Share Market HIGHLIGHTS: Nifty50 at 19,443.5 as D-Street ends choppy session mildly higher; BPCL jumps 3%
Share Market Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex on Wednesday, November 8, opened in positive territory amid buying in all sectoral counters, but minutes later pared gains and turned flat. Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.coms blog.
Share Market Today LIVE: Domestic equity benchmarks Nifty 50 and Sensex on Wednesday, November 8, opened in positive territory amid buying in all sectoral counters, but minutes later pared gains and turned flat.
Catch minute-by-minute updates of all the action in the Indian share market today, market commentary and analysis, the views of Zee Business Managing Editor Anil Singhvi and other experts, stocks to buy and trade recommendations only on Zeebiz.com's blog:
Latest Updates
Share Market Today LIVE | Multibagger Tata stock slips 3% even as PAT soars for 16th straight quarter; brokerages bearish
Shares of integrated power utility company Tata Power begin Thursday's session (November 9) on a muted note even after it posted strong Q2 results after market hours on Wednesday. The stock hit the day's low of Rs 247.20, shedding nearly two per cent on NSE.
Here's what brokerages suggest on Tata Power after its Q2 show
CLSA maintaining a bearish view on the counter has iterated a 'Sell'rating on Tata Power with a raise target of Rs 205. For the brokerage, the company's PAT improved on lower deferred taxes. The global brokerage further pointed that the collapse in the indo coal profits led to 4 per cent YoY fall in profit before tax. Weak coal prices remain the key -ve catalyst for the largecap company leading to risk to its EPS, added CLSA. Read more
Stocks to Watch | Ashok Leyland, Godrej Consumer, Pidilite, Sanofi India among stocks to track today
ZeeBiz takes you to the list of stocks in focus on Thursday (November 9):
Results today, November 9: ABB India, Action Construction,Ashok Leyland, Aurobindo Pharma, Page Industries, Bajaj Consumer, BEML, Force Motors, Campus Activewear, Antony Waste Handling, Coffee Day Enterprises, Dhanlaxmi Bank, Alankit, eClerx, Graphite India, Granules India, GMM Pfaudler, Indo Amines, RattanIndia Enterprises, ITI, Jet Airways, Lemon Tree, Matrimony.com, Ramco Cements and Bosch, among others, will announce their results for the second quarter (Q2FY24) on Tuesday.
Pidilite: Profit at the company increased 36 per cent on year to Rs 458.53 crore in Q2.
Bata India: Net profit at the company declined 38 per cent on year on an over 1 per cent fall in revenue from operations during the July-September period.
Sanofi India: The pharma major posted a good set of numbers for Q2 with standalone net profit increasing to Rs 152 crore from Rs 130 crore in the same period last year.
Lupin: For the September quarter, the company posted strong results with margins inching higher to 18.2 per cent versus 11 per cent in the corresponding period last year. Read more
Closing Bell | Sensex up 33 pts, Nifty50 almost makes it to 19,450 as D-Street ends choppy session mildly higher; BPCL jumps 3%
The Nifty finishes the day 36.8 pts, or 0.2 per cent, higher at 19,443.5, and the leaner, 30-scrip gauge settles at 64,975.6, up 33.2 points, or 0.1 per cent, from its previous close.
Here's how the indices moved during the session:
Nifty50
Sensex
Images: BSEIndia.com, NSEIndia.com
Ashok Leyland Q2 result preview | PAT likely to rise three-fold; revenue likely to grow two-fold
Ashok Leyland, the flagship company of the Hinduja Group and India’s leading commercial vehicle manufacturer, is all set to announce its Q2FY24 results on Thursday, November 9. The company is expected to report a healthy quarter with three-fold growth in its standalone profit after tax (PAT) to Rs 605 crore (with exceptional gains of Rs 8 crore from the April to June quarter) as against Rs 199 crore logged in the corresponding quarter of the previous fiscal. Read more
Share Market Tips LIVE | Nifty Bank trades nearly 100 pts lower
Source: NSE
Share Market Tips LIVE | Buy NCC, Nesco shares, says Vikas Sethi
Vikas Sethi of Sethi Finmart recommends buying NCC shares for a target of Rs 165 with a stop loss at Rs 148. Besides, he recommends buying Nesco shares for a target of Rs 710 with a stop loss at Rs 655.
Share Market Today LIVE | Midcap specialty chemicals company stock gains 5% as profit rises over 17% YoY
Shares of Deepak Nitrite, the specialty chemicals manufacturer, trade 2.39 per cent higher at Rs 2,149.9 after the company posted its earnings for the September quarter (Q2 FY24) on Tuesday after market hours. Read more
Share Market Today LIVE | Wires manufacturer Paramount Cables shares jump 5% after strong Q2 numbers
Shares of wires manufacturer Paramount Cables lock in a 5 per cent lower circuit at Rs 65.75 after the company released its second-quarter earnings on BSE.
Paramount Cables is mainly engaged in the electrical cables industry. The firm has said that it posted a rise of 54 per cent in consolidated net profit at Rs 19.49 crore in the quarter that ended on September 30, 2023. The company had posted a net profit of Rs 12.62 crore in the year-ago period. Read more
Share Market Today LIVE | Tyre stocks zoom; Apollo Tyres up 6.5%, JK Tyre 5.2%, CEAT 1.5%, MRF 1.2%
What's boosting tyre stocks?
All major tyre manufacturers have reported a strong set of Q2 results with robust operational performances.
Here are some of the key highlights:
- Apollo Tyres, MRF, JK Tyre Industries, and CEAT registered multi-fold year-on-year increases in their quarterly profits with revenue growing in mid-single-digit percentage points.
- While MRF and JK Tyre registered a nearly five-fold increase in their Q2 net profits, CEAT’s PAT grew as much as 27 times, and Apollo Tyres’ increased nearly three times.
- A fall of about 12 per cent in crude oil prices in the past year has aided the companies’ profitability, according to Zee Business research. Crude oil forms more than one-third of tyre makers’ input costs.
- New launches in the PV segment and increasing focus on premiumisation, besides better pricing as well as realisations gave a fillip to the tyre makers’ earnings, according to the research.
Share Market Today LIVE | Tata Power shares in green ahead of Q2 results
Tata Power shares are in demand on Wednesday, November 8, as investors awaited the Tata group power generation company’s financial results for July-September quarter due later in the day. The Tata Power stock rises as much as two per cent to Rs 254.1 apiece on NSE.
Tata Power Q2 FY24 results due today: Here' what to expect
Analysts widely expect the power generator to stage a strong financial performance for the July-September period with a strong EPC order book. According to Zee Business research, Tata Power is likely to register an 18 per cent year-on-year increase in net profit to Rs 970 crore for the quarter ended September 30, 2023, driven by a strong operating performance and growth in its coal business. Read more
Share Market Today LIVE | Power Grid shares give up initial gains after announcing decent Q2 results, interim dividend; what should investors do?
Power Grid shares gives up initial gains in a lacklustre market on Tuesday, a day after the state-run power generation company reported an overall decent set of quarterly financial results. The stock decline as much as 0.5 per cent to Rs 207 apiece in late-morning deals on BSE, having risen to as high as Rs 209.5 apiece earlier in the day.
What analysts make of Power Grid Q2 results
Brokerage Morgan Stanley maintained an 'overweight' rating on the Gurugram-headquartered power company after the earnings announcement and kept its target price for the stock at Rs 208. Read more
Nifty Today LIVE | RIL, TCS, Titan, Asian Paints among top movers in Nifty 50
On the contrary, ICICI Bank, Bajaj Finance, NTPC, Kotak Bank and Tata Steel are among the top drags.
Here's a look at the heatmap in the 50-scrip universe by weight:
Source: NSE
Share Market Today LIVE | Hindalco edge lower despite subsidiary Novelis achieving guided EBITDA earlier than projected
Shares of Hindalco Industries, India's leading aluminium manufacturing company, edge lower to trade at Rs 483.85 on Wednesday's trading session, a day after the company's subsidiary Novelis released its financial results for the second quarter of the current fiscal.
Although the company reported a decline in net profit and sales, the company has achieved EBITDA, or earnings before interest, taxes, depreciation, and amortisation, guidance earlier than projected. Read more
Share Market Today LIVE | Trent posts nearly three-fold rise in consolidated net profit for Q2; stock hits all-time high
Trent Ltd shares continuing their rally for the fourth straight session, hit an all-time high on the BSE of Rs 2,492 apiece after the company reported a nearly three-fold increase in the consolidated net profit in its July–September quarter (Q2 FY24). Read more
Share Market Today LIVE | OMC stocks gain as crude oil prices retreat; HPCL climbs 6%
Shares of oil marketing companies (OMCs) in trade on November 8 rally as oil prices retreated to over a 3-month low. As per a Reuters report, oil prices on the previous day fell over 4 per cent as mixed Chinese economic data and rising OPEC exports eased fears about tight markets and as the dollar strengthened. A sharp decline in Chinese imports, exacerbated concerns about oil demand, and consequently triggered a heavy sell-off in the crude oil market. Furthermore, weakness in the Asian and European markets, coupled with recession fears in the Eurozone, weighed on crude oil prices.
Shares of HPCL emerges as the top gainer (up over 6 per cent) and hit the day’s high price of Rs 298.4. Meanwhile, BPCL gains over 2 per cent, marking the day’s high of Rs 380.9, while IOC moves higher by 2.74 per cent and hit a fresh 52-week high of Rs 106.9. Read more
Share Market Today LIVE |Alkem Laboratories hits record high post-Q2; here's what brokerages suggest
Alkem Laboratories shares on Wednesday, November 8, rally six per cent to clock a record peak of Rs 4,271.95 apiece on BSE after the Mumbai-based pharmaceutical company wooed the D-Street with its financial earnings report for Q2 on the back of lower raw material costs and a lower intensity of price erosion in the US market. Alkem Laboratories reported a 76.83 per cent rise in consolidated net profit at Rs 614.89 crore for the second quarter ended September 30. Read more
Alkem Laboratories share price target: Here's what brokerage say after Q2 results
Pidilite Industries Q2 Preview | Company to benefit from steep fall in VAM prices; PAT expected to rise 35% YoY
Pidilite Industries, a leading company in adhesive, industrial and construction chemicals, and art materials, is expected to report decent results for the second quarter of the current fiscal (Q2 FY24). The company is slated to release its financial results for the July-September quarter today (November 8).
According to Zee Business Research, the company is expected to report a 35 per cent year-on-year (YoY) rise in its consolidated profit after tax (PAT) at Rs 449 crore as against Rs 332 crore logged in the corresponding quarter of the previous fiscal. Its revenue is expected to increase by 5 per cent YoY to Rs 3,173 crore. EBITDA, or earnings before interest, taxes, depreciation, and amortisation, is seen surging 34 per cent YoY to Rs 671 crore, while margins are pegged at 21 per cent as compared to 16.6 per cent in the year-ago period. Read more
Diwali Stock Picks | Buy RailTel, NBCC, Bank of India shares, says Siddharth Sedani
Siddharth Sedani of Anand Rathi Shares & Stock Brokers shares three investment picks ahead of Diwali. He believes that these stocks offer investment opportunities in businesses with high-growth potential in promising spaces and are available at affordable levels.
Here are his three Diwali picks:
- Buy RailTel shares for a target of Rs 310
- Buy NBCC shares for a target of Rs 95
- Buy Bank of India shares for a target of Rs 134
Share Market Today LIVE | Nifty, Sensex open flat
Nifty 50
Nifty trades above 19,400, up 0.1 per cent in opening deals.
Source: NSESensex
Sensex trades flat, down 0.02 per cent in opening deals.
o Source: BSE
Anil Singhvi Market Strategy | Important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty index emerging at 19,300-19,335 levels and a strong buy zone at 19,200-19,275 levels on Wednesday, November 8. For the Nifty Bank, he expects support at 43,525-43,625 levels and a strong buy zone at 43,275-43,425 levels.
Read more on how Anil Singhvi views the Indian share market today and what he recommends
Currency Update | Rupee rises 2 paise to 83.25 against US dollar in early trade
Stocks to Watch | IRCTC, Lupin, GE Shipping, CAMS, other stocks to track today
ZeeBiz will take you to the list of stocks that will be on focus on Wednesday (November 8):
Results on Wednesday, November 8: Automotive Axle, Ashoka Buildcon, Balaji Amines, Brigade Enterprises, CAMS, Career Point, EID Parry, Easy Trip, Eris Lifesciences, Vishnu Chemical, and Lupin, among others, will announce their results for the second quarter (Q2FY24) on Wednesday.
IRCTC: After market hours, the railway’s e-ticketing and catering arm reported good results with net profit soaring 30 per cent year-on-year.
JB Chemicals and Pharmaceuticals: The company’s consolidated net profit increased to Rs 150 crore in the September quarter versus Rs 110 crore in the same quarter last year.
Stove Kraft: The household appliances company for the period ending September posted a decline in PAT to Rs 17 crore as against Rs 26 crore YoY.
Schneider Electric: The heavy electrical equipment company's PAT for the September quarter rose to Rs 43 crore from Rs 9 crore YoY. Read more
Share Market Today LIVE | GIFT Nifty futures indicate a positive start ahead on Dalal Street
GIFT Nifty futures — an early indicator of the Nifty 50 index — are up 30.45 points or 0.16 per cent at 19,510.5 ahead of the opening bell on Dalal Street.
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