Sensex gains 147 pts; Nifty holds 17,500; Rupee hits record low of 83/$

CLOSING BELL: HDFC, Nestle India, ITC, RIL, Axis Bank, and Ultratech Cement were the top gainers

12:30 PM

IDBI stake sale: To help the buyer, centre asks Sebi to ease norms

The government offered to sell a total of 60.72% stake in the IDBI bank, in early October. Read more

12:17 PM

Nestle India's profit rises 8.3% to Rs 668 cr in Q2, tops estimates

The Maggi noodles maker's profit rose 8.3% to Rs 668 crore ($81.1 million) in the quarter ended Sept. 30. Read more

12:07 PM

ALERT :: UK inflation climbs again

11:59 AM

Can Fin Homes revamping top management; new CEO before end of Dec

Mortgage lender may raise equity capital before closing Q4 of FY23. Read more

11:50 AM

ITC surges 6% in four days ahead of Q2 results; analysts expect a good show

"We estimate cigarette business sales of 16.9 per cent led by strong volumes as well as better product mix. We estimate 10 per cent volume growth during the quarter. We expect 10.7 per cent sales growth in FMCG largely led by prices, improved product mix and higher contribution of stationary brands,” ICICI Securities said in a result preview. READ MORE

11:40 AM

NSE floats consultation on index components ahead of HDFC-HDFC bank merger

NSE is now proposing to simultaneously remove the entity that is merging and increase the weightage of the resultant entity. This will help avoid unnecessary churn READ MORE

11:29 AM

Equity MFs favoured over debt funds despite negative stock mkt returns

MF folios are essentially investors accounts. One investor, however, can have a number of folios. The benchmark Sensex and the Nifty, logged their all-time highs on October 18, 2021. Since then, they have been on a roller coaster ride. Debt schemes too have had a poor show amid rising bond yields and hawkish pivot by central banks. READ MORE

11:14 AM

JUST IN | Nestle beats estimates; posts Rs 668 crore profit in Sept quarter

Net profit comes at Rs 668.3 cr vs Rs 617 crore last year. 
Revenue for the quarter comes at Rs 4,591 crore, up 18% YoY

11:06 AM

Midhani surges 7%; hits new high on pact with Boeing for aerospace parts

Boeing India on Tuesday reportedly announced it would assess and collaborate with Midhani to develop raw materials for standard aerospace parts and components in India. Read more

10:55 AM

Markets may bottom out soon, but a sustained recovery is unlikely: Nomura

“Assuming no major stimulus and/or reopening in China in the months ahead, we do not think conditions are in place to call for a sustained recovery in stocks. US Fed hikes will continue until March 2023 and a mild-but-long US recession lies ahead that may end in the fourth quarter of calendar year 2023 (Q4-23),” wrote Chetan Seth, Ankit Yadav and Anshuman Agarwal of Nomura in a recent report. READ MORE

10:41 AM

OPEC+ decision on oil production a mistake, favours Russia, says US

The decision of the Organization of the Petroleum Exporting Countries and its allies to cut oil production is a mistake that has favoured the Russians, the White House has said. Read here

10:29 AM

Piramal Pharma lists at Rs 202 on the BSE; shares slip 5% intra-day

In October 2021, the board of directors of Piramal Enterprises (PEL) had approved the demerger of the pharmaceuticals business, and simplification of the corporate structure. Read more

10:16 AM

Axis Bank Q2 preview: Profit may rise over 40% YoY on low provisions

Analysts said progress of the Citi portfolio, direction of operating profit growth, and credit growth amid slowdown concerns will be tracked by investors. Read here

10:08 AM

MCX Crude Oil can dip to Rs 6,200; Natural Gas futures seen testing Rs 420

On the upside, the MCX Crude Oil futures are likely to face resistance around Rs 7,070 and Rs 7,220. Natural Gas futures face resistance at Rs 485, above which it may pullback towards its 200-DMA. Read here

9:59 AM

COMMENT | Strong DII buying outpacing weakness in foreign flows

There are two factors supporting the ongoing rally in the market: One, support from the mother market US aided by some excellent quarterly results and two, FII selling getting completely overwhelmed by DII buying.

DIIs bought stocks for Rs 5,290 crore in the cash market during the last 3 trading days against FII selling of Rs 1,536 crores.

This complete dominance of DIIs over FIIs is triggering short covering too. Good Q2 results are imparting resilience in segments like IT and financials. The festive mood is another positive.

However, high global inflation and tightening central banks pose headwinds to the rally.

Views by V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services