HDFC twins, ICICI Bank help Sensex settle 169 pts higher; Nifty tops 11,950

All that happened in the markets today

10:55 AM

BROKERAGE VIEW :: Goldman Sachs on Wipro

Maintains 'Sell' | Target price: Rs 277

>> Due to tight cost controls Wipro reported a beat at the EBIT level, even though top-line growth was largely in line with GS/Bloomberg consensus expectations. Even the guidance for 3Q at 1.5-3.5% QoQ growth was largely as expected. CEO mentioned a 5-point strategy for future business growth momentum which to us at a broad level doesn’t seem too different from what they are already doing currently.

>> With the stock trading at 21.6X FY1 (its 12-year high), which we believe is partly driven by expectations of the share buyback, no material change in near-term growth outlook and our belief that Wipro continues to have the weakest growth profile among its peers; we reiterate our Sell rating with a revised 12-m target price of Rs277 (vs. prior Rs265) implying 26% potential downside. We believe once the buyback support is behind, the stock should re-rate lower reflecting its weaker growth fundamentals where Wipro is expected to continue to lose market share to its larger peers TCS (Buy) and INFY (Buy on CL).

10:46 AM

NEWS ALERT :: Cabinet meeting begins

10:44 AM

Tata Steel Long Products freezes at 20% upper circuit on robust Q2 results

The company, engaged in manufacturing steel and allied products, reported 52 per cent year on year (YoY) growth in revenue from operations at Rs 1,186 crore in Q2FY21 as against Rs 653 crore in the corresponding quarter of the previous fiscal. It reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of Rs 199 crore during the quarter, compared with loss of Rs 30 crore in the previous-year quarter. READ MORE

10:37 AM

BUZZING STOCK | Jindal Stainless surges over 7%

10:30 AM

Private banks may see NIMs dip in Q2FY21; loan restructuring roadmap eyed

The July-September quarter for financial year 2020-21 (FY21) may mark the beginning of downtrend in net interest margins (NIMs) for banks, fear analysts. That apart, market participants would watch out for greater clarity on NPA recognition, loan restructuring roadmap, and credit costs for the rest of the year. “Q2FY21 earnings for the BFSI sector will be a reflection of a path half way through normalisation on some parameters, but just the beginning of journey for stress recognition and downward NIM trajectory,” observed analysts at ICICI Securities. READ MORE

10:22 AM

Tata Chemicals up around 3%

10:11 AM

SBI Cards unveils festive season offers; stock up 4%, hits new high

Shares of SBI Cards and Payments rose 4 per cent and hit a new high of Rs 892 on the BSE on Wednesday in an otherwise weak market after the company said it has kick-started festive season offers in line with the changing shopping trends and customers will be offered discounts as well as cashback across a host of brands. READ MORE 

10:02 AM

Rupee Opening

Rupee opens mildly lower at 73.39 per US dollar vs 73.36/$

10:00 AM

Sectoral trends :: Banks, metals, IT indices slip 1% each

9:56 AM

MARKET CHECK :: 41 of 50 Nifty constituents trade in the red

9:55 AM

MARKET CHECK :: Sensex down 300 pts

9:52 AM

Result Today :: Infosys' large deal wins to drive Q2 revenue growth, say analysts

Like its peer Tata Consultancy Services (TCS), Infosys, too, is expected to report a strong set of numbers for the quarter ended September 30 of the current fiscal year (Q2FY21), mainly led by the ramp-up of large deal wins. According to Edelweiss Securities, Infosys, being a market leader, will be the key beneficiary of core transformation, higher cloud adoption, and digital adoption. Moreover, the persistent market share loss of key players like Capgemini and Cognizant will also directly benefit Infosys, the brokerage says. The company is expected to unveil its results on Wednesday, October 14. READ MORE

9:50 AM

SECTOR WATCH:: Nifty Bank index slips over 1% in early deals

9:41 AM

Wipro slips 6% on profit booking after Q2 results, buyback announcement

Shares of Wipro slipped 6 per cent to Rs 534 on the BSE in the early morning trade on Wednesday on profit booking after the company reported a healthy July-September quarter (Q2FY21) results. The company has declared a buyback of 238 million equity shares from its shareholders on a proportionate basis by way of a tender offer. The buyback price is Rs 400 per equity share payable in cash for an aggregate amount not exceeding Rs 9,500 crore. READ MORE

9:32 AM

SBI Cards at day's high