All the frontline indices of the Indian market ended lower for the fourth consecutive trading session, Nifty below 19,300. Midcap Index closed with deep cuts after sliding below 39,000 mark for the first time in 2 months. The losers on Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports and UPL, while gainers were M&M and Bajaj Finance.
All the sectoral indices ended the session lower with Nifty Metal, Nifty IT, Nifty Realty, Nifty Oil & Gas, Nifty Power down 2-3% each. Nifty Auto, Nifty Bank, Nifty FMCG, Nifty Pharma slide in the range of 1-2%.
The volatility is expected to continue throughout the day as tensions in Middle East intensify and bond yields continue to be the biggest elephant in the room to dampen mood for equities. With investors being jittery, the hurdle for Nifty 50 continues to be 19,800, however, the benchmark has the potential to slip between 19,300-19,500 levels.
The 10-year Treasury Yield has crossed 5% mark and is at multi-year high.
This week, markets will monitor Q2 FY24 earnings, festival-driven demand environment, US GDP data, and foreign funds flow. The rising bond yields, crude oil prices and surge in precious metals however will act as a spoilsport for equities as tension between Israel and Gaza heightened with possible ground invasion in the picture.
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Oct 23, 2023, 3:52 pm IST
Top 5 Gainers and Losers Today
Source:NSE
Oct 23, 2023, 3:45 pm IST
Market Ends With Deep Cuts, Sensex, Nifty Down Over 1% Each
All the frontline indices of the Indian market ended lower for the fourth consecutive trading session, Nifty below 19,300. Midcap Index closed with deep cuts after sliding below 39,000 mark for the first time in 2 months. The losers on Nifty included LTIMindtree, Adani Enterprises, Hindalco Industries, Adani Ports and UPL, while gainers were M&M and Bajaj Finance.
Oct 23, 2023, 3:27 pm IST
Midcap Index Slides Below 39,000 For The First Time In 2 Months
Broader market remained under pressure in today's trade with the Midcap Index falling up to 3%. The broader index slipped below 39,000 mark for the first time since August 31. The decline was fueled by the ongoing crisis in the Middle East and a weak start to the earnings season. Out of the 100 stocks on the Midcap, 95 of them reported a loss with Laurus Labs falling almost 10%.
Oct 23, 2023, 2:44 pm IST
Yes Bank Shares Fall Over 4% Post Q2
The shares of Yes Bank tumbled more than 4% on Monday, October 23, after the private lender reported its second quarter earnings below street expecations. The stock is currently trading with cuts of nearly 5% at Rs 16.50 per share. On a year-to-date basis, shares of Yes Bank have plunged 23%, and rose 7% in the last one year.
Oct 23, 2023, 2:22 pm IST
Sensex, Nifty Lower, Midcap Index Down Nearly 2%
Sensex and Nifty are trading with cuts of half a percent each on Monday. Broader markets plunge with Midcap Index falling up to 2%. Nifty Bank is holding up in a subdued session, but is still trading about 100 points lower. Out of the 50 Nifty stocks, 44 are trading in the red with LTIMidtree and Adani Enterprises falling the most. In the Midcap space, 90 out of the 100 stocks are trading with cuts, Laurus Labs is the top loser.
Oct 23, 2023, 1:27 pm IST
Tata Steel Shares Fall Over 1% Intraday, 5% In 1-Week
Shares of large cap Tata Group metal & ferrous sector stock, Tata Steel shares witnessed decline of 1.62% intraday today to Rs 121.10 per share at the time of writing the report as BSE Sensex declined 279.75% points to 65,117 and Nifty tumbles 98 points to 19,444 on Monday.
Oct 23, 2023, 12:51 pm IST
Supriya Lifescience Signs Agreement With Kalinga Institute of Technology
Quickblue oral kit, a first-of-its-kind oral cancer screening kit, has been developed in partnership between Supriya Lifescience Ltd. and Kalinga Institute of Industrial Technology (KIIT), Bhubaneswar.
“This oral cancer detection kit is designed to detect oral cancer in a cost-effective and efficient manner. This kit seamlessly detects oral cancer and could potentially reduce the need for extensive preclinical and clinical trials. The company has also filed for the patent of the Quickblue oral kit,” said Supriya Lifescience in a stock exchange filing today.
Oct 23, 2023, 11:56 am IST
USD-INR Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Inability to push beyond 83.2 on Friday, forced USDINR to withdraw and the momentum thereof has taken it to the lower boundary set for the day. We will begin the day expecting consolidation in the 83.07-83.2 region, with wider extremities set as 82.98-82.78 on the downside and 83.4 on the upside."
Oct 23, 2023, 11:55 am IST
Nifty Derivative Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, "Nifty weekly contract has highest open interest at 20000 for Calls and 19000 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19000 for Puts. Highest new OI addition was seen at 19600 for Calls and 19400 for Puts in weekly and at 19600 for Calls and 19400 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 13.16%, decreased future index shorts by 0.51% and increase in index options by 25.41% in Call longs, 20.95% in Call short, 29.30% in Put longs and 25.36% in Put shorts."
Oct 23, 2023, 11:54 am IST
Nifty Outlook Today
Anand James, Chief Market Strategist at Geojit Financial Services said, with last week registering successively lower lows, the ongoing slide appears to gain momentum, setting up environment for a dive into the 19350-230 region. However favoured view doesnot yet expect a collapse beyond this point, but we would require either a consolidation here, or an outright pull back above 19550 region to signal recovery.
Oct 23, 2023, 11:52 am IST
IFL Enterprises Hits 10% Lower Circuit After Promoter Group Announces To Acquire Additional Stake
After the promoter/promoter group of IFL Enterprises Limited announced their intention to acquire an additional stake in the company through open market transactions, the shares of IFL Enterprises were trading close to 10% lower circuit at Rs 8.27 per share in the morning trade on Monday, October 23rd. In a period of 12 to 18 months, the promoter/Promoter group aims to acquire a stake of between 2% and 9% of the company's total equity share.
“The decision to acquire an increased stake in the company reflects the promoter group's confidence in IFL Enterprises' future prospects, business strategies, and performance. It also underscores their commitment to contributing to the sustained growth and financial stability of the company,” said IFL Enterprises in a stock exchange filing.
Oct 23, 2023, 11:51 am IST
India Shines As Global Investors Pour in Large-Cap Stocks
India has become a master in the global market as liquidity continues to fill into large-cap stocks. This exceptional resilience has set India apart, alongside Taiwan and Korea, as global fund managers increasingly allocate capital to select emerging markets, particularly through dedicated funds, according to moneycontrol.
Oct 23, 2023, 11:37 am IST
Genus Power Infrastructures Shares Rally Over 3% After Winning Order Worth Rs 3,121.42 Cr
On Monday, the shares of Genus Power Infrastructures were trading with an upside gap of 3.67% at Rs 264.40 after Genus Power Infrastructures Limited’s wholly-owned subsidiary received a Letter of Award (LOA) worth Rs. 3,121.42 crores for appointment of Advanced Metering Infrastructure Service Providers (AMISPs) including design of Advance Metering Infrastructure (AMI) system with supply, installation and commissioning with FMS of 36.27 Lakhs Smart Prepaid Meters, system meters including DT Meters with corresponding energy accounting on DBFOOT basis, as per a stock exchange filing.
Oct 23, 2023, 11:02 am IST
Amber Enterprises India Shares Plummet Over 6% After Net Loss Widens By 133% YoY In Q2
On Monday, the shares of Amber Enterprises India were trading with a downside gap of 6.61% at Rs 2837.40 after the company's net loss for the quarter ended 30th September 2023 widened to Rs. 6.95 crore down by 133.1% from a net loss of Rs. 2.98 crore in September 2022 quarter. The company said its net sales stood at Rs 927.06 crore in Q2FY24 up 23.54% from Rs. 750.44 crore in Q2FY23.
Oct 23, 2023, 10:49 am IST
Sprayking Agro Equipment Gains After Receiving Order Worth INR 150 Million
On Monday, the shares of Sprayking Agro Equipment were trading with an upside gap of 2.05% at Rs 201.80 after it secured an order worth INR 150 Million for the supply of brass parts. In Jamnagar, Gujarat, the firm recently acquired a brand-new manufacturing plant. The factory will create brass and forging parts and components, identical to the company's existing production plant. Spread out, this contemporary industrial facility is 3,000 square metres. Sprayking Agro Equipment Limited has acquired a 51% stake in M/s. Narmada Brass Industries as part of its expansion strategy. At its own production facilities, Narmada Brass manufactures copper and brass products. The production plant has a 2,000 tonne yearly capacity for forging items. The company is growing quickly as a result of this acquisition and is now able to fulfil new orders from both domestic and foreign markets.
Oct 23, 2023, 10:37 am IST
Arvind SmartSpaces Shares Gain On Bengaluru Residential Project Deal
Shares of Arvind SmartSpaces gained nearly 2% to Rs 343.85 on October 23 after the company signed a project in Bengaluru with a topline potential of nearly Rs 400 crore.
Earlier, the company on October 21 inked the deal for a residential apartment project with a total estimated saleable area of approximately 4.6 lakh sq. ft. It is located in Bannerghatta Road, Bengaluru, and was acquired on an outright basis under the HDFC Platform 2.
Oct 23, 2023, 10:37 am IST
Lemon Tree Hotels Inks License Pact For Hotel In Kasauli; Shares Fall 3.47%
Lemon Tree Hotels fell 3.47% in trade today to Rs 115.45 per share in trade at 10:21 am despite the company's declaration of acquiring a new property, the Lemon Tree Hotel in Kasauli, Himachal Pradesh.
The hotel is likely to open by FY25 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited, the company said in its exchange filing.
Oct 23, 2023, 10:37 am IST
Stock Market Holiday On Dussehra: Sensex, Nifty Will Not Be Open For Trading Tomorrow
Stock Market Holiday: Trading in the Indian market will not be open on October 24 due to the celebration of Dussehra across the country. Trading will be shut in segments like equities, equity derivatives, SLB and currency.
In the global market, the 10-year treasury yield crossed over 5% mark. While both crude oil and gold prices continue to rise. Asian and US stocks were feeble. Dussehra is a major Hindu festival which is celebrated every year usually the end of Navratri. Further, the festival is referred to as the tenth day of the month of Ashvin, the seventh in the Hindu Luni-Solar Calendar.
Oct 23, 2023, 10:33 am IST
Top 5 Gainers and Losers Today
Source:NSE
Oct 23, 2023, 9:46 am IST
Oil Prices Fall As Aid Convoys Arrive in Gaza
Oil prices eased as aid convoys started to arrive in the Gaza Strip over the weekend amid diplomatic efforts to contain a conflict between Israel and the Palestinian Islamist group Hamas from spreading to the wider oil-rich region, according to Reuters.
Oct 23, 2023, 9:38 am IST
Toyota Lobbies India To Cut Taxes Up To 21% On Hybrid Cars
Toyota Motor of Japan is pressuring the Indian government to lower taxes on hybrid vehicles by as much as 21% claiming in a letter that they are far less polluting than petrol-powered cars yet do not receive comparable policy treatment, according to a source.
The Indian rupee weakened slightly against the US dollar. The local unit opened at 83.15 per dollar and weakened as much as 83.1775 in the intraday trade.
On the previous day, rupee was at 83.12 against the US currency.
Oct 23, 2023, 9:25 am IST
Opening Bell
After seeing marginal gains in the opening bell to touch an intraday high of 65,421.21, Sensex erased its 65,400 mark and traded at 65,379.75, down by 17.87 points. While Nifty traded in red at 19,527.90 lower by 14.75 points or 0.08%.
Oct 23, 2023, 9:14 am IST
Q2FY24 Results Today
Companies that are scheduled to declare their Q2 earnings for FY24 on Monday, October 23, 2023, are -- NDTV, PNB Housing, Torrent Pharma, Alok Industries, Atishay, Aurum Prop Tech, Ganesha Ecoverse, Kewal Kiran Clothing, Lloyd Metals And Energy, Mahindra Logistics, Mahindra Holidays & Resorts India, NR Agarwal Industries, Poddar Housing and Development, Unistar Multimedia, and Veerkrupa Jewellers
Oct 23, 2023, 9:10 am IST
Stocks To Watch Today:
On Monday, 23rd October here are the hot stocks covering Paytm, Samvardhana Motherson, ICICI Bank, Yes Bank, and L&T Finance which are likely to be in focus today.
Oct 23, 2023, 9:09 am IST
Pre-Market Opening
In the pre-market opening, Sensex traded marginally up by 24.28 points or 0.04% to 65,421.90, on the contrary, Nifty 50 was in red with a drop of 82.05 points or 0.42% to 19,542.65. The market will open at 9.15 am.
Oct 23, 2023, 9:07 am IST
Bank Nifty Outlook
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, BankNifty witnessed a narrow rangebound session hovering near the 43700-43800 zone for the last 2 sessions with the bias maintained little bit weak and has the near-term crucial support zone of 43400 levels. A decisive breach below the 43400 zone shall further weaken the overall trend and expect for further slide till 42000 levels. BankNifty would have the daily range of 43400-44000 levels.
Oct 23, 2023, 9:06 am IST
Nifty 50 Outlook Today
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said, Nifty once again witnessed a gap down opening with a weak intraday session with crucial support of 19500 zone sustained as of now and is precariously placed with sentiment maintained with a cautious approach. The index holding on to 19500 levels is very crucial and a breach below shall trigger for further intensified selling pressure. The support for the day is seen at 19400 levels while the resistance is seen at 19700 levels.
Oct 23, 2023, 9:05 am IST
Day Trade Guide Today
Prashanth Tapse, Senior VP (Research), Mehta Equities said, “In the past week, the Nifty index closed at 19,513, marking a downbeat performance influenced by surging US Treasury yields and lackluster initial earnings reports from companies like INFY, BAJAJ FINANCE, and TCS. HDFC BANK's results also did little to improve sentiment, while geopolitical tensions led to reduced investor exposure. The 2-year and 10-year Treasury notes approached levels not seen since 2006 and 2007, with the 10-year yield nearly reaching the 5% mark, last witnessed in July 2007." However, he added, "hopes of sentiment improvement rest on the positive Q2 results from ICICI Bank, Kotak Bank, and RBL Bank, driven by lower provisions and enhanced asset quality."
The technical landscape for Nifty and Bank Nifty is challenging, with Nifty trading below the rising trendline from March 2023 and downside risk at the October low. Bank Nifty is also at risk of breaking the trendline from June 2022, with potential downside at 41500. Despite this, optimism remains for TATA MOTORS, DIXON TECHNOLOGIES, ZOMATO, and COAL INDIA, offering trading opportunities. ZOMATO stands out as a stock to consider, with long positions at the current price (CMP 113) targeting 121/143 and more aggressive 1-year targets at 175. Nifty's options data suggests a trading range of 18900-19700, with 20000 as a key resistance zone. The Volatility Index stands at 10.81, as per Tapse.
Oct 23, 2023, 9:02 am IST
Indian Market Last Week
On October 20th, the Sensex ended at 65,397.62, down by 231.62 points or 0.35%, while the Nifty 50 ended at 19,542.65, lower by 82.05 points or 0.42%. Bank Nifty also dipped by 31.45 points or 0.07% to settle at 43,723.05. In the trading week that ended on October 20th, Sensex nosedived by 778.96 points or 1.18%, while Nifty 50 shed 177.30 points or 0.90%.
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