Market HIGHLIGHTS: Sensex ends 150 points down, Nifty settles below 11,900; RIL share price falls

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Updated: October 22, 2020 4:24:30 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 snapped 4-day gaining streak and ended lower on Thursday

Sensex, NiftyThe upward trajectory that the stock has taken was anticipated even before listing as heavy institutional buying was expected to come Gland Pharma’s way.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended the four-day gaining streak and finished Thursday trade nearly half a per cent down. BSE Sensex fell 149 points or 0.37 per cent to end at 40,558, while the broader Nifty 50 index finished 41 points or 0.35 per cent down at 11,896. NTPC was the top Sensex gainer, up over 4 per cent, followed by Bharti Airtel, Bajaj Finance, Tata Steel, Axis Bank, ONGC, ITC and HUL, among others. On the flip side, IndusInd Bank was the worst-performing stock, falling 3.10 per cent. ICICI Bank, Titan Company, Infosys, HDFC Bank, Reliance Industries (RIL), Maruti Suzuki were among other Sensex laggards. Meanwhile, Vedanta shares ended 3.21 per cent higher as the company informed bourses that the company’s board will meet later this week to consider and approve the first interim dividend on equity shares for the current fiscal year. The trend among sectoral indices was largely negative, with Nifty Pharma index as the top sectoral loser. The index was down nearly one per cent dragged by losses in Auro Pharma, Biocon, Cipla and Sun Pharma.

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Highlights

    16:11 (IST)22 Oct 2020
    Nifty support at 11700 and resistance at 12000

    Ashish Chaturmohta, Head Technicals & Derivatives at Sanctum Wealth Management sees Nifty support at 11700 and resistance at 12000

    16:04 (IST)22 Oct 2020
    Equitas SFB IPO fully subscribed on day-3; QIBs bid nearly 4 times but grey market premium missing

    Equitas Small Finance Bank’s Rs 518 crore initial public offering (IPO) was fully subscribed on the third and final day of bidding for the issue. With still a few hours to go before the subscription window closes the issue has received bids for 22.22 crore units as against 11.58 crore equity shares that are on offer, translating to 1.93 times subscription rate. Equitas Small Finance Bank is the ninth IPO that primary markets have seen in the last two months. Retail investors have been at the front, rushing to invest in all issues, so far oversubscribing their portion in all the recent IPOs.

    Read full story

    15:49 (IST)22 Oct 2020
    Few PSU stocks witnessed value hunting today

    Markets today exhibited volatility which the closing probably did not reflect as investors shopped across midcap cement counters as well as pharma stocks. Few PSU stocks including state-owned PSU names witnessed value hunting today: S Ranganathan, Head of Research at LKP Securities

    15:48 (IST)22 Oct 2020
    Nifty trading in 11650-12050 range

    We closed within the current range of the Nifty: 11650-12050. The markets, marked by low volumes, moved in a tight range of about 100 points. It is just a matter of a few days when the index will either get past 12050 to achieve 12300 or break 11650 and achieve 11450: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:38 (IST)22 Oct 2020
    Closing bell: Sensex, Nifty snap four-day gaining streak

    BSE Sensex falls 149 points or 0.37 per cent to end at 40,558, while the broader Nifty 50 index finished 41 points or 0.35 per cent down at 11,896

    15:23 (IST)22 Oct 2020
    Route Mobile shares hit 10% upper circuit

    Route Mobile share price licked in 10% upper circuit at Rs 826.85 apiece on BSE in otherwise weak trade on Thursday. The stock hit its all-time high of Rs 987.90 on September 25.

    Check live prices: Route Mobile

    15:20 (IST)22 Oct 2020
    USD-INR strong resistance at 74 while 73 is support

    Indian rupee gained after three days falls as the Dollar index fell on hope of US fiscal stimulus. Dollar selling by exporters added to selling pressure. RBI’s announcement of Open Market Operation to support the economy and expectation of new fiscal stimulus supported the positive sentiments. Technically, spot USDINR is having strong resistance at 74 odd levels while 73 is acting as support for the month: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:06 (IST)22 Oct 2020
    Geojit Financial bullish on Wipro stock

    Wipro’s Q2FY21 revenue rose 1.4% QoQ, on account of improving business sentiment across the segments. BFSI, Communication and Consumer Business Unit (CBU) stood out as the top 3 key contributors to revenue this quarter. Various cost rationalization efforts (including cost reduction and higher utilization) were taken to drive margins in the long-run. Impact of COVID-19 will continue to affect a few sectors, while sectors like Energy, Natural gas and Utility (ENU) are expected to return to growth trajectory in coming quarters. Given positive performance path and improving growth aspects, we upgrade our rating to BUY on the stock with a revised TP of Rs. 383 based on 19x FY22E EPS: Geojit Financial Services

    14:43 (IST)22 Oct 2020
    Centrum Broking on Hindustan Unilever

    We expect gradual recovery in discretionary spends (BPC) and inherent distribution strength driving GSK-CH business driving resilient performance in 2HFY21. Further interim dividend of Rs14/ share could be positive. We retain our estimates and maintain ADD rating with DCF-based revised target price of Rs2,462 implying 56x FY22E EPS. Risks to our call include significant acceleration in volume/price, decrease in ad-spends leading to margin expansion and lower competitive intensity.

    14:43 (IST)22 Oct 2020
    Brokerage view on Bajaj Finance

    We keep our estimates intact and await further clarity on growth and asset-quality trends. We maintain Hold rating and EW stance in NBFC EAP with a TP of Rs2,950 (~3.5x P/B Mar’23E). Valuation multiple expansion is possible only once the company starts regaining lost market share, especially in its core B2B segment: Emkay Global Financial Services

    14:16 (IST)22 Oct 2020
    Rupee ends higher against US dollar

    Indian rupee closes at 73.53 per US dollar on Thursday, as compared to a close of 73.58 per US dollar in the previous session.

    14:09 (IST)22 Oct 2020
    Vedanta shareholders eye bonanza, board to consider interim dividend after failed delisting

    Anil Agarwal-led Vedanta Ltd today informed the bourses that the company’s board will meet later this week to consider and approve the first interim dividend on equity shares for the current fiscal year. The move comes days after its subsidiary Hindustan Zinc announced an interim dividend of Rs 21.30 per equity share. According to the latest shareholding data available on the Bombay Stock Exchange’s website, Vedanta holds 274 crore shares of the Hindustan Zinc, translating to an interim dividend of Rs 5,842.9 crore.

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    14:08 (IST)22 Oct 2020
    Nifty 50 headed for 12300 in 2-3 weeks? Bulls in control; watch this crucial resistance level | INTERVIEW

    The Nifty 50 index rallied 600 points so far in October this year; the benchmark index now seems to be stuck in the range of 12050-11650, amid heightened share market volatility, says Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments. Nifty 50 has been trading in this range for the last 8-9 days, and, according to Hathiramani, is “respecting the principles of a choppy market”.

    Read full interview

    13:59 (IST)22 Oct 2020
    Vedanta shareholders eye bonanza, board to consider interim dividend after failed delisting

    Anil Agarwal-led Vedanta Ltd today informed the bourses that the company’s board will meet later this week to consider and approve the first interim dividend on equity shares for the current fiscal year. The move comes days after its subsidiary Hindustan Zinc announced an interim dividend of Rs 21.30 per equity shareRead full story

    13:22 (IST)22 Oct 2020
    FDA warning letter to Aurobindo Pharma

    Aurobindo Pharma Limited informs that AuroLife Pharma LLC, a wholly-owned step-down subsidiary of the Company, has received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. This latter follows the earlier letter dated June 4, 2020, issuing an OAI status for this facility. Companies believe that the existing business from this facility will not be impacted. Company will be engaging with the regulator and are fully committed in resolving this issue at the earliest. This is a negative development for Aurobindo Pharma Limited: Yash Gupta Equity Research Associate, Angel Broking Ltd

    13:21 (IST)22 Oct 2020
    Housing market continues to be a bright spot for economy

    The housing market continues to be a bright spot for the economy. We have been optimistic about the same from the start as COVID-19 has brought about a drastic shift in the minds of both homebuyers and investors. There is a sense of realisation about real estate being one of the safest, secured and crisis-proof investment class amongst all the other asset classes. Demand and inquiries have been high and we have made considerable sales on our project launched in the last quarter: Ram Raheja, Director, S Raheja Realty

    13:18 (IST)22 Oct 2020
    Marrying above legal age is good economic strategy for men, women; SBI research reveals why

    As Prime Minister Narendra Modi steps up to raise the legal age of marriage for women, the move is expected to empower women socially and economically. Marrying at an age higher than the legal age is a dominant strategy for both men and women, SBI research said in its Ecowrap report released today. If the men and women both are under the legal age at the time of marriage, the payoff for women would be much lower than men. Men can still extract a positive payoff, as the men can always inherit ancestral land or properties, even without education, the report added.

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    12:30 (IST)22 Oct 2020
    Colgate Palmolive shares buy or sell? Falls 3% in two days, analysts see upside as margins improve

    Colgate Palmolive share price continued to drop on Thursday, even though the company reported a 12.3% on-year jump in net profits to Rs 274 crore. Colgate Palmolive registered a 7% jump in domestic sales during the July-September period when compared to the last year. The personal care product manufacturer is believed to have had little impact of the coronavirus induced lockdown with operations resuming after April, which has helped the company recoup losses from the first quarter. The key highlight of the financial performance of Colgate-Palmolive was the 320 basis points growth in gross margins and 540 basis point growth in EBITDA.

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    11:52 (IST)22 Oct 2020
    Charts show these 4 realty stocks may rally 17% in 3 weeks; realty index beats Nifty 50 in Oct so far

    Nifty Realty index has outperformed the benchmark Nifty 50 index so far in October 2020. The Nifty Realty index jumped nearly 10 per cent while the Nifty 50 managed to gain 4.5 per cent. According to the Motilal Oswal Financial Services, Nifty Realty index gave a breakout on the daily chart and is now showing tremendous strength for the last couple of sessions.

    Read full story

    11:34 (IST)22 Oct 2020
    Gold is still stuck in the $1880-1935/oz range

    COMEX gold trades 0.7% lower near $1916/oz after a 0.7% gain yesterday. Gold rose as high as $1936/oz in intraday trade yesterday but failed to break past the recent high of $1939.4/oz and has corrected. Support from rising virus cases and uneven economic recovery and lower production is countered by slack investor demand. Gold is still stuck in the $1880-1935/oz range and we may see directionless trade unless there is clarity on US stimulus front. The general bias however remains on the upside amid increasing challenges to the global economy: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    11:02 (IST)22 Oct 2020
    Oberoi Realty: Encouraging bookings trends, focus on growth is positive ~ Goldman Sachs

    Oberoi reported 2QFY21 revenues 7%/10% above GS/consensus, but the beat was largely driven by recognition of 1Q retail revenues this quarter along with 2Q rentals (residential revenues were in line with our estimates). EBITDA margins remained substantially better than normalized levels, at 59% for 2QFY21 compared to FY20 EBITDA margin of 47%, driven by substantially lower operating expenses, and lower staff costs. We change our FY21E/22E/23E EBITDA estimates by 21%/11%/-1% on better than previously expected cost execution in the near term and slightly better than expected sales recovery. Our FY21-FY23E PAT estimates rise 16%/18%/5%, and our 12-month, NAV based TP moves to Rs475 (from Rs465). Maintain Buy. We believe the current stock price does not capture Oberoi’s market share gain and growth potential.

    ~ Goldman Sachs

    10:43 (IST)22 Oct 2020
    Asian stocks follow Wall Street lower on lack of US aid plan

    Asian stocks followed Wall Street lower on Thursday as investors watched Washington for signs of whether political leaders can agree on an economic aid plan in the two weeks before the November 3 presidential election.

    Market benchmarks in Shanghai, Tokyo, Hong Kong and Seoul retreated. On Wall Street, the benchmark S&P 500 index lost 0.2 per cent on Wednesday as U.S. political leaders wrangled over economic aid following the expiration of extra unemployment benefits that propped up consumer spending. Democrats are pressing President Donald Trump’s Republicans to expand a proposed package.

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    10:38 (IST)22 Oct 2020
    UltraTech Cement shares open strong as Q2 net profit doubles, but fail to hold gains; should you buy?

    UltraTech Cement’s share price zoomed 2.2% on Thursday’s opening bell, but soon slipped to trade with losses, while the benchmark S&P BSE Sensex was trading in red. Investors were reacting to the strong quarterly numbers posted by the cement manufacturer where its net profit jumped more than doubled from the year ago period to Rs 1,234 crore as against Rs 579 crore. Analysts say that the strong growth was aided by better than expected performance across various parameters such as volumes, realizations and costs. Stock of the firm has gained over 22% in the last one month and now trades at Rs 4,563 per share.

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    10:29 (IST)22 Oct 2020
    JK Tyre share price more than doubles in 7 months; stock surges 9% today on higher sales in Q2

    JK Tyre and Industries share price surged 9 per cent to Rs 66 apiece on BSE after the company reported nearly 7 per cent on-year rise in net sales at Rs 1,473 crore in the July-September quarter. The company’s net sales stood at Rs 1,378 crore in the corresponding quarter of the preceding fiscal.

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    10:06 (IST)22 Oct 2020
    USD-INR likely to halt next near 73.80-74.20

    For rupee, as the pair has broken a crucial 73.50 resistance, it is likely that the pair will halt next near 73.80-74.20 levels. As RBI has got active with OMO’s and also there are inflows coming in the Indian capital markets, sharp losses in rupee will be capped and it is less likely that the pair will break an important 74.50 mark in the near future: Amit Pabari, managing director, CR Forex Advisors

    09:50 (IST)22 Oct 2020
    If Nifty 50 breaks 11650, trade for downward target of 11450

    The Nifty has gone sideways - we are around the mid point of the range where 11650 is the lower end and 12050 is the upper end. Unless we do not cross one of these levels we will not see a substantial move and hence a trade in either direction may trigger a stop loss. Traders should be cautious when trading a range and if at all they end up trading, they should consider smaller quantities to encapsulate the stops. If we get past 12050, we can trade for a target of 12300 and if we break 11650, we can trade for a downward target of 11450: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:39 (IST)22 Oct 2020
    Buy gold at Rs 50,900 with stop loss of Rs 50650

    On domestic front the physical demand for gold and silver are increasing on festival demand. As for today, traders can go for buy in gold at Rs 50,900 levels with the stop loss of Rs 50650 levels for the target of 51500 levels. They can also go for buy in Silver at Rs 62,600 levels, with the stop loss of 61,900 levels and for the target of 63,600 levels. We expect gold may test $1950 and Silver may test $26.50 levels soon: Anuj Gupta, DVP- Commodities and Currencies Research at Angel Broking

    09:37 (IST)22 Oct 2020
    MCX gold snaps 3-day gaining streak

    MCX gold having risen for three back to back days, witnessed a correction on Thursday morning. The dollar too has shown signs of recovery. All eyes are on US government as gap narrows on the relief stimulus package. Whenever there is positive news on U.S. stimulus, the dollar is falling and that ends up being a small positive for gold. The White House also expressed some optimism on progress. The administration’s offer has increased to $1.88 trillion, Meadows said. Pelosi is pushing for $2.2 trillion. US will release weekly initial jobless claims & September home sales data in the evening session: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    09:29 (IST)22 Oct 2020
    Vedanta share price gains 3.65%

    Vedanta share price rose 3.65 per cent to Rs 104.95 apiece after the company said its board of directors is scheduled to meet on October 24 to consider and approve first interim dividend for FY21. The record date for the same is fixed as October 31.

    Check live prices: Vedanta

    09:26 (IST)22 Oct 2020
    Kirloskar Industries share price falls 1.45%

    Kirloskar Industries share price fell 1.45 per cent to Rs 610 apiece after Sebi slapped a penalty of Rs 31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading and committing fraud on public shareholders of Kirloskar Industries Ltd.

    Check live prices: Kirloskar Industries

    09:22 (IST)22 Oct 2020
    Sensex, Nifty open lower on Thursday

    BSE Sensex was trading 176 points or 0.43 per cent down at 40,531, while the Nifty 50 was ruling weak at 11,931 on Thursday.

    Check live Sensex, Nifty levels

    09:05 (IST)22 Oct 2020
    BSE Sensex, Nifty 50 trade weak in pre-open

    In the pre-opening session on Thursday, BSE Sensex was trading flat with a negative bias at 40,692, while the broader Nifty 50 index was down 64 points and was ruling at 11,873.

    Check live Sensex, Nifty levels

    09:01 (IST)22 Oct 2020
    Short term trend of Nifty is positive with high volatility

    Indian markets could open mildly lower following negative Asian markets today and mildly negative US markets on Wednesday. The short term trend of Nifty is positive with high volatility. There is a possibility of retest of upper resistance levels (12025) again, before showing any intraday weakness from the highs. Broader range movement could be expected around 12050-11800 levels in the next 1-2 sessions: HDFC Securities

    08:59 (IST)22 Oct 2020
    Nifty set to open lower ahead of weekly expiry

    Nifty set to open lower ahead of weekly expiry. Yesterday, it had survived a roller coaster ride. Today, the choppiness in the Asian market will check strength in Nifty. The fear of key U.S. stimulus bill will not be reached until after the presidential election on Nov. 3 is increasing. The Nifty has checked resistance at 12025 and given up the gains yesterday. The same level will work as resistance. On the flip side, the lows of yesterday and last Thursday will work as support for the day. These levels are 11766 and 11663 respectively. As the time of the US election getting closer the volatility is bound to increase: Vishal Wagh, Head of Research, Bonanza Portfolio

    08:57 (IST)22 Oct 2020
    Nifty expected to trade between 11700 and 12000

    The Nifty is expected to trade between 11700 and 12000 amid high volatility. Sell Nifty 11600 Put (October 29 expiry) in therange of Rs 42-44 Target: Rs 28-18 Stop loss : Rs 58. Buy Bank Nifty in the range of 24550-24600, Target: 24750-24900, Stop loss:24300: ICICI Direct Research

    08:53 (IST)22 Oct 2020
    Stocks in focus: RIL, SBI Cards, Asian Paints, BPCL, Kirloskar Industries, UltraTech Cement, Coal India

    Reliance Industries: RIL’s digital arm Reliance Jio has launched new, revamped ‘JioPages’, its Made-in-India mobile browser.Kirloskar Industries: Sebi has slapped a penalty of Rs 31 crore on Kirloskar Brothers Ltd (KBL) promoters and others for indulging in insider trading.

    Read full story

    08:38 (IST)22 Oct 2020
    Buy these two PSU stocks for over 12% gains; Nifty’s strength may push it past 12,200 in near term

    After correcting last week and touching a low of 11661, the Nifty index has bounced back in the last one week to close near the recent highs of 12025. Technical indicators too are giving positive signals for the short term as the Nifty trades above the 20-day and 50-day SMA. The 14-day RSI too is in rising mode, indicating that momentum is picking up.

    Read full story

    08:24 (IST)22 Oct 2020
    Sensex, Nifty may continue witnessing high volatility; will bears come back to haunt D-Street now?

    Domestic benchmark indices managed to gain for the fourth consecutive day on Wednesday, registering nearly half a percent jump. This was despite the massive fluctuations seen by Sensex and Nifty. "On the daily chart, the market established a ‘Hanging Man’ structure after correcting to a very harsh but far-reaching level of 11745. This invites bearishness, however, for that it must be at the top of the rally, which is not the case. Nifty has spent a lot of time between 12030 and 11660. Nifty must do something to keep this momentum going,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

    Read full story

    08:22 (IST)22 Oct 2020
    Nifty turned back from just above 12000 for third time in eight days

    Nifty has turned back from just above 12000 for the third time in the past eight days. The fall from there was reversed in a sharp manner suggesting that the Nifty may not be ready to give up immediately. Materials and large PSUs are back in favour in sectoral rotation while BFSI and IT have come under pressure: Deepak Jasani, Head of Retail Research, HDFC Securities

    08:21 (IST)22 Oct 2020
    Nifty could move in range of 12050-11800 for next 1-2 sessions

    The short term trend of Nifty is positive with high volatility. There is a possibility of retest of upper resistance levels (12025) again, before showing any intraday weakness from the highs. Broader range movement could be expected around 12050-11800 levels in the next 1-2 sessions: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

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