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Oct 23, 2019 04:21 PM IST | Source:

Closing Bell: Sensex ends above 39K, Nifty moderately higher; HCL Tech, Maruti rally ahead of Q2 numbers

Lat-hour recovery helped the market close with mild gains. Sensex ended 95 points, or 0.24 percent, higher at 39,058.83 and the Nifty closed at 11,604.10. BSE Midcap underperformed Sensex, closing 0.08 percent lower, but the BSE Smallcap index finished with a gain of 0.25 percent. BSE Telecom lost 3.04 percent.

  • Oct 23, 05:03 PM (IST)

    Mustafa Nadeem, CEO, Epic Research: Nifty seems to be struggling at 11,700 because it is an important swing high. Global markets haven't been supportive while the domestic cues are pointing to volatility. The earnings are yet to come from some of the heavyweights like SBI, Maruti as well. So the market is actually seen oscillating between the range of 11,700-11,500. With that, we have seen Infosys weighing on the Index as it fell almost 15 percent. A rebound today helped the index to sustain the lower levels.

    This is a very important level for Nifty in the sense it will give us a short-term view for the next few weeks. Above 11,700, we don't see any resistance till 12,000 or the previous all-time high, and if we are not able to take out 11,700 the bears may take advantage of a low-risk opportunity. So, this is going to be a tug of war and whoever wins at this point may be controlling the index for the next few weeks. 

    We have been cautious previously since the risk-reward at this point is not in favour as we need a close above 11,700 to justify the previous gains and a bullish move ahead. So, We do recommend a buy but on a closing basis above 11,700 and by that time, it is better to be on the sideline.  

  • Oct 23, 04:14 PM (IST)

    Ajit Mishra, VP- Research, Religare Broking: The Indian markets witnessed a highly volatile trading session and ended on a positive note. We expect markets to remain range-bound in the near-term. Investors’ focus is on the Q2FY20 earnings season, which would induce stock-specific volatility. We would advise investors to stay focused on selective bluechip companies. On the global front, market participants would keep a close watch on US-China trade talks and progress on Brexit deal.

  • Oct 23, 04:07 PM (IST)

    Vinod Nair, Head of Research, Geojit Financial Services: The market largely remained positive throughout the day, led by selective buying in banking and IT stocks. Auto and consumer stocks witnessed some resurgence on the expectation that the worst-case scenario is factored in the stock prices. Due to the corporate tax cut, Q2 earnings growth is better, however, the market will review the outlook for revenue growth to assess any potential for re-rating. 

  • Oct 23, 04:01 PM (IST)

    Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan by BNP Paribas: Nifty entered a brief consolidation phase after the sharp rise over the last couple of weeks. On the higher side, the index tapped at the daily upper Bollinger Band on Tuesday, which drove the index in the sideways action. The hourly chart shows that the index has slipped back towards the junction of 40 hour exponential moving average & the hourly lower Bollinger Band. 

    The index has also reached lower end of a rising channel on the hourly chart. Thus the next leg up could be around the corner. On the downside, 11,550-11,500 indeed proved to be a key support zone for Nifty and the same is likely to continue going ahead. Thus a dip towards 11,550 can be considered as a buying opportunity. Short term target on the upside continues to be at 11,790, which is the 78.6 percent retracement of the June-August decline.

  • Oct 23, 03:57 PM (IST)

    Sahaj Agarwal, Head of Derivatives at Kotak Securities: The overall trend of the market is positive and in the recent few trading sessions we are also sensing an improvement in the market Sentiment. The breadth is improving as the stocks from the broader market universe are able to attract post breakout follow ups. This reflects conviction in the market, which is a key ingredient for the sustenance of any bullish trend. 

    Unless the immediate trend decider level of 11,050 is breached, the uptrend shall remain in force and 12,100 levels are expected. We advise initiating fresh long positions on any retracement up-to 11,400-11,250 levels, with a final stop loss of 11,050.

  • Oct 23, 03:51 PM (IST)

    JSW Steel Q2 consolidated net profit up 21% at Rs 2,536 crore

    JSW Steel has posted 21.5 percent growth in its consolidated net profit at Rs 2,536 crore in the quarter ended September 2019. The company had posted profit of Rs 2,087 crore in the same quarter last year.

    Total revenue of the company was down 18.5 percent at Rs 17,572 crore versus Rs 21,552 crore, YoY. Earnings before interest, tax, depreciation and amortisation (EBITDA) was down 44.3 percent at Rs 2,731 crore, while margin was down 720 bps at 15.5 percent.

  • Oct 23, 03:48 PM (IST)

    Indian Bank Q2 profit spikes 139% to Rs 358.6 cr YoY 

    Indian Bank registered a whopping 139 percent year-on-year growth in second quarter profit at Rs 358.6 crore, with showing sequential improvement in asset quality performance. The bottomline growth was driven by higher other income and pre-provision operating profit, and also lower provisions.

    Net interest income during the quarter increased 7.6 percent year-on-year to Rs 1,863 crore while other income (non-interest income) grew by 72.2 percent to Rs 737.65 crore YoY. Pre-provision operating profit in quarter ended September 2019 jumped 26 percent to Rs 1,501.8 crore compared to same period last year.

  • Oct 23, 03:33 PM (IST)

    Havells India Q2 standalone net profit at Rs 181cr

    Havells India has reported 1.5 percent year-on-year jump in its Q2 FY20 standalone net profit to Rs 181.4 crore. Revenue rose 1.8 percent to Rs 2,230.3 crore.

    Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 10.8 percent at Rs 234 crore, while EBITDA margin was down 150 bps at 10.5 percent. Tax expense of the company stood at Rs 23.7 crore versus Rs 75.4 crore.

  • Oct 23, 03:29 PM (IST)

    IRB Infra Q2 profit rises 16% to Rs 200 cr, construction biz lifts revenue 22%

    IRB Infrastructure Developers has reported a 15.7 percent year-on-year increase second quarter profit at Rs 200.18 crore, led by tax rate cut and strong revenue growth. However, lower margin limited bottomline growth. Profit in same quarter last year stood at Rs 172.95 crore. Tax expenses dropped 28.4 percent year-on-year to Rs 101.02 crore during the quarter.

    Revenue in quarter ended September increased 22.3 percent to Rs 1,752 crore compared to same period last year, driven by construction business. Construction segment revenue grew by 43 percent year-on-year to Rs 1,330.15 crore in Q2FY20, with its earnings before interest and tax rising 62 percent YoY to Rs 381.32 crore, company said in its BSE filing.

  • Oct 23, 03:14 PM (IST)

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