Ahead of F&O expiry, Sensex tanks 1,000 pts, Nifty ends below 17,900; banks hit

In cues from overseas, investors are awaiting the European Central Bank policy meeting as well as a report later Thursday on U.S. economic growth, which is likely to show a cooling recovery. US jobless claims will also be in focus.

28 Oct 2021, 03:45:24 PM IST

Sensex gives up 60K, Nifty ends below 17,900 ahead of F&O expiry

Indian equites slumped on Thursday amid a broad-based sell-off in the market.

The Sensex ended the day at 59,984.7, falling 1,158.6 points or 1.9% – the worst daily fall since April. The broader Nifty tumbled 353.7 points or 1.9% to close at 17,857.3.

On the Nifty, IndusInd Bank was the top gainers while Adani Ports, ITC fell the most.

Stocks across sectors fell, with banks, PSU banks, metal, realty, pharma stocks among the worst hit. Nifty PSU Bank slumped 5%. Broader markets also fell, with BSE MidCap and SmallCap indices down over 1% each.

India VIX surged 7%.

Sensex stocks at close on Thursday.

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Sensex stocks at close on Thursday. 28 Oct 2021, 03:27:37 PM IST

Gold gains on weaker U.S. bond yields ahead of ECB meet

Gold rose on Thursday, hovering above the $1,800 mark as softer U.S. Treasury yields lifted its appeal, while investors await the European Central Bank’s remarks on inflation and policy outlook when it meets later in the day.

Spot gold rose 0.2% to $1,800.75 per ounce. U.S. gold futures inched 0.2% higher to $1,803.10.

28 Oct 2021, 03:20:16 PM IST

Adani Green Energy Q2 profit jumps nearly six-fold to ₹100 cr

Adani Green reported a net profit of ₹100 crore for the quarter ended September, up from ₹17 crore in the year-ago period.

Total income stood at ₹1,411 crore for the quarter under review compared with ₹718 crore in the same period a year ago.

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28 Oct 2021, 03:08:02 PM IST

Nykaa IPO subscription: issue subscribed 82% so far on day one of bidding

28 Oct 2021, 03:02:48 PM IST

Nifty Bank falls over 3%, slips below 40,000

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28 Oct 2021, 03:01:28 PM IST

Broader markets down over 1.5%; India VIX jumps 8%

Nifty indices 

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Nifty indices  28 Oct 2021, 02:43:51 PM IST

Indian equities deep in red; India VIX 7.96%

Ahead of F&O expiry, India’s benchmark equity indices tanked on Thursday, tracking global peers and led by massive decline in banks and metals stocks.

India’s benchmark stock indexes have risen more than 25% this year, driven by massive liquidity and huge retail participation, raising concerns of overvaluations.

The Sensex tumbled 931 points or 1.52% to 60,212.12. Nifty fell 1.6% to 17,921.60 as of 0239pm. Broader markets also fell, with all sectoral indices in the red.

Adani Ports was the worst hit, down 7%, while Indusind Bank surged 4%.

Nifty bank, PSU Bank, pharma, metal indices slumped 2-3%.

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28 Oct 2021, 02:36:58 PM IST

YES Securities maintains buy on Indusind Bank

Most of the gross slippages emerged from the microfinance and vehicle finance books at ₹10.7bn and ₹5.9bn, respectively. (2) Yield declined 9 bps QoQ whereas cost of deposits declined 14 bps QoQ. (3) Wholesale loans grew 7.2% QoQ whereas non-wholesale loans grew 2.9% QoQ.

We maintain ‘Buy’ rating with a revised price target of ₹1362.

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28 Oct 2021, 02:32:54 PM IST

Marico Q2 earnings

Marico reported a 15.8% year-on-year rise in its net profit to ₹316 crore, while revenue jumped 21.6% to ₹2,419 crore. EBITDA rose 8.7% to ₹423 crore.

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28 Oct 2021, 02:30:03 PM IST

Earnings gloom leaves European shares struggling ahead of ECB policy

European stocks slipped on Thursday in one of the busiest days for earnings and ahead of a policy update from the European Central Bank, as some leading automakers warned of production hit from chip shortages.

The pan-European STOXX 600 was down 0.1% as global stocks retreated after companies highlighted a hit to their earnings from supply-chain snags.

28 Oct 2021, 02:02:20 PM IST

Sun Pharma lauches Ilumya in Canada

Ilumya (tildrakizumab injection) is used to treat adults having moderate to severe plaque psoriasis.

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28 Oct 2021, 01:56:07 PM IST

Nifty slips below 18,000

Nifty50

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Nifty50 28 Oct 2021, 01:41:37 PM IST

Top gainers/losers on Nifty now

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Nifty stocks  28 Oct 2021, 01:24:36 PM IST

Private banks, ITC, RIL pull down Sensex

Sensex stocks 

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Sensex stocks  28 Oct 2021, 01:00:09 PM IST

Adani Transmission raises $700 million in one of Asia’s largest revolving project financing deals: BSE filing

Adani Transmission has raised $700 million in one of Asia’s largest revolving project financing deals for its under-construction transmission asset portfolio through the definitive agreements signed with leading international banks. The revolving facility will finance ATL’s four transmission projects in Gujarat and Maharashtra.

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28 Oct 2021, 12:55:37 PM IST

L&T’s Q2 performance cheered by the Street; stock up 3%

The September quarter earnings of capital goods and engineering major Larsen & Toubro (L&T) were largely-in with expectations. Among the key highlights were a 12% year-on-year revenue growth in its core business. Operating performance of its core business aided by operating leverage, leading to a sequential Ebitda margin growth of 30 basis points to 9.2%. Ebitda is short for earnings before interest, tax, depreciation and amortisation. One basis point is one hundredth of a percentage point.

But there was disappointment on the execution front as it faced bottlenecks in international supply chain disruptions, change in labour mix and cyclone Tauktae impacting Maharashtra and Gujarat.

The company’s management, however, said that it has reached a 260,000 labor availability at present and is well on track for delivering pre-Covid level of execution.

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28 Oct 2021, 12:42:30 PM IST

Bajaj Auto’s higher exports pull up Q2 show

Bajaj Auto Ltd reported robust performance for the September quarter, boosted by export volumes.

With weak demand for two-wheelers in domestic market, sales in the segment in India were down 11% year-on-year. However, it was the 31% year-on-year rise in two-wheeler exports that helped overall volumes in the segment grow 7% year-on-year.

The stock gained up to 2% in early trade on Thursday on a day when broader markets remained weak.

The positive is that with a rebound in the economy, commercial vehicles (CV) as three-wheeler sales are making a recovery. Overall CV volumes grew 29% year-on-year helped by 8% growth in exports and 88% y-o-y growth in domestic sales. The sustenance of the trend will remain watched for. (Read here)

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28 Oct 2021, 12:24:25 PM IST

Lupin Q2 earnings

Pharma company Lupin on Thursday reported a consolidated net loss of ₹2,098 crore for the second quarter ended September compared to a net profit of ₹211 crore in the year-ago period. Total revenue from operations stood at ₹4,091.3 crore in the second quarter compared with ₹3,835 crore in the year-ago period.

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28 Oct 2021, 12:12:38 PM IST

Semiconductor shortage will get worse before it gets better, says Nokia CEO: Reuters

28 Oct 2021, 12:10:44 PM IST

A bond selloff is coming to emerging markets of Korea and India

Bond markets in South Korea and India are the most vulnerable to a sell-off in the region’s emerging markets, even if they’re typically at opposite ends of the investment spectrum, Bloomberg said.

Inflation in these two nations — one a tech exporter and the other a services and agriculture-driven economy — is heavily influenced by rising energy prices given how much they import. Their bonds also have a higher sensitivity to U.S. inflation breakevens than others, according to data compiled by Bloomberg News.

Rising price pressures have led to a rout in the debt markets of Australia and New Zealand this month, and traders are increasingly betting that entrenched inflation will spur central banks globally to turn more hawkish. The Bank of Korea has already hiked 25 basis points, while India this month said it will stop a government bond purchase programme.

Risks to the bonds are coming from two fronts, “namely the actual domestic inflation risk that seeps through via import channels, and how emerging-Asia bond markets navigate rising Treasury yields,” according to Vishnu Varathan, head of economics and strategy at Mizuho Bank Ltd. in Singapore.

According to a Bloomberg analysis, yields on India’s 10-year bonds gained by 0.78 basis points for every one basis-point rise in the similar-tenor U.S. breakeven rate, based on five episodes starting 2019. A similar gauge for South Korea stood at 0.56. While bonds in Thailand also have a high sensitivity, inflation indicators have stayed within the central bank’s target range.

28 Oct 2021, 12:04:04 PM IST

Nykaa IPO: Retail portion subscribed fully within minutes of issue opening

The retail portion of Nykaa’s parent FSN E-Commerce Ventures Ltd’s initial public offering (IPO) was subscribed nearly 100% within a few minutes of the issue opening. Overall, the issue was subscribed nearly 0.25 times.

The issue received 6.54 million bids against 26.28 million shares on offer, according to stock exchange data.

Retail investors placed 5.63 million bids against the 4.73 million shares on offer, while the portion reserved for non-institutional investors was subscribed 0.03 times while qualified institutional bidders got subscribed 0.05 times.

28 Oct 2021, 11:46:35 AM IST

L&T construction arm bags large order from CPWD

The construction arm of Larsen and Toubro has secured a “large” order for its Buildings and Factories business from Central Public Works Department (CPWD) to construct Common Central Secretariat Integrated Buildings 1, 2 and 3 in Plot 137, New Delhi with a built-up area of approx. 48.11 Lakh Sq.ft. including its Operation Et Maintenance.

The project is scheduled to be completed in 24 months.

L&T defines orders worth ₹2,500 crore to ₹5,000 crore as “large”.

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28 Oct 2021, 11:39:23 AM IST

Asian indices in the red

Asian stock indices 

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Asian stock indices  28 Oct 2021, 11:37:03 AM IST

Japan’s Sony Group Corp reports 1% rise in Q2 profit, beats estimates

28 Oct 2021, 11:36:14 AM IST

Market view: Yash Gupta, Equity Research Analyst, Angel One

Nifty down by more than 600 points from its highs of 18604 in the last 8 trading sessions. Nifty midcap 100 and Nifty smallcap 100 have seen the selling pressure and both down by 10% in the last 8 days. While Banknifty was showing strength on the back of better than expected results from several stocks but now Banknifty is also losing the momentum and is down 1.45% today. We expect the market to be volatile in the coming weeks and we expect selling pressure to continue in the broader market. We suggest investors be cautious on the market, look for profit booking and avoid buy on dip strategy.

28 Oct 2021, 11:21:19 AM IST

For Nifty, 18,100-18,000 seen as key supports: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

As of now, we do not see any indication of breaching this important support zone on the expiry day itself; but sooner or later, it is likely to happen. On the higher side, 18350 – 18400 remains a sturdy wall for the Nifty.

On Wednesday, throughout the session, the recent outperformer banking space kept sulking and in fact, the tail end correction was mainly led by the financial space itself. This certainly is not a good sign for the bulls.

Let’s see how things pan out because the volatility is expected to remain on the higher side. We advise traders to remain light and although some of the high beta mid cap counters have rebounded in last two days, one should avoid the temptation to buy with a short term perspective.

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28 Oct 2021, 11:15:25 AM IST

Market witnesses broad-based selloff; India VIX jumps 6%

Nifty indices 

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Nifty indices  28 Oct 2021, 11:12:42 AM IST

All sectoral indices down; PSU banks, metals worst hit

Nifty sectoral indices 

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Nifty sectoral indices  28 Oct 2021, 11:04:55 AM IST

Top gainers/losers on Sensex at this hour

Sensex stocks 

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Sensex stocks  28 Oct 2021, 11:03:20 AM IST

Nifty at this hour

Nifty50

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Nifty50 28 Oct 2021, 10:44:24 AM IST

Adani Ports falls over 6%, company to exit Myanmar business

Adani Ports and Special Economic Zone Ltd (APSEZ) said it will exit its investment in Myanmar by June next year, Press Trust of India reported.

APSEZ, the largest port developer in India, is part of the globally diversified Adani Group.

“The Board has decided to actively work on a plan on exiting Company’s investment in Myanmar including divestment opportunities (expected to be concluded by March – June 2022),” APSEZ said in notes to its second quarter results.

In August this year, APSEZ had said its investment in a port in Myanmar was not in violation of any sanction guidelines issued by the Office of Foreign Assets Control (OFAC) of the US Department of Treasury.

The project had run into controversy after it was reported that APSEZ chief executive Karan Adani had in July 2019 met Senior General Min Aung Hlaing, the army chief who led a coup against the elected government.

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28 Oct 2021, 10:39:36 AM IST

India rupee surges 12 paise to 74.91 against US dollar in early trade

28 Oct 2021, 10:28:36 AM IST

ITC falls over 2%; ICICI Securities maintains HOLD on the stock

ITC reported strong sales recovery in the September ended quarter, with cigarettes volume growth of 10% and robust 25.4% growth in paperboard business.

Sales were up 12% YoY in the September quarter, cigarettes sales recovering with 10.2% growth

EBITDA was at ₹4615 crore, up 12.9% YoY, with margins at 34.1%

Consequent PAT was at ₹3697.2 crore, up 13.7% YoY

ICICI Securities said ITC’s share price has given near zero return in last five years (from ₹242 in October 2016 to ₹238 in October 2021

We maintain our estimates with swift recovery in cigarettes, paperboard & hotels business. We maintain our HOLD rating on the stock. Target price and Valuation: We value the stock at ₹260 on SOTP basis valuing cigarettes business 12x FY24 earnings & FMCG business 5x FY24 sales

Key triggers for future price performance:

FMCG business growing at a sustained pace with continuous improvement in margins. Opportunity size of foods portfolio is large

Duties & taxes on cigarettes to remain stable given increasing prevalence of illicit & contraband cigarettes

Strong growth expected in paperboard business with healthy demand from user industry after Covid-19 recovery

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28 Oct 2021, 10:21:53 AM IST

Petrol, diesel prices hiked

Domestic oil marketing companies raised prices of petrol and diesel for the second consecutive day on Thursday. Petrol in the national capital was retailing at ₹108.29 per litre, up by 35 paise since Wednesday. Meanwhile, diesel in the capital was at ₹97.02 per litre, also up 35 paise.

28 Oct 2021, 10:00:42 AM IST

BOJ cuts Japan’s potential growth estimate, highlighting need for reforms

The Bank of Japan cut its estimate on the country’s potential economic growth rate to “around zero or slightly positive,” underscoring the need for labour market reforms and deregulation to overcome the challenges posed by a dwindling working-age population, Reuters reported.

The BOJ presented the finding as part of its quarterly economic and price outlook report released on Thursday.

In the previous estimate in January, the central bank said Japan’s potential growth was “above 0.5%.”

28 Oct 2021, 09:58:15 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

“The index has a stiff resistance at 18350 and that has been proved a couple of times over the last few sessions. The Nifty has a good support around the 17900-18000 levels. As long as that holds, the trend remains positive. But if we are unable to break this level and do not surpass 18350 either, the markets are going to trade sideways. Therefore it is advised not to consider any directional call on the index until either level is taken out.”

28 Oct 2021, 09:53:52 AM IST

PSU banks hit, index down over 3%

Nifty PSU Bank index 

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Nifty PSU Bank index  28 Oct 2021, 09:49:29 AM IST

IRCTC shares surge after stock split

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28 Oct 2021, 09:45:30 AM IST

ICICI Securities on markets

Equity benchmarks snapped past two session’s winning spree and settled Wednesday’s session at 18211, down 57 points or 0.3%. However, market breadth remained positive with A/D ratio of 1.1:1. Sectorally, IT, pharma, PSU banks outshone while metal and financials underwent profit booking.

Technical Outlook

The Nifty mainly oscillated in 70 points range before witnessing sharp sell off in the fag end of the session. As a result, daily price action formed a high wave candle carrying higher high-low, indicating range bound activity ahead of monthly derivative expiry session

Going ahead, we expect index to consolidate in the broader range of 18600-18000 with a stock specific action amid progression of Q2FY22 result season. Key point to highlight during recent corrective phase is that, over past seven session index has retraced 50% of preceding ten sessions rally (17452-18604). The slower pace of retracement signifies healthy consolidation.

In the process, we expect Bank Nifty to relatively outperform the benchmark and drive index higher as banking components carries 37% weightage in Nifty. Thus, any dip from here on towards should be capitalised on to accumulate quality stocks

28 Oct 2021, 09:42:35 AM IST

Brent falls to two-week low after inventory shock

Oil prices fell on Wednesday for a second straight day, with Brent hitting its lowest in two weeks after official figures showed a surprise jump in U.S. crude inventories.

Brent crude dropped $1.36, or 1.6%, to $83.22 a barrel, a two-week low, having declined by 2.1% in the previous session.

U.S. oil fell $1.28, or 1.6%, to $81.38 a barrel, a one-week low, after dropping 2.4% on Wednesday.

Crude stocks rose by 4.3 million barrels last week, the U.S. Energy Department said, more than double the 1.9 million-barrel gain forecast by analysts.

28 Oct 2021, 09:38:31 AM IST

Indusind Bank surges after strong Q2 results

IndusInd Bank on Wednesday reported a 73% year-on-year  jump in its consolidated net profit for the September quarter to ₹663 crore on credit growth and lower provisions.

It reported some stress in its microfinance and vehicular loans book but emphasised that from a provisions perspective, it is adequately covered to take care of any eventuality.

The bank’s core net interest income rose 12% to 3,658 crore, driven by a 10% growth in advances – the highest in 18 months.

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28 Oct 2021, 09:34:47 AM IST

Top gainers/losers on Nifty at this hour

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Nifty stocks 28 Oct 2021, 09:32:04 AM IST

Sensex stocks in opening deals

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Sensex stocks  28 Oct 2021, 09:20:36 AM IST

Sensex in opening deals

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Sensex  28 Oct 2021, 09:07:32 AM IST

Nifty in pre-open

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Nifty50 28 Oct 2021, 09:07:01 AM IST

Markets in pre-open

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BSE indices  28 Oct 2021, 08:44:03 AM IST

Paytm sets IPO price band at ₹2,080- ₹2,150; issue to open 8 Nov

One97 Communications Ltd, which operates Paytm, has set a price band of ₹2,080 to ₹2,150 for its initial public offering (IPO), at a valuation of $20 billion, the company said in a regulatory filing on Wednesday.

Almost 75% of the issue worth ₹13,725 crore is reserved for qualified institutional buyers (QIBs), with 10% of the issue worth ₹1,830 crore reserved for retail buyers, the BSE filing showed.

The IPO will open on 8 November and is expected to close on 10 November.

One97 Communications Ltd, has effectively increased its public issue size from ₹16,600 crore earlier to ₹18,300 crore, in what could be one of the biggest IPOs on the Indian bourses.

Paytm is now expected to increase the secondary share sale from existing investors to ₹10,000 crore as a part of the increased IPO size. The primary portion of the fresh share issue will remain unchanged at ₹8,300 crore, Mint reported on 27 October.

Roughly half of the offer for sale by existing shareholders will be by Paytm’s biggest investor Ant Financial, which owns 29.6% of the company.

28 Oct 2021, 08:40:32 AM IST

Nykaa share sale opens today; valuations attractive: analysts

With Nykaa’s ₹5,350 crore initial public offering set to open today, analysts have termed the startup’s valuations attractive compared to recently listed unicorns, CarTrade and Zomato.

The company’s asset-light model and the strong penchant among millennials to buy brands in the beauty and personal care segment makes the share sale a favourable bet for investors, according to analysts.

They said Nykaa, owned by FSN E-Commerce Ventures Ltd, has the potential to grow in the lifestyle e-commerce space with its scalable business model.

According to Sneha Poddar, an analyst at Motilal Oswal Financial Services, the issue is valued at 16.1 times FY22 enterprise value/sales on a post-issue and annualized basis. “We believe Nykaa is rightly placed to tap the high growth digital and online penetration in beauty, personal care (BPC) and fashion market. Investors with a high-risk appetite can subscribe for listing gains, given fancy for unique and first of its kind listing in the e-commerce space,” she said.

Nykaa recorded a 48% compound annual growth rate (CAGR) in revenue during FY19-21 while posting its maiden net profit last financial year.

The three-day share sale, which will close on 1 November, will reduce the promoter’s stake from 54.2% pre-IPO to 52.6%. The company plans to use the share sale proceeds to open new retail stores and warehouses, repay debt, and for marketing purposes.

28 Oct 2021, 08:38:48 AM IST

Govt ramps up coal stocks at power facilities to 9 mt

Coal stocks at power plants have been ramped up to 9.02 million tonnes (mt) and are expected to reach stock levels to sustain up to six days of electricity generation by this month-end, two government officials aware of the matter said.

Supplies of the fossil fuel are being further enhanced to help coal stocks reach 10 million tonnes by Diwali, as reported by Mint on 19 October. This follows coal supplies to power plants across India being increased to 2.2mt per day, following a meeting between coal minister Pralhad Joshi, power and renewable energy minister Raj Kumar Singh and railways minister Ashwini Vaishnaw on 19 October. (Read here)

28 Oct 2021, 08:21:28 AM IST

Cognizant Q3 revenue up 11% to $4.7 billion on improved demand

Cognizant Technology Solutions Corp. reported an 11% year-on-year rise in revenue in constant currency to $4.7 billion for the third quarter ended September as business momentum, especially in digital services, continued to improve. The company follows a January to December accounting year.

Based in Teaneck, New Jersey, Cognizant expects its full year 2021 revenue to grow 9.8% in constant currency to $18.5 billion, which would be its highest annual revenue to date, towards the higher end of its earlier guidance of $18.4 billion to $18.5 billion. (Read here)

28 Oct 2021, 08:04:34 AM IST

Stocks to Watch

Shares of ITC, Maruti, Bajaj Auto, Bharti Airtel, Adani Green, among others, could be in focus today.

AU Small Finance Bank, Adani Green Energy, Bajaj Finserv, Gujarat Gas, Indian Bank, InterGlobe Aviation, Marico, NTPC, SBI Card, Shree Renuka Sugars, Tata Power, are among the key companies, scheduled to announce their Q2 results today

28 Oct 2021, 07:46:55 AM IST

SGX Nifty futures traded at 18,235, up 0.1%

28 Oct 2021, 07:07:14 AM IST

Asian stocks slip; inflation impact on economic recovery weighs

Most Asian stocks fell Thursday amid concerns that the recovery from the pandemic will slow as elevated inflation forces tighter monetary policy.

Shares slipped in Japan and Australia and were little changed in South Korea, where Samsung Electronics Co.’s third-quarter profit exceeded estimates. U.S. futures rose after the tech-heavy Nasdaq 100 touched an intraday record and the S&P 500 dipped but stayed in sight of all-time highs.

Global stocks remain close to all-time peaks, supported by robust corporate earnings so far. The risk is sentiment could weaken if investors lose confidence in the ability of policy makers to contain inflation while nurturing the economic rebound. The resilience of the Nasdaq 100 overnight and tumble in U.S. small-cap shares hinted at doubts about the reopening trade.

S&P 500 futures rose 0.2%, while Nasdaq 100 futures increased 0.2%. Japan’s Topix index fell 1%, South Korea’s Kospi added 0.1% and Australia’s S&P/ASX 200 index shed 0.2%.

Overnight, on the Wall Street, the S&P 500 slipped 23.11 points to 4,551.68. The Dow fell 266.19 points, or 0.7%, to 35,490.69 and the Nasdaq edged up 0.12 points, or less than 0.1%, to 15,235.84.

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