Osho Krishan, Sr. Analyst - Technical & Derivative Research, Angel One:
Our market witnessed a gap up opening for the second consecutive day in the week and continued its northward journey. The optimism across the global bourses and the broad-based buying interest has spread buoyancy in our market. The benchmark index Nifty50 surged upwards for the fourth consecutive session to breach the previous swing high and carried its positive stature by procuring over seven-tenth of a percent gain to settle a tad below the 18150 level.
The bulls have taken complete control of the market and are being very rigid in letting any correction to happen, as the intraday dip augurs well for the bulls. The broad-based buying has also bolstered positive sentiments across the participants, which are evident on the technical chart.
As we surpassed the major hurdle of 18000, the market has firmly turned bullish. As far as levels are concerned, the support has been shifted to the 17900-18000 odd zone, which is expected to cushion any short-term blip in the market. While on the contrary, a decisive closure above 18200 could trigger a fresh rally in the index in a comparable period.
Looking at the recent developments, the undertone is likely to remain in favor of the bulls, with significant traction seen outside the indices. Meanwhile, many stock-specific adjustments are likely to continue and are expected to provide substantial trading opportunities. Hence, traders are advised to have a stock-centric approach and stay abreast with global developments ahead of the Fed policy outcome.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking
Nifty started the day on a positive note however volatility ruled the day ahead of the crucial Central Banks meet which will decidedly affect the stock market trend.
The benchmark indices were seen shifting the range on the higher side as it provided a resonant breakout above the six-month old high of 18114.
Daily price action of higher high formation indicating continuance of positive bias and is likely to challenge the immediate hurdle of 18350 and gradually head towards 18600 in medium term.
The elevated support base for the market is now at 17500 which seems unlikely to breach. Cool off in Dollar index had been providing stability to the rupee against the US dollar, also sliding Oil prices following weak Chinese factory data is likely to support Indian equities going ahead.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty has seen a gap up opening yet again & has crossed the zone of 18000-18100. It has surpassed the key swing highs formed in April & September this year.
The area of 18000-18100 will now act as a support zone as per the principle of role reversal. Till the time the Nifty stays above these levels, it can stretch to 18300-18400.
On the flip side, if the index enters back into the sub 18000 territory then it will be a sign of exhaustion. Weakness is visible in the Bank Nifty which hasn’t surpassed its respective hurdles & is likely to continue with consolidation in the short term.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index witnessed some selling pressure from the higher levels and failed to close above the level of 41,500. The index witnessed aggressive call writing at 41500-42000Ce strike and a breach above this will lead to further short covering on the upside. The undertone remains bullish and once should have a buy approach near the support zone of 41,000-40,800.
Rupak De, Senior Technical Analyst at LKP Securities
After starting higher, the Indian Nifty remained strong throughout the session. On the daily chart, the index has moved above the previous swing high. The daily RSI is in bullish crossover. The trend remains strong as long as it remains above 18000. On the higher end, resistance is visible at 18300.
Vinod Nair, Head of Research at Geojit Financial Services
The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly.
Investors are keeping an eye on the central banks' policy meetings for any indications of a slowdown in the pace of rate hikes.
Rupee Close:
Indian rupee ended higher at 82.70 per dollar against previous close of 82.77.
Market Close:
Benchmark indices closed higher for the fourth consecutive session on November 1 with Nifty above 18,100.
At Close, the Sensex was up 374.76 points or 0.62% at 61,121.35, and the Nifty was up 133.20 points or 0.74% at 18,145.40. About 1765 shares have advanced, 1579 shares declined, and 129 shares are unchanged.
Adani Enterprises, Divis Labs, NTPC, Power Grid Corp and Grasim Industries were among the top Nifty gainers, while losers included Axis Bank, UPL, Eicher Motors, Reliance Industries and Maruti Suzuki.
Among sectors, Power, Metal, Pharma and Information Technology indices up 2 percent each, while Realty index up 1 percent.
The BSE midcap index rose 1 percent and smallcap index up 0.26 percent.
DCX Systems IPO offer subscribed 5.58 times
The initial public offering (IPO) of DCX Systems, an offset partner in the defence and aerospace space, has got a good response, mopping up bids for 8.1 crore equity shares against an offer size of 1.45 crore shares.
The IPO had been subscribed 5.58 times on November 1, the second day of bidding. Retail investors are aggressively bidding for the IPO and have bought 20.81 times their allotted quota of shares.
Non-institutional investors have subscribed 6.76 times their quota, while qualified institutional buyers have bid for 30 percent of the shares set aside for them.
DCX Systems plans to mobilise Rs 500 crore through the IPO, with a price band of Rs 197-207 a share. The offer comprises a fresh issue of Rs 400 crore and an offer for sale of Rs 100 crore.
Morgan Stanley on Larsen and Toubro:
Kept overweight call and target raised to Rs 2,305 from Rs 2,178 per share
Raise FY23-25 EPS estimate by 1-8% on strong execution momentum
Investors are looking for growth in core business
Management expects to achieve upper end of guidance
Management’s tone is optimistic on new orders, execution & margin recovery
Larsen & Toubro was quoting at Rs 2,026.85, up Rs 2.90, or 0.14 percent.
CLSA View On Bharti Airtel
-Buy call with a target at Rs 930 per share
-See company recording 22% India mobile EBITDA CAGR by FY25
-Q2 performance leaves upside potential
Bharti Airtel touched a 52-week high of Rs 841.30 and was quoting at Rs 835.45, up Rs 3.45, or 0.41 percent.
NBCC wins orders worth Rs 314 crore
Atul Auto October Auto Sales
Total sales were up 9.86% at 2,352 units versus 2,141 units, YoY.
Market at 3 PM
Benchmark indices were trading higher in the final hour of the today's session.
The Sensex was up 245.38 points or 0.40% at 60991.97, and the Nifty was up 93.80 points or 0.52% at 18106. About 1658 shares have advanced, 1532 shares declined, and 118 shares are unchanged.
NMDC October 2022 Iron Ore Production and Sales Update:
NMDC was quoting at Rs 104.45, up Rs 4.75, or 4.76 percent.
Nifty Information Technology index gained 1 percent supported by the Persistent Systems, Infosys, TCS
Vetsa Ramakrishna Gupta gives additional charge of Chairman & MD of BPCL
Shri Arun Kumar Singh, Chairman & Managing Director has superannuated from the services of the company on close of work on 31st October 2022.
Shri Vetsa Ramakrishna Gupta, Director (Finance) has been entrusted with additional charge of Chairman and Managing Director w.e.f. 1st November 2022 until further orders by the Ministry of Petroleum & Natural Gas vide their letter dated 31st October 2022
Bharat Petroleum Corporation was quoting at Rs 303.75, up Rs 0.15, or 0.05 percent.
UPL has recorded 28.4 percent jump in its Q2 net profit at Rs 814 crore versus Rs 634 crore, YoY
Rahul Chander, MD & CEO of LivFin (Fintech NBFC).
The Reserve Bank of India's Monetary Policy Committee's unscheduled meeting this week is unlikely to spring a surprise with an off-cycle rate hike, even though it comes a day after the Federal Reserve's policy decision and as unseasonal rains that have damaged crops intensify the inflationary pressure on the Indian economy.
MPC has gone for a cumulative 190 basis points of key policy rate hike since May, taking the repo rate to pre-Covid levels. The encouraging employment numbers, showing growth at the fastest pace in three years on the back of strong factory output, is another factor which will affect any decision of the RBI in increasing rates at this time.
If the MPC goes for another round of rate hike, it will add to the concerns of NBFCs as they struggle to maintain profitability in an already challenging economic environment, as frequent increases in interest rates not only dents the number of loan takers but carries a serious risk of default from existing borrowers.
For an NBFC the measurement of profit is the difference between the cost of borrowing, which essentially implies that these institutions have to raise funds to lend it to consumers, and the cost of credit, which means additional charges on loans.
M&M October Auto Sales
Mahindra & Mahindra announced that its overall auto sales for the month of October 2022 stood at 61,114 vehicles.
In the Utility Vehicles segment, Mahindra sold 32,226 vehicles in October 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 32,298 vehicles in October 2022.
Exports for the month were at 2,755 vehicles. In the Commercial Vehicles segment, Mahindra sold 20,980 vehicles in October 2022.
Mahindra and Mahindra touched a 52-week high of Rs 1,366.30 and was quoting at Rs 1,354.90, up Rs 8.15, or 0.61 percent.
DCX
Systems IPO subscription Updates:The initial public offering (IPO) of DCX Systems, an offset partner in the defence and aerospace space, has got a good response, mopping up bids for 7.24 crore equity shares against an offer size of 1.45 crore shares.
The IPO had been subscribed 5 times on November 1, the second day of bidding. Retail investors are aggressively bidding for the IPO and have bought 19.26 times their allotted quota of shares.
Non-institutional investors have subscribed 6.09 times their quota, while qualified institutional buyers have bid for 5 percent of the shares set aside for them.
DCX Systems plans to mobilise Rs 500 crore through the IPO, with a price band of Rs 197-207 a share. The offer comprises a fresh issue of Rs 400 crore and an offer for sale of Rs 100 crore.
Wheels India Q2:
Wheels India has posted 42% fall in its Q2 net profit at Rs 11.9 crore versus Rs 20.6 crore and revenue was up 22.2% at Rs 1,189.1 crore versus Rs 973.1 crore, YoY.
Wheels India was quoting at Rs 628.00, down Rs 0.90, or 0.14 percent.
BSE Power index added 1 percent led by the NTPC, ABB, JSW Energy
Balrampur Chini to consider share buyback on November 9:
A meeting of the board of directors of Balrampur Chini Mills will be held on November 9, 2022, to consider the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and half year ended 30th September, 2022 and buyback of Equity Shares of the company and matters related/ incidental thereto.
CMS Info Systems Q2 Earnings:
CMS Info Systems has posted 37.6 percent jump in its Q2 net profit at Rs 72.5 crore versus Rs 52.7 crore and revenue was up 26.8% at Rs 471.6 crore versus Rs 372 crore, YoY.
CMS Info Systems was quoting at Rs 311.50, down Rs 0.80, or 0.26 percent.
Max Healthcare Institute Q2 results:
Max Healthcare Institute has reported Q2FY23 net profit at Rs 511 crore versus Rs 207 crore and revenue was up 9.5% at Rs 1,482 crore versus Rs 1,353 crore, YoY.
Max Healthcare Institute touched a 52-week high of Rs 470 and was quoting at Rs 456, up Rs 0.10, or 0.02 percent
Market at 2 PM
The Sensex was up 269.92 points or 0.44% at 61016.51, and the Nifty was up 95.80 points or 0.53% at 18108. About 1635 shares have advanced, 1533 shares declined, and 121 shares are unchanged.
Punjab National Bank Q2:
The company reported Q2FY23 net profit at Rs 411.3 crore versus Rs 1,105.2 crore and net interest income was up 30.2% at Rs 8,271 crore versus Rs 6,352.8 crore, YoY.
DCX Systems IPO Updates
Alembic Pharma gets final USFDA nod for Glycopyrrolate Injection
Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Glycopyrrolate Injection USP, 0.2 mg/1 mL and 0.4 mg/2 mL (0.2 mg/mL) Single-dose Vials and 1 mg/5 mL (0.2 mg/mL) and 4 mg/20 mL (0.2 mg/mL) Multiple-dose Vials.
Whirlpool of India Q2 Results:
Whirlpool of India has posted 48 percent fall in its Q2 net profit at Rs 40.6 crore versus Rs 78.5 crore and revenue was down 7.4% at Rs 1,488.9 crore versus Rs 1,607.1 crore, YoY.
Whirlpool of India was quoting at Rs 1,552, down Rs 24.80, or 1.57 percent on the BSE.
Usha Singh to take over additional charge of Chairperson-cum-MD of MOIL
M. P. Chaudhari, Chairperson-Cum-Managing Director has attended the age of superannuation on 31.10.2022. Accordingly, he has been ceased to be Chairman-cum-Managing Director of the Company w.e.f. 01.11.2022.
Further, as per order no. F.No.4/1/2021-BLA dated 28.10.2022 issued by the Ministry of Steel, Government of India, Ms. Usha Singh, Director (Human Resource) has taken over additional charge of the Chairperson-cum-Managing Director of the Company w.e.f. 01.11.2022.
MOIL was quoting at Rs 154.10, down Rs 0.15, or 0.10 percent.
Sun Pharma Q2 earnings:
Sun Pharmaceutical Industries has posted 8 percent jump in its Q2 net profit at Rs 2,260 crore versus Rs 2,088.7 crore revenue was up 13.8% at Rs 10,952 crore versus Rs 9,626 crore, YoY.
Buzzing
GHCL announced a 212% on year growth in its net profit to Rs 289 crore as compared to Rs 93 crore a year ago.
The standalone revenue was up 73% to Rs 1,389 crore and was aided by doubling of its inorganic chemicals business, the revenue for which grew by 98% on year to Rs 1,130 crore. EBITDA was up 159% on year to Rs 442 crore.
Gujarat Heavy Chemicals was quoting at Rs 641.95, down Rs 4.20, or 0.65 percent on the BSE.
Tata Motors October Auto Sales
Tata Motors Limited sales in the domestic & international market for October 2022 stood at 78,335 vehicles, compared to 67,829 units during October 2021.
Dhanuka Agritech Q2FY23 (YoY)
-Net profit up 16 percent at Rs 73 crore vs Rs 63 crore
-Revenue up 23.7 percent at Rs 543 crore vs Rs 439 crore
-EBITDA up 18.7 percentat Rs 97.7 crore vs Rs 82.3 crore
-Margin at 18 percent vs 19 percent
-Buyback approved of 10,00,000 equity shares at a price of Rs 850 per share for an aggregate amount of Rs 85 crore
Markets at 1 PM
Sensex is up 312.37 points or 0.51 percentat 61058.96. Nifty is up 104.30 points or 0.58 percentat 18116.50. About 1704 shares have advanced, 1451 shares declined, and 109 shares are unchanged.
GST collections rise to Rs 1.52 lakh crore in October, second highest ever
India collected Rs 1.52 lakh crore in Goods and Services Tax (GST) in September, the second highest ever collection, the finance ministry said on November 1. Monthly GST revenues have been more than Rs 1.40 lakh crore for eight months in a row, an indication of the continued economic recovery.
“The revenue for October 2022 is second highest monthly collection, next only to the collection in April 2022 and it is for the second time the gross GST collection has crossed Rs. 1.50 lakh crore mark,” the finance ministry said. “October also saw the second highest collection from domestic transactions, next only to April 2022.”
FIIs buy India stocks worth $1 billion in last six sessions
Between October 20 and 28, FIIs bought $923 million in equities, according to data from NSDL. Provisional data from the National Stock Exchange showed that on October 31, foreign investors bought around Rs 4,178.61 crore in Indian equities. Read more
Nykaa Q2FY23 Results
FSN E-Commerce Ventures Ltd, parent of Indian cosmetics-to-fashion retailer Nykaa, reported a 350 percent jump in September-quarter net profit on Tuesday, boosted by strong demand for its products ahead of the festive season.
Consolidated net profit stood at Rs 5.2 crore for the quarter ended Sept 30, compared with Rs 1.17 crore a year earlier.The company's quarterly revenue from operations recorded a 39 percent year-on-year increase to Rs 1,230.8 crore. Read more
Hong Kong stocks lead gains in Asia-Pacific markets
Chatter among traders isthat a Chinese 'Reopening Committee' has been formed. The Committee is reviewing COVID data from US/Hong Kong/Singapore to assess reopening scenarios.
However, nothing in official media so far.
October Auto Sales | Ashok Leyland
-Total sales up 34 percent at14,863 units vs 11,079 unitsYoY
-M&HCV(medium and heavy commercial vehicles) sales up 48 percentat9,054 units vs 6,078 units
-Total domestic sales up 38 percent at13,860 units vs 10,043 units YoY
October Auto Sales | Maruti Suzuki
-Total sales down 5.1 percent at 1.67 lakh units vs 1.76 lakh units month-on-month
Alert: YoYnumbers not comparable as Oct 2021 sales were impacted by chip shortage
-Total domestic sales at 1.47 lakh units, exports at 20,448 units
Markets At 12 PM
Sensex is up 410.42 points or 0.68 percentat 61,157.01. Nifty is up 128.20 points or 0.71 percent at 18,140.40. About 1769 shares have advanced, 1361 shares declined, and 104 shares are unchanged.
Varun
Beverages September Quarter Results (YoY)-Net Profit up 58.7 percentat Rs 381 crore vs Rs 240 crore
-Revenue up 33.1 percent at Rs 3,248.3 crore vs Rs 2,440.4 crore
-EBITDA up 41.5 percent at Rs 699 crore vs Rs 494 crore
-Margin at 21.5 percent vs 20.2 percent
"The demand environment for the beverage industry has been robust and we are witnessing a healthy offtake in India as well as in our international markets. The festive season in Q4 is expected to further aid consumption trends in this calendar year," Ravi Jaipuria, Chairman, Varun Beverages said.
Saregama gains after Q2FY23 results
The music label on Monday reported a 36.42 percent increase in its consolidated net profit to Rs 46.11 crore for the second quarter ended September 30, 2022.
It had posted a net profit of Rs 33.80 crore in the July-September quarter last fiscal, Saregama said in a regulatory filing.
October Auto Sales | VST Tillers: Total sales down 34.6 percent at 1,842 units vs 2,816 units year-on-year
Saudi Aramco In Focus
The company reported its second-highest earnings as a listed company, as it continued to benefit from this year’s surge in oil and gas prices.
Aramco’s net income was $41.6 billion in the third quarter, slightly above analysts’ expectations. That was down from a record profit of $48 billion between April and June, but up around 40 percentyear-on-year, reported Bloomberg.
October Auto Sales | Eicher Motors in focus
Total October VECVsales up 4 percentat 6,038 units vs 5,805 units year-on-year
BEL gains after management raises lower end of margin guidance
Highlights from Bharat Electronics concall:
-Set to achieve 15 percentrevenue growth in FY23
-Expect H2FY23 turnover to be better than H1FY23
-Have a minimum of Rs 20,000 crore order inflow visibility
-Raise lower end of FY23 margin guidance
-FY23 margin now seen at 22-23 percent vs 21-23 percent earlier
