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Oct 22, 2019 05:18 PM IST | Source:

Closing Bell: Sensex ends 300 pts lower, Nifty below 11,600; Infosys tanks 16%

Sensex ended down 334.54 points or 0.85 percent at 38963.84, and the Nifty closed 73.50 points lower or 0.63 percent at 11588.40. Some1,260 shares have advanced, 1,293 shares declined, and 206 shares are unchanged. ICICI Bank was the top gainer, up 3 percent while Infosys tanked 16 percent.

  • Oct 22, 05:26 PM (IST)

    Rupee closed higher: The Indian rupee closed 21 paise higher at 70.94 per dollar on October 22. 

    As per HDFC Securities, spot USD-INR is having support in the range of 70.70 to 70.50, while resistance is around 72.

    "USD-INR October options distribution is indicating resistance between 72-72.50 - the levels where call writing was seen - and support at 70.50. USD-INR is expected to continue its downward spree following month-end dollar demand and central banks dollar buying," said HDFC Securities.

  • Oct 22, 05:23 PM (IST)

    Expert view: The risk-taking ability is gradually improving and investors are shifting focus from defensive to growth-oriented ideas owing to the recent developments in global macros and expectation of domestic earnings revival in H2FY20. A fall in the IT stocks may have an impact on the IT sector but the overall trend of the market will be maintained healthy, led by marginally better results in Q2 till date.

    --Vinod Nair, Head of Research, Geojit Financial Services.

  • Oct 22, 05:21 PM (IST)

    Expert view: Nifty stumbled near the daily upper Bollinger Band. Thus the index is likely to get into a brief consolidation phase before it climbs higher. The hourly and the daily Bollinger Bands, having entered the contraction phase, are in sync with the possibility of the price consolidation. On the downside, 11,550-11,500 is a key support zone where the bulls can get back into the action. The short-term target on the upside is at 11,790, which is the 78.6 percent retracement of the June – August decline.

    --Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

  • Oct 22, 04:09 PM (IST)

    Axis Bank reports loss in Q2FY20 due to one-time tax impact

    Axis Bank posted a below expectation September quarter numbers of the financial year 2020 on October 22, reporting a net loss of Rs 112.1 crore. The bank had reported a profit of Rs 789.61 crore in the corresponding quarter of the previous financial year, whereas in the June quarter of FY20, the bank’s profit was Rs 1,370.08 crore.

    The poll of CNBC-TV18 had estimated a profit of Rs 668.3 crore for the September quarter of FY20. The bank said it incurred a loss in Q2 due to a one-time tax impact of Rs 2,138 crore on change in the corporate tax rate. “Excluding of this extraordinary item, PAT would have been Rs 2,026 crores, up 157 percent year-on-year (YoY),” Axis Bank said.

  • Oct 22, 04:07 PM (IST)

    Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan by BNP Paribas: Nifty witnessed six consecutive sessions of gains recently. The index showed strength in the beginning of the session, it scaled higher to cross the September high of 11694. It is likely to get into a brief consolidation phase before it climbs higher. 

    On the downside, 11550-11500 is a key support zone where the bulls can get back into the action. Short term target on the upside is at 11790, which is the 78.6 percent retracement of the June-August decline.

  • Oct 22, 04:05 PM (IST)

    Amit Shah, Technical Research Analyst with Indiabulls Ventures: Bulls took a breather near the previous swing high of 11,700 zone. Few days of consolidation cannot be ruled out going ahead. Broader trend continues to remain positive and traders should look at declines as opportunity to build long positions. 11,470 zone is the near support zone on the downside. Support is at 11,450-11,300 while resistance is at 11,700-12,000

    Bank Nifty closed higher outperforming the benchmark indices. Index has strong support zone near the previous breakout zone of 28,850 zone and the test of support zone should be utilized to build long positions. Trend continues to remain on the upside. Overall Bank Nifty is likely to retest recent swing high of 30,800 zone. Support is at 29,000-28,850 and resistance is at 29,800-30,200.

  • Oct 22, 03:33 PM (IST)

  • Oct 22, 03:01 PM (IST)

    Jubilant FoodWorks Q2: Jubilant FoodWorks, which operates Domino's Pizza and Dunkin' Donuts chain in India, reported a 2.8 percent year-on-year decline in September quarter consolidated profit at Rs 73.4 crore due to one-time loss of Rs 12.5 crore. Consolidated revenue grew 12.2 percent YoY to Rs 998 crore.

    With respect to one-time loss, the management said the exceptional item represented provision created against investments made by Jubilant FoodWorks Employee Provident Fund Trust in the corporate bonds of DHFL, Reliance Capital and IL&FS, and was fully provided for on account of prevailing uncertainties.

  • Oct 22, 02:58 PM (IST)

    Welspun India Q2: Consolidated net profit (GU) came at 198.5 crore for the quarter ended September 30, 2019, against Rs 114.8 crore in the same quarter of the previous financial year.   Consolidated revenue (GU) came at Rs 1,824.9 crore against Rs 1,779.9 crore (YoY), while EBITDA (GU) came at Rs 391.3 crore against Rs 300.8 crore (YoY). Consolidated EBITDA margin stood at 21.4 percent against 16.9 percent (YoY).

  • Oct 22, 02:49 PM (IST)

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