Business News›Traders' Diary: Nifty has key support in 11,777-11,750 zone
Economic Times | 23 Oct, 2020 | 07.22AM IST
Traders' Diary: Nifty has key support in 11,777-11,750 zone
Banks and IT lead the market fall as 19 of 30 Sensex stocks end the day in the red
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Radhakishan Damani picks up 0.5% stake in Cochin Shipyard
Radhakishan Damani bought 6.9 lakh shares of Cochin Shipyard at Rs 349.14 per share, bulk deal data on the NSE showed. This amounts to 0.5% stake in the company. The seller's name was not disclosed in the bulk deal data. Shares of Cochin Shipyard ended up 9.85% at Rs 359.05 on Thursday. The stock has gained 41.2% in the last six months.
Brokerage Equirus Securities sees 15.90 per cent year-on-year (YoY) and 2.80 per cent quarter on quarter (QoQ) drop in net profit. It also expects 1.60 per cent YoY and 1.20 per cent QoQ growth in net sales.
The company said its home segment revenue rose to Rs 5,232.88 crore during the quarter from Rs 4,929.67 crore a year ago. Home improvement segment revenue stood at Rs 117.35 crore, down marginally from Rs 120.99 crore.
Wall Street’s fear gauge is poised to tumble to pre-pandemic levels in the aftermath of a clear-cut election victory for Joe Biden even if U.S. stocks decline in its wake, according to Barclays Plc. In projections more aggressive than the futures market is pricing in, the Cboe Volatility Index will likely drop to “at least” 20 if a win for the Democratic contender is confirmed shortly after the Nov. 3 vote, the bank told clients this week.
The S&P 500 opened higher by 2.94 points, or 0.09%, at 3,438.50, while the Nasdaq Composite gained 42.28 points, or 0.37%, to 11,526.98 at the opening bell. The Dow Jones Industrial Average fell 13.40 points, or 0.05%, at the open to 28,197.42.
Capital markets regulator Sebi on Thursday said the measures to deal with market volatility will remain in place till November 26. In the wake of the COVID-19 pandemic, the watchdog, in March, came out with various measures, including revision of market wide position limit, to ensure orderly trading and settlement to contain high market volatility.
During the session, Nifty formed a small bullish candle, or Spinning Top, on the daily chart. However, it remained restricted within the high-low range of the previous session, indicating absence of strength on either side.
Total provisions for NPAs and stressed loans more than doubled to Rs 862 crore from Rs 329 crore a year earlier, including an additional Rs 268 crore provision made in the second quarter, SBI Card said in a press release.
Bharti group's tower arm Bharti Infratel, on Thursday, reported a net profit of Rs 703 crore for the second quarter this fiscal, marginally up 4% on-quarter but down 24% on-year basis. Infratel chairman Akhil Gupta also announced the closure of the company's long-standing merger deal with Indus Towers.
India VIX fell 1.24 per cent from 22.91 to 22.63 levels. It negated the formation of higher highs in last three sessions, but needs to cool down further below the 20 mark for the market to stabilise as volatility may spike ahead of the US election.
The rupee appreciated by 4 paise to close at 73.54 against the US dollar on Thursday, as sustained foreign fund inflows strengthened investor sentiment. However, a strong dollar against major currencies overseas restricted the rupee's gain, forex dealers said. At the interbank forex market, the rupee opened lower at 73.77, but pared all its losses to finally settle at 73.54, registering a rise of 4 paise.
Here are the top gainers and losers in the real estate sector
Price as on 22 Oct, 2020 03:14 PM, Click on company names for their live prices.
Superior growth in volume and realisations; check. Cost cutting; check. Selling non-core assets to focus on core business; check. Substantial reduction in debt; check.
Jubilant Life up nearly 3%; AstraZeneca down 2%. Here are the top gainers and losers in the pharma sector
Price as on 22 Oct, 2020 02:35 PM, Click on company names for their live prices.
This is how the rupee has performed against the US dollar in the last 6 months
Here are the top losers in the tourism and hospitality sector
Price as on 22 Oct, 2020 02:19 PM, Click on company names for their live prices.
Top gainers from the cement sector
Price as on 22 Oct, 2020 01:48 PM, Click on company names for their live prices.
Bajaj Auto Q2 profit drops 19% YoY to Rs 1,138 crore
Bajaj Auto on Thursday posted an 18.84 per cent year-on-year (YoY) drop in net profit at Rs 1,138.20 crore for the quarter ended September 30. Analysts polled by ETNOW had projected the figure at Rs 1,210 crore. The auto major had reported Rs 1,402.42 crore profit for the corresponding quarter last year. Total revenue from operations declined 7.16 per cent YoY to Rs 7,155.86 crore.
Shares of Aurobindo Pharma on Thursday tanked over 6 per cent after the company's step-down subsidiary received a warning letter from the US health regulator for its unit in New Jersey, US. AuroLife Pharma, a wholly-owned step-down subsidiary of the company, has received a warning letter from the United States Food and Drug Administration (USFDA) for its oral solid manufacturing facility situated at Dayton, New Jersey, Aurobindo Pharma said in a BSE filing.
FPIs, promoters hike stake in Reliance Industries in Q2
Foreign portfolio investors (FPIs), promotors and individual investors have raised their stake in the energy-to-telecom behemoth Reliance Industries (RIL) during the quarter gone by. Latest shareholding data showed that FPIs held 25.20 per cent stake in the company as of September 30 against 24.72 per cent in the preceding quarter ended June 30. Promoters also upped their stake to 50.49 per cent from 50.37 per cent.
Trading strategy for gold & silver (Source: Kotak Securities)
Buy MCX Dec Gold at Rs 51,000
Target at Rs 51,550; Stop loss at Rs 50,800
Sell MCX Dec Silver at Rs 63,500
Target Price at Rs 62,350; Stop loss at Rs 64,150
Ahead of Q2 results...
Price as on 22 Oct, 2020 11:55 AM, Click on company names for their live prices.
Voda Idea, Bharti Airtel top gainers in the telecom space
Price as on 22 Oct, 2020 11:30 AM, Click on company names for their live prices.
SAT stays Sebi penalty against LIC,SBI and BOB
The Securities Appellate Tribunal (SAT) has stayed a penalty the market regulator had imposed on three public-sector units for their supposed failure to comply with mutual fund regulations. The Securities and Exchange Board of India had on August 14 imposed a fine of Rs 10 lakh each on Life Insurance Corp (LIC), State Bank of India (SBI), and Bank of Baroda (BoB) in a matter related to UTI Mutual Fund.
“After hearing the matter for some time we feel it necessary to stay the directions contained in the order. Accordingly, the direction contained in the order shall not be implemented until the next date of hearing,” said the three-member bench of SAT. The matter has been posted for further hearing on December 3.
Vedanta board to meet this week to consider dividend
Mining conglomerate Vedanta Ltd on Thursday said its board will meet this week to consider and approve the first interim dividend for the current financial year. The record date for the purpose of determining the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Saturday, October 31, 2020, Vedanta Ltd said in a regulatory filing.
TCS said in talks to buy Deutsche Bank's tech unit
Data hack at DRL; firm shuts all key plants globally: ET NOW
Top 5 gainers & losers from the pharma space
Price as on 22 Oct, 2020 10:04 AM, Click on company names for their live prices.
A recovery in the US dollar and doubts over US fiscal stimulus measures before the presidential election are likely to weigh gold prices further. However, resurging pandemic cases and unsolved US-China trade tensions may limit major selling pressure on prices.
- Hareesh V, Head of Commodity research, Geojit Financial Services
Bajaj Finserv rises 3% post Q2 numbers
Price as on 22 Oct, 2020 09:42 AM, Click on company names for their live prices.
Voda Idea, Vedanta, Tata Motors among most active stocks on NSE
Price as on 22 Oct, 2020 09:21 AM, Click on company names for their live prices.
OPENING BELL: Sensex slips 90 points, Nifty nears 11,900; Bajaj Finance, PVR fall 2% each
Podcast: What might move & shake your market
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 20.60 points, or 0.17 per cent lower at 11,908.80, in signs that Dalal Street was headed for a negative start on Thursday.
Tech View: Nifty forms small bearish candle
Nifty formed a small bearish candle on the daily chart with a long lower shadow. Commenting on the huge swing during the day, Milan Vaishnav, Consulting Technical Analyst and Founder, Gemstone Equity Research and Advisory said, “The strike of 12,000 continued to hold the maximum concentration of Call OI despite the markets moving past that level briefly. This led to profit-taking from a higher level.”
Asian shares edge lower in early trade
Asian stocks slipped on Thursday amid fears that agreement on a key US stimulus bill will not be reached until after the presidential election on Nov. 3. Australian stocks opened lower while MSCI's gauge of stocks across the globe shed 0.6 per cent. Japan's Nikkei 225 was down 0.66 per cent at 23,482.97. The Hang Seng index slipped 0.43 per cent, or 106 points, to 24,648.
Oil falls on US inventory buildup
Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.7%, to $39.76 a barrel at 0127 GMT, after skidding 4% on Wednesday. Brent crude futures retreated 21 cents, or 0.5%, to $41.52 a barrel after sliding 3.3% on Wednesday.
US stocks settled lower
Wall Street's three major averages closed lower on Wednesday after a choppy trading session, as investors eyed difficult negotiations in Washington for a fresh coronavirus stimulus package. The Dow Jones Industrial Average inched lower by 0.35%, while the S&P 500 lost 0.22%. The tech-heavy Nasdaq Composite dropped 0.28%.
Equitas SFB IPO subscribed 67% on Day 2
The initial public offer of Equitas Small Finance Bank was subscribed 67 per cent on the second day of bidding on Wednesday. The Rs 518-crore IPO received bids for 7.7 crore shares compared with the issue size of 11.58 crore shares. Bidding was seen by retail individual investors (RIIs), whose quota was subscribed 1.4 times.
Q2 results today
APL, Bajaj Auto, Asian Paints, Bajaj Holdings, Coforge, Biocon, HDFC AMC, Crompton Greaves Consumer, Mphasis and SBI Cards will come out with their numbers later in the day.
DIIs sell Rs 1,633 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 2,108.48 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 1,633.53 crore, data suggests.
Beware the investment activity that produces applause; the great moves are usually greeted by yawns