The NSE Nifty 50 index rose 0.07% to 18,129.90 as of 0518 GMT, while the S&P BSE Sensex was 0.05% lower at 60,920.77, after climbing over 0.7% each in the session on the back of strong results from heavyweights State Bank of India and Britannia Industries.
SBI climbed nearly 5% to an all-time high after it reported a record quarterly profit and said it expects credit growth to remain in double-digits.
“U.S. futures have given up some of the gains. Domestic equities is also possibly looking for additional triggers as earnings from big companies are out which only leaves us to looking at global news flow,” said Rohit Srivastava, founder and market strategist at Indiacharts.
U.S. stock futures and commodities slipped in Asia on Monday after Beijing denied it was considering easing its zero COVID-19 policy. [MKTS/GLOB]
“The U.S. dollar gave up gains on Friday and that is helping the rupee and equities today as we’re seeing a rise in global metal stocks,” Srivastava said.
Top performing sectors on the Nifty shed gains. However, the public sector bank held fort and was last up 3.7%, led by a sharp rise in SBI and Bank of Baroda.
Nifty’s metal index advanced up to 2% to an over six-month high.
Britannia Industries Ltd rose as much as 10% after the biscuit maker late Friday reported a 28.4% jump in second quarter profit .
State-run Coal India Ltd and digital payments firm Paytm were up 1.2% and 0.8%, respectively, ahead of their quarterly results.
Market participants this week will closely watch U.S. consumer prices data for October that will likely offer cues to the U.S. Federal Reserve’s rate outlook.
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Aided by robust festive season offtake, automobile retail sales in India witnessed a 48 per cent annual jump in October, automotive dealers’ body Federation of Automobile Dealers Associations said on Monday. The total retail sales last month stood at 20,94,378 units, up 48 per cent from 14,18,726 registrations in October 2021. The registrations last month were even better by 8 per cent as against October 2019, a pre-COVID month.
Price as on 07 Nov, 2022 11:36 AM, Click on company names for their live prices.
INDIA CEMENTS Q2 RESULTS
- LOSS OF RS 138 CRORE VS PROFIT OF RS 22 CRORE YOY
- REVENUE OF RS 1255 CRORE VS RS 1190 CRORE YOY
Barclays cuts India’s FY24 GDP growth at 6% vs 6.5%
India’s ports-to-energy conglomerate Adani Group continues to seek strategic equity partners aligned with its long-term investment strategy, debt research firm CreditSights said in a report, flagging concern over the Group’s elevated leverage.
Price as on 07 Nov, 2022 10:56 AM, Click on company names for their live prices.
Britannia vs Nestle: Here’s a lowdown
#MarketsWithETNOW | @BritanniaIndLtd's stock is up around 8%, post positive commentary from the management after it… https://t.co/y6gxDCVWQW
— ET NOW (@ETNOWlive) 1667798361000
Ashok Sonthalia of Titan in conversation with ET Now
#EarningsWithETNOW | Ashok Sonthalia of @TitanCompanyLtd says Expect Q3 to be positive aided by the wedding seas… https://t.co/CLh0BxN9Nb
— ET NOW (@ETNOWlive) 1667796348000
Shares of the State Bank of India or SBI rallied up to 5% today to hit fresh 52-week high at Rs 622.90 after the PSU bank reported its highest-ever quarterly profit of Rs 13,264.62 crore in the weekend. Even as the stock has rallied over 31% on a year-to-date basis, Kotak Institutional Equities said the valuations are still not expensive. The domestic brokerage has raised its target price on the stock to Rs 725.
Price as on 07 Nov, 2022 10:37 AM, Click on company names for their live prices.
Nifty IT in the red; Infosys 2% down
Price as on 07 Nov, 2022 10:32 AM, Click on company names for their live prices.
Sensex erases over 400 points gains, trades lower
Inox Green Energy IPO kicks off from Nov 11, price band fixed @61-65
The initial public offering (IPO) of Inox Green Energy Services (IGESL) will open for subscription on Friday, November 11. The company will sell its shares in the range of Rs 61-65 apiece. The company aims to raise Rs 740 crore via its primary offering including issuance of fresh shares worth Rs 370 crore, with a face value of Rs 10 each. Its parent company, Inox Wind, will offload shares worth Rs 370 crore from its shareholding. The anchor book will open on Thursday, November 10.
Voltas will invest over ?1,000 crore to expand its manufacturing capacity including a new plant near Chennai while another proposed ?500-crore compressor plant in partnership with China’s Highly International is yet to receive government clearance, its managing director, Pradeep Bakshi, told ET.
Price as on 07 Nov, 2022 10:07 AM, Click on company names for their live prices.
Devina Mehra of First Global in conversation with ET Now
#BeatTheStreet | @devinamehra of @firstglobalsec says Overweight on Industrials and Manufacturing Positive on… https://t.co/LciRvyS8sG
— ET NOW (@ETNOWlive) 1667794499000
InterGlobe Aviation, the parent of the country’s largest airline IndiGo reported a widening of loss to Rs 1,583.34 crore for the September quarter due to higher fuel costs and foreign exchange loss. The airline reported a loss of Rs 381.8 crore, excluding the foreign exchange loss of Rs 1,201.5 crore.
Price as on 07 Nov, 2022 09:58 AM, Click on company names for their live prices.
Britannia Industries reported a 28.47% increase in consolidated net profit at Rs 490.58 crore for the second quarter ended September 30, 2022, helped by volume growth. The company had posted a net profit of Rs 381.84 crore in the July-September quarter a year ago.
Price as on 07 Nov, 2022 09:56 AM, Click on company names for their live prices.
Pharma falters after opening high; down 0.79%
Price as on 07 Nov, 2022 09:54 AM, Click on company names for their live prices.
Tata Motors has increased prices of its passenger vehicles with effect from November 7. The weighted average increase will be 0.9 per cent, depending on the variant and model.
Price as on 07 Nov, 2022 09:45 AM, Click on company names for their live prices.
Surging in trade
Price as on 07 Nov, 2022 09:35 AM, Click on company names for their live prices.
Opening Movers
Price as on 07 Nov, 2022 09:31 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for November 07, 2022
State Bank of India, the country’s largest lender, reported the highest-ever quarterly profit at Rs 13,265 crore, up 74% year-on-year, for the September quarter of FY23, buoyed by robust loan sales, higher interest income and lower provisions. The PSB said its total income increased to Rs 88,734 crore during the quarter under review.
Price as on 07 Nov, 2022 09:30 AM, Click on company names for their live prices.
Reliance Industries is set to acquire German retailer Metro AG’s Cash and Carry business in India in a deal estimated at around 500 million euros (Rs 4,060 crore), industry sources said. The deal includes 31 wholesale distribution centres, land banks and other assets owned by Metro Cash & Carry here.
Price as on 07 Nov, 2022 09:28 AM, Click on company names for their live prices.
The stellar Q2 numbers from the PSU banking majors SBI and BoB reinforce the ongoing bullish story in banking. Rising credit growth, improving asset quality and margins bode well for the banking sector and this has the potential to take the Bank Nifty and Nifty to new highs, driven by the bulls, who are in command now. FIIs turning buyers for the seventh consecutive day is another strong positive. In the context of problems in China, money is likely to move away from China to strong emerging markets like Taiwan and India. Concerns of high valuations have been temporarily eclipsed by positive factors. In this pricey market there is value in PSU banking stocks. Q2 results indicate that a 12% earnings growth is achievable in FY23.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Stocks in focus: RIL, Mahanagar Gas, Piramal Pharma, Marico, Power Grid, GAIL, and more
OPENING BELL: Sensex rallies 400 points, Nifty tops 18,250; Britannia jumps 6%, SBI 3%
Pre-open session: Sensex rises over 250 points; Nifty above 18,200
Quarterly earnings today
Coal India, Divi’s Laboratories, Bharat Petroleum Corporation, One97 Communications, Aditya Birla Capital, Endurance Technologies and Aditya Birla Capital are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 74.5 points, or 0.41 per cent, higher at 18,277.50, signaling that Dalal Street was headed for a positive start on Monday.
Tech View: Nifty forms long bull candle on weekly scale.
Domestic headline equity index Nifty on Friday formed a bullish candle on the daily scale and a long bull candle on the weekly charts, indicating that the bulls may get stronger going forward.
Tokyo stocks open higher
Tokyo stocks opened higher on Monday as global market sentiment improved on solid US jobs data and hopes for an economic reopening in China. The benchmark Nikkei 225 index was up 0.66 percent, or 178.65 points, at 27,378.39 in early trade, while the broader Topix index rose 0.75 percent, or 14.27 points, to 1,929.67.
Wall Street rallies to close out soft week after jobs report
US stocks closed higher on Friday in volatile trade to snap a four-session losing streak as investors wrestled with a mixed jobs report and comments from Federal Reserve officials on the pace of interest rate hikes.
Oil falls as China sticks to strict COVID policy
Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials on the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude importer.
Rupee soars…
Read More: Stock Market LIVE Updates: Sensex erases over 400-point gains, slips below 61,000; Nifty