Market At Close | Bharti Airtel fails to hold on to record high hit during session
Bharti Airtel shares ended 0.1 percent lower at Rs 758.8 apiece on BSE, having reversed direction after hitting a record high of Rs 781.9 during the session.
Here are some other highlights of the day:
–Financial stocks relatively outperform market; Nifty Bank rises 169 points to 37,442
–Infosys, Reliance Industries, HDFC, ITC drag market; ICICI Bank, Kotak Mahindra Bank lend support
–Mindtree, Nalco, IRCTC, Vedanta, Cholamandalam Investment, L&T Infotech top midcap losers
–Zee Entertainment surges 7% on Punit Goenka’s comment of Sony Merger near close
–Vodafone Idea rises 4% after tariff hike
–Firstsource reiterates revenue growth guidance, stock rises 3%
–Market breadth favours bulls; advance-decline ratio at 3:2
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary
Market At Close | ONGC top Nifty gainer pn rising crude, natural gas rates
ONGC shares ended 4.6 percent higher at Rs 153.4 apiece on BSE.
Market At Close | Eicher Motors, Tata Consumer, Maruti Suzuki, Grasim top laggards; ONGC, Adani Ports, Coal India top gainers
Eicher Motors, Tata Consumer, Maruti Suzuki, Grasim, Infosys, Divi’s ITC, Cipla, Reliance Industries, Tata Motors and L&T, closing between 1.7 percent and 2.8 percent lower, were the worst hit among the 36 laggards in the Nifty50 pack. On the other hand, ONGC, Adani Ports, Coal India, NTPC, Kotak Mahindra Bank, Bharat Petroleum and Indian Oil — closing between 0.8 percent and 4.3 percent higher — were among the gainers.
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Closing Bell | Sensex down 323 points, Nifty50 at 17,415
The 30-scrip index ended 323.3 points or 0.6 percent lower at 58,341 and the broader Nifty50 benchmark settled at 17,415.1, down 88.3 points or 0.5 percent from its previous close. Gains in financial and oil & gas shares were offset by losses in IT, automobile and pharmaceutical stocks. (Read more on the closing bell)
See potential in Zee Entertainment: Prakash Diwan
Market expert Prakash Diwan believes there is still potential in Zee Entertainment shares. “Don’t worry about the bump-up that you missed out; that is fine as it was more speculative in nature,” he said.
“Given the fact that Sony and Zee combined have enough content to straddle this entire digital focus that most media groups have to have now. I think it makes tremendous sense, the kind of cost control that they could have, the kind of synergies will bring down all those costs and efficiencies go up, there is enough headroom for growth, there is no doubt… While valuations have kind of gone up, remember, traditionally, these kinds of companies do trade at much higher valuations. So it is fine, even if you were to buy them at about 14-16 times PE multiples, there is enough headroom to go all the way to 22-23 as well, which is the long-term average. So there is that 30-40 percent of an upside, but it could take time because the lots that is yet to happen in terms of approvals, and finally, the synergies will only be defined once the clarifications come in terms of what is going to be retained, what kind of focus you will have. So a lot of that overlap will get sorted,” he added.
Bullish on realty sector for medium to long term, target price for Sobha Rs 1,250-1,300: Equity99’s Rahul Sharma
Rahul Sharma of Equity99 Advisors remains bullish on the realty sector for the medium to long term. He has a target price of Rs 1,250-1,300 for Sobha Developers. “However, in the short term, there are slight chances that the stock may consolidate or may face resistance around Rs 890 or Rs 915 levels,” he added.
He suggests long-term investors to hold GAIL shares. The GAIL stock has strong support at Rs 128 and a hurdle at Rs 170, said Sharma, who has a target of Rs 200 for GAIL.”
Speaking on Rupa & Co, Sharma said the charts are looking positive. “Investors should hold the stock at the current levels with a stop loss at Rs 410. On the upside, Rs 500-550 will act as a hurdle but the potential target is Rs 590-600,” he said.
Hold Sobha, company should continue to do well: Mayuresh Joshi
Mayuresh Joshi of William O’ Neil recommends investors to hold Sobha Developers shares as he expects the company to continue to perform well going forward. “The sales velocity and new launches that Sobha has been doing as well as the kind of demand that has come through is getting reflected in numbers, which are showing an improving trend with every passing quarter. Sobha is also predominantly located in IT hubs. As IT sector is expected to do well, there is a large need for bigger houses. So the EPS growth will be very good for Sobha as well,” he said.
Banks best placed for next growth cycle: UTI AMC’s Vetri Subramaniam
Vetri Subramaniam of UTI AMC said in an interview to CNBC-TV18 that banks have significantly lagged the market in recent times. “Banks were the worst hit in the early part of the pandemic. It is an area where we think there is actually significant value now. So from a value perspective, the financials, lenders are a part of the market that we like but we are selective,” he said. (Read more)
Fat Prophets’ David Lennox expects Brent crude to move towards $90/barrel
David Lennox of Fat Prophets said in an interview to CNBC-TV18 he expects Brent crude to move towards the $90 a barrel mark. Higher supply of oil in the global market is unlikely to derail the price upmove, he said. (Read more)
Paytm shares hold on to day’s gain, up 15%
Paytm parent One97 Communications’ shares traded 14.9 percent higher at Rs 1,717 apiece on BSE, having risen as much as 17.6 percent to Rs 1,758 apiece earlier in the day. Paytm shares had made a weak debut in the secondary market last week. Here’s how the One97 stock has fared since:
|Date||Close Price (in rupees)||Change (in rupees)||Change %|
IIFL Securities joins hands with Quicko to provide tax planning, filing services
IIFL Securities said it had partnered with Quicko.com, an Ahmadabad-based fintech firm, to provide tax planning and filing services for investors and traders. Through the partnership, IIFL Securities said it would offer a do-it-yourself tax planning and filing platform with focus on retail investors including millennials and Gen Z.
“Young investors are more hands-on, they like innovative products; they are financially independent and want to take charge of their personal finances. However taxes can be overwhelming to most seasoned investors, let alone beginners,” it said in a release.
Cryptocurrency Bill | Making cryptos a legal tender out of the question, we already have a good payment system, says Crypto India’s Aditya Singh
Aditya Singh, Co-Founder of Crypto India, shared his thoughts with CNBC-TV18 on what he thinks the government means by ‘private cryptocurrency’. “This has been specified in the initial bill, the bill that was submitted by the inter-ministerial committee (IMC), which was headed by Subhash Chandra Garg. If you look at that draft, it was clearly mentioned that any cryptocurrency that is not issued by the central bank or the government, in eyes of the government, that is a private cryptocurrency,” he said.
“When we see the government mention or when we see the term ‘private cryptocurrency’ in a draft, or maybe in the title, that means that the government is talking about every cryptocurrency that is not issued by the government. So they are talking about every cryptocurrency, Bitcoin, be it private cryptocurrencies or public blockchain cryptocurrencies,” he added.
Cryptocurrency Bill | Making cryptos a legal tender out of the question, we already have a good payment system, says Crypto India’s Aditya Singh
CNBC-TV18 spoke with Aditya Singh, Co-Founder of Crypto India, on cryptocurrencies as an asset class. Singh believes making cryptocurrencies a legal tender is out of the question because the country already has a good payments system. “In terms of assets, I think that is something which can happen. And if you look at this particular bill, which was like also introduced during the Budget session (of Parliament) but it was not taken up, it seems somehow a similar bill with a similar title and the description is again being introduced. If we look at that, a lot of things have changed ever since. The Finance Minister has clearly mentioned that it’s not like we are going to ban it all,” he said.
“We have seen a lot of progressive statements. And with the kind of adoption that we are seeing all over the world, the biggest question: Is the bill never limited to like 3-4 sentences? So there’s a lot to speculate because the bill was never made public. So I definitely fear there were some amendments which were positively made in the bill. And I feel that that bill can be a progressive bill, but how progressive it is? That is something which we will only know when the bill is made public,” he added.
Indian Overseas Bank, Central Bank, Maharashtra Bank up 7-14%, top BSE 500 gainers
VGuard, Jindal Saw, Carborundum Universal, Vakrangee, Zee Entertainment, ONGC and KEI, trading between 5.7 percent and 7.3 percent higher in late afternoon deals, were also among the around 350 gainers in the broadest index on the bourse. On the other hand, Spandana, Sequent, TCNS Brands, TCI Exp and Maruti Suzuki — trading between 2.2 percent and 3.3 percent lower — were among the laggards.
Buy Adani Enterprises, JSW Steel: Yes Securities’ Aditya Agarwala
Here are two trading calls from Aditya Agarwala of Yes Securities:
–Buy Adani Enterprises for a target of Rs 1,860 with a stop loss at Rs 1,740
–Buy JSW Steel for a target of Rs 730 with a stop loss at Rs 670
Cabinet clears bill to withdraw 3 farm laws; to be tabled in winter session
The union cabinet has cleared the way for Farm Laws Repeal Bill, 2021 to be introduced and passed during the winter session of Parliament, according to a News18 report. The winter session of Parliament would commence from November 29.
Nifty Metal up over 1%, Adani Ent gains 4.31%
Nifty Metal index gained over 1 percent supported by the Adani Enterprises, Coal India, and Welspun Corp. While Adani Ent shares were up over 4 percent, Coal India and Welspun were up over 2 percent each.
Why Vodafone Idea and Bharti Airtel are surging in trade today
Vodafone Idea, Bharti Airtel shares surged on Wednesday amid reports that the telecom department is likely to return bank guarantees to the telcos even for the matters currently under sub-judice. Airtel and Vodafone Idea reacted to the news surging over 3 and 5 percent, respectively. (Read full story here)
We will see higher inflation for longer, says Raghuram Rajan
Central banks have to ensure growth doesn’t collapse & have to control inflation. My sense is we will see higher inflation for longer, says Raghuram Rajan.
Star Health IPO to open on November 30; sets price band at Rs 870-900/share
Star Health and Allied Insurance Co. Ltd, owned by a consortium of investors, including Rakesh Jhunjhunwala and Westbridge Capital, has set the share’s price band for its initial public offering (IPO) at Rs 870-900 per share. The same will open on November 30 and conclude on December 2.
Sources say there was no discussion on Cryptocurrency Bill in the Cabinet today
Latent View Analytics shares continue to surge after blockbuster listing
Latent View Analytics’ shares extended gains on Wednesday, a day after the Chennai-based data analytics company made a strong debut in the secondary market. Latent View Analytics emerged the third best debutant of the year, after Sigachi Industries and Paras Defence.
At 1:10 pm, the Latent View stock was up 20 percent, or 97.70 points at Rs 586.30 on BSE.
Paytm shares surge 17%, top Rs 1,700-mark in rebound after weak debut
Paytm parent One97 Communications’ shares continued to rise for a second straight day on Wednesday in a rebound after a series of losses. This helped Paytm’s shares inch towards its issue price of Rs 2,150. In the first two days of its journey in the secondary market, the stock had shed 36.7 percent of its value compared to the issue price, emerging as one of the weakest debutants of recent times.
At noon, the Paytm stock traded 17 percent higher.
Buy Hindalco, Torrent Power: Prakash Gaba
Here are two trading calls from Prakash Gaba of prakashgaba.com:
–Buy Hindalco for a target of Rs 468-470 with a stop loss at Rs 450
–Buy Torrent Power for a target of Rs 560 with a stop loss at Rs 545
Cryptocurrency Bill | Nobody should panic sell cryptos, says ZebPay’s Avinash Shekhar
CNBC-TV18 spoke with Avinash Shekhar of ZebPay and Aditya Singh of Crypto India.
ZebPay’s Shekhar said there has been a lot of price volatility in the last 24 hours but no one should panic sell cryptos. The government must be looking for more regulation than a ban, he said.
Crypto India’s Singh believes making cryptocurrency a legal tender is out of question. “We have been paying taxes on profits in cryptocurrency,” he said.
Cryptocurrency prices in India crashed early on Wednesday after a government bulletin listed the introduction of a new cryptocurrency regulation bill in the upcoming winter session of Parliament.
Thermax bags Rs 830-crore order; shares jump 4%
Thermax shares traded 3.9 percent higher at Rs 1,759.5 apiece on BSE, after the company said it had concluded an order of Rs 830 crore from an Indian power private sector company to set up flue gas desulphurisation (FGD) systems for their three units of 660 MW capacity each in Uttar Pradesh.
The FGD systems will be installed at their plant to cut down SOx emissions and comply with
the air quality standards set for fossil fuel based power plants, it said.
Siddhartha Khemka expects long-term business momentum to continue for Latent View Analytics
Siddhartha Khemka of Motilal Oswal Financial Services told CNBC-TV18 he believes Latent View Analytics has a very niche business, which makes a demand-supply mismatch. He expects the long-term business momentum to continue for Latent View.
Latent View Analytics shares were up 15 percent at Rs 561.9 apiece on BSE, as against their issue price of Rs 197.
Midcap IT has outperformed largecap in recent times: Siddhartha Khemka
Siddhartha Khemka of Motilal Oswal Financial Services said in an interview to CNBC-TV18 that the midcap IT space has outperformed its largecap counterpart in recent times. Consumer companies had a good festive season, he added.
M&M Financial Services among CLSA’s top picks
Mahindra & Mahindra Financial Services shares traded 0.4 percent higher at Rs 170.6 apiece on BSE.
Buy SCI, ZEEL: Mitessh Thakkar
Here are two trading calls from Mitessh Thakkar of earningwaves.com:
–Buy Shipping Corporation of India for a target of Rs 155 with a stop loss at Rs 142
–Buy Zee Entertainment for a target of Rs 360 with a stop loss at Rs 325