Nifty FMCG declines on fears over new covid variant; ITC, HUL, Radico Khaitan dip
FMCG shares traded under pressure on Friday with sector gauge Nifty FMCG down 0.65 percent in early trade. Only 3 out of 15 stocks listed on the gauge traded positive led by Dabur. Among laggards, UBL, McDowell, Radico, Tata Consumer, ITC, Marico declined by up to 3 percent.
Market Watch | Nirav Sheth, CEO – Institutional Equities, Emkay Global Financial Services on stocks
Two sectors that stand out very clearly one is consumer discretion and autos. We are super bullish on banks. Despite the COVID waves and the impact of that most of the banks are getting access provisions in the region of 60-80 basis points (bps), which means that even if there is a mild third wave, we are sort of protected in terms of earnings evolution.
On Tata Steel data, people are expecting 30-40 percent lower earnings in FY24. So I don’t see too much of a scope of earnings downgrades. And the sector that stands out to me is clearly banks, which is a very heavyweight, consumer discretion. But obviously, outside the broader Nifty, real estate, consumer durables, a lot of these reopening trades.
Paytm shares snap 3-day winning streak; stock tanks over 7%
Shares of One97 Communications, parent of Paytm, tanked over 7 percent after rising for three trading sessions back to back. Overall weakness in the broader market also weighed on Paytm’s shares. Nifty50 and Sensex both fell close to 2 percent today. At 9:36 am, the stock was down over 3 percent at Rs 1,740.5 on the BSE. In this week, the stock has risen over 11 percent.
Latent View shares trade volatile; fall over 4% after rising 20% in early trade
Following a blockbuster market debut on Tuesday, shares of Latent View Analytics fell over four percent on Friday after rising 20 percent during opening trade.
At 9:25 am, Latent View was trading 4.23 percent lower, or down 29.70 points, at Rs 672.65 while the equity benchmark Sensex plummeted over 900 points in early trade on heavy across-the-board selling amid a negative trend in global markets and unabated foreign fund outflows.
Long-term investors can hold Tarsons Products shares: Swastika Investmart’s Santosh Meena
Santosh Meena, Head of Research at Swastika Investmart, suggests long-term investors to hold Tarsons Products shares. Those who had applied for a listing gain can keep a stop loss of Rs 590, he said. Risk-taking investors can also buy the stock with the same stop loss, he added.
“Tarsons Products is backed by a strong management team with great brand awareness and high-quality goods… We may see profit booking in the stock tracking global cues amid concerns about a new variant of COVID-19. However, it is expected that we may see demand for Tarsons products,” he said.
Market Debut | Tarsons Products shares list at 6% premium over issue price
Tarsons Products made a strong debut on stock exchanges, with shares listing at a premium of almost six percent over its issue price.
On BSE, the stock of Kolkata-based life sciences company Tarsons Products listed at Rs 700 apiece, a premium of 5.7 percent over the issue price of Rs 662.
On NSE, the Tarsons stock began its secondary market journey at Rs 682, a premium of three percent over the issue price. (Read more on Tarsons listing)
Market Watch: Shrikant Chouhan of Kotak Securities
We should look for creating some short positions on IndiGo based on the specific in news flow. Even if it is opening around Rs 2,030-2,040 levels, you should look for creating short positions because the next base level or support level for the stock is around Rs 1,900. So IndiGo is short at current levels.
– Sell Asian Paints with a stop loss of Rs 3,180 and on the downside, Rs 3,000 or maybe Rs 2,950 is more visible.
Sell HUL, CCI, Persistent Systems: Mitessh Thakkar of earningwaves.com
– Sell Hindustan Unilever with a stop loss of Rs 2,370 for targets of Rs 2,310
– Sell Container Corporation of India with a stop loss of Rs 640 for targets of Rs 585
– Sell Persistent Systems with a stop loss of Rs 4,100 for targets of Rs 3,950
– Buy ONGC with a stop loss of Rs 151 for targets of Rs 160
Most Nifty50 stocks in the red; Tata Steel, Hindalco among top losers
As many as 46 stocks in the Nifty50 pack were in the red in early deals.
Sensex tumbles over 850 points, cracks below 57,950
The 30-scrip index plunged as much as 880.9 points or 1.5 percent to 57,914.2 in early deals after a gap-down opening. The Nifty50 benchmark slid to as low as 17,272, down 264.3 points or 1.5 percent from its previous close.
Pre-Open Market | Sensex down over 500 points, Nifty below 17,350
In the pre-opening session, the Sensex was down 540.3 points or 0.9 percent at 58,254.8 and the broader Nifty50 benchmark at 17,338.8, down 197.5 points or 1.1 percent from its previous close.
Stock To Watch | Tarsons Products, JSW Steel, Aurobindo Pharma in focus today
–Tarsons Products will list its shares on BSE and NSE at 10 am.
–Life Insurance Corporation of India bought 79,000 Aurobindo Pharma shares through an open market transaction on Wednesday. (Check out the complete list of stocks to track today)
Global Cues | US futures slide amid concerns about new COVID variant announced by WHO
Crude oil rates plunge nearly 2%
Crude oil prices declined nearly two percent Friday as investors eyed how the OPEC grouping responds to the US-led emergency oil release. WTI crude futures were down 1.9 percent at $76.9 per barrel and Brent crude futures down 1.5 percent at $81 per barrel. (Check out other key things you need to know before the opening bell)
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SGX nifty futures tumble over 200 points
At 8:55 am, Singapore Exchange Nifty futures — an early indicator of the Nifty50 index — were down 209.5 points or 1.2 percent at 17,368, sugesting a gap-down opening ahead on Dalal Street.
December F&O series begins today with 83% rollover from Nov series
Dalal Street is set to begin the December futures & options (F&O) series on Friday, a day after the Nifty50 index ended the November series with a loss of 321 points or 1.8 percent. That was the biggest fall in a monthly series since March 2021. The leaner, 30-scrip index Sensex lost 1,189.6 points — or two percent — during this period. The Nifty’s November-December rollovers are at 82.6 percent as against a three-month average of 81 percent. (Read more on the monthly derivatives series)
Listing | Tarsons Products shares to list on BSE, NSE today
Tarsons Products is set to list its shares on stock exchanges today at 10 am. Kolkata-based life sciences company Tarsons Products commanded a premium in the grey market — an unofficial market for unlisted securities — ahead of its debut in the secondary market on Dalal Street.
Tarsons Products’ grey market premium (GMP) was steady at around Rs 180 on Friday ahead of the debut, according to dealers. (What grey market suggests ahead of Tarsons listing)
Nifty50 likely to begin December F&O series lower
The market is set to begin a new futures & options series on Friday. The 50-scrip index ended the November F&O series 1.8 percent lower — the first negative return in four months. The Bank Nifty tumbled 5.4 percent.
Asian shares tumble as new COVID-19 variant spooks investors
Equities in other Asian markets fell as a new virus variant added to concerns about growth and interest rates going forward. MSCI’s broadest index of Asia Pacific shares outside Japan was down 0.8 percent in early hours.
Japan’s Nikkei 225 index tumbled 2.3 percent. China’s Shanghai Composite was down 0.4 percent, South Korea’s KOSPI down 0.8 percent, Hong Kong’s Hang Seng down 1.7 percent and Singapore’s Straits Times down 1.1 percent.
S&P 500 futures were down 0.6 percent in Asian trade on Friday. Wall Street remained shut on Thursday for the Thanksgiving holiday.
Sensex jumped 454 points to 58,795 on Thursday, Nifty50 climbed to 17,536
Indian equity benchmarks ended a choppy session stronger powered by gains in oil & gas, IT and pharma shares, though losses in financial and auto scrips limited the upside. Volatility prevailed as traders rushed to settle their positions ahead of the monthly F&O expiry due by the end of the session.
The Sensex ended 454.1 points or 0.8 percent higher at 58,795.1 and the broader Nifty50 benchmark settled at 17,536.3, up 121.2 points or 0.7 percent from its previous close.
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