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Stock Market Highlights: Sensex ends 777 points higher, Nifty50 reclaims 17,400; Adani Ports up 5%, HDFC 4%

CNBCTV18 logo CNBCTV18 02-12-2021 Sandeep Singh
16:02:59 IST

Buy the dip in Maruti Suzuki: Deven Choksey

Deven Choksey of KRChoksey sees a buy-on-dips opportunity in Maruti Suzuki. "Maruti Suzuki is probably enjoying a situation where it has got a pipeline inventory or pipeline demand of about two lakh vehicles, which is required to be fulfilled. Obviously, I think the price hike is being affected, though not fully, but to a greater extent... and the demand situation is supporting the company," he said. 

"I think the semiconductor shortage situation is not coming under control. So going forward, the delivery of vehicles would be a little more predictable, and the company, being the largest manufacture and market share commander, would be in a relatively better position...  January to March quarter would be the first test for the company, as the quarter might see a gradual improvement over the last quarter," he added. 

15:59:13 IST

Nifty can restart upward trajectory if it stays above 17,400-17,500 for a couple of sessions: Manish Hathiramani

The Nifty has closed around its resistance area of between 17,400 and 17,500, and the market can restart its upward trajectory if the index trades above this zone for a couple of days, said Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments. 

15:45:59 IST

Market At Close | Last-hour surge helps Sensex, Nifty close at day’s highs

Here are some highlights:

--47 of 50 Nifty stocks in the green, Bajaj twins, Shree top gainers

--HDFC, HDFC Bank, Infosys top Nifty movers

--Nifty Bank gains 143 points to 36,508; midcap index rises 341 points to 30,296

--GMR, Persistent, PVR, SRF, MCX, Mindtree top midcap gainers

--Vedanta, Pfizer, Indus Towers, Godrej Consumer, Ashok Leyland top midcap losers

--Bharat Dynamics Rises 3% after Rs 471 crore order from Indian Army

--Bharti Airtel gains; Vodafone Idea flat ahead of spectrum case hearing

--Market breadth favours bulls; advance-decline ratio at 5:2

15:42:12 IST

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Market At Close | Adani Ports, Power Grid, HDFC, Sun Pharma top blue-chip gainers; Cipla, ICICI Bank, Axis Bank top laggards

15:39:08 IST

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Rupee edges lower, ends at 75 against dollar

The rupee ended at the 75 mark against the greenback, as against its previous close of 74.91.

15:38:13 IST

Closing Bell | Sensex up 777 points at 58,461, Nifty50 at 17,402

The 30-scrip index ended 776.5 points or 1.4 percent at 58,461.3 and the broader Nifty50 benchmark settled at 17,401.7, up 234.8 points or 1.4 percent from its previous close. Both headline indices closed higher for a second straight day. 

15:37:00 IST

M&M Financial Services November disbursement up 27% at Rs 2,500 crore 

Mahindra & Mahindra Fianncial Services disbursement rose 27% on a year-on-year basis to Rs 2,500 crore in November. 

Here are some other highlights: 

--Collection efficiency at 94% vs 91% MoM

--Payment behaviour has reflected in MoM reduction in Stage 2, Stage 3 MoM

--Expects positive trend to continue in December

15:25:03 IST

Bharat Dynamics bags order worth Rs 471 crore from the Indian Army

15:22:34 IST

Dollar gains amid reports of Omicron spread, oil prices soften

The US dollar gained amid reports of Omicron coronavirus variant spread and fall in oil prices. Commodity currencies also fell as the US currency moves up. The dollar index was up 01 percent on Wednesday against major currencies in the afternoon in New York after having fallen 0.3 percent in the morning. The greenback gained against the currencies of Canada, Australia and New Zealand and against the euro and British pound.

15:18:23 IST

Global stocks rally set to moderate next year, correction likely

Global stocks will shake off recent weakness and rise over the next 12 months but at a more tempered pace than this year's rally, found a Reuters poll of equity analysts who also said a correction was likely in the next six months.

Uncertainty around the virulence of the Omicron coronavirus variant and its ability to evade vaccine protection led to a rare sell-off in financial markets last Friday.

15:11:15 IST

Market more concerned about hawkish Fed than Omicron: Adrian Mowat

Market veteran Adrian Mowat believes that the global markets are more concerned about a hawkish Fed than the Omicron variant of the COVID-19 virus. In an interview with CNBC-TV18, he said the emerging equity market strategist said that the recent comments by Fed Chair Jerome Powell are the main reason for the current correction seen in the market.

14:59:21 IST

Oyo Rooms appoints former SBI Chairman Rajnish Kumar as Strategic Group Advisor

14:47:58 IST

New COVID variants may remain short-term opportunity for Indian healthcare cos: CLSA

Although it is too early to predict the impact of Omicron on Indian healthcare companies, mutating viruses may continue to present short-term opportunities, according to brokerage firm CLSA. During the peak phases of the coronavirus pandemic, tests such as RT-PCR/antibody, IL-6, D-Dimer, CRP, Ferritin and LDH saw increased demand, resulting in significantly higher revenue and better profitability for diagnostics firms such as Dr Lal Pathlabs, according to the brokerage.

14:39:39 IST

Vodafone Idea shares surge ahead of Supreme Court hearing on OTSC case

Vodafone Idea shares were trading higher as the focus shifted to the stock ahead of the One-time Spectrum Charge (OTSC) case hearing in the Supreme Court today. The stock gained over 6 percent to Rs 13.4 per share. The OTSC issue has been affecting the telecom sector since 2008 when the government decided to levy the amount retrospectively, leading to a demand of Rs 40,000 by the Department of Telecommunication.

14:31:14 IST

Tega Industries IPO subscribed nearly 8 times so far on Day 2

Tega Industries' initial public offering (IPO) was subscribed nearly eight times so far on Thursday, the second day of the bidding process. The IPO of Tega Industries, a Kolkata-based manufacturer of polymer-based mill liners, will close for subscription on Friday, December 3. The Tega Industries IPO is entirely an offer for sale (OFS) of shares by promoters and existing shareholders. (Read here for updates on Tega Industries IPO subscription)

14:23:01 IST

Cryptocurrency market to remain volatile: Edul Patel, CEO, and Co-founder, Mudrex

The cryptocurrency market remained pretty volatile over the past 24 hours. Most of the top 30 cryptos suffered a volatile day and ended in the red. Terra and Polygon’s Matic token had a good session. Over the coming 24 hours, we can expect the market to remain volatile, said Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform.


14:06:53 IST

L&T, ReNew Power join hands to tap emerging green hydrogen biz in India

Larsen & Toubro and ReNew Power on Thursday announced a partnership agreement to tap the emerging green hydrogen business in India. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in the country. 

Sumant Sinha of ReNew Power said green hydrogen will play an extremely critical role in decarbonisation. L&T and ReNew Power will place bids as a combined company for hydrogen projects, he said. 

L&T shares were flat at Rs 1,785.9 apiece on BSE in the afternoon. 

13:56:56 IST

November trade deficit at $23.27 billion; experts decode implications for economy

The November trade deficit has come at $23.27 billion compared to October's $19.9 billion, and $10.9 billion a year ago. It is a third straight month of $20 billion in trade deficit.

At over $53.15 billion, November imports are up 57 percent on a year-on-year basis. Imports have been at over $50 billion for a third straight month, with the largely led by commodities, particularly crude oil, coal, chemicals and edible oils. (Read more on trade deficit)

13:54:35 IST

Maharashtra government revises quarantine rules, creates ultra-risk category 

13:41:33 IST

Bajaj Auto becomes No. 1 motorcycle player in India

Bajaj Auto sold 3.38 lakh motorcycles in the domestic and export markets in November 2021, becoming the highest selling motorcycle manufacturer for the month. Exports continue to power its sales performance, with sales of 1,93,520 units in November. Domestic sales stood at 1,44,442 units in November. 

"To be the top manufacturer in the most challenging conditions is a true reflection of Bajaj Auto’s resilience and a consequence of our commitment to serve global customers through differentiated products and superior propositions. Our presence in over 70 countries has allowed us to deliver a steady performance despite the volatility in the environment," said Rakesh Sharma, Executive Director at Bajaj Auto. 

13:30:14 IST

PB Fintech likely to bid for Star Health Insurance shares under QIB category: Sources

PB Fintech is likely to bid for Star Health shares under the QIB category, sources said.

Till 12:30 pm, the QIB portion of the Star Health IPO was subscribed 27 percent. The Rs 7,250-crore IPO will close for bidding later in the day. 

13:22:29 IST

Tega Industries IPO subscribed nearly 8 times so far on Day 2

By 1:12 pm, the IPO received bids for 7.6 crore shares as against the 95.7 lakh shares on offer, a subscription of 7.9 times. The portion reserved for non-institutional investors was subscribed 4.6 times and that for retail investors 8.2 times. The qualified institutional buyers (QIBs) category was booked one percent. (Read more on Tega Industries IPO)

13:13:57 IST

Star Health IPO | Retail portion fully subscribed

12:58:59 IST

Buy Tech Mahindra, SAIL: Jay Thakkar 

Here are two trading calls from Jay Thakkar of Marwadi Shares & Finance:

--Buy Tech Mahindra for a target of Rs 1,660-1,680 with a stop loss at Rs 1,590 

--Buy Steel Authority of India for a target of Rs 108-111 with a stop loss at Rs 97 

12:45:04 IST

Sensex, Nifty50 retain gains, but buy-on-dip season may be over

The market continues to hold on to its gains, but CNBC-TV18’s Anuj Singhal has a word of caution for those looking to blindly buy any dip.

“My sense is that the Nifty needs to correct to its 200-day moving average (16,100 thereabout). I see more pain in mid and small cap shares. The stocks have taken a beating over the last week, but this may just be a precursor to what could likely follow. This appears to be a repeat of the 2003-08 cycle and will end pretty much the same way.”

12:44:09 IST

Equity medium-term outlook remains good: Kotak AMC's Harish Krishnan

Harish Krishnan, EVP and Senior Fund Manager-Equities at Kotak AMC, believes the medium-term outlook for equities remains good. "There is definitely an improvement in corporate fundamentals, and the balance sheets of listed companies have improved dramatically in the pre-COVID and post-COVID world," he said. 

"While there is definitely a small shake-up because of this new uncertainty created by the new variant, I think what we have seen in the last 12 months is clearly the fact that there is research, and there is medical science, which will see the light of day. So it could mean a three- or six-month pause. But it is unlikely to kind of shake out the medium-term outlook," he said. 

Krishnan believes stock selection will play a far bigger role in the next 18-24 months. "It is a difficult economy; the balance sheets and companies which are good will continue to compound wealth," he added. 

12:36:01 IST

Editor’s Take | Why trade deficit was at record high in November

India's trade deficit for November came in at an all-time high of $23.27 billion, largely due to a continued surge in imports. This is the third month in a row that the trade deficit has come in at $20 billion or higher, which is a bit of a worry. The average number used to be $15 billion.

Imports are 57 percent higher on a year-on-year basis at $53.15 billion. Imports have been at over $50 billion for the third month in a row. The average used to be largely in the $40 billion range. The biggest reason appears to be commodity prices and not the amount that is being imported. (Read more on trade data)

12:29:38 IST

Omicron to impact incremental rate of exports: Yes Bank's Indraneil Pan 

Indraneil Pan of Yes Bank is concerned that the new variant of COVID-19 will impact the incremental rate of exports. Imports have been at a higher level, he said. 

Pan said the critical thing to look at is how capital flow pans out. Capital flow has been driven heavily by FDI flow, he said. 

12:26:16 IST

Semiconductor situation improving, haven’t passed on entire cost increase: Maruti Suzuki

Maruti Suzuki has said the semiconductor shortage situation is improving. The carmaker's production has increased over the past few months.

The output in November is seen at 82-83 percent, as against the 40 percent in September and 60 percent in October, Shashank Srivastava of Maruti Suzuki told CNBC-TV18. (Read more on Maruti Suzuki)

12:17:49 IST

Crude holds above $65 per barrel ahead of OPEC+ meet

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