Opening Bell: Sensex down nearly 60 points, Nifty opens below 12,700; HDFC twins top losers
Indian equity benchmark indices opened lower on Friday following a selloff in Asian peers as rising pandemic cases globally dampened investor sentiment.
At 9:15 am, the Sensex opened 0.13 percent, or 58.27 points, lower at 43,298.92, while the Nifty50 index opened at 12,659.70, down 31.10 points, or 0.25 percent.
Heavy selling in banking stocks dragged Bank Nifty more than 400 points lower.
Broader markets traded mixed as Nifty Smallcap100 outperformed the benchmarks with 0.2 percent gains.
Among sectoral indices, the Nifty Private Bank, Nifty Financial Services and Nifty Metal fell the most while Nifty Pharma, Nifty IT and Nifty Realty traded in the green.
CLSA reiterates ‘Outperform’ on Aurobindo Pharma, at Rs 960 target price
The brokerage feels that the ongoing research & development projects may cap near-term margin expansion.
“Complex-product pipeline development should increase medium-term R&D spending but boost long-term profitability while stronger execution on R&D-backed projects could drive rerating,” explained the brokerage.
Hence, it reiterated an Outperform rating, keeping FY21-23 EPS estimates and an Rs960 target price.
US piles up record October budget deficit of USD 284.1 billion
The US is starting the 2021 budget year the way the old year ended, with soaring deficits. The Treasury Department reported Thursday that the federal government ran up a record October deficit of USD 284.1 billion, double the red ink of the same month a year ago, as revenues declined while spending to deal with the impact of the coronavirus soared.
The October deficit was double the USD 134.5 billion deficit logged in October 2019. It smashed the previous October record of a USD 176 billion deficit set in 2009, when the government was spending heavily to lift the country out of a deep recession caused by the 2008 financial crisis. The deficit for the 2020 budget year, which ended Sept. 30, totalled a record USD 3.1 trillion, breaking the old mark for an annual deficit of USD 1.4 trillion set in 2009. Read more
Top large cap stock picks for Diwali 2020 by HDFC Securities
In the new Samvat, investors need to look at asset class diversification, sector diversification, spreading investments over time. All in all, after a turbulent past year, we can look forward to a relatively sedate but selectively rewarding year, HDFC Securities said. Here are top large-cap Diwali picks by the brokerage.
India’s retail inflation inches up to 7.61% in October on the back of higher food prices
India’s retail inflation as measured by the Consumer Price Index (CPI) recorded 7.61 percent in the month of October on the back of a further rise for food prices, showed data released by the National Statistics Office (NSO) on Thursday.
It was 4.62 percent in October 2019. The rise in general inflation was mainly on account of elevated food prices.
As per the data, the Consumer Food Price Index (CFPI) rose to 11.07 percent in October, up from 10.68 percent in the previous month of September.
The Consumer Food Price Index (CFPI), according to the data, rose to 11.07 percent in October from 10.68 percent in the previous month of September. It was 4.62 percent in October 2019.
Vegetable prices rose 22.51 percent in October on a year-to-year basis. Read more
The Indian stock market is expected to open lower. Click here for 10 vital things to know before the opening bell.
Market Action Overnight
– U.S. sees well > 100k cases a day for 7 straight days now
– Chicago issues stay-at-home orders
– NY Mayor threatens to shut schools once again
– White House removes itself from fiscal negotiations
– S&P-500 -1%, Nasdaq -0.65%
— Prashant Nair (@_prashantnair) November 13, 2020
Click here to read the top stocks to watch out for the day.
Closing Bell: Sensex, Nifty end lower after 8 sessions of gains; Nifty Bank down 2%
Indian indices ended lower on Thursday, snapping 8 sessions of gains after a slew of announcements by the Finance Minister Nirmala Sitharaman to boost the economy failed to impress the Street. Losses in the benchmarks were led by banks and financials.
The Sensex ended 236 points lower at 43,357 while the Nifty lost 58 points to settle at 12,691. Broader markets, however, outperformed, the benchmarks with Nifty Midcap and the Nifty Smallcap indices up 0.5 percent and 1.3 percent, respectively.
Announcing a new set of stimulus measures dubbed as Stimulus 2.0, Finance Minister Nirmala Sitharaman on Thursday said India is seeing a “strong recovery” taking root in the economy, as seen by increased goods and service tax collections and other metrics. The FM announced 12 measures in Stimulus 2.0 from credit guarantee to EPFO subsidy to tax relief for homebuyers.
On the Nifty50 index, HUL, Grasim, Shree Cement, Hindalco and ITC were the top gainers while SBI, Kotak Bank, Coal India, IndusInd Bank and NTPC led the losses.
The Nifty Bank and Nifty Fin Services sectors fell 1-2 percent during the day while the Nifty Metal index also lost 0.5 percent. However, the Nifty FMCG jumped 1.5 percent and the IT, auto and pharma indices were also positive for the day.
Welcome to our market live blog!
Hi, I am Mousumi Paul from the desk team of CNBC-TV18 and I will be giving you all the updates on today’s trading session at the stock market along with news from the economy and corporate world.
To begin with, the Indian market is likely to open lower Friday following losses in global markets as the COVID-19 cases continue to surge in the US. At 7:00 am, the SGX Nifty was trading 112.50 points or 0.88 percent lower at 12,634.50, indicating a negative start for the Sensex and Nifty50.
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