Stock Market Live: Sensex down more than 100 points, Nifty around 11,900; Bajaj Finserv up 2.5%

Avoid Vedanta, accumulate Bajaj Finance if it falls 10%: Complete Circle’s Chadha

Vedanta is an ‘avoid,’ said Gurmeet Chadha, co-founder and CEO of Complete Circle Consultants in an interview with CNBC-TV18. “There are many better opportunities in the market, there are many undervalued stocks, including some of the best-managed companies,” he added. It is neutral on Bajaj Finance at current levels. “If I see probably a 10 percent correction type from current levels, it would add up for me. We are neutral at these price levels, ”he said. Watch video for more

Gland Pharma Receives SEBI Approval to Increase Rs 6 Billion IPO – Report

China-backed pharmaceutical firm Gland Pharma has received approval from market regulator SEBI to launch an initial public offering (IPO) worth Rs 6 billion, Moneycontrol reported citing sources. The company had filed its papers in July 2020. The Hyderabad-based drugmaker would be the first Chinese-affiliated company to launch an IPO on the Indian stock market, and it comes amid a recession in India-to-India relations. and China after the Galwan crash. The report said Gland could issue an offer to sell for 34,863,635 equity shares by existing shareholders of the company. Most of the IPO’s proceeds will be used for investments and working capital for its operations in India. The offer is likely to comprise a new issue adding up to Rs 1,250 crore and a sell offer of up to Rs 4,750 crore.

Market Watch: VK Sharma, EVP, HDFC Securities

“Results are expected from JSW Steel and I would suggest that the results would be good. I am buying the 330 Call at Rs 5.75, stop loss at Rs 3.5 and a target of Rs 9.5 “.

“BPCL, we have seen some of the events out of the way. Treasury shares were taken and therefore we have seen 18 percent open interest (OI) built on the series and 7 percent OI built yesterday. There was some correction from the higher levels, but it would require some buying here. So I am buying 350 Calls at Rs 9.8, stop loss at Rs 7 and aiming for Rs 16. “

“LIC Housing, I would like to buy in falls. So, I am buying the 300 Call that closed yesterday at Rs 8.8; I will try to buy it at Rs 7.5. Keep a stop loss at Rs 5 and wait for a target of around Rs 11. “

Opening bell: Sensex opens flat, Nifty above 11,900; finance drag

Indian indices were flat on Thursday as the slide in financials was limited by gains in heavyweights RIL and UltraTech Cement. At 9:20 a.m., the Sensex was trading 2 points lower at 40,706 while the Nifty fell 4 points to 11,933.

Cybersecurity firm McAfee raises $ 620 million in US IPO.

Cybersecurity firm McAfee Corp sold shares in its initial public offering (IPO) on Wednesday at $ 20 each, within its target range, to raise $ 620 million. The IPO valued McAfee, which is backed by US private equity firms TPG and Thoma Bravo, at $ 8.6 billion based on total shares outstanding. The company was also in debt of $ 4.8 billion at the end of June. McAfee aimed to sell 37 million shares at a price target range of $ 19 to $ 22 per share. McAfee declined to comment. TPG acquired a majority stake in McAfee from Intel Corp in 2016 in a deal that valued the company at $ 4.2 billion, including debt. Thoma Bravo acquired a minority stake in McAfee in 2017. In recent years, McAfee has grown its core consumer-focused cybersecurity software business through price increases, new partner programs, and good rates retention. More here

The fiscal deficit for fiscal year 21 is estimated at around 7% of GDP

The government expects the fiscal deficit to be close to 7 percent of GDP or more or less in the current financial year. The overall deficit is unlikely to be less than 11 percent, and state government loans are estimated at levels of 4 percent, sources told CNBC-TV18. The revenue stress related to COVID-19 is likely to be substantial, with sources expecting a decline of at least 2 percent in revenue revenue this fiscal year. This revenue strain could alter the central government’s deficit projection, although the center has so far kept loans of Rs 12 crore unchanged. According to sources, no suggestions have been made to the government on what the ideal possible level to fix the fiscal deficit in a COVID year may be.

Bajaj Finserv’s second quarter net profit falls 18% to Rs 986 cr

Bajaj Finserv Ltd (BFS) on Wednesday reported an 18 percent drop in its consolidated net profit to Rs 986.29 crore for the second quarter ended September 30, as the group’s entities suffered a contraction in profits. The company had posted a net profit of Rs 1,203.72 crore for the July-September quarter a year ago. Total revenue (consolidated) increased 5.8 percent to Rs 15,051.59 crore during the second quarter, compared with Rs 14,224.22 crore in the prior year period, BFS said in a regulatory filing. Bajaj Finserv is the holding company of financial services firms of the Bajaj group. More here

List of earnings to watch out for today

First, here is a quick update on what happened in the markets on Wednesday

Indian indices closed higher on Wednesday led by index heavyweights Infosys, HDFC Bank and ICICI Bank. The broader indices ended up mixed, with the Nifty Midcap 100 Index closing positively and the Nifty Smallcap 100 Index closing in the red. Across sectors, the consumer goods and information technology index closed half a percent lower, while the real estate index remained the best performing index for the day, closing more than 4 percent. The Sensex closed 162.94 points or 0.40 percent higher at 40,707.31 while the Nifty gained 40.85 points or 0.34 percent to settle at 11,937.65.

Welcome to the CNBC-TV18 Market Live blog

Good morning readers! I am Pranati Deva, the market table of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We’ll also get instant reactions and guests from our stellar lineup of TV guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!