Gaurav Garg, Head of Research at CapitalVia Global Research: Market is likely to continue its bull run and we might see decent upside from the current levels. However, from hereon, sectoral rotation can be expected, and current low interest rate regime might help rate sensitive stocks to do better. I expect Nifty50 to touch 21,000 level by next Diwali and Bank Nifty to lead this rally and I am expecting it to touch 48,000.
Vinod Nair, Head of Research at Geojit Financial Services: The future returns are expected be moderate compared to the marvelous performance in the last 1 to 2 years. It will be due to normalization of valuation and liquidity in the market. After some consolidation, during in this phase of transition, we can expect the market to move towards new highs. On a medium-term basis, 17,500 to 17,500 on the lower side and 18,100 to 19,000 on the upper side will be important levels.
Harshad Chetanwala, Co-Founder at Mywealthgrowth.com: Midcap companies have further got strengthened in the last year, we see good companies and long term opportunities within the mid-cap space. On small-cap, we would advise following a cautious approach looking at the kind of run-up in their valuations. One way to reduce this risk is by restricting the allocation in small-cap companies by investing subsequently in large-cap companies and keep booking profits in small-cap regularly if they continue to perform well in the near term.
While things are looking promising and investors sentiments continue to remain positive, we have to keep in mind that in case of any macro uncertainty the impact on small-cap companies is much high and they may remain more volatile.
Muhurat Trading Market at close: Sensex ends 295.70 points higher or 0.49% at 60067.62, and the Nifty added 91.80 points or 0.51% at 17921. About 2535 shares have advanced, 514 shares declined, and 146 shares are unchanged.
Among the sectors, the auto and PSU Bank indices added over a percent each while the midcap and smallcap indices are up 0.5-1 percent each.
Steel Strips Wheels bags export orders around USD 12 million: Steel Strips Wheels has confirmed export orders valued close to USD 12 million till end of January 2022 from its Chennai and Dappar plants. The stock is trading at Rs 1,770.00, up Rs 23.45, or 1.34 percent. It has touched an intraday high of Rs 1,779.95 and an intraday low of Rs 1,707.60.
TCPL Packaging shares rally: TCPL Packaging share price rallied as much as 9.8 percent intraday to Rs 570 on November 4, the Diwali Muhurat Trading 2021 Day, after the acquisition of major stake in Creative Offset Printers.
Packaging solutions provider said it had approved the acquisition of a majority stake in Creative Offset Printers (COPPL). “The Company has entered into a definitive share purchase agreement to acquire 60 percent equity stake of COPPL.”
US jobless claims drop for fifth straight week
New applications for US unemployment benefits declined for a fifth straight week, the government said Thursday, as the healing in the labor market continues.
The Labor Department reported 269,000 new seasonally adjusted unemployment benefit claims filed in the week that ended October 30, fewer than expected and the lowest weekly figure since they soared into the millions when the COVID-19 pandemic began.
Muhurat Trading 2021 Market Update: Sensex is up 307.80 points or 0.51% at 60079.72, and the Nifty added 94.80 points or 0.53% at 17924. Eicher Motors, Mahindra & Mahindra and ITC are the top gainers while Hindalco Industries and ICICI Bank are under pressure.
Among the sectors, auto and PSU bank index added over a percent each while the midcap and smallcap indices are up 0.5-1 percent each.
Most active shares on NSE in terms of volumes
Uflex shares tumble: Packaging materials and solution company Uflex share price fell below Rs 500 levels, down 13 percent intraday on November 4, the Diwali Muhurat Trading 2021 day, after profit declined in September quarter.
The company reported consolidated profit at Rs 171.05 crore for the quarter ended September 2021 quarter, declining 23 percent compared to Rs 222 crore profit in the corresponding period last fiscal, hit by higher operating expenses including raw materials and power & fuel. The stock was trading at Rs 536.90, down Rs 35.35, or 6.18 percent. It has touched an intraday high of Rs 550 and an intraday low of Rs 496.60. The scrip was trading with volumes of 94,284 shares, compared to its five day average of 27,401 shares, an increase of 244.08 percent.
Madhu Kela to CNBC-TV18: Need to be cautious in the market. Will avoid companies that I don’t understand or where valuations are stretched. There are pockets of the market where valuations are still reasonable. Do not buy anything without proper homework or research. There is a lot of momentum along with the fear of missing out. Need to be very careful in this market with your money.
See value in PSU banks. There are some new age companies that we evaluate. Don’t understand many of the new age companies, which keeps me away. I invested in Nazara Technologies which has worked out well.
Have seen good appreciation in realty over past 6 months. Think there is still room for gains selectively in realty.
IPOs In Samvat 2077 | 47 Issues Raise Rs 86,650 Crore; 15 Companies Yield Over 100% Returns
Samvat 2078 is also expected to be very strong for the primary market but investors should analyse every IPO and think of long-term investment rather than listing gains, say experts.