where Fritsch is a financial investor in his personal capacity, UK-based Kalrock said in a statement.
Price as on 14 Nov, 2022 11:37 AM, Click on company names for their live prices.
The rise & fall of FTX
Shares of Aurobindo Pharma on Monday fell nearly 7 per cent in early trade after the company reported a 41 per cent decline in its consolidated net profit for the second quarter ended September 30, 2022. The company’s shares plunged 6.52 per cent to its 52-week low of Rs 457.20 on the BSE after a weak beginning. At the NSE, it declined 6.60 per cent to its 52-week low of Rs 457. Later, it recovered most of the early lost ground and traded nearly 2 per cent lower.
Price as on 14 Nov, 2022 11:15 AM, Click on company names for their live prices.
Shares of Indian Railways-owned subsidiary Ircon International jumped over 8% to Rs 54 in Monday’s intraday trade on BSE after the company reported a 38.3% rise in its consolidated net profit at Rs 174.18 crore for Q2FY23. The company had posted a consolidated net profit of Rs 125.94 crore in the year-ago period, Ircon International said in a filing to BSE.
Price as on 14 Nov, 2022 11:12 AM, Click on company names for their live prices.
Morgan Stanley initiated coverage on Indian Hotels with an overweight rating and a target of Rs 381. IHCL is India’s premium hospitality play. IHCL is pricing in industry normalization and cost rationalization. The next leg of growth in margins and return ratios which will be driven by the industry’s upcoming RevPAR upcycle, the brokerage said.
Price as on 14 Nov, 2022 11:00 AM, Click on company names for their live prices.
Check out the top losers from media & entertainment pack
Price as on 14 Nov, 2022 10:53 AM, Click on company names for their live prices.
Kaynes Tech sails through on day 3 of bidding process
- Issue closes today, subscribed over 1.6x so far
MANAGEMENT TALK: CIPLA CEO
#ETNOWExclusive | "Invest more in innovation while trying to improve margins; Demand and volume dynamics of India a… https://t.co/zzFPY4IaGG
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Market LIVE Updates | DCX Systems falls a day after solid listing show
Zee Entertainment Enterprises reported a 58 per cent decline in profit at Rs 112.8 crore for the September FY23 quarter, dented by weak operating performance and muted topline growth. Revenue for the quarter at Rs 2,028.4 crore grew by 2.5 per cent.
Price as on 14 Nov, 2022 10:34 AM, Click on company names for their live prices.
In view of its leading position in the Mumbai Real estate market, a strong pipeline of 35 million sq. feet of saleable area, a strong track record with decent financials, and an attractive valuation, it suggested subscribing to the issue.
The Indian capital market regulator is exploring possible measures so that the clearing and settlement system for stock market trades is not over-exposed to a handful of banks. Brokers, serving as clearing members for stock transactions, are required to keep collaterals – in the form of fixed deposits, bank guarantees, securities, and cash – with the stock clearing corporations.
The healthcare chain Fortis Healthcare reported a consolidated profit after tax of Rs 218.3 crore for the second quarter ended September 2022, up 67.1 per cent from Rs 130.6 crore recorded in the year-ago period. The company stated that its consolidated revenues for Q2FY23 stood at Rs 1,607 crore.
Price as on 14 Nov, 2022 09:42 AM, Click on company names for their live prices.
Nifty will open the week looking to clear the record peak of 18604, but, an open above 18480 today could invitelong liquidation pressure that might stretch till atleast 18200 before resuming uptrend. Alternatively,consolidation inside the 18480-350 region could help neutralise the threat of profit booking. If 18200 survives, we could see 18800 this week.
– Anand James – Chief Market Strategist at Geojit Financial Services
Alembic Pharmaceuticals receives USFDA final approval for Cyclophosphamide capsules
Price as on 14 Nov, 2022 09:41 AM, Click on company names for their live prices.
The state-owned insurer LIC reported a multi-fold jump in net profit to Rs 15,952 crore in the September quarter, boosted by profits from its investments. The insurer had a net profit of Rs 1,434 crore in the year-ago period.
Price as on 14 Nov, 2022 09:34 AM, Click on company names for their live prices.
The market construct favours continuation of the rally to new record level in Nifty. The momentum in the market is evident in the 4 straight weeks of gains and FIIs turning buyers in all the last 11 trading days. FIIs are likely to continue buying since the dollar index has declined sharply to 106.6 from the recent high of around 114. DIIs are unlikely to sell big when the market momentum is so strong. Moreover, SIP inflows have crossed Rs 13000 crores a month- a record. The quality of the rally has improved with the participation of high quality large-caps like HDFC twins, RIL, Infosys and TCS. Bank Nifty at record highs can provide resilience to the market. The prospects of banks continue to improve. Nifty IT has more room to go up since fears of slowdown in tech spending need not materialise.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
BHEL, Trident, Tata Steel among most active stocks on NSE
Price as on 14 Nov, 2022 09:20 AM, Click on company names for their live prices.
Opening Bell: Sensex, Nifty open flat amid mixed global cues; LIC surges 8%, Aurobindo Pharma tanks 5%
JP MORGAN ON FINANCIALS
- Q2 results across banks and NBFCs show a strong operating environment
- “Triple tailwinds” coming from higher credit growth, NIM improvement
- PSU banks as a cohort had the best-reported earnings
- Recommend screening stocks around the quality of the retail liability
- Macro risks however persist given twin deficits
- ICICI, Bank of Baroda, and State Bank of India being top Overweights
Pre-open session: Sensex dips 30 points; Nifty below 18,390
Asia shares mixed on Fed warning, China hopes
Asian share markets were mixed on Monday as a top U.S. central banker warned investors against getting carried away over one inflation number, while Chinese stocks gained on signs of aid for the hard-hit property sector.
Quarterly earnings today
1,415 companies are scheduled to report earnings for the quarter ended September. Oil and Natural Gas Corp, Dish TV, and NMDC are among the major ones.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 38.5 points, or 0.21 per cent, higher at 18,474.50, signaling that Dalal Street was headed for a positive start on Monday.
Tech View: Will Nifty scale a new peak next week?
While closing decisively above the key hurdle at 18,150 level on Friday, headline index Nifty formed a long bull candle on the daily chart. On the weekly scale, a bull candle with a long lower shadow was noticed. Analysts now see increasing probability of Nifty hitting record high levels around 18,600 level.
Tokyo stocks fall on profit-taking
Tokyo stocks traded lower Monday despite overnight gains on Wall Street, with investors locking in profits after an upbeat end to last week. The benchmark Nikkei 225 index opened higher but was down 0.24 percent, or 68.08 points, at 28,195.49 in morning trade, while the broader Topix index was down 0.44 percent, or 8.64 points, at 1,969.12.
Nasdaq, S&P 500 end sharply higher, fueled by inflation optimism
The S&P 500 and Nasdaq ended sharply higher on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with U.S. interest rate hikes.
Oil prices extend gains on China demand hopes
Oil prices rose nearly 1% on Monday, extending gains from the previous session as China eased some of its strict COVID-19 protocols, fuelling hopes of a recovery in economic activity and demand at the world’s top crude importer. Brent crude futures rose 87 cents, or 0.9%, to $96.86 a barrel by 0041 GMT after settling up 1.1% on Friday.
Rupee gains 62 paise to close at 80.78 against USD
The rupee appreciated by 62 paise to close at 80.78 against the US dollar on Friday, as moderating US inflation data coupled with a fall in the dollar index boosted investor sentiments.
Sensex, Nifty on Friday
Dancing to robust global tunes, both the domestic equity indices hit fresh 52-week highs today. While the Sensex rallied 1,181 points to end at 61,795, Nifty ended at 18,350.