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Dec 3, 2021 5:00 PM
Market This Week | Sensex, Nifty50 snap 2-week losing streak, led by IT, Bajaj twins
Here are some highlights:
--Sensex, Nifty gain 1%; Nifty Bank up 0.5%
--Nifty Midcap index up 1%; IT top gaining index
--Pharma top losing index; Cipla, Divi’s, DRL top losers
--IndusInd, TCS, HCL Tech, Bajaj Finserv, Tata Motors top Nifty gainers
--Vodafone Idea, Persistent, Navin Fluorine, Chambal Fertilisers top midcap gainers
--Glenmark, Delta, Vedanta, Apollo Hospitals top midcap losers
Dec 3, 2021 4:47 PM
Rupee edges lower to close at 75.16 against US dollar
The rupee ended at 75.16 against the greenback on Friday, as against its previous close of 75.
Dec 3, 2021 4:37 PM
Greater possibility of Nifty hitting 16,500 if it breaks below 16,780: Kotak Securities' Amol Athawale
Amol Athawale, Deputy Vice President-Technical Research at Kotak Securities, said the Nifty is forming a series of lower tops and lower bottoms on the daily chart. "In case it breaks 16,780, it would have major implications, and the possibility of the index hitting 16,500 would increase. The Bank Nifty has maintained a lower top formation, which is largely negative. Now, 35,500 or its 200-day simple moving average would be the key support level. The texture of the chart suggests the strong possibility of a quick pullback rally if it succeeds in trading above 35,500," he said.
Dec 3, 2021 4:36 PM
Market At Close | Unlock theme stocks Indian Hotels, PVR rise on Omicron
Here are some highlights:
--Nifty Bank slips 311 points to 36,197; midcap index rises 3 points to 30,293
--Reliance, Kotak Bank, HDFC, Infosys, HDFC bank drag Nifty
--Brent surges 3%; oil & gas stocks top Nifty gainers in Friday’s session
--Metal names fail to hold on gains as reports suggest price cut
--DoT releases bank guarantees; Vodafone Idea shares rise 13%
--Bharti Airtel down 2% despite bank guarantee release
--Market breadth favours bulls; advance-decline ratio at 5:4
Dec 3, 2021 4:25 PM
DMart could easily reach 1.7 times its size in 3-5 years: Elixir Equities' Dipan Mehta
Dipan Mehta, Director at Elixir Equities, believes that DMart was the first really expensive stock, but has emerged as a company where one would see secular earnings growth. "It's a well-managed company... We are seeing that it is benefiting from the entire trend which is moving from unorganised to organised sector, and consistently we are seeing in earnings growth. So what you have to really compromise on is the price to earnings multiple which consistently remains high," he said.
"One can keep on arguing about its PE multiple and now there are many other companies which joined that particular argument right from Nykaa to Zomato, Paytm and PolicyBazaar... If you have a slightly longer-term view, of 3-5 years, this company could be easily 1.7 times its present size, and then maybe their PE multiple will not look that demanding. Even 2-3 years down the line, the market will ascribe a higher PE multiple. At corrections, you should look at getting into this company. Clearly, there is a retail revolution underway and this company will consistently grow as and when we see more and more shifting from unorganised to organised," he added.
Dec 3, 2021 4:18 PM
Market At Close | Sensex tanks 1,061 points from day's high
The 30-scrip index plunged 1,060.6 points from its intraday high to settle at 57,696.5 for the day. The Nifty50 settled at 17,196.7, down 205 points or 1.2 percent for the day, having touched 17,489.8 at the strongest levels during the session.
Dec 3, 2021 3:53 PM
Bearish signal as Nifty failed to keep above 17,400-17,500: Manish Hathiramani
Manish Hathiramani, Proprietary Index Trader and Technical Analyst at Deen Dayal Investments, said the Nifty50 failed to keep above the 17,400-17,500 zone in a bearish signal. "We are resisting at higher levels and therefore the upside is definitely capped in that region. Unless we do get past the patch of 17,400-17,500 on a closing basis, we won't really see a meaningful upside rally. If the index was to break 17,100 next week, it would be a matter of concern as there is every possibility that we will re-enter the current bear trend," he said.
Dec 3, 2021 3:46 PM
Closing Bell | Sensex tanks 765 points to 57,697, Nifty50 below 17,200
The 30-scrip index ended 764.8 points or 1.3 percent lower at 57,696.5 and the broader Nifty50 benchmark settked at 17,196.7, down 205 points or 1.2 percent from its previous close.
Dec 3, 2021 3:35 PM
SPARC in licensing agreement with Biomodifying; shares jump
Sun Pharma Advanced Research shares recovered their intraday losses after the announcement. The stock was last seen up 2.4 percent at Rs 254.4 apiece on BSE minutes before the close.
Sun Pharma Advanced Research Company said in a regulatory filing that it had entered into an agreement with Biomodifying LLC to exclusively license Biomodifying’s intellectual property, including all patents and patent applications owned or controlled by Biomodifying, along with antibodies developed for multiple uses including for cancer.
Under the agreement, Biomodifying is eligible for an up-front payment, milestone payments on pre-specified clinical, regulatory, and commercial milestones, as well as royalties on sales. In addition, SPARC will pay Biomodifying a percentage of payments received for sublicenses of the licensed IP, it added.
Dec 3, 2021 3:30 PM
Market Watch: Mithun Aswath, Managing Partner at Kivah Advisors
On IT sector
“IT services stocks are trading at 50-100 percent premium of their long term earnings ratios. The visibility for the next 2-3 years is quite solid in IT services but if there is some disappointment in margins or on the revenue front, there can be a correction even in the IT sector. Would one be a buyer in that dip? Certainly yes, because the whole digitisation and tech spending story are here to stay.”
On Expleo Solutions
“We continue to hold Expleo Solutions. The stock has been quite well over the last 6 months and has doubled. Even from here, the story is just about to start. Their unlisted subsidiary which the parent holds is getting merged with the listed entity. The unlisted company is in the engineering space while the listed company is more in the financial services space. So once the merger goes through the company’s size and scale will change and the market will then recognise it better. So we think the listed company still deserves an upside from current levels.”
Dec 3, 2021 3:25 PM
Market Watch: Parthiv Shah, Tracom Stock Brokers
IEX
I think it is a better idea to switch this counter into a play like something like a CDSL or CAMS. They are also kind of similar proxy and great business model, free cash flow generating and having very high ROEs. So we believe that at current levels and current valuations it will be more prudent to switch IEX into either CDSL or CAMS.
MRF
After the recent massive correction MRF, we are quite upbeat at these current valuations. This is one unique tyre company, which normally does margins of anywhere between 24 to 26 percent. They have a very high market share in the replacement tyre segment, which is also a high margin segment. We know for the fact unfortunately, we were in unprecedented times in terms of lot of raw material fluctuations and MRF does tend to get a lot of its raw materials from crude derivatives, which have fluctuated immensely and becomes difficult even for the best of the best OEM players or the branded players to kind of easily pass on and that's why probably since the last two quarters, we are seeing a lot of gross margin level compression in players like MRF and that is the reason why the stock has corrected. But our senses I think it is a great franchisee great company. We are even expecting going ahead, the auto sales to also pick up which should help players like MRF and also the replacement tyre segment. I think they are also we are expecting better volume numbers. MRF is one of the cost leaders in its category. So rather, I would say at such levels, I mean no harm in even adding reducing your costs but give it some time probably say six months to one year, we do expect that psychological mark to get breached and it is a great company to hold on to.
Dec 3, 2021 3:23 PM
Market Watch: Aditya Agarwala of YES Securities
Adani Power, IEX, IRCTC
Hold on to all three stocks. IRCTC is one that is actually the most volatile at the moment. We all know that there have been news flows around the stock which has led to this volatility. My sense is you should probably put a stop loss closer at about Rs 730-720 on the downside that is the immediate support zone for IRCTC. If that is broken, then there can be a case for a deeper connection that may be below Rs 650 levels as well. So at the moment, IRCTC is still a hold.
IEX stock has definitely bounced back sharply in trade today. Now if it sustains beyond Rs 280 odd levels, my senses is stock is good to go to levels of Rs 300-315 on the upside. So continue to hold on to IEX there was an interim correction and post bonus I guess stock is on its way up again, he can continue to hold on to it.
Talking of Adani Power, again, my stock is entered into a sideways consolidation with very good support at Rs 90 odd levels. So probably you should keep a stop loss at 90 that happens to be a moving average support and trend line as well. Once 90 is broken, maybe he should look to exit then there can be a case of a deeper correction. On the upside if Rs 90 levels continue to hold stock can test levels of Rs 110-120. So at the moment, so hold on to all three, but be very careful on IRCTC. Rest two seems okay on charts.
Dec 3, 2021 3:14 PM
SPARC
- In licensing agreement with biomodifying for exclusive licence of biomodifying’s patents.
- To get excl licence of biomodifying’s antibodies developed for multiple uses including for Cancer.
Dec 3, 2021 3:04 PM
Tega Industries IPO day 3: Issue subscribed 117 times, NIIs book 405 times
The initial public offering of Tega Industries has been subscribed 117 times on December 3, the second day of bidding. The offer has received bids for 112 crore equity shares against the IPO size of 95 lakh equity shares. Retail investors subscribed 25 times to the IPO, and non-institutional subscribers put in bids 405 times against their reserved portion. Qualified institutional buyers subscribed 62 times their reserved portion.
Dec 3, 2021 2:53 PM
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