Headline equity index Nifty made a small-bodied bearish candle on the daily charts today as it ended above the 17,500 mark. The index is now trading above 8 out of 8 SMAs (simple moving averages), Trendlyne data showed.
Analysts said the index has to hold above 17,442 zones for an up move towards 17,650 and 17,777 zones, whereas supports are placed at 17,350 and 17,250 zones.
Options data suggests a shift in a trading range between 17,200-17,800 zones, while an immediate trading range between 17,300 to 17,700 zones, said Chandan Taparia of Motilal Oswal.
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Wall St drops at open as Treasury yields soar
Wall Street’s main indexes opened lower on Wednesday as Treasury yields surged to 14-year highs amid rising interest rates, denting gains powered by streaming giant Netflix after it reversed customer losses.The Dow Jones Industrial Average fell 84.8 points, or 0.28%, at the open to 30439.04. The S&P 500 fell 16.9 points, or 0.45%, at the open to 3703.11, while the Nasdaq Composite dropped 83.1 points, or 0.77%, to 10689.311 at the opening bell. (
Tech View: Nifty above 8 out of 8 SMAs. What investors should do on Thursday
Headline equity index Nifty made a small-bodied bearish candle on the daily charts today as it ended above the 17,500 mark. The index is now trading above 8 out of 8 SMAs (simple moving averages), Trendlyne data showed.Analysts said the index has to hold above 17,442 zones for an up move towards 17,650 and 17,777 zones, whereas supports are placed at 17,350 and 17,250 zones.Options data suggests a shift in a trading range between 17,200-17,800 zones, while an immediate trading range between 17,300 to 17,700 zones, said Chandan Taparia of Motilal Oswal.
Domestic institutions have been strong buyers in the market over the last week, as 2QFY23 results have come in line or stronger than expected, thus far. 5 out of 6 Nifty companies and 12 out of 20 BSE200 companies which have reported thus far have surprised positively. With a quarter of relatively softer commodity prices, we expect the earnings season to be relatively strong going ahead as well. However, developments in global bond markets have been more challenging and the macro environment continues to remain clouded by second order impact of higher interest rates as well as continuing strong inflation prints. While seasonality favours a strong month for global equity markets, we continue to believe that upsides for Indian markets may remain capped due to adverse valuation differential relative to EM peers and hence, muted foreign flows. We prefer Banking, Autos and Consumer discretionary sectors over cyclical
– S Hariharan, Head Institutional Equity Sales, Emkay Global Financial Services
IndusInd Bank Q2: PAT stands at Rs 1,805 cr vs ET NOW poll of Rs 1,730 cr
#EarningsWithetnow | IndusInd Bank Q2: PAT stands at Rs 1,805 cr vs ET NOW poll of Rs 1,730 cr @MyIndusIndBank… https://t.co/PIsSItoINH
— ET NOW (@ETNOWlive) 1666178478000
PERSISTENT SYSTEMS Q2 RESULTS
#EarningsWithETNOW | Consolidated revenue stands at Rs 2,049 cr vs Rs 1,878 cr, up 9% QoQ @Persistentsys… https://t.co/dTxvLcr8ZS
— ET NOW (@ETNOWlive) 1666177804000
“The Nifty ended above the previous consolidation high for the second consecutive session. The trend is expected to remain positive as long as the Nifty sustains above the crucial support of 17,400. On the higher end, resistance is visible at 17,700; above 17,700, the index may move towards 17,900. On the lower end, below 17,400, the index may drif down towards 17,250.”
– Rupak De, Senior Technical Analyst at LKP Securities
Gold falls Rs 276; silver declines Rs 487
old prices fell by Rs 276 to Rs 50,471 per 10 grams in the national capital on Wednesday due to weak global trends, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 50,747 per 10 grams.Silver also declined Rs 487 to Rs 56,406 per kg from Rs 56,893 per kg.In the international market, gold was quoted lower at USD 1,643.5 per ounce while silver was down at USD 18.62 per ounce.
European markets interrupted their winning run after a 40-year high CPI in the UK. However, the strong US market due to healthy corporate result announcements is helping the domestic market to sustain the positive trend. Declining oil prices because of increased US supply and global economic slowdown are improving the sentiment for India.
– Vinod Nair, Head of Research at Geojit Financial Services
Market at a glance
#MarketsWithETNOW | #Nifty PSU Bank snaps 3 days winning streak; top losers Bank of Baroda & SBI #StocksToWatch… https://t.co/AVMKaB1YJP
— ET NOW (@ETNOWlive) 1666174421000
RUPEE SLIPS PAST 83 PER DOLLAR MARK
CLOSING BELL: Sensex rises for 4th straight day, ends 147 pts higher; Nifty tops 17,500; Nestle, ITC jump 2% each
Vedanta says unit Balco declared successful bidder for Barra coal block
Price as on 19 Oct, 2022 03:23 PM, Click on company names for their live prices.
India cenbank may need to resume bond buying to manage liquidity deficit -BofA
The Reserve Bank of India (RBI) may need to revive open market bond purchases to manage banking system liquidity that is likely to slip into deficit over the next two months, Bank of America strategists wrote in a note on Wednesday. India’s banking system liquidity was already at a deficit of 100 billion Indian rupees ($1.21 billion) by this week, with more tax payment related outflows likely.
Rupee hits record low of 83 against US Dollar
The Indian rupee fell to record low versus the U.S. dollar on Wednesday, as surging U.S. Treasury yields prompted a broad rally in the greenback.The rupee fell to a record low of 83 per dollar, down from 82.36 in the previous session. “Once the RBI (Reserve Bank of India) moved away from the 82.40 level, which it was protecting, there was absolute panic dollar buying,” a trader at a private sector bank said. “Unless RBI comes in again, no level is sacrosanct.”
The second quarter is traditionally a weak one for the cement sector, with lower demand as construction activity slows down on account of the monsoons. Demand was low during July and August 2022, showing some sign of revival in September, 2022. Pick-up in retail demand was on the back of pent-up demand accumulation during the monsoons, pre-Diwali construction and repair work gaining momentum, and pre-election tailwinds. Institutional demand was led by increased construction activity after the receding monsoons.
– UltraTech Cement says
- PAT at Rs 756 cr vs ET NOW Poll of Rs 929 cr
- Revenue at Rs 13,890 vs ET NOW poll of Rs 13,769 cr
JP Morgan initiates coverage on Apollo Tyres with ‘Overweight’ rating
#BrokerageRadar | @jpmorgan has initiated coverage on Apollo Tyres with an 'Overweight' stance. It states that the… https://t.co/NVaHc1jFqa
— ET NOW (@ETNOWlive) 1666148005000
Nocil expects stronger sales as buyers pursue China Plus One
European shares inch higher as ASML’s results lift chip stocks
Shares of other chip stocks, including ASM International , BE Semiconductor and Aixtron, rose between 0.7% and 6%, boosting the technology sector .
The region-wide STOXX 600 index inched up 0.1%, extending gains for a fifth day, boosted by solid earnings reports from U.S. companies and the scrapping of UK’s economic programme that had slammed bond markets.
Check out the top losers from the IT pack
Price as on 19 Oct, 2022 01:10 PM, Click on company names for their live prices.
DB Corp Q2 net profit falls
- Net profit at Rs 48.78 cr versus Rs 53.77 cr YoY
- Revenue from operations at Rs 538 cr versus Rs 447 cr YoY
- Stock trades 2% lower on BSE
Ace investor Ashish Kacholia increased his stake in smallcap stock SJS Enterprises during the September quarter. According to the shareholding pattern filed by the company for the September quarter, Kacholia held 11,69,839 equity shares, equating to a 3.84% stake in the company. In the previous quarter, the veteran investor held 11,48,342 equity shares or a 3.77% stake in SJS Enterprises.
Price as on 19 Oct, 2022 12:31 PM, Click on company names for their live prices.
UK inflation returns above 10%
The September rate matched the level in July and is the highest in 40 years as a result also of sky-high energy bills. “I understand that families across the country are struggling with rising prices and higher energy bills,” Britain’s new finance minister Jeremy Hunt said in a separate statement.
Amid the portfolio rejig during the September 2022 quarter, seasoned investors have exited Paras Defence and Space Technologies, despite the overall sector being the season’s flavour for the ongoing calendar year. The stock made a stellar debut at the bourses and delivered multibagger returns. However, ace investors including Sunil Singhania and Mukul Agrawal scrapped the counter from their portfolios.
TV18 Broadcast shares plunge over 7% after net profit falls 96% YoY
Price as on 19 Oct, 2022 12:23 PM, Click on company names for their live prices.
Adani Enterprises Ltd said its unit, Adani Defence Systems & Technologies, would buy Air Works for an enterprise value of 4 billion rupees.
Price as on 19 Oct, 2022 12:03 PM, Click on company names for their live prices.
EARNINGS WATCH | KPIT TECH
#EarningsWithETNOW | KPIT Tech Q2 – Cons revenue at Rs 745 cr vs Rs 686 cr, up 8.6% QoQ – Cons PAT at Rs 83 cr vs… https://t.co/C0ing6pZj7
— ET NOW (@ETNOWlive) 1666160765000
Edelweiss Financial Services issues non convertible debentures worth Rs 400 crore oversubscribed
Multi conglomerate ITC Ltd has further invested Rs 13.50 crore in D2C baby care brand Mother Sparsh, which is in advanced discussions with other investors to raise Rs 90-100 crore in Series B funding. The direct-to-consumer (D2C) brand on Wednesday said it is in advanced discussions with investors for securing Rs 90-100 crore in Series B funding, with ITC infusing Rs 13.5 crore in this.
Price as on 19 Oct, 2022 11:41 AM, Click on company names for their live prices.
Top gainers from the FMCG pack
Price as on 19 Oct, 2022 11:37 AM, Click on company names for their live prices.
Nestle India Q3 results: Key highlights
- Total Sales of INR 4,567 crore
- Total Sales Growth at 18.2%. Domestic Sales Growth at 18.3%.
- Profit from operations at 20.3% of sales
- Net Profit of INR 668 crore
- Earnings per share of INR 69.3
- The Board of Directors have declared second interim dividend for 2022 of INR 120/- per equity share (Face value INR 10/- per equity share) amounting to INR 1157.0 crore, which will be paid on and from 16 November 2022. This is in addition to the first interim dividend of INR 25.00 per equity share paid on 6 May 2022.
NESTLE Q3 RESULTS: PAT AT RS 668 CR VS ET NOW POLL OF RS 648 CR
Realty firm Prestige Estates Projects Ltd’s sales bookings rose 66 per cent year-on-year to Rs 3,511 crore in the second quarter of this fiscal on higher demand despite a rise in home loan interest rates. Prestige Group has registered sales of Rs 3,511 crore in the July-September period against Rs 2,111.9 crore in the year-ago period. The collection from customers increased 68 per cent year-on-year to Rs 2,602.9 crore, the company said in its operational update for the Q2 and H1 of this fiscal filed on stock exchanges.
Price as on 19 Oct, 2022 10:54 AM, Click on company names for their live prices.
RHI Magnesita has executed a BTA with Hi-Tech Chemicals vide agreement for acquisition of the refractory business of Hi-Tech by way of a slump sale for a cash consideration of Rs 621 crores.
Price as on 19 Oct, 2022 10:36 AM, Click on company names for their live prices.
CLSA maintained outperform rating on Tata Communications with a target price of Rs 1,433. Data business revenue is up 11 per cent on a YoY basis, but EBITDA is down by about 4% YoY, the brokerage said.
Price as on 19 Oct, 2022 10:22 AM, Click on company names for their live prices.
LISTING ALERT | Piramal Pharma drops 5% post listing
Renaissance Global and Netflix announce strategic licensing agreement to offer Netflix’s series inspired branded fine jewellery
There are two factors supporting the ongoing rally in the market: One, support from the mother market US aided by some excellent quarterly results and two, FII selling getting completely overwhelmed by DII buying. DIIs bought stocks for Rs 5290 crores in the cash market during the last 3 trading days against FII selling of Rs 1536 crores. This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive.However, high global inflation and tightening central banks pose headwinds to the rally.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Shalby appoints Vijay Kedia as Additional Director
Price as on 19 Oct, 2022 09:39 AM, Click on company names for their live prices.
Vodafone Idea Ltd said it would consider a proposal for issue of debenture securities convertible into equity shares on a preferential or private placement basis.
Price as on 19 Oct, 2022 09:34 AM, Click on company names for their live prices.
Sector Watch | NBFCs rally, metals & IT fall
BHEL, IDFC First Bank among most active stocks on NSE
Price as on 19 Oct, 2022 09:28 AM, Click on company names for their live prices.
Opening Bell: Sensex rises over 200 points, Nifty tops 17,550; HDFC jumps 3%, LTTS falls 2%
Pre-open session: Sensex rises over 150 points; Nifty above 17,525
Asian shares extend rally, markets await UK inflation data
Asian shares were mostly higher on Wednesday, with U.S. corporate earnings aiding sentiment, while traders awaited British inflation readings later in the day for clues on how hawkish central banks need to be to fight inflation.
Quarterly earnings today
Ultratech Cement, Nestle India, IndusInd Bank, Havells India, AU Small Finance Bank, HDFC Asset Management Company, CG Power, Persistent Systems, Oracle Financial Services and Max Financial Services are among companies that will announce their quarterly earnings today.
SGX Nifty signals a muted start
Nifty futures on the Singapore Exchange traded 4 points, or 0.02 per cent, lower at 17,491, signaling that Dalal Street was headed for a muted start on Wednesday.
Tech View: Nifty charts show positive momentum in the near term
Domestic equity index Nifty today closed above the 17,450 mark and formed a bullish candle with a long upper shadow on the daily charts. The momentum indicator RSI was rising and in a bullish crossover, suggesting a positive momentum in the near term.
Tokyo shares up on US earnings, global rallies
Tokyo shares opened higher Wednesday after robust US corporate earnings helped global shares advance. The benchmark Nikkei 225 index gained 0.35 percent, or 95.56 points, to 27,251.70 in early trade, while the broader Topix index edged up 0.12 percent, or 2.31 points, to 1,903.75.
Goldman, Lockheed results buoy Wall Street
U.S. stocks closed higher for a second straight day on Tuesday as solid quarterly results from Goldman Sachs and Lockheed Martin lessened worries of a weak earnings season.
Oil prices rise on supply woes
Oil prices rose in early Asian trade on Wednesday, paring losses from the previous session, as concern over tight supplies following reports of lower inventories in the United States offset fears of lower demand from top oil importer China.
Rupee falls 10 paise to close at 82.40 against US dollar on forex outflows
The rupee pared its initial gains to close 10 paise down at 82.40 against the US dollar in a restricted trade on Tuesday. At the interbank forex market, the local unit opened at 82.21 against the greenback. It witnessed an intra-day high of 82.02 and a low of 82.40 against the American currency during the session.
Sensex, Nifty on Tuesday
The 30-share Sensex ended 550 points higher at 58,960, while its broader peer, Nifty50, ended above the 17,450 mark.