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Sensex ends 200 pts lower, Nifty near 18,200; Axis Bank, Bajaj Finance hit

Stock market today: Indian equities were higher on Wednesday, with FMCG, pharma, power stocks, PSU banks rising. Auto, metal stocks, and private banks traded lower. (File Photo: PTI)Premium
Stock market today: Indian equities were higher on Wednesday, with FMCG, pharma, power stocks, PSU banks rising. Auto, metal stocks, and private banks traded lower. (File Photo: PTI)

  • Market closing: Indian indices turned lower in the afternoon session. Sensex moved between 60,989.39 and 61,559.81, and Nifty between 18,167.90-18,336.70 though the day. Metal, auto stocks were under pressure, pharma shares rose

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In cues from overseas, investors will eye earnings reports of Amazon, Apple, Samsung Electronics, China Vanke, PetroChina. Data on US wholesale inventories, durable goods, due later today, will also be in focus.

27 Oct 2021, 03:54:42 PM IST

Sensex, Nifty end lower; Axis Bank, Bajaj Finance worst hit 

Snapping two days of gains, Sensex and Nifty ended lower on Wednesday.

At close, the Sensex was down 206.93 points or 0.34% at 61143.33, and the Nifty was down 57.40 points or 0.31% at 18211.00. About 1672 shares advanced, 1378 declined, and 109 were unchanged.

On the Sensex, Axis Bank, RIL, Bajaj Finance fell the most, with 23 Nifty stocks gaining, 27 declining

Asian Paints, UPL, Divis Labs, Infosys and Cipla rose the most on Nifty, while Axis Bank, Bajaj Finance, ONGC, Tata Motors and Bajaj Finserv fell.

Metal, infra, oil & gas, banks and auto indices ended in the red, while PSU Bank, pharma, IT and realty gained. BSE midcap and smallcap ended flat.

Sensex stocks at closing
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Sensex stocks at closing
27 Oct 2021, 03:29:27 PM IST

Paytm IPO to open on 8 Nov, close on 10 Nov

27 Oct 2021, 03:22:57 PM IST

Swiss Re to invest ₹920 crore in Paytm’s insurance unit

Digital payments company Paytm on Wednesday said arm Paytm Insuretech Ltd (PIT) has entered into a strategic partnership with Swiss Re.

Swiss Re, a leading provider of reinsurance, insurance and other forms of insurance-based risk transfer, will invest (by way of equity shares and compulsorily convertible preference shares) approximately 920 crore to buy 23% stake in Paytm Insuretech.

27 Oct 2021, 03:02:48 PM IST

Axis Securities revises rating on Kotak Mahindra Bank to BUY vs HOLD

The key positives for Kotak Mahindra Bank in Q2FY22 was strong pick-up in loan growth (up 14.7% YoY/ 8%) coupled with stable asset quality resulting in earnings growth of 23.8% QoQ to 203.2 Bn. Loan growth was spread across segments led by mortgages and unsecured book (up more than 10%). NIM slowed down to ~4.45% from 4.6% QoQ. G/NNPAs came down ~40/20bps to 3.2%/1.1% with gross slippage ratio of ~1.9%. Credit costs declined to ~60bps of loans. Restructured book is also moderate at ~54bps. With the push on growth, C-I has increased to 46.5% from 43.5% QoQ and 38.5% YoY which led to moderate PPOP growth.

The management indicated that the focus will be to keep the growth engine running even as costs run high in the near-term. Credit costs and restructured book are likely to remain on a comfortable footing. The bank has not dipped into its Covid provisions, which stand at 12.8 Bn.

We remain positive on the stock given management strength and sustainability and a strong deposit franchise. Asset quality remains on a strong footing giving us comfort on credit cost outlook. We would keenly eye the sustenance of loan growth momentum in the coming quarters. We revise our rating to Buy from Hold with revised target price of 2,475 (SOTP basis).

27 Oct 2021, 02:57:45 PM IST

ICICI Securities maintains BUY on Axis Bank 

Axis Bank’s Q2FY22 earnings surprised positively on portfolio quality 1) despite elevated slippage (3.5% vs 4% in FY21) recoveries, upgrades pulled GNPAs down 32bps QoQ to 3.53%; 2) restructuring at mere 0.64%; and 3) credit cost contained at 1.4% (better than our estimate of 1.7%) reinforces adequacy of existing buffer. 

However, this was offset by 1) growth momentum (1% QoQ/10% YoY) lagging peers; 2) portfolio mix shift weighing further on NIMs (down 7bps QoQ to 3.39%); 3) operating cost being elevated with 36% YoY/17% QoQ growth. 

Moderating credit cost trend is encouraging and now growth acceleration coupled with NIM improvement would be critical triggers to deliver superior RoEs. 

We expect earnings CAGR of >58% over FY21-FY23E and RoE of >14% by FY23E. Maintain BUY with a revised target price of Rs992 (earlier Rs942) assigning 2.4x FY23 book. 

Key risks: 1) Lower-than-anticipated growth can cap RoE improvement; 2) elevated opex.

27 Oct 2021, 02:42:49 PM IST

Oil drops 1% as U.S. stockpile rise saps rally

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

Brent oil futures fell $1.13 cents, or 1.3%, to $85.27 a barrel after closing at the highest in seven years on Tuesday.

West Texas Intermediate (WTI) futures were down $1.44, or 1.7%, to $83.21 per barrel after gaining 1.1% in the previous session.

27 Oct 2021, 02:40:58 PM IST

European markets tick lower 

Europe's main stock markets opened lower Wednesday after Germany downgraded its growth outlook, while traders awaited a UK government budget update.

London's benchmark FTSE 100 index shed 0.1% to 7,271.83 points, awaiting British tax and spending announcements due later in the day as the UK looks to bring down a huge debt pile that ballooned during the pandemic.

In the eurozone, Frankfurt's DAX index lost 0.2% to 15,732.43 points following news that the German economy, Europe's biggest, is projected to expand by around 2.6% this year.

27 Oct 2021, 02:35:46 PM IST

Axis Bank, Bajaj Finance pull Sensex into the red

Sensex stocks 
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Sensex stocks 
27 Oct 2021, 02:27:15 PM IST

Delhi schools to reopen from 1 Nov amid strict Covid protocols

27 Oct 2021, 02:24:50 PM IST

Sensex gives up gains, slips into the red

Sensex check 
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Sensex check 
27 Oct 2021, 02:09:19 PM IST

Maruti Suzuki Q2 Results: PAT at ₹475 crore, slumps 65% YoY

India's largest carmaker Maruti Suzuki reported a standalone net profit of 475 crore for the September ended quarter, down a massive 65% from 1,371 crore reported in the year-ago period.

Net sales were at 19,297 crore compared with 17,689 crore a year ago.

Maruti said an estimated 116,000 vehicles could not be produced due to electronics component shortage.

The company had more than 200,000 pending customer orders at end of quarter, it added.

27 Oct 2021, 01:53:58 PM IST

BSE MidCap rises nearly 0.5% to 25,703.87

BSE MidCap stocks
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BSE MidCap stocks
27 Oct 2021, 01:38:16 PM IST

IIFL Finance Q2 earnings: 

Net profit up 37.1% year-on-year at 291.5 crore for the September ended quarter, while revenue rose 13.8% to 1,667.6 crore

27 Oct 2021, 01:31:38 PM IST

Sectoral indices at this hour 

Nifty sectoral indices 
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Nifty sectoral indices 
27 Oct 2021, 12:44:25 PM IST

Lotus Herbals picks up 32% stake in dermaceuticals maker Fixderma India

27 Oct 2021, 12:36:05 PM IST

Top gainers/losers on Nifty at this hour 

Nifty stocks
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Nifty stocks
27 Oct 2021, 12:33:49 PM IST

Ceat investors should brace for few more quarters of subdued margins

Tyre-marker Ceat Ltd has seen significant impact of commodity cost inflation in the September quarter. In a post earnings conference call, the company’s management said raw material cost on a per kilogram basis rose 7% sequentially in Q2FY22 due a sharp increase in crude-based input materials. On a standalone basis, gross margins fell nearly 1000 basis points year-on-year to 36.9%. One basis point is one hundredth of a percentage point. 

That along with higher advertisement and employee expenses weighed on the company’s operating margins.

The management expects raw material prices to increase by 4% on a sequential basis in Q3FY22. In a bid to protect margins, the company has taken price hikes of 2% during the first 20 days of October in the two-wheelers and farm equipment segments and will take further price hike at the end of October. The management highlighted that the company needs to take further price hikes of 1.5-2% to offset the raw material inflation impact.

Analysts caution that despite these gradual price hikes, margins are unlikely to improve in a hurry. They expect an entire pass through of commodity cost inflation only by next year.

27 Oct 2021, 12:28:00 PM IST

NCLT agrees to hear Yes Bank's plea vs Dish TV to hold AGM: reports 

27 Oct 2021, 12:21:17 PM IST

IT services company Cyient forays into global management consulting practice

27 Oct 2021, 12:18:15 PM IST

Asian Paints rises; company says looking at aggressive price increases 

“Overall, from a point of view of inflation, we think this is something which we will have to live with for sometime. There doesn’t seem to be any reprieve now, we are just hoping that we should not see another bout of increase in terms of this kind of going forward but this is inflation is here to stay definitely to that extent. We are looking at a series of actions which we want to kind of really look at, namely we are looking at you know at some aggressive price increases in terms of what we want to kind of do, we are looking at areas in terms of formulation efficiencies, cost control and a very very clear regimented manner in terms of looking at seeing, so that we are able to kind of action this you know for the Q3 and Q4 as we kind of look forward," the company's management said in an investor presentation.

27 Oct 2021, 11:54:45 AM IST

Oil falls after increases in U.S. crude, fuel stockpiles

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world's largest oil consumer.

Brent oil futures fell 69 cents, or 0.8%, to $85.71 a barre, after closing at the highest in seven years on Tuesday.

West Texas Intermediate (WTI) futures declined 79 cents, or 0.9%, to $83.86 a barrel after gaining 1.1% in the previous session.

27 Oct 2021, 11:42:32 AM IST

Jyoti Roy, DVP- Equity Strategist, Angel One, on Nykaa IPO

FSN E-Commerce Ventures (Nykaa) is coming out with an IPO of 5,184-5,352 crore at a price band of 1085-1125. The IPO will consist of an offer for sale of 41.97 crore shares and fresh issue of shares amounting to 630 crores. The issue opens on 28 October021 and closes on 1 November. 

Incorporated in 2012, Nykaa is a digitally-native consumer technology platform, delivering a content-led, lifestyle retail experience to consumers. Nykaa has a diverse portfolio of beauty, personal care and fashion products, including their owned brand products manufactured by them. Nykaa offers its products through both online and offline channels. Naykaa is catering to the fast growing beauty and personal care market which is estimated to almost double to 2 lakh Cr. by CY2025 from 1.1 Lakh Cr. in CY2020. Moreover the Indian fashion market is estimated to grow 2.2x from 3.8 lakh Cr. in CY2020 to 8.7 lakh Cr by CY2025.

At the upper end of the price band, the Nykaa is valued at 21.8x its FY21 revenues While valuations may appear to be expensive Naykaa is one of the very few profitable Unicorns in India and we believe that the company is well positioned to benefit from the exponential growth in the online beauty and fashion retailing business over the next decade.hence we believe that that the valuations are justified and hence we recommend to SUBSCRIBE to the issue.

27 Oct 2021, 11:34:07 AM IST

ICICI Securities on Cipla 

We marginally tweak our estimates to factor in Q2FY22 results. Maintain ADD on the stock with revised target price of Rs1,004/share (earlier Rs1,000/share) based on 25xFY23E earnings and Rs32/share for Revlimid. 

Key downside risks: Regulatory hurdles, forex fluctuations and lower growth in India market.

We expect revenue/EBITDA/Adj. PAT CAGR of 9.2/10.4/14.2% over FY21- FY23E on high base of FY21 which had ~4% revenue contribution from COVID-19 portfolio and higher cost savings. The company turned net cash in FY21 and FCF generation of >Rs20bn/year over the next two years will further strengthen the balance sheet. We are positive on management’s renewed focus on India business, cost control initiatives and focus on RoCE. We expect RoIC to improve to 17.6% in FY23E from 9.4% in FY20.

27 Oct 2021, 11:31:35 AM IST

Cipla rises after strong Q2 performance 

Cipla Ltd pulled out a decent Q2 performance despite a decline in sales of covid-19 drugs. The India business growth of 16% year-on-year (y-o-y) provided the positive impetus. Adjusted for covid-19 product contribution, the growth came in at 23% as per analysts. The respiratory, urology, anti-infective and cardiology portfolios helped the company’s India sales.

Consolidated profit after tax grew 7% year-on-year to 712 crore in the July-September.

27 Oct 2021, 11:17:41 AM IST

Ambuja feels the heat of cost inflation much more than peers

The September quarter earnings performance of Ambuja Cements Ltd was marred by a spike in operating expenses as fuel and freight costs remained elevated. 

On a per tonne basis, blended cost increased 9% sequentially and 7% year-on-year to 4,087 in Q3CY21. Analysts note that this is higher than expectations of 3-4% rise in operating costs. 

Ambuja follows a January-December accounting year. 

Variable cost of production rose more than 10% both sequentially and annually. Higher advertising spends, packaging cost, and travel expenses translated into increased other expenses. Analysts also point out that since the company has only one-month of inventory days, so impact of spot cost of fuel is much more for Ambuja than peers. (Read here)

27 Oct 2021, 11:04:14 AM IST

SC appoints committee of experts to inquire into alleged use of Israeli spyware Pegasus for surveillance of Indian citizens: PTI

Every citizen of the country must be protected from violation of their right to privacy and Pegasus snooping allegation is chilling in nature ans court must find out the truth: SC 

27 Oct 2021, 11:00:57 AM IST

Titan in focus ahead of Q2 results 

27 Oct 2021, 10:45:52 AM IST

Swap rates surge as traders bet on RBI turning hawkish

Swap rates are rising in India in a sign that traders expect the central bank to roll back monetary stimulus quicker than expected despite its reassurances.

The five-year onshore overnight indexed swap, a tool to trade rate expectations, has advanced 31 basis points in October to 5.64%. It’s poised for the biggest monthly gain since February when the government said the economy had exited a recession before a Delta variant outbreak. (Read here)

27 Oct 2021, 10:35:40 AM IST

Gold dips on robust dollar, higher yields ahead of key central bank meetings

Gold prices eased further on Wednesday from a key $1,800/ounce level, as a robust dollar and higher U.S. bond yields dented the bullion's appeal while investors assessed how central banks would address rising inflation pressures.

Spot gold fell 0.2% to $1,788.40 per ounce, declining 1.2% since rallying to a more than one-month high late last week. U.S. gold futures dropped 0.2% to $1,789.30.

27 Oct 2021, 10:29:26 AM IST

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

"18350 continues to remain the short-term resistance level for the Nifty. It is imperative we keep above this level for a couple of days. That would trigger the next leg of this rally. 18000 is a good support for the markets and until we do not break this on a closing basis, dips can be utilized to accumulate long positions."

27 Oct 2021, 10:20:39 AM IST

ITC up ahead of Q2 results later today 

27 Oct 2021, 10:15:29 AM IST

India rupee slips 6 paise to 75.02 against US dollar

27 Oct 2021, 10:14:28 AM IST

Nifty PSU Bank index gains 

Nifty PSU Bank 
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Nifty PSU Bank 
27 Oct 2021, 10:03:15 AM IST

ICICI Securities on markets 

Market Outlook

Equity benchmarks extended gains over a second consecutive session tracking firm global cues on Tuesday. The Nifty climbed 143 points 0.8% to settle the Tuesday’s session at 18268. The market breadth turned positive with A/D ratio of 3:1. Sectorally, all major indices ended in green led by auto, metal and FMCG.

 

Technical Outlook

The Nifty pared initial gains and formed a higher low around 18100 mark. The fag end buying demand helped index to recoup morning losses and settled at days high. As a result, daily price action formed a bull candle carrying higher high-low, indicating resumption of upward momentum. In the process, Nifty midcap and small cap regained upward momentum as buying demand emerged from 50 days EMA

The decisive close above previous session high (18240) confirms pause in downward momentum. Going ahead, we expect index to form a higher base above the psychological mark of 18000 coincided with 20 days EMA that would pave the way to retest all-time high of 18600 in coming weeks. Key point to highlight since May 2020 is that, on eight out of ten occasions supportive efforts emerged in the vicinity of 20 days EMA. 

In the current scenario as well index has been bouncing from 20 days EMA over past three sessions, highlighting elevated buying demand. Also, the index has not corrected for more than 3-4% since April 2021. 

We expect index to maintain the same rhythm. Thus, any dip from here on towards should be capitalised on to accumulate quality stocks amid progression of Q2FY22 result season

Today's calls

Intraday – Tata Motors, Jindal Steel & Power

Positional – City Union Bank

 

27 Oct 2021, 09:52:36 AM IST

BharatPe brings suffix war to Delhi high court

The battle for the ‘Pe’ suffix between BharatPe and PhonePe has intensified with the former now filing a fresh petition in the Delhi high court to cancel the trademark registrations held by PhonePe.

Resilient Innovations Pvt Ltd., the parent company which owns Delhi-based financial services platform, BharatPe, on Thursday filed six cancellation actions against multiple registrations held by PhonePe Pvt. Ltd. for the “Pe" device mark in Devanagari script before the Intellectual Property Division of the Delhi high court. 

This comes just days after PhonePe withdrew its injunction plea with the Bombay high court, against BharatPe’s usage of the ‘Pe’ suffix for its newly launched ‘buy now pay later’ offering, postpe. 

27 Oct 2021, 09:50:25 AM IST

Broader markets advance

Nifty broader market indices 
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Nifty broader market indices 
27 Oct 2021, 09:39:31 AM IST

Axis Bank falls 4%, worst hit stock on Sensex 

Axis Bank reported lower year-on-year growth in its net interest income (NII) in three months to September as loan disbursements picked up only towards the end of the quarter.

Axis Bank’s net interest income or core income grew 7.8% to 7,900 crore in the three months ended September compared to 7,326 crore during the same period last year.

This was primarily on account of a 19-basis point (bps) year-on-year (y-o-y) fall in net interest margins to 3.39%.

Margins were impacted negatively by 13 basis points sequentially because of a change in loan mix, as high-yielding loans were paid off.

The bank, however, reported net profit of 3,133.3 crore in the three months ended September because of lower provisions, up 86% from 1,682.7 crore reported in the year-ago period.

Axis Bank
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Axis Bank
27 Oct 2021, 09:30:58 AM IST

Top gainers/losers on Nifty at this hour 

Nifty stocks 
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Nifty stocks 
27 Oct 2021, 09:25:05 AM IST

Sensex stocks in opening deals 

Sensex stocks 
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Sensex stocks 
27 Oct 2021, 09:23:20 AM IST

Nifty at 18,300 in opening deals 

Nifty50
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Nifty50
27 Oct 2021, 09:22:46 AM IST

Markets in opening deals 

BSE indices 
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BSE indices 
27 Oct 2021, 09:14:40 AM IST

Paytm eyes IPO size of ₹18,300 crore

India’s biggest initial public offering (IPO) is expected to get even bigger with One97 Communications Ltd., which runs the Paytm payments service, planning to increase its public issue size to 18,300 crore, two people aware of the discussions said.

While filing its draft prospectus earlier in July this year, Paytm said it was targeting an issue size of 16,600 crore (roughly $2.2 billion), which included the sale of new shares worth 8,300 crore. Existing investors were expected to sell stocks worth another 8,300 crore.

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, the people cited above said on condition of anonymity. Roughly half of the offer for sale by existing shareholders will be by Paytm’s biggest investor Ant Financial, which currently owns 29.6% of the company, they added. (Read here)

27 Oct 2021, 09:05:54 AM IST

Nifty in pre-open trade

Nifty50
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Nifty50
27 Oct 2021, 09:05:22 AM IST

Markets in pre-open trade

Sensex check
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Sensex check
27 Oct 2021, 08:48:47 AM IST

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

"The index has not been able to close above 18350 which is a crucial level. If we can achieve that for a couple of sessions, the markets would resume its current uptrend and then march ahead to achieve higher targets. 18000 is a good base and it has been supported by the Nifty on multiple occasions. If this level is disrespected, it would result in a psychological and technical breach of confidence."

27 Oct 2021, 08:35:41 AM IST

Oil price check

Oil prices eased from overnight peaks, with Brent crude futures down 0.75% at $85.75 a barrel and U.S. crude down by the same margin to $84.02 a barrel.

27 Oct 2021, 08:28:20 AM IST

Indian OMCs hike petrol, diesel prices

Domestic petrol and diesel prices rose to record highs on Wednesday as oil marketing companies raised pump rates after a two-day pause.

In Delhi, petrol and diesel rates were raised 35 paise to 107.94 and 96.67 per litre respectively, according to oil marketing companies.

In Mumbai, petrol is being retailed at 113.80, up 34 paise, and diesel is being sold at 104.75 per litre.

In Chennai, petrol costs 104.83 per litre.

Among the four metros, fuel rates are the highest in Mumbai.

Fuel rates vary across the states due to value-added tax or VAT.

27 Oct 2021, 08:24:00 AM IST

Bombay HC respite for Zee in row with Invesco

Invesco’s demand that Zee Entertainment Enterprises Ltd convene a special shareholders’ meeting to oust managing director Punit Goenka and recast the board is not legally compliant, the Bombay high court ruled, giving a breather to Zee group founder Subhash Chandra, who is battling a revolt against his family’s control of India’s largest publicly traded broadcaster.

However, an ongoing legal battle between the two parties in the National Company Law Tribunal will continue.

The company court will hear if Zee should be ordered to convene the shareholders’ meeting on Wednesday.

27 Oct 2021, 08:09:46 AM IST

Stocks to Watch

Stocks in news: Adani Ports And Sez, Larsen & Toubro, Maruti Suzuki, Bajaj Auto, Titan Company, ITC, IndusInd Bank, Adani Enterprises, SBI Life Insurance Company, Indian Overseas Bank, Punjab National Bank, Lupin, among others, are scheduled to announce their September quarter earnings today.

 

27 Oct 2021, 07:58:11 AM IST

SGX Nifty futures down  50 points at 18,283.50

27 Oct 2021, 07:10:28 AM IST

Asian stocks dip as earnings, inflation weigh

Asian stocks edged lower Wednesday as traders weighed the latest US earnings reports amid lingering concerns about growth risks from elevated inflation and China’s indebted property sector.

Equities fell in Japan and South Korea and fluctuated in Australia. The S&P 500 eked out a record high, with United Parcel Service Inc. and General Electric Co. up on strong results. U.S. contracts wavered.

In China, authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s deepening debt crisis. Separately, a top Chinese regulator called on companies to make “active preparations" to meet payments on their offshore bonds.

Investors are counting on earnings to support equity prices and so far the reporting season has been solid overall. But worries remain that over time rising raw material and wage costs and supply-chain snarls could crimp margins. Citigroup Inc. warned that profit growth may be close to peaking.

Australia's core inflation sped to its fastest annual pace since 2015 in the September quarter as price increases became more broad-based, a major surprise that led markets to wager heavily on earlier hikes in interest rates.

Data from the Australian Bureau of Statistics out on Wednesday showed the headline consumer price index (CPI) rose 0.8% in the third quarter and 3.0% for the year, much as expected.

Elsewhere, the U.S. cranked up tensions with China by banning China Telecom (Americas) Corp. On the virus front, a Food and Drug Administration panel gave its backing to the Pfizer Inc. and BioNTech SE vaccine for young children.

S&P 500 futures were little changed in early deals in Asian trade. The S&P 500 rose 0.2%. 

Japan's benchmark Nikkei 225 index was down 0.16% at 29,058.31 in early trade, while the broader Topix index slipped 0.05%. 

Australia’s S&P/ASX 200 Index fell 0.2%. South Korea's Kospi index was down  0.5% and Hang Seng futures dropped 0.9%.

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