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Market LIVE Updates: Indices at day’s low, Nifty below 18,200; IT drags, midcaps underperform – Moneycontrol.com

October 21, 2021 / 11:46 AM IST

Amarjeet Maurya – AVP – Mid Caps, Angel One 

Jubilant FoodWorks is a food service company engaged in retail sales of food through two strong international brands, Domino’s Pizza and Dunkin’ Donuts addressing different food market segments. 

During 2QFY22, company has reported strong sales growth (~37% yoy) and profit grew by ~58%. 

Going forward, we expect company to report a healthy top-line and bottom-line mainly due to new product launches, store addition (currently store is 1,435) and strong brand. Hence, we are positive on stock with a buy rating.

October 21, 2021 / 11:34 AM IST

Jefferies maintains buy on Tata Motors

Tata Motors share price rose over 2 percent on October 21 after foreign research house Jefferies raised target price to Rs 625 from Rs 565, maintaining buy call.

Tata Motors‘ new sub-compact SUV Punch holds strong volume potential as it appears well styled for its price & has received high safety ratings, said Jefferies.

We also like JLR’s focus returning to higher-margin land rover brand, it added.

October 21, 2021 / 11:18 AM IST

Buzzing:

Havells India share price slipped 9 percent on October 21, a day after the consumer electrical goods maker announced its September quarter results.

Havells India on Wednesday reported a 7.34 percent decline in its consolidated net profit at Rs 302.39 crore for the quarter ended on September 30, 2021 compared to Rs 326.36 crore in the year-ago quarter.

Its revenue from operations rose by 31.65 percent to Rs 3,238.04 crore during the period under review as against Rs 2,459.49 crore in the corresponding period of the last fiscal.

Havells total expenses were at Rs 2,866.54 crore, up 35.60 percent at Q2/FY 2021-22 as against Rs 2,113.92 crore.

October 21, 2021 / 11:11 AM IST

Nifty PSU Bank index rose over 1 percent supported by the Union Bank of India, J&K Bank, Bank of Maharashtra

October 21, 2021 / 11:03 AM IST

Market update at 11 AM: Sensex is down 471.78 points or 0.77% at 60788.18, and the Nifty fell 132.10 points or 0.72% at 18134.50. Indian Oil Corporation and Kotak Mahindra are the top gainers while Tech Mahindra, HCL Tech and Wipro are the top losers.

Among the sectors, the IT index fell over 3 percent while the midcap and smallcap indices are also trading in the red. 

October 21, 2021 / 10:51 AM IST

L&T Finance in focus: L&T Finance Holdings share price was trading over 4 percent lower in the morning session on October 21, a day after the non-banking financial company reported a 10 percent decline in consolidated net profit to Rs 223 crore for the second quarter ended September 2021.

Global research firm Goldman Sachs has a “buy” rating on the stock with the target at Rs 124 a share, an upside of 42 percent from the current market price. The research firm is of the view that the company had a well-managed Q2 despite a slight deterioration in the asset quality. Retail and MSME were likely to emerge attractive profit pools for the industry over the next few years and  L&T Finance was well-positioned, CNBC-TV18 reported Goldman Sachs as saying.

October 21, 2021 / 10:39 AM IST

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

There are mixed cues for the market with some global tailwinds and domestic headwinds. Strength in the mother market US, declining dollar index and stability in European markets are positives. But these positives are likely to be overwhelmed by the domestic headwinds like high valuations which have become unsustainable and rising commodity inflation which will impact the margins of firms. 

Sustained selling by institutions – both DIIs and FIIs – indicate that smart money regards the market as overheated and overvalued. The institutional sell figure of Rs 3523 crore yesterday indicates that there can be further selling on rallies.

The dip in the broader market and cracks in leveraged momentum plays have pushed the VIX higher by 5%. Retail investors should temper their expectations from the market. Partial profit booking, particularly in overvalued segments, may be considered.

October 21, 2021 / 10:29 AM IST

Broking Houses Upgrade Ratings Of These Stocks. Do You Own Any Of Them?

Broking Houses Upgrade Ratings Of These Stocks. Do You Own Any Of Them?

After hitting fresh highs at the start of the week, the benchmark indices lost 1 percent from the record levels in the last two sessions amid profit-booking. Here are the five stocks in which broking houses upgraded their ratings.

October 21, 2021 / 10:18 AM IST

Rupee Opens:

Indian rupee opened flat at 74.87 per dollar on Thursday against previous close of 74.87.

The Indian Rupee is expected to open on a flattish note and is likely to trade in the range of 74.60-75.10 zone, said Amit Pabari, MD at CR Forex  Advisors.

Broadly, we are expecting a tug of war between flows on the one side and US DXY, crude oil prices on the other side. Till the time, anyone gives up we could USDINR pair trading in the range of 74.50-75.50 over the short term, he added.

October 21, 2021 / 10:13 AM IST

India achieves 100 crore vaccine milestone

India hit a vaccine century on October 21st, 2021, becoming the second country in the world after China to administer 100 crore doses.

It had to battle supply-side issues, vaccine hesitancy, logistical challenges, and a brutal second wave of Covid19 to finally touch the 1 Billion mark. Click here to check what India Inc had to say:

October 21, 2021 / 10:10 AM IST

Nifty IT index shed 1 percent dragged by the Mindtree, L&T Infotech, L&T Technology Services

Nifty IT index shed 1 percent dragged by the Mindtree, L&T Infotech, L&T Technology Services

October 21, 2021 / 10:03 AM IST

Market at 10 AMBenchmark indices erased all the early gains and trading flat amid volatility.The Sensex was up 1.33 points or 0.00% at 61261.29, and the Nifty was up 14.20 points or 0.08% at 18280.80. About 1687 shares have advanced, 1050 shares declined, and 109 shares are unchanged.

Market at 10 AM Benchmark indices erased all the early gains and trading flat amid volatility. The Sensex was up 1.33 points or 0.00% at 61261.29, and the Nifty was up 14.20 points or 0.08% at 18280.80. About 1687 shares have advanced, 1050 shares declined, and 109 shares are unchanged.