Stock Market LIVE: Sensex down 450pt, Nifty below 18,200; all sectors in red

Ashika Stock Broking on today’s market: Intraday dip towards 18150-18200 can be used to create long positions

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed bearish candle with long lower shadow following a couple of indecisive Doji candle on the daily time frame, on the weekly time frame too Index with a negative candle but the trend of higher high formation remains unabated but noticeable aspect being the range of the market has decreased. Hence present setup show consolidation with weak bias. Hence ongoing breather would help index to cool off the short-term overbought condition and help index to form a higher base that would pave the way to challenge the all-time high of 18600 and eventually head towards 18900 as the Index has breached past the falling trend line which confirms that the primary trend is up. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. During the day, Nifty is likely to open on a negative note tracking weak morning cues. Thus, intraday dip towards 18150-18200 can be used to create long positions for target of 18600.

SBI Life comes under pressure in early trading on Monday; sheds 2%

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Rupee falls 12 paise to 81.86 against US dollar in early trade

The rupee depreciated 12 paise to 81.86 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar, then lost ground to quote at 81.86, registering a loss of 12 paise over its previous close.

On Friday, the rupee depreciated by 10 paise to close at 81.74 against the US currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.25 per cent to 107.19. (PTI)

Five Star Business Finance shares make a dull market debut as stock lists at discount

Shares of Five Star Business Finance Ltd made a dull stock market debut on Monday with the stock listing at ₹464 apiece on the NSE, a discount of over 2% as compared to its IPO issue price of ₹474 per share. On the BSE, Five Star Business Finance shares started trading at ₹449 apiece.

The initial share sale was entirely an offer for sale (OFS) of shares to the tune of ₹1,960 crore by existing shareholders and promoter group entities. The price band for the issue was fixed in the range of ₹450 per share to ₹474 per share. The IPO closed with 70% subscription, lower than its actual issue size. (Read More)

Archean Chemical shares list at premium over IPO issue price

Shares of Archean Chemical Industries Pvt Ltd made a positive market debut on Monday with the stock listing at ₹450 apiece on the NSE, a premium of over 11% as compared to its IPO issue price of ₹407 per share. On the BSE, Archean Chemical shares started trading at ₹449 apiece.

The public issue was subscribed 32.23 times by the close of the subscription period on Friday, November 11, 2022. Archean Chemical IPO consisted of a fresh issue of equity shares aggregating up to ₹805 crore and an Offer For Sale (OFS) of up to 1.61 crore shares by the promoter and investors. (Read More)

EaseMyTrip share price zooms 17% as stock trades ex-split, ex-bonus today

EaseMyTrip or Easy Trip Planners shares will be in focus today as the stock is trading ex-dividend and ex-bonus today. The board of directors of the company has fixed 22nd November 2022 as the record date to finalize eligible beneficiaries for issuance of bonus shares and stock subdivision. The company board has already approved and declared bonus shares in the 3:1 ratio whereas it has declared a stock split in 1:2 ratio.

Ahead of the record date for stock split and bonus shares, EaseMyTrip share price shot up near 17 per cent in early morning deals on Monday. EaseMyTrip share price today opened upside and went on to hit an intraday high of ₹57.30 apiece levels, logging to the tune of 17% upside within a few minutes of the stock market’s opening bell today. (Read More)

IT index sheds 1% in early trading with all stocks in red

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Buy or sell: Vaishali Parekh recommends 2 stocks to buy today

Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those two stocks:

1] IGL: Buy at ₹418, target ₹430, stop loss ₹412; and

2] Canara Bank: Buy at ₹309, target ₹322, stop loss ₹304. (Read More)

Bajaj Finance drags in early trading, sheds 2%

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Cryptocurrency prices today: Bitcoin trades below $16,000; dogecoin tanks 11%. Check latest rates

In cryptocurrencies, the world’s largest and most popular digital token Bitcoin’s price today was trading more than 4% lower at $15,973, slipping below the $16,000 mark. On the other hand, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency, also plunged by more than 8% to $1,118.

The global crypto market cap today remained below the $1 trillion mark, as it over 5% lower in the last 24 hours to $828 billion, as per the data by CoinGecko, as cryptocurrency prices continued to struggle in the ongoing crisis sparked by the downfall of Sam Bankman-Fried’s once powerful FTX empire. (Read More)

Sensex sheds 300 points at open, while Nifty is down 100 points on Monday

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Geojit Financial Services on today’s market: Time to play defensively rather than taking risky shots at the goal.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “There is a strong tailwind and a strong headwind which can sway the market now. The tailwind is the sharp decline in Brent crude to $86.75, which is a big macro positive for India. But this tailwind is unlikely to take the market higher since the headwind in the form of steadily declining momentum in the recent market uptrend, is very strong. The optimism driven by the recent decline is US inflation has run its course and the market is likely to wait for further data on the direction of US inflation and interest rates. So, this is the time to play defensively rather than taking risky shots at the goal. Cautious defensive games can be a good short-term strategy.”

Sensex preopens in the flat-to-red zone; Archean Chemicals and Five Star Business Finance will debut in the markets today; steel stocks will be focus

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Reliance Securities Stock in Focus for today: GPIL

STOCK IN FOCUS

GPIL (CMP 272)

We have BUY rating on GPIL, with a 12-month SOTP-based Target Price of Rs415.

Intraday Picks

AXISBANK (PREVIOUS CLOSE: 859) BUY

For today’s trade, long position can be initiated in the range of ₹848- 855 for the target of Rs.875 with a strict stop loss of ₹835.

TATAMOTORS (PREVIOUS CLOSE: 424) BUY

For today’s trade, long position can be initiated in the range of ₹418- 421 for the target of Rs. 432 with a strict stop loss of ₹416.

SUNPHARMA (PREVIOUS CLOSE: 1010) SELL

For today’s trade, short position can be initiated in the range of ₹1020-1035 for the target of Rs.985 with a strict stop loss of ₹1050.

Punjab & Sind Bank expects ₹1,100 crore profit in FY’23 amid bad loans resolution

State-owned Punjab & Sind Bank expects to clock a net profit of around ₹1,100 crore in the current financial year on the back of the resolution of bad loans.

The bank has given NPA recovery guidance of ₹2,000 crore for the ongoing fiscal, Punjab & Sind Bank Managing Director Swarup Kumar Saha told PTI in an interaction.

Out of this, ₹700 crore has already been realised, he said, adding some big resolutions like Sintex Industries and Meenakshi Energy are going to happen in the coming quarter.

Besides, he said, the resolution of some IL&FS group accounts is expected during the current fiscal. (PTI)

In consumers’ interest, Govt will issue guidelines to check fake reviews soon

The Central government will next week release the guidelines to check fake reviews and unverified star ratings on e-commerce websites, hotels, and travel booking platforms, said Consumer Affairs Secretary Rohit Kumar Singh, as quoted by news agency PTI.

E-commerce platforms give virtual shopping experiences to their customers, without any opportunity to physically examine the product.

Hence, the customers only rely on reviews posted on these portals to see the opinion and experienced users who have already purchased the goods or services. However, fake reviews and star ratings mislead consumers into buying online products on these platforms. (Read More)

Stocks to Watch: Archean Chemicals, Five Star Business, Zomato, ONGC, Tata Steel, Hindustan Copper, Maruti Suzuki, Easy Trip Planners, Engineers India, 3i Infotech, JSW Steel, Sail, Hindalco

NSE will continue to keep Balrampur Chini, Bhel, Delta Corp, Gujarat Narmada Valley Fertilizers and Chemicals, Indiabulls Housing Finance and Sun TV, and has added PNB on the list of banned securities under the F&O segment for Monday trading as they have crossed 95% of the market-wide position limit. (Read More)

India is differently placed, at low risk of recession: RBI Guv

Reserve Bank of India Governor Shaktikanta Das said a synchronised tightening of monetary policy globally has progressively increased the risk of a hard landing, which is a recession to tame inflation. India, however, is differently placed.

The Governor was speaking about the rising inflation across the world and said that inflation in systemically important advanced economies turned out to be persistent rather than transitory.

The third shock emanated in the form of aggressive tightening of monetary policy by the US Federal Reserve, and subsequent unrelenting appreciation of the US dollar. (ANI)

Exports of gems and jewellery drop 14.64 pc in October: Gem and Jewellery Export Promotion Council

The overall gross exports of gems and jewellery declined 14.64 per cent to ₹25,843.84 crore in October, against ₹30,274.64 crore in the year-ago period.

The overall gross imports of gems and jewellery showed a drop of 16.82 per cent to ₹12,181.92 crore in October, against ₹14,644.87 crore in the corresponding period a year ago, according to Gem and Jewellery Export Promotion Council report that came out recently.

The report said the overall gross exports of gems and jewellery grew 7.90 per cent to ₹1,88,183.89 crore during April-October 2022, against ₹1,74,406.57 crore in the year-ago period.

Rise in Indian corporate lending signals new investment cycle

Indian lenders are expanding lending to local corporations at the fastest pace in more than eight years, a sign of a new private investment cycle starting in the world’s fifth-largest economy even as growth in large developed economies and China slows.

That international slowdown will limit the strength of the new Indian cycle, economists say.

Private investment in India was constrained for years by heavy indebtedness of companies and banks and by weak demand. But over the past two years, corporations and lenders have cut costs and raised equity capital, and companies have been able to spend on new capacity as demand has strengthened. (Reuters)

Keystone Realtors IPO: Share allotment likely today. How to check status online

Allotment of shares can be announced any time today because as per the tentative schedule of the public issue, Keystone Realtors’ IPO allotment date is most likely on 21st November 2021 i.e. today. Bidders would be able to check their application status online once the finalisation of share allotment is announced. They can log in at the BSE website or at the website of IPO’s registrar to check Keystone Realtors’ IPO allotment status online. Among one of the Rustomjee brands, the public issue was subscribed to 2.01 times in three days subscription whereas its retail portion was subscribed 0.53 times. (Read More)

Input costs bite in Q2, but better days are coming

Persistent inflationary pressures squeezed earnings of Indian companies in the September quarter, even as revenue grew robustly, indicating demand, at least in urban areas, remained intact despite price increases.

September quarter profit plummeted 25% to levels not seen since the peak covid quarter of April-June 2021 as raw material costs surged 45% from a year earlier, a Mint analysis of 2,923 companies (excluding financials and banks) showed. However, with commodity costs softening, companies will likely see profit rebound in the coming quarters. (Read More)

Mother Dairy milk becomes costlier from today, Check new rates

The leading milk supplier in India, Mother Dairy has increased prices of full-cream milk by Re 1 per litre and token milk by ₹2 per litre in Delhi-NCR market with effect from today, Monday, November 21. However, the company hasn’t altered the rates of full-cream milk sold in 500 ml packs.

Notably, this is the fourth round of hike in milk prices in 2022 by Delhi-NCR’s leading milk supplier Mother Dairy. The company is one of the leading milk suppliers in Delhi-NCR with volumes of over 30 lakh litres per day. (Read More)

Deloitte expects India to post 6.5-7.1 pc growth in current fiscal

India is likely to post a 6.5 per cent to 7.1 per cent economic growth during the current financial year 2022-23 amid rising inflation and impending global slowdown, Deloitte India said in a report.

The persistent inflation has challenged policymakers over the past few months. Despite the Reserve Bank of India (RBI) raising interest rates by 1.9 percentage points since April 2022, inflation has remained above its tolerance range for over 9 months now.

To add to this, the runaway dollar is causing import bills to soar and further pushing inflation up. An impending global slowdown or even a recession in a few advanced nations as early as the end of 2022 or early next year is likely to make the situation worse. (PTI)

Export duty on steel, iron ore cut; tax on some raw material imports hiked

The government has cut the export duty on steel products and iron ore with effect from Saturday in order to provide a fillip to the domestic steel industry and boost exports.

Besides, import duty on anthracite, coking coal and ferronickel — used as raw material in the steel industry — has been hiked, as per a finance ministry notification issued late on Friday.

The export duty concessions and import tax have been restored after a gap of six months. In May, the tariffs were tweaked in the wake of a sharp and steady rise in prices of steel and in order to augment the availability both of finished steel as well as raw materials required for steel manufacture. (PTI)

Five Star Business Finances shares may have a ‘muted’ listing today, say experts

Shares of Five Star Business Finances Limited are going to hit the secondary market today as the Five Star Business Finances IPO listing date has been fixed on 21st November 2022. As per the information available on the BSE website, effective from Monday, November 21, 2022, the equity shares of Five-Star Business Finance Limited shall be listed and admitted to dealings on BSE and NSE in the list of ‘B’ group of securities in Special Pre-open Session (SPOS).

Meanwhile, the grey market is expecting discounted listing of Five Star Business Finances shares. According to market observers, shares of Five Star Business Finances are available at a discount of ₹2 in the grey market today. (Read More)

Archean Chemical IPO share listing date today. Experts predict ‘strong’ debut

Shares of Archean Chemical Industries Ltd are going to hit Dalal Street today as the Archean Chemical IPO listing date has been fixed on 21st November 2022. As per the information available on the BSE website, effective from Monday, November 21, 2022, the equity shares of Archean Chemical Industries Ltd shall be listed and admitted to dealings on the Indian exchanges in the list of ‘B’ group of securities. This means Archean Chemical shares will be a part of the Special Pre-open Session (SPOS) today.

Meanwhile, ahead of Archean Chemical IPO listing, shares of the chemical company are available at a premium of ₹124 in the grey market today. This means, Archean Chemical IPO GMP (grey market premium) today is ₹124. (Read More)

Dr Reddy’s is now No.2 drug firm as old order changes 3 min read . Updated:

Dr. Reddy’s Laboratories Ltd and Cipla Ltd beat Aurobindo Pharma to become the country’s second and third biggest drugmakers by sales in the three months to 30 September, the first change in the pecking order of the country’s $50 billion pharmaceutical industry in over seven years.

Sun Pharmaceuticals retained the position as India’s largest drugmaker.

Hyderabad-based Dr. Reddy’s reported revenue of ₹6,331.8 crore in the September quarter, while Aurobindo saw its revenue slip to ₹5,739.4 crore Mumbai-based Cipla posted revenue of ₹5,828.5 crore in the period. (Read More)

Stocks end higher on Wall Street on Friday but still fall for the week

A late-afternoon rally on Wall Street helped stocks close higher Friday, though the major indexes still wound up finishing lower for the week after several days of bumpy trading.

The S&P 500 rose 0.5% after wavering between small gains and losses for much of the day. The Dow Jones Industrial Average rose 0.6% and the Nasdaq composite ended essentially flat after swinging between a 1% gain and an 0.8% drop.

Several big retailers made solid gains after reporting strong quarterly results and gave investors encouraging financial forecasts. Discount retailer Ross Stores surged 9.9% for the biggest gain among S&P 500 stocks, while clothing retailer Gap rose 7.6% after beating analysts’ expectations. Foot Locker climbed 8.7% after raising its profit and revenue forecast for the year.

The solid earnings from retailers cap off a shaky week for Wall Street as investors try to get a better sense of inflation’s path and its impact on consumers and businesses. Investors have been particularly anxious about the Federal Reserve’s fight against inflation and have been looking for signs that might allow the central bank to shift to less aggressive interest rate increases. That anxiety was heightened on Thursday after a Fed official suggested U.S. interest rates might have to be raised higher than expected to cool inflation. (AP)