Analysts said the index’s moving averages have also started to inch higher.
“Now, it has to be above 17,580 zones for an up move towards 17,777 and 17850 zones, whereas supports are placed at 17,580 and 17,442 zones,” said Chandan Taparia of Motilal Oswal.
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S&P 500, Nasdaq rise at open amid mixed earnings reports
The S&P 500 and the Nasdaq opened higher on Tuesday as investors digested a mixed bag of earnings reports, with Microsoft and Alphabet rising ahead of their results later in the day.The S&P 500 opened higher by 2.10 points, or 0.06%, at 3,799.44, while the Nasdaq Composite gained 44.35 points, or 0.40%, to 10,996.97 at the opening bell.The Dow Jones Industrial Average fell 35.97 points, or 0.11%, at the open to 31,463.65.
Gold falls Rs 196; silver sheds Rs 724
Gold prices in the national capital declined Rs 196 to reach Rs 50,702 per 10 grams on Tuesday, taking cues from weak global prices, according to HDFC Securities. The yellow metal had settled at Rs 50,898 per 10 grams on Monday.Similarly, the COMEX spot price of gold marginally fell to USD 1,643.2 per ounce compared to USD 1,649.3 per ounce on Monday.”The COMEX Gold prices traded lower following risk-off sentiments. Domestic gold prices, taking cues from weak global prices, traded lower,” Dilip Parmar, Research Analyst at HDFC Securities, said.In the national capital, silver prices also witnessed a decline of Rs 724 to settle at Rs 57,501 per kilogram on Tuesday. In the previous trade, it had closed at Rs 58,225 per kg.On Tuesday, the COMEX spot price of silver was USD 18.96 per ounce against USD 19.21 per ounce on Monday.
Utkarsh Small Finance Bank gets Sebi’s go ahead to float IPO
Utkarsh Small Finance Bank has received capital markets regulator Sebi’s go ahead to raise Rs 500-crore through an Initial Public Offering (IPO). The Varanasi-headquartered Small Finance Bank’s (SFB) IPO is a complete fresh issue of shares and the entire proceeds will go to the lender, according to Draft Red Herring Prospectus (DRHP).The lender may consider issue of securities aggregating up to Rs 100 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced.The SFB, which filed fresh draft papers with Sebi in August, obtained its observation letter on October 21, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday.In Sebi’s parlance, obtaining its observation letter implies the markets watchdog’s approval to launch the IPO.
GM shares jump as profit beats estimates on truck sales
General Motors Co shares rose almost 5% in premarket trading on Tuesday as the company’s strong North American truck sales and prices drove a higher quarterly profit that beat analysts’ estimates.GM reaffirmed its guidance for full-year net income of $9.6 billion to $11.2 billion, and full-year diluted earnings per share of $5.76 to $6.76.Diluted earnings per share in the third quarter of $2.25 topped estimates for $1.88.The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago.GM’s net margin slipped to 7.9%, from 9.0% a year earlier.The company said 90% of its operating profit came from North America, where it earned $3.9 billion mostly from trucks and SUVs. GM boosted prices on vehicles sold in North America by an average of $2,678 per vehicle.
Tech View: Nifty forms bearish candle. What investors should do on Thursday
While the MACD indicator remains in a buy mode, the headline equity index Nifty formed a strong bearish candle and a bearish engulfing pattern on a daily scale, restricting its upside momentum.Analysts said the index’s moving averages have also started to inch higher.“Now, it has to be above 17,580 zones for an up move towards 17,777 and 17850 zones, whereas supports are placed at 17,580 and 17,442 zones,” said Chandan Taparia of Motilal Oswal.Options data suggests a trading range in between 17,450 to 17,800 zones.
Bond yields fall on value buying; U.S. yields aid
Indian government bond yields fell on Tuesday due to value buying from investors, tracking a fall in U.S. Treasury yields, while sentiment got a boost in the absence of fresh supplies of central government debt this week.The benchmark Indian 10-year government bond yield ended at 7.4424%, compared with 7.5121% on Friday. It rose four basis points (bps) last week, after advancing an aggregate 30 bps in the previous five weeks.
The domestic market pared its early gains with FMCG and private banks pressuring the benchmark. Market attention has shifted to central bank policy announcements since the European Central Bank is expected to hike interest rates at its upcoming policy meeting. The impending US GDP data will give additional clarity to the expectation that the Fed will temper its aggression in regard to rate hikes.
– Vinod Nair, Head of Research at Geojit Financial Services
Forex alert: Rupee rises 12 paise to 82.76 vs USD
Rupee rises 12 paise to close at 82.76 (provisional) against the US dollar
— Press Trust of India (@PTI_News) 1666693032000
How different sectors performed today
Closing Bell: Sensex snaps 7-day winning streak, ends 288 pts lower; Nifty slips below 17,700; Nestle, HUL drop 3% each
Embassy Office Parks REIT will invest around Rs 2,200 crore in the next four years to develop premium workspaces as it sees tremendous growth potential in office market despite global recessionary concerns, its CEO Vikaash Khdloya said.
Price as on 25 Oct, 2022 03:07 PM, Click on company names for their live prices.
Railway firms jump on media report of stake sale
- Shares of Railtel Corp. Of India Ltd and Rail Vikas Nigam Ltd rise between 8.1% to 8.6% following a media report on a proposed sale of govt’s stake in Indian railway firms.
- RAIT rises as much as 115.85 rupees, its biggest intraday pct gain since May 25; RAIV at nearly one-year intraday high of 40.15 rupees
- Govt may sell up to 10% stake in RAIT, RAIV, and four other listed railway firms, Mint reports, adding that stake sale could fetch New Delhi 120 billion rupees.
- India’s federal govt holds anywhere between 67% to 86% stake in cos, report adds
- More than 3 mln RAIT shares change hands by 0847 GMT vs 30-day avg of over 1 mln shares; 26.3 mln RAIV shares traded, 3.8x their 30-day avg
- Railtel down 8.8% YTD up to last close; Rail Vikas up 6.9% so far this year during same period (Source: Reuters)
PNB: 12.5 LAKH SHARES BLOCK DEAL
Price as on 25 Oct, 2022 02:22 PM, Click on company names for their live prices.
Global Market Check
- The Stoxx Europe 600 rose 0.4% as of 9:11 a.m. London time
- Futures on the S&P 500 were little changed
- Futures on the Nasdaq 100 rose 0.1%
- Futures on the Dow Jones Industrial Average were little changed
- The MSCI Asia Pacific Index rose 0.4%
- The MSCI Emerging Markets Index was little changed
Piramal Pharma said it would focus on scale-up of its operations and margin growth, through a combination of organic expansion and acquisitions in the areas of contract development & manufacturing services (CDMO) and complex generics.
Price as on 25 Oct, 2022 01:38 PM, Click on company names for their live prices.
Tata Steel’s Dutch arm plans to supply Ford plants in Europe with “green” steel after 2030, under a preliminary agreement reached by the two companies on Tuesday. Tata plans to start producing green steel – or steel made without using fossil fuels – in 2030 at its plant in Ijmuiden, Netherlands.
Price as on 25 Oct, 2022 01:34 PM, Click on company names for their live prices.
IntellectAI, a Suite of Artificial Intelligence products from Intellect Design Arena, announced on Tuesday that Foresight selected the IntellectAI for intelligent automation of their Workers Comp line of business.
Price as on 25 Oct, 2022 01:27 PM, Click on company names for their live prices.
I would worry more about geopolitics of the world today than recession; concerned about Russia-Ukraine, U.S.-China relationship: JP Morgan CEO Jamie Dimon
“Investments in oil, gas should not continue to fall,” says Reliance Chairman Mukesh Ambani
#NewsAlert | "Investments in oil, gas should not continue to fall," says Reliance Chairman Mukesh Ambani… https://t.co/WEzRifonKa
— ET NOW (@ETNOWlive) 1666683356000
Upbeat earnings lift European stocks
BSE launches Electronic Gold Receipts
Leading stock exchange BSE has launched Electronic Gold Receipt (EGR) on its platform, a move that will help in efficient and transparent price discovery of the yellow metal. It introduced two new products of 995 and 999 purity during the Muhurat trading on Diwali and trading will be in multiples of 1 gram and deliveries in multiples of 10 gram and 100 gram, the exchange said in a statement.
PSU Bank stocks rally the most in a weak market; BoI top gainer
Price as on 25 Oct, 2022 12:46 PM, Click on company names for their live prices.
IDBI Bank to exit MF business in 1-2 months: ET NOW
#ETNOWExclusive | @IDBI_Bank will exit mutual fund business in next 1-2 months. Sources tell @ankurmishrasays, that… https://t.co/73jyIvzyIH
— ET NOW (@ETNOWlive) 1666679148000
IGL appoints Sukhmal Kumar Jain as Chairman & Additional Director; stock trades nearly 6% higher
Price as on 25 Oct, 2022 12:14 PM, Click on company names for their live prices.
These are the top 5 gainers & losers from the FMCG pack
Price as on 25 Oct, 2022 12:06 PM, Click on company names for their live prices.
Nykaa parent falls below IPO issue price
Shares of FSN E-Commerce Ventures, the parent of cosmetics-to-fashion retailer Nykaa, fell as much 2% on Tuesday, to drop below their initial public offering issue price of 1,125 rupees.
BUZZING STOCKS: MCX shares rise on strong Q2 show
#StocksInFocus | MCX MCX Q2 results beat expectations across parameters Volumes at ~4x 10-day avg Trades above… https://t.co/RrLS98JTqN
— ET NOW (@ETNOWlive) 1666671670000
Domestic equity markets are back in action as the bulls steered the benchmark indices to one-month highs amid buoyancy in the global markets and strong results by India Inc. Analysts suggest select stocks are on the verge of a breakout, ready to deliver strong upside in the near term. Based on their recommendations, here are seven stocks, where traders can make a quick buck on a technical basis:
Shares of private sector lender RBL Bank fell as much as 6.1% to Rs 119.45 in Tuesday’s intraday trade. The bank reported a nearly seven-fold rise in net profit for the September quarter at Rs 202 crore against Rs 31 crore in the year-ago period, largely owing to a 63% fall in provisions at Rs 241 crore. The bank’s net interest income rose 16% at Rs 1,064 crore while the net interest margin was at 4.55%. Operating profit, however, fell 26% to Rs 512 crore.
Price as on 25 Oct, 2022 10:57 AM, Click on company names for their live prices.
WATCH: Almost 20 cos IPO lock-in period will end this Nov!
#MarketsWithETNOW | Almost 20 cos IPO lock-in period will end this Nov! From @Paytm to @MyNykaa and @delhivery, let… https://t.co/OH0XNKmGLA
— ET NOW (@ETNOWlive) 1666674917000
Sensex erases gains, trades in the red
Check out the top gainers from the realty pack
Price as on 25 Oct, 2022 10:17 AM, Click on company names for their live prices.
With 18,100 within a leap away, bullish exhaustion is likely to set in. Favoured views expect initial dips to take support near 17,720 before a breach above 17,900 is attempted. However, repeat slippage towards the 17,700 vicinity could confirm exhaustion calling for 17,630-580-440.
– Anand James – Chief Market Strategist at Geojit Financial Services
In an environment which is volatile, I want safety first and especially the retail investors or the institutions would prefer safety first over returns later. ICICI fits the bill perfectly. It was under-owned for the last one year. It has come back with stellar numbers and I still think ICICI is going to go to four digits and beyond and that would be my top pick on the safety criteria.
– Sanjiv Bhasin, Director, IIFL Securities
BLOCK DEAL IN ITC: 28.7 LAKH SHARES CHANGE HANDS
Price as on 25 Oct, 2022 09:46 AM, Click on company names for their live prices.
Rupee rises 25 paise to 82.63 against US dollar in early trade
The initial months of Samvat 2079 are likely to be highly volatile with alternative bouts of selling and buying in the mother market US, which will have repercussions on other markets including India’s. In this highly uncertain environment clarity is emerging on some important trends: one, the US economy is slowing down and the most likely scenario is a short and mild recession, which the market has largely discounted. India’s growth too will be impacted by a global slowdown but India will be the least impacted large economy. This environment coupled with the resources of DIIs and retail investors can hold the market in good stead and can take it to new record highs, but high valuations are a concern. Investors can approach Samvat 2079 with cautious optimism and remain invested in high quality stocks and buy on declines in performing sectors like banking, capital goods, telecom and autos. Selective pharma and FMCG stocks would be good hedges in this uncertain environment.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Alembic Pharmaceuticals says completed USFDA inspection for Vadodara facility without any observations
Price as on 25 Oct, 2022 09:23 AM, Click on company names for their live prices.
IDFC First Bank, YES Bank among most active stocks on NSE
Price as on 25 Oct, 2022 09:21 AM, Click on company names for their live prices.
Opening Bell: Sensex rises 175 points, tops 60K; Nifty nears 17,800; Alembic gains 3%, ICICI Bank 2%
BROKERAGE RADAR | HSBC on RIL
- Maintain Hold; Cut Target price to Rs 2,500 from Rs 2,620
- Weakening GRMs QoQ and continued capex intensity will likely weigh on the stock
- Continue to like Reliance’s business and balance sheet
- Jefferies on RIL
- Maintain Buy; Cut Target price to Rs 3090 from Rs 3,100
- Retail leads growth; O2C upside capped
- Jio’s margin disappointed and gross sub adds were a tad soft
Pre-open session: Sensex rises over 150 points; Nifty above 17,800
NMDC stock in focus
#MarketsWithETNOW | NMDC in focus! Last day to buy shares to get shares of demerged steel entity @nmdclimited… https://t.co/LYpN0GN90i
— ET NOW (@ETNOWlive) 1666664345000
Asian stocks ease to 2-1/2-year lows
Asian equities fell to new 2-1/2-year lows on Tuesday as early gains inspired by a rally on Wall Street on hopes the Federal Reserve could be nearing the end of aggressive rate increases were offset by weakness in Chinese shares and the yuan.
Quarterly earnings today
Chennai Petroleum Corporation, Moschip Technologies, Nandani Creation and Nutricircle are among companies that will announce their quarterly earnings today.
SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 33.5 points, or 0.19 per cent, lower at 17,859, signaling that Dalal Street was headed for a negative start on Tuesday.
Tech View: Nifty trading above 8 out of 8 SMAs
Nifty ended above 8 out of 8 SMAs and was trading above 5 out of 9 oscillators. The day MACD signal was above its center and signal line, which is a bullish indicator.
Tokyo stocks open higher with eyes on earnings
Tokyo stocks opened higher on Tuesday, extending US rallies, with investors gradually shifting focus to the start of Japan’s corporate earnings season. The benchmark Nikkei 225 index was up 0.45 percent, or 121.19 points, at 27,096.19 in early trade, while the broader Topix index was up 0.49 percent, or 9.25 points, at 1,896.44.
Wall Street closes sharply higher on hopes of abating Fed
US stocks advanced on Monday, extending last week’s gains as signs of economic softness suggested the effects of the Fed’s aggressive policy aimed at cooling the economy, thereby curbing decades-high inflation, are beginning to take root.
Oil prices edge higher as US dollar eases
Oil prices edged higher on Tuesday, reversing some of the previous session’s losses, as the U.S. dollar eased, while weaker U.S. business activity data lowered expectations for more aggressive interest rate hikes in the world’s biggest economy.
Rupee slips 9 paise to close at 82.88 against US dollar
The rupee slipped 9 paise to close at 82.88 against the US dollar on Friday amid a strong greenback overseas.
Sensex, Nifty on Monday
Nifty50 crossed 17,700-mark, ending 0.9% higher at 17,738 points. Its BSE counterpart Sensex topped 59,900 and tested a high of 59,994.25, before ending 0.9% higher at 59,832 points.