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

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.

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.

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.

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.

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)

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.

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

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.

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)

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.

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.

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.

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. 

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