MUHURAT TRADING WRAP: Sensex up 246 points; best Muhurat-day gain in 10 yrs

Mahindra and Mahindra (M&M) rose over 2 per cent to Rs 795 on the BSE, while Tata Motors gained 1 per cent to Rs 195. Infosys rose 1.5 per cent to Rs 677

6:50 PM

Gainers and losers in Muhurat trade on the BSE Sensex

6:36 PM

Market at close

The S&P BSE Sensex ended at 35,238, up 246 points (0.70 per cent) and the Nifty 50 index rose 68 points (0.65 per cent) to settle at 10,598 levels.

6:12 PM

MARKET COMMENT Mahesh Nandurkar, executive director and India Strategist at CLSA

We maintain our cautious view on the market due to a combination of continued premium valuation, despite the correction coupled with the triple macro worries of rising rates, depreciating INR and political uncertainties. Thus, we maintain our large-cap bias in top picks. Notwithstanding the recent underperformance, we continue to believe that Reliance Industries (RIL) is a good stock to own in the times of market turmoil as the business fundamentals continue to be strong and the under-ownership should protect downside

6:08 PM

Manappuram Finance gains 6% post Q2 results

Shares of Manappuram Finance have moved higher by 6% to Rs 87.40 per share on the BSE after the company reported 41% year-on-year (Y-o-Y) jump in consolidated net profit at Rs 2.24 billion for the quarter ended September 30, 2018 (Q2FY19). It had a profit of Rs 1.59 billion in the year-ago quarter.
 

Total consolidated operating income during the quarter grew 22% Y-o-Y at Rs 10.14 billion against Rs 8.31 billion reported in the year-ago quarter. Consolidated assets under management (AUM) grew 25 % to Rs 172 billion from Rs 137 billion in the year-ago quarter. READ MORE

6:07 PM

MARKET COMMENT Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas

 

We feel general and state election will continue to keep the markets volatile in the coming weeks. Earnings season so far has mainly been lack luster this quarter. Investors with a longer term horizon can use the volatility to their benefit to get into quality companies, where there is earnings visibility and valuation comfort. We prefer export-oriented companies such as TCS and Biocon, we also like the private banking space with Axis Bank and HDFC Bank being our preferred picks.

6:01 PM

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Diwali Samvat 2075 logo

5:59 PM

Markets got US midterms right, no violent repricing was needed; what next?

For once, the consensus came true. Markets got it right and no violent repricing in equities was needed. A divisive episode of U.S. politics came and went, and investors are exactly where they were before. The question for bulls: can it actually last?

 

“This was our base case,” said Ben Phillips, chief investment officer of EventShares, which oversees the U.S. Policy Alpha ETF. “As far as markets are concerned, it is actually a decent outcome.” READ MORE HERE

5:58 PM

MARKET COMMENT Raamdeo Agrawal, co-founder and joint managing director, Motilal Oswal Financial Services

The current market scenario is not very comfortable. While the frontline indices have slipped around 13 per cent each, market-wide losses are quite deep. Individual portfolios have been hurt much more. Bulk of the retail portfolios are down around 25 – 30 per cent. The loss for foreign investors will be more given the rupee’s fall. Moreover, market are concerned about the outcome of the state polls. Though better management of economy helps, in India, politics does create volatility but does not change the fortune of the companies. The Nifty50 should hover around the current levels for now

5:54 PM

MARKET COMMENT Gautam Chhaochharia, head of India research, UBS Securities

 

The market has de-rated from 19x 1yr fwd PE to 16x. We do not expect the recent liquidity squeeze to turn into a prolonged credit crunch, though the era of easy money of the last 3-4 years is behind us. The worst of INR depreciation vs. GEMs may also be over. 

 

However, two risks remain: 1) Will Modi win in 2019?; and 2) retail flows. 2HFY19 may also not enthuse markets, as the base effect is wearing off and the impact of tight liquidity is being felt. 

 

We revise our Nifty scenarios: 9500 as our base case for Mar-19 and 11100/8300 as upside / downside scenarios. The base case is premised on 13%/17% earnings growth in FY19/FY20 (7-9% lower than Street estimates) and 16x PE, in line with the last 5 year average

GAUTAM CHHAOCHHARIA

5:53 PM

TOP CONTRIBUTORS TO SENSEX

COMPANY	LATEST	CHG(RS)	CHG(%)	FREE FLOAT MKT CAP (RS CR)	CONTRIBUTION (POINTS)
INFOSYS	674.95	8.15	1.22	253417.87	33.35
ITC	279.45	2.05	0.74	339640.24	27.02
H D F C	1816.40	13.95	0.77	309561.77	25.49
RELIANCE INDS.	1110.10	6.65	0.60	377688.95	24.51
ICICI BANK	356.00	2.80	0.79	227323.05	19.40
M & M	794.25	16.05	2.06	77396.66	17.19

5:37 PM

Opening gainers on BSE Sensex

5:34 PM

Market at open

 

At 5:30 om, The S&P BSE Sensex was at 35,259, up 267 points, while the broader Nifty 50 index was at 10,609, up 79 points.

5:15 PM

Market at pre-open

Index	Current	Pt. Change	% Change
S&P BSE SENSEX	35,106.26	+114.35	+0.33
S&P BSE SENSEX 50	11,002.21	-1.58	-0.01
S&P BSE SENSEX Next 50	31,817.48	-112.07	-0.35
S&P BSE 100	10,796.42	-7.07	-0.07
S&P BSE Bharat 22 Index	3,444.92	-20.83	-0.60

5:04 PM

RBI's Diwali gift to infra firms: Min ECB holding period pruned to 3 years

In a major relief to Indian companies and banks, the Reserve Bank of India (RBI) on Tuesday reduced the minimum average maturity requirement for ECBs raised by eligible borrowers in the infrastructure space, from five years currently to three years READ MORE HERE

4:54 PM

Motilal Oswal Research recommends Maruti as top Samvat 2075 pick

Maruti Suzuki

Target: Rs 8,484
 

We are positive on Maruti, considering its (a) multi-year favorable product lifecycle, (b) improvement in product mix (increasing share of premium products), aiding realizations and consequently margins, (c) reducing JPY exposure, (d) lower capex intensity, (e) improvement in FCF conversion, and (f) sharp improvement in RoIC. We believe Maruti would gain further market share, driven by 10% volume CAGR over FY18-21. We expect the earnings growth to remain strong for Maruti, driven by higher volumes and margins.