Stock Market News Today Highlights: Sensex falls over 300 points, Nifty defends 17000; Wipro tanks 7%
Stock Market, BSE Sensex, Nifty50 Highlights: The 30-share BSE Sensex declined 390.58 points or 0.68 per cent to settle at 57,235.33. Likewise, the broader NSE Nifty fell 109.25 points or 0.64 per cent to end at 17,014.35.
Stock Market, BSE Sensex, Nifty50 Highlights: Benchmark BSE Sensex declined by 390 points on Thursday following heavy selling in banking, finance and capital goods stocks due to inflation and growth concerns.
A weak rupee and rising crude prices also impacted the market sentiment, traders said. The 30-share BSE Sensex declined 390.58 points or 0.68 per cent to settle at 57,235.33. Likewise, the broader NSE Nifty fell 109.25 points or 0.64 per cent to end at 17,014.35.
Wipro was the top loser in the Sensex pack, shedding 7.03 per cent, followed by SBI, L&T, ICICI Bank, Asian Paints, Bajaj Finance and HDFC twins. On the other hand, HCL Tech, Sun Pharma, Dr Reddy's Reliance Industries and Ultra Tech Cement were among the gainers, rising up to 3.19 per cent.
Latest Updates
SBI stock surges over 2%
Shares of State Bank of India (SBI) surged 2.48 in Monday's trade amid strong buying seen in the banking pack. It is also the top gainer at the NSE.
IPO-bound Senco Gold looks to expand presence in northern India
Senco Gold Ltd, a dominant jewellery retail player in Kolkata, is planning to step up its presence in northern India, MD&CEO Suvankar Sen said. At present, the IPO-bound company has 127 showrooms across the country, of which West Bengal accounts for 63 per cent.
Stocks to buy today, October 17: Shree Cement, Tata Motors, Wipro, SBI Card among 20 shares for profitable trade READ MORE
Asian Energy Services
Asian Energy Services JV gets letter of award worth Rs 161 crore for coal handling plant.
Rupee falls 6 paise
Rupee falls 6 paise to close at 82.39 (provisional) against US dollar.
Rupee falls 6 paise
Rupee falls 6 paise to close at 82.39 (provisional) against US dollar.
Over 100 stocks at 52-week high
Indian benchmark indices were in red on weekly F&O expiry. Still more than 100 stocks touched 52-week high on the BSE.
Sector-wise top losers
Hotel Losers
Indian Hotels -4.5%
Mahindra Holidays -2%
Taj GVK -1.6%Energy Losers
Suzlon Energy -4.3%
Adani Power -3.65
JSW Energy -3%Textile Losers
Indian Terrain -4%
Monte Carlo -3.3%
Century Textile -2%
Bombay Dyeing -2%Tyres Losers
CEAT -3.5%
JK Tyres -3%
Balkrishna Ind -1.3%Sugar Losers
Dhampur Bio -3.5%
Bannari amman Sugar -2%
Balrampur Chini - 1.5%Auto Ancillary Gainers
LG Bala +4%
Lumax Ind +3%
Auto Axle +1.90%Bank of Baroda, SBI among major losers in Nifty Bank
While Bank of Barod is down by over 2 per cent, State Bank of India slipped around 1.86 per cent to trade at around Rs 533.
Brokerage firms upgrade, downgrade pharma stocks
Sun Pharma ~ CMP Rs 964
Jefferies
Target Up to 1108 v/s 1089
Goldman Sachs
Target Up to 780 v/s 720
HSBC
Target Up to 1150 v/s 1120Cipla ~ CMP Rs 1112
Jefferies
Target Up to 1286 v/s 1223
Goldman Sachs
Target Up to 910 v/s 850
HSBC
Target Up to 1285 v/s 1180Lupin ~ CMP Rs 680
Goldman Sachs
Target Up to 735 v/s 680
HSBC
Target Up to 715 v/s 685Dr Reddy ~ CMP RS 4275
Jefferies
Target down to 5145 v/s 5224
Goldman Sachs
Target Down to 4265 v/s 4380
HSBC
Target down to 5030 v/s 5140All major sectoral indices in red
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IT behemoth Infosys (NSE, BSE, NYSE: INFY) has said that it will announce results for the second quarter ended September 30. READ MORE
Hindalco gains around 1.34 per cent
Hindalco Industries Limited gains around 1.34 per cent even as Nifty Metal down by 0.15%. This comes as aluminium prices on the London Metal Exchange (LME) soared on reports of the US considering a ban on Russian aluminium.
Top gainers of Nifty50
HCL Tech, Hindalco, Sun Pharma are among major gainers on the Nifty
Muhurat Trading 2022 Timing
HCL top gainer in BSE 30 pack
Rupee gains 2 paise
Rupee gains 2 paise to 82.31 against US dollar in early trade.
Sensex opens in red
Sensex falls over 80 points, Nifty around 17100 at opening trade.
US Inflation Data For September To Be Released Today
US Inflation numbers for the month of September will be released today, October 13. The inflation data is important as it will give an indication of the Fed going forward when it meets next on November 2 to announce monetary policy decisions. The Fed is most likely to hike the key rates once again to tame skyrocketing inflation. Today's data will be an inflection point for stock market investors as well. If the inflation numbers remain around 8 per cent, the US markets could extend losses. Notably, the Nasdaq Composite Index, Dow Jones and S&P 500 are already in the bear market, falling more than 20 per cent each. If the data subdues, markets would likely cheer as it will send a message that the Fed has been able to control rising prices.
Brokerages on Axis Bank, ITC, Maruti Suzuki
CLSA on Axis Bank (CMP: 809)
Maintain Buy, Target raised to 1100 rom 1050
Citi Bank deal – Tough one but not a game changer
Quality of earnings has improved; rerating ahead
Expect ROEs of 16%+ over FY23-25CL & valuation at 1.5x
Sep-24 book is undemanding
Attractive risk-reward; drags should start reversing now
Deposits – did what needed to be done at cost of margins
improvement ahead Opex higher but in control – levers ahead
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CLSA on Maruti Suzuki (CMP: 8687)
Maintain Sell, Target raised to 7597 from 7374
Near-term upbeat but we have a cloudy outlook for FY24
SUV Segment share to increase going ahead
Demand moderation likely in FY24
Increase passenger vehicle industry est. 6%-11% over FY23-25
But do not see MSIL gaining market share to justify its lofty val
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CLSA on ITC (CMP: 330)
Maintain Outperform , Target 355
Rural network crucial for ESG efforts
Enhancing backward integration
Strengthening ITC’s ESG efforts
Programme should aid scaling up ITC’s mega Aashirvaad brand
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JP Morgan on Asian Paints (CMP: 3248)
Maintain Overweight, Target 3450
Competitive position continues to strengthen
Revenue aggression stays intact
Eyeing a larger play in home Improvement
Medium Term EBITDA at 18-20%
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BoFa on Biocon (CMP: 267)
Maintain Buy, Target 415
Positive trend in existing portfolio
Earnings catalyst in the next few qtrs.
Stocks recent Underperformance provides attractive buying opportunity
Jefferies on Biocon (CMP: 267)
Maintain Buy, Target cut to 357 from 369
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Jefferies on Sun Pharma (CMP: 956)
Maintain Buy, Target raised to 1108 from 1089
Credit Suisse on Sun Pharma (CMP: 956)
Maintain Neutral, Target 880
________________________________________
Jefferies on Divi’s Lab (CMP : 3528)
Maintain Underperform, Target cut to 3143 from 3368
______________________________________________
Jefferies on Apollo Hospitals (CMP: 4287)
Maintain Buy, Target cut to 5058 from 5079
Credit Suisse on Apollo Hospitals (CMP: 4287)
Maintain Outperform, Target 4960
______________________________________
Jefferies on Cipla (CMP: 1108)
Maintain Buy, Target raised to 1286 from 1223
Credit Suisse on Cipla (CMP: 1108)
Maintain Outperform, Target 1100
______________________________________
Jefferies on Dr Reddy’s Laboratories (CMP: 4241)
Maintain Buy, Target cut to 5145 from 5224
Credit Suisse on Dr Reddy’s Laboratories (CMP: 4241)
Maintain Neutral, Target 4050
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HCL Technologies Share Record Date
The Record date of October 20, 2022, fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The Payment date of the said interim dividend shall be November 2, 2022.Brokerages on HCL Technologies
Morgan Stanley on HCL Technologies (CMP: 952)
Upgrade to Overweight from Underweight, Target raised to 1100 from 870
Raise FY23e/24e/25e EPS by 1.6%/5/9%/5.6%
Consistency in revenue growth in Services biz
& improving EBIT growth should drive re-rating
Raise FY23- 25 EBIT margin assumptions by 46-73bps
UBS on HCL Technologies (CMP: 952)
Maintain Neutral, Target 965
Good come back with revised guidance
Commentary & performance almost defies any major slowdown risk,
however, management did allude acceleration on cost saving projects
as clients prepare for tough time
HSBC on HCL Technologies (CMP: 952)
Maintain Buy, Target raised to 1150 from 1145
JP Morgan on HCL Technologies (CMP: 952)
Maintain Underweight, Target raised to 850 from 820
All-round beat Happily, rev outperformance came from
Services biz (up 5% CC QQ)
thanks to solid momentum in Mode2 & Mode1 deals won in past qtr
Margin guidance of 18-19% implies further margin recovery in 3Q from P&P
Citi on HCL Technologies (CMP: 952)
Maintain Neutral, Target raised to 985 from 900
Nomura on HCL Technologies (CMP: 952)
Maintain Neutral, Target 980
2Q – beat on all counts
FY23 growth guidance lifted
Healthy deal wins & robust pipeline give comfort
Expect HCLT to deliver 18% EBIT margin in FY23F (-90bps y-y)
Raise FY23-24F EPS by 4%
Macquarie on HCL Technologies (CMP: 952)
Maintain Outperform, Target 1420
Good beat with no one-offs
EBIT margin guidance formally lowered to 18-19%, i
ntroduces services revenue guidance
Despite factoring in furloughs in Q3 & even some in Q4,
management confident about services growth
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Brokerages report on Wipro
CLSA on Wipro (CMP : 408)
Maintain Outperform, Target 450
Inline 2Q23 with a modest growth outlook but supportive vals
Management also admitted to softness in its consulting biz
Wipro absorbed wage hike & promotions impact well in 2Q23 but margin management remains a tight-walk
Macquarie on Wipro (CMP : 408)
Maintain Outperform, Target 540
Good quarter, cautious guidance for Q3 2QFY23
revenue beat, margins in line; attrition drops QoQ
Wipro’s portfolio is now slightly more exposed to Consulting vs peers due to its acquisitions
UBS on Wipro (CMP: 408)
Maintain Neutral, Target 420
Not looking good, at least in near term
Management did concur that consulting segment is seeing brunt of economic slowdown
Believe this can continue to be a drag on both growth & margins in near term
Expect -ve reaction to stk
HSBC on Wipro (CMP : 408)
Maintain Hold, Target cut to 445 from 450
Citi on Wipro (CMP : 408)
Maintain Sell, Target raised to 370 from 365
Q3 growth guidance below expectations- not a big surprise
Morgan Stanley on Wipro (CMP : 408)
Maintain Underweight, Target 365
potential risk to consensus EPS est
While stock has underperformed YTD,
see this continuing as organic growth lags peers
Lack of a perceived floor due to lower payout policy vs. peers
Jefferies on Wipro (CMP : 408)
Maintain Underperform, Target 360
JP Morgan on Wipro (CMP : 408)
Maintain Underweight, Target 360
2Q23 print in-line on both rev & margins
Weak 3Q momentum with margin pressures
persisting as environment worsens
Remain UW as continue to expect margin & rev headwinds
Nomura on Wipro (CMP : 408)
Maintain Neutral, Target 380
Brace for near-term weakness
Margin recovery likely to be gradual
Guidance for 3QFY23 is disappointing & alludes to slowdown
Cut FY23-24F EPS by 3-5%
Stock in news/buzzing stocks
HCL Technologies: HCL Tech has reported 6.3 per cent QoQ growth in Q2 profit.
Wipro: The company has said that its consolidated net profit for the second quarter fell 9.27 per cent to Rs 2,659 crore from Rs 2,930 crore in the year-ago period.
Tata Power: The company is going to develop 7 MW solar project at Pantnagar manufacturing facility.
ITC: The company has announced that it has incorporated a wholly-owned subsidiary in Brazil.
Mishtaan Foods: It is likely to set up an ethanol project in Gujarat.
SGX Nifty hints at a negative start
SGX Nifty traded 60 points or 0.36 per cent, lower at 17,053, signaling that Indian indices were headed for a negative start on Thursday
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