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Sensex slumps 1%, Nifty below 17,700; banks fall, metals, pharma gain

Stock market today: The Sensex slumped 1,158.63 points, or 1.9%, to close at 59,984.70 on Thursday and the Nifty fell 353.70 points, or 1.94%, to close at 17,857.25. The decline was the most in a day since April 30. (Photo: Reuters) Premium
Stock market today: The Sensex slumped 1,158.63 points, or 1.9%, to close at 59,984.70 on Thursday and the Nifty fell 353.70 points, or 1.94%, to close at 17,857.25. The decline was the most in a day since April 30. (Photo: Reuters) 

  • Market closing: Indian stocks extended losses in the afternoon session in choppy trade. Sensex moved between 59,089.37 and 60,128.37 and Nifty between 17,613.10-17,915.85. 

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Markets are grappling with a number of crosscurrents. Generally positive corporate performance has helped to underpin global equities. But inflation risks from supply-chain snarls and costlier raw materials are boosting expectations for rate hikes and dimming the economic outlook.

29 Oct 2021, 03:51:04 PM IST

Sensex tanks 678 points, Nifty ends below 17,700

Indian stock markets ended lower for the third straight day on Friday, with benchmark indices deep in the red.

The Sensex fell 677.77 points or 1.13% to close at 59,306.93, while the Nifty was down 185.60 points or 1.04% at 17,671.70.

Reliance Industries and Infosys were the top drags on Sensex, with 11 of 30 Sensex stocks closing higher. On the Nifty, 18 stocks gained, 32 fell.

Tech Mahindra, NTPC, Kotak Mahindra Bank, IndusInd Bank and L&T were fell the most on Nifty, whileUltraTech Cement, Maruti Suzuki, Cipla, Dr Reddy’s Laboratories and Shree Cements were among the top gainers.

Financials, private banks, IT stocks fell while realty, pharma, metal and auto stocks rose. BSE MidCap and SmallCap indices fell marginally.

Sensex stocks at closing on Friday.
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Sensex stocks at closing on Friday.
29 Oct 2021, 03:28:43 PM IST

ICICIdirect launches e-ATM for Mutual Funds for instant liquidity on MF redemptions

With e-ATM for MFs, ICICIdirect customers get payout within 30 min of redemption. Clients would get redemption of 50-70% of their MF redemption value within 30 minutes, and balance amount as per the payout cycle of the fund, which can be 2-4 working days. Maximum redemption is capped at INR 10 lakh per customer right now. If client redeems amount after 7:30 pm s/he will get the redemption at 10 am the next working day, the company said in a press release.

29 Oct 2021, 03:19:56 PM IST

AGR dues: Board of Vodafone Idea approves deferring payment by 4 years 

“We wish to inform you that the Board of Directors of the Company has approved the exercise of the option of deferment of the Company’s AGR related dues by a period of four years with immediate effect, in accordance with the notification dated 14 October 2021 issued by the Department of Telecommunications (DoT) to the Company," Vodafone Idea said in a filing to the exchanges.

29 Oct 2021, 03:08:57 PM IST

IndusInd Bank raises ₹2,800 crore debt capital via bonds: BSE filing 

29 Oct 2021, 03:04:21 PM IST

GAIL Q2 earnings 

GAIL (India) Ltd, the nation's largest natural gas utility, on Friday a net profit of 2,862.95 crore for the September ended quarter, up a massive 131% from 1,239.67 crore a year ago.

Revenue rose 57% year-on-year to 21,515.30 crore during the period.

29 Oct 2021, 02:55:48 PM IST

Govt approves 8.5% interest rate on employees' provident fund for 2020-21: PTI 

29 Oct 2021, 02:51:46 PM IST

Europe stocks under pressure 

U.S. futures fell Friday along with European stocks as traders weighed bond-market gyrations sparked by concerns over inflation and monetary tightening.

The Stoxx Europe 600 Index pared its fourth straight weekly advance, with technology stocks leading the retreat after disappointing Amazon.com Inc. and Apple Inc. earnings. Positive results from companies including Safran SA, Daimler AG and Banco Bilbao Vizcaya Argentaria SA cushioned the decline.

The Stoxx Europe 600 fell 0.5%, futures on the S&P 500 fell 0.4%, futures on the Nasdaq 100 fell 0.8%, and futures on the Dow Jones Industrial Average fell 0.2%.

29 Oct 2021, 02:38:59 PM IST

Voltas Q2 earnings 

Voltas reported a 30.9% jump in its Q2 net profit to 104.3 crore for the September ended quarter while revenue was up 4.8% at 1,689.1 crore.

Gross margin expanded 51bps yoy to 26.6% while on sequential basis it contracted 132bps yoy. EBITDA margin expanded by 127bps yoy on higher gross margins and costs reduction initiatives.

Yes Securities on Voltas Q2 results: Despite challenging conditions Voltas has managed to protect its leadership position in RAC, while commercial air-conditioning and air-coolers are seeing increased traction. The stock has already seen a significant re-rating. We continue our positive stance on the stock and will revisit our estimates post the earnings call.

 

29 Oct 2021, 02:33:45 PM IST

Dr Reddy's Laboratories Q2 earnings:

Dr Reddy's reported a 30% year-on-year rise in its September quarter net profit to 992 crore from 762.3 crore. Revenue rose 18% to 5,763 crore. EBITDA gained 22.9% to 1,557 crore, while EBITDA margin expanded to 27% from 25.9%.

29 Oct 2021, 02:16:17 PM IST

Dr Reddy's top gainer on Nifty, Kotak Mahindra Bank worst hit 

Nifty stocks 
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Nifty stocks 
29 Oct 2021, 02:06:47 PM IST

PM Jan Dhan Yojna accounts swell to 44 crore till Oct this yr: PTI 

Bank accounts under Pradhan Mantri Jan Dhan Yojna (PMJDY) have increased to 44 crore in over 7 years till October 2021, a finance ministry official said on Friday.

The PMJDY was announced by Prime Minister Narendra Modi in his Independence Day address on August 15, 2014, and was simultaneously launched on August 28, 2014, to foster financial inclusion.

This national mission was launched to ensure people have access to financial services, namely, banking, remittance, credit, insurance, pension in an affordable manner.

29 Oct 2021, 01:39:02 PM IST

Apple doubled India biz in fiscal 2021; sold 3.2 mn iPhones in 2020

Technology company Apple Inc., has doubled its business in India, chief executive Tim Cook said during the company’s September quarter earnings call, early Friday.

“During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam. We are optimistic about the future, especially as we see strong demand for our new products," Cook said.

Apple follows an October-September accounting year.

Apple does not break-up India phone sale numbers. However, the company sold 3.2 million iPhones in India during the 2020 calendar year, according to market research firm Counterpoint Research.

29 Oct 2021, 01:37:39 PM IST

Tech stocks weigh on European shares after Apple's warning

Technology stocks dragged down European equity markets on Friday as Apple's suppliers fell on the back of a downbeat holiday-quarter forecast from the iPhone maker, while investors remained nervous about the monetary policy outlook.

Shares in semiconductor companies AMS, STMicronelectronics, Infineon Technologies and ASML lost between 0.3% and 1%, weighed down by supply chain woes that cost Apple Inc $6 billion in quarterly sales.

Europe's tech index fell 1%, while miners dropped 0.9% after UK-listed Glencore's production update.

The pan-European STOXX 600 dropped 0.5% amid a nervous global mood fuelled by disappointing earnings updates from Wall Street's tech giants and persisting inflation fears.

29 Oct 2021, 01:31:21 PM IST

Losses in RIL, Kotak Bank, HDFC twins pull down Sensex 

Sensex stocks 
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Sensex stocks 
29 Oct 2021, 12:43:56 PM IST

Cadila Healthcare Q2 earnings:

Cadila Healthcare reported net profit of 3,002 crore for the September ended quarter, up from 473.4 crore a year ago. Revenue rose 3.4% to 3,784.8 crore.

29 Oct 2021, 12:36:31 PM IST

Varun Beverages Q2 earnings 

Varun Beverages reported a 56.9% year-on-year jump in its net profit for the September quarter to 240.1 crore. Revenue was up 32.7% at 2,440.4 crore.

 

29 Oct 2021, 12:33:32 PM IST

Market check 

BSE indices 
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BSE indices 
29 Oct 2021, 12:17:23 PM IST

Nifty below 17,850

29 Oct 2021, 12:11:41 PM IST

Oil prices edge higher but set for first weekly drop since August

Oil prices edged up on Friday but were headed for their first weekly losses in at least eight weeks after U.S. oil stocks rose more than expected and Iran flagged it was resuming talks with Western powers which could lead to an end to sanctions.

Brent crude futures rose 27 cents, or 0.3%, to $84.59 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.1%, to $82.93 a barrel.

29 Oct 2021, 12:04:27 PM IST

Amazon-Future case

Setback for Future Retail, Delhi HC rejects Future Retail’s ad-interim plea seeking a stay of Emergency Arbitrator Order: CNBC TV18

29 Oct 2021, 11:59:53 AM IST

Nykaa IPO: Issue subscribed 1.77 times so far on Day 2 of bidding 

29 Oct 2021, 11:58:24 AM IST

Nifty PSU Bank rises most among sectoral indices 

Nifty PSU Bank 
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Nifty PSU Bank 
29 Oct 2021, 11:43:57 AM IST

ICICI Securities maintains HOLD on Bajaj Auto on margin pressure, lack of immediate triggers

Bajaj Auto reported steady Q2FY22 earnings

Net revenues were at 8,762 crore, up 18.6% QoQ

Reported EBITDA margins at 16% were higher by 83 bps sequentially

Consequent reported PAT was up 20.1% QoQ to 1,275 crore

Bajaj Auto's has outperformed the Nifty Auto index over the past five years, having grown at ~6% CAGR ( 2,800 in October 2016).

Target Price and Valuation: We value Bajaj Auto at 4,220 on SOTP basis (21x PE on FY23E standalone EPS, stake in PMAG; previous target 4,275).

29 Oct 2021, 11:05:56 AM IST

Ministry of Railways has decided to withdraw decision on IRCTC convenience fee: Dipam secretary on Twitter 

29 Oct 2021, 10:53:26 AM IST

Tata Power partners Tata Steel to set up 41MW grid connected solar projects: BSE filing 

Tata Power and Tata Steel, the two flagship companies of the Tata Group, have come together to develop grid-connected solar plants in Jharkhand and Odisha. The two companies have signed a Power Purchase Agreement of 25 years to set up a 41MW solar project, which will be a combination of rooftop, floating and ground mounted solar panels. 

Under the project, Tata Power will develop Photo Voltaic (PV) capacities for Tata Steel at Jamshedpur (21.97MWp) and Kalinganagar (19.22MWp)

29 Oct 2021, 10:44:10 AM IST

Sensex check 

Sensex
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Sensex
29 Oct 2021, 10:43:39 AM IST

Mullaperiyar dam opened, red alert sounded at Idukki dam: PTI

29 Oct 2021, 10:22:16 AM IST

India rupee rises 15 paise to 74.77 against US dollar in early trade

29 Oct 2021, 10:16:44 AM IST

Stock Picks for Diwali: Yes Securities 

Yes Securities 
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Yes Securities 
29 Oct 2021, 10:09:14 AM IST

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

The index went into a free fall immediately upon opening. 17600 is the next level of support and if we can hold on to that, there is every possibility that we take a U-turn from here and resume the upside trajectory. On the flip side, if we break 17600 on a closing basis, the Nifty can slide further towards 17200.

29 Oct 2021, 09:57:17 AM IST

FII data 

On Thursday, foreign institutional investors (FIIs) net sold shares worth 3,818.51 crore, while domestic institutional investors (DIIs) net bought shares worth 836.60 crore in the Indian equity market, as per data with exchanges.

29 Oct 2021, 09:52:21 AM IST

ICICI Securities on markets 

Market Outlook

Equity benchmarks concluded monthly expiry session on a negative note as Nifty slipped below psychological mark of 18000. The index ended Thursday’s session at 17857, down 354 points or 1.9%. The market breadth turned negative with A/D ratio of 1:3. Sectorally, all major indices ended in red weighed by financials and metal.

The Nifty started the session on a subdued note and drifted southward as intraday pullback were short lived. The sell-off accelerated on the breach of psychological mark of 18000 that resulted in a biggest single day decline of 1.9%, since April 2021. The daily price action formed a sizable bear candle carrying lower high-low, indicating extended correction

The index has breached previous week’s low after 12 weeks rally (15513-18604) and closed below 20 days EMA, indicating pause in upward momentum. Going ahead, we expect Nifty to consolidate in a broader range of 17700-18400 with stock specific action amid progression of Q2FY22 result season. The secondary correction is the part of a secular bull trend which makes market healthy. 

In current scenario, we expect supportive efforts to emerge around key support threshold of 17700. Thereby, ongoing corrective phase should not be construed as negative, instead dips should be capitalized to build quality portfolio over medium term.

29 Oct 2021, 09:35:46 AM IST

Indigo falls on seventh consecutive quarter of loss

InterGloble Aviation Ltd, promoter of budget carrier IndiGo, reported a net loss for the seventh consecutive quarter in Q2FY22. However, this time around, its losses narrowed from Rs3,007 crore in Q1FY22 to Rs1,435 crore in the September quarter. Reduction in losses was aided by revival in air traffic ahead of the the festive season and the gradual easing of travel restrictions across the country.

29 Oct 2021, 09:30:42 AM IST

Top gainers/losers on Nifty now

Nifty stocks 
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Nifty stocks 
29 Oct 2021, 09:29:05 AM IST

IRCTC slumps, company asked to share 50% convenience fee with railway ministry 

29 Oct 2021, 09:21:12 AM IST

Nifty down over 1% at open

Nifty50
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Nifty50
29 Oct 2021, 09:20:14 AM IST

Markets slide 1% at open

BSE indices 
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BSE indices 
29 Oct 2021, 09:07:04 AM IST

Nifty in pre-open

Nifty50
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Nifty50
29 Oct 2021, 09:06:30 AM IST

Market flat in pre-open

BSE indices 
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BSE indices 
29 Oct 2021, 08:51:46 AM IST

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

"(Thursday's) fall would have unnerved many market participants. But I would not jump to a conclusion immediately. Today's low would be of significant value. If we breach that tomorrow, a bearish sentiment would trigger which could take the index to 17500. Traders are advised to be patient and disciplined in their trading approach. The Nifty is volatile and the stops could be unforgiving. So it is better to take a directional call after a couple of trading sessions."

29 Oct 2021, 08:47:41 AM IST

Fino Payments Bank ₹1,200 crore IPO to open for subscription today

29 Oct 2021, 08:46:53 AM IST

Morgan Stanley downgrades Indian equities over expensive valuations

Morgan Stanley downgraded Indian equities to equal-weight from overweight on Thursday due to expensive valuations, and said it expects the market to consolidate ahead of potential "short-term headwinds".

The brokerage said while the country's key fundamentals are positive, at 24 times forward price-to-earnings, Indian equities could see some consolidation ahead of the Fed tapering, a likely rate hike by India's central bank in February, and higher energy costs. (Read here)

29 Oct 2021, 08:46:04 AM IST

PM Modi leaves for Rome to attend G20 Summit

The Prime Minister will be visiting Rome and the Vatican City from October 29 to 31 on the invitation of Italian Prime Minister Mario Draghi.

He will be in Glasgow, United Kingdom, on November 1, 2 for the COP26 meeting at the invitation of British Prime Minister Boris Johnson.

In Rome, the Prime Minister will join other G20 Leaders during the 16th summit in discussions on global economic and health recovery from the pandemic, sustainable development, and climate change.

29 Oct 2021, 08:35:10 AM IST

KFC operator Sapphire Foods' IPO to open on 9 November, close 11 November

The initial public offering (IPO) of Sapphire Foods India Ltd, the operator of KFC and Pizza Hut outlets, will open on 9 November and close on 11 November. The firm plans to list on the exchanges on 22 November.

The IPO consists of a pure offer for sale of 17.57 million shares by existing shareholders and promoters.

29 Oct 2021, 08:14:48 AM IST

Stocks to Watch

Shares of RIL, Zee Entertainment, Bharti Airtel, among others will be in focus today.

BPCL, Adani Power, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Cadila Healthcare, Equitas Small Finance Bank, GAIL (India), SAIL, Varun Beverages are among the companies scheduled to release their Q2 earnings today

29 Oct 2021, 08:08:42 AM IST

RBI bets on long-term auctions

The Reserve Bank of India announced the first long term auction to absorb liquidity, taking the first step towards normalization of its liquidity adjustment policies and a potential reverse repo rate hike before the end of the year.

The central bank on Wednesday said it will conduct the 28 day variable reverse repo auction worth 50,000 crore on 2 November. It also announced a 7-day VRRR, albeit the quantum has been reduced to 1.5 trillion from 2 trillion earlier.

So far, the RBI has absorbed liquidity using both 7 day and 14-day VRRR auctions, which are typically seen as short-term liquidity management tools.

In its October policy, RBI had announced an increase in the quantum of 14-day VRRR auction to 6 crore and the option of 28 day VRRR auction. “Further, depending upon the evolving liquidity conditions – especially the quantum of capital flows, pace of government expenditure and credit offtake – the RBI may also consider complementing the 14-day VRRR auctions with 28-day VRRR auctions in a similar calibrated fashion," said RBI in its 8 October policy.

While the bond market was expecting a 28 day VRRR, traders are hardly enthused as they believe that it is not going to make any impact besides the sentiment.

29 Oct 2021, 08:06:20 AM IST

Evergrande makes coupon payment ahead of Friday deadline: Reuters

Cash-strapped China Evergrande Group has made payments for an offshore bond coupon ahead of the expiry of a grace period on Friday, two people with direct knowledge of the matter said, meeting its second U.S. dollar repayment obligation this month.

Evergrande, once China's top-selling developer, is reeling under more than $300 billion in liabilities, fuelling worries about the impact of its fate on the world's second-largest economy and global markets.

The property developer, which averted a default last week by securing $83.5 million for the last-minute payment of interest on a bond, needed to make $47.5 million in coupon payments to bondholders by Friday.

29 Oct 2021, 08:01:45 AM IST

Govt extends RBI governor Shaktikanta Das's term by 3 years

29 Oct 2021, 07:38:32 AM IST

SGX Nifty traded 17,871.50, down 9 points, in early deals

29 Oct 2021, 07:31:13 AM IST

Japan's factory output hammered by supply snags

Japan's factory output shrank for the third straight month in September as the auto sector was hit by a persistent global supply shortage, raising the risk of an economic contraction in the third quarter and throwing the recovery into doubt. Factory production slumped 5.4% in September from the previous month, official data showed on Friday, hurt by falling output of cars as well as general-purpose machinery.

29 Oct 2021, 07:17:40 AM IST

Asian stocks down as Amazon, Apple earnings disappoint

Asian stocks and U.S. futures fell Friday after disappointing earnings from Amazon.com Inc. and Apple Inc. and as traders weighed bond-market gyrations on concerns over inflation and monetary tightening.

Shares were lower in Japan, Australia and South Korea. Nasdaq 100 contracts underperformed S&P 500 counterparts. Apple and Amazon fell in extended trading, signaling a more than $200 billion drop in combined market value when the U.S. reopens. That overshadowed upbeat views on company performance that earlier took Wall Street to a record close.

S&P 500 futures fell 0.3%, while Nasdaq 100 futures shed 0.6%.

Japan's benchmark Nikkei 225 index was down 0.91% or 261.67 points at 28,558.42 in early trade, while the broader Topix index edged down 0.87% or 17.34 points to 1,982.32.

South Korea’s Kospi lost 0.3%, Australia’s S&P/ASX 200 index shed 0.4%. Hong Kong’s Hang Seng index fell 0.9% and China’s Shanghai Composite index slipped 0.1%.

Overnight on the Wall Street, major indices closed higher with the S&P 500 and Nasdaq boasting record closing levels thanks partly to gains in Apple and Amazon, while solid results from companies including Caterpillar and Merck helped ease concerns about slowing economic growth denting profits.

The Dow Jones Industrial Average closed up 239.79 points, or 0.68%, at 35,730.48, the S&P 500 gained 44.74 points, or 0.98%, to 4,596.42 and the Nasdaq Composite added 212.28 points, or 1.39%, to 15,448.12.

After the bell, however, shares of both Amazon.com Inc and Apple Inc moved sharply lower following the release of quarterly results.

Amazon was down 4% in extended trading after forecasting holiday-quarter sales below Wall Street expectations. Apple fell more than 3% in late trading after it said supply-chain woes cost it $6 billion in sales in the last quarter and that the impact will be even worse in the holiday-sales quarter.

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