Bharti Airtel, HDFC Bank, Reliance Industries, ICICI Bank top Sensex movers
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Correction a buy opportunity, positive on ICICI Bank among lenders: Deven Choksey
Deven Choksey of KRChoksey Securities believes the recent correction in the market is a buy opportunity. Speaking on the banking space, he said ICICI Bank would be better of the lot comparatively. “The stock has visibly corrected from its high and probably now around Rs 750 odd levels. Business remains extremely strong, retail credit approach remains convincing and in terms of technology, ICICI Bank stands tall amongst all. It definitely has a better ability to acquire the customer,” he said.
“I would rather think that given the valuation at which the stock is quoting at, this is probably amongst the better of the lot. I see signs of picking up of the business in the second half of the year and that is where banks like ICICI Bank and NBFCs like Bajaj Finance, even housing finance companies like HDFC, would probably gain maximum given the kind of surge in the business,” he said.
Cryptocurrency | WazirX’s Nischal Shetty says private crypto definition still unclear
Nischal Shetty of WazirX said in an interaction with CNBC-TV18 that there was a lot of panic selling on Tuesday, with a price drop to the tune of 10-15 percent in India overnight in comparison to the rest of the world. The definition of private crypto is still unclear, he said.
Traditionally, cryptos on Indian exchanges gave traded at a premium of 7-8 percent, Shetty added.
Sidharth Sogani of Crebaco Global told CNBC-TV18 the current bill seems to be the same as the February 21 draft. Bitcoin is not private, it is decentralised and available on a public ledger, Sogani said.
L&T signs pact with Tamil Nadu to build data centre; shares up
L&T shares gained as much as 0.7 percent to Rs 1,902 apiece on BSE, after the conglomerate signed a memorandum of undestanding with the Tamil Nadu government to build a data centre at Kanchipuram.
Details awaited on crypto bill: ZebPay’s Avinash Shekhar
Avinash Shekhar, Co-CEO of ZebPay, said more details are awaited on the crypto bill that is going to be presented in the winter session of Parliament. “There have been many positive steps taken by the government to learn and understand crypto, and its impact on all stakeholders — investors, exchanges and policymakers. We’re looking forward to a crypto bill that takes into consideration all the inputs from those discussions,” he said.
Sensex reaches 58,850 amid choppy trade, Nifty50 touches 17,550
The 30-scrip index moved within a range of 307.8 points in early deals following a positive opening, slipping into negative territory briefly. It touched 58,872.6 on the upside. The Nifty50 benchmark climbed to as high as 17,561.1, up 57.8 points from its previous close.
Pre-Open Market | Sensex up 175 points, Nifty at 17,550
In the pre-opening session, the 30-scrip index was up 175 points or 0.3 percent at 58,839.3 and the broader Nifty50 benchmark at 17,550.1, up 46.7 points or 0.3 percent from its previous close.
Stocks To Watch | Coal India, Bharti Airtel, Zee in focus today
–Coal India shares will be in the spotlight. The state-run dry fuel behemoth will consider a dividend on November 29.
–Firstsource has reiterated its FY22 revenue growth guidance. The company expects a bounceback in Q4. (Check out other stocks to track today)
Raghuram Rajan says most cryptocurrencies will not survive, pose same problem as unregulated chit funds
Former RBI Governor Raghuram Rajan said of the 6,000 odd cryptocurrencies in existence today, only one or two, or at most, only a handful, would survive.
“If things have value only because they because they will be pricier down the line, that’s a bubble,” Rajan told CNBC-TV18. (Read more on what Raghuram Rajan thinks of cryptocurrencies)
10 things you need to know before opening bell
Crude oil prices moved within a narrow range after the US announced releasing millions of barrels in coordination with other countries to try to cool prices after the OPEC+ producers repeatedly ignored calls for raising output. Brent crude futures were at $82.3 per barrel and WTI futures at $78.6 per barrel. (Other key things to know)
MarketBuzz Podcast With Sonia Shenoy
Catch big themes, vital news and key events you should know before the opening bell. MarketBuzz is your daily morning briefing by CNBC-TV18 research analysts and anchors to kickstart your day. (Tune in)
Stocks To Watch | Bharti Airtel, ICICI Bank, Latent View Analytics in focus today
–Moody’s Investors Service revised Bharti Airtel and its subsidiary Bharti Airtel Int’l (Netherlands) BV’s rating outlook to ‘positive’ from ‘stable’. The revision reflects Bharti Airtel’s improving operating performance and credit metrics which, if sustained, could support an upgrade to investment grade within the next 12-18 months, according to Moody’s.
–TVS Srichakra shares will be in the spotlight. TVS Eurogrip has joined hands with Chennai Super Kings as the Principal Sponsor for the next three years. The partnership will give TVS Eurogrip visibility on the front of the Chennai Super Kings’ famed yellow jersey.
–After gaining market share in retail banking and credit cards, ICICI Bank plans to open its trade platform for use by non-bank customers to gain a bigger chunk of the market. It has launched a new trade platform which will allow exporters and importers to access a variety of services. (Catch the full list of stocks to track today)
Brokerage Calls | Vodafone Idea, HDFC Bank, Jubilant FoodWorks and more
–UBS has retained a ‘neutral’ call on Jubilant FoodWorks with a target price of Rs 4,150. The market is pricing in a very healthy revenue recovery in FY23 and a margin recovery in FY24, according to the brokerage.
–CLSA has maintained an ‘underperform’ rating on Vodafone Idea with a target price of Rs 11. (Check out other brokerage calls)
Trade Setup | Can bulls lift Nifty50 further?
Shrikant Chouhan, Head – Equity Research (Retail) at Kotak Securities, is of the view that the pullback can last till 17,600 or 17,700 levels. “On the downside, 17,300 and 17,250 will be the mainstays of the market. Try to reduce the weak long positions between 17,600 and 17,700 levels,” he said. (Check out key market cues before today’s session)
Wall Street ended mixed on Tuesday
The three main US indices ended on a mixed note on Tuesday, with the S&P 500 and Dow Jones Industrial Average gauges rising 0.2 percent and 0.6 percent respectively but the technology stocks-heavy Nasdaq Composite dropping 0.5 percent. Rising Treasury yields weighed on major technology stocks, and gains in banks and energy shares supported the S&P 500 and the Dow Jones.
SGX Nifty futures up 90 points
Indian equity benchmarks are likely to start Wednesday’s session on a positive note. At 7:39 am, Nifty futures trading on Singapore Exchange — an early indicator of the Nifty50 index — were up 89.5 points or 0.5 percent at 17,638.5.
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