Share Market Highlights: Sensex ends 169 points higher, Nifty at 11,971; Bajaj Twins, SBI Life top gainers

Sensex, Nifty Highlights on October 14: Market indices turned positive in the last hour of trade and ended higher for the tenth straight session on Wednesday, amid volatility in global markets. Sensex ended 169 points higher at 40,794 and Nifty was up 36 points at 11,971. SGX Nifty on the Singapore Exchange was falling by 40 points, indicating negative trend in domestic grounds today. Meanwhile, September quarterly earnings announcements by Infosys will also set the tone for the stock market today. Yesterday, extending gains for the ninth consecutive day, Sensex ended 31 points to 40,625 and Nifty rose by 3 points to 11,934. In economic news, today wholesale inflation for September month is set to release.

Here's a look at the updates of the market action on BSE and NSE today

3. 41PM: Market at close

Market indices turned positive in the last hour of trade and ended higher for the tenth straight session on Wednesday, amid volatility in global markets. Sensex ended 169 points higher at 40,794 and Nifty was up 36 points at 11,971.

3. 32PM: SBI Card share price rises 4%

Share price of SBI Cards and Payments on Wednesday touched a new high in the intraday trade after the company unveiled festive season offers. The share price surged as much as 4 per cent and hit a new high of Rs 892 amid the otherwise weak market. The non-banking financial company which was listed on March 16 earlier this year surpassed the previous high of Rs 867.50 reached on September 30.

SBI Card launches festive season offers; share price rises 4%

3. 11PM:Market outlook

On markets closing - -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments  said,"The Index was able to get past its resistance levels of 11950-11975. This should allow the Nifty to move towards 12100. The support of 11800 has been respected which is an added confirmation that the trend continues to remain bullish."

3.00 PM: Market reverses trend

Market indices turned positive in the last hour of trade and traded marginally higher on Wednesday, amid weakness in global equities. Sensex traded 129 points higher at 40,745 and Nifty was down 4 points at 11,930.

2. 52 PM: Rupee ends higher

The rupee opened at 73.39 against the US dollar and finally settled for the day at 73.31 against the greenback, higher by 4 paise over its previous close of 73.35.

2. 39 PM: Market outlook

Asian equities followed US Indices which ended lower as investors' sentiment was hit after select drug-makers faced setbacks in vaccine trials of COVID-19, said Arjun Mahajan, Head - Institutional Business at Reliance Securities.

Bourses in Shanghai, Hong Kong and Seoul were trading on a negative note in mid-session deals, while Tokyo was in the positive territory.

On Tuesday, independent monitors paused enrollment in a study testing the COVID-19 antiviral drug remdesivir plus, an experimental antibody therapy being developed by Eli Lilly. The company said the study was paused "out of an abundance of caution".

2. 29 PM: Top losers and gainers

Tata Steel, Bharti Airtel, HCL Tech, Asian Paints and Bajaj Auto were among the top laggards today. On the other hand, ONGC, followed by NTPC, PowerGrid, UltraTech Cement, ITC, HDFC Bank, ICICI Bank and HDFC were among the top gainers.

2.11 PM: Quote on AUM of listed asset management companies

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said," AUM of listed asset management companies MoM has declined. AUM of HDFC AMD declined by 4%, for Nippon reduced by 2%, and for UTI AMC dipped by 1.9%. Mutual fund industry AUM declined by 2.3%. UTI AMC got listed on Monday below IPO price. As Per latest AUM UTI AMC is trading at 4.3 % of latest AUM, Nippon at 8.3%, and HDFC AMC at 13.5%. As a percentage to AUM UTI AMC is trading at a lower valuation and not much declined AUM would be positive for stock price movement."

1. 57 PM: Tata Steel Long Products shares hit 20% upper circuit

Shares of Tata Steel Long Products hit upper circuit of 20 per cent of on the BSE, in an otherwise weak broader market, on Wednesday after the company reported strong earnings during the September quarter. In contrast, the BSE Sensex was trading at 40,405, down 220 points or 0.54 per cent. The stock has rallied 150 per cent from its 52-week low of Rs 160.70 touched on March 24, 2020. 

Tata Steel Long Products shares hit 20% upper circuit; rally 150% in 7 months

1. 44PM : Karnataka Bank Q2 earnings

Expressing views on the Q2 earnings, Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said,"Karnataka Bank reported a mixed set of numbers for Q2FY21. Advance largely remained stable YoY and QoQ, growth primarily comes from retail and mid-size corporate. Management Indicated for FY21 advance would remain stable, retail and mid-size corporate book would grow but the large corporate book to decline. NII grew at a healthy rate of 15% YoY and 7% QoQ, compared to stable advance growth. Sequentially NIM improved 19 bps and YoY jumped by 26bps to 3.08%. Improvement in NIM primarily led by a decline in the cost of funds."

He added," The aggregate COVID-19 provision of Rs 97.99 crore has been continued in Q2FY21. The COVID provision is less compared to other banks. Currently, Karnataka Bank is trading at 0.22x of trailing book value, Which is lower compared to the historical average. Almost no growth in advance for the last 6 quarters, low CAR ratio, and Moderate RoE for Many quarters could be the reason for depressed valuation. The stock would consolidate till the investor get clarity on restructuring percentage from the moratorium book."

1. 34 PM: Karnataka Bank share price jumps 6%

Shares of private sector lender Karnataka Bank gained over 6% intrady on Wednesday's early session, a day after the company declared its Q2 results.

The lender reported profit at Rs 119.44 crore in Q2FY21, registering a rise of 12.7% YoY against Rs 105.91 crore in the same period last fiscal. Karnataka Bank's PAT plunged 39.2% QOQ. Banks Moratorium book declined from 51.12% in Q1FY21 to 11.40% in Q2FY21. Its net interest income increased to Rs 575 crore from Rs 498.7 crore YoY.

Karnataka Bank stock climbs 6% on rise in Q2 profit

1.19 PM: Rupee rises by 2 paise to 73.33 per dollar

Indian Rupee the local currency benchmark, opened on a flat note, rising 2 paise higher to 73.33 per dollar in opening trade on Wednesday amid weakness in domestic equities and absence of any major data triggers.

The local unit was trading in a narrow range after opening at 73.39 per dollar at the interbank forex market and gained momentum to rise by 2 paise to 73.33 per dollar.

Rupee rises by 2 paise to 73.33 per dollar amid weak equities

1. 03 PM:  Infosys share falls 2%

Share of Infosys fell 2% in early trade ahead of the IT firm's Q2 earnings set to be announced today. Infosys share has declined after 8 days of consecutive gain. The stock touched an intraday low of Rs 1134.2 , losing 2.06%.

Infosys stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market capitalisation of the IT major fell to Rs 4.86 lakh crore as of today's session. Infosys share price has gained 6.75% in one week, 16.42% in one month and 55.59% since the beginning of the year. The stock has risen 44% in one year.

Infosys share falls 2% ahead of Q2 earnings

12. 46 PM: Market outlook

Yash Gupta- Equity Research Associate, Angel Broking  said,"Indian Indices Nifty and Sensex, down by 85 points (0.72%) and 259 points (0.64%) respectively. Indian Indices open flat on back mix global market clues but seen selling pressure in heavy weights during the 1st half of the day. Today S&P BSE CONSUMER DURABLES (up 0.39%), S&P BSE Telecom (up 0.17%) while S&P BSE Utilities (down 1.84%), S&P BSE BANKEX (down 1.16%). We expect the market to trade under pressure. Global Market update - DOW Jones down by 157 points (down 0.57%) and NASDAQ down by 12 points (down 0.10%)."

12. 32 PM: Nifty technical

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said:"Yesterday, the day ended on a muted note and Nifty managed to hold the 11900 mark convincingly.

It was yet another day of consolidation for our market after a relentless rally of nearly 1200 points in a short span. Also, we reached a psychological mark of 12000, so some sort of profit booking is very much evident. However, it should not be treated as a trend reversal unless we violate some critical levels. For the coming session, 11900 followed by 11867 would be seen as immediate support; whereas on the higher side, 12000-12050 are the levels to watch out for."

12. 24PM: MSME Pulse for October 2020

Commenting on MSME Pulse for October 2020, Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said: "TransUnion Cibil report on MSME Pulse for October 2020 mentioned The non-performing assets (NPAs) ratio in the micro, small and medium enterprises (MSME) segment rose to 12.8% in Q1FY21, from 11.4% in Q1FY20. The disbursements to small enterprises gaining traction after the government had announced the Emergency Credit Line Guarantee Scheme (ECLGS), with state-owned banks ramping up disbursements to 2.6 times the levels seen in February. Private bank's MSME NPA ratio increased to 5.8% in Q1FY21 from 4.6% in Q1FY19 which is a moderate increase considering low economic activity. PSU bank's NPA ratio was higher in Q1FY20 and further increased in Q1FY21 to 18.6%. NBFC witnessed a very sharp jump in NPA from 5.8% in Q1FY20 to 9.7% in Q1FY21.

Now it is very crucial to monitor the MSME NPA ratio in Q2Y21 numbers. Low economic activity will certainly impact the cash generation ability of the MSME and eventually their debt-paying capacity."

12. 12 PM: Wipro share slips 7% post Q2 earnings

Stock of Wipro fell over 6% in early trade today after the firm reported a 3.40 per cent year-on-year (YoY) decline in its consolidated net profit in Q2. Wipro share lost 6.73% to Rs 350.45 against previous close of Rs 375.75 on BSE. The stock has fallen 6.61% in last 2 days. The stock opened with a loss of 2.44%  at Rs 366.

Wipro share slips 7% post Q2 earnings, share buyback announcement

11. 46AM: Gold price gains after 1-day fall

Gold price in India reversed from earlier losses and gained marginally to trade above Rs 50K mark in India on Wednesday, in line with global markets.

Gold October Futures on the Multi Commodity Exchange traded Rs 90 higher at Rs 50,335 after hitting an intraday high and low of Rs 50,395 and Rs 50,270, respectively.

Silver September Futures traded at Rs 60,790 per kg today, rising Rs 250 over the last close of Rs 60,540 per kg.

Gold price trades above Rs 50K mark, silver rates at Rs 60,700

11. 22AM: Coronavirus toll

Worldwide, there were 383 lakh confirmed cases and 10.9 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 72-lakh mark and the death toll from COVID-19 infections rose to 11.0 lakh, as of today

11. 13 AM: Gold outlook

As per Geojit Financial Services, support of $1870 if cleared expect selling pressure to continue for the day. Else, there are chances of recovery upticks. However, a direct rise above $1975 is needed to trigger rallies. For MCX Gold August, resistance is placed at 51280 and support is at 49900.

Commenting on Silver's near-term technical indicators, the brokergae siad," Spot Silver Inability to move past $25.20 intraday bias largely on the downside. However stiff support of $23 is required to break to continue the ongoing selling momentum. For MCX Silver August futures, the resistance is at 62820 and the support is placed at 58200.

11. 04 AM: Stocks to watch today on October 14

Infosys, Wipro, Karnataka Bank, Punjab & Sind Bank, NTPC, Future Enterprises among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: Infosys, Wipro, Karnataka Bank, Punjab & Sind Bank, NTPC, Future Enterprises

10. 55 AM: NTPC outlook

Yash Gupta - Equity Research Associate, Angel Broking said,"NTPC Ltd will raise Rs.4,000 crore on 15 October, 2020, through private placement of unsecured non-convertible bonds in the debentures at a coupon of 5.45% p.a. with a door to door maturity of 5 years on 15 October 2025. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes. The bonds are proposed to be listed on both NSE & BSE. Bond Trust Deed for these bonds will be duly executed. as per the requirements and within the period of time prescribed under the Companies Act and rules specified therein. This is positive development for the company."

10. 45 AM: Gold outlook

Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said,"On Tuesday, Spot Gold dipped 1.70 percent to close at $1,889 per ounce and Spot silver ended lower by 3.88 percent to close at $24.12 per ounce  as strengthening of the U.S. currency weighed on the Dollar denominated Gold. On MCX Gold corrected by 1.69% and closed at 50245 levels. Silver also corrected by 4.05% and closed at 60,542 levels. Uncertainty over the new coronavirus bill led to the rally in the U.S. Dollar. The democrats voiced their concerns over President Donald Trump latest offer on the corona virus relief fund; however, U.S. House Speaker Nancy Pelos continued to hope for a possible deal. The yellow metal prices were further pressurized as China's economy continued to expand in September20 reflecting the improvement in overseas demand and a balanced recovery boosted the risk appetite amongst investors. Moreover, the International Monetary Fund expressing worries over the outlook for many emerging markets as the virus continued to spread limited the losses for the safe haven, Gold. Uncertainty over additional corona relief fund by U.S. amid appreciating Dollar might weigh on Gold. As for today traders can go for sell in gold at Rs 50,600 levels with the stop loss of Rs 51100 levels for the target of 49500 levels. They can also go for sell  in Silver at Rs 61,200 levels, with the stop loss of 61,700 levels and for the target of 59,800 levels."

10. 33AM: Wipro Q2 result

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Wipro reported a 3.7% qoq growth in IT services revenues to USD 1.99bn which was slightly ahead of street estimates. In rupee terms consolidated revenue increased by 1.4% qoq to Rs 15,115 crore while gross profits increased by 0.7% qoq to Rs 4,576 crore. Gross margins contracted by 20bps qoq to 30.3% which could be attributed to rupee appreciation during the quarter. Consolidated operating profit for the quarter was up by 4.4% qoq while consolidated operating margins were up by 55bps qoq to 18.6%. Operating margins for the IT services business improved by 20bps qoq to 19.2%. Net profit for the quarter was up by 3.2% qoq . Management revenue growth guidance of 1.5%-3.5% for IT services in Q3FY2021 is ahead of street estimates and reaffirms continued improvement in the demand environment. The company also announced a buyback of up-to Rs 9,500 crore at a price of Rs 400 per share which is at a premium to current market price."

10. 15 AM: Sensex jumps 2,600 in 9 days

The upside momentum continued in the market for the ninth consecutive session on Tuesday and the 30-share index Sensex gained over 2,600 points during this period. This, by far, has been the longest winning streak logged by the benchmark index in nearly two-and half years. Last time, during the nine days of straight gains in 2018, the Sensex had risen 1,376 points between April 05 and April 17.

Meanwhile, the frontline index closed almost flat on October 13, stretching their gains for nine months in a row.

Sensex jumps 2,600 in 9 days, clocks longest winning streak in 2.5 years

10. 02 AM: Market outlook

On markets opening today in red, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty seems to be facing some selling pressures around the 11950-11975 zone. While the trend remains positive, it is suggested that traders book profits on their long positions if 11800 breaks. An entry at lower levels can always be used to re enter the current uptrend. Considering the one way rally we have witnessed, there could always be some profit booking. However, one should look at building long positions in this market."

9. 56 AM: Gold outlook

On Gold outlook , Hareesh V, Head of Commodity research Geojit Financial said,"Hopes of an immediate US economic stimulus package and a recovery in dollar continue to dent gold prices.  However, rising pandemic worries and unsolved US-China trade tensions may boost the safe haven demand and thus the price of the commodity.

Technical Outlook (London spot): If the support of $1840 remains undisturbed, we can expect a rebound in prices but it is required to break $1920 to continue bullish rallies. An unexpected drop below $1820 would extend further selling pressure later."

9. 43 AM: Global markets

Asian markets are trading lower tracking overnight fall in US markets and as investors await Chinese President's speech.

U.S. markets closed lower after four days of gain as investors digested latest news on US stimulus and reacted to corporate earnings.

European markets closed slipped as investors reacted to first batch of earnings in US and recent Chinese economic data.

9. 35 AM: Nifty outlook

The penetration of 11960, marked as the turnaround point yesterday, was brief, encouraging us to stick to the view that more pain is in store. This should not only mean a retest of 11860, but also a delay in the onset of further uptrends for now. But plenty of strong supports below should ensure that downside moves will face several hurdles. The 11740 region is sure to slow down initial plunges, but it may not be until 11540, that a proper turn higher is attempted. Alternatively, if 11860 holds for the day, then the prospects of 12500 would remain alive.

9. 23 AM: Global markets

Overseas, Asian stocks are trading lower on Wednesday, as investors await a speech from Chinese President Xi Jinping in Shenzhen.

Wall Street lost ground on Tuesday as halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighted on investor sentiment

9. 18 AM: Market outlook 

As per Reliance Securities, though NSE-NIFTY continued its rising trend for straight 9th day in a row, failed to surpass its psychological hurdle of 12,000 level despite ample efforts. As mentioned earlier, our bullish view will remain intact, but near-term volatility or such kind of consolidation cannot be ruled out as its key technical indicators on the near-term timeframe chart are negatively poised and overall market breadth too remained negative from last couple of days. In case of further decline, the index will initially find support at 11,794 and then at 11,618 levels. A stable move above its psychological hurdle point will be positive for the index and that will take it towards its February month's high of 12,247 level and then at the life-time-high of 12,431 mark.

As for the day, support is placed at around 11,886 and then at 11,838 levels, while resistance is observed at 11,986 and then at 12,037 levels.

9. 11AM: Opening session

Market indices opened on a negative note on Wednesday, amid weakness in global equities. Sensex traded 120 points lower at 40,491 and Nifty was falling 46 points to 11,888. SGX Nifty on the Singapore Exchange was falling by 40 points, indicating weak trend in domestic grounds today. In economic news, today wholesale inflation for September month is set to release.

9. 08 AM: Nifty technicals

Ajit Mishra, VP - Research, Religare Broking said,"We feel its a healthy pause and suggest using further dip to create fresh longs in the index. Nifty has immediate support at 11,800. Stocks, on the other hand, are witnessing erratic swings but its not new during the earnings season. Traders should plan their trades accordingly and prefer large-cap over others.

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Index closed in the same flat manner in which it opened this morning. The markets moved in a tight 100 point range between 11880-11980. 11800 is a good support for the Nifty and 12000-12050 is the short term resistance. When we get past those levels, we should be moving towards 12200-12300 levels."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 832.14 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,674.46 crore in the Indian equity market on 13 October, provisional data showed.

8. 40 AM: Rupee closing

On the currency front, Indian rupee fell by 7 paise and settled at 73.35 per US dollar on Tuesday tracking muted domestic equities and strengthening American currency.

8. 30 AM: Closing

Yesterday, extending gains for the ninth consecutive day, Sensex ended 31 points to 40,625 and Nifty rose by 3 points to 11,934.

Sensex, Nifty close higher for ninth session; Infosys, HCL Tech, RIL top gainers