Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index witnessed some selling pressure on the higher end and faces stiff resistance around the 39,500-40,000 level where aggressive call writing has been seen. The index remains in a downtrend with lower high and lower low formations intact.
The index if breaches below 38,400 on a closing basis will lead to further sell-off towards 38,000-37,500 levels. The immediate upside resistance is placed at 39,000 and if breached will see some short covering moves.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd
Markets continued to witness a tumultuous ride as weak Asian cues came as a dampener although positive European markets helped temper the fall. The gloomy mood due to global economic uncertainty has precipitated the fall in recent sessions.
Banking stocks bore the brunt of the overall pessimism on concerns rising interest rate regime could hit demand for loans.
The Nifty is consistently taking support near the 200-day SMA (Simple Moving Average) or 16950 while facing strong resistance at 17150. A sharp correction wave is possible if the index trades below 16950 and on further decline, it could slip till 16800-16700.
Vinod Nair, Head of Research at Geojit Financial Services
Retail inflation persisting above the desired levels has been a major cause of concern for the Indian economy. This, coupled with declining industrial production in August may not be taken well by the market because Indian economy is anticipated to sustain its resilience.
In this backdrop, the impending US inflation figures, which are forecasted to remain high, may cause volatility in the global market.
Market Close:
Indian benchmark indices ended on negative note on October 13 amid volatility.
At Close, the Sensex was down 390.58 points or 0.68% at 57,235.33, and the Nifty was down 109.30 points or 0.64% at 17,014.30. About 1283 shares have advanced, 2054 shares declined, and 130 shares are unchanged.
Wipro, Adani Ports, SBI, SBI Life Insurance and L&T were among the top Nifty losers. HCL Tech, Sun Pharma, Coal India, Britannia and Tata Motors were the top gainers.
Barring metal and healthcare, all other sectoral indices ended in the red.
BSE Midcap index and Smallcap indices fell 0.5 percent each.
Rupee Close:
Indian rupee closed marginally lower at 82.35 per dollar against previous close of 82.31.
NS Ramaswamy, Head of Commodities, Ventura Securities
The Indian rupee traded an extremely narrow range for the second day ahead of US consumer inflation data to gauge the next leg of direction.
The pair dropped to a record low of 82.68 on Monday but recovered slightly after RBI intervention. The focus now shifts to the US inflation data due later in the day. The pair could trigger major gap-up or gap-down if there is a major change in US data.
Nomura View on Wipro
Broking firm Nomura has a ‘neutral’ call on Wipro with a target price of Rs 380.
Investors need to brace for near-term weakness as margin recovery is likely to be gradual.
Guidance for Q3 is disappointing and alludes to slowdown. We cut FY23-24 EPS (earnings per share) estimates by 3-5 percent.
Wipro touched a 52-week low of Rs 378.10 and was quoting at Rs 379.25, down Rs 28.50, or 6.99 percent.
Apollo Micro System to issue 1.01 crore warrants
The board of directors of the company, considered and approved, to issue upto 1,01,00,070 warrants each convertible into, or exchangeable for, one equity share at a price of Rs 183.30 each (including the warrant subscription price and the warrant exercise price) aggregating upto Rs 185,13,42,831 to Mr. Karunakar Reddy Baddam, Promoter and Managing Director of the Company and to certain
other non-promoter group persons.
Apollo Micro Systems touched a 52-week high of Rs 223.45 and was quoting at Rs 217.50, up Rs 18.65, or 9.38 percent on the BSE.
JPMorgan View on Wipro
JPMorgan keptunderweight call on the stock with a target price of Rs 360.
Weak momentum for Q3 with margin pressures persisting as environment worsens. We remain Underweight as we continue to expect margin and revenue headwinds.
Muhurat Trading Session on account of Diwali Laxmi Pujan for Equity Segment to be held on October 24, 2022
Market at 3 PM
Indian benchmark indices were trading lower with Nifty hovering around 17000.
The Sensex was down 328.12 points or 0.57% at 57297.79, and the Nifty was down 91 points or 0.53% at 17032.60. About 1194 shares have advanced, 2007 shares declined, and 92 shares are unchanged.
Suven Life Sciences to raise Rs 400 crore
Suven Life Sciences said the board of directors has approved rights issue size of 7,26,91,239 shares for Rs 399.80 crore. The issue price is Rs 55 per equity share.
The rights entitlement ratio is (1:2) one rights equity share for every two shares held by the eligible equity shareholders of the company.
Vinod Nair, Head of Research at Geojit Financial Services.
The leasing volume for offices in CY22 is the highest since the breakout of COVID. The total transactions in the top eight cities have increased with strong double-digit growth in Q3CY22 on a YoY basis.
Project completion is accelerating, however, it is marginally lower than market demand, giving an upside to rental.
Rental rates dropped by 10-15% during the pandemic, and now they are returning to pre-pandemic levels. Given the improved rental rates and low vacancy, we expect the positive momentum of office volume to continue.
Shriram City Union Finance raises FD rates
Shriram City Union Finance has raised its FD rates, upto 8.80% for 60 months deposits for cumulative options.
Shriram City Union Finance deposits are rated ICRA AA+ Stable.
A minimum Investment for this investment option is Rs. 5000. Depositors can avail the benefit both online and offline.
Shriram City Union Finance was quoting at Rs 1,719.15, down Rs 34.10, or 1.94 percent on the BSE.
Amber Enterprises Large Trade | 1 lakh shares (0.3 percent equity) worth Rs 22.3 cr change hands at Rs 2,287.7 per share
Nifty Metal trades in green, led by NALCO, Vedanta and Hindalco
PMS minnows surprise big guns in Sept; bank-focused funds worst performers
Big funds managed by star fund managers were lukewarm during the month unlike previous month when they performed relatively better.... Read More
Steepening and broadening decline in IIP: Crisil
The Index of Industrial Production (IIP) declined 0.8% on-year in August, compared with 2.2% growth previous month. This marked the third successive month of IIP slowdown, and the first month of decline since February 2021. While the slowdown was partly led by a high base, activity softened sequentially as well.
Manufacturing sector drove the decline in IIP. Export-oriented sectors were hit by slowing global growth. Domestic-oriented sectors like consumer non-durables and infrastructure and construction goods also witnessed falling activity.
Downside risks to the industrial outlook are expected to increase with intensifying global slowdown over the next 12 months. The hit to agricultural incomes from uneven monsoon could hurt domestic demand prospects.
European stocks mostly lower as investors brace for U.S. inflation data
The pan-European Stoxx 600 fell 0.3 percent in early trade. FTSE and CAC shed 0.46 percent and 0.27 percent, respectively
Markets at 2 PM
Sensex is down 409.99 points or 0.71 percent at 57,215.92. Nifty is down 118.50 points or 0.69 percentat 17,005.10. About 1053 shares have advanced, 2109 shares declined, and 102 shares are unchanged.
More than 100 stocks touched 52-week high on the BSE. Click Here to get a complete list of stocks that have touched their 52 week highs during the day.
LIC offloads 2% stake in Power Grid Corporation of India
Life Insurance Corporation of India has offloaded 2% stake in Power Grid Corporation of India via open market transactions. With this, LIC's shareholding in the company reduced to 3.3%, down from 5.3% earlier.
Power Grid Corporation of India was quoting at Rs 213.95, down Rs 1.65, or 0.77 percent.
Macquarie View On Wipro:
Research house Macquarie has kept outperform rating on Wipro with a target at Rs 540 per share.
It was a good quarter, with cautious guidance for Q3. The Q2 revenue was a beat, margin was in-line, while attrition drops QoQ.
Its portfolio is now slightly more exposed to consulting versus peers. Consulting to be the first to respond to economic cycles either way, reported CNBC-TV18.
Wipro touched a 52-week low of Rs 378.30 and was quoting at Rs 380.35, down Rs 27.40, or 6.72 percent.
BSE Midcap index shed nearly 1 percent dragged by the Indian Hotels, GMR Infrastructure, L&T Finance Holdings
SpiceJet, Go Air have applied under modified ECLGS scheme with lenders. Bank Of Baroda, Axis Bank slated to disburse funds to airlines under ECLGS scheme.
Banks will take 4-6 weeks to start fund release to airlines under ECLGS scheme, said Government Sources.
SpiceJet was quoting at Rs 39.05, down Rs 0.50, or 1.26 percent on the BSE.
BSE Power index declined nearly 1 percent dragged by the JSW Energy, Adani Power, Tata Power
RITES Consortium bags order worth Rs 499.41 crore
Consortium of RITES has secured a new business order for Construction of Depot cum Workshop for Rs 499.41 crore from Bangalore Metro Rail Corporation Limited. The share of RITES Limited in the order is 51%.
Tata Tele Business Services partners with Google Cloud
Tata Tele Business Services (TTBS) has partnered with Google Cloud to offer Google Workspace for Small and Medium Businesses (SMBs).
TTBS will offer businesses a single, unified experience for workplace communication and collaboration for their hybrid workforce as they continue to scale and modernize their cloud infrastructure.
Market at 1 PM
Benchmark indices were trading in the red amid volatility with Nifty hovering around 17000.
The Sensex was down 323.07 points or 0.56% at 57302.84, and the Nifty was down 96.70 points or 0.56% at 17026.90. About 1055 shares have advanced, 2066 shares declined, and 108 shares are unchanged.
ICRA re-affirmed/ assigned the credit ratings of Piramal Enterprises
Aditya Birla Money Q2 Results:
Aditya Birla Money has posted 51 percent jump in its net profit at Rs 9.7 crore versus Rs 6.4 crore, YoY
Revenue was up 18.5% at Rs 68.2 crore versus Rs 57.5 crore, YoY.
BSE Capital Goods index shed 1 percent dragged by the Suzlon Energy, Timken India, L&T
Mishtann Foods plans to set up ethanol project in Gujarat, expects annual revenue of Rs 3,500 crore
Mishtann Foods plans to set up a 1,000 kilolitres per day (KLPD) grain-based ethanol manufacturing facility in Gujarat. The company estimates annual revenue projection of Rs 3,500 crore through this project and is aiming to commence the operations of said plant from the second quarter of 2024.
Mishtann Foods was quoting at Rs 10.12, down Rs 0.02, or 0.20 percent.
Motilal Oswal View on Wipro
We have a neutral rating on the stock with a target price of Rs 380.
We are disappointed by the company’s weak Q3 revenue forecast.
We maintain our neutral stance as we await further evidence of the execution of Wipro’s refreshed strategy, and a successful turnaround from its growth struggles over the last decade before turning more constructive on the stock.
Wipro touched 52-week low of Rs 380 and was quoting at Rs 380.20, down Rs 27.55, or 6.76 percent.
Nomura View On HCL Tech
We maintain 'neutral' rating on the stock and raise the target price to Rs 980.
The Q2 beat on all counts and healthy deal wins & robust pipeline give comfort.
We raise FY23-24 EPS estimate and target by 4%.
BSE Realty index shed 1 percent dragged by the Indiabulls Real Estate, DLF, Godrej Properties
Sterling and Wilson Renewable Energy posts loss at Rs 299 crore in Q2FY23
Sterling and Wilson Renewable Energy: has won an order from NTPC Renewable Energy (NTPC REL) for its proposed 1,255 MWac and 1,568 MWdc solar PV project at Khavda RE power park, Gujarat.
The total value of project is Rs 2,212 crore.
In addition, the company posted consolidated loss of Rs 298.71 crore for the quarter ended September FY23, widening from loss of Rs 284.35 crore in same period last year, whereas revenue for the said quarter stood at Rs 312.69 crore against Rs 1,438.42 crore YoY.
Sterling and Wilson Renewable Energy was quoting at Rs 291.95, down Rs 11.00, or 3.63 percent.
Morgan Stanley View on HCL Tech
We have upgraded HCL Tech to 'overweight' from 'underweight' and raised the target price to Rs 1,100 from Rs 870.
Consistency in revenue growth in services and improving EBIT growth should drive re-rating. Valuation being at a steep discount to peers makes risk-reward favourable.
We raise FY23/24/25 earnings per share (EPS) estimates by 1.6%/5/9%/5.6% and FY23-25 EBIT margin assumptions by 46-73 basis points.
HCL Technologies was quoting at Rs 978.05, up Rs 26.40, or 2.77 percent on the BSE.
Market at 12 PM
Indian benchmark indices extended the losses and trading at day's low with Nifty below 17000.
The Sensex was down 562.15 points or 0.98% at 57063.76, and the Nifty was down 162 points or 0.95% at 16961.60. About 1001 shares have advanced, 2062 shares declined, and 119 shares are unchanged.
Here are the stocks which locked on the upper circuit or have only buyers:
Kalpataru Power completes sale of additional 25% stake in Alipurduar Transmission
Kalpataru Power Transmission has completed the sale and transfer of an additional ~ 25 percent of the total equity shares of Alipurduar Transmission held by the Company to Adani Transmission.
Post such sale, the company has now transferred an aggregate of ~ 74% of the total equity shares of ATL, with an agreement to sell balance ~26% to Adani Transmission, after obtaining requisite regulatory and other approvals and in a manner consistent with Transmission Service Agreement.
Here are the stocks which locked on the lower circuit or have only sellers
September SIAM Data
Passenger Car Sales up 122% at 1.42 lakh units against 0.64 lakh units and Utility vehicle sales up 73% at 1.51 lakh units versus 0.88 lakh units, YoY.
Two-wheeler sales were up 13% at 17.4 lakh units against 15.4 lakh units and Motorcycle sales were up 17.1% at 11.1 lakh units versus 9.48 lakh units, YoY.
