CLSA raises target price on HDFC on better-than-expected results; shares gain over 3%
The share price of Housing Finance Development Corporation Ltd (HDFC) gained over 3 percent in the early trade on Tuesday as global brokerage firm CLSA raised its target on the stock after the company reported better-than-estimated earnings for the September quarter. The stock price rose as much as 3.58 percent to an intraday high of Rs 2,115.95 on the BSE. On Monday, HDFC shares ended over 6 percent higher after the earnings announcement. CLSA increased its target price on the stock to Rs 2,300 from Rs 2,100 earlier while maintaining an ‘Outperform’ rating. More here
Rupee Opens | The Indian rupee opened 10 paise higher at 74.33 per US dollar as compared to the previous close of 74.43.
Technical View | The markets are trading above the 11,750 marks and if we can sustain that, it could be used as a stop loss for all short positions on the index. We would need to wait for more clarity before we can go long on this market. Should a buy get triggered on the upside, 12,200-12,300 can be expected, said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Future Retail shareholder punctures Amazon’s appeals to Indian regulators
Mumbai-based Future Retail shareholder Beruz Feramorz Pouredehi has punctured Jeff Bezos-owned Amazons invocations to Indian regulatory authorities as illegal and has asked SEBI chairman Ajay Tyagi to step in and protect the minority shareholders like him. The complaint expands on the recent contentions by traders’ body CAIT that Amazon’s incursions in the country are similar to the East India Company. IANS has reviewed a copy of the complaint and its point-wise counter to Amazon’s contentions thus far. More here
Market Watch: Shubham Agarwal, CEO & Head of Research, Quantsapp Advisory
– First buy call is on Tata Consumer. 500 strike Call option can be bought for a target of Rs 30 with a stop loss at Rs 16.
– Second buy call is on IGL. 410 strike Call option can be bought for a target of Rs 20 with a stop loss at Rs 10.
– Buy call on Bajaj Finance. 3500 strike Call option can be bought for a target of Rs 180 with a stop loss at Rs 70
In the latest development around the Amazon-Future Group case, sources tell @AshmitTejKumar that the Future Group has filed a ‘caveat’ in the Delhi High Court, to ensure that it is heard if an application for enforcement is filed by Amazon. Here’s more pic.twitter.com/cW8MRENjxD
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Opening Bell: Sensex opens 300 points higher, Nifty above 11,700; banks gain
Indian shares opened higher on Tuesday tracking a broad based rally in Asian peers. At 9:18 am, the Sensex was trading 302 points higher at 40,059, while the Nifty rose 83 point to 11,752. led by financials. Broader markets were also positive at opening with the Nifty Midcap and Nifty Smallcap indices up 0.6 percent each. Among sectors, Nifty Bank rose the most, up 1.3 percent while Nifty Auto, Nifty Fin Services, and Nifty Metal also added to the gains. ICICI Bank, SBI, Tata Motors, NTPC, and IndusInd Bank were the top gainers on the Nifty50 index while Infosys, Wipro, Adani Ports, Kotak Bank and Reliance led the losses.
Energy firms looking to go public as situation turns favorable, says report
Several Indian energy firms are looking to go public in India or abroad. According to the report in the Mint, various renewable energy firms that are backed or owned by financial sponsors are queuing up for an IPO. While Warburg Pincus-backed rooftop solar energy firm CleanMax Solar and Morgan Stanley-owned Continuum Wind Energy are holding talks regarding the issuance of IPO, Goldman Sachs-backed ReNew Power Ventures Pvt. Ltd is exploring the possibility of an overseas listing in the US or UK, the report said.
“There is a definite buzz around IPOs in the renewable energy sector. ReNew will lead the way, and depending on how that goes, others will follow. Most discussions are at initial stages, and no firm decision has been taken on going public. They are likely to take the final call in the next month or two,” a person aware of the discussions, speaking on condition of anonymity, was quoted as saying in the report.
Punjab National Bank reports Q2 net profit at Rs 620.8 crore, beats estimates
State-run Punjab National Bank on Monday reported a standalone net profit of Rs 620.8 crore for the quarter ended September 2020, beating CNBC-TV18 analysts’ poll estimates of Rs 417.2 crore. The bank had reported a net profit of Rs 308.5 crore in the previous quarter. Net interest income during Q2FY21 rose 24.4 percent to Rs 8,393.2 crore as against Rs 6,748.4 crore in Q1FY21. The government had merged Oriental Bank of Commerce and United Bank of India with Punjab National Bank which came into effect on April 1, 2020. PNB’s asset quality during the quarter improved as Gross non-performing assets (NPAs) fell 5.4 percent to Rs 96,313.9 crore from Rs 1.01 lakh crore and net NPA declined by 12.4 percent to Rs 30,919.8 crore from Rs 35,303 crore, QoQ. More here
Oil falls as COVID-19 cases soar, Libya output jumps
Oil prices slipped on Tuesday as worries about soaring COVID-19 cases, rapidly rising Libyan supply and US election jitters outweighed growing hopes that major producers would hold back on planned production increases. US West Texas Intermediate (WTI) crude futures slipped 6 cents, or 0.2 percent, to USD 36.75 a barrel at 0159 GMT, while Brent crude futures fell 15 cents, or 0.4 percent, to USD 38.82. Benchmark prices, down sharply over the past week, had a brief reprieve on Monday, rising nearly 3 percent after Russia’s oil minister held talks with domestic oil companies to delay crude output increases planned for January. More here
RBI extends trading hours for rupee and bond markets till 3:30 pm
The Reserve Bank of India has extended trading hours for currency and rupee markets including forex derivatives, government securities, commercial paper and certificates of deposit by 90 minutes. The revised trading hours for rupee and bond markets are from 10 am to 3:30 pm as per Indian Standard Time as against 2 pm earlier. The revised timings will be effective from November 9, 2020. The extension in trading hours comes following easing COVID-19 lockdown restrictions across the country.
First up, here is quick catchup of what happened in the markets on Monday
Indian shares ended higher on Monday after a volatile session led mainly by banking stocks as ICICI Bank and IndusInd Bank surged post their September quarter earnings. However, major selling was witnessed in heavyweight Reliance Industries, IT and auto stocks. The Sensex ended 143 points higher 39,757 while the Nifty rose 27 points to settle at 11,669. Broader markets were mixed for the day with the Nifty Midcap up 0.3 percent and Nifty Smallcap index down 1.7 percent. Among sectors, Nifty Bank surged 4 percent and Nifty Fin Servcies jumped 3.9 percent. However, Nifty IT, Nifty Pharma, Nifty Metal and Nifty Auto ened the day in the red.
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