Live Stock Market Updates: Sensex Clears Losses, Recovers 60K; Nifty is approaching 17,900; IRCTC recovers as railway withdraws decision on revenue sharing

After starting the session on a lower note, buying returned to the markets as investors bought stocks at lower levels, despite warnings from many analysts against the strategy. The BSE Sensex erased nearly 800 loss points to go above 60,000 levels during the morning session. Nifty50 looked too much at the 17,900 mark. All sectors on NSE gained, with the PSU Bank and Metal indices leading the way. The general market trend was positive. The Midcap pack outperformed the benchmark, the Smallcap index fell behind. IRCTC shares, meanwhile, fell 25% as the company will have to share 50% of the revenue generated from the convenience fees with Indian Railways.

!1 new updateClick here for the latest updates

These stocks peaked in 52 weeks in a volatile market

Price as of Oct 29, 2021 11:29 a.m.Click on the names of the companies for their live prices.

IRCTC is recovering from the hollow of the day on the decision to withdraw the railways

Price as of Oct 29, 2021 11:03Click on the names of the companies for their live prices.

ALERT: Railways withdraw ruling decision on IRCTC

VIEW: Revenue sharing with Indian Railways will impact IRCTC EBIT margin

As of November 1, 2021, the IRCTC will have to share 50% of the revenue generated from the convenience fees with Indian Railways. Currently, the share is NULL.

Impact: Our current estimate of IRCTC convenience costs is 7.4 billion rupees / 7.8 billion rupees for FY 23 / FY 24, respectively. MoR would mean that the ticketing division’s EBIT margin would drop from ~ 85% odd to ~ 48% odd in FY 23 / FY 24.

As a result, the reduction in the EPS estimate would be in the order of 28% / 27% to Rs44 / Rs49 for FY23 / FY24 respectively.

– Deven Choksey, KR Choksey Investment

JUST IN: Tata Power collaborates with Tata Steel to set up solar projects connected to the 41 MW grid

Tata Power and Tata Steel have teamed up to develop grid-connected solar power plants in Jharkhand and Odisha. The two companies have signed a 25-year Power Purchase Agreement (PPA) to implement a 41 MW solar project, which will be a combination of rooftop, floating and ground-mounted solar panels. . As part of the project, Tata Power will develop photovoltaic (PV) capacities for Tata Steel at Jamshedpur (21.97 MWp) and Kalinganagar (19.22 MWp). (Source: ESB)

Rebound! Sensex seems ready to erase the first losses

Rebound!  Sensex seems ready to erase the first losses

Fino Payments Bank’s IPO begins; should we bet on it?

The show drew mixed reactions from brokerages who weighed the light asset model against the company’s long-term growth prospects against its high valuations, which they see as a negative. key risk for the issue. Taking into account the TTM of June 2021, BVPS adjusted by Rs 54.52 on post-issue basis, the company will list at a price relative to the P / B book value of 10.58, with a market capitalization of over Rs 4,8015 crore, said Marwadi Shares and Finance.

Fino Payments Bank's IPO begins;  should we bet on it?

IRCTC and 9 other big losers at the start of the session on NSE

Price as of Oct 29, 2021 09:59Click on the names of the companies for their live prices.

What is hurting the bulls in the market?

With the Nifty moving below the 20 day moving average, the market turned significantly weak. The major drag in the market now is the sustained sale of FII which hit Rs 3818 cr yesterday. It comes after foreign brokerage houses like Morgan Stanley, Nomura and UBS downgraded India due to excessive valuations. When smart money selling gets aggressive, the exuberance of retail is overwhelmed. It is happening now. Investors don’t have to rush to buy now; the buy-on-dip strategy, which has worked well since April of last year, may not work when FIIs sell heavily. Investors can therefore wait and observe the trend before making any decisions. However, switching from expensive broad market stocks to high quality large cap growth stocks can be a good idea.

The government asking the IRCTC to share a 50% convenience fee with the Ministry of Railways is another example that should warn investors of overly optimism when investing in PSU stocks. Improving shareholder returns is not the goal of PSUs. Investors should therefore be careful when looking for PSU stocks, even if they are cheap.

– Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Main drivers of trade opening

Price as of Oct 29, 2021 09:29Click on the names of the companies for their live prices.

Tata Steel only has stock in the green when opening offers

Tata Steel only has stock in the green when opening offers

OPENING BELL: Sensex loses 450 points, Nifty below 17,750; IR0TC dips 10%, NTPC 6%

OPENING BELL: Sensex loses 450 points, Nifty below 17,750;  IR0TC dips 10%, NTPC 6%

Listen: 6 IPOs vying for your attention in Street’s busiest fortnight

Listen: 6 IPOs vying for your attention in Street's busiest fortnight

Pre-open session: Sensex loses 20 points, Nifty below 17,850

Fino Bank’s IPO will be open for subscription today

Fino Payments Bank’s initial public offering (IPO) of Rs 1,200 crore, backed by Fino Paytech, is expected to start on Friday. The IPO by the payment lender is a mix of new share issuance and an offer to sell (OFS). The IPO is valued at 31.9 times the FY21 book value, which analysts believe is stretched. Fino Payments Bank generates 95 percent of its income in the form of fees and commissions. The growth of the lender depends on additional digital payment opportunities in the country.

SGX Nifty reports a muted start

Shrewd futures on the Singapore Stock Exchange traded 9 points, or 0.05% lower at 17,871.50, signaling that Dalal Street was heading for a lukewarm start on Friday.

Technical view: avoid the buy-on-dip strategy

Nifty50 lost 2% on Thursday and ended the October F&O series below its strong 18,000 support. The index formed a long bearish candle on the daily chart. It also slipped below its 20-day simple moving average (SMA). Analysts are cautious that it is time to steer clear of the bearish buy strategy.

Production in Japanese factories hammered by supply problems

Production at Japanese factories fell for the third consecutive month in September as the auto sector was hit by a persistent global supply shortage, increasing the risk of an economic contraction in the third quarter and casting doubt on the recovery. Factory output fell 5.4% in September from the previous month, according to official data on Friday, affected by lower production of cars as well as general-purpose machinery.

US GDP growth of 2% in the third quarter

Economic expansion in the United States slowed significantly in the third quarter to an annual rate of just 2% as consumer spending was stifled by the resurgence of Covid-19 infections, the government said Thursday. The decline was partly offset by a 7.9% increase in spending on services like travel and hotels, although it was slower than the increase in the previous quarter, the data showed.

Hong Kong stocks start slightly lower

Hong Kong stocks opened with losses on Friday morning following disappointing earnings from tech titans Apple and Amazon, while traders are also anxiously watching the latest Covid outbreak in China. The Hang Seng Index fell 0.35%, or 88.87 points, to 25,466.86. The Shanghai Composite Index was slightly higher, advancing 0.91 points to 3,519.33.

Tokyo stocks trade lower with eyes on earnings

Tokyo’s key Nikkei 225 index quickly fell into negative territory on Friday as investors eyed corporate results. The benchmark Nikkei 225 index fell 0.91% or 261.67 points to 28,558.42 at the start of trading, while the broader Topix index edged down 0.87% or 17.34 points at 1,982.32.

S&P and Nasdaq hit record closing highs

Wall Street closed higher on Thursday, with the S&P 500 and Nasdaq posting record closing levels thanks in part to gains from Apple and Amazon, while strong results from companies such as Caterpillar and Merck helped allay concerns about slowing economic growth weighing on earnings. The Dow Jones Industrial Average closed 239.79 points, or 0.68%, higher at 35,730.48, the S&P 500 gained 44.74 points, or 0.98%, at 4,596.42 and the Nasdaq Composite added 212.28 points, or 1.39%, to 15,448.12.

The rupee gains 11 paise to 74.92 against the dollar

The rupee gained 11 paise to close at 74.92 (provisionally) against the US dollar on Thursday despite massive selling in the domestic stock market as lower crude oil prices provided some support to the local currency. In the interbank forex market, the domestic unit opened at 74.92 against the greenback and saw an intraday high of 74.76 and a low of 74.94 during the day. It ultimately finished at 74.92 the dollar.

Sensex, nice Thursday

The benchmark Sensex stock index plunged 1,159 points on Thursday following a sell-off as monthly derivatives expired amid a weak trend in global markets. The 30-stock index rose to 1,158.63 points or 1.89% to close at 59,984.70. Likewise, the larger NSE Nifty fell 353.70 points or 1.94% to 17,857.25. ITC was the big loser of the Sensex pack, dropping more than 5 percent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank.

Hello dear reader! Here’s something to start your trading day

Hello dear reader!  Here's something to start your trading day
Previous Karnataka HC grants bail to Bineesh Kodiyeri in money laundering case, to be released on Friday - The New Indian Express
Next Republic sees continued third quarter revenue growth