| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 82,500.82 | 328.72 | +0.40% |
| Nifty 50 | 25,285.35 | 103.55 | +0.41% |
| Nifty Bank | 56,609.75 | 417.70 | +0.74% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,561.80 | 48.70 | +3.22% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 173.86 | -2.56 | -1.45% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7695.80 | 126.50 | +1.67% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10261.55 | -94.65 | -0.91% |
Nifty plunged in today’s trade and the negativity can be attributed to a bleeding Wall Street in overnight trade in the backdrop of key midterm election races that remained undecided. Also, anxiety prevailed ahead of the US CPI data.
Technically speaking, the line in the sand is at Nifty’s support at 17907 mark, while the immediate goal post for Nifty is seen at its all-time-high at 18605 mark.
The benchmark Nifty had started lower and slipped below 18000 briefly. However, bulls have managed to hold the 18000 mark on a closing basis.
The trend may remain sideways as long as it remains above 18000. On the higher end, 18300 will continue to act as crucial resistance.
Equity markets got plundered due to weak global cues as the negative sentiment prevailed across the world equity markets that triggered a massive sell-off in local equities. Traders pared their holdings ahead of the key US CPI data announcement, as any uptick in inflation numbers would fuel concerns of further rate hikes by the Fed.
We are of the view that as long as the Nifty trades below 18100, the weakness is likely to continue and below the same the index could slip till 17900-17850.
On the flip side, dismissal of 18100 could push the index up to 18150-18175. Contra traders can take a contra bet near 17850 with a strict support stop loss at 17800.
Following sluggish global markets, the cautious mood persisted in the domestic market. Losses on the Dalal Street were led by profit booking in auto and PSU banks, while selling in mid and small caps followed the trend. Investors around the globe are awaiting US inflation data, which is expected to slow for the fourth month, which can have a positive lead.
Despite multiple attempts recently, the Nifty couldn’t sustain above 18200. The recent higher high in the index on daily chart was not accompanied by higher high in the daily & the hourly momentum indicators. So the momentum indicators developed negative divergence, thus indicating exhaustion in momentum on the upside. As a result, the index has stepped into a short term consolidation.
Today the Nifty has fallen below the key hourly moving averages & has tested the support zone of 18000-17960. Overall the index is expected to move down towards 17800 in the short term. On the higher side, 18100-18120 will act as a near term resistance zone.
Indian rupee closed 38 paise lower at 81.81 per dollar against previous close of 81.43.
: Benchmark indices ended lower on November 10 with Nifty around 18000.
At Close, the Sensex was down 419.85 points or 0.69% at 60,613.70, and the Nifty was down 128.80 points or 0.71% at 18,028.20. About 1231 shares have advanced, 2127 shares declined, and 127 shares are unchanged.
Tata Motors, Axis Bank, Bajaj Finserv, M&M and Titan Company were among the top Nifty losers, while gainers were Hero MotoCorp, HDFC Bank, Kotak Mahindra Bank, Bharti Airtel and ONGC.
All sectors ended in the red, with metal, auto and PSU Banks falling 1-2 percent.
The BSE midcap and smallcap indices down 1 percent each.
LT Foods Ltd on Thursday said it has raised nearly Rs 390 crore by selling shares to Saudi Agricultural and Livestock Investment Company (SALIC) through private placement.
In a regulatory filing, the company informed that its board has approved issuance and allotment by way of a preferential allotment on a private placement basis up to 27,408,164 equity shares at a price of Rs 142.23 per share for cash consideration of up to Rs 389.82 crore.
The preferential issuance of 27,408,164 equity shares is equivalent to 7.89 per cent equity stake in LT Foods, at Rs 142.23 per share to SALIC, a Saudi Joint Stock Company that is owned by the Public Investment Fund of the Kingdom of Saudi Arabia.
In addition, SALIC will acquire a 1.33 per cent equity stake through a secondary share purchase from the promoters group.
-Kept underperform call, target at Rs 2,250 per share
-Q2 volumes disappoint; healthy cost control
-Volumes weak; optimistic on sequential margin recovery
-Company expects profitability to improve sequentially
Pidilite Industries was quoting at Rs 2,655.15, up Rs 4.75, or 0.18 percent.
-Downgrade to underperform from buy, target cut to Rs 900 from Rs 1,170 per share
-Another big provisioning hit on wholesale loans
-Rs 3,300 crore credit cost hit in Q2 versus Rs 1,100 crore in Q4FY22 & Q1FY23 combined
-Retail loans up 15% since March; higher costs with branch expansion plans
-Worst may be over now, but difficult for investors to believe
Samvardhana Motherson International has posted 13.4 percent jump in its consolidated net profit at Rs 246 crore versus Rs 217 crore and revenue was up 30% at Rs 18,261 crore versus Rs 14,077 crore, YoY.
Samvardhana Motherson International was quoting at Rs 69.90, up Rs 1.55, or 2.27 percent.
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