Stock Market HIGHLIGHTS: Sensex, Nifty end in red for 3rd consecutive day as Reliance, Infosys trigger downfall
Stock Market HIGHLIGHTS: Indian stocks markets ended Monday on a negative note. Domestic markets opened weak today taking cues from their Asian peers who were bogged down after news of Covid-19 lockdowns from China emerged. BSE Sensex settled at 61,144.84, down by 518.64 points or 0.84 per cent while Nifty50 closed at 18,159.95, down 147.70 points or 0.81 per cent. Bank Nifty ended at 42,346.55, down 90.90 points 0.21 per cent.
Here are top highlights of the day's action:
1) The top gainers on Nifty50 were BPCL, Bharti Airtel, Axis Bank, Indusind Bank and Hindustan Unilever while the top losers were Adani Ports, Tech Mahindra, Hero MotoCorp, Hindalco Industries and Reliance Industries.
2) Out of the 15 sectoral indices, 3 were gainers against 12 losers. Nifty PSU Bank (+1.41 per cent) was the top gainer followed by Nifty Media (+0.25 per cent) and Nifty Consumer Durables (+0.20 per cent). The biggest laggards were Nifty IT (-1.55 per cent), Nifty Realty (-1.27 per cent) and Nifty Metal (-0.81 per cent).
3) There was stock specific action in broader markets with Nifty Mid Cap 100 closing at 30,901.50, down 0.05 per cent while Nifty Small Cap 100 finishing at 9,636.90, down 0.24 per cent.
4) India VIX, a measure of volatility on Nifty stood at 14.80, up 2.83 per cent from the Friday closing.
5) Rupee fell 11 paise to close at 81.85 (provisional) against US dollar.
6) The Archean Chemical stock ended at Rs 458, up Rs 51 or 12.53 per cent. The stck was listed at a price of Rs 450 against the issue price of Rs 407. Meanwhile, Five Star Business Finance shares closed at Rs 489.95 on NSE, up by Rs 15.95 or 3.36 per cent from the issue price. Against the issue price of Rs 474, the stock was listed at Rs 468.80.
7) On Monday, Singapore-based SGX Nifty was trading at 18,205, down 142.5 points or 0.78 per cent while Dow Futures were trading at 33,635.50, lower by 110 points or 0.33 per cent.
8) December Gold Futures were trading at Rs 52,355 per 10 gram on MCX and were down Rs 233 or 0.44 per cent while December Silver futures were trading at Rs 60,329 per kg, lower by Rs-546 or 0.90 per cent.
9) It was third consecutive negative closing for benchmark indices Sensex and Nifty.
Read More: Buy, Sell or Hold: Zomato slides over 4%; down over 10% in 7 sessions
Read More: Hindustan Unilever could see Rs 600 per share upside, says Nomura
You can catch up all updates here!
Stock Market HIGHLIGHTS: Indian stocks markets ended Monday on a negative note. Domestic markets opened weak today taking cues from their Asian peers who were bogged down after news of Covid-19 lockdowns from China emerged. BSE Sensex settled at 61,144.84, down by 518.64 points or 0.84 per cent while Nifty50 closed at 18,159.95, down 147.70 points or 0.81 per cent. Bank Nifty ended at 42,346.55, down 90.90 points 0.21 per cent.
Here are top highlights of the day's action:
1) The top gainers on Nifty50 were BPCL, Bharti Airtel, Axis Bank, Indusind Bank and Hindustan Unilever while the top losers were Adani Ports, Tech Mahindra, Hero MotoCorp, Hindalco Industries and Reliance Industries.
2) Out of the 15 sectoral indices, 3 were gainers against 12 losers. Nifty PSU Bank (+1.41 per cent) was the top gainer followed by Nifty Media (+0.25 per cent) and Nifty Consumer Durables (+0.20 per cent). The biggest laggards were Nifty IT (-1.55 per cent), Nifty Realty (-1.27 per cent) and Nifty Metal (-0.81 per cent).
3) There was stock specific action in broader markets with Nifty Mid Cap 100 closing at 30,901.50, down 0.05 per cent while Nifty Small Cap 100 finishing at 9,636.90, down 0.24 per cent.
4) India VIX, a measure of volatility on Nifty stood at 14.80, up 2.83 per cent from the Friday closing.
5) Rupee fell 11 paise to close at 81.85 (provisional) against US dollar.
6) The Archean Chemical stock ended at Rs 458, up Rs 51 or 12.53 per cent. The stck was listed at a price of Rs 450 against the issue price of Rs 407. Meanwhile, Five Star Business Finance shares closed at Rs 489.95 on NSE, up by Rs 15.95 or 3.36 per cent from the issue price. Against the issue price of Rs 474, the stock was listed at Rs 468.80.
7) On Monday, Singapore-based SGX Nifty was trading at 18,205, down 142.5 points or 0.78 per cent while Dow Futures were trading at 33,635.50, lower by 110 points or 0.33 per cent.
8) December Gold Futures were trading at Rs 52,355 per 10 gram on MCX and were down Rs 233 or 0.44 per cent while December Silver futures were trading at Rs 60,329 per kg, lower by Rs-546 or 0.90 per cent.
9) It was third consecutive negative closing for benchmark indices Sensex and Nifty.
Read More: Buy, Sell or Hold: Zomato slides over 4%; down over 10% in 7 sessions
Read More: Hindustan Unilever could see Rs 600 per share upside, says Nomura
You can catch up all updates here!
Latest Updates
This is all that we have from the stock markets. I, Shivendra Kumar will be back with all the LIVE action on Tuesday. Till then, keep safe and have a great day!
Stocks to Buy: Hindustan Unilever shares have the potential to go up by nearly Rs 600 per share according to estimates given by Nomura. Among top brokerages, Nomura remains most bullish on this stock and sees an upside of 24 per cent. The stock was recommended at a price of Rs 2484.
Jefferies has maintained a Buy rating on it recommending a price target of Rs 3050, the second highest upside. Another brokerage Macquarie puts a price target of Rs 3000 on the counter maintaining a ‘Outperform’ rating on this stock.
Read More: Stock to Buy: Hindustan Unilever HUL NSE could see Rs 600 per share upside, says Nomura
Stocks in Focus - Escorts
Escorts Kubota shares were up over 7 per cent or Rs 151 intraday and were trading at Rs 2,181.95 per share on the NSE. Why Escorts was up today?
The stock was in focus because of the analyst meet. The management gave a guidance for the company till FY28.
-- The company will focus on increasing market share and new product launches.
-- The company aims to take the market share to 18-20 per cent from FY22 market share of 12-13 per cent.
-- Escorts will be focusing on USA, Europe, Thailand and Brazil for exports.
3 big goals for FY28
-- Annual income up 2.5 times as against FY22.
-- export growth targets at 15-20 per cent from FY22 share of 6%.
-- Investment of Rs 3500-4000 cr
-- Focus on profitability
-- Target ROE of more than 18 per cent from 13 per cent.
Stock Market Live: PSU Banks
Stock Markets LIve: BSE SENSEX
Sensex widened its losses droping nearly 550 points pulled down by Reliance Industries, HDFC Bank, HDFC and Infosys shares. The stocks engineered the corrections in this 30-stock index.
Stock Market Today: Small Caps
In the 100 stock index, 42 advanced while 52 declined and 1 stock remained unchanged. The biggest gainer was EasyMytrip on news of stock split and bonus share. The stock gained over 16 per cent intraday. Maharashtra Bank was another top gainer from this segment gaining nearly 12 per cent on the intrday basis.
Stock Markets Today - In the 50-stock Nifty50 index, 11 advance, 38 declined while one remained unchanged.
Stocks to Buy : Axis Bank
Stocks in News: Zomato
Declines in Zomato shares continued on Monday as the stock fell over 4 per cent in the intraday trade. The counter has lost nearly 11 per cent over 7 trading sessions. The stock reacted adversely to the news of its co-founder Mohit Gupta stepping down from the company. Sentiment around the stock of the food-delivery platform also turned weak amid reports of 3 per cent lay-off. Around 3800 employees are likely to lose their jobs.
Read More: Buy, Sell or Hold: Zomato slides over 4%; down over 10% in 7 sessions
RupeeVs Dollar - Strategy from expert
As premiums fall to nearly 2.25 per cent far term hedging for exporters becomes difficult while importers can hedge for the near term say upto three months, Anil Kumar Bhansali, Head of Treasury at Finrex Treasury Advisors LLP said. Exporters may wait for 82.00 levels to hedge their receivables while importers may buy all dips in the pair of USDINR, Bhansali said.
The dollar index rose to 107.06 levels while brent crude fell to $ 86.82 per barrel. Market awaits for FOMC minutes as Dow futures tick lower. SGX nifty is down by 46 points this morning.
Stock Market Today - Trading strategy by Anuj Gupta
BUY MCX GOLD Dec AT 52500 STOP LOSS 52300 TARGET 52900
BUY MCX SILVER Dec AT 60500 STOP LOSS 59800 TARGET 61500
SELL MCX COPPER NOV AT 678 STOP LOSS 683 TARGET 666
Sell MCX CRUDEOIL Dec AT 6700 STOP LOSS 6850 TARGET 6400
Buy Usdinr at 81.50 Stop Loss 81.30 target 82.30
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stock Markets Today - In charts
Source: NSE
Stocks to Buy - CLSA on ICICI Bank (CMP: 920)
Maintain Buy, Target 1200
Ni margins outlook is +ve; broad based growth pickup
Growing faster in the banking business on a low base
NI Margins outlook is +ve in a rising Interest rate environment
Low branch additions but not holding back on operating exp
Pristine asset quality, 17% return on equity, remain top pick
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stock to Sell: Zomato
Technical Analyst Nilesh Jain recommends a sell on Zomato shares on rise suggesting that the chart structure does not suggest a decisive trend in this counter. The right levels to exit the stock is aroud 70 and 75, this analyst said.
The Centrum Broking analyst said that if the stock breaches a level of Rs 63, a downside till levels around Rs 58 will open. The stock was trading 3.5 per cent down on news of its co-founder Mohit Gupta stepping down. He also said that there could be lay-offs in the company.
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)
Stocks to Buy or Sell: What top brokerages say
-- Morgan Stanley on Apollo Tyres (CMP: 278)
Maintain Overweight, Target 329
European business continues to gain share
Growth in india has mainly been led by pricing as volumes are flat
Co aims to remain as the pricing leader
Stable pricing & declining commodity costs likely to provide margin tailwinds in Q3FY23
From current 7% levels, Mgmt targets 12-15% ROCE
-- Goldman Sachs on Sun Pharma (CMP: 1013)
Maintain Sell, Target 830
Expect growth momentum to continue
Specialty Rev led by market share gains & New product ramp up to aid growth
New Pdt Launches in India Biz & Improvement in Mr productivity to aid growth
Co expects R&D Costs to inch higher as patient enrolments for its clinical trials pick up
-- Nomura on Exide Industries (CMP: 187)
Maintain Buy, Target Raised to 221 from 216
2Q results in line
Steady growth to continue; plans to invest INR60bn in Liion plant
raise FY23F revenue est. by 10% to factor in higher 1HFY23 runrate
Valuations attractive at 15.1x FY25F core EPS
(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)