Share Market Highlight: Sensex ends 127 pts higher, Nifty settles at 11,930; broader markets outperform benchmarks

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Updated: October 23, 2020 4:32:47 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlight: Sensex and Nifty ended in the green on Friday. Maruti was the top gaining stock followed by Mahindra & Mahindra.

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 Highlight: Domestic benchmark indices ended the week’s last trading session with gains. S&P BSE Sensex closed 127 points higher, recouping most of the losses recorded yesterday. The 50-stock Nifty settled above the 11,900 mark to close at 11,930 levels.  Maruti Suzuki India shares zoomed 4.44% to end as the best performing Sensex constituent, followed by Mahindra & Mahindra and Tata Steel. UltraTech Cements, HCL Technologies, and HUL were the top drags. Broader markets outperformed the benchmarks on Friday, Nifty Midcap was up 0.68% while Nifty Smallcap 50 gained 0.59%. 

Principal Economic Advisor, Sanjeev Sanyal, on Thursday said that India’s stimulus approach has been of initially creating a safety net for the poor and not of providing a large demand stimulus as the avenues of spending were locked during that phase. “We were rather reticent to provide a large demand stimulus when we were in a lockdown. If we had used up all our resources in trying to push demand during the period (April-August), we won’t have had the resources to push it (now),” Sanyal said at a CII event. He added that the time has now arrived for imparting a generic push to demand. 

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    16:31 (IST)23 Oct 2020
    Sensex, Nifty return to winning ways, end week with gains but remain range bound

    Domestic benchmark indices Sensex and Nifty ended Friday’s trading session with gains. S&P BSE Sensex closed 127 points higher, recouping most of the losses recorded yesterday. The 50-stock Nifty settled above the 11,900 mark to close at 11,930 levels. In the last five days, Sensex gained 0.63% while Nifty 50 jumped 0.90%. Broader markets exhibited strength during the day and outperformed the benchmarks. The fear gauge of domestic stocks, India VIX, slipped 3.64% during the day to close below the 22 levels.

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    15:35 (IST)23 Oct 2020
    Sensex, Nifty end with gains

    Domestic benchmark indices gained on Friday to end the week with gains. S&P BSE Sensex zoomed 127 points while Nifty close at 11,930 mark. During the week Sensex gained 0.63% while Nifty jumped 0.9%

    15:25 (IST)23 Oct 2020
    Asian Paints - Maintain REDUCE ~ HDFC Securities

    Asian Paint's 2QFY21 recovery is a testimony to its dominance across distribution and product portfolio. However, at 54x Sept-22 P/E, pluses seem more than priced in. We maintain our REDUCE recommendation with a revised target price of Rs. 1,850/sh (earlier TP: 1,800/sh), implying 50x Sep-22 P/E. Note: TP change is a function of EPS change (2/4% for FY22/23).

    ~ HDFC Securities

    15:07 (IST)23 Oct 2020
    SBI Cards and payment services trims losses

    India's second largest card issues SBI Cards saw it net NPAs surge 1.48% in the second quarter of this fiscal year, up from 0.8% in the same period of the last year. Althoug net interest income was up 20% on-year and total income jumped 9.3% but the company reported a 161.8% jump in provisions and write-offs which resulted in a 45% drop in net profits. 

    14:39 (IST)23 Oct 2020
    Sensex, Nifty still trade with gains, but down from highs

    Sensex was up over 100 points while Nifty was below the 11,950 mark at 2:30 PM on Friday. Stock markets were trading with gains, although they have slipped from their respective highs. 

    14:05 (IST)23 Oct 2020
    Burger King raises IPO size to Rs 542 cr; promoters infuse additional Rs 58 cr via pre-IPO allotment

    US-based fast food major Burger King’s India unit has revised its IPO application, raising the size of the proposed public issue to Rs 542 crore, from Rs 400 crore in the original filing of November 2019. Additionally, Burger King India’s promoters have infused another Rs 58 crore into the company by purchasing fresh shares in pre-IPO allotment. Further, the earlier proposed offer for sale (OFS) of existing shares stands unchanged, where promoter QSR Asia will sell 6 crore equity shares.

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    13:21 (IST)23 Oct 2020
    Nifty hovers around 11,950 mark

    "12000-12025 continues to be immediate resistance zone and the next leg of upmove would be seen only on a move beyond the same. On the flipside, 11775 has become a sacrosanct and if the index breaks that, then it could result into profit booking in the market," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

    13:03 (IST)23 Oct 2020
    Aditya Birla Fashion and Retail share skyrocket

    Post the Flipkart deal, stocks of Aditya Birla Fashion and Retail Limited have jumped over 13%. The deal will see Flipkart own 7.8% equity stake in the company for Rs 1,500 crore.  

    12:58 (IST)23 Oct 2020
    Aditya Birla Fashion to sell 7.8% stake to Flipkart for Rs 1,500 cr; will accelerate digital push

    Aditya Birla Fashion and Retail Limited today said that its board has approved plans to raise Rs 1,500 crore by way of preferential issue to Walmart-owned Flipkart Group. The deal will see Flipkart pick up 7.8% equity stake in ABFRL on a fully diluted basis at a price of Rs 205 per share. Post the completion of the deal, the promoter and promoter group companies of Aditya Birla Fashion and Retail will hold close to 55.13% stake in the company. Aditya Birla Fashion and Retail is a pure-play fashion and lifestyle company with a network of 3,004 stores, presence across approximately 23,700 multi-brand outlets.

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    12:45 (IST)23 Oct 2020
    Biocon net profit slips 23% in July-September quarter

    "Biocon Limited revenue from operations for Q2FY21 stood at ₹1,744 crores up by 11.3% YoY from ₹1,567 crores in Q2FY20. Biosimilars business has done well for the company which is up by 11.4% stood at ₹676 crores in Q2FY21 from ₹607 crores in Q2FY20 while Generic business up by 8.3% in Q2FY21 stood at ₹599 crores in Q2FY21 as compared to 553 crores in Q2FY20. Profit before tax for the quarter down by 38.7% at ₹223 crores in Q2FY21 as compared to ₹363 crores in Q2FY20. Profit after tax for the quarter down by 23% at ₹195 crores in Q2FY21 as compared to ₹254 crores in Q2FY20. Company has reported results inline with expectation," said Yash Gupta - Equity Research Associate, Angel Broking.

    11:14 (IST)23 Oct 2020
    ONGC wins 7 oil blocks, OIL 4 in latest bid round

    ONGC has won seven out of the 11 oil and gas exploration blocks offered for bidding in the latest licensing round,and Oil India Ltd won the remaining four blocks. The government had offered 11 blocks for exploration and production of oil and gas in the fifth bid round under the Open Acreage Licensing Policy (OLAP).

    11:13 (IST)23 Oct 2020
    Asian Paints: All positives Priced in

    "We are cutting FY22 and F23 EPS 6.6% and 5% and rating to Hold despite stellar performance in 2Q mainly due to 1) standalone Gross margins at 45.4% are down 90bps QoQ and have peaked out 2) Strong volume recovery post 1QFY21 means that the base for FY22 and FY23 will be higher than was earlier anticipated 3) while current margin expansion is 470bps, it has come over a low base (18.9%) and leaves limited room for expansion in FY22 and FY23. Foray into lighting, furnishings and furniture is expected to provide scale to home improvement business, although it will drag margins in near term."

    ~ Prabhudas Lilladher

    09:52 (IST)23 Oct 2020
    A one-way move ahead for Nifty? will it jump or slip?

    "The markets continue to remain within the range. We are in expiry week and a one-way move of the Nifty cannot be ruled out. What needs to be seen is whether the markets are successful in getting past 12050 and moving towards 12300 or it manages to break 11650 and slides downward to 11450. We should witness a convincing move in the coming week," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

    09:29 (IST)23 Oct 2020
    India VIX inches up after initial losses

    India VIX, after having slipped below 20 levels after the opening bell, recouped and gained to sit above 22 mark. 

    09:21 (IST)23 Oct 2020
    SBI Cards share tank

    SBI Cards and Payment Services' stocks tanked 8% on opening bell to trade at Rs 762.7 per share. The fall comes a day after the company announced its quarterly results where it reported a 46% fall in net profit. 

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    09:18 (IST)23 Oct 2020
    Sensex and Nifty zoom on opening

    S&P BSE Sensex jumped over 200 points on opening while Nifty 50 was seen moving past the 11,950 mark. BSE Midcap and Smallcap indices were mirroring the upward move charted by the benchmark. 

    09:09 (IST)23 Oct 2020
    Pre-open session takes sees Sensex, Nifty surge higher

    Benchmark indices surged during the pre-open session on Friday. S&P BSE Sensex zoomed 169 points while Nifty 50 jumped 61 points to sit just above the 11,950 mark. 

    09:04 (IST)23 Oct 2020
    Sensex, Nifty trim pre-open gains

    Sensex was trading over 100 points higher in the pre-open session while Nifty 50 managed to stay above the 11,950 mark. 

    09:00 (IST)23 Oct 2020
    Sensex, Nifty gain in pre-open session

    Domestic benchmark indices move higher during the pre-open session on Friday. Sensex gained over 200 points while the 50-stock Nifty breached the 11,950 mark. 

    08:53 (IST)23 Oct 2020
    Support and resistance levels for Nifty

    Nifty is holding strong support at 11800/11750 levels while on the upside resistance is placed at 12025 levels. "Technically, Nifty has been trading in a positive trend with the support of 50 days Simple Moving Averages and positive RSI setup. Moreover, the indicator Stochastic has also shown a positive crossover, which signifies bullish strength for near term," said Sumeet Bagadia, Executive Director, Choice Broking.

    08:50 (IST)23 Oct 2020
    Stocks in focus: SBI Cards, TechMahindra, SpiceJet, Yes Bank, Bajaj Auto shares in action today

    After snapping their 4-day winning streak, Sensex and Nifty stare at a flat to positive start on Friday. SGX Nifty was trading with a positive bias after initially trading with losses on Friday morning. “A small positive candle was formed with upper and lower shadow, which indicate a formation of high wave type candle pattern. Having formed this high wave pattern beside the long range candle of Wednesday could indicate a sideways range movement in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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    08:37 (IST)23 Oct 2020
    Nifty continues range-bound action; here's how to trade today

    "On  Friday, again the trend of US stock futures would be crucial to set the tone of our markets.  The strategy should be to buy Nifty if it crosses 11950.  In that case, Nifty could move up to 12050 or 12100 levels.  Shorting is advisable if Nifty breaks 11770 levels.  Support exists at 11660 and at 11600 levels.  Be stock specific until the market is not breaking the trading zone which is hovering between the range of 11770 and 11950 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

    08:16 (IST)23 Oct 2020
    SpiceJet dues: Maran moves Delhi HC against non-payment of Rs 243 crore by Ajay Singh

    Kalanithi Maran and his company KAL Airways on Thursday moved the Delhi High Court seeking attachment of SpiceJet promoter Ajay Singh’s shareholding and taking over the management after the airline failed to deposit Rs 243 crore in favour of the Sun Group chairman.

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    08:14 (IST)23 Oct 2020
    Govt releases new series of retail inflation for industrial workers with 2016 base year

    The government on Thursday launched a new series for Consumer Price Index — Industrial Workers (CPI-IW) changing the base year to 2016 from 2001, but said it will not have any immediate impact on the dearness allowance (DA) paid to government employees.

    The CPI-IW is primarily used to regulate the dearness allowance of government employees and the workers in the industrial sectors. It is also used in the determination and revision of minimum wages in scheduled employments.

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    08:13 (IST)23 Oct 2020
    Stimulus resources saved for timely demand push: Principal economic adviser Sanjeev Sanyal

    Now that many sectors of the economy are emerging out of the torpor caused by the lockdown, there is a case for a timely ‘generic’ push to demand to accelerate the economic revival, principal economic adviser Sanjeev Sanyal said on Thursday.“We were rather reticent to provide a large demand stimulus when we were in a lockdown. If we had used up all our resources in trying to push demand during the period (April-August), we won’t have had the resources to push it (now),” Sanyal said at CII event.

    Read full story

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