Sensex Today: Stock Market Highlights: Nifty forms small bodied bullish candle. What traders should do on Thursday

JLR CEO Thierry Bolloré resigns for personal reasons

Jaguar Land Rover Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons.He will leave the company on December 31, 2022.

Tech View: Nifty forms small bodied bullish candle. What traders should do on Thursday

Headline equity index Nifty today formed a small bodied bullish candle on the daily frame with a longer lower shadow, indicating support-based buying. It has been forming higher highs from the last four sessions. “Now, it has to hold above 18350 zones, for an up move towards 18500 then 18600 zones whereas supports are placed at 18250 and 18188 zones,” said Chandan Taparia of Motilal Oswal.Option data suggests a broader trading range in between 18000 to 18800 zones while an immediate trading range in between 18200 to 18600 zones.Indicators such as RSI and MACD are showing strength and are sustaining.

As the domestic market has started to trade around the all-time high levels it is trending indecisively following the recent geopolitical tensions and weak performance by global counterparts. Although domestic macroeconomic indicators and FII inflows are favourable, given the high valuations, domestic markets can behave cautious in the short to medium-term. Rest of the other EMs look more attractive when the global market is attempting to bounce back after a long period of consolidation.

– Vinod Nair, Head of Research at Geojit Financial Services

Rupee drops in line with Asian FX, corporate dollar demand seen

The Indian rupee weakened on Wednesday as sustained corporate demand pushed the U.S. dollar up, while weakness in Asian stocks and currencies spilled over to domestic markets. The rupee declined 0.25% to 81.2975 per dollar. It has shed nearly a percent from its high of 80.51 on Monday, with volatility gripping markets this week. There is a huge cash dollar demand in both the spot and forwards markets, a trader with a private said, adding that foreign banks are likely buying on behalf of their importer clients. A decline in USD/INR forward premiums made it attractive for importers to hedge, leading to more dollar outflows. The cost of hedging 6-month dollar was down 25 basis points this week.

Sensex Heatmap: 14 of 30 index stocks close on a positive note

Closing Bell: Sensex rises 108 pts to end at record high, Nifty tops 18,400; Apollo Tyres drops 7%, Adani Green 4%

WATCH: Likely to receive around Rs 900 cr as a part of ECLG scheme within next 10-15 days, says SpiceJet MD

Gold prices steadied near a three-month peak as signs of cooling U.S. inflation boosted bets for smaller rate hikes, while reports around Russian missiles killing two people in Poland led to some demand for safe-haven assets. The United States and Western allies said they were investigating but could not confirm a report that a blast in NATO member Poland resulted from stray Russian missiles, while Russia’s defence ministry denied it. Volatility was a bit high in the yesterday’s session as apart from fed officials comments we also had the U.S. PPI and NY state manufacturing index. The U.S. PPI increased 8.0% for the 12 months through October compared with economist expectations for 8.3%. While the NY empire state manufacturing index was positive showing the level of general business conditions improving in NewYork. After two fed officials hinting a slowdown in the pace of rate hike, Fed official Bostic mentioned that more hikes will be needed to get the inflation down to the Fed’s target rate. Focus today will be on the U.S. Retail sales and IIP data. Broader trend on COMEX could be in the range of $1740-1800 and on domestic front prices could hover in the range of Rs. 52,700-53,400 could be expected.

– Navneet Damani, Senior VP – Commodity Research at Motilal Oswal Financial Services

IPO WATCH: Keystone Realtors IPO fully subscribed on Day 3

STOCKS WATCH: SHARP FALL IN ADANI GROUP STOCKS

Price as on 16 Nov, 2022 02:48 PM, Click on company names for their live prices.

European shares opens lower, defence stocks rise after Poland blast

European shares opened marginally lower on Wednesday, with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks.The pan-European STOXX 600 index dipped 0.2% by 0817 GMT, with auto stocks tumbling 2.0%.Mercedes Benz Group AG slid 3.5% after a report said that the German automaker slashed its China electric vehicle prices by up to $33,000 as sales lagged.

Private sector Kotak Mahindra Bank has revised upward its marginal cost of funds based lending rate for different tenors but reduced the benchmark one-year tenor rate by 20 basis points. The MCLR (marginal cost of funds based lending rate) linked loan rates for the benchmark one-year tenor, which is used by banks to price most of consumer loans such as auto, home and personal, has been cut to 8.55 per cent from 8.75 per cent.

Price as on 16 Nov, 2022 01:52 PM, Click on company names for their live prices.

Shares of Motherson Sumi Wiring in Wednesday’s trade hit the 20% upper circuit at Rs 71.15, also its new 52-week high, after the auto components company shares turned ex-bonus.

Price as on 16 Nov, 2022 01:21 PM, Click on company names for their live prices.

Zen Technologies incorporates wholly-owned subsidiary in UAE, Zen Defence Tech

Price as on 16 Nov, 2022 01:00 PM, Click on company names for their live prices.

TATA TECH IPO

– Considering IPO plan as early as Q1 FY24
– May file DRHP with Sebi by next year
– IPO to be a mix of OFS & fresh share sale

Working towards the goal of customer ease, India’s largest mutual fund transfer agency Computer Age Management Services Limited (CAMS) is looking at mainstreaming analytics, artificial intelligence and blockchain, says the company’s Chief Platform Officer Ravi Kethana. Financial products in an era of tech-driven consumerism should be tailored so they are simple to understand, easy to subscribe and seamlessly integrate with partners, Kethana explained in an interview to PTI.

Price as on 16 Nov, 2022 12:34 PM, Click on company names for their live prices.

Zydus Lifesciences gets exclusive marketing rights for Canassist breast

Price as on 16 Nov, 2022 12:22 PM, Click on company names for their live prices.

Shining star of 2022, this sector is all set to glitter more than gold in near term

Banks have been the top performing stocks in 2022 and have led the northward journey of benchmark indices on sustained buying by both foreign and domestic institutional investors.

Cristiano Ronaldo launches first NFT collection with Binance

BHARAT RASAYAN Q2 RESULTS

Krishna Defence & Allied Industries bags order worth Rs 24 crore for supply of special steel product for critical naval application

Price as on 16 Nov, 2022 11:33 AM, Click on company names for their live prices.

Nifty hits fresh 52-week high

CHECK OUT THE TOP NIFTY GAINERS & LOSERS

The next one year is likely to be a more volatile season for the market. Can Fin Homes is the ideal midcap for investors who are looking to invest Rs 10 lakh, with a book value of Rs 40,000 crores and a market cap of Rs 6,500 crores. Can Fin Homes can provide 50% returns between Diwali 2022 and 2023. The LIC and ICICI Bank stocks rank second and third, respectively.

– Hemant Sood, Founder, Findoc

Block Deal in IRFC: 14.7 lakh shares change hands

Price as on 16 Nov, 2022 11:06 AM, Click on company names for their live prices.

Piramal Capital and Housing Finance Ltd has withdrawn the insolvency proceedings against Reliance Power Ltd. Piramal Capital and Housing Finance Ltd has withdrawn the application made against Reliance Power Ltd under section 7 of the Insolvency and Bankruptcy Code 2016, a BSE filing stated.

Price as on 16 Nov, 2022 10:39 AM, Click on company names for their live prices.

WATCH | ATUL SURI OF MARATHON TRENDS ON MARKETS & MORE

RIL, Nykaa eye promoter stake in TCNS: Media reports

Price as on 16 Nov, 2022 10:32 AM, Click on company names for their live prices.

Bikaji Foods International debuts at 8% premium over IPO price

Bikaji Foods International was off to a decent start on Dalal street as the FMCG player got listed at Rs 322.80 on Wednesday on NSE, a premium of 8% over its issue price of Rs 300.The packaged snack manufacturer debuted at a premium of 7% at Rs 321.15 as against the given issue price on BSE.

Global Health makes a decent debut, lists at 19% premium

Global Health made a decent debut on Dalal Street as the healthcare company got listed at Rs 401 on Wednesday, a premium of 19% over its issue price of Rs 336 on NSE.The operator of the Medanta chain of hospitals debuted at a premium of 19% at Rs 398.15 over the given issue price on BSE.

Consolidation inside the 18480-350 region continues, with dips finding buying interest on anticipated lines, with rallies fizzling out before they mature. Favoured view expects positive bias to linger on, aiming for 18460 or18530 initially. Inability to float above 18360 early in the day, would however force us to revert to a neutral stance.

– Anand James – Chief Market Strategist at Geojit Financial Services

Bharat Electronics has signed multiple MoUs with Yantra India (YIL), Profense LLC, SVC Tech Ventures LLP and Hindustan Shipyard for various purposes in the defence sector.

Price as on 16 Nov, 2022 09:38 AM, Click on company names for their live prices.

CLSA upgraded Delhivery to buy with a target price of Rs 532. The long-term growth outlook remains intact, said CLSA. “Adjusted EBITDA margin improved by 550 bps QoQ. A pickup in PTL and Express parcel volume is likely to help improve adjusted EBITDA,” said the note.

Price as on 16 Nov, 2022 09:37 AM, Click on company names for their live prices.

Bullish momentum continues in the market. A good indicator of the bullish sentiments is the decline in the volatility index VIX from above 18 in October to around 14.6 now. The US CBOE VIX also is on a downtrend. This, along with steadily falling US yields strengthens the bullish construct for equity markets. Since the Nifty is only around 1% away from all-time highs a final dash to a new record can happen anytime. Profit booking and correction is likely after that. Since the drivers of the current rally are high quality large-caps particularly in banking and IT, mid and small-caps are unlikely to participate in the ongoing rally. Investors may stick with quality. Two Russian missiles landing in Poland killing two civilians has emerged as a new near-term concern whether it will escalate the Ukraine war.

– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Top gainers & losers: Nykaa down 4%, TCNS Clothing rallies 9%

Price as on 16 Nov, 2022 09:31 AM, Click on company names for their live prices.

Godrej Properties said it has achieved sales worth Rs 500 crore in its new housing project at Pune. In September, the company had launched its new project ‘Godrej Woodsville’ in Hinjewadi, Pune.

Price as on 16 Nov, 2022 09:28 AM, Click on company names for their live prices.

Opening Bell: Sensex, Nifty trade flat; RailTel rallies 4%, PB Fintech 2%

Pre-open session: Sensex slips 300 points; Nifty below 18,330

Asian stocks drop on geopolitical worries

Asian stocks dropped and the dollar gained on Wednesday after blasts in Poland that Ukraine and Polish authorities said were caused by Russian-made missiles.

Oil prices steady as China COVID worries outweigh supply concerns

Oil prices were little changed on Wednesday as COVID-19 cases in China continued to climb, sparking worries of lower fuel demand in the world’s top crude importer, and outweighing concerns about an escalation of geopolitical tensions and tighter oil supply.

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 84 points, or 0.45 per cent, lower at 18,410.50, signaling that Dalal Street was headed for a negative start on Wednesday.

Tech View: Nifty charts signal buying interest

Headline index Nifty, which made a record closing high today, formed a bullish candle on the daily chart with a lower shadow. Analysts said this pattern indicates an emergence of buying interest in the market after a couple of days of the choppy movement.

Tokyo stocks down after muted US gains

Tokyo stocks fell on Wednesday after rallies on Wall Street were curbed by geopolitical risks linked to the war in Ukraine. The benchmark Nikkei 225 index was down 0.69 percent, or 194.32 points, at 27,795.85 in morning trade, while the broader Topix index lost 0.64 percent, or 12.65 points, to 1,951.57.

Wall Street gains on inflation data, but rocky on geopolitics

Wall Street’s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the U.S. Federal Reserve.

Rupee gains 37 paise to close at 80.91 against US dollar

The rupee appreciated by 37 paise to close at 80.91 against the US dollar on Tuesday, on encouraging inflation data and weak American currency.

Sensex, Nifty on Tuesday

The 30-share Sensex ended 249 points higher at 61,873, while its broader peer Nifty 50 ended at the 18,400 level.

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