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Oct 31, 2019 04:42 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends Oct series above 11,850, Sensex off record high; Yes Bank gains 23%

The Sensex was up 77.18 points at 40,129.05, while Nifty was up 33.40 points at 11,877.50.

  • October 31, 2019 05:02 PM IST

    S&P places Bharti Airtel on credit watch negative on adverse Supreme Court ruling

  • October 31, 2019 05:00 PM IST

    Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities
    For the coming month, we are of the view that Nifty may trade in the range of 11,700 and 12,100. Our strategy should be to buy on declines, while focusing on private banks, NBFCs and infrastructure companies. Profit-taking should emerge in select auto companies.

  • October 31, 2019 04:50 PM IST

    Since past one-week USD-INR spot has been trading in a broad range of 70.65-71.10, on slight optimism over US-China trade deal and hopes of Fed rate cut. Yesterday, FOMC lowered its interest rate by 25bps to 1.5-1.75%. The move was highly expected and was discounted by the market, that is why we did not see much appreciation in rupee, said Rahul Gupta, Head of Currency, Emkay Global Financial Services.

    "In our view the uncertainty regarding US-China trade war and Britain’s divorce from the European Union will continue the slowdown and Fed may have to continue easing again in 2020, not aggressively though."

    "Going Forward, We expect USD-INR to continue to trade in a border range with bearish view. 70.65 will act as a crucial support in spot, a break of which can take prices to 70.50, while a bounce from there can lead to 71.20," he added.

  • October 31, 2019 04:37 PM IST

    Nagaraj Shetti, Technical Research Analyst, HDFC securities:

    After showing an upmove in the last couple of sessions, the Nifty seems to have encountered resistance at the higher levels and closed the day modestly higher. A small negative candle was formed today with upper shadow at the swing high of 11,944 levels. Technically, this pattern indicates a formation of high wave type candle pattern at the highs.

    Normally, a formation of such pattern after a reasonable upmove or near the key overhead resistance could be an indicative of tiredness in the market, hence profit booking is likely from the highs. Still there is no indication of any important trend reversal pattern at the highs.

  • October 31, 2019 04:17 PM IST

    Ajit Mishra Vice President, Research, Religare Broking:

    We believe in-line Q2FY20 earnings so far and positive outlook by key auto and banking players have lifted the investor sentiments. On the global front, US Fed rate cut of 25bps and better than expected US GDP numbers for the third quarter seem to have provided some relief to the investors’ concern regarding the economic slowdown. However, going forward consolidation cannot be ruled out given the near-peak level of the markets.

  • October 31, 2019 03:54 PM IST

    Jindal Saw Q2: Net profit at Rs 301 crore versus Rs 97.18 crore, revenue down 9.4% at Rs 2,681.6 crore versus Rs 2,960.1 crore, YoY.

  • October 31, 2019 03:49 PM IST

    SBI gains 7%: Shares of State Bank of India ended 7 percent higher after brokerage houses had retained their bullish stance on the stock as the management expects slippages to moderate from the next financial year 2020-2021.

  • October 31, 2019 03:38 PM IST

    ICICI Direct remains bullish on Tata Global:

    Tata Global Beverage's India business revenue contribution increased from the previous 48 percent to 50 percent with impressive EBITDA margins of 13.5 percent during the quarter. Hence, we value TGBL on an SOTP basis, valuing the India domestic business at 5x FY21E sales, international business (US, UK, Canada) at 0.5x FY21E sales and Starbucks JV at 2x FY21E sales. We reiterate our buy rating on the stock with a revised target price of Rs 350 per share.

  • October 31, 2019 03:34 PM IST

    Market Close: The benchmark indices ended higher but off day's high after Sensex touched a fresh record high of 40,392.22 intraday October 31.

    The Sensex was up 77.18 points at 40,129.05, while Nifty was up 33.40 points at 11,877.50.

    Yes Bank, Zee Entertainment, SBI, Grasim Industries and Infosys were among major gainers on the Nifty, while losers were JSW Steel, Tata Steel, Tech Mahindra, Axis Bank and IOC.

    Except metal, all other sectoral indices ended in green led by PSU bank, IT, auto, pharma and infra.