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Business News/ Markets / Live Blog/ Sensex closes 109 points down, Nifty below 17,900; metal, pharma top drags

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Sensex closes 109 points down, Nifty below 17,900; metal, pharma top drags

23 min read . Updated: 02 Nov 2021, 04:04 PM IST

Ajith Kumar

Benchmark indices opened in the green on Tuesday but lost momentum along the way and slipped into red. Although the indices did rally back into green, these was only blips on the way; the markets remained choppy as they reacted to earnings calls across the day. Realty, PSU banks, and auto sectors remained positive, notching over 1% gains, while energy, pharma, and metal were among sectors that weighed the indices down

: Stock market Today: Sensex, Nifty close in red.

Benchmark indices traded lower amid volatility. Sensex and Nifty opened in the green in keeping with Asian peers before dropping into red, returning to green again and then slipping back into red. The indices traded flat for a while before slipping lower. Sensex hit a high of 60,421.14 intraday and a low of 59,881.75 intraday. Nifty marked a high of 18,012.25 and low of 17,847.60 intraday.

02 Nov 2021, 04:03:11 PM IST

On markets closing: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty was unable to maintain a close above 17,900—this is a crucial point as the markets can either rally up or break down from this level. Hence it is advisable to watch the index closely for a couple of sessions before taking a directional call. The markets can give a 300-400 points move in either direction.

02 Nov 2021, 04:01:34 PM IST

On markets closing:

Nifty took resistance around 18,000 levels and corrected over 100 points from there. It closed at 17,890 , down by 40 points since yesterday's close. Nifty has strong resistance in 17,950 to 18,050 range. It has support at 17,600 and 17,450 levels. Traders are advised to book profits in every rise and avoid taking long positions till Nifty closes above 18,350 levels.

02 Nov 2021, 03:56:38 PM IST

Gold gains ₹53; silver jumps ₹45

Gold in the national capital on Tuesday gained ₹53 to ₹46,844 per 10 grams reflecting overnight rebound in international precious metal prices, according to HDFC Securities. In the previous trade, the precious metal had settled at ₹46,791 per 10 grams. Silver also moved higher by ₹45 to ₹63,333 per kg, from ₹63,288 per kg in the previous trade. In the international market, both gold and silver were trading flat at $1,793 per ounce and $23.95 per ounce, respectively. "Gold prices traded steady with spot prices at COMEX trading flat at $1,793 per ounce on Tuesday," said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

02 Nov 2021, 03:54:43 PM IST

Rupee gains 19 paise to end at 74.68 (provisional) against US dollar

02 Nov 2021, 03:52:44 PM IST

Markets close

Maruti, NTPC, Titan, SBI, and Larsen and Toubro were top gainers on Nifty, while Tata Steel, Grasim, JSW Steel, Hindalco, and HCL Tech were top losers on the index. On Sensex, Maruti, NTPC, Titan, SBI and Larsen Toubro were top gainers, while Tata Steel, Tech Mahindra, Reliance, HCL Tech and IndusInd Bank were top losers. Realty and PSU bank indices were up 2-3% supporting the market. Selling was seen in FMCG, oil & gas, IT and metal stocks. The midcap and smallcap indices on BSE were up 0.5-1%. The markets defied expectations of the momentum of bounceback being continued on Tuesday.

02 Nov 2021, 03:16:53 PM IST

Crude oil futures dip on weak spot demand

Crude oil prices on Tuesday fell ₹15 to ₹6,278 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for the November delivery dropped by ₹15, or 0.24%, to ₹6,278 per barrel with a business volume of 5,667 lots. Analysts said the fall in crude oil futures was due to the trimming of positions by traders amid a weak spot demand. Globally, West Texas Intermediate crude oil was trading 0.10% lower at ₹83.97 per barrel. Meanwhile, Brent crude, the international benchmark, gained 0.19% to trade at ₹84.87 per barrel in New York. (PTI)

02 Nov 2021, 03:12:43 PM IST

TCI partners Mitsui for temperature-controlled logistics solutions

Transport Corporation of India Ltd. (TCI), India’s leading integrated supply chain and logistics solutions provider, has announced a joint venture with Mitsui through its subsidiary TCI Cold Chain Solutions Ltd (TCI CCS). The partnership is expected to help meet the country’s growing demand for temperature-controlled logistics solutions. TCI CCS provides integrated cold chain logistics services in India, with a focus on temperature-controlled storage and transportation, for major local and global companies across various industries that include fresh food supply, pharmaceuticals, chemicals and quick service restaurants (QSR) etc. Through its state-of-the-art multi-user & multi-temperature warehouses and fleet of reefer vehicles, TCI CCS offers primary distribution of products from plant to warehouse, and secondary distribution from its warehouse and distribution centers to retailers.

02 Nov 2021, 03:06:01 PM IST

Sensex, Nifty at 3:01 pm

02 Nov 2021, 02:58:44 PM IST

Bank Nifty has seen a rally through the day

02 Nov 2021, 02:53:42 PM IST

Realty stocks have pushed markets

All stocks on BSE Realty are trading in the green. India Bulls Real Estate is the top gainer.

02 Nov 2021, 02:45:16 PM IST

JSPL posts ₹2,584 crore consolidated net profit in Q2 against ₹897 crore a year ago

02 Nov 2021, 02:36:17 PM IST

Dabur's Q2 revenue up 12% at ₹2,818 crore

India's leading science-based Ayurveda major Dabur India Ltd on Tuesday reported a 12% growth in consolidated revenue for the quarter ended 30 September, with an underlying industry-leading volume growth of 10% in the domestic FMCG business. Dabur reported its fifth successive quarter of strong double-digit growth despite growing inflationary pressures impacting consumer sentiments. Dabur India ended Q2 with a consolidated revenue of ₹2,818 crore, up from ₹2,516 crore a year earlier. All verticals of the business, from Ayurvedic medicines to hair care, oral care, home care and food & beverages, reported a growth in sales and market share. Operating margin during the quarter marked a 9% growth, while consolidated net profit was up 4.7% at ₹504 crore as against ₹482 crore a year earlier.

02 Nov 2021, 02:21:05 PM IST

Results and returns

02 Nov 2021, 02:14:03 PM IST

Samvat 2078: Top stocks and themes to bet on

Samvat 2077 started off with a robust bull run led by outperformance in the broader market. Benchmarks Nifty and Sensex touched new life time highs by surpassing 18,000 and 60,000 mark respectively for the first time in history. Nifty has given around 43% returns in Samvat 2077 so far, while mid and smallcaps also witnessed a stellar rally as all sectors delivered positive returns. For Samvat 2078, domestic brokerage Motilal Oswal expects travel & tourism sector to play out amid unlocking theme that may lead to leisure segment do well over next 6-12 months. (Read here)

02 Nov 2021, 02:00:53 PM IST

BSE Midcap stocks that gained 5 to 10%

Shriram Transport Finance Company Ltd, Phoenix Mills Limited, Aditya Birla Capital Ltd, and Prestige Estates Projects Ltd have gained between 5 and 10% in trade on Tuesday.

02 Nov 2021, 01:48:22 PM IST

Sun Pharma posts 12.9% rise in Q2 net profit

Sun Pharmaceutical Industries Ltd has posted a 12.9% increase in its net profit for the September quarter at ₹2,047 crore against ₹1,813 crore. Its revenue was up 12.5% at ₹9,626 crore versus ₹8,553 crore year-on-year. Sun Pharma's earnings before interest, tax, depreciation, and amortization was up 19.9% at ₹2,630 crore versus ₹2,193 crore and margin was at 27.3% versus 25.6% year-on-year.

02 Nov 2021, 01:45:31 PM IST

HPCL reports 7.2% jump in Q2 net profit

Hindustan Petroleum Corp. Ltd (HPCL) has reported 7.2% jump in its net profit at ₹1,923.5 crore for the September quarter versus ₹1,795 crore. Its revenue was up 12.9% at ₹83,063 crore against ₹72,442 crore, quarter-on-quarter (q-o-q). the firm's earnings before interest, tax, depreciation, and amortization was down 5.6% at ₹3,012.2 crore and margin was at 3.6% q-o-q.

02 Nov 2021, 01:41:37 PM IST

Thirumalai Chemicals' September quarter consolidated profit rises

02 Nov 2021, 01:35:45 PM IST

P&G hygiene and healthcare reports PAT of ₹218 crore

Procter & Gamble Hygiene and Health Care Ltd. has announced its financial results for the quarter ended 30 September. Despite a challenging market environment and a higher base period, the company said it delivered sales of ₹1058 crore, up 5% compared with year-ago behind its superiority strategy, robust product portfolio and strong retail execution. Compared with the corresponding quarter two years ago, prior to the pandemic, company sales are up 24%. Profit After Tax (PAT) was ₹218 crore, down 14% compared with year-ago behind commodity cost inflation and lower marketing investments in the corresponding quarter of 2020 due to the pandemic. For the quarter, both Feminine Care and Health Care businesses grew ahead of their categories.

02 Nov 2021, 01:28:13 PM IST

Sensex chart

Sensex is in the red after slipping back from green in a day of choppy trade.

02 Nov 2021, 01:20:33 PM IST

Thanga Mayil Jewellery Sept-quarter profit falls

02 Nov 2021, 01:13:06 PM IST

Nifty sectoral indices

Metal and pharma are top drag sectors.

02 Nov 2021, 01:04:05 PM IST

On FOMC monetary policy: Heena Naik, Research Analyst - Currency, Angel One Ltd

The FOMC Monetary Policy is set to be released on 3rd Nov 11:30 pm where the central bank is widely expected to announce that it will begin to unwind its $120 billion in monthly bond purchases and end the program entirely by the middle of next year. The quantum of monthly bond purchases is expected to be at a rate of $15 billion a month amid a recovery in the U.S. labor market and worries over the inflation outlook.

Fed Chairman Jerome Powell’s comments will be closely watched for any adjustment in his thinking on inflation which shall drive interest rate expectations. Worries over inflation have prompted traders to bring forward their expectations around the timing and pace of the Fed interest rate increases. Apparently, traders are pricing in as many as three interest rate hikes next year, but in the latest Fed forecast, only half of central bank officials agreed there should be even one.

02 Nov 2021, 12:50:11 PM IST

Russian October oil production rises following OPEC+ quota hike

Russia’s oil output increased in October for a second straight month as companies open the taps under the OPEC+ agreement to raise output. The nation produced 45.86 million tones of crude oil and condensate last month, according to data from the Energy Ministry’s CDU-TEK unit. That equals 10.843 million barrels a day, based on a 7.33 barrel-per-ton conversion ratio, and is 1.1% higher than September. Russia has the right to increase its crude-only production by some 100,000 barrels a day each month starting August. That’s a quarter of the total crude supply hikes targeted by the Organization of Petroleum Exporting Countries and its allies. The increases are set to continue until all of the production curbs that were implemented during the depths of the pandemic are rolled back. The alliance will meet Nov. 4 amid mounting pressure from oil consumers to increase output faster to stem price growth.

02 Nov 2021, 12:34:38 PM IST

White Oak Capital group completes acquisition of YES Asset Management

White Oak Capital group on Monday announced the completion of the acquisition of the mutual fund business of Yes Bank. In September, White Oak Capital group had received approval from the Securities and Exchange Board of India (Sebi) for registration of its subsidiary GPL Finance and Investments Limited as a sponsor of mutual funds and change in control of YES Asset Management (India) and YES Trustee Ltd from YES Bank Ltd to itself.

02 Nov 2021, 12:31:50 PM IST

Sun Pharmaceuticals is trading down over 2%

02 Nov 2021, 12:20:30 PM IST

Sectoral indices

02 Nov 2021, 12:04:16 PM IST

Sensex, Nifty at noon

02 Nov 2021, 11:59:05 AM IST

Bharti Airtel stock is on the rise ahead of results

02 Nov 2021, 11:48:46 AM IST

Adani enterprises JV wins first order from defence ministry

PLR Systems, a joint venture between Adani Enterprises and Israeli Weapon Industries has received its first order from the Indian defence ministry, according to a report.

02 Nov 2021, 11:46:27 AM IST

Most Asian stocks fall, futures steady; yen climbs

Most Asian stocks fell Tuesday as traders digested the latest coronavirus curbs in China and awaited key central bank decisions amid concerns about elevated inflation. The yen strengthened. Shares slid in China, where authorities in Beijing halted classes at 18 schools in one district after a teacher was infected with Covid-19. The investor mood was a little brighter in Hong Kong, aided by a jump in the city’s index of Chinese technology stocks. US and European futures wavered following an overnight record on Wall Street. In Australia, the central bank scrapped its bond-yield target. The nation’s currency dropped after Governor Philip Lowe said it was still “likely to take some time" for inflation to sustainably return to target. Yields on three-year and 10-year debt declined. The U.S. 10-year Treasury yield and the dollar were little changed ahead of the Federal Reserve meeting. The policy review comes amid price pressures stoked by the most-widespread U.S. supply crunch since the oil crisis of 1973. The Fed is expected to announce a tapering of its bond-purchase program. The earnings season has underpinned the equity market, countering worries about inflation and tighter monetary policy. But pandemic-era supply-chain challenges coupled with higher energy costs could become a bigger test if they feed into wider, more enduring price pressures. (bloomberg)

02 Nov 2021, 11:35:12 AM IST

Godrej Properties reports over two-fold growth in sale y-o-y

Godrej Properties has reported total income of ₹290 crore compared with ₹238 crore in the year-ago period. EBITDA stood at ₹105 crore compared with ₹77 crore, while net profit was ₹36 crore as compared with ₹7 crore. Earnings per share of the company amounted to ₹1.28 compared with ₹0.28.

02 Nov 2021, 11:30:54 AM IST

NTPC's 80MW solar capacity at Jetsar begins commercial operations

State-run power giant NTPC on Tuesday said its 80 MW solar power generation capacity at Jetsar in Rajasthan has stared commercial operations from 22 October. With this, the first part of the 160 MW Jetsar project has been made commercially operational. "Consequent upon successful commissioning and due approvals, first part capacity of 80 MW of 160 MW Jetsar Solar PV Project at Rajasthan, is declared on Commercial Operation from 22 October," the company said in a regulatory filing. With this, the installed as well as commercial capacity of NTPC and NTPC group has become 53572.5 MW and 66997.5 MW respectively, it added. Shares of NTPC Ltd were trading 2.35% higher at ₹137.45 on BSE. (PTI)

02 Nov 2021, 11:23:14 AM IST

Delhivery files DRHP for IPO of up to ₹74.6 billion

Indian delivery and e-commerce logistics company Delhivery has filed draft red herring prospectus for an initial public offering of up to ₹74.6 billion. The IPO comprises a fresh issue of shares worth ₹50 billion, offer for sale for ₹24.6 billion. The company plans to use the IPO proceeds to fund organic and inorganic growth initiatives. Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India and Citigroup are the book running managers of the IPO.

02 Nov 2021, 11:15:34 AM IST

Iron ore tumbles as steel curbs cut deep in world’s top producer

Iron ore futures extended losses below $100 a tonne on shrinking steel output in China and signs economic growth is facing mounting headwinds.

Prices in Singapore slumped for a fifth day as the world’s top steelmaker ramped up efforts to cap annual steel volumes. While China has imposed curbs on production throughout 2021, restrictions are now being rolled out more frequently and limits have been extended into the first quarter in an effort to ensure blue skies for the Winter Olympics.

Daily crude steel output in the final third of October dropped to the lowest since March 2020, according to researcher Mysteel, which cited a survey of 247 blast furnaces and 71 electric-arc furnaces. There were frequent requests from local governments to curb production, while lackluster steel demand and softening prices have dampened mills’ willingness to produce, it said. (Bloomberg)

02 Nov 2021, 11:06:35 AM IST

Sensex, Nifty at 11:02 am

Benchmark indices have slipped into the red. Sensex has conceded the 60,000 mark, while Nifty has fallen below the 17,900 mark. Several sectoral indices have slipped into the red. Energy and bankex are among the top drags.

02 Nov 2021, 10:54:40 AM IST

Hero MotoCorp sales decline 32% during October 21

Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, sold 547,970 units of two-wheelers in October 2021 against the 806,848 units being sold last year during the same phase. This is a huge 32% decline for the manufacturer. Meanwhile, Hero MotoCorp registered a rise in the export of motorcycles and scooters. The company dispatched 20,191 units last month compared to over 15,711 units being exported last year in October. (Read here)

02 Nov 2021, 10:52:31 AM IST

Maruti Suzuki announces opening of bookings for all-new Celerio

Maruti Suzuki India Ltd (MSIL) on Tuesday announced the commencement of bookings for its much awaited, all-new Celerio. Shashank Srivastava, senior executive director (marketing & sales), MSIL, said, “Today’s urban, progressive and aspirational customers look for lively, active and vivid products to match their persona. The all-new Celerio with a new petrol engine, vibrant and stylish design, and with host of segment-first features is an all-rounder. We are confident that the all-new Celerio will once again energize the compact segment."

02 Nov 2021, 10:46:12 AM IST

Tata Motors stock

Tata Motors has seen over 1% gain in trading of its stock after the announcement of its results on Monday.

02 Nov 2021, 10:39:52 AM IST

Nifty top gainers and losers

02 Nov 2021, 10:33:48 AM IST

Sensex heatmap

Sensex was at 60,058.22, down 80.24 points, or 0.13% at 10:32 am.

02 Nov 2021, 10:29:12 AM IST

Nifty broad market indices

The volatility index is in the positive and has gained over 1%.

02 Nov 2021, 10:26:13 AM IST

Top picks: Angel One Ltd

02 Nov 2021, 10:21:20 AM IST

Elon Musk dares UN: Take my $6 bn and explain how will you solve world hunger

Elon Musk, the richest person in the world, threw a challenge at the United Nations. He said that he will sell $6 billion worth of Tesla stock and donate the proceeds to the United Nations’ food agency if it could show how the money would solve world hunger. (Read here)

02 Nov 2021, 10:13:32 AM IST

Sensex, Nifty at 10:10 am

02 Nov 2021, 10:03:24 AM IST

Monthly commodities outlook: ICICI Securities

Gold outlook

· Gold prices rose strongly last month, supported by a retreat in US bond yields and dollar with investors focusing on the Federal Reserve’s response to inflationary pressure and concerns on tepid economic growth

· US GDP increased at a 2.0% annualised rate last quarter, as a resurgence in Covid-19 cases further stretched global supply chains, leading to shortages of goods like automobiles that slammed the brakes on consumer spending

· US Fed officials face a ticking clock in their ability to ignore high inflation and are now navigating between their own senses of patience and risk, and a US economy stymied by tangled supply chains, slow hiring and strong consumer demand

· European Central Bank President Christine Lagarde acknowledged higher inflation but pushed back against market bets that price pressures would trigger an interest rate hike as soon as next year

Crude oil outlook

· Oil prices settled at a multi-year high, as supply has tightened, with the Organization of the Petroleum Exporting Countries maintaining a slow increase in supply rather than intervening to add more barrels to the market, and as US demand has ramped up

· Demand has picked up with the recovery from the Covid-19 pandemic, with a further boost from power generators who have been turning away from expensive gas and coal to fuel oil and diesel. The White House said it will lift Covid-19 travel restrictions for fully vaccinated foreign nationals effective November 8, which should boost jet fuel demand. US crude inventories at the nation's largest storage site hit their lowest level in three years and nationwide fuel stocks fell sharply, a signal of rising demand

02 Nov 2021, 09:49:16 AM IST

On market opening: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index has opened on a lethargic note but it is a positive sign that it is above 17,900. That is a crucial level to keep in mind. As long as it keeps above this there is always a possibility for a positive momentum to build in and take the Nifty higher. A base has been formed around 17,550-17,600 but if that were to break, we could slide down to 17,200.

02 Nov 2021, 09:45:43 AM IST

Stock market holidays: BSE, NSE to remain closed for two days this week

The Stock Markets (BSE and NSE) will be closed for two days this week as per the list of stock market holidays 2021 available at the official BSE website — bseindia.com. The stock market will remain closed on November 4 on account of Diwali, on November 5 due to Diwali Balipratipada and on November 19 due to Gurunanak Jayanti. According to the stock market holiday calendar by BSE there will be no action in Equity, Derivative and SLB Segments on these days. However, it can be noted that on November 4, Muhurat Trading will be held. (Read here)

02 Nov 2021, 09:43:52 AM IST

Tata Motors shares surge despite wider Q2 loss. Should you buy?

Shares of Tata Motors today surged 5% to ₹505.15 in early trade on BSE despite reporting a higher second quarter loss. Homegrown auto major Tata Motors Ltd (TML) on Monday reported a widening of consolidated net loss to ₹4,441 crore for the second quarter ended 30 September, due to higher expenses and lower sales of its British arm JLR following semiconductor shortage. (Read here)

02 Nov 2021, 09:41:58 AM IST

Dhanteras 2021: Gold, silver prices fall today. Check out latest rates

Gold and silver edged lower today in Indian markets, tracking weak global cues. On MCX, gold futures were down 0.17% to ₹47,822 per 10 gram while silver futures dipped 0.25% to ₹64629 per kg. Jewellers are expecting strong sales during the Dhanteras-Diwali festive period as economy recovers and covid cases decline. Lower gold prices as compared to last year's levels are also expected to support buying. (Read here)

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