Share Market Highlights: Sensex ends 540 points lower, Nifty at 11,767; M&M, Bajaj Auto, Hindalco top losers

Sensex, Nifty Highlights on October 26: Market indices ended majorly negative on Monday, amid weak cues from Asian and European equities. Sensex ended 540 points lower at 40,145 and Nifty fell 162 points lower at 11,767. SGX Nifty on the Singapore Exchange was falling by 200 points indicating weak trend in domestic grounds today. Last Friday, Sensex closed 127 points higher at 40,685 and Nifty gained 33 points to 11,930.

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

3. 56 PM: Closing

Market indices ended majorly negative on Monday, amid weak cues from Asian and European equities. Sensex ended 540 points lower at 40,145 and Nifty fell 162 points lower at 11,767.

3. 30 PM: Market outlook

On markets closing  today,-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said:" We threatened the lower end of the range by piercing 11750 on an intraday basis but the Nifty was quick to bounce back to close above it. If the level of 11700 is breached, we can slide down to targets closer to 11450-11500."

3. 21PM: Rupee ends lower

On the currency front, Indian rupee depreciated 23 paise and settled at 73.84 per US dollar on Monday amid muted domestic equities and strong American currency.

3. 18 PM:Sector update

Sectorally, all the indices traded on bearish grounds today, with auto index dropping over 3%, followed by 2.7% decline in media and 2% drop in realty index.

3.01 PM: Market falls further

Market indices traded majorly negative on Monday, amid weak cues from Asian and European equities. Sensex fell 700 points to 39,990 and Nifty was trading 209 points lower at 11,721.

2. 55PM: Persistent Systems stock up 4%

Shares of Tech firm Persistent System gained over 4% on Monday's opening trade after the company reported an 18.5% growth in its consolidated net profit to Rs 101.9 crore for the September 2020 quarter, from Rs 86 crore in the year-ago period.

During the quarter under review, revenue from operations of the mid-sized IT firm rose 13.9% on a year-on-year basis to Rs 1,007.7 crore, as against Rs 884.6 crore in the year-ago period.

2. 45PM: Top losers and gainers

Reliance Industries, followed by Tata Steel, Bajaj Finance, Asian Paints, M&M, ICICI Bank and Bajaj Finserv were among the top laggards in the Sensex pack today. On the other hand, IndusInd Bank, Nestle India, PowerGrid and L&T were among the gainers

2. 23 PM: IndusInd Bank shares jump over 4%

IndusInd Bank share price rallied over 4 per cent intraday on the Bombay Stock Exchange on Monday amid report that Uday Kotak-led Kotak Mahindra Bank is exploring a potential takeover of the private lender. The promoters of Kotak Mahindra and IndusInd Bank held discussions for the merger via a share swap, but no decision has been taken yet, according to a Bloomberg report.

IndusInd Bank shares jump over 4% on merger report; promoters call it rumour

2. 10 PM: RIL share falls 2%, Future Retail dives 9%

Shares of Reliance Industries were trading 2% lower in Monday's trading session after Amazon won an interim order against its partner Future Group, related to the Rs 24,713 crore Future-RIL deal. Similarly, share price of Kishore Biyani's Future Retail opened with a loss of 3.28% at Rs 75.25 today and later plunged 9.3% to Rs 70.55 on BSE.

RIL share falls 2%, Future Retail dives 9% after interim relief to Amazon's arbitration plea

1. 55PM: Markets drops further

Market indices traded majorly negative on Monday, amid weak cues from Asian and European equities. Sensex fell 700 points to 39,990 and Nifty was trading 209 points lower at 11,721.

1. 40 PM: Rupee slips 16 paise to 73.77

Indian rupee, the currency benchmark fell by 16 paise to 73.77 per dollar on Monday's opening deals as negative equities and strong US currency weighed on investor sentiment.

The local unit opened at 73.77 at the interbank forex market, down 16 paise over its last close. On Friday, the Indian Rupee slipped 7 paise to settle at 73.61 per US dollar.

Rupee slips 16 paise to 73.77 amid strong dollar, weak equities

1. 30 PM: Gold, Silver prices in India on October 26

Gold price lost ground in the Indian commodity market on Monday tracking weakness from overseas and traded near the key psychological level of Rs 50K. Gold prices traded below $1,900 mark overseas as the dollar bounced back amid delay in negotiations over a new US coronavirus relief aid.

In a volatile trading session, Gold October Futures on the Multi Commodity Exchange fell by Rs 230 to trade near day's low of Rs 50,600, after hitting an intraday high of Rs 50,720.

Gold price falls, silver rates at Rs 61,400

1. 13PM: Kotak Mahindra Bank share falls 2%

Kotak Mahindra Bank share was trading lower ahead of the private sector lender's Q2 earnings set to be announced later in the day. Share of Kotak Mahindra Bank fell over 1.93% to Rs 1356 against previous close of Rs 1383 in early trade. Total 0.59 lakh shares changed hands amounting to turnover of Rs 8.12 crore on BSE.

Kotak Mahindra Bank share falls 2% ahead of Q2 earnings, here's what brokerages expect

1.04 PM: Brent futures

Brent crude futures, the global oil benchmark, fell 1.72 per cent to USD 41.05 per barrel. Oil price fell as concerns over demand due to second wave of coronavirus in many countries overshadowed prospects.

12. 54 PM: Market falls futher

Market indices traded majorly negative on Monday, amid weak cues from Asian and European equities. Sensex fell 527 points to 40,158 and Nifty was trading 165 points lower at 11,765.

12. 48 PM: Market outlook

"Governments across Europe have imposed stricter measures to contain the virus as cases have surged to record highs on account of the second wave. We could see the risk sentiment sour on account of this development," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added that market participants would look to adjust their positioning across asset classes ahead of the US elections next week.

"We could see some risk on bets being rolled back. The overall mood is likely to be that of caution. Markets would also become less hopeful of a pre-election agreement on fiscal stimulus between the Democrats and the White House," he said.

12. 30 PM: YES Bank share rises 5%

YES Bank share rose 5% in early trade today after the private sector lender reported profit for the quarter ended September against loss in corresponding quarter of previous fiscal. Share of YES Bank opened 5% higher at Rs 14.01 against previous close of Rs 13.35 on BSE. Later, the stock pared gains and was trading 1.78% higher at Rs 13.58.

YES Bank share rises 5% after lender reports Rs 129 crore profit in Q2

12.2 1PM: CDSL Q2 update

Company's total Profit after Tax for the quarter ended September 30, 2020 increased by Rs 19.81 crore (68%) to Rs. 48.87 crore from Rs. 29.06 crore of the previous quarter. Total Income for the quarter ended September 30, 2020 increased by Rs. 31.81 crore (46%) to Rs. 101.16 crore from Rs. 69.35 crore of the previous quarter.

Shri Nehal Vora, MD & CEO said, "The last few months have made it clear that innovation and digitization is the key to business resilience. The new normal has led to an increase in demand for digital products and online services. While I am encouraged with our stable increase in the financial performance, but our core objective remains to provide secured services for ease of doing business to all market participants."

12. 12PM: Q2 Earnings

Investors are also awaiting Sept quarter earnings reports will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Earnings announcements by Kotak Mahindra Bank, SBI Life Insurance, Max Ventures, Finolex Industries, Angel Broking and Torrent Pharma will also set the tone for the stock market today.

12. 03 PM: Polycab update

LKP Securities in its note, " The company is expecting a much better second half of FY21 with further growth and margin expansion. The company's working capital days has also improved on back of lower receivables days and better inventory management. The company has earned a ROCE of 26.6% in this quarter and a net cash position of ?627crs as of September 30, 2020. We expect a much faster recovery in the company's revenue and profitability owing to better sales management and higher growth from Tier 1 and other cities. We maintain our BUY recommendation with an updated target price of Rs 1,178."

11. 43 PM: Market update

Market indices traded on a negative note on Monday, amid weak cues from Asian equities. Sensex fell 380 points to 40,305 and Nifty was trading 112 points lower at 11,815.

11. 31AM: Global cues

Over in Europe, Spain announced a state of emergency, while France registered record increase in infections over the weekend. Italy ordered bars to close early and shut public gyms in a bid to stem a resurgence of second wave of cases through Europe.  

The US House Speaker Nancy Pelosi said it still was possible to get another round of COVID-19 aid before the November 3 election, but that it was up to President Donald Trump to act, Meanwhile, Trump and Federal Reserve Treasury Secretary Steven Mnuchin countered that Pelosi must compromise to get an aid package.

In COVID-19 vaccine update, Gilead Sciences Inc's antiviral drug remdesivir became the first and only drug approved for treating patients hospitalized with COVID-19 in the United States. Investors also turned cautious over the delay of the potential for additional fiscal stimulus.

11. 23 AM: Gold outlook

Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said, "Last week, Spot Gold prices gained 0.1 percent and Spot silver ended gained 1.7 percent to close at $24.6 per ounce as worries over the pandemic and uncertainties ahead of the upcoming U.S. election boosted the appeal for the safe haven, Gold. The U.S. currency weakened as House Speaker Nancy Pelosi reported progress in the talks with the White House Officials over the new corona virus relief fund by the U.S. before the upcoming elections.

He added," However, no concrete signs of an actual agreement kept the prices in check. Lower interest rates and enormous amount of liquidity infusion by global central banks helped Gold gains about 25 percent in 2020 as it is considered as a hedge against inflation and currency debasement."

11. 11 AM: Nifty technical indicators

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking," As long as this support near 11650-11600 is not violated, one should adopt a buy on dips strategy. A close below 11650- 11600 would result in a short term trend reversal and hence, traders should start lightening up positions after it. Before this, intermediate supports are at 11820-11775. Now, we are tad below 12000 and if we have to pre-empt any direction, we expect the Nifty to surpass 12000-12050 levels in coming days to head towards 12200-12400."

11. 03 AM: Coronavirus toll

Worldwide, there were 433 lakh confirmed cases and 11.59 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 79-lakh mark and the death toll from COVID-19 infections rose to 1.19 lakh, as of today.

10. 49 AM: Global markets

Asian markets are trading slightly lower as coronavirus in US and Europe continued to rise while oil price dropped.

U.S. markets closed lower on Friday as investors weighed the potential for more stimulus.

European markets closed lower on Friday as investors monitored progress in US coronavirus stimulus package and recent corporate earnings.

10. 30 AM: Market outlook

Ajit Mishra, VP - Research, Religare Broking said," We expect fireworks on street next week too, thanks to the list of events and data lined up ahead. On the global front, talks on the US stimulus package and countdown to the US presidential election will remain on the participants' radar. Besides, COVID-related updates from Europe will also be the focus. At the same time, scheduled derivatives expiry and prevailing earnings season would further add to the volatility.

Indications are in the favor for further up move but sustainability would depend on how the above events unfold. We suggest maintaining a positive stance till Nifty holds above 11,700. We're seeing rotational buying on the sectoral front thus traders should spend more time identifying stocks and overnight risk management. The recent buoyancy in the broader market is encouraging but we feel one should stick only with the quality names."

10. 23 A: Nifty technicals

Geojit Financial in its note said," The week shall begin with a fair expectation of achieving 12250/380. However, initially, play for swings on either sides of 11900, before a breakout beyond 11840-975 brings in momentum and directional clarity.

10. 12 AM: ICICI Lombard Q2 earnings

Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking  said," ICICI Lombard reported a good set of numbers for Q2FY21. Gross Direct Premium Income (GDPI) grew 8% YoY and declined 3.4% QoQ. PAT jumped 35% YoY, primarily owing to a Lower claim ratio and better combined ratio. The combined ratio improved by 30bps YoY to 100.1% due to lower claims in motor insurance. Retail health indemnity grew by 39% YoY in H1FY21 (48% YoY in Q2FY21). ICICI Lombard received 17000 covid-19 claims, which led to an outflow of Rs.115cr, if India does not witness the second wave of Covid Case then it will be positive for ICICI Lombard. General insurance segment well placed in the current scenario and ICIC Lombard has required skill set of underwriting, has strong capital to grow business. In current times the indemnity segment will help to improve growth. currently, it trades at 41x of trailing earnings, we have a positive view on ICICI Lombard considering the healthy return ratio and the industry has a structural demand tailwind."

10.03 AM: Market outlook

On markets today -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The range for the week ahead is between 11750 and 12050. The last two trading sessions have witnessed apathetic volumes because of which we have been trading in a lacklustre fashion all of last week. Since this is expiry week, we should expect additional volumes to flow in so that a direction in the Nifty can be witnessed."

9. 51 AM: Global markets

Asian stocks are trading mostly lower on Monday as new coronavirus cases surge in the U.S. as well in countries across Europe. In US, investors weighed the potential for additional fiscal stimulus, after House Speaker Nancy Pelosi said it still was possible to get another round of COVID-19 aid before the November 3 election, but that it was up to President Donald Trump to act.

9. 39 AM: Stocks to watch today on October 26

Kotak Mahindra Bank, SBI Life Insurance, Max Ventures, Finolex Industries, Angel Broking and Torrent Pharma among others are the top stocks to watch out for in Monday's trading session

Stocks in news: Nestle, ICICI Lombard, Tech Mahindra, Vedanta, YES Bank

9. 28 AM: Earnings today

Kotak Mahindra Bank, SBI Life Insurance, Max Ventures, Finolex Industries, Angel Broking and Torrent Pharma among others will announce their September quarter results today.

9. 18 AM: Market outlook

Reliance Smartmoney Reserch in its note today said,"  NSE-NIFTY resumed its prior weekly rising trend. In the last week, the index lost once out of five trading sessions and reported ga gain of 1.4%. On the daily chart, the index has repeatedly formed an indecisive patterns-Doji. Reiterating our bearish stance we believe the index will soon resume its southward journey. In case of breakout, the index will test 12,250 and 12,430 levels. However a stable move below its last week's low of 11,661 level will confirm the short-term bearish reversal for the index. That could drag the index towards 11,400 mark.

As for the day, support is placed at around 11,901 and then at 11,872 levels, while resistance is observed at 11,967 and then at 12,004 levels."

9. 08 AM: Market technical

Ajit Mishra, VP - Research, Religare Broking said,"Markets consolidated further for yet another day and ended marginally higher. A mixed trend was witnessed on the sectoral front wherein noticeable buying was observed in auto, consumer durables and capital goods space while realty, IT and healthcare traded subdued. Finally, the Nifty index settled at 11,931 levels. However, the broader markets outperformed wherein both Midcap and Smallcap ended higher by 0.5% and 0.7% respectively."

He added," All eyes are on US markets for updates on the stimulus package and upcoming presidential elections. The news on COVID-19 cases in Europe will also remain on the participants' radar. Volatility usually remains high in stocks during the earnings and we're seeing a similar trend. Amid all, the market is offering ample trading opportunities but the key is to identify the right stock."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 906.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 891.86 crore in the Indian equity market on 23 October, provisional data showed.

8. 40 AM: Rupee closing

On the currency front, Indian Rupee slipped 7 paise to settle at 73.61 per US dollar.

8.30 AM: Closing

Sensex and Nifty ended on a bullish note on Friday, amid positive global equities. After a range-bound trading session, Sensex closed 127 points higher at 40,685 and Nifty gained 33 points to 11,930. During last week, Sensex and Nifty gained 702 (1.76%) and 167 (1.43%) points, respectively.

Sensex rises 127 points, Nifty closes at 11,930; Maruti, Tata Steel, M&M top gainers