Share Market Highlights: Indices snap 4-day rally, Sensex falls 200 pts, Nifty below 18100; Auto stocks drag

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Indian benchmark indices snapped their four-day winning streak to end in red as investors booked profit ahead of the US Federal Reserve meet outcome later tonight. Markets expect the central bank to hike interest rates by 75 bps. BSE Sensex slipped into red and drifted to a low of 60,794 on the back of weakness in IT, telecom and select auto stocks. The index finally ended 215 points lower at 60,906. Meanwhile, broader, NSE Nifty 50 ended with a loss of 62 points at 18,083. Among individual stocks, shares of LIC Housing Finance plunged 13% after the company reported a disappointing set of numbers in Q2FY23.

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Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Updates 2 November, Wednesday

15:39 (IST) 2 Nov 2022 Gainers, losers

Bharti Airtel, Apollo Hospitals, Maruti Suzuki, Eicher Motors and Britannia Industries were among the top Nifty losers, while Hindalco Industries, Sun Pharma, ITC, ONGC and Tech Mahindra were the gainers.

15:38 (IST) 2 Nov 2022 Nifty, Sensex snap 4-day rally; Auto, Bank stocks drag

Indian benchmark indices snapped four-day winning streak and ended lower with Nifty below 18100. BSE Sensex ended 215.26 points or 0.35% down at 60,906.09, and NSE Nifty 50 shut shop 62.60 points or 0.34% lower at 18,082.80. On the sectoral front, selling was seen in the Auto, Bank, Capital Goods, Information Technology, PSU Bank, Power and Realty names. On the other hand, Metal and Pharma indices ended on positive note. In broader markets, the BSE midcap index ended flat, while smallcap index edged 0.2% higher.

15:33 (IST) 2 Nov 2022 Markets end in red

Benchmark indices end in red as investors book profit ahead of US Fed meeting outcome. Sensex falls over 200 pts, and Nifty settles below 18100.

15:32 (IST) 2 Nov 2022 Rupee ends lower

Indian rupee is trading lower at 82.77 per dollar against previous close of 82.70.

15:19 (IST) 2 Nov 2022 JSW group to invest Rs 1 lakh crore in Karnataka in five years: Sajjan Jindal

Industrialist Sajjan Jindal, chairman of the JSW Group, said on Wednesday that his group was planning to invest Rs 1 lakh crore over the next five years in all its Karnataka-based businesses.

15:12 (IST) 2 Nov 2022 Nifty, Sensex in red

The Sensex was down 267.96 points or 0.44% at 60853.39, and the Nifty was down 77.40 points or 0.43% at 18068

14:40 (IST) 2 Nov 2022 Response to Fusion Micro Finance IPO muted

The maiden public issue of Fusion Micro Finance has mopped up bids for 11.92 lakh equity shares against an IPO size of 2.13 crore shares, subscribing 6 percent on the first day of bidding. Retail investors have bought shares 8 percent of the allotted quota and non-institutional investors subscribed 7 percent of the portion set aside for them. Qualified institutional investors have not put in a single bid yet.

14:31 (IST) 2 Nov 2022 DCX Systems IPO subscribed 35 times

The IPO of defence system integration company DCX Systems has received an overwhelming response across all categories of investors as increasing government focus on defence, decent financials and healthy order book, reasonable valuations, and positive equity markets. Investors bid for 51.33 crore shares against offer size of 1.45 crore, subscribing the initial public offering (IPO) 35.37 times on November 2, the final day of bidding. Retail investors have remained at the forefront since day one, buying their quota 50.19 times. Non-institutional investors have also remained active since first day of IPO, subscribing their portion 32.71 times while the quota for qualified institutional buyers was bought 32.01 times.

14:23 (IST) 2 Nov 2022 ITC hits new high; zooms 63% in 2022

ITC stock hit a fesh high in a subdued market. So far this year, the stock has zoomed 63%. Post Q2 results, most brokerages have either recommended a ‘buy’ or an ‘accumulate’ rating on ITC with target prices in the range of Rs 365 to Rs 405.

14:21 (IST) 2 Nov 2022 Mahindra Holidays Q2 net dips 24%; stock down 2%

Mahindra Holidays & Resorts today reported 23.8 per cent drop in Q2 net at Rs 30.91 crore when compared with Rs 40.56 crore in the year ago quarter. Total income, however, was up 13.8 per cent YoY at Rs 301.80 crore.

13:57 (IST) 2 Nov 2022 Firstsource net slips 4.1%; stock up 1%

Firstsource Solutions today reported 4.1 per cent fall in Q2FY23 net profit at Rs 129.40 crore from Rs 135 crore in Q2FY22. Total income, however, was up 7.6 per cent YoY at Rs 1,537.60 crore.

13:02 (IST) 2 Nov 2022 CMS Info Systems share hit lifetime high after strong Q2 numbers

Consolidated quarterly numbers for CMS Info Systems:Net Sales at Rs 471.67 crore in September 2022 up 26.77% from Rs. 372.08 crore in September 2021.

Quarterly Net Profit at Rs. 72.52 crore in September 2022 up 37.38% from Rs. 52.79 crore in September 2021.

EBITDA stands at Rs. 137.06 crore in September 2022 up 42.36% from Rs. 96.28 crore in September 2021.

CMS Info System EPS has increased to Rs. 4.71 in September 2022 from Rs. 3.57 in September 2021.

12:45 (IST) 2 Nov 2022 Grasim stock in focus

Grasim Industries’ Finance Committee of the Board of Directors has approved the issue of non-convertible debentures (NCDs) on private placement basis, for up to Rs 1,000 crore, in one or more tranches. Grasim Industries was quoting at Rs 1,759.00, down Rs 3.55, or 0.20% on the BSE.

12:44 (IST) 2 Nov 2022 Bharti Airtel surpasses 1 mn customers on its 5G network

Bharti Airtel has surpasse 1 million customers on its 5G network. The company said it has achieved this milestone in less than 30 days of its commercial launch.

12:33 (IST) 2 Nov 2022 Rupee falls amid muted trend in domestic equities

Rupee falls 12 paise against dollar amid muted trend in domestic equities. At the interbank foreign exchange, the domestic unit opened at 82.64 against the dollar, then lost further ground to quote at 82.71, registering a loss of 12 paise over its previous close.

12:32 (IST) 2 Nov 2022 Power stock fall

BSE Power index shed 0.5% dragged by NHPC, JSW Energy, Adani Power

12:27 (IST) 2 Nov 2022 PSU banks slip

Nifty PSU Bank index shed 0.5%, dragged by Bank of India, Indian Bank, Punjab National Bank

12:26 (IST) 2 Nov 2022 Fusion Micro Finance IPO Update

The maiden public issue of Fusion Micro Finance has mopped up bids for 5.55 lakh equity shares against an IPO size of 2.13 crore shares, subscribing 2% on the first day of bidding. The offer size has been reduced to 2.13 crore shares, from nearly 3 crore equity shares after the microfinance lender mobilised Rs 331 crore from anchor investors on November 1, a day before the issue opening. Retail investors have bought shares 4% of the allotted quota and non-institutional investors put in bids 2% of the portion set aside for them. Qualified institutional investors have not put in bets yet.

12:08 (IST) 2 Nov 2022 Nifty, Sensex in red

Sensex is down 131.59 points or 0.22 percent at 60,989.76. Nifty is down 36.30 points or 0.20 percent at 18,109.10.

10:52 (IST) 2 Nov 2022 LIC Housing Finance shares tanks

LIC Housing Finance shares plunged 13% on disappointing September quarter results. LIC Housing Finance’s net interest income (NII) declined by 0.8% to Rs 1,163 crore in the reporting quarter from Rs 1,173 crore a year ago.

10:52 (IST) 2 Nov 2022 Scope for further short-term rally in PSU segment

“Globally markets are waiting for the Fed commentary tonight. 75 bps rate hike is a given and already discounted by the markets. So it will be the Fed’s commentary and probable guidance that would be market moving. The Fed is likely to continue with its hawkish stance but any mildly dovish signal will be positive for markets. In the absence of any rate moderation signal, markets are likely to correct. So investors may wait and watch for this big event. Q2 results are panning out on expected lines. A notable feature is the superior performance of the premium segment particularly in automobiles and the very good results of financials, particularly banking. Apart from the excellent performance of the leading private banks, many PSU banks, too, have done well. Since this PSU segment is under-owned and cheap there is some scope for further short-term rally.”-VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

10:49 (IST) 2 Nov 2022 Fusion Micro Finance IPO opens, GMP rises; should you subscribe?

Fusion Micro Finance IPO opened for subscription on Wednesday (2 November), and will conclude on 4 November. The non-banking finance company (NBFC) has fixed the IPO price band at Rs 350-368 apiece. The Rs 1,104 crore IPO comprises issuance of fresh equity shares worth Rs 600 crore and an offer for sale (OFS) worth Rs 504 crore of 13,695,466 equity shares by promoters and existing shareholders. Half of the issue size has been reserved for qualified institutional investors (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors (NIIs). The minimum bid is that of 40 equity shares and then in multiples thereof. The face value of each share would be Rs 10. Fusion Micro Finance IPO shares were commanding a grey market premium (GMP) of Rs 35-40 apiece.

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10:01 (IST) 2 Nov 2022 Hero Moto falls 1% as October sales decline 17%

Hero MotoCorp shares fell as company’s total sales in October fell 17% on-year. Exports declined 41.8% to 11,757 units vs 20,191 units a year ago.

10:01 (IST) 2 Nov 2022 Adani Ports shares fall 1%

Adani Ports and Special Economic Zone share price fell over 1% after company’s consolidated profit increased by 65.5% on-year to Rs 1,738 crore for the quarter ended September FY23, supported by top line, operating income and lower tax cost. Revenue surged 33% on-year to Rs 5,211 crore for the quarter. Cargo for the quarter stood at 86.6 MMT, a 15% on-year growth.

10:00 (IST) 2 Nov 2022 LIC Housing Finance shares slip after Q2 results

Shares of LIC Housing, slumped on Wednesday, clocking its worst fall in more than two years. Market participants seem to be disappointed with the 23% on-year growth in net profit at Rs 305 crore, sinking the stock down for a fourth day on heavy volumes. The subsidiary of the country’s largest insurer LIC said its net interest income for the quarter declined marginally (80 basis points) to Rs 1,163 crore from Rs 1,173 crore, but the management did not give any reason for the same.

09:59 (IST) 2 Nov 2022 Bank Nifty in green

Bank Nifty bucket market trend to trade in green, supported by gains in HDFC Bank, Federal Bank, IDFC First Bank, ICICI Bank and IndusInd Bank.

09:42 (IST) 2 Nov 2022 Auto stocks slip

Nifty Auto Index slipped 0.6%, dragged by the Maruti Suzuki, TVS Motor, Bajaj Auto

09:34 (IST) 2 Nov 2022 Metal stocks gain

BSE metal index added 1%, supported by Hindalco Industries, Jindal Steel, NALCO

09:33 (IST) 2 Nov 2022 Bank Nifty may head towards 41800 this week once 41500 breached

“Bank Nifty moved above 41,500-level, but failed to hold that mark and reversed subsequently. The index formed a bearish pattern on the daily chart. The index again underperformed benchmark-Nifty amidst mixed action across the constituents. Since 25th Oct’22, the index failed to surpass 41,500 level convincingly. The key technical indicators are still in favor of the bulls on weekly timeframe chart and its daily indicators are positively poised. As mentioned earlier, a stable move above 41,500-level could lead the index towards 41,800-41,850 zone initially and 42,000-level subsequently. In case of any decline, the index will continue to find support

around crucial 40,700-mark. As for the day, support is placed at around 41,093 and then at 40,896 levels, while resistance is observed at 41,582 and then at

41,874 levels.”

09:32 (IST) 2 Nov 2022 Nifty may head towards 18210

“Continuing its prior daily rising trend, NIFTY-50 rose to 9-month high and regained 18,100-mark. Overall market breadth was positive and mixed trend witnessed across the sectors. The key technical indicators are positively poised on medium-term as well as short-term timeframe charts. This could lead the index towards 18,210-level initially and 18,350-level subsequently. On the lower side, now the index will find support at around 17,900-level, which coincides with late-Sep’22 high and also, with recent positive gap. As for the day, support is placed at around 18,078 and then at 18,011 levels, while resistance is observed at 18,194 and then at 18,243

levels.”-Reliance Securities

09:31 (IST) 2 Nov 2022 Reliance Securities Intraday Picks

MARICO (PREVIOUS CLOSE: 531) BUY

For today’s trade, long position can be initiated in the range of Rs 529-526 for the target of Rs 544 with a strict stop loss of Rs 519.

TORNTPOWER (PREVIOUS CLOSE: 519) BUY

For today’s trade, long position can be initiated in the range of Rs 516- 512 for the target of Rs 534 with a strict stop loss of Rs 506.

JKCEMENT (PREVIOUS CLOSE: 2,804) BUY

For today’s trade, long position can be initiated in the range of Rs 2,770- 2,750 for the target of Rs 2,920 with a strict stop loss of Rs 2,2,705.

09:17 (IST) 2 Nov 2022 Nifty, Sensex open flat

Benchmark indices were trading flat in opening deals amid mixed global cues. Sensex was down 52 pts or 0.07% at 61079, while broader NSE Nifty was trading 15 pts or 0.08% down at 18135.

09:07 (IST) 2 Nov 2022 Nifty, Sensex fall in pre-open

Benchmark indices are trading lower in the pre-opening session. At 09:02 AM, the Sensex was down 327.09 points or 0.54% at 60794.26, and the Nifty was down 23.70 points or 0.13% at 18121.70.

09:07 (IST) 2 Nov 2022 Rupee opens higher

Indian rupee opened higher at 82.65 per dollar on Wednesday against previous close of 82.70.

09:01 (IST) 2 Nov 2022 Auto, aviation, Oil & Gas stocks in focus

“Today, the markets are likely to get a cautious start amid lackluster global cues ahead of the US Fed policy outcome later in the day. There will be some buzz in auto stocks as a private report showed that domestic passenger vehicle (PV) sales saw significant growth in October due to increased availability of semiconductor chips and rising consumer confidence. Aviation, oil and gas industry stocks will be in focus as the centre increased the special additional excise duty, commonly known as windfall tax on the export of aviation turbine fuel (ATF) and diesel. On the technical front, the key resistance level for Nifty50 is 18,300  and on the downside 18,050 can act as strong support. Key resistance and support levels for Bank Nifty are 41,670 and 41,100 respectively.”-Mohit Nigam, Head – PMS, Hem Securities

08:37 (IST) 2 Nov 2022 Windfall tax cut on crude oil; levy on diesel, ATF export hiked in eighth fortnightly review

The government on Tuesday cut windfall tax on the export of locally produced crude oil to Rs 9,500 per tonne from Rs 11,000 per tonne earlier. However, windfall tax on exports of aviation fuel (ATF) has been increased to Rs 5 per litre from Rs 3.50 per litre. Tax on diesel has also been hiked by Re 1 to Rs 13 per litre. According to the govt notification, the changes in the windfall tax on oil products will be applicable from Wednesday (2 November). The cut in the windfall tax on the sale of locally produced crude oil comes at a time when global oil prices have largely remained steady at around $95 per barrel.

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08:02 (IST) 2 Nov 2022 Nifty resistance at 18022

“Nifty has made multiple upgaps in the latest rise and will need to fill them in the near future. It has formed a doji after a rise suggesting indecision after a rise. On upmoves, 18287 could offer resistance while 18022 could offer support.”-Deepak Jasani, Head of Retail Research, HDFC Securities

08:00 (IST) 2 Nov 2022 Medium-term texture of market still positive

“The benchmark indices continued positive momentum fourth day in a row, the nifty ended at 129 points higher while the Sensex was up by 375 points. Among Sectors, Metal and Pharma indices outperformed whereas intraday profit booking was seen in selective PSU Banks stocks. Technically, after promising 18000/60500 breakout last Tuesday, the market opened with a gap up and after strong opening the entire day it was hovering between 18060-18175/60870-61280. In addition, on daily charts the index has formed Doji candlestick formation which indicates indecisiveness between the bulls and bears. However, the medium-term texture of the market is still on the positive side. for the trend-following traders now, 18050/60870 would be the trend decider level. Above the same, the index could move up to 18250-18300/60400-60500. On the flip side, quick intraday correction is not ruled out, if the index succeeds to trade below 18050/60870. Below the same, the index is likely to touch 17950 -17900/60500-60400. The short-term texture of the market is mildly overbought hence level based trading would be the ideal strategy for the day traders.”- Shrikant Chouhan, Head of equity Research (Retail), Kotak Securities

07:59 (IST) 2 Nov 2022 Disappointment in earnings or weak management commentary on demand may lead to correction

“The 2QFY23 earning season so far witnessed healthy revenue growth but higher inflationary pressure took toll on profitability. For 160/BSE500 companies revenue grew by 25% YoY, EBITDA increased by 17% YoY while PAT was up 8% YoY. Inflation continues to remain sticky, both, in the domestic and the US economy. Any disappointment in earnings or weak management commentary on demand may lead to correction given sharp outperformance of Indian equities. India’ is expected to maintain healthy growth pace of ~7% GDP growth over the next few years and be among the fastest growing economies globally this decade. The global companies trying to re-structure supply chains leading to China plus one strategy which is likely to continue to favour India’s growth prospects in the coming years.”- Mitul Shah, Head of Research at Reliance Securities

07:56 (IST) 2 Nov 2022 Stocks in focus today

Tech Mahindra: Tech Mahindra on Tuesday reported a 13.6% sequential rise in its net profit at Rs 1,285 crore in the September quarter. On a year-on-year basis, however, the company’s net profit declined 4%.

Nykaa: Beauty products retailer Nykaa’s parent FSN E-Commerce on Tuesday posted a 344% on-year jump in its net profit for the quarter ended September.

Adani Ports and Special Economic Zone: The company’s consolidated profit increased by 65.5% on-year to Rs 1,738 crore for the quarter ended September.

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07:55 (IST) 2 Nov 2022 Will bulls pull Nifty towards 18500 or bears to drag index below 18100? Key things to know before market opens

Indian benchmark indices BSE Sensex and NSE Nifty 50 are likely to see a muted start amid mixed cues, hinted SGX Nifty. Ahead of the session, Nifty futures traded 23.5 pts or 0.13% lower at 18,231.50 on the Singapore Exchange, signaling that Dalal Street was headed for a flat to negative start. “Nifty has reclaimed the 18,100+ zone almost after seven months and it is likely to continue this tone however we can’t ignore the possibility of an intermediate pause or dip. Besides, the upcoming events viz. the outcome of the US Fed meet and MPC’s special meet will keep the volatility high. Participants should maintain the “buy on dips” approach and stick with the sectors which are participating in the move,” said Ajit Mishra, VP – Research, Religare Broking.

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07:52 (IST) 2 Nov 2022 FII’s Longs more than Retail Longs

“For the first time since 17th Aug 2022, FII’s Longs (45,181 contracts) are more than Retail Longs (42,365 contracts) in Index Futures. Nifty Futures COI up 14.5% in last three trading sessions. Interesting 3 sessions ahead with 3 key events lined up. Our bets are on Longs,”-Rahul Sharma, Head – Research, JM Financial Services

07:35 (IST) 2 Nov 2022 Asian markets mixed

Shares in the Asia-Pacific were mixed on Wednesday as investors brace for another likely 75 bps rate hike by the Federal Reserve. Hong Kong’s Hang Seng index slipped 0.81% in early trade after closing more than 5% higher on Tuesday. The Shanghai Composite in mainland China dipped 0.39% and the Shenzhen Component lost 0.193%. In Japan, the Nikkei 225 was fractionally lower and the Topix was 0.22% higher. Fast Retailing is set to report sales for Uniqlo in Japan. The Kospi in South Korea reversed course to rise 0.42% but the Kosdaq was 0.34% lower. Australia’s S&P/ASX 200 traded 0.33% higher, bucking the trend in the region. The MSCI’s broadest index of Asia-Pacific shares outside Japan was about flat.

07:31 (IST) 2 Nov 2022 Wall Street stocks slip

US stocks closed lower for a second straight session on Tuesday after data indicating that the labour market remained on solid ground dimmed hopes the Federal Reserve might have enough reason to begin reducing the size of its interest rate hikes. The Dow Jones Industrial Average fell 79.75 points, or 0.24 percent, to 32,653.2, the S&P 500 lost 15.88 points, or 0.41 percent, to 3,856.1 and the Nasdaq Composite dropped 97.30 points, or 0.89 percent, to 10,890.85.

07:31 (IST) 2 Nov 2022 SGX Nifty hints at flat start for Indian share market

SGX Nifty hinted at a muted opening for benchmark indices NSE Nifty 50 and BSE Sensex. Ahead of the session, Nifty futures were trading around 18,238 levels, down 0.09% on the Singapore Exchange.