After making higher highs for the last three trading sessions, Nifty on Wednesday formed a long bear candle, indicating the inability of bulls to sustain the highs. “Now, it has to hold above 18,050-18,088 zones, for an up move towards 18,350 then 18,500 zones, whereas supports are placed at 18,050 and 17,950 zones,” said Chandan Taparia of Motilal Oswal Financial Services.Options data suggests a broader trading range between 17,800-18,500 zones while an immediate trading range between 17,900-18,400 zones.Chart readers said positive patterns like higher tops and bottoms continued on the daily time frame chart, and Wednesday’s swing high of 18,296 could be considered as a new higher top of the sequence.
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Adani Ports acquires 49.38% stake in Indian Oiltanking for Rs 1,050 crore
Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday said that it has acquired 49.38 per cent stake in Indian Oiltanking Ltd — developer and operator of liquid storage facilities — for Rs 1,050 crore. APSEZ in a statement said this agreement also includes acquisition of an additional 10 per cent equity stake in IOT Utkal Energy Services Ltd, a 71.57 per cent subsidiary of IOTL (Indiain Oiltanking Ltd).”APSEZ has entered into a definitive agreement for the acquisition of Oiltanking India GmbH’s 49.38 per cent equity stake in Indian Oiltanking Ltd, which is one of India’s largest developer and operator of liquid storage facilities,” it said.
DGFT notifies norms for export incentives on rupee receipts
The Directorate General of Foreign Trade (DGFT) on Wednesday notified norms for permitting exporters to avail incentives under the foreign trade policy, even on realisation in rupee. The DGFT, under the commerce ministry, has already allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency.In July, the Reserve Bank of India (RBI) had asked banks to put in place additional arrangements for export and import transactions in Indian rupees in view of increasing interest of the global trading community in the domestic currency.
FUND FLOW ACTIVITY
#MarketsWithETNOW | Check out the #FundFlow activity for November 9th! https://t.co/M8sYYXijJV
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Markets remained volatile and ended marginally lower, in absence of any major trigger. After the initial uptick, the Nifty index inched gradually lower as the session progressed and finally settled at 18,157 levels. The majority of sectors traded in line with the benchmark and ended flat to marginally lower. Meanwhile, the broader indices underperformed and lost over half a percent each.The recent market move indicates caution among the participants amid mixed signals from the global front. However, rotational buying across sectors is helping the index to maintain a positive tone. Amid all, we feel the prudent approach is to look for stock-specific opportunities for trading until Nifty regains momentum.
– Mr. Ajit Mishra, VP – Research, Religare Broking
Indian Nifty remained volatile with a predominant bearishness on Wednesday’s trading. On the higher end, the headline index has found resistance around 18300. The overall trend is expected to remain volatile as long as it remains below 18300. A decisive move above 18300 may induce a rally towards 18600. However, failure to move beyond 18300 may trigger further profit taking. On the lower end, support is pegged at 18000; below which the index may extend its loss towards 17700.
– Rupak De, Senior Technical Analyst at LKP Securities
Tata Motors announces intent to delist its American Depositary Shares from the New York Stock Exchange and terminate its American Depositary Share Program
Price as on 09 Nov, 2022 04:38 PM, Click on company names for their live prices.
Continued FII inflows, combined with a consolidation in the dollar index, boosted market sentiment. A major next trigger could be the US CPI inflation, to be announced tomorrow, consensus indicate a moderation to 7.9% in October compared to 8.2% in Sept. A fast slowdown in inflation would provide the fuel for the market to edge higher, the key problem of 2022.
– Vinod Nair, Head of Research at Geojit Financial Services
The positive developments among the global peers have led to a sturdy start to our market post the mid-week holiday. The benchmark index started with a small gap-up opening, but the follow-up buying was certainly lacking, resulting in a gradual fall throughout the session. Meanwhile, the banking index hastened to register a new high of 41,948.90. With such an action-packed day, Nifty snapped its two days of winning streak and settled a tad above 18150 with a mere loss of 0.25 percent.We remain sanguine about the technical setup of the Nifty, as the index is in a cycle of higher highs – higher lows and is currently hovering well above the moving averages on a daily time frame. At the same time, we would advocate not being complacent, as tentativeness could be sensed at higher levels, post the recent rally. However, the undertone is in favor of bulls till Nifty sustains above the 18000 mark, but the next couple of trading sessions would be crucial to watch for the near-term trend. On the technical front, the sacrosanct support lies at the 18000 mark, and till the time it is firmly defended, there should not be any sign of worrying. While on the flip side, the 18250-18350 zone is likely to be seen as stiff resistance for the index.Amidst the volatility, the undertone is likely to remain upbeat, and we reiterate to keep a close tab on the mentioned levels. Also, one should continue with the stock-specific approach, as even though the indices may be doing little, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly.
– Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
Tata Motors Q2 Results
- Loss of Rs 945 cr: Agencies;
- ET NOW poll saw cons loss of Rs 655 cr
- Cons rev from ops at Rs 79,611 cr vs Rs 61,379 cr YoY: Agencies
PSU banks were trading at an inexpensive valuation for a long time. The lower growth capital and legacy NPAs were the reason for underperformance. However, the concern of asset quality and growth are way behind. The large public banks have delivered strong growth and improvement in credit quality. Therefore, PSU banks are likely to perform well in mid-run. Bank of Baroda, Canara Bank are top picks in PSU space.
– Ajit Kabi, Banking Analyst at LKP Securities
Despite a 4.5% rise in the PSU Bank Index yesterday, there was no let up as today the index led from the front with another stellar performance of almost 4% rise as the street gave a thumbs up to the second quarter earnings of PSU Banks. All eyes are now on the Inflation data expected this week as supply side issues coupled with domestic demand would play a part given the way retail fuel prices have been behaving.
– S Ranganathan, Head of Research at LKP securities
Angel One’s client base grows 71.5% YoY to 11.88 million in October
Price as on 09 Nov, 2022 03:39 PM, Click on company names for their live prices.
Sensex Heatmap: 23 of 30 index stocks close in the red
Pharma bleeds the most; PSU Banks shine
Closing Bell: Sensex falls 400 pts from day’s high, ends 152 pts lower, Nifty holds 18,150; Jubilant FoodWorks plunges 8%, PNB jumps 7%
LIC’s stake in Divi’s Labs crosses 5%
Price as on 09 Nov, 2022 03:24 PM, Click on company names for their live prices.
Top Sensex drags in late afternoon trade
Price as on 09 Nov, 2022 03:13 PM, Click on company names for their live prices.
GLOBAL MARKET CHECK
- The Stoxx Europe 600 slipped 0.1% as of 8:21 a.m. London time
- Futures on the S&P 500 rose 0.1%
- Futures on the Nasdaq 100 rose 0.4%
- Futures on the Dow Jones Industrial Average were little changed
- The MSCI Asia Pacific Index rose 0.3%
- The MSCI Emerging Markets Index rose 0.6%
BARBEQUE NATION: PAT AT RS 7.1 CR VS RS 2.9 CR YOY
Godrej Properties, the real estate development arm of the Godrej Group, has reported 54% on-year rise in consolidated net profit at Rs 55 crore for the quarter ended September. Total income for the quarter rose 13% to Rs 327 crore.
Price as on 09 Nov, 2022 02:04 PM, Click on company names for their live prices.
Market LIVE Updates | Coal India says likely to close FY23 with capex of Rs 16,500 crore: Agencies
Price as on 09 Nov, 2022 01:24 PM, Click on company names for their live prices.
Keystone Realtors fixes price band at Rs 514-541; IPO to open on Nov 14
Realty developer Keystone Realtors has fixed price band at Rs 514-541 apiece for its initial public offer (IPO). The Mumbai-based company’s IPO will be open for subscription on Wednesday, November 14. Rustomjee Group company is raising Rs 635 crore via its primary stake sale, which includes a fresh issue of Rs 560 crore and an offer for sale (OFS) of up to Rs 75 crore by the promoters of the company.
Godrej Properties Q2 Results
#EarningsWithETNOW | Godrej Properties Q2FY23 ~ Revenue from operations at Rs 165 cr vs Rs 129 cr ~ PAT at Rs 67 c… https://t.co/zQ77pT89Fs
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Tesla loses valuation race to Berkshire as growth stocks sputter
After a $360 billion rout, Tesla Inc. has just been supplanted by old-economy stalwart Berkshire Hathaway Inc. as the fifth-biggest company in the S&P 500 Index. The Elon Musk-led electric-vehicle maker’s shares closed with a market valuation of $604 billion Tuesday, versus nearly $645 billion for Warren Buffett’s conglomerate, underscoring this year’s great economic upheaval as former high-flying technology stocks plunge anew while industrial companies outperform.
Vacuum cleaner maker Eureka Forbes on Wednesday said it has strengthened its leadership team by appointing Shubham Srivastava as Chief Product and Technology Officer and Gaurav Khandelwal as Chief Financial Officer (CFO).
Price as on 09 Nov, 2022 11:58 AM, Click on company names for their live…
Read More: sensex today: Stock Market Highlights: Nifty forms a long bear candle. What traders