The index sustained above the hurdle of 18,096 levels on Tuesday, which is the previous top of the mid part of Sept 2022. Analysts said this is a positive indication, and one may expect further swing highs in Nifty.
Options data suggests a broader trading range between 17,600 to 18,600 zones while an immediate trading range in between 17,900 to 18,350 zones.
What should traders do? Here’s what analysts said:
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Wall St opens higher on hopes of slowing rate hikes
Wall Street’s main indexes opened higher on Tuesday, with Nasdaq in the lead, as investors hoped the U.S. Federal Reserve may tone down its aggressive approach on interest rate hikes.The Dow Jones Industrial Average rose 129.84 points, or 0.40%, at the open to 32,862.79.The S&P 500 opened higher by 29.81 points, or 0.77%, at 3,901.79, while the Nasdaq Composite gained 166.59 points, or 1.52%, to 11,154.74 at the opening bell.
Iran’s currency hits new low against the dollar amid unrest
Iran’s currency dropped to its lowest value against the dollar on Tuesday, after weeks of nationwide unrest roiling the country. A stalemate in negotiations to revive Tehran’s nuclear deal with world powers has also weighed heavily on the rial. Traders in Tehran exchanged the rial at 338,000 to the dollar, up from 332,200 on Monday.Iran’s currency was trading at 32,000 rials to the dollar at the time of the 2015 nuclear accord that lifted international sanctions in exchange for tight curbs on Tehran’s nuclear programme.
Tech View: Nifty forms Doji candle on daily charts. What traders should do on Wednesday
Headline equity index Nifty formed a Doji sort of candle on the daily charts as it gave the highest closing of the last 195 trading sessions. “Now, it has to hold above 18,088 zones for an up move towards 18,350 and 18,500 zones, whereas supports are placed at 18,088 and 18,000 zones,” said Chandan Taparia of Motilal Oswal Financial Services.The index sustained above the hurdle of 18,096 levels on Tuesday, which is the previous top of the mid part of Sept 2022. Analysts said this is a positive indication, and one may expect further swing highs in Nifty.Options data suggests a broader trading range between 17,600 to 18,600 zones while an immediate trading range in between 17,900 to 18,350 zones.What should traders do? Here’s what analysts said:
Markets extended gains for yet another session and rose over half a percent. After the initial gap-up start, Nifty oscillated in a range and finally settled closer to the day’s high to close at 18,145.40 levels. Most sectors contributed to the up move where IT, metal and pharma were among the top gainers. Amid all, the market breadth was inclined slightly on the advancing side, due to the underperformance of the smallcap pack.Nifty has reclaimed the 18,100+ zone almost after seven months and it is likely to continue this tone however we can’t ignore the possibility of an intermediate pause or dip. Besides, the upcoming events viz. the outcome of the US Fed meet and MPC’s special meet will keep the volatility high. Participants should maintain the “buy on dips” approach and stick with the sectors which are participating in the move.
– Mr. Ajit Mishra, VP – Research, Religare Broking
Despite several events lined up during the week including FED policy meeting, global markets surged on back of healthy quarterly results. Positive momentum continued in the Indian equities as well with Nifty gaining another 133 points to close at 18145 – its highest closing since 17th Jan 2022. Sector wise, action was seen in Metal and Pharma stocks. Pharma stocks were in limelight given healthy numbers posted by Sun Pharma and Dr. Reddy’s. Cement stocks were in momentum on the back of news flows around expected price hike. Going ahead, Indian markets are likely to continue with its positive momentum with bouts of volatility. Investors would now await the Federal Reserve meeting outcome and commentary that is due on Wednesday.
– Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
#EarningsWithETNOW | Uber Q3 revenue at $8.34 bn vs est of $8.1 bn Uber sees Q4 gross bookings at $30 bn to $31 bn… https://t.co/yPc63gHzWX
— ET NOW (@ETNOWlive) 1667300567000
The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly. Investors are keeping an eye on the central banks’ policy meetings for any indications of a slowdown in the pace of rate hikes.
– Vinod Nair, Head of Research at Geojit Financial Services
Adani Ports Q2 Results: PAT at Rs 1680 cr vs ET Now poll of Rs 1311 cr
Tech Mahindra Q2 Results: PAT at Rs 1290 cr vs ET Now poll of Rs 1210 cr
Sebi penalises 9 persons in Bombay Dyeing case
Markets regulator Sebi has slapped a penalty totalling Rs 59 lakh on nine persons in a case pertaining to alleged fraudulent scheme of misrepresenting financial statements of Bombay Dyeing and Manufacturing Company Limited. These persons were either members of the audit committee of Bombay Dyeing or CFOs of the company during the violations. They have been asked to pay the fine within 45 days, the Securities and Exchange Board of India (Sebi) said in its order passed on Monday.
CLOSING BELL: Sensex extends winning run to 4th session, jumps 375 pts; Nifty ends above 18,100; Delhivery rallies 10%, Adani Enterprises 7%
FirstMeridian Business Services gets Sebi’s go ahead to float Rs 800-cr IPO
Staffing firm FirstMeridian Business Services Ltd has received capital markets regulator Sebi’s go ahead to raise up to Rs 800 crore through an initial public offering (IPO). The IPO will include a fresh issue of equity shares worth up to Rs 50 crore and an Offer for Sale (OFS) worth up to Rs 750 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP).
UPL Q2 Results
– PAT at Rs 814 cr vs Poll of Rs 849 cr
– Revenue at Rs 12507 cr vs poll of Rs 12230 cr
Pharma stocks trend higher! Divis Labs best performer
Price as on 01 Nov, 2022 02:20 PM, Click on company names for their live prices.
Sun Pharma Q2 Results
– Cons PAT at Rs 2,262 cr vs ET NOW poll of Rs 2,040 cr
– Cons revenue at Rs 10,952 cr vs ET NOW poll of Rs 11,090 cr
Auto sales are trickling in! Maruti, Escorts are under pressure despite a beat in Oct sales. Here’s the fineprint
#AutoSales | Auto sales are trickling in! Maruti, Escorts are under pressure despite a beat in Oct sales,… https://t.co/3AMqDneENx
— ET NOW (@ETNOWlive) 1667289105000
Commercial vehicles maker Ashok Leyland on Tuesday reported a 34% rise in total sales at 14,863 units in October 2022. The company had sold 11,079 units in the same month last year, Ashok Leyland said in a statement.
Price as on 01 Nov, 2022 01:31 PM, Click on company names for their live prices.
What to expect from Fed hike & how does it impact Indian markets? Watch this to know
Dhanuka Agritech board approves share buyback at Rs 850 per share
Price as on 01 Nov, 2022 01:10 PM, Click on company names for their live prices.
GLOBAL MARKET CHECK
- S&P 500 futures rose 0.6% of 6:44 a.m. in London
- Nasdaq 100 futures rose 0.7%
- Euro Stoxx 50 futures rose 0.8%
- Japan’s Topix index rose 0.5%
- South Korea’s Kospi index rose 1.8%
- Hong Kong’s Hang Seng Index rose 5.7%
- China’s Shanghai Composite Index rose 2.4%
- Australia’s S&P/ASX 200 Index rose 1.7%
The Reserve Bank of India’s Monetary Policy Committee’s unscheduled meeting this week is unlikely to spring a surprise with an off-cycle rate hike, even though it comes a day after the Federal Reserve’s policy decision and as unseasonal rains that have damaged crops intensify the inflationary pressure on the Indian economy. MPC has gone for a cumulative 190 basis points of key policy rate hike since May, taking the repo rate to pre-Covid levels. The encouraging employment numbers, showing growth at the fastest pace in three years on the back of strong factory output, is another factor which will affect any decision of the RBI in increasing rates at this time. If the MPC goes for another round of rate hike, it will add to the concerns of NBFCs as they struggle to maintain profitability in an already challenging economic environment, as frequent increases in interest rates not only dents the number of loan takers but carries a serious risk of default from existing borrowers. For an NBFC the measurement of profit is the difference between the cost of borrowing, which essentially implies that these institutions have to raise funds to lend it to consumers, and the cost of credit, which means additional charges on loans.
– Rahul Chander, MD & CEO of LivFin (Fintech NBFC)
Nykaa Q2 Results: PAT at Rs 5.2 crore vs Rs 1.2 crore YOY
Shares of Indian music label Saregama rallied 5% in Tuesday’s intraday trade after the company reported a 36.4% increase in its consolidated net profit at Rs 46.11 crore for the second quarter of the financial year 2022-23. It posted a net profit of Rs 33.80 crore in the July-September quarter of last fiscal.
Price as on 01 Nov, 2022 12:08 PM, Click on company names for their live prices.
Check out the top gainers in mid-day trade
Price as on 01 Nov, 2022 12:05 PM, Click on company names for their live prices.
The domestic housing finance sector is now witnessing robust demand after the pandemic and the country’s fourth largest player, PNB Housing Finance, expects a strong growth of 40 per cent in disbursals this fiscal year, the company chief said. During the COVID pandemic, housing shortage in the country increased because of mobility issues, but after that the demand kept quite well, Girish Kousgi, Managing Director and Chief Executive Officer PNB Housing Finance said.
Price as on 01 Nov, 2022 11:36 AM, Click on company names for their live prices.
Steel Strips Wheels – October month update
– Revenue Growth Of 11% Y/Y
– Growth held back by a margin due to Diwali manufacturing holidays at customer end
– Festive retail demand fairly strong in every segment
Saudi Aramco’s quarterly net income up 39% to $42.4 billion
Saudi Arabian state oil producer Aramco said on Tuesday its third-quarter net income rose 39%, boosted by higher crude oil prices and volumes sold, beating analysts’ forecasts. Aramco’s net income rose to $42.4 billion for the quarter to Sept. 30 from $30.4 billion a year earlier, it said in a bourse filing. That was just above the median net profit forecast of $41.7 billion from 16 analysts.
SENSEX SURGES OVER 500 POINTS
Shares of Indian music label Saregama rallied 6.58% to Rs400.10 in Tuesday’s intraday trade on BSE after the company reported a 36.42% increase in its consolidated net profit to Rs 46.11 crore for the second quarter of the financial year 2022-23. It posted a net profit of Rs 33.80 crore in the July-September quarter of last fiscal. “The company posted the highest ever operating revenue for the quarter to reach Rs 189.2 crore in Q2FY23, up 30% YoY,” Saregama said in its earning statement.
Price as on 01 Nov, 2022 11:02 AM, Click on company names for their live prices.
R Shankar Raman of @larsentoubro talks to ET Now
#EarningsWithETNOW | R Shankar Raman of @larsentoubro: Expect benefits of commodity softness to trickle in from… https://t.co/qjvDvvY9Sy
— ET NOW (@ETNOWlive) 1667279689000
Affle (India) says co did not get consideration from Krafton for sale of Bobble Shares as of Oct 31; will continue to maintain 26.24% equity ownership interest in Bobble by default
Price as on 01 Nov, 2022 10:55 AM, Click on company names for their live prices.
Nikhil Kamath on India’s housing market
The housing market in India currently looks something like this. Interest rates are going up(a lot, significantly h… https://t.co/YVf1jXI0Xt
— Nikhil Kamath (@nikhilkamathcio) 1667277879000
There’s historical shift towards India as China is moving towards a Maoist type of environment: Mark Mobius
Supreme Industries reported a 64.13 per cent decline in consolidated profit at Rs 82.02 crore in the second quarter ended September 2022, impacted by a fall in PVC resin prices. The company had posted a net profit of Rs 228.71 crore during the July-September quarter of the previous fiscal.
Price as on 01 Nov, 2022 10:42 AM, Click on company names for their live prices.
Data Patterns (India), a defence and aerospace player, reported a growth of 63 per cent in PAT to Rs 21 crore aided by the decline in operating costs. The total revenue grew 51 per cent to Rs 90 crore. The company has Rs 884 crore worth of orders in hand.
Price as on 01 Nov, 2022 10:38 AM, Click on company names for their live prices.
Stocks to buy or sell today: 10 short-term trading ideas by experts for 1 November 2022
Alembic Pharmaceuticals gets USFDA final approval for Glycopyrrolate Injection USP
Price as on 01 Nov, 2022 10:30 AM, Click on company names for their live prices.
Bharti Airtel stock under pressure despite posting an 89 per cent year-on-year rise in consolidated net profit for September quarter to Rs 2,145 crore, as higher revenue per user, more data consumption, and expanded 4G base boosted realisations. Airtel’s total revenue rose nearly 22 per cent year-on-year to Rs 34,527 crore during the just-ended quarter.
Price as on 01 Nov, 2022 10:16 AM, Click on company names for their live prices.
SENSEX RISES OVER 450 POINTS
Equitas Small Finance Bank reported over two-fold jump in its net profit at Rs 116 crore in the quarter ended September 2022 on good growth in loan disbursals. The small finance bank had posted a net profit of Rs 41 crore in the year-ago period.
Price as on 01 Nov, 2022 10:14 AM, Click on company names for their live prices.
Nifty Pharma up 1.32%; Jubilant Life up 6.50%, Divi’s 3.22%
Price as on 01 Nov, 2022 10:13 AM, Click on company names for their live prices.
Bain Capital will likely sell a 1.24 per cent stake in Axis Bank worth $410 million (Rs 3,400 crore) through block deals, according to a term sheet issued by the banker JP Morgan. The floor price has been fixed at Rs 888 per share, a discount of 2 per cent to Monday’s closing price of Rs 906.
Price as on 01 Nov, 2022 09:52 AM, Click on company names for their live prices.
Jindal Saw set to acquire Sathavahana Ispat under IBC for Rs 530 crore
Price as on 01 Nov, 2022 09:51 AM, Click on company names for their live prices.
Expert View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Globally markets are looking forward to the Fed commentary after its meeting on November 1st and 2nd. A 75 bp hike in rates is already discounted by the market. If the Fed indicates moderation in rate hikes, going forward, markets would positively respond to that.
Upcoming IPOs in near future
Nifty IT all in green, up 0.73%
Price as on 01 Nov, 2022 09:33 AM, Click on company names for their live prices.
Motherson Sumi Wiring India reported a 2 per cent rise in net profit at Rs 116.45 crore in the second quarter ended September 30, 2022. The company had posted a net profit of Rs 114 crore in the same period last fiscal.
Price as on 01 Nov, 2022 09:32 AM, Click on company names for their live prices.
Glenmark Pharamceuticals said its US-based unit has launched Fingolimod capsules, used to treat multiple sclerosis, in the American market. Glenmark Pharmaceuticals USA has launched the product, a generic version of Novartis Pharmaceuticals Corporation’s Gilenya, in the strength of 0.5 mg.
Price as on 01 Nov, 2022 09:30 AM, Click on company names for their live prices.
Bajaj Auto Oct total sales 395,238 units, down 10% YoY
Price as on 01 Nov, 2022 09:29 AM, Click on company names for their live prices.
CLSA downgraded Tata Steel to sell with a target price of Rs 90 as Q2 results were below estimates. Profitability dropped sharply both in India and in Europe, it said. The global investment bank slashed FY23-25CL EBITDA by 18-25% on lower profitability.
Price as on 01 Nov, 2022 09:25 AM, Click on company names for their live prices.
Opening Bell: Sensex gains 300 points, Nifty above 18,100; Nykaa jumps 4%, Tata Steel falls* 2%
Pre-open session: Sensex rises over 150 points; Nifty above 18,190
Asia stocks edge up as investors eye Fed rate decision
Asian shares rose and bond yields firmed in early trade on Tuesday despite mild losses from Wall Street overnight as investors turned their focus to the Federal Reserve’s policy meeting this week for hints on what comes next.
Quarterly earnings today
Sun Pharmaceutical Industries, Adani Ports and Special Economic Zone, Tech Mahindra, UPL, Punjab National Bank, Max Healthcare Institute and Cholamandalam Investment are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 95 points, or 0.53 per cent, higher at 18,155.50, signaling that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty forms higher bottom
Headline equity index Nifty today formed a bullish candle on the daily scale to end 225 points higher above the 18,000 zones. A higher bottom formation indicated the continuation of an uptrend in the near future.
Tokyo stocks open higher with eyes on earnings
Tokyo stocks opened higher on Tuesday, shrugging off US falls, as investors awaited earnings reports by major Japanese firms including Toyota. The benchmark Nikkei 225 index was up 0.13 percent, or 36.14 points, at 27,623.60 in early trade, while the broader Topix index added 0.22 percent, or 4.23 points, to 1,933.64.
Wall Street ends strong month on weaker note
US stocks lost ground on Monday, with the major indexes closing out a strong month of gains on a weaker foot, as investor focus turned to the Federal Reserve’s policy meeting this week.
Oil prices edge lower as China COVID-19 woes dampen demand
Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive COVID-19 curbs in China increased fears of slowing fuel demand in the world’s second-largest oil consumer. Brent crude for January delivery was down 4 cents at $92.77 a barrel at 0112 GMT. The December contract expired on Monday at $94.83 a barrel, down 1%. U.S. West Texas Intermediate (WTI) crude fell 18 cents, or 0.2%, to $86.35 a barrel.
Rupee slumps 34 paise to 82.81 against US dollar
The rupee pared its initial gains and settled 34 paise lower at 82.81 against the US dollar on Monday, tracking the strength of the American currency in the overseas market.