Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%

CLOSING BELL: Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent

12:35 PM

One year of Nifty's lifetime high: Domestic equities stuck in a loop

It has been one year since the domestic market punched in its lifetime highs. On October 18, 2021, the benchmark Nifty50 Index had closed at 18,477. Since then, domestic equities have been on a roller coaster, with the Nifty dropping to 15,294 on June 17 this year. READ MORE

12:24 PM

HDFC Bank can rally 10% if it conquers Rs 1,550-hurdle, chart indicates

Shares of HDFC Bank traded on a volatile note this Monday, even as the private lender posted a 20 per cent YoY rise in net profit in Q2FY23. The July-September quarter numbers were mostly in line with analysts’ expectations, which anticipated a strong growth in Net Interest Margin, at 18.9 per cent READ MORE

12:11 PM

Nifty PSU Bank index surges 2%; Canara Bank, Bank of Baroda gain over 3%

PSU banks might see loan growth in-line with the system, while net interest income (NII) growth may be higher at 15 per cent year-on-year (YoY), analysts at Prabhudas Lilladher said in their Q2 earnings preview report. READ MORE

11:55 AM

Risk-reward not favourable in near to mid term: Nomura India's Mukherjee

Macro uncertainties remain high. Inflation and rate concerns are acknowledged by the market. However, there are uncertainties around growth and the stickiness of inflation in the medium term. We, therefore, expect the markets to react excessively based on the outlook on these parameters.  READ INTERVIEW HERE

11:40 AM

Merger overhang to delay HDFC Bank's re-rating, caution analysts

From a long-term perspective, they see up to 30 per cent upside in HDFC Bank's stock as growth outlook remains intact. READ MORE

11:30 AM

Avenue Supermarts slips 3% to hit 8-week low after margins squeeze in Q2

The management said that the inflationary stress is more acute at lower price points in discretionary non-FMCG categories. READ MORE

11:20 AM

MARKET COMMENT | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Rallies triggered by market positioning will be temporary because there won’t be any follow-on fundamental support for the rally. This trend played out in the US market last Friday with sharp cuts in major indices. There are no major triggers to take the mother market much higher at least in the near-term. There are no major triggers for a crash also since almost all negative factors are known to the market. Such an uncertain scenario provides opportunities for long-term investors to slowly accumulate high quality stocks showing improving prospects.

 

After a decent set of Q2 numbers from the leading IT majors, the Q2 numbers for banking also have begun well with very good results from HDFC bank. The improvement in Net Interest Margin and impressive loan growth augur well for this banking blue chip.

Even though strong dollar and high bond yields in US may nudge FIIs to sell, strong flows into domestic mutual funds and optimistic retail investors can provide the counter to FII selling providing some stability to the market.

11:10 AM

Funding environment for digital push remains strong: TCS chief executive

Funding commitments for digital push remain intact despite a challenging macro-economic environment, the chief executive of TCS. READ MORE

10:53 AM

SENSEX HEATMAP: 22 out of 30 counters turn green

10:40 AM

Upbeat housing demand to lift realty stocks despite rate hikes: Analysts

While rising interest rates are expected to hamper affordability among buyers, analysts expect the underlying need for homeownership to remain strong, which would buoy housing sales going ahead. Read here

10:30 AM

Electronics Mart makes strong debut; lists at 53% premium over issue price

The stock listed at Rs 90, a 53 per cent premium to its issue price of Rs 59 per share on the National Stock Exchange (NSE) on Monday. Read here

10:21 AM

Pivot point at 50,350 for MCX Gold this week; Silver may see volatility

The bears are likely to have the upper hand as long as MCX Gold futures trade below Rs 50,350 this week; Near resistance on the upside is seen at Rs 50,900. Read more

10:12 AM

Bajaj Auto gains 2% in a weak mkt after net profit climbs 20% YoY in Q2FY23

The management expects Q3 to be better than Q2 with supply chain visibility being much better. Read more

10:02 AM

BUMPER LISTING | Electronics Mart lists 52% up at Rs 89 on BSE

The issue price was Rs 59 a share. 

9:52 AM

Shree Cements sinks 4% as Q2 profit drops 67% YoY