Market Highlights: Bulls party as Sensex jumps 500 points aided by banks, Nifty above 17300; SBI surges 3%
Rising for a second session, the 30-share Sensex jumped 491.01 points or 0.85 per cent to settle at 58,410.98. The index opened lower and fell to a low of 57,639.80 in early trade. However, it bounced back in late morning deals and hit rallied 529.03 points or 0.91 per cent to touch a high of 58,449
Stock Market Highlights: Benchmark BSE Sensex rose by 491 points while Nifty settled above the 17,300 level on Monday on the back of buying in index majors Reliance Industries, ICICI Bank and recovery in global markets.
Rising for a second session, the 30-share Sensex jumped 491.01 points or 0.85 per cent to settle at 58,410.98. The index opened lower and fell to a low of 57,639.80 in early trade. However, it bounced back in late morning deals and hit rallied 529.03 points or 0.91 per cent to touch a high of 58,449.
The broader NSE Nifty climbed 126.10 points or 0.73 per cent to end at 17,311.80, marking its second straight session of gains.
Among Sensex shares, State Bank of India, NTPC, Bajaj Finserv, ICICI Bank, Axis Bank, Reliance Industries, and IndusInd Bank were the biggest winners.
On the other hand, Larsen & Toubro, HCL Technologies, Wipro, Tata Steel, Nestle, Power Grid and Bharti Airtel were the laggards. In Asia, markets in Seoul, Shanghai and Hong Kong settled higher, while Tokyo ended lower.
Stock exchanges in Europe were trading in the positive territory in mid-session deals. Wall Street had ended significantly lower on Friday. International oil benchmark Brent crude was trading 0.07 per cent lower at USD 91.57 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Friday as they offloaded shares worth Rs 1,011.23 crore, as per exchange data.
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Nifty, Sensex end in green
Nifty settles above 17320, Sensex gains over 492 points to erase early losses
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Anupam Rasayan bags contracts from European Crop Protection Company
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JSW Steel signs MoU with Smartex
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Craftsman Automation's profit increased to 63 crore
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Infosys, ICICI Bank volume toppers on BSE
All major sectoral indices in green
Bajaj Auto biggest Nifty50 gainer after robust Q2 earnings: Brokerages mixed - check price targets
Bajaj Auto share price opened higher in early trade on Monday (October 17) after the auto major declared its September quarter earnings on Friday (October 14). READ MORE
Tracxn Technologies IPO share allotment today
The initial public offering (IPO) of Tracxn Technologies was subscribed two times at the close of the offer on Wednesday.
HDFC Bank stock trades flat post strong second quarter earnings: Buy or Sell? Check price targets by brokerages
The stock quoted a price of Rs 1,434.30 on NSE apiece at 9:24, down by 0.33 per cent. READ MORE
SBI, ICICI Bank among top gainers
Electronics Mart IPO: Shares list at Rs 90 on NSE; Anil Singhvi suggests strategy - Check Stop Loss | READ MORE
Buy SBI stock
Zee Business analyst Simi Bhaumik has given the target of Rs 538, Rs 542 and Rs 545 for SBI shares.
Sanjiv Bhasin stocks recommendation on Zee Business
Tata Power
Target - Rs 230Honeywell Automation
Target RS 39,500Tata Elxsi share price nosedives around 8 per cent
Rupee opens higher
Indian rupee opened marginally higher at 82.33 per dollar on Monday.
Axis Bank stock top gainer
Axis Bank share price gained over 1.50 per cent to emerge as the top gainer in the Nifty50 pack. The stock quoted a price of Rs 813.50 apiece at 9:21 on the NSE.
Axis Bank, Bajaj Auto amond top gainers at NSE
Bulk Deal
Electronics Mart IPO to list around Rs 85-95 per share; Anil Singhvi suggests strategy - Check Stop Loss
Stocks In News Today, October 17: HDFC Bank, Bajaj Auto, DMart, Shree Cement, Can Fin Homes | Buzzing Stocks READ MORE
JP Morgan on Tata Elxsi (CMP: 8466)
Maintain Underweight, Target 4300
Project deferrals & supply issues impact rev & margins
Client concerns driven by macro is impacting deal decision cycles with
Media vertical seeing biggest impact in both Europe & US
Cut margins by 160/50/50bps over FY23/24/25E
Morgan Stanley on Tata Elxsi (CMP: 8466)
Maintain Underweight, Target 5800
Macro-led slowdown & tight supply impacted growth
Mgmt sounded confident on pipeline
Investments & normalisation of costs led to margin miss
Medium term risks on margin & premium valuations keep us UW
Jefferies on Larsen & Toubro Infotech (CMP: 4669)
Maintain Underperform, Target raised to 3800 from 3420
2Q growth beat est.,
margins & normalised profits in line
Large deal wins & pipeline steady
Management remained positive on long term outlook
Nomura on Larsen & Toubro Infotech (CMP: 4669)
Maintain Reduce, Target 3690
Modest beat in 2QFY23
Robust deal wins & headcount addition +ve
Revenue growth beats consensus; strong outlook for 3QFY23F
EBIT below expectations; will likely remain range-bound in the near-term
JP Morgan on Larsen & Toubro Infotech (CMP: 4669)
Maintain Underweight, Target 3800
Morgan Stanley on Larsen & Toubro Infotech (CMP: 4669)
Maintain Equalweight, Target 4600
Credit Suisse on ICICI Pru (CMP: 513)
Maintain Underperform, Target 430
2Q23: Profitability under pressure despite slower growth
Adjust for higher new business strain, lower premium growth & investment income,
cut FY23/24/25E by 21%/10%/10%Cut FY23/24/25E by 21%/10%/10%, respectively
Morgan Stanley on ICICI Pru (CMP: 513)
Maintain Overweight, Target cut to 650 from 700
VNB beat due to favourable APE mix shift;
management sees upward bias to VNB margin
Expects retail protection APE to come to growth in 2HF23
Cut TP due to lower EV & higher COE
Jefferies on ICICI Pru (CMP: 513)
Maintain Buy, Target 700
Citi on ICICI Pru (CMP: 513)
Maintain Buy, Target raised to 695 from 675
Morgan Stanley on Federal Bank (CMP: 130.35)
Maintain Overweight, Target raised to 165 from 155
F2Q23 PAT grew >50% YoY with core PPoP growth of 40% YoY, 15% above MSe
Big surprise was 10% NII growth led by strong growth/higher margins
Raise earnings by 4-6% in F23-F25 owing to stronger PPoP growth
BofA on Federal Bank (CMP: 130.35)
Maintain Buy, Target 160
Growth/ RoA targets upgraded
Improving risk appetite to drive better growth
Highes Qoq loan growth in past 15 tr CASA ratio stable
RoA/NIM targets upgraded for FY23 to 1.25%/3.3%
Brokerages on Shree Cement
CLSA on Shree Cement (CMP: 21189)
Maintain Reduce, Target 21300
Profitability lowest in more than a decade but vols robust
Blended Ebitda/t fell 36% QoQ to Rs701
Expect profitability to improve with attempts at price hikes
while costs are peaking Appointed Mr Neeraj Akhoury as its MD
Jefferies on Shree Cement (CMP: 21189)
Maintain Hold, Target cut to 19700 from 20000
Citi on Shree Cement (CMP: 21189)
Maintain Sell, Target 19500
Shree Q2 EBITDA fell 42% YOY on cost pressures
EBITDA beat citi est on lower costs
Easing cost pressures should however help margin expansion in FY24
Morgan Stanley on Shree Cement (CMP: 21189)
Maintain Overweight, Target cut to 26000 from 28000
Goldman Sachs on Shree Cement (CMP: 21189)
Maintain Neutral, Target raised to 20500 from 20390
Macquarie on Shree Cement (CMP: 21189)
Maintain Neutral, Target 21353
JP Morgan on Avenue Supermarts (CMP: 4306)
Maintain Underweight, Target 3445
Margins lag expectations
Stay Underweight on the stock amid expensive valuations
A lack of earnings upgrade triggers
Reduce volume estimate for FY23-25 but raise EBITDA margin estimate
Morgan Stanley on Avenue Supermarts (CMP: 4306)
Maintain Overweight, Target 4590
Q2 EBITDA below est due to weaker product Mix
Strong topline with good LFL with continued expansion of DMart ready, are positives
Citi on Avenue Supermarts (CMP: 4306)
Maintain Sell, Target raised to 3500 from 3250
Jefferies on Avenue Supermarts (CMP: 4306)
Maintain Hold, Target raised to 4100 from 3900
Macquarie on Avenue Supermarts (CMP: 4306)
Maintain Outperform, Target 4900
Stocks under F&O ban today on NSE
Delta Corp, Indiabulls Housing Finance, and India Cements are among the stocks are the three stocks under the NSE F&O ban list for October 17.
US stocks dropped on Friday
Earlier on Friday, US stocks dropped as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could trigger a recession, while investors digested the early stages of earnings season. The Dow Jones Industrial Average fell 403.89 points or 1.34 per cent to 29,634.83, the S&P 500 lost 86.84 points or 2.37 per cent to 3,583.07 and the Nasdaq Composite dropped 327.76 points, or 3.08 per cent, to 10,321.39.Asian markets in red
Shares in the Asia-Pacific fell on Monday. Japan's Nikkei 225 fell 1.24 per cent in early trade while the Shanghai Composite in mainland China slipped 0.16 per cent and the Shenzhen Component was about flat.
Second quarter results on October 17
Can Fin Homes, ACC, Craftsman Automation, PVR, Heidelbergcement India, Tata Coffee, Tata Metaliks, RPG Life Sciences, Spandana Sphoorty Financial, Indowind Energy, Bank of Maharashtra, Star Housing Finance, and Thangamayil Jewellery will remain in focus ahead of second quarter earnings on October 17.
Hang Seng index down by 0.58%
The Hang Seng index in Hong Kong too traded in red and was down by over 95 points or 0.58 per cent.
SGX Nifty down by around 333 points
Nifty futures on the Singapore Exchange traded 129 points, or 0.75 per cent, lower at 17,084, signaling a negative start at the Dalal Street on Monday.
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