MARKET WRAP: Sensex ends 255 pts higher; financial, metal stocks advance

All that happened in the markets today

12:38 PM

High tea prices could impact near term margins of Tata Consumer Products

After rising 83 per cent from mid-April to its highs in early September, the stock of Tata Consumer Products has shed some of its gains. While the long-term growth story remains intact, the near-term concern is about margins which could be hit on account of rising tea prices. READ MORE

12:28 PM

Chart Check: IT stocks decline post Q2 nos. Do they still hold promise?

After a sharp run-up in the past few months, shares of information technology stocks are now witnessing a strong bout of profit booking by the investors. After slipping over 3 per cent on Thursday, the Nifty IT index was trading flat at 21,612 levels on Friday noon, with 4 constituents declining and 6 advancing. According to analysts, for the short-term, most positives for the IT stocks are priced in. READ MORE

12:19 PM

NEWS ALERT :: RBI to conduct OMO in State Development Loans for Rs 10,000 cr

>> It has been decided to conduct a purchase auction of SDLs under Open Market Operations (OMOs) for an aggregate amount of Rs 10,000 crores on October 22, 2020, keeping in view that this is the first ever OMO purchase of SDLs. Depending on market response, the size of the auctions may be enhanced in the subsequent auctions.

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12:08 PM

Angel Broking, Chemcon Speciality, Happiest Minds hit new lows since debut

Individually, Chemcon Speciality Chemicals slipped 5 per cent to Rs 398.65 on the BSE today. The stock of the speciality chemicals has slipped 46 per cent from its listing day's high of Rs 743.80 hit on October 1, 2020. The company had made a stellar debut and had listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE. READ MORE

11:55 AM

Consumer electronics shares gain as import of ACs with refrigerants banned

Shares of consumer electronics companies rallied up to 15 per cent intra-day at the bourses on Friday after the government banned import of air conditioners with refrigerants. Amber Enterprises India surged 15 per cent to hit a 52-week high of Rs 2,300 on the BSE. At 10:38 am, the stock was trading 5 per cent higher at Rs 2,102, as compared to 0.44 per cent rise in the S&P BSE Sensex. READ MORE

11:41 AM

Chris Wood hikes allocation to Indian equities; raises stake in HDFC

In his latest note to investors, GREED & fear, Christopher Wood, global head (equity strategy) at Jefferies said that he has hiked allocation to Indian equities in his Asia Pacific ex-Japan relative-return portfolio by one percentage point and added two percentage points to the existing investment in HDFC in the Asia ex-Japan long-only portfolio. At 2x 12-month forward adjusted book, compared with a five-year average forward price-to-book ratio (P/BV) of 2.6x, Wood feels HDFC’s valuation remains attractive READ MORE

11:32 AM

Mindtree tumbles over 11% post September quarter result; brokerages mixed

Shares of Mindtree slumped as much as 11.43 per cent to Rs 1,264.25 apiece on the BSE on Friday as the company missed analysts' estimates on the revenue front. Further, softening trends in top clients, too, weighed on the investor sentiment. At 10:42 AM, the stock of the company was trading nearly 8 per cent lower at Rs 1315.15 on the BSE against Thursday's close of Rs 1427.55. READ MORE

11:21 AM

Sector Watch :: Metals stocks shine

11:11 AM

Dr Reddy's: Progress in Covid vaccine trials to boost firm's growth outlook

Dr Reddy’s Laboratories (DRL) continues to be in the limelight on product-specific news, further improving its business outlook. The settlement of a patent dispute for a large drug to be launched in the US had already lifted sentiment, pushing the stock to fresh highs in September. READ MORE

11:11 AM

BUZZING STOCK:: IDBI Bank surges 12%

11:03 AM

MARKET UPDATE:: Sensex regains momentum

10:54 AM

Nifty P/B ratio edges above long-term average; analysts call sign worrying

“The P/B reaching its long-term average is proof that investors are not punishing the market for the economic fallout of the Covid-19 pandemic. The Reserve Bank of India itself is saying that the gross domestic product will shrink 9 per cent. The economic outlook is clear that we will take at least two years to reach the 2019-20 levels. But the market seems to be indifferent. The market has to correct at least 10 per cent for the P/B to price in the pandemic impact,” said G Chokkalingam, founder, Equinomics Research & Advisory. READ MORE

10:43 AM

HCL Tech falls 4% on profit booking post September quarter results

Shares of HCL Technologies on Friday slipped 4 per cent to Rs 821 on the BSE as investors booked profit after the company reported better-than-expected earnings for the quarter ended September 2020 (Q2FY21). The stock has fallen 8 per cent in the past two trading days and corrected 10 per cent from its record high level of Rs 911, touched on October 14, 2020. READ MORE

10:34 AM

Modi govt's enhanced market borrowing plan may roil the bond market

The government will sell 4.88 trillion rupees of bonds in rest of the financial year, up from its earlier target of 4.34 trillion rupees for October to March set just two weeks ago, the Reserve Bank of India said in a statement. The increase is due to additional borrowing needed to compensate states for meeting the shortfall in goods and services tax collection. READ MORE

10:24 AM

Mindtree tumbles 8% post Q2 nos