Stock Market LIVE: Sensex sheds 500 pts, Nifty 150; IT lags; PSU Bank gains

Realty index remains under pressure on Monday with most stocks in red and the index shedding 1%

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Nikkei ends marginally higher as China COVID, global rate worries weigh

Japan’s stock markets edged up on Monday, although the Nikkei share average was kept below 28,000, as rising COVID-19 cases in China weighed on sentiment in Asia and traders awaited more clarity on the outlook for interest rates.

The Nikkei closed 0.2% higher at 27,944. The broader Topix edged 0.3% higher to 1,972. Both indexes have been treading water for about a week. Volumes were expected to be light due to U.S. and Japanese holidays later in the week.

“Financial markets are trying to find the balance between the room for further rate hikes versus the extent to which the U.S. and global economy will slow,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management. (Reuters)

Budget 2023-24: Sitharaman chairs first consultation with industry leaders, experts

Union Finance Minister Nirmala Sitharaman on Monday chaired her first pre-Budget consultations with the first group of captains from industries and experts in the field of infrastructure and climate change in the national capital.

Along with Sitharaman, the meeting was attended by Union Minister of State Finance Pankaj Chaudhary and Bhagwat Kishanrao Karad; Finance Secretary TV Somanathan, secretaries from other departments of the finance ministry, and the Chief Economic Advisor Anantha Nageswaran.

The formal exercise to prepare the annual Budget for the next financial year — 2023-24 – commenced on October 10. (ANI)

JioCinema apologises after ‘awful’ FIFA live-streaming leaves fans disappointed

Football fans in India had a lot of difficulties viewing the opening match of the FIFA World Cup 2022, the first-ever football world cup in the Middle East. The JioCinema app’s online video stream of the tournament kept buffering, leaving fans disappointed and disgusted.

Even when the video played without any hiccups, the audio kept going missing. The issue made the Qatar vs Ecuador match difficult for some to watch. As fans approached social media to vent out their frustration, more people came into agreement with the experience that some coined as “awful”. (Read More)

BPCL stock shines in today’s trading, gains more than 1.5%

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Escorts Kubota shares trading near record high. Should you buy the auto stock?

Escorts Kubota is a prominent tractor maker domestically with a 10.3% FY22 market share. It also serves domestic construction equipment and railways space. Kubota (a Japanese company), is a co-promoter with an effective stake at 53.5%.

Brokerage house ICICI Securities has retained its Buy rating on Escorts Kubota shares amid wider opportunity at play with Kubota coming on board as co-promoter and strong financials amid healthy RoCE targets. The auto stock is trading near a record high level of ₹2,189 per share that it had hit in September this year on the BSE. (Read More)

Delhivery, multibagger Venus Pipes among 7 newly listed stocks in focus as lock-in period expires this month

Share lock-ins set are set to unravel this week with Delhivery, Venus Pipes and Tubes, Syrma SGS Tech, Tarsons Products, Ethos Ltd, e Mudhra Ltd, and Go Fashion being the seven stocks with lock-ins period expiring this month i.e., between the period of November 21 to November 28, 2022.

Delhivery’s share price breached its initial public offering (IPO) issue price of ₹487 per share since the Gurugram-based startup debuted on the stock exchange. In its quarterly business update to its shareholders, Delhivery shared concerns over “high levels of inflation, with average user spends and total active shoppers remaining flat or lower during the ongoing festive season”. (Read More)

Noon Update: Indices tumble with Sensex shedding 500 points and Nifty around 150 points

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Multibagger stock that surged 5500% in 4 years close to record high after 1:10 stock split

Sanmit Infra shares are one of the multibagger stocks in 2022 that surged to the tune of 150 per cent in year-to-date (YTD) time. The stock recently traded ex-split after declaring stock subdivision in a 1:10 ratio. However, the stock is hitting the headline once again after climbing to a lifetime high of ₹85.70 apiece on 17th November 2022. However, the multibagger stock retraced its recent highs after the profit booking trigger. But, it seems that buying interest among market bulls has once again spurt in regard to this multibagger BSE-listed stock. (Read More)

PSU Bank index shines amidst an otherwise dull day; most stocks in green

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Ashok Leyland may launch Dost with left-hand drive option in ME and Africa

Dost is a light commercial vehicle (LCV) offered in Hinduja group flagship brand Ashok Leyland. The company currently retails a range of light commercial vehicles under ‘Dost’ brand with a right-hand drive option both in domestic and overseas. It is now planning to launch Dost in the Middle East and African markets.

Ashok Leyland is testing the popular light commercial vehicle with left-hand drive (LHD), a top company official has said. (Read More)

Axis Securities Pick of the Week – ACC Ltd: BUY

Axis Securities Pick of the Week – ACC Ltd: BUY with TP at ₹2710

Outlook & Valuation: With expanded capacity, better pricing. increased demand, moderation in commodity prices and better synergies with other Adani group companies, we expect ACC to report Revenue/EBITDA/APAT CAGR of 10%/50%/40% respectively over CY22-CY24E. Stock is currently trading at 14x and11x CY23E/CY24E EV/EBITDA.

Recommendation: We recommend a Buy the stock for a target price of ₹2760/ implying an upside of 10% from CMP.

FTX Latest: Crypto Fears Contagion as Billions Owed to Creditors

Sam Bankman-Fried’s bankrupt FTX crypto exchange owes its 50 top unsecured creditors a total of $3.1 billion. FTX Trading Ltd. and about 100 affiliated companies are starting a strategic review of global assets.

Investors continue to pull funds from digital-asset exchanges despite the latter’s efforts to reassure markets about their stability. Crypto lender BlockFi Inc. is on the cusp of its own Chapter 11 filing.

Crypto markets are on the back foot, holding Sunday losses that have pushed Bitcoin — the largest token — to about $16,000. Second-ranked Ether is also struggling amid indications that some of the $663 million drained from FTX as it slid into bankruptcy is now being transferred out of the token. (Bloomberg)

Goldman Sachs sees India’s growth slowing next year, cuts GDP forecast

Goldman Sachs Group Inc. sees India’s economic growth slowing next year, citing a hit to consumer demand from higher borrowing costs and fading benefits from pandemic reopening, while lowering its growth forecast. Gross domestic product (GDP) may expand by 5.9% in calendar year 2023 from an estimated 6.9% this year, Goldman said in a report. (Read More)

Ashika Stock Broking on today’s market: Intraday dip towards 18150-18200 can be used to create long positions

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking Ltd: On the technical front, Nifty formed bearish candle with long lower shadow following a couple of indecisive Doji candle on the daily time frame, on the weekly time frame too Index with a negative candle but the trend of higher high formation remains unabated but noticeable aspect being the range of the market has decreased. Hence present setup show consolidation with weak bias. Hence ongoing breather would help index to cool off the short-term overbought condition and help index to form a higher base that would pave the way to challenge the all-time high of 18600 and eventually head towards 18900 as the Index has breached past the falling trend line which confirms that the primary trend is up. Now the elevated support level for the market now stands at 17950 followed by 17500 as it happens to be the 50 days EMA and the breakout point from the 12 months falling trend line. During the day, Nifty is likely to open on a negative note tracking weak morning cues. Thus, intraday dip towards 18150-18200 can be used to create long positions for target of 18600.

SBI Life comes under pressure in early trading on Monday; sheds 2%

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Rupee falls 12 paise to 81.86 against US dollar in early trade

The rupee depreciated 12 paise to 81.86 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.

At the interbank foreign exchange, the domestic unit opened at 81.84 against the dollar, then lost ground to quote at 81.86, registering a loss of…