Market Highlights: Sensex ends 135 pts lower, Nifty below 11,650; broader markets outperform benchmark indices

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Updated: October 30, 2020 4:30:18 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty closed with losses for the third consecutive day on Friday. Bharti Airtel shares fell nearly 4% Blue Dart gains 13%.

Share Market Today, Share Market LiveAmong Asian peers, Shanghai Composite was trading with marginal gains on Friday morning while Hang Seng was down with losses along with KOSPI, KOSDAQ, TOPIX, and Nikkei 225.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty opened flat with a negative bias but soon recouped and moved higher. S&P BSE Sensex was trading in the green, up over 150 points while the Nifty 50 regained 11,700 mark. HCL Technologies was up over 2% followed by ONGC and Nestle. Power Grid, Maruti Suzuki India, and Kotak Mahindra Bank were the top drags but none of them was down over 1%. Midcap and smallcap indices were outperforming the benchmark on BSE as well as NSE. Among Asian peers, Shanghai Composite was trading with marginal gains on Friday morning while Hang Seng was down with losses along with KOSPI, KOSDAQ, TOPIX, and Nikkei 225. 

Core sector output contracted for the seventh month straight, but only by 0.8% in September. In the month of August the eight core industries’ output had contracted by 7.3%. Economists say this is a sign of recovery after strict lockdown measures were eased. Coal, electricity, and steel are believed to have helped trim the contraction. “The core sector data reflects the fact that further economic contraction seems to have been arrested to a large extent, and that economic activity may pick up gradually,” said Joseph Thomas, Head of Research – Emkay Wealth Management. During the month, crude oil, natural gas, refinery products, fertiliser and cement recorded negative growth.

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Highlights

    16:24 (IST)30 Oct 2020
    Sensex, Nifty fall for the third consecutive day; here's what to make of the day's trade

    Domestic benchmark indices fluctuated between gains and losses on Friday but could not stay put in the green for long. With today’s fall, Sensex and Nifty have slipped for the third consecutive day. S&P BSE Sensex ended 135 points lower at 39,614 while Nifty 50 closed at 11,642 mark. This week, both the benchmark indices, registered a fall of over 2% each. Despite the weaker market sentiment, midcap indices moved higher and ended in the green. Auto stocks were some of the worst performers along with financials. Volatility was up 3% to close just shy of the 25 levels.

    Read full story

    16:04 (IST)30 Oct 2020
    Top 4 insurance stocks to buy; may gain up to 40% as industry stares at a decade of rapid growth

    India’s life insurance space could be shaping up as a massive investment opportunity over the coming decade. Ambit Capital says that it does not subscribe to the narrative that India’s life insurance space will grow solely because of under penetration but rather opines that opportunity lies in protection and annuity. “Our study reveals protection could grow 8x in 10 years and Rs 29 lakh crore of retirement corpus is estimated to grow at 15% to drive annuity at 20% CAGR,” Ambit said in a recent report. This implies that private insurance could grow 14.5% CAGR over the next decade, according to Ambit.

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    15:37 (IST)30 Oct 2020
    Sensex and Nifty end the week with losses

    During the week, Sensex slipped 2.37% lower while Nifty closed 2.1% lower. However, despite the fall registered this week, Sensex and Nifty have ended October with gains.

    15:34 (IST)30 Oct 2020
    Third consecutive day of losses

    It was the third consecutive day of losses for Sensex and Nifty as the benchmark indices mirrored Asian peers and ended in the red. 

    15:16 (IST)30 Oct 2020
    Bharti Airtel falls 3.75%

    Telecom major Bharti Airtel looks set to end the week on a low as the worst Sensex performer of the day. Despite a massive 12% jump on Wednesday, the stock is now down 0.62% this week.

    15:08 (IST)30 Oct 2020
    Tata Steel, Sun Pharma, and Nestle India are top Sensex gainers just ahead of closing

    Minutes before the closing bell, Tata Steel was up over 2% while Sun Pharma and Nestle India were up over 1.5%. Nifty was above the 11,600 mark.

    15:01 (IST)30 Oct 2020
    Indian cement sector - Estimate upgrade cycle to continue on improving volume and pricing trends

    "Cement volume trends continue to surprise us positively (double-digit growth in October). The pricing correction has already started to reverse selectively, unlike in past years," said Morgan Stanley in a report. The global brokerage firm says there is pent-up demand and broad based recovery in the sector along with improving pricing. 

    14:30 (IST)30 Oct 2020
    Nifty floats around 11,600

    Nifty has been floating around 11,600 but has so far not managed to convingly cross it. 11,600 levels act as crucial support, according to technical analysts. If the benchmark index fall below 11,600, seeling pressure could take markets down to 11,400.

    14:22 (IST)30 Oct 2020
    Zydus Cadila gets US FDA approval to market Dapagliflozin

    "Zydus Cadila announced that the company has received tentative approval from the USFDA to market Dapagliflozin Tablets, 5 mg and 10 mg Dapagliflozin is a sodium-glucose cotransporter 2 (SGLT2) inhibitor indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus and to reduce the risk of hospitalization for heart failure in adults with type 2 diabetes mellitus and established cardiovascular disease or multiple cardiovascular risk factors. Company believed that cadila is only company with tentative approval that has submitted a paragraph IV certification for US Patent No. 6,515,117 that claims the Dapagliflozin compound. The US District Court for the District of Delaware has scheduled a trial in February 2021 regarding Zydus Cadila’s patent challenge. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. This will be a very big opportunity for the company. Positive development for Zydus Cadila," said Yash Gupta Equity Research Associate, Angel Broking.

    14:10 (IST)30 Oct 2020
    Maruti, Hero MotoCorp among 5 stocks to buy amid festive season; may rally 28% post Q2 results

    Even as Indian share markets have not witnessed any major movement in the last one month on the back of a host of factors, BSE Sensex and Nifty 50 have recovered over 55 per cent each from March lows. With just two weeks to go for Diwali, many companies are anticipating strong sales. So far, most of the companies have reported decent earnings due to gradual economic recovery.

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    13:58 (IST)30 Oct 2020
    ECB holds rates

    Broadly in line with market expectations, the European Central Bank kept the 3 key policy rates unchanged and decided to reconfirm its accommodative monetary policy stance in its latest monetary policy committee meeting. The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0%, 0.25% and (-) 0.50% respectively. The ECB expects policy rates to remain at the present or lower levels until the inflation outlook converges close to the 2% inflation target set by the ECB.

    ~ Care Ratings

    13:41 (IST)30 Oct 2020
    Revised norms for PLI scheme

    The government relaxing norms to avail benefits of the PLI scheme is a welcome step, which will boost investment. The replacement of the minimum investment threshold limit with the committed investment will help medium and small companies to come forward, investment. Another measure of deleting the provision which restricts sales of products manufactured under the scheme for the domestic market only will help companies export their products, get a higher price for it. India still imports 80-85% of medical devices, raw materials. A robust manufacturing setup of bulk drugs and medical devices locally is crucial to reduce our dependence on other countries, especially China for raw materials and other inputs: Satyendra Johari, Founder & Chairman, Johari Digital Healthcare Limited

    13:14 (IST)30 Oct 2020
    Apple sees record quarterly growth in India despite falling iPhone sales across the globe

    iPhone manufacturer Apple posted a record September quarter where revenue came in at $64.7 billion. This was, to an extent, aided by a strong performance across geographies, which included India. “Geographically, we set September quarter records in the Americas, Europe and rest of Asia Pacific. We also set a September quarter record in India, thanks in part to a very strong reception to this quarter’s launch of our online store in the country,” said Tim Cook, CEO, Apple in an earnings call. In the -July-September quarter, Apple launched its first online store in India, looking to increase its presence in India. This is despite a 20.7% global fall in iPhone sales during the quarter. 

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    12:30 (IST)30 Oct 2020
    Nifty just above 11,550 mark

    50-stock Nifty was just above the 11,550 mark while Sensex was down over 400 points. Bharti Airtel was down over 4% while Maruti Suzuki India slipped 3%.

    12:13 (IST)30 Oct 2020
    Earnings recovery lags economic recovery

    We raise our base-case NIFTY target to 11,383 from 8,075 based on a 10- year average PER of 17.3x on a one-year forward basis vs 14x earlier. Despite our higher NIFTY target, we remain skeptical because: a) full recovery of the economy to FY20 levels is unlikely until FY23; b) earnings recovery factored in at 18x PER; and c) weaker-than-expected direct fiscal support to boost growth. We continue to prefer defensive themes such as software, telecom, private banks, tractors and cement stocks. We are negative on cars and trucks. Top Picks are: BHARTI, MM, INFO, HCLT, ICICIBC, ESC, BHIN and DALBHARA. Top sell – MSIL and TTMT~ Maybank

    12:08 (IST)30 Oct 2020
    What's helping BSE Midcap stay in the green?

    BSE Midcap index was outperforming stock markets, even though the benchmark Sensex was down over 300 points. TVS Motors, Cholamandalam Finance, Adani Green, and Mphasis were some of the start performers of the Midcap space. 

    12:05 (IST)30 Oct 2020
    Asian stocks tumble

    Stock markets across Asia were moving lower on Friday. Nikkei 225 and Topix were down over 1.5% each while Hnag Seng was seen slipping closer to 2%. 

    12:00 (IST)30 Oct 2020
    Sector watch

    All sectoral indices, except Nifty Media, Nifty metal, and Nifty Realty are trading with losses. Nifty private bank index is down over 1.5%.

    11:56 (IST)30 Oct 2020
    India VIX surges up 5%

    The volatility index or India VIX jumped nearly 6% on Friday to sit at 25.4 levels. Volatility has zoomed 35% so far this month. 

    11:46 (IST)30 Oct 2020
    Infosys, banking and finance stocks pulling markets lower

    Stock markets were being dragged by weakness in Infosys, Kotak Mahindra Bank, ICICI Bank, and HDFC Twins. Profit booking also moved Reliance Industries into the red ahead of quarterly results. 

    11:39 (IST)30 Oct 2020
    Sensex down over 200 points, Nifty just above 11,600

    Sensex and Nifty were seeing weakness emerge yet again as the benchmark indices slipped further. Nifty was just holding on to 11,600 levels. A fall beyond this would trigger fresh selling pressure, according to analysts. 

    11:26 (IST)30 Oct 2020
    Maruti Suzuki continues to drive strong volumes, but can you take this stock on a long drive?

    Maruti Suzuki India’s reported growth in volume in the July-September quarter but net profit moved up marginally to Rs 1,371 crore against Rs 1,358 crore in the same period last year. Although this might signal a recovery to pre-coronavirus levels, the share price was not impressed, tumbling down over 1% to Rs 7,015 per share on Friday morning. The largest car-manufacturer in the country reported EBITDA lower than what the street had estimated owing to lower average selling price. Gross profit per vehicle came in at Rs 1.43 lakh in the second quarter of the fiscal versus Rs 1.44 lakh per vehicle in the previous year.

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    10:58 (IST)30 Oct 2020
    Sensex, Nifty give up all gains

    Sensex and Nifty saw profit booking from the highs and gave up all gains after over an hour trade on Friday. Both the benchmark indices were trading flat. 

    10:56 (IST)30 Oct 2020
    Bracing for higher volatility

    Two parts to October series as massive gains made in first half ended with moderation of gains with retracement back towards 11,600 mark on Nifty, however hallmark of the story was Indian markets exhibited resilience amid global equity correction ahead of US elections. Nifty ended the penultimate session of October series at 11670 with eoe gains of ~8% while BankNifty gained ~17% on eoe basis. Highlights for the October series are a) FII’s massive cash based buying accompanied by large quantum of Index futures selling b) India VIX rallied to ~24 and global CBOE VIX trading near ~40 levels ahead of US election due next week c) Sector rotation was the theme during the series as IT stocks saw retracement and Banking/Financials making comeback.

    ~ Yes Securities.

    10:49 (IST)30 Oct 2020
    Sell side bias to continue

    "Yesterday's low of 11600 has become a crucial support for the market. If we break that, a wave of shorts might get triggered and we could see a slide till 11400 levels. The upside resistance is at 11900-11950. Until we do not get past that, the bias will be on the sell side," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

    10:47 (IST)30 Oct 2020
    Stock markets move lower from highs

    Sensex was down from its highs and trading flat after the initial hour of trade. Nifty 50 was also below the 11,700 mark. 

    10:26 (IST)30 Oct 2020
    HPCL share price surges 5% as firm mulls buyback; should you buy?

    Hindustan Petroleum Corporation Ltd (HPCL) share price jumped nearly 5 per cent to Rs 188.40 apiece on BSE, a day after the company informed that it will consider share buyback on November 4. With today’s gain in the stock price, HPCL is up over 21.5 per cent from its 52-week low, taking the total market capitalisation of the firm to Rs 28,716 crore.

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    09:42 (IST)30 Oct 2020
    Gold may remain choppy as market players remains non-committal ahead of US elections

    COMEX gold trades 0.51% higher near $1877/oz after a 0.6% decline yesterday when it tested 1-month low. Gold trades higher as the US dollar index stalled after testing near 1-month high. Also supporting price is expectations of additional measures by ECB. ETF investors however moved to sidelines indicating lack of investor buying. Gold may remain choppy as market players remains non-committal ahead of US elections however general bias may be on the downside unless we see a sharp correction in US dollar index: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:31 (IST)30 Oct 2020
    Nifty regains 11,700

    After slipping for two consectuve sessions, Nifty seems to be edging higher today. The 50-stock Index has regained 11,700 mark, however, it remains to be seen if it closed above the same or not. 

    09:27 (IST)30 Oct 2020
    Nifty Midcap 50, Smallcap 50 gain over 1% each

    Nifty Midcap 50 was up 1.20% on Friday morning while Nifty Smallcap 50 was up 1.11%. On the other hand Nifty 50 was seen inching 0.40% higher. 

    09:24 (IST)30 Oct 2020
    Broader market outperform benchmarks

    The BSE Midcap index was up 0.98% and the smallcap index was up 0.77% while the benchmark Sensex was up 0.30%. 

    09:22 (IST)30 Oct 2020
    Sensex and Nifty now trade with gains

    Sensex and Nifty, after a weak opening, moved higher to trade with gains. Nifty was hovering around 11,700 mark. 

    09:19 (IST)30 Oct 2020
    Sensex and Nifty open in red

    Sensex was dow marginally on Friday's opening bell while Nifty was trading just below 11,670. Midcap and smallcap indices were outperforming benchamrks. 

    09:10 (IST)30 Oct 2020
    Sensex, Nifty trade flat but in green

    Pre-open session takes Sensex and Nifty marginally higher. Sensex was up around 30 points whule Nifty was just below 11,680 mark. 

    09:04 (IST)30 Oct 2020
    Benchmark indices see flattish pre-open session

    Sensex and Nifty were marching in different directions during Friday's pre-open session but moves were flat. 

    09:01 (IST)30 Oct 2020
    Sensex slips in pre-open, Nifty moved higher

    S&P BSE Sensex was down in the red in the pre-open session on Friday. The 50-stock Nifty was seen trading higher but still below the 11,700 levels, following mixed global cues. 

    08:53 (IST)30 Oct 2020
    SGX Nifty down 30 points; 5 things to know before going into trade on Friday

    Indian share markets look to trade on a subdued note on Friday, with Nifty futures slipping 29 points to 11,635 on Singaporean Exchange. Asian peers were also seen trading with losses in the early trade today, despite a strong close for the US stocks in overnight trade on Wall Street after a significant sell-off in the previous session. On the domestic front, all eyes will be glued to the July-September quarter earnings by the index heavyweight Reliance Industries Ltd (RIL), which will be announced later in the day today.

    Read full story

    08:47 (IST)30 Oct 2020
    Slipping below 11,661 could take Nifty to 11,578-11,604

    "Nifty broke the support of 11661 on an intra day basis (on Thursday) but closed above it. A breach of this level could take the Nifty down to 11578-11604 band. Negative advance decline ratio over the last few sessions denote continuous profit taking by local institutions and non institutional players," said Deepak Jasani, Head of Retail Research, HDFC Securities.

    08:43 (IST)30 Oct 2020
    October series roll-over analysis

    "In the October series, Nifty made a remarkable up-move of ~8% led by fresh long additions as OI at the start of the series was at multi-month lows. The heartening aspect of this phase of rally has been participation from banks: Nifty Bank gained ~18% led by short covering and other cues. Moreover, the up-move has seen broad-based participation with Nifty 500 gaining ~7.5% in the October series and the only sectoral dragger was Pharma Index (-1%). Rollovers have ended on a strong note and market-wide futures’ open interest (value) is second highest levels at Rs 1,143 Bn after March expiry (when pandemic sell-off culminated)." said brokerage and research firm Edelweiss.

    08:39 (IST)30 Oct 2020
    11,600 levels to act as support for Nifty

    Technical analysts say Nifty finds support at 11600, While on the other side 11,800 would be the immediate hurdle. Falling below 11,600 could bring more weakness into equity markets. 

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