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Closing Bell: Nifty around 19,150, Sensex up 490 pts; all sectors in the green
Benchmark indices erased previous two-session losses and ended higher with Nifty back above 19,100. At close, the Sensex was up 489.57 points or 0.77 percent at 64,080.90, and the Nifty was up 144.10 points or 0.76 percent at 19,133.30.
We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty advanced through on Nov 02 almost erasing the previous two-session’s losses. At close, Nifty was up 0.76% or 144.1 points at 19133.3. Volumes on the NSE continued to be on the lower side. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 2.45:1.
Global stocks rallied as investors reacted to the possible peak of the Federal Reserve’s historic tightening campaign.
In Japan, Prime Minister Fumio Kishida announced an economic stimulus package worth about $113 billion that is meant to cushion the blow to household budgets from rising inflation and timed to counter weakening public support for his government.
Nifty recovered after a two day weakness following positive global cues. It formed a high wave type candle; however the Nifty could not close at or near the intra-day high. Nifty could now extend its upmove and head towards 19235 while 18973 could offer support.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Nifty index has formed a doji candle on the daily chart, reflecting a state of indecision as a battle between the bulls and the bears unfolds. Downside support is apparent in the 19,000-18,900 range, with visible fresh put writing for the upcoming weekly expiry. Immediate resistance is situated at the 19,200 level, and a breakthrough at this point could trigger fresh short covering, potentially propelling the index towards 19,300-19,350.
Bank Nifty's daily chart reveals an indecisive doji candle formation, signaling uncertainty in the Index.The index failed to close above its critical 200-day Simple Moving Average (SMA) at 43,200, implying strong resistance at this level. To consider a long position in Bank Nifty, it's advisable to wait for a sustained breakthrough above the 200-day SMA, which could indicate a potential upward trend.
Prashanth Tapse, Senior VP (Research), Mehta Equities:
The US Federal Reserve's decision to keep policy rates unchanged fuelled a global rally and helped benchmark indices reverse their 2-day losing streak. Across the board buying propelled Sensex to close above the 64k-mark, as investors cheered the US Fed decision in the backdrop of rising global uncertainty further worsened by the ongoing conflict in West Asia, higher inflation and strong FII fund outflows.
Vinod Nair, Head of Research at Geojit Financial Services:
A pause with dovish commentary from the Fed led to a rebound in the global and domestic market sentiment. Further, the fall in US bond yields indicates a prolonged pause in interest rates hike. And the domestic macros are favourable with positive auto numbers, a surge in GST collection, good factory data and better than estimated Q2 quarter earnings.
Deven Mehata, Research Analyst at Choice Broking:
Nifty opened with a gap up and moved higher towards 19175 and managed to close at 19133.25 levels. Nifty has made a doji candle on daily charts indicating indecisiveness.
The market has traded positive with the Sensex gaining 0.77 percent and closed at 64080.90 and Nifty was up by 0.76 percent intraday and closed at 19133.2 levels whereas Bank Nifty was up by 0.74 percent and settled at 43017.2.
All the sectors closed in green with Nifty Realty, Nifty PSU Bank and Nifty Metal ended with 2.52%, 1.50% and 1.40% higher respectively. In Nifty stocks, Britannia, Hindalco and IndusInd Bank were the top gainers while Tech Mahindra, Bajaj Auto and Hero Motocorp were the prime laggards.
INDIA VIX was negative by 8.13 percent intraday and settled at 11.07.
Index has strong support around the 18900-19000 zone. Coming to the OI Data, on the call side, the highest OI observed at 19200 followed by 19500 strike prices while on the put side, the highest OI is at 19000 strike price. On the other hand, Bank Nifty has support at 42900-42700 while resistance is placed at 43350-43500 levels.
Stock Market LIVE Updates | Tata Motors Q2 Results:
Net profit at Rs 3,764 crore versus loss of Rs 945 crore and revenue up 32% at Rs 1.05 lakh crore versus Rs 0.8 lakh crore, YoY.
Ajit Mishra, SVP - Technical Research, Religare Broking
Market witnessed a rebound after two days of slide and gained over half a percent. Upbeat global cues triggered a gap-up start in Nifty, followed by a range bound move till the end. Most sectors contributed to the move wherein realty, metal and energy were among the top performers. Besides, the rebound in the broader indices further added to the positivity.
Participants are taking comfort from the rebound in the global indices, especially the US however it is too early to say that we are out of the woods citing multiple hurdles between the 19200-19400 zone in Nifty. We thus reiterate our view to follow stock-specific approach and focus more on overnight risk management.
Aditya Gaggar Director of Progressive Shares:
The markets commenced the weekly expiry day on a strong note above 19,000 but the higher levels did not last for long and erased majority of its gains. In the second half of the trading session, PSU Banks, Metal, and select heavyweights took the lead and helped the Index recover and end the session at 19,133.25 with gains of 144.10 points. With gains of more than 1.30%, Mid and Smallcaps outperformed the Frontliners.
On the daily chart, Nifty50 has made a DOJI candlestick pattern which represents indecisiveness between the bulls and bears, and at present, it is standing in the middle of the range (18,800-19250), awaiting a clear breakout on either side.
Rupee Close:
Indian rupee ended marginally higher at 83.24 per dollar on Thursday against Wednesday's close of 83.29.
Market Close: Benchmark indices erased previous two-session losses and ended higher with Nifty back above 19,100.
At close, the Sensex was up 489.57 points or 0.77 percent at 64,080.90, and the Nifty was up 144.10 points or 0.76 percent at 19,133.30. About 2236 shares advanced, 1287 shares declined, and 140 shares unchanged.
Biggest gainers on the Nifty were Britannia Industries, Hindalco Industries, IndusInd Bank, Apollo Hospitals and Eicher Motors, while losers were Hero MotoCorp, Tech Mahindra, Bajaj Auto, Bajaj Finance and ONGC.
All the sectoral indices ended in the green with metal, capital goods, FMCG, power, oil & gas, realty up 1-2 percent each.
BSE Midcap and smallcap indices up 1 percent each.
Stock Market LIVE Updates | Nirmal Bang View on Britannia Industries
There is no material change in EPS estimates for FY24 and FY25. Over the medium term, broking firm remain extremely positive about the company considering: (a) incremental growth from enhanced distribution (b) focus on the Hindi belt with right price points (c) addition of new products & categories and (d) premiumisation.
At the current market price (CMP), the stock is trading at ~43x FY25E EPS as we build in ~17% earnings CAGR over FY24E-FY26E.
Broking firm roll forward its target multiple from June’25 to Sept’25E EPS while continuing to value the company at 50x given the structurally attractive opportunity in the Packaged Foods space, high RoE compared to domestic staples peers, healthy dividend payout and potential addition of new categories going ahead.
Buy rating with a Target Price of Rs 5,515.
Stock Market LIVE Updates | Macquarie View On Hero MotoCorp:
-Neutral call, target Rs 3,180 per share
-Q2 gross margin-led modest EBITDA beat
-EBITDA per unit at a new high
-Board approved voluntary proposal of promoter & chairman, Mr Pawan Munjal
-Board approved voluntary proposal to reduce chairman’s fixed salary by 20 percent for FY23
Sensex Today | Nifty Bank index rose 0.6 percent led by Bank of Baroda, Punjab National Bank, IndusInd Bank:
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| Bank of Baroda | 199.70 | 2.15 | 12.51m |
| PNB | 74.20 | 1.78 | 41.42m |
| IndusInd Bank | 1,457.95 | 1.77 | 4.31m |
| IDFC First Bank | 82.20 | 1.36 | 16.12m |
| Axis Bank | 981.30 | 0.98 | 4.95m |
| SBI | 571.30 | 0.87 | 10.57m |
| Bandhan Bank | 215.05 | 0.73 | 3.60m |
| Kotak Mahindra | 1,736.20 | 0.68 | 2.37m |
| Federal Bank | 141.40 | 0.64 | 5.21m |
| ICICI Bank | 918.90 | 0.53 | 9.15m |
Stock Market LIVE Updates | HSBC View On KEI Industries:
-Buy call, target Rs 3,200 per share
-Q2 strong set of results, broadly in-line with expectations
-Demand outlook strong on government and private capex
-Demand outlook strong on housing demand and exports opportunity
Stock Market LIVE Updates | Dollar lower as traders see US rates peaking, eyes on BoE
The dollar fell broadly on Thursday, with risk-sensitive Asia-Pacific currencies leading gains as investors grew more convinced of a likely peak in U.S. interest rates after the Federal Reserve left them on hold.
Focus now turns to the Bank of England and whether it conveys a similar message at today's policy announcement.
Fed Chair Jerome Powell left the door open to another hike, but with the funds rate target ceiling at 22-year high of 5.5% he said the risks of doing too much or too little were now balanced.
Markets took that as a green light to stick with a sub 20% chance that rates will rise in December. Ten-year Treasury yields are down 23 basis points from Wednesday's highs, equities rallied and risk-sensitive currencies bounced.
Stock Market LIVE Updates | Minda Corporation Q2 Results:
Net profit up 1.56% at Rs 58.7 crore versus Rs 58 crore and revenue up 4.2% at Rs 1,196 crore versus Rs 1,147 crore, YoY.
Stock Market LIVE Updates | Jefferies View On Sun Pharmaceutical Industries:
-Buy call, target Rs 1,310 per share
-Q2 revenue in-line but EBITDA 6 percent below estimate due to higher opex
-Global specialty sales at USD 240 million grew 19 percent YoY/3 percent QoQ
-India sales outperformed market (11 percent YoY) after a soft Q1
-US generic sales declined sharply QoQ due to lower sales of Grevlimid
-Core earnings driver remain intact led by specialty sales ramp-up & India/EM presence
Sensex Today | Colin Shah, MD, Kama Jewelry:
The US Fed has kept the rate unchanged for the second time and is on the much-expected lines in reflection of the uncertainty in the global economy. This move indicates the efforts of the Fed body to keep inflation in control with sustained yet steady momentum towards the goal of bringing down the inflation rate within the range of 2%. Having said that, another rate hike is probable during this financial year. This may result in fluctuations at an international level. However, the mild turbulence will be well absorbed on the domestic front owing to the festive gold buying in India.
Stock Market LIVE Updates | HSBC View On Godrej Consumer Products:
-Buy call, target Rs 1,220 per share
-Q2 standalone volume growth of +4 percent, flat household insecticides (HI) growth
-Modest decline in personal care paint a weaker picture for Q2
-Indonesia business growth was resilient
-Indonesia business seems to be recovering; Gaum impacted by currency devaluation in Nigeria
-Company needs sustainable trajectory of HI and RCCL business, as key catalysts
Sensex Today | Market at 3 PM:
The Sensex was up 499.78 points or 0.79 percent at 64,091.11, and the Nifty was up 148.60 points or 0.78 percent at 19,137.80. About 2062 shares advanced, 1109 shares declined, and 103 shares unchanged.
Stock Market LIVE Updates | Cholamandalam Investment and Finance Company Q2 Results:
Net profit up 35.4% at Rs 762 crore versus Rs 562.8 crore, YoY.
Stock Market LIVE Updates | Insecticides India Q2 Results:
Net profit up 18.5% at Rs 53.1 crore versus Rs 45 crore and revenue up 19.5% at Rs 696 crore versus Rs 582 crore, YoY.
Stock Market LIVE Updates | Adani Enterprises Q2 Results:
Revenue down 41% at Rs 22,517 crore versus Rs 38,175 crore and net profit down 50.5% at Rs 228 crore versus Rs 461 crore, YoY.
Dabur India Q2 net profit at Rs 515 crore and revenue at Rs 3,204 crore.
| Index | CMP Chg(%) | YTD(%) 1 Week(%) | 1 Month(%) 1 Year(%) |
|---|---|---|---|
| BSE Auto | 36235.58 0.73 | 25.28 0.01 | -1.07 18.59 |
| BSE CAP GOODS | 45914.23 0.88 | 37.71 1.73 | -3.80 37.79 |
| BSE FMCG | 18605.93 0.79 | 15.74 1.17 | -0.39 14.68 |
| BSE Metal | 22255.59 1.55 | 6.71 0.64 | -4.10 15.10 |
| BSE Oil & Gas | 18523.87 1.25 | -9.24 3.78 | -2.64 -5.57 |
| BSE REALTY | 4983.57 2.77 | 44.58 9.57 | 8.20 42.56 |
| BSE IT | 31106.73 0.91 | 8.49 1.51 | -2.99 6.24 |
| BSE HEALTHCARE | 27586.20 0.86 | 19.76 2.24 | -3.20 13.00 |
| BSE POWER | 4448.66 1.6 | 1.54 3.06 | -4.53 -9.97 |
| BSE Cons Durables | 44663.43 1.09 | 12.44 1.79 | -1.54 4.69 |
Stock Market LIVE Updates | Quest Capital slips marginally on lacklustre Q2 results
Total revenue from operations at Rs 1 crore in Q2FY24 vs Rs 8 crore in Q2FY23
Profit at Rs 0.9 crore in Q2FY24 vs Rs 1 crore in Q2FY23
Stock Market LIVE Updates | Strong Q2 results drives Morepen Labs stock 6% higher
Total income at Rs 425 crore in Q2FY24 vs Rs 403 crore in Q2FY23
Net profit at Rs 212 crore in Q2FY24 vs Rs 158 crore in Q2FY23
Stock Market LIVE Updates | Orient Bell slips 2% on weak Q2FY24 performance
Total income at Rs 159 crore in Q2FY24 versus Rs 173 crore in Q2FY23
Profit at Rs 0.3 crore in Q2FY24 versus Rs 5 crore in Q2FY23
Stock Market LIVE Updates | Karnataka Bank slumps 4% after net profit sharply declines by 19% YoY in Q2FY24
Total income Rs 2,276 crore in Q2FY24 vs Rs 2,031 crore in Q2FY23
Gross NPA at 3.4% in Q2FY24 vs 3.3% in Q2FY23
Net NPA at 1.3% in Q2FY24 vs 1.7% in Q2FY23
Net interest margin at 3.5% in Q2FY24 vs 3.78% in Q2FY23
Stock Market LIVE Updates | ATV Projects slips 2% after net profit declines 20% QoQ in Q2FY24
| Company | CMP | Chg(%) | 3 Days Ago Price |
|---|---|---|---|
| Natural Biocon | 14.91 | 63.67 | 9.11 |
| Natura Hue | 12.44 | 52.83 | 8.14 |
| Globalspace Tec | 56.43 | 39.06 | 40.58 |
| Starlog Enter | 41.05 | 33.06 | 30.85 |
| Orbit Exports | 221.20 | 30.58 | 169.40 |
| City Crops Agro | 25.94 | 29.70 | 20.00 |
| Apollo Micro Sy | 97.17 | 27.39 | 76.28 |
| Apollo Micro Sy | 97.17 | 27.39 | 76.28 |
| BNR Udyog | 53.56 | 26.95 | 42.19 |
| Riddhi Steel & | 72.30 | 26.80 | 57.02 |
Stock Market LIVE Updates | Macquarie View On Sun Pharmaceutical Industries:
-Outperform call, target Rs 1,275 per share
-Q2 branded businesses shine
-Revenue & adjusted EBITDA largely in-line, while adjusted profit/reported profit beat estimate by 6 percent/4 percent
-Management sounded positive about its innovation medicines business
-Major products including Ilumya, Winlevi, Cequa witnessing encouraging prescription growth trends
Sensex Today | Sameer Kaul, Managing Director & CEO – TrustPlutus Wealth (India):
We believe that the message from the Fed is that they are highly attentive to inflation risks and while job gains have moderated and economic activity remains strong, the extent of the effect of their past actions on financial conditions and its impact on the economy, hiring and inflation will determine future direction of Fed policy.
As we now we are cautiously optimistic that the rate cycle seems to have peaked.
| Company | Price at 13:00 | Price at 13:55 | Chg(%) Hourly Vol |
|---|---|---|---|
| Deepak Fert | 632.50 | 600.00 | -32.50 17.71k |
| Century Enka | 453.30 | 431.60 | -21.70 6.50k |
| ASL Industries | 38.00 | 36.25 | -1.75 0 |
| Airo Lam | 117.80 | 112.55 | -5.25 6.58k |
| JHS Svendgaard | 21.65 | 20.75 | -0.90 1.33k |
| Hindustan Media | 85.00 | 81.75 | -3.25 2.10k |
| Viviana Power | 138.00 | 133.00 | -5.00 500 |
| Arvind and Comp | 67.50 | 65.10 | -2.40 8.42k |
| NRB Industrial | 30.65 | 29.75 | -0.90 507 |
| Baheti Recyclin | 206.00 | 200.00 | -6.00 600 |
Stock Market LIVE Updates | Sundaram Finance Q2
Net profit at Rs 90.7 crore versus Rs 33.3 crore and revenue up 45% at Rs 2,439 crore versus Rs 1,682.4 crore, YoY.
| Company | Price at 13:00 | Price at 13:53 | Chg(%) Hourly Vol |
|---|---|---|---|
| Kakatiya Cement | 214.00 | 228.25 | 14.25 114 |
| Modison | 81.35 | 86.40 | 5.05 5.85k |
| Ndr Auto Compon | 650.00 | 679.80 | 29.80 1.92k |
| Aurionpro Solut | 1,571.00 | 1,641.55 | 70.55 2.18k |
| Global Surfaces | 206.75 | 215.75 | 9.00 4.25k |
| Transindia Real | 39.10 | 40.80 | 1.70 22.91k |
| TRF | 267.40 | 278.80 | 11.40 101.51k |
| Adani Power | 366.25 | 381.35 | 15.10 179.50k |
| Monarch Net | 409.00 | 425.85 | 16.85 221.60k |
| Lotus Eye Care | 86.20 | 89.50 | 3.30 123 |
Stock Market LIVE Updates | Indian Metals & Ferro Alloys Q2 Earnings:
Net profit at Rs 89.2 crore versus Rs 16.3 crore and revenue up 3% at Rs 692.6 crore versus Rs 672.5 crore, YoY.
Stock Market LIVE Updates | Deepak Fertilisers And Petrochemicals Corporation Q2 Results:
Net profit down 78% at Rs 60.1 crore versus Rs 272 crore and revenue down 10.9% at Rs 2,424 crore versus Rs 2,719 crore, YoY.
Stock Market LIVE Updates | Adani Power Q2 Results:
Net profit at Rs 6,594 crore versus Rs 696 crore and revenue up 84% at Rs 12,990 crore versus Rs 7,044 crore, YoY.
Stock Market LIVE Updates | REC up 7% powered by strong Q2 performance
REC was trading almost 7 percent higher at mid-day on November 2, a day after the state-run company reported a good set of numbers for the September quarter of the current financial year.
REC, formerly Rural Electrification Corporation, reported a 30.72 percent year-on-year increase in profit at Rs 3,789.90 crore, the company said in a regulatory filing.
Its earnings before interest, taxes, depreciation and amortisation (EBITDA) were at R. 12,193.52 crore, up 32.98 percent from the year-ago period. Net sales of Rs 11,688.24 crore were 17.4 percent higher than the year-ago quarter. Read More
Stock Market LIVE Updates | Berger Paints Q2 results:
Net profit rose 32.9 percent at Rs 291.6 crore versus Rs 219 crore and revenue up 3.6% at Rs 2,767 crore versus Rs 2,671 crore, YoY.
Sensex Today | Nifty Auto index rose 0.5 percent supported by MRF, Ashok Leyland, Eicher Motors:
| Company | CMP | Chg(%) | Volume |
|---|---|---|---|
| MRF | 110,630.00 | 1.88 | 3.49k |
| Ashok Leyland | 167.80 | 1.64 | 3.32m |
| Eicher Motors | 3,330.05 | 1.46 | 299.05k |
| Tata Motors | 636.40 | 1.39 | 6.27m |
| M&M | 1,467.00 | 0.85 | 1.46m |
| Maruti Suzuki | 10,294.00 | 0.65 | 376.68k |
| Bosch | 19,477.00 | 0.61 | 7.58k |
| Tube Investment | 3,122.70 | 0.56 | 33.97k |
| Bharat Forge | 1,031.65 | 0.43 | 316.97k |
| MOTHERSON | 92.20 | 0.33 | 2.53m |
Stock Market LIVE Updates | Dr Lal PathLabs Q2 Earnings:
Net profit jumped 52.4 percent at Rs 109.3 crore versus Rs 72 crore and revenue up 12.6 percent at Rs 601 crore versus Rs 534 crore, YoY.
| Company | 52-Week High | Day’s High | CMP |
|---|---|---|---|
| REC | 307.35 | 307.35 | 303.25 |
| Power Finance | 259.25 | 259.25 | 257.20 |
| Vodafone Idea | 13.75 | 13.75 | 13.51 |
| Macrotech Dev | 850.00 | 850.00 | 835.25 |
| Oberoi Realty | 1214.65 | 1214.65 | 1,208.00 |
| Esab India | 5933.30 | 5933.30 | 5,905.65 |
| IndusInd Bank | 1479.10 | 1479.10 | 1,458.30 |
| Global Health | 830.30 | 830.30 | 815.10 |
| Colgate | 2138.10 | 2138.10 | 2,120.55 |
| KPIT Tech | 1279.05 | 1279.05 | 1,232.45 |
Stock Market LIVE Updates | Morgan Stanley View On Navin Fluorine International:
-Overweight call, target Rs 4,951 per share
-Company’s Q2 earnings highlighted uncertainty around demand
-Uncertainty amid multiple offtake deferrals and unplanned outages
-Better offtake expected in H2 but a full recovery in volume deferred appears challenging
Stock Market LIVE Updates | Sapphire Foods India Q2 Results:
Net profit down 43% at Rs 15.3 crore versus Rs 27 crore and revenue up 14.2% at Rs 643 crore versus Rs 563 crore, YoY.
Stock Market LIVE Updates | Infibeam Avenues acquires Sintex Corporate House from Aavas Trust for Rs 100 crore
Infibeam Avenues Ltd’s subsidiary Infibeam Projects Management Pvt Ltd has successfully acquired the partially constructed Sintex Corporate House from Aavas Trust, owned by Aditya Birla Group. The deal has been concluded with an investment of approximately Rs 1 Billion, securing a plot area spanning about 76,250 square feet, along with a partially constructed building covering an area of 420,000 square feet.
With this the company has moved one step closer towards successfully executing its plan for fostering the development of an AI and tech ecosystem, which can be finely tuned to meet the specific requirement of the company’s Artificial Intelligence (AI) operations while facilitating AI startups and businesses flourishing independently in a mutually beneficial ‘symbiotic’ framework.
