Sensex sinks 637pts, gives up 61K, Nifty near 18K; Realty, Metals top drags

CLOSING BELL: TCS, Maruti, Divis's Labs, HDFC Life and Dr Reddy's were among the handful of stocks that held minor gains

9:26 AM

SECTORS: Financials open higher; IT, Metal pockets drop up to 1%

9:24 AM

BROADER MARKET: Small-cap index in green; Mid-caps flat

9:23 AM

Hindalco, ONGC, JSW Steel top Nifty drags

9:21 AM

IndusInd Bank, Axis Bank, Sun Pharma, BPCL, HDFC Life top Nifty winners

9:19 AM

HEATMAP: Most Sensex stocks start lower led by Tata Motors, Power Grid

9:18 AM

OPENING BELL: Nifty slips 15 odd points; 28 of 50 stocks decline

9:16 AM

OPENING BELL: Sensex opens with fractional uptick

9:09 AM

PRE-OPEN SESSION: Nifty likely to open unchanged

9:08 AM

PRE-OPEN SESSION: Sensex looking to open flat

9:05 AM

COMMODITY CHECK: Gold, Silver open with tepid gains on MCX

9:03 AM

CURRENCY ALERT: Rupee opens 4 paise stronger at 82.84/$

8:58 AM

ALERT :: Angel One's client base rises 61% YoY in Q3

>> Client base at 12.51 million, up 60.7% YoY & up 8.1% QoQ 

 

>> Gross client acquisition at 0.99 million, down 26.2% YoY & down 16% QoQ 

 

>> Number of orders up 25.7% YoY & down 1.4% QoQ

8:55 AM

Brokerage Call :: Nirmal Bang on chemicals

NBIE Agro Chemical coverage stocks are likely to see modest to healthy earnings growth, aided by Revenue/EBITDA growth and margin expansion, driven by an increase in product prices as well as volume.

In terms of growth in PAT, PI Industries (PI) leads our coverage universe with 47.5% YoY growth followed by Tata Chemicals (TTCH) with 41% YoY growth. We estimate high single-digit PAT growth for Coromandel International (CRIN) and Anupam Rasayan (ARIL).

We await commentary on future outlook for Soda Ash demand given the global headwinds of rising interest rates, which could put pressure on growth in key end-use sectors. Also, watch out for any variance in tax rate and the share of JV PAT vs. NBIE estimates. (vii) In Small Cap CSM stock Anupam Rasayan (ARIL), look out for the trend in fresh orders and working capital as well as how it manages supply chain and costs. Potential variance from estimates could be seen in margins, depreciation/interest expense and tax rate.

8:52 AM

Brokerage Call :: Jefferies on NBFCs

Loan growth at NBFCs accelerated in 2022 & the momentum should sustain in 2023. NIMs should dip as higher rates are fully reflected in CoF, esp. at auto NBFC & AHFCs. Asset quality and credit costs should be stable.

Strong loan growth at auto NBFCs like Chola & AHFCs should drive healthy PAT growth, despite lower NIMs. Potential bottoming of NIMs largely by 2QFY24 can be a re-rating trigger. Top picks are Chola & Aavas; risk-reward seems unfavorable at MMFS.

8:49 AM

Brokerage Call :: Prabhudas Lilladher on Chalet Hotels

We initiate coverage on Chalet Hotels Ltd (Chalet) with a ‘BUY’ rating, as it is a play on expected recovery in business travel complemented by an exposure to annuity business (18% share by FY25E) that acts as a hedge to deeply cyclical hospitality industry. 

We expect revenue/PAT CAGR of 19%/68% over FY23E-FY25E and recommend ‘BUY’ with a SOTP based TP of Rs455. We value hotels business at 16x FY25E EBITDA, annuity business at a cap rate of 10% and residential project in Bangalore at NAV of Rs15 per share.