Sensex, Nifty Highlights on October 15: Market indices Sensex and Nifty fell majorly on Thursday, amid heavy selloff in global markets. Reversing from 10 days of consecutive gains, Sensex ended 1,066 points lower at 39,728 and Nifty fell by 290 points to 11,680. Meanwhile, September quarterly earnings announcements by Cyient, Hathway Cable, Mindtree, South Indian Bank and Trident will also set the tone for the stock market today. Yesterday, Sensex closed 169 points higher at 40,794 and Nifty was up 36 points at 11,971.
Here's a look at the updates of the market action on BSE and NSE today
3. 54 PM: Closing
Market indices Sensex and Nifty fell majorly on Thursday, amid heavy selloff in global markets. Reversing from 10 days of consecutive gains, Sensex ended 1,066 points lower at 39,728 and Nifty fell by 290 points to 11,680.
3. 45 PM: Market outlook
On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The break of 11800 proved to be quite severe in intensity as the markets dropped 150 points from that level. Traders are advised to maintain caution and not jump into long or short trades immediately. The resistance on the upside is at 12000 and the support for the medium term is at 11500."
3. 20 PM: Tata Steel share price rises over 3%
Tata Steel share price gained over 3% on Thursday after Jefferies retained buy call on the stock. The global research firm maintained buy call on the stock with a target of Rs 485 per share.
"It is of the view that BSL gives a strong start to Q2 steel results adding that BSL's performance has positive read-through for Tata and JSW's standalone results," it said in a note.
Shares of Tata Steel touched an intraday high of Rs 388.50., rising 3.4% against the previous close of Rs 375.55 on BSE. The stock opened at Rs 380. 45 and also hit an intraday low of Rs 374.80.
3. 12PM: GRSEL stock update
Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"Garden Reach Shipbuilders & Engineers Ltd (GRSEL) is mainly engaged in construction of war ships. GRSEL was successful in delivering 105 ships till date. Current, healthy order book at Rs265.4bn (19x FY20 sales) which provides revenue visibility going forward. Going forward, we expect significant improvement in margin due to strong order execution, operational efficiencies and introduction of technology. GRSEL has a robust balance sheet including net cash of Rs26.7bn. The company is trading at reasonably lower valuations. Hence, we are positive on stock."
3.02 PM: Top losers amd gainers
Tech Mahindra, followed by HCL Tech, TCS, ICICI Bank, Bajaj Finance and ITC were among the top losers on Sensex today. On the other hand, Tata Steel, ONGC, NTPC, Asian Paints, M&M, Nestle India and Bharti Airtel were among the gainers.
2. 58 PM: Tata Power stock update
Yash Gupta - Equity Research Associate, Angel Broking said,"Tata power creation of infrastructure investment trust (INVIT) for its renewables business. This step is in line with the company strategy to deleverage the balance sheet and improve the capital structure. Company has made an application to SEBI for its in-principle approval for creation of the InvIT. Anchor Investors in the InvIT have started their due diligence of the assets proposed to be transferred to InvIT and expected to sign bidding documents in next few months. Creation of an InvIT will provide a suitable structure for the company to expand its renewable business as laid out in its FY 25 strategy. Currently the company has fixed assets gross block of Rs 67064 crores and Borrowing of Rs 48376 crores. Creation of an InvIT for its renewables business will help the company to deleverage its balance sheet. This is positive development for the company."
2. 39 PM: Market falls further
Market indices Sensex and Nifty fell heavily on Thursday, amid heavy sell of in global markets. Reversing from 10 days of consecutive gains, Sensex traded 950 points lower at 40,145 and Nifty fell by 250 points to 11,715.
2. 22PM: Rane Braking update
Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Rane Brake linings reported a 3.4% YoY de-growth in revenues to Rs 105.3 crore for Q2FY2021, as compared to revenues of Rs 109.1 crore for Q2FY2020. EBIDTA for the quarter stood at Rs 20.3 crore up 65.4% YoY while EBIDTA margins expanded by 801bps YoY to 19.3%. Net profit for the quarter stood at Rs 11.5 crore as compared to profit of Rs 7.5 crore in the corresponding quarter previous year. While revenues were down YoY they were up by 186% QoQ. Gradual opening up of the economy led to the strong sequential rebound in revenues while margin expansion was driven due to lower raw material and continued tight control on other expenses. Overall the company has posted a decent set of numbers despite the challenges."
2. 14PM: Tata Elxsi share hits all-time high today
Tata Elxsi share has delivered 206% returns in last seven months. Share price of the Tata Group firm, which stood at Rs 501 on March 25, 2020, rose to Rs 1,533 today, tripling investor wealth during the period. An investment of Rs 1 lakh in Tata Elxsi stock on March 25 would have turned to Rs 3.05 lakh on October 15.
2.02 PM:Amrutanjan Health Care update
Amarjeet Maurya - AVP - Mid Caps, Angel Broking said,"Amrutanjan Health Care (AHCL) is engaged in the business of manufacturing & sales of products in pain management, congestion management, hygiene and beverages. Going forward, we expect AHCL to report healthy Top-line and Bottom-line growth due to gaining market share in the balm segment, presence in the sanitary pads segment which has low penetration in India. Further, AHCL has launched lower priced SKUs like Rs2 balm & Rs22 Sanitary Napkins, which will see greater acceptance during the current environment. Hence, we are positive on stock."
1. 55PM: Brent crude today
Brent crude futures, the global oil benchmark, rose 0.16 per cent to USD 43.39 per barrel. Oil price gained moving in-line with rising equities and falling dollar as concerns over fuel demand recovery loomed.
1. 42 PM: Market falls further
Market indices Sensex and Nifty fell heavily on Thursday, amid heavy sell of in global markets. Reversing from 10 days of consecutive gains, Sensex traded 649 points lower at 40,145 and Nifty fell by 178 points to 11,792.
1. 31PM: Rupee rises 4 paise to 73.27
The currency benchmark Indian rupee opened on a flat note and inched 4 paise higher to 73.27 per US dollar on Thursday's early trade, amid weak opening in domestic equities and rising dollar.
The rupee was trading in a narrow range at the interbank forex market. It opened at 73.32 against the US currency, gained 4 paise to touch 73.27, from its previous close.
On Wednesday, the Indian rupee settled at 73.31 against the greenback, rising 4 paise per US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength rose 0.03 per cent to 93.40. The dollar index was up against its rivals, on the back of renewed questions over a COVID-19 vaccine.
1. 20 PM: Rupee outlook
"Rising number of COVID-19 cases is prompting worries about a new wave of lockdowns in Europe and hopes from US stimulus spending are fading. This could limit appreciation bias for the domestic unit," Reliance Securities said in a research note.
It further added that "RBI mopping up flows by purchasing dollars in anticipation of fund and portfolio flows could also keep the appreciation bias limited for the domestic unit".
1. 16PM: Real estate sector update
Speaking on outlook for real estate sector, Amit Modi, Director, ABA Corp & President (Elect), CREDAI -Western UP said, "Real estate developers in Noida have been consistently devising their alternative sales and marketing strategies during the course of the past few months to outlive the impact of pandemic. Now, with festive season approaching and improvement in sentiment of fence-sitters, an immersive and targeted plan is needed to leverage the multiple opportunities available in form of low home loan interest rates, flexible payment plans, festive deals and upcoming infrastructure developments adding to the value of Noida and Greater Noida region. Additionally, multiple international firms and industries are entering the Noida region, which will directly affect the demand for residential and commercial real estate; buyers coming from different socio-economic backgrounds will be seeking variety in residential units from mid-segment to luxury."
1.08 PM:Colgate Palmolive stock
Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"Colgate Palmolive India Limited (CPIL) is India's leading provider of scientifically proven oral care products. The range includes toothpastes, toothpowder, toothbrushes and mouthwashes under the 'Colgate' brand, as well as a specialized range of dental therapies under the banner of Colgate Oral Pharmaceuticals. Going forward, we believe that the CPIL will ultimately be able to see sharper market share gains in the toothpastes segment on the back of higher ad-spends, new product launches, strong brand and wide distribution network. Thus, we are positive on stock."
12. 50 PM: Likhitha Infrastructure share lists at 8%
Share of Likhitha Infrastructure listed at a premium of 8.41% against issue price of Rs 120 per share on BSE today. Later, the stock surged 13.88% to Rs 136.60 on BSE.
Total 2.48 lakh shares changed hands amounting to turnover of Rs 3.23 crore. Market cap of the firm rose to Rs 269.44 crore on BSE. The share was stuck in upper circuit of 5% after rising Rs 6.50 over opening price of Rs 130.10. The stock rose up to 13.83% above issue price and touched the upper circuit at Rs 136.60 on BSE.
12. 34PM: Market outlook
Yash Gupta- Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex, down by 72 points (0.60%) and 288 points (0.72%) respectively. Indian Indices open negative on back negative global market clues but seen selling pressure in heavy weights during the 1st half of the day. Today S&P BSE Consumer Discretionary Goods & Services (up 0.45%), S&P BSE METAL (up 0.50%) while S&P BSE Information Technology (down 2.27%), S&P BSE Telecom (down 2.15%). We expect the market to trade under pressure. Global Market update- DOW Jones down by 165 points (down 0.58%)and NASDAQ down by 95 points (down 0.80%)."
12. 27 PM: LIC Housing Fianance update
LKP Securities said in its note," LICHFs performance was strong in 1QFY21 driven by better NIMs (3.4%) due to finer cost of funds. Provision expenses (Rs565mn) stood lower leading to PAT (Rs8175mn) growth of 34% YoY and 94% sequentially. As the company is looking for stability rather than growth, the AUM growth stood at 6.1% YoY because of lower quarterly disbursement. Sovereign rating has led to reduction in cost of fund which could provide further cushion to NIMs in FY21E.
The company maintains adequate liquidity with CRAR of 14%, positive ALM and ample cash in hand of Rs13bn as on FY20. The companys reported asset quality is in fine fettle with GNPA and NNPA ratio of 2.8% and 1.6% respectively. However, the moratorium (25% of book) may remain a key overhang, although collection efficiency has reached a level of 85% as on Sep20. We believe, the negatives are priced in with ample liquidity position and higher collections. Thus we recommend BUY"
12. 09 PM: Equitas Small Finance Bank IPO
Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said,"Equitas Small Finance Bank (SFB) is coming up with IPO on 20 Oct 2020 to raise Rs.532cr. The fresh issue of equity shares of the Equitas SFB IPO has revised recently downward to Rs 280 crore from Rs 550 crore planned earlier. The IPO consists of a fresh issue of 8 crore equity shares and an offer for sale of 7.2 crore equity shares.
Equitas SFB was the largest SFB in India in terms of a number of banking outlets, and the second-largest SFB in India in terms of assets under management and total deposits in Fiscal 2019, as per the CRISIL report. Market source predicting IPO could be in the range of 31 - 35 per share. At the rate of 35 Equitas SFB demanding valuation of 1.3x of Q1FY21 Book value. Peers are trading at a higher valuation, Ujjivan 1.8x and AU SFB at 4.9 x of Q1FY21 Book value. We believe Equita SFB valuation in the range of 1 -1.2x will garner healthy interest from investors."
11. 52 AM:Tata Elxsi Q2 numbers
Jyoti Roy - DVP- Equity Strategist, Angel Broking said," Tata Elxsi reported a good set of numbers for Q2FY2021. Revenues for the quarter was up by 11.5% YoY to Rs 430.2 crore. EBIDTA for the quarter was up by 67.8% YoY to Rs 118 crore while EBIDTA margins expanded by 920bps yoy to 27.4% due to decrease in raw material costs and other expenditure. Net profit for the quarter stood at Rs 78.9 crore as compared to a net profit of Rs 49.8 crore in Q2FY2020. The company was able to deliver a good set of numbers during the quarter which highlights the strong demand for IT services."
11. 41 AM: Global markets
Both equity and commodity markets turned negative since yesterday, as investors lost hopes after Treasury Secretary dampened expectations of reaching a US fiscal stimulus before the presidential election in November. Treasury Secretary Steven Mnuchin said around midday that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.
11. 34 AM: Gold prices today
Gold price in India fell on Thursday, although trade above Rs 50K mark, tracking weak cues from global markets.
Gold October Futures on the Multi Commodity Exchange-traded Rs 141 lower at Rs 50,335 after hitting an intraday high and low of Rs 50,315 and Rs 50,445, respectively.
Silver September Futures traded at Rs 61,121 per kg today, falling Rs 482 over the last close of Rs 61,603 per kg.
11. 23 AM: Coronavirus toll
Worldwide, there were 387 lakh confirmed cases and 10.96 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 71-lakh mark and the death toll from COVID-19 infections rose to 10.9 lakh, as of today.
11. 13 AM: Market outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said ,"In last couple of days, markets cooled off a bit after reaching the 12000 mark; but with yesterday's sharp recovery, 11800 has now become a sacrosanct support. Nifty precisely attracted buyers in the support area of 11867 - 11800 and fortunately, we managed to participate in the sudden up move in the banking space. Now the way banking index is shaped up, there is a high possibility that we may see a convincing move beyond 12000 for Nifty today. As far as levels are concerned, 12050-12100 are the next levels to watch out for; whereas on the downside, 11900-11800 have become immediate supports."
11.02 AM: Rupee outlook
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said," Yesterday, Indian Rupee appreciated by 0.22 percent while the Dollar Index decreased by 0.15 percent. India's CPI inflation for September came in at 7.34 percent remaining well above RBIs tolerance band for sixth consecutive month. August retail inflation was 6.69 percent. U.S. economic data since May has been surprisingly strong, though it will still take perhaps another year for output to claw back to its pre-pandemic peak, according to Federal Reserve Vice Chair Richard Clarida. President Trump's proposal for an extra stimulus package to support the economy fell significantly short of expectations. Despite this news, House Speaker Pelosi showed confidence that a deal will be reached eventually. CPI data from US came in line with market expectations at 0.2 percent for Sep'20. Positive data and positive comments from IMF may support the currency. As of today traders can go for sell in USDINR at 73.50, with the stop loss of 73.70 and for the target of 72.90. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon.
10. 55 AM: Market update
Market indices Sensex and Nifty traded lower on Thursday, after 10 days of straight gains amid weakness in global markets. Sensex traded 150 points lower at 40,644 and Nifty fell by 35 points to 11,935.
10. 45 AM: Gold outlook
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said,"On Wednesday, Spot Gold gained over 0.5 percent to close at $1900.9 per ounce and Spot silver ended higher by 0.46 percent to close at $24.3 per ounce as lower Dollar and worries over global economic recovery boosted appeal for the safe haven, Gold. Gold revived after posting negative gains earlier in the week as political uncertainty in U.S. ahead of the elections and easing Dollar elevated the prices. Moreover, U.S. House Speaker Nancy Pelos kept the hope for a possible agreement over the new virus relief bill alive which underpinned the yellow metal prices.
"The gains were limited as China's economy continued to expand in September'20 reflecting the improvement in overseas demand and a balanced recovery boosted the risk appetite amongst investors. Moreover, the International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold. Uncertainties over the additional corona relief fund by U.S. underpinned the Dollar which might weigh on Gold prices. On the MCX, gold prices are expected to trade lower in today's session. "
On gold's technical outlook, he added,"As for today traders can go for sell in gold at Rs 50,600 levels with the stop loss of Rs 51100 levels for the target of 49500 levels. They can also go for sell in Silver at Rs 61,200 levels, with the stop loss of 61,700 levels and for the target of 59,800 levels."
10. 36 AM: Market update
Market indices Sensex and Nifty traded lower on Thursday, after 10 days of straight gains amid weakness in global markets. Sensex traded 150 points lower at 40,644 and Nifty fell by 35 points to 11,935.
10. 20 AM: Q2 Earnings
Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. September quarterly earnings announcements by Cyient and Mindtree will also set the tone for the stock market today.
10. 16 AM: Infosys share hits all-time high
Infosys share price hit all-time high in early trade today after the country's second largest software exporter reported a 20.5 per cent growth in net profit for second quarter ended September 30, 2020. Share price of Infosys gained 4.31% to hit all-time high of Rs 1185 against previous close of Rs 1136 on BSE. Infosys stock opened 4.22% higher at Rs 1184. It hit an intra day low of Rs 1137.
10. 09 AM: Global markets
Asian markets are trading mostly lower tracking overnight US markets. Investors are focused on the market debut of Big Hit Entertainment shares.
U.S. markets closed lower for the second consecutive day after comments from Treasury Secretary dampened expectations of reaching a stimulus deal before elections.
European markets closed lower as investors weighed corporate earnings and concerns over rising coronavirus cases.
9. 50 AM: Nifty technicals
On markets opening bearish today -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty has opened this morning with less clarity in it's intra day direction. While the larger trend remains positive, the intra day trend seems to be a little confusing. We would need to get past 12030-12040 for an intra day move up and a break of 11800 would signal a move down. Until then, we could expect some rangebound movements with a positive bias."
9. 44 AM: Market outlook
As per Reliance Smartmoney Reserch, NSE-NIFTY continued its rising trend for straight 10th day in a row and rose to 7 and half month closing high. However the index failed to surpass its psychological hurdle of 12,000 level. As mentioned earlier, our bullish view will remain intact, we continue to believe that a stable move above its psychological hurdle point will strengthen the index towards its February month's high of 12,247 level and then at the life-time-high of 12,431 mark. In the meanwhile, near-term volatility or some consolidation cannot be ruled out as overall market breadth remained negative from last couple of days. In case of decline, the index will initially find support at 11,794 and then at 11,618 levels.
As for the day, support is placed at around 11,886 and then at 11,838 levels, while resistance is observed at 11,986 and then at 12,037 levels.
9. 34 AM: Stocks to watch today on October 15
Infosys, Tata Elxsi, PNB, United Spirits, RIL, Future Enterprises among others are the top stocks to watch out for in Thursday's trading session
9. 23 AM: Opening session
Market indices Sensex and Nifty opened lower on Thursday, after 10 days of straight gains amid weakness in global markets. Sensex traded 222 points lower at 40,570 and Nifty fell by 50 points to 11,920.
9. 10 AM: Global markets
Asian stocks are trading mixed on Thursday, tracking overnight selling pressure from the US. Wall Street stocks closed lower yesterday as investors lost hope that a US fiscal stimulus would be approved before the presidential election in November.
Treasury Secretary Steven Mnuchin said around midday that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.
European markets also turned red yesterday as investors were worried over Brexit talks, as the deadline for a pact on the European Union's relations with Britain nears.
9. 00 AM: Nifty outlook
Ajit Mishra, VP - Research, Religare Broking said, "Markets ended the modest gains amid volatility. Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side IT, Oil & Gas and Power traded subdued. The rebound is on the expected lines and we expect further surge ahead. Participants should keep a close watch on earnings announcements as well as global markets for cues."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 821.86 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,276.14 crore in the Indian equity market on 14 October, provisional data showed.
8. 40 AM: Rupee closing
On the currency front, the Indian rupee opened at 73.39 against the US dollar and finally settled for the day at 73.31 against the greenback, rising 4 paise over its previous close of 73.35.
8. 30 AM: Closing on Wednesday
After a volatile trading session, Sensex closed 169 points higher at 40,794 and Nifty was up 36 points at 11,971. During the 10 days of straight gains, Sensex has risen 2,814 points from 37,980, while Nifty has gained 745 points from 11,226 since Sept 30, 2020.