MARKET WRAP: Indices end flat on the last day of Samvat 2074; PCJ tanks 12%
For Samvat 2074, the S&P BSE Sensex recorded a gain of over 7 per cent
 "Markets, Stocks, BSE, NSE, Trade")
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Paring most of the morning gains, the domestic benchmark indices ended the last trading day of Samvat 2074 on a flat note on Tuesday amid selling in banking and FMCG counters. The S&P BSE Sensex slipped below the crucial 35,000-mark to settle at 34,992, up 41 points while NSE's Nifty50 index gained just 6 points to close at 10,530.
For Samvat 2074, the S&P BSE Sensex recorded a gain of over 7 per cent.
For Samvat 2074, the S&P BSE Sensex recorded a gain of over 7 per cent.
Among individual stocks, Cipla hit a five-month low during the trade, extending its Monday’s 7 per cent decline on the BSE, due to a weak outlook for the second half of the current fiscal (H2FY19). The pharmaceutical major said there was pressure on the tender business, supply disruptions, commodity inflation and business impact from countries hit by sanctions. The stock ended at Rs 532 apiece on BSE, down nearly 6 per cent. PC Jeweller tanked 12 per cent to settle at Rs 83 levels.
In the sectoral universe, PSU banks ended the day lower with the Nifty PSU Bank index slipping 2.23 per cent. FMCG stocks were the second biggest losers, followed by auto pack.
MUHURAT TRADING
Stock markets will remain closed on Wednesday and Thursday for 'Diwali Laxmi Pujan' and 'Diwali Balipratipada'. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday, November 7 between 5:00 pm and 6:30 pm, the stock exchanges had said on Friday.
Join us on www.business-standard.com at 4pm on November 7 as we cover Muhurat trades LIVE
Join us on www.business-standard.com at 4pm on November 7 as we cover Muhurat trades LIVE
GLOBAL MARKETS
Asian shares inched up on Tuesday, supported by Wall Street gains although momentum was tempered ahead of the US midterm elections, the first major electoral test of President Donald Trump’s big tax cuts and hostile trade policies.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.4 percent on a positive lead from Wall Street, but the gains were capped by falls in Chinese markets and regional technology shares.
(with Reuters input)
4:22 PM
MARKET COMMENT Jayant Manglik, President, Religare Broking
In a volatile trading session, the equity benchmark indices started on a positive note led by supportive global cues. However, it witnessed stiff resistance at higher levels and the index ended flat at 10,530 levels. The broader markets witnessed mixed trend. While BSE Midcap underperformed the benchmark ending lower by 0.6%, the Smallcap index ended on a flat note. On the sectoral indices front, Consumer Durables, Metals and Banking were the top losers whereas, sectors like IT and Realty ended the day in green. Amongst the global markets, Asian indices traded on a mixed note whereas European indices were trading lower.
While there have been some encouraging news for Indian equities with correction in crude oil prices and reversal in USD/INR, we remain cautiously optimistic in the near term given the headwinds which persist both on domestic as well on the global front. The liquidity concerns in the NBFC sector is likely to keep investors on the edge. On the global front, US midterm elections and US FOMC meet is also likely to be on market radar. Further, with more results to be announced in 1-2 weeks, we expect stock specific volatility to continue. Thus, we would advise maintaining stock specific trading approach and focus more on position management
3:54 PM
Top sectoral gainers and losers on NSE
3:54 PM
S&P BSE Sensex: Top gainers & losers
3:36 PM
Market at close
The S&P BSE Sensex ended at 34, 992, up 41 points, while NSE's Nifty50 index ended just 6 points higher at 10,530.
The S&P BSE Sensex ended at 34, 992, up 41 points, while NSE's Nifty50 index ended just 6 points higher at 10,530.
3:08 PM
SAMVAT 2075 | Top stock picks by Kotak Securities
3:02 PM
ICICI Securities on Bata India
To maintain profitable growth, the management is expected to maintain a subtle balance between volume and realisation growth with enhanced share of premium products aiding margin improvement. We roll our estimates to FY21E and expect revenue, EBITDA to grow at a CAGR of 14%, 20%, respectively in FY18-21E. Bata has a robust balance sheet having virtually debt free status, healthy return ratios (RoCE: 20%+) and negative working capital cycle. We reiterate our BUY rating on Bata with a revised target price of Rs 1,160 (35.0x FY21 EPS of Rs 33.1).
2:57 PM
Bank stocks slip
| COMPANY | LATEST | PREV CLOSE | LOSS() | LOSS(%) | VOLUME |
|---|---|---|---|---|---|
| AXIS BANK | 607.00 | 624.30 | -17.30 | -2.77 | 1006649 |
| ST BK OF INDIA | 287.15 | 295.30 | -8.15 | -2.76 | 2034204 |
| INDUSIND BANK | 1476.20 | 1491.70 | -15.50 | -1.04 | 84201 |
| BANK OF BARODA | 110.60 | 111.35 | -0.75 | -0.67 | 1314770 |
| FEDERAL BANK | 80.10 | 80.35 | -0.25 | -0.31 | 408334 |
2:54 PM
Anand Rathi on Alkem Labs
Driven by its focus on brand leadership in the acute segment, the rising contribution from the chronic segment and a ramp-up in its US business, we expect revenue and earnings CAGRs over FY18-21 of respectively 15% and 28% for Alkem. We retain our Buy rating, with a revised price target of Rs 2,392
Driven by its focus on brand leadership in the acute segment, the rising contribution from the chronic segment and a ramp-up in its US business, we expect revenue and earnings CAGRs over FY18-21 of respectively 15% and 28% for Alkem. We retain our Buy rating, with a revised price target of Rs 2,392
2:45 PM
STOCK ALERT: PC Jeweller tanks 12%
2:30 PM
Jhunjunwala takes his biggest hit in 10 quarters: Here's a look at his bets
A smallcap focus may be weighing on Rakesh Jhunjhunwala’s portfolio in this downturn. The disclosed value of his portfolio showed a double-digit decline in the three month ending September. This is the biggest fall in at least the past ten quarters. The portfolio was worth Rs 123.33 billion at the end of June 2018. READ MORE
A smallcap focus may be weighing on Rakesh Jhunjhunwala’s portfolio in this downturn. The disclosed value of his portfolio showed a double-digit decline in the three month ending September. This is the biggest fall in at least the past ten quarters. The portfolio was worth Rs 123.33 billion at the end of June 2018. READ MORE
2:14 PM
Gold prices little changed before US midterm elections
Gold prices were little changed on Tuesday ahead of the US midterm elections that may fuel interest in the metal as a hedge against risk if the result sparks volatility in the wider financial markets.
Spot gold was largely unchanged at $1,231.20 per ounce, while US gold futures were up 0.1 per cent at $1,233.8 per ounce. READ MORE
1:54 PM
S&P BSE Sensex top gainers and losers
1:39 PM
Jet Airways up 15% in two days amid reports Tata Group to buy 51% stake
Shares of Jet Airways (India) moved higher by 5% to Rs 264 on Tuesday, extending its Monday’s 10% surge on the BSE, after the media reports suggest that Tata Group is in talks to buy a majority stake in beleaguered carrier and its loyalty programme. Tata Group aims to buy the 51% stake in the airline owned by Jet Airways founder, Naresh Goyal, and Etihad Airways' 24% stake; the Reuters report suggested. Read more
1:20 PM
Fund mobilisation by Indian firms through share issue falls 81% in H1
Fund mobilisation by Indian companies through issuance of shares to institutional investors declined 81 per cent to nearly Rs 70 billion during the first half of the financial year 2018-19. The firms had raised Rs 366.53 billion during the corresponding period of the previous financial year. Read more
1:03 PM
71 stocks beat market returns in last three Samvat years
71 stocks have outperformed the market in the past three consecutive Samvat years. Of these 24 stocks has recorded returns of more than 30% in each between Samvat years 2072 and 2074. The benchmark S&P BSE Sensex has gained 8% in Samvat 2074 (till November 6, 2018, at 11 AM), as compared to 8.54% return in 2072, followed by 16.6% in last Samvat 2073. Read more
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First Published: Nov 06 2018 | 8:02 AM IST
