Technical view | The index is still stuck in a range between 11,650 and 12,050. While choppy markets can test a trader’s patience, care must be taken to avoid trading in range markets. If we can get past 12,050, the Nifty can hit 12,200-12,300. If it goes above 11,650, we could go down to 11,400-11,450, it says Manish Hathiramani, Technical Analyst and Owner Index Trader, Deen Dayal Investments.
Buzz: Bharti Airtel Hits 10% of Top Circuit Profits After Q2
Shares in Bharti Airtel were locked in a 10 percent upper loop on Wednesday after the telecoms major reported a substantial reduction in losses. The telecommunications company posted a consolidated net loss of Rs 763.2 crore in the second quarter versus a loss of Rs 23,044.90 crore in the prior year quarter (Q2FY20). Sentiment also rose after brokerages held call options on the shares after the second quarter. The shares rose as much as 10 percent to 476.30 rupees a share on BSE. The company posted revenue of Rs 25,785 crore for the September 2020 quarter, up 22 percent from the corresponding period last year. Among brokerages, Goldman Sachs held a “call” option on the shares with a target of Rs 635 per share. He said the execution of the company remains near perfect.
Market Watch: VK Sharma, EVP, HDFC Securities
“HCL Technologies is a stock that we have seen open interest building in the current series, but the stock has not risen yesterday. So I’m buying the 850 Call and this is a preemptive purchase. I am buying 850 Calls at Rs 6.5 because the amount is less so there is no need for a stop loss, Rs 6.5 is the money you will lose and the target is Rs 20 here. ”
“On the other hand, ICICI Bank has not seen any type of accumulation in the whole series. Yesterday we had seen a 4 percent open interest rise, but that has only negated the shorts that were built earlier. But the stop is up 22 percent, so I am buying the Call 410 at Rs 5.75, I will keep a stop loss at the Rs 3 target of around Rs 12. ”
Opening bell: Sensex opens slightly lower, Nifty has 11,850; Bharti Airtel Top Winner
Sensex Nifty opened marginally lower on Wednesday dragged by banks and consumer goods stocks, however gains in TI stocks and heavyweights Bharti Airtel limited some losses. Bharti Airtel was up more than 4 percent after its September quarter earnings. At 9:18 a.m., the Sensex was trading 88 points lower at 40,433 while the Nifty fell 22 points to 11,867.
The banking and financial services indices fell further by about 0.8 percent each, while Nifty FMCG lost 0.7 percent. Nifty Metal and Nifty Realty were also down 0.6 percent each. However, Nifty IT, Nifty Pharma and Nifty Auto continued to trade green. Among stocks, Bharti Airtel, Hero Moto, Tata Motors, M&M and L&T were the top winners in the Nifty50 index, while Kotak Bank, Nestle, HDFC, Adani Ports and Hindalco led the losses.
JM Financial’s second quarter net profit increased 7.3% to Rs 139 crore
JM Financial on Tuesday reported a consolidated net profit of Rs 139.06 crore for the quarter to September, a growth of 7.31 percent over the same period last fiscal year, despite a 5.6 percent decline in revenue due to the pandemic. Total revenue decreased to Rs 803.40crore, down 5.64 percent, the company said in a statement. During the first half of the year, its net profit increased 17.5 percent to Rs 392.17 crore with revenue of Rs 1,707.52 crore, which grew 12.5 percent year on year. The company has made a special pandemic provision of Rs 123 crore for the quarter. More here
ICICI Pru Q2 flat net profit at Rs 303 cr from higher tax expense
Leading private sector life insurer ICICI Prudential Life Insurance Co on Tuesday reported a flat net profit of Rs 303.22 crore for the September quarter, weighed down by higher tax expense that offset high underwriting profit and record margin of new premium income. The company had posted a net profit of Rs 301.86 crore in the prior year quarter, it said in a statement. New trade margin value expanded to a record 27.4 percent for the quarter from 21.1 percent in the prior year period. “We had a very high underwriting gain, down to 32 percent in the reporting quarter, while the margin on new business value jumped to a record 27.4 percent in the reporting quarter, excluding However, a larger tax break offset these gains, “said the company manager. Director and CEO NS Kannan told PTI. More here
Updated state guidelines, quarantine rules for domestic flights
As domestic travel increases, several states have changed their quarantine rules and guidelines for inbound passengers. Domestic flights resumed on May 25 after a two-month shutdown following the start of the COVID-19 pandemic. Domestic air traffic has seen a steady increase in passenger traffic to more than 160,000 daily air passengers in October compared to around 30,000 in May. Broadly speaking, there are two categories in terms of quarantine rules, including states and union territories that do not require mandatory quarantine for arriving passengers and others that do.
Today’s Earnings: Titan Q2; this is what to expect
Titan will report its second quarter earnings today. The CNBC-TV18 poll suggests a 3 percent decline in revenue. However, because it is a high fixed expense business, EBITDA is likely to decline by approximately 30 percent. The net profit is also expected to decline around 37.5 percent to Rs 100 crore. However, the important thing to consider is how the company performs on its operating front, whether there are gains or losses related to hedging gold. Also, management feedback on the shots and the holiday season sentiment is key. Watch the video here
Newcomer: Top Actions to Watch Out For October 28, Click Here
Here’s how the markets fared yesterday (October 27)
Indian equity markets closed higher after strong buying interest in bank stocks, consumer goods, automobiles and pharmaceuticals. The broader markets also supported the rally, as mid-caps rose. At the close, the Sensex finished 376 points higher at 40,522.10 while the Nifty50 index finished at 11,889.40, 122 points higher. The broader markets outperformed the benchmark indices, with the Nifty Midcap100 and Nifty Smallcap100 indices closing 1.21 percent and 0.2 percent higher, respectively.
Except for Nifty IT, Nifty Realty and Nifty PSU Bank, all sectors finished in green. The IT index remained the worst-performing sector of the day, while Nifty Private Bank was the best-performing index of the day, closing 3 percent higher. Kotak Mahindra Bank, Shree Cement, Nestlé India, Asian Paints and Bajaj Finance were the main winners of Nifty50, while TCS, ONGC, Infosys, Wipro and HDFC remained the main losers of the index.
Welcome to our Market Live blog!
Hi, I’m Mousumi Paul from the CNBC-TV18 desktop team. I will give you all the updates on the stock market, the economy and the business world. For starters, the Indian market is likely to open lower on Wednesday due to weak global signals. As of 7:05 am, the SGX Nifty was trading 44.00 points or 0.37 percent lower at 11,843.50, signaling a negative start for the Sensex and Nifty50.
