Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian share market remained subdued on weekly F&O expiry, weighed by weak global sentiment as the US Fed raised interest rates by another 75 basis points. Key indices NSE Nifty 50 was at 18051 and BSE Sensex fell 70 pots to trade at 60836. Broader markets, however, advanced as Nifty MidCap 100 and Nifty SmallCap 100 indices climbed up to 0.34% and 0.29%, respectively. All sectors were fluctuating between gains and losses. Sectorally, Nifty PSU Bank, Nifty Bank, Nifty Realty, and Nifty Private Bank led the gains, while Nifty IT, Nifty Auto, and Nifty Consumer Durables capped it.
The impromptu meeting by the RBI is going to be more about inflation than interest rates, according to Heena Naik, Research Analyst – Currency, Angel One. “The rate-setting panel has to send out a letter to the government mentioning the reasons with regards to missing out on its inflation target. They also have to mention the counter-actions that it prepares to undertake to bring the inflation back in its targetted zone,” she said. “The markets, therefore, are not expecting any rate action but rather talks on inflation which could influence the Indian Rupee accordingly,” Naik added. RBI MPC Live Updates
Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates 3 November, Thursday
SBI, Titan, UPL, Bajaj Auto and Hindustan Unilever were the Nifty gainers, while, Tech Mahindra, Hindalco, Powergrid, Infosys, and NTPC were the laggards for today.
Benchmark indices ended in red on weekly F&O expiry and RBI MPC off-cycle meet. Nifty closed at 18,051. BSE Sensex closed 70 points, or 0.11 per cent lower at 60,836.
Specialty chemical company Archean Chemical Industries on November 3 fixed a price band of Rs 386-407 per share for its forthcoming initial public offering.
The offer is going to be opened for subscription on November 9 and the closing date will be November 11. Anchor book will be launched for a day on November 7. The company plans to raise Rs 1,462.3 crore through the public issue that comprises a fresh issue of Rs 805 crore shares and an offer-for-sale of 1.61 crore equity shares by promoters and investors.
HDFC Asset Management Co. has announced the launch of two funds – HDFC Nifty IT ETF and HDFC Nifty Private Bank ETF, in order to expand their suite of “HDFC MF Index Solutions”. These funds offer a simple way to gain exposure to the growing IT & Private Bank space. The captioned NFOs opened on October 28, 2022, and will close on November 9, 2022.
– NII up 13% YoY to Rs 4,639 crore
– Individual Gross NPA at 0.91% vs 0.98% (QoQ)
– Non-individual Gross NPA at 3.99% vs 4.44% (QoQ)
– Gross NPA at 1.59% Vs 1.78% (QoQ)
The public issue of Bikaji Foods International, the third largest ethnic snacks company with an international footprint, has garnered bids for 78.16 lakh equity shares against offer size of 2.06 crore shares subscribing 38 percent on November 3, the first day of bidding. Retail investors have bought 66 percent shares of the allotted quota, and employees have bids for 28 percent shares of the portion set aside for them.
Hindustan Petorleum today reported a net loss of Rs 2,172 crore for the quarter ended September 2022 as against a net profit of Rs 1,923 crore in the corresponding quarter a year ago. Total income, however, was up 29.7 per cent on-year at Rs 1,14,453 crore.
Bucking the negative market trend, Bank Nifty was trading marginally higher intraday. The index was up 144 pts or 0.35% at 41,273, led by 4% rise in PNB stock. Gains in IDFC Firsrt Bank (up 3.5%), Federal Bank (3.19%), SBI (1.9%) also kept the index in positive territory.
Asian markets in red post the US Fed rate hike; Hang Seng slumps 3%
Sensex is down 214.67 points or 0.35% at 60691.42, and the Nifty shed 67.50 points or 0.37% at 18015.30.
Sensex is down 232.71 points or 0.38 percent at 60,673.38. Nifty is down 74.00 points or 0.41 percent at 18,008.80.
– Nifty’s 12-month forward P/E of 19.6x, at a 6% premium to its LPA of 18.5
– The 12-month trailing P/E for the Nifty stands at 23x, 15% higher than its LPA
– Market capitalization-to-GDP ratio stands at 107% (of FY23E GDP), much above its long-term average of ~81%
-Motilal Oswal Financial Services
“18,000 is a crucial support for Nifty for the day. No trade advisable today as weekly expiry days can get tricky,”-Rahul Sharma, Head-Research, JM Financial Services
“Global Health Limited operating under brand name “Medanta” is one of the largest private multi-speciality tertiary care providers operating in the North and East regions of India in terms of bed capacity and operating revenues. It is recognized for clinical expertise in particular in dealing with complicated cases. The company is available at the upper end of the IPO price band at 38.4x its FY23 annualized earnings attributable to post issue equity demanding a market cap of Rs. 90,110 million. At the upper end of the IPO price band, the issue is priced at a P/BV of 5.3x based on its NAV of Rs. 63.82 as of March 31, 2022. The Company have good operating metrics and financial profile with topline and margin increasing over years. When compared to its listed peers, Medanta is fairly valued. We recommend “Subscribe-Long Term” rating to this IPO.”-Anand Rathi Share and Stock Brokers
–Net Profit down 73.3 percent (YoY) at Rs 48.7 crore vs Rs 182.3 crore
-Revenue up 4.4 percent (YoY) at Rs 14,150 crore vs Rs 13,558 crore
-EBITDA down 40.8 percent (YoY) at Rs 254.5 crore vs Rs 430 crore
-Margin at 1.8 percent vs 3.3 percent
-Volume Growth at 9%
“The conflict between Iran and Saudi Arabia is another geopolitical worry. All this will have an economic implication as well, as it will impact the crucial energy supply especially at this time of the year when the winter is likely to be harsh. The food supplies can also be hit. In case there is an unfortunate geopolitical event, it will fan inflation concerns and growth rates across economies. Geopolitical tensions are ranked numero uno when it comes to what can hurt market sentiment over the next few months,” –Gaurang Shah, head investment strategist at Geojit Financial Services
Buying seen in the banks and FMCG, while autos, IT and infra remain under pressure
The rupee depreciated 8 paise to 82.88 against the US dollar in morning trade on Thursday after the US Federal Reserve raised interest rates and maintained a hawkish stance
In Nifty current series, there has been a Long Addition witnessed with an increase in price of 2.01% and an increase in OI by 4% as on today wherein there was an addition of 3.64 lakh shares in OI, increasing from 109.35 lac to 112.98 lakh shares. Nifty current month rollover stands at 11% as on today, while Nifty Put Call Ratio a sentiment indicator used by traders to gauge the market sentiment and mood is currently at 1.13 compared to 1.10 of last week, indicating a flat-to-positive movement for expiry. India VIX, a market volatility indicator often called the “fear gauge“, is currently trading 16.66% compared to 16.60% of last week.
Medanta operator Global Health Ltd’s IPO opened for public subscription on Thursday and will close on Monday, 7 November. The company has set a price band of Rs 319-336 a share for the initial share sale. Ahead of the IPO, the company has mobilised Rs 662 crore from anchor investors. Global Health IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale (OFS) of up to 5.08 crore equity shares. At the upper end of the price band, the company is expected to fetch Rs 2,206 crore through the IPO. Proceeds from the fresh issue will be used to pay debt and general corporate purposes.
Sensex is up 8.65 points or 0.01 percent at 60914.74. Nifty is up 1.70 points or 0.01 percent at 18084.50.
Bikaji Foods IPO opened for public subscription on Thursday (3 November), and the three-day issue will conclude on Monday. The price band for the IPO has been fixed at Rs 285-300 per share. The Bikaji Foods IPO consists of 2.93 crore shares in the public issue, which will be a pure offer for sale (OFS) by its promoters and existing shareholders. Since the IPO is completely an OFS, the company will not receive any proceeds from the issue. At the upper end of the price band, the IPO is expected to fetch Rs 881 crore. Bikaji Foods shares are commanding a grey market premium of Rs 75 on Thursday, according to people who deal in unlisted stocks.
Varun Beverages shares price has soared 12% in 3 days. The stock is near record high on strong Q3 results. Going ahead, VBL expects double-digit volume growth to continue, led by 5-10 per cent annual outlet expansion and growth in revenue per outlet.
“18000 to act as crucial support for the day. With RBI policy today, we could witness some volatility, hence avoid aggressive position in first two hours.”-Rahul Sharma, Head – Ressearch, JM Financial Services
Adani Enterprises, Ajanta Pharma, Amara Raja Batteries, Apar Industries, Adani Total Gas, Adani Wilmar, Bank Of India, Blue Star, Coromandel International, Devyani International, Elecon Engineering, GMM Pfaudler, Hawkins Cookers, HDFC, Hero Moto Corp, Hindustan Petroleum Corporation, Indian Bank, Indigo Paints, IndInfravit Trust, JK Laksmi Cement, Jindal Stainless (Hisar), Mahindra Lifespace Devel
Nifty Futures – Resistances 18230-18300; Supports 18050-17950
Banknifty Futures – Resistances 41600-41825; Supports 41000-40700
Yesterday, Nifty futures shed around 6% of open interest as long unwinding whereas Banknifty futures added around 3% of open interest as short buildup. On sectoral front, short buildup was seen among Chemicals, Finance, Power and Textile stocks. On options front, no significant activity was seen and maximum positions are at 18400 CE and 18000 PE.
Oil futures fell early on Thursday as the dollar firmed on the Federal Reserve's hawkish stance, but concerns over looming supply risks kept a floor under prices. Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while U.S. West Texas Intermediate (WTI) crude futures retreated 59 cents, or 0.7%, to $89.41. The benchmarks settled up more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the Fed boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to think about pausing rate increases.
Shares of M&M Financial Services soared over 8 per cent despite 55 per cent YoY decline in net profit to Rs 492 crore in Q2FY23.
The Fed commentary after the expected 75bp rate hike, particularly Jay Powell’s remark that the terminal rate is likely to be higher than thought earlier, disappointed markets which resulted in a sell off in US markets. But it is important to note that when asked about moderating rate hikes he said, “that time is coming and it may come as soon as the next meeting or the one after that.” So, it is possible that the markets can again bounce back since the economy continues to be strong and unemployment is at record lows indicating that a recession is not imminent.
India’s outperformance is likely to continue since leading indicators like credit growth, capital expenditure and auto sales point to robust economic recovery. FPI buying of Rs 12610 crores during the last 5 trading sessions can provide support to the market at lower levels. Large-cap banks, capital goods and the premium auto segment can be bought on declines.”-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Hindalco Industries, Wipro, Tech Mahindra, Infosys and Coal India were among major losers on the Nifty, while Bajaj Auto, Titan Company, ITC, Eicher Motors and Britannia Industries were the gainers.
Indian indices opened on a negative note amid weak global cues with Nifty back below 18000. The Sensex was down 270.48 points or 0.44% at 60635.61, and the Nifty was down 79.00 points or 0.44% at 18003.80.
“Going by the global cues, domestic equities are likely to see a downward trend in early trades Thursday, after the US Federal Reserve overnight hiked interest rate on expected lines by 75 bps but signalled that its tightening campaign is not over yet. However, investors can heave a sigh of relief after the Fed hinted at a slower pace of rate increases going ahead. For local investors, focus will immediately shift to the RBI MPC's unscheduled meeting later today and try to gauge from its explanation to the government on the higher inflation front. Inflation has been consistently above the MPC’s 2-6% target band for three consecutive quarters.”-Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
Benchmark indices are trading lower in the pre-opening session. The Sensex was down 525.87 points or 0.86% at 60380.22, and the Nifty was down 185.30 points or 1.02% at 17897.50.
Indian rupee opened marginally lower at 82.81 per dollar on Thursday against previous close of 82.78.
Specialty marine chemical manufacturer Archean Chemical Industries has decided to launch its initial public offering for subscription on 9 November. The closing date for the offer will be November 11. The issue will be opened for anchor investors for a day on 7 November. The company will disclose details about its IPO price band on 3 November. The maiden public issue comprises a fresh issuance of shares worth Rs 805 crore and an offer for sale of 1.61 crore equity shares by promoters and investors.
Bears are likely to maintain control over Dalal Street on Thursday amid weak global cues, following US Fed’s 75 bps rate hike decision. Investors will remain cautious ahead of RBI off-cycle MPC meeting. According to analysts, global and domestic developments such as FOMC, RBI MPC meetings will dictate the near-term trend in markets. “On daily charts, the Nifty has formed a small bearish candle with double top formation on intraday charts. For the index, 18000 and 17950 would act as key support zones while 18200-18250 would be the immediate hurdle,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
HINDUNILVR (PREVIOUS CLOSE: 2,518) BUY
For today’s trade, long position can be initiated in the range of Rs 2,518- 2,505 for the target of Rs 2,605 with a strict stop loss of Rs 2,470.
BATAINDIA (PREVIOUS CLOSE: 1,861) BUY
For today’s trade, long position can be initiated in the range of Rs 1,845- 1,835 for the target of Rs 1,915 with a strict stop loss of Rs 1,805.
CANFINHOME (PREVIOUS CLOSE: 507) SELL
For today’s trade, short position can be initiated in the range of Rs 508- 510 for the target of Rs 480 with a strict stop loss of Rs 520.
JSW group stocks: JSW Group plans to invest Rs 1 lakh crore in Karnataka over the next five years across all its businesses, including steel, green energy, cement, paints and a new greenfield port.
Wipro: The IT major on Wednesday said it has launched a new financial services advisory capability in India.
HDFC, Hero MotoCorp, Hindustan Petroleum Corporation, Vodafone Idea, Adani Enterprises, Adani Total Gas, Adani Wilmar, Bank of India, Blue Star, Devyani International, Indian Bank, JK Lakshmi Cement, Raymond, SRF will be in focus as they report their Q1FY23 earnings on 3 November.
“Nifty broke a 4 day winning streak on Nov 02 and ended in the negative. At close, Nifty was down 62.6 points or 0.34% at 18082.9. Nifty has formed a bearish Engulfing Top pattern after forming a doji in the previous session. This could portend reversal of the trend to down unless we see a positive outcome from the US Fed meet in the evening. 18022 and 17839 are the two supports for the Nifty on the downmove while 18179 could act as a resistance on the up.”-Deepak Jasani, Head of Retail Research, HDFC Securities
“After having rallied sharply over the past week or so, markets finally took a breather ahead of the Fed's decision on policy rate hike. Traders preferred to book some profit in selective counters to avoid being caught off guard on worries of a sharp correction worldwide. Technically, on daily charts the Nifty has formed a small bearish candle with double top formation on intraday charts. For the index, 18000 and 17950 would act as key support zones while 18200-18250 would be the immediate hurdle.”-Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
The Federal Reserve pumped up its benchmark interest rate Wednesday by three-quarters of a point for a fourth straight time but hinted that it could soon reduce the size of its rate hikes. The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years. It was the central bank’s sixth rate hike this year — a streak that has made mortgages and other consumer and business loans increasingly expensive and heightened the risk of a recession. The Fed’s statement Wednesday was released after its latest policy meeting.
Shares in the Asia-Pacific dropped on Thursday after the U.S. Federal Reserve Chairman Jerome Powell signaled further hikes ahead after raising rates by 75 basis points as expected, saying it was “premature” to talk about pausing the tightening cycle. Hong Kong’s Hang Seng index fell 2.41% in early trade, leading losses in the wider Asia-Pacific trading session. Mainland China’s Shanghai Composite lost 0.11% and the Shenzhen Component was down 0.45%. In Australia, the S&P/ASX 200 was last down 1.9%. The Kospi fell 0.66% and the Japanese market was closed for a holiday Thursday. The MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 1.3%.
US stocks ended sharply lower on Wednesday, as comments from Fed Chair Jerome Powell shattered initial optimism over a Fed policy statement that raised interest rates by 75 basis points but signalled that smaller rate hikes may be on the horizon.
In a volatile trading session, equities initially moved higher in the wake of the hike by the Fed, the fourth straight increase from the central bank of that magnitude as it attempts to bring down stubbornly high inflation. The Dow Jones Industrial Average fell 505.44 points, or 1.55 percent, to 32,147.76, the S&P 500 lost 96.41 points, or 2.50 percent, to 3,759.69 and the Nasdaq Composite dropped 366.05 points, or 3.36 percent, to 10,524.80.
Trends in SGX Nifty hinted at a gap-down opening for domestic equities as Nifty futures were trading 153 pts or 0.8% down at 8,009 levels on the Singapore Exchange.