Sensex Today | Share Market Live Updates: Sensex, Nifty in red; Hero Moto, M&M shed; NTPC gains

Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox Banknifty Outlook for today: Despite the market opening on a negative note, Bank Nifty is emphasizing a positive recovery with 43600 PE and 43500 PE witnessing robust writing post early hour session.

A sustained move over 43600 shall see more short covering, resulting index to rally in the direction of 43800. PCR stands at 1.03 implying volatile activity in the derivatives trading.

Technically, 43,200 acts as a major support mark, with 44200 staying as a barrier for upcoming sessions.

Pre-Diwali Dhanteras buying of gold and silver in India, the world\’s largest gold consumer, kick-started on a positive note on Friday on the recovery of consumer demand with the softening of gold prices.

Gold prices have fallen by ₹800-1,500 per 10 gram (24 carat) from the peak ₹63,000 level on October 28 and this has evoked buying on Dhanteras, considered the most auspicious day in the Hindu calendar for buying items ranging from precious metals to utensils, with traders expecting gold sales to surpass last year\’s level.

On Thursday, Gold prices plunged ₹400 to ₹60,950 per 10 grams in the national capital.

Gold prices in Delhi were ruling at ₹50,139 per ten grams, excluding taxes, on 2022 Dhanteras day. In normal years, about 20-30 tonnes of gold are sold on a Dhanteras day. (PTI)

Adani Ports and Special Economic Zone (APSEZ) witnessed a rise of over 1% in its share price on Friday as analysts maintained a bullish outlook on the stock following the decent earnings growth reported for the second quarter of FY24.

In Q2FY24, APSEZ reported a 4.2% increase in net profit, reaching ₹1,747.8 crore compared to ₹1,677.5 crore in the same period the previous year. The company\’s revenue from operations for the quarter ending September 2023 amounted to ₹6,646.6 crore, marking a robust growth of 27.6% from ₹5,210.8 crore in the corresponding period last year. (Read More)

Japan’s Economy Ministry is preparing a total ¥2 trillion ($13 billion) in subsidies to drive investment in its chip industry in a bid to regain its status as a major semiconductor power.

The Ministry of Economy, Trade and Industry is seeking ¥1.85 trillion in an extra budget, on top of as-yet-unspent money for chip-related subsidies. Bloomberg earlier reported that Japan’s plans to allocate money to boost capacity to make and secure chips at home.

As part of a broader blueprint to revive the economy, Tokyo is trying to entice investment in the production of cutting-edge semiconductors critical to future technologies from AI to self-driving cars. That includes billions of dollars to support Taiwan Semiconductor Manufacturing Co., the industry leader in advanced chip production, and for Rapidus Corp., a local startup that aims to compete in high-end chip production. (Bloomberg)

United Spirits witnessed a nearly 7% decline in its share price during morning trade on BSE on Friday, November 10. Investors were observed selling off shares of the company following the release of its September quarter earnings, which indicated a substantial year-on-year (YoY) decrease in both standalone revenue and profit.

According to an exchange filing on Wednesday, November 8, United Spirits reported that its standalone revenue from operations experienced an almost 19% YoY decline, amounting to ₹6,733.8 crore. In the same quarter the previous year, the company\’s revenue from operations stood at ₹8,275.9 crore. (Read More)

Shares of ESAF Small Finance Bank on Friday listed with a premium of nearly 20 per cent against the issue price of ₹60.

The stock made its debut at ₹71.90, rallying 19.83 per cent from the issue price on the BSE. It later jumped 24.5 per cent to ₹74.70.

At the NSE, shares of the company began the trade at ₹71, up 18.33 per cent.

The company commanded a market valuation of ₹3,685.82 crore during the morning trade.

The Initial Public Offering (IPO) of ESAF Small Finance Bank was subscribed 73.15 times on the last day of subscription on Tuesday. (PTI)

The Indian rupee traded flat against the US dollar in early trade on Friday amid a weak American currency and softening crude oil prices. The local currency opened flat at 83.28 a dollar, similar to its previous close.

The dollar index, which gauges the greenback\’s strength against a basket of six currencies, was trading lower by 0.04% at 105.86.

On Thursday, the rupee closed 1 paise lower at 83.28 against the American currency. (Read More)

Vivek Kumar of JM Financial views on Samvardhana Motherson International (MOTHERSO IN) | WIP Qtr; Growth momentum is expected to remain strong

Result Update BUY INR 130 

In 2QFY24, SAMIL reported consol. EBITDA margin of 8.0%, 90bps below JMFe. Lower automotive production in EU (owing to summer holidays) and US (labour strike) led to negative operating leverage and unfavourable mix. With the recovery in automotive volumes in 2H, we expect growth momentum to continue going ahead. Order book continues to grow with share of EVs forming ~22% of booked business (USD 77+bn). Acquisitions have started coming through and the company indicated of strong pipeline. Increase in debt is a temporary phenomenon owing to acqs. and increase in capex and is expected to normalise going ahead. We believe the company with its global presence, an expanding product portfolio and a wide customer base presents a multi-year growth opportunity. We expect revenue/EPS CAGR of 18%/48% over FY23-26E. We maintain BUY rating with a Sept’24 TP of INR 130 (18x FY25e EPS). Slowdown in global demand remains a key risk.

Mark Zuckerberg is facing a lawsuit filed by the US state of Massachusetts, over allegations that his company Meta \”dismissed concerns\” around Instagram\’s negative effects on users\’ mental health, ABC News reported.

The lawsuit was filed in the Suffolk Superior Court on November 5. It found that Meta\’s leadership had in 2019 suggested that filters for plastic surgery be disabled on Facebook and Instagram due to the negative impact on young users – especially women, it added. (Read More)

Force Motors, the flagship company of the Abhay Firodia group, witnessed its shares surge to the 5% upper circuit limit, reaching ₹4,053.25 per share during early trading on Friday. This significant increase was driven by positive investor response to the company\’s Q2FY24 performance, which was disclosed after market hours on Thursday.

During the July-September quarter of FY24, the company declared a net profit of ₹94 crore, showcasing a notable improvement from the ₹19 crore net profit reported in the corresponding period last year, representing a substantial 395% year-on-year growth. (Read More)

Muthoot Finance Q2 FY24 Performance highlights for half year ended September 30, 2023

Increase in Consolidated Loan Portfolio: 24% YoY at ₹79,493 Crores

Highest Ever Gross Gold Loan Advance in any 1st Half of a Year: ₹84,742 Crores

Highest Ever Gold Loan Advance to New Customers in any 1st Half of a Year: ₹8,109 Crores

Highest Ever Gold Loan Portfolio Growth in 1st Half of a Year: ₹5,642 Crores

Increase in Gold Loan Portfolio: 20% YoY at ₹11,016 Crores

All-Time High Interest Collection in any Half Year: ₹5,447 Crores

Increase in Consolidated Profit After Tax: 24% YoY at ₹2,140 Crores

Increase in Standalone Profit After Tax: 18% YoY at ₹1,966 Cro

Pidilite, the makers of Fevicol, Dr Fixit, Fevikwik, and M-Seal, is entering into the NBFC sector by acquiring a promoter group firm Pargro Investments. Managing Director Bharat Puri said the new venture will not be a \”big bang initiative\” where Pidilite wants to be a large-scale business. The MD said they will provide small-value retail loans to the people related to its ecosystem, PTI news agency reported.

\”It will remain restricted to the Pidilite ecosystem and service, where it believes to have a competitive advantage\”, Pidilite MD said in a virtual round table. (Read More)

Among the slew of companies announcing their Q2 results, investors would focus on Coal India Ltd, Eicher Motors Ltd, Hindalco Industries Ltd, Oil And Natural Gas Corporation Ltd (ONGC), and Mahindra & Mahindra Ltd (M&M). (Read More)

Mandar Bhojane, Research Analyst, Choice Broking: On November 10, the Sensex and Nifty indices are anticipated to commence trading marginally lower, as per indications from the GIFT Nifty. The expected opening reflects a potential downturn for the broader index, projecting a loss of approximately 90 points.

In the U.S. market, stocks concluded lower on Thursday, terminating the Nasdaq and S&P 500\’s lengthiest winning streaks in two years. This decline was attributed to escalating Treasury yields subsequent to a disappointing auction of 30-year bonds and remarks from Federal Reserve Chair Jerome Powell. U.S. indices experienced a decline ranging from 0.6% to 0.9%, with the S&P 500 and Nasdaq concluding 8 and 9-session win streaks, respectively.

Foreign institutional investors (FIIs) were net sellers in stocks, index futures, and stock futures, amounting to ₹1712 cr, 15 cr, and 976 cr, respectively. Conversely, domestic institutional investors (DIIs) were net buyers, with a total of ₹1512 cr.

The Nifty is presently trading below the critical 19500 level, which serves as robust resistance. Notably, the highest Open Interest (OI) is observed at this level, while support is identified at 19300 and 19250. The market is expected to maintain a range-bound trajectory.

As for Bank Nifty, it is trading within the range of 43,900-43,550, indicating a potential sideways trend. Noteworthy is the support provided by the 20 and 200-day Exponential Moving Averages (EMA). Support levels for the Bank Nifty are identified at 43,500-43,400, while resistance is anticipated at 43,800-44,000 levels. This analysis suggests the likelihood of a consolidation phase in the Bank Nifty.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The 8-day winning streak in S&P 500 was halted by a slightly hawkish statement from the Fed chief Jerome Powell that “the Fed will not hesitate to tighten policy if needed.\” The lingering concern that ‘the rates may remain higher for longer’ will continue as a headwind for stock markets for some time, but is unlikely to drag it down meaningfully. The Indian market texture indicates that the ‘buy on dips’ strategy will continue to work. In Samvat 2080, Financials are likely to do well supported by attractive valuations and impressive growth. Sustained FII selling in financials, which is impacting the sector, will be only temporary. For investors with a 2-year time horizon, the leading private banks and 3 or 4 PSU banks are good buys with good return potential.

The mid and small-cap rally is partly driven by retail exuberance and since the valuations in this broader market is high, investors have to exercise some caution.

SJVN Ltd, a state-owned company, announced a slight decrease in its consolidated net profit to ₹439.64 crore. In the corresponding period last year, the company had reported a consolidated net profit of ₹445.44 crore. According to a regulatory filing, total expenses for the quarter increased to ₹398.22 crore from ₹387.75 crore in the same period last year. (Read More)

The Federal Reserve said Thursday that it’s keeping close tabs on potential losses at banks stemming from commercial real estate and elevated interest rates.

The central bank laid out the areas of concern in its semiannual report on supervision, adding that it has bolstered oversight following this year’s collapse of multiple midsize lenders. Thursday’s report is just the latest to highlight how last year’s rapid rate hikes affected banks.

“The Federal Reserve is committed to taking additional steps to strengthen its supervisory efforts,\” the central bank said. The Fed said it’s also stepping up training for examiners.

The collapses of Silicon Valley Bank and Signature Bank in March exposed gaps in federal oversight. Michael Barr, the Fed’s vice chair for supervision, has pledged changes. In addition to new regulations, he has said the regulator will reevaluate how it scrutinizes a bank’s management of interest-rate liquidity risks. (Bloomberg)

• ESAF Small Finance Bank: The shares are set to be listed on November 10 at ₹60 per share. ESAG Small Finance Bank shares are trading at a premium of ₹21 in the grey market. The public issue was open for subscription from November 3 to November 7, 2023.
• ICICI Bank/ICICI Securities: ICICI Bank has received approval from the Reserve Bank of India to convert ICICI Securities into a wholly-owned subsidiary and delist its equity shares.
• Zee Entertainment: Talks on the merger between Zee Entertainment Enterprises Ltd and Sony Pictures Networks India have stalled due to disagreement over the leadership of the merged entity.
• Apollo Hospitals: Reported a 14% year-on-year rise in net profit to ₹2.33 billion in the September quarter due to an increase in patients. The company plans to expand its operations.
• Religare Enterprises: The Burman family alleged insider trading by Religare Enterprises Ltd\’s executive chairperson, which the company denied, citing pre-planned sales.
• Ashok Leyland: Second-largest commercial vehicle manufacturer in India, reported a smaller-than-expected second-quarter profit due to rising costs despite strong demand.
• Jindal Steel and Power: Plans to make itself self-reliant in thermal coal with mines in Odisha by early next year, expecting improved operating margins.
• REC/RailTel: REC Ltd. agreed to provide ₹30,000 crore in funding to RailTel Corp. for railway communication and IT infrastructure projects over the next five years.
• Adani Enterprises: Plans to invest $1.5 billion in its data center business over the next three years, aiming for growth after a challenging period.
• SJVN Ltd: Reported a marginal decline in consolidated net profit to ₹439.64 crore in the September quarter, with increased total expenses and income. (Read More)

Apple Inc. will pay $25 million to settle claims by the U.S. Department of Justice that the company illegally favored immigrant workers over U.S. citizens and green card holders for certain jobs, the agency said on Thursday.

The Justice Department in a statement said Apple did not recruit U.S. citizens or permanent residents for jobs that were eligible for a federal program allowing employers to sponsor immigrant workers for green cards, in violation of a federal law that bars discrimination based on citizenship. (Read More)

The Indian rupee on Friday will have to deal with a surge in U.S. Treasury yields and a rally on the dollar following hawkish commentary from U.S. Federal Reserve officials, including Chair Jerome Powell.

Non-deliverable forwards indicate the rupee will open at around 83.27-83.29 to the U.S. dollar compared with 83.28 in the previous session and near its 83.2950 lifetime low.

The move up in U.S. yields \”will bother the rupee\”, but then \”it never reacted to the move lower on U.S. yields and it will not react to the reversal\”, a forex trader said.

\”At the current level, you can\’t expect anything to happen.\” (Reuters)

Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher recommends these stocks for day trading:

1) Coal India: Buy at ₹323.55, target ₹340, stop loss ₹317;

2) APL Apollo Tubes: Buy at ₹1646.35, target ₹1725, stop loss ₹1617; and

3) NOCIL: Buy at ₹224.95, target ₹236, stop loss ₹2221. (Read More)

Adani Enterprises Ltd., the flagship of billionaire Gautam Adani, will spend around $1.5 billion on its fledgling data centre business in the next three years, as growth focus returns at the Indian conglomerate after a short seller attack sent it into months of damage control.

The annual capital expenditure on the data centre business, called AdaniConnex Pvt. — a joint venture with the global data centre provider EdgeConnex Inc. — is expected to be about $500 million this year as well as the next two years, Jugeshinder Singh, Adani Enterprises chief financial officer, told analysts according to a filing late Wednesday. (Read More)

State-owned REC on Thursday said it has inked a pact with RailTel to finance up to ₹30,000 crore for infrastructure projects in telecom, IT and railway signalling.

\”REC Limited signed an MoU with RailTel on 9th November 2023 to extend financial assistance up to ₹30,000 crore for infrastructure projects to be executed by RailTel in next 5 years,\” an REC statement said.

According to the statement, these projects encompass a wide range of areas, including data centre products and services, telecom & IT products and services, railways & metro projects, and the KAVACH train collision prevention system.

Additionally, the agreement extends to the possibility of financing overseas ventures related to high-speed rail, metro, IT network, and the upgradation of railway network, as part of bilateral country discussions and infrastructure projects in Southeast Asia and Eastern Africa where RailTel is currently focusing. (PTI)

Dividend stocks 2023: Shares of Dabur India Ltd, Indian Oil Corporation Ltd, 360 One Wam Ltd, ADF Foods Ltd, Allsec Technologies Ltd, Amara Raja Energy & Mobility Ltd, Avance Technologies Ltd, CARE Ratings Ltd, Indian Metals & Ferro Alloys Ltd, Insecticides (India) Ltd, Indian Railway Finance Corporation Ltd, LKP Finance Limited, M. K. Proteins Ltd, Navin Fluorine International Limited, NIIT Ltd, NIIT Learning Systems Ltd, Petronet LNG Ltd, QGO Finance Ltd, Safari Industries (India) Ltd, and Surya Roshni Ltd will be in focus when stock market opens today. (Read More)

Ashok Leyland Ltd, the second largest commercial vehicle manufacturer in India, disclosed a second-quarter profit that was lower than anticipated, primarily due to increasing costs counterbalancing the robust demand for its trucks and buses.

The standalone profit for the three months ended in September surged more than two-fold to 5.61 billion rupees ($67.36 million). However, this figure fell short of analysts\’ expectations of 6.28 billion rupees, as reported by LSEG data.

The Chennai-based automobile manufacturer also reported a 16.6% increase in revenue from operations for the quarter. (Read More)

The initial public offering (IPO) of ESAF Small Finance Bank Limited is scheduled to be listed on the stock exchanges today, 10th November 2023. According to the BSE notification, the equity shares of ESAF Small Finance Bank Ltd will be listed and made available for trading on the Exchange under the \’B\’ Group of Securities. The listing will occur during a special pre-open session on both the BSE and NSE.

Meanwhile, grey market sentiments in regard to ESAF Small Finance Bank IPO has gone down. According to market observers, shares of ESAF Small Finance Bank Limited are available at a premium of ₹20 in the grey market today, which is Re 1 lower than the previous session. (Read More)

Talks on the mega-merger between Zee Entertainment Enterprises Ltd and Sony Pictures Networks India (SPNI) have stalled over the latter’s last-minute demand that its executive lead the merged entity instead of Punit Goenka as agreed before. According to two people aware of the matter, failure to reach an agreement by the 21 December deadline may derail the merger, the biggest in India’s entertainment industry.

In a scheme of arrangement signed on 21 December 2021, the two entertainment giants agreed that Goenka, currently managing director (MD) and chief executive officer (CEO) of Zee, will continue in the same position in the merged entity for five years. (Read More)

Stocks fell Thursday to break one of Wall Street’s longest winning streaks in two decades after the pressure cranked higher from the bond market.

The S&P 500 sank 35.43 points, or 0.8%, to 4,347.35. The Dow Jones Industrial Average dropped 220.33, or 0.6%, to 33,891.94, and the Nasdaq composite lost 128.97, or 0.9%, to 13,521.45.

Stocks had been higher earlier in the day, and the S&P 500 was on track for a ninth straight gain, which would have been its longest winning streak in 19 years. But the stock market quickly sagged under the weight of rising yields in the bond market.

Treasury yields rose in the morning after a report suggested the U.S. job market remains remarkably solid. They climbed further when the U.S. government announced the results of a sale of $24 billion in Treasury bonds. And then they spurted higher after Federal Reserve Chair Jerome Powell said the Fed “will not hesitate\” to raise interest rates further if it feels high inflation is not fully under control.

The 10-year Treasury yield, which is the centerpiece of the bond market, rose to 4.63% from 4.50% late Wednesday. (AP)