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October 22, 2021 / 04:11 PM IST

Closing Bell: Sensex, Nifty end lower amid volatility; metal, IT drag

On the sectoral front, IT, metal, pharma, FMCG fell 1-3 percent. BSE midcap and smallcap fell 1 percent each.

  • IndexPricesChangeChange%
    Sensex57,696.46-764.83 -1.31%
    Nifty 5017,196.70-204.95 -1.18%
    Nifty Bank36,197.15-311.10 -0.85%
    Nifty 50 17,196.70 -204.95 (-1.18%)
    Fri, Dec 03, 2021
    Biggest GainerPricesChangeChange%
    UPL712.7514.55 +2.08%
    Biggest LoserPricesChangeChange%
    Power Grid Corp206.10-8.40 -3.92%
    Best SectorPricesChangeChange%
    Nifty Midcap 10030293.30-3.20 -0.01%
    Worst SectorPricesChangeChange%
    Nifty FMCG37498.10-394.50 -1.04%


  • October 22, 2021 / 04:14 PM IST

    Ajit Mishra, VP - Research, Religare Broking 

    Markets remained under pressure for yet another session and lost nearly half a percent. After the initial uptick, the selling pressure resumed as the day progressed which led the Nifty to end lower by 0.3% at 18,117 levels. The broader markets also traded in sync with the benchmark and both mid cap and small cap ended lower by 1% each. A mixed trend was witnessed on the sectoral front wherein realty and banking ended marginally higher while healthcare, metal and IT settled in the red.
     
    Markets will react to the Reliance and ICICI Bank results in early trade on Monday. Besides, global cues and movement in crude oil prices would be actively tracked. On the benchmark front, we expect Nifty to find support around 17,950 zone while 18,200-18,400 zone would act as a hurdle. While traders are complaining of excessive volatility across the board, the recent fall is helping investors to accumulate quality stocks which are available at a good bargain.

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  • October 22, 2021 / 04:04 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Indian Benchmark Indices fell for the fourth consecutive session. Strong selling is seen in Metal and IT stocks while buying is witnessed in Banking and Realty stocks. 

    Immediate support for Nifty 50 is 18,000. According to our analysis if the market is able to sustain the level of 18000 then we can see a reversal in the market. 

    We believe market direction in the near term will depend on Q2FY22 earnings and their management commentary, demand in festive seasons and commodity prices.

  • October 22, 2021 / 03:55 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services: 

    Despite a strong opening owing to favourable global cues, domestic indices continued its losing streak succumbing to profit booking and barring banks and realty stocks, all major sectors bled. 

    The global market traded green as investors welcomed a surprise interest payment by China’s debt-ridden major property developer. However, the Indian market is impacted by muted Q2 results, which are weak than forecasted due to high input cost.

  • October 22, 2021 / 03:43 PM IST

    Emkay Global Financial Services:

    The USDINR spot has been on a bearish note this week tracking the fall in dollar index and higher risk appetite. The consolidation may continue even next week as the focus will be on tonight’s US flash PMI data. Reuters expect flash PMI to be mixed. 

    But if next week’s US PCE data shows price growth being steady, then it will advocate that inflation is transitory, limiting any rally in DXY. 

    The USDINR ATM Volatility has been below 5% this week, and the option max pain is at 74.50 strike. So even next week we expect the spot to oscillate in between 74.50-75.25. A break of 74.50 may push the spot to 74.10-74 zone.

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  • October 22, 2021 / 03:42 PM IST

    Rohit Singre, Senior Technical Analyst at LKP Securities:

    Index closed a week at 18114 with loss of more than one percent on weekly basis and formed a dark cloud cover candle pattern on weekly chart which is bearish reversal candle pattern by nature, so if we slipped below 18k mark we may see short term reversal in index. 

    The index has formed consecutive bearish candles throughout this week which hints bears are trying to grip the market from higher levels & which will be possible if we drag below the 18k mark in the coming week.

    Immediate supports for Nifty is coming near the 18k mark followed by 17950 zone and if index managed to hold above 18k mark, one can expect a swift pullback & resistance is coming near 18250-18350 zone.

  • October 22, 2021 / 03:40 PM IST

    Vijay Dhanotiya, Lead Technical Research at CapitalVia Global Research:

    The market witnessed some negative movements and an attempt to hold above 18000. Our research suggests that 18000 will be an important support level for the market. 

    If the market is able to sustain the level of 18000, we can witness a reversal in the market. We have observed the momentum indicators like RSI and MACD indicating signs of reversal in the market.

  • October 22, 2021 / 03:35 PM IST

    Market Close: Indian benchmark indices ended lower for the fourth straight session on October 22 amid volatility.

    At Close, the Sensex was down 101.88 points or 0.17% at 60,821.62, and the Nifty was down 63.20 points or 0.35% at 18,114.90. About 1205 shares have advanced, 1865 shares declined, and 119 shares are unchanged.

    Hindalco Industries, Coal India, Tata Motors, ITC and Tata Consumer Products were among the major Nifty losers. Gainers included HDFC, Bajaj Auto, Kotak Mahindra Bank, ONGC and Axis Bank.

    On the sectoral front, IT, metal, pharma, FMCG fell 1-3 percent. BSE midcap and smallcap fell 1 percent each.

  • October 22, 2021 / 03:28 PM IST

    Prabhudas Lilladher on Mphasis

    We continue to like Mphasis because of their 1) industry leading growth in Direct channel 2) market share gains against larger peers, 3) consistent improvement in client mining and cross-selling, 4) deep presence within sub-segments across verticals and 5) stable operating margin performance compared to peers. 

    Our EPS estimates decrease marginally by 1.4%/1.6%/1% for FY22/23/24 led by lower than expected EBIT margin in Q2FY22. We arrive at DCF based target price of Rs 3674 (implied target multiple of 34x on FY24 EPS). Mpahsis is currently trading at multiples of 37/31X on FY23/24 EPS of 92/108 respectively with Revenue/EPS CAGR of 16%/18% over FY22-24E. Maintain buy. 

  • October 22, 2021 / 03:23 PM IST

    Bombay High Court to pass final order in ZEE-Invesco case on Oct 26

    Bombay High Court reserves order in Zee Entertainment Enterprises-Invesco case and likely to pass final order in on October 26.

    Zee Entertainment Enterprises was quoting at Rs 310.25, down Rs 11.15, or 3.47 percent.

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  • October 22, 2021 / 03:18 PM IST

    Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company:

    Equity market in India witnessed volatility during the week ended 22nd October 2021. The improvement in high frequency domestic economy indicators continued with the further opening up of the economy and the level of vaccinations crossing the 1Bn mark. 

    The overall COVID data is encouraging with daily new case additions touching a 7 month low even while we remain watchful during the festival season and also for any new variants of the virus.  

    Going forward, market direction would likely be determined among other factors by a) demand momentum in the festive season b) movement in commodity inflation and c) mobility trends. Commentary of companies that are yet to report results of Q2FY22 and institutional flows should be other factors to watch out for market participants.

  • October 22, 2021 / 03:15 PM IST

    Apollo Pipes Q2 earnings

    The company has reported 47.9 percent jump in its Q2 net profit at Rs 14 crore versus Rs 9.5 crore and revenue was up 68.8% at Rs 208.2 crore versus Rs 123.3 crore, YoY.

    Apollo Pipes was quoting at Rs 1,866.00, up Rs 1.10, or 0.06 percent on the BSE.

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