Stock Market LIVE Updates: Sensex surges 1,000 points from day's low, Nifty50 tops 17,500 as market rebounds

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14:29:35 IST

Market correction: Long way to go before we get seriously worried, says Shankar Sharma

Market veteran Shankar Sharma told CNBC-TV18 that the market has to take a breather and there is still a long way to go before one should start to get seriously worried. According to him, this is nothing more than a small correction. “We have had a vertical rally in the last 18 odd months and where do we go from here? The short answer to that is that we still have a long way to go before we should start getting seriously worried,” he said.

14:27:18 IST

Buy Jindal Steel & Power, Reliance Industries: Manas Jaiswal

Here are two trading calls from Manas Jaiswal of manasjaiswal.com:

–Buy Jindal Steel and Power for a target of Rs 405 with a stop loss at Rs 374 

–Sell IndusInd Bank for a target of Rs 935 with a stop loss at Rs 1,000 

–Buy Reliance Industries for a target of Rs 2,550 with a stop loss at Rs 2,350 

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

14:18:03 IST

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Reliance Industries, Bharti Airtel, HDFC Bank, Bajaj Finance top boosts for Sensex

On the other hand, stocks such as Infosys, Asian Paints, IndusInd Bank and Hindustan Unilever were the biggest drags for the 30-scrip index. 

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

14:06:29 IST

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India to release 5 mbpd crude oil from emergency stocks: PTI

India will release five mbpd of crude oil from its emergency stocks to cool prices, news agency Press Trust of India reported. 

14:04:57 IST

Sensex rebounds over 1,000 points from day’s low, hits 58,750 

The 30-scrip index made a comeback in late afternoon deals, jumping as much as 1,060.6 points from its intraday low to touch 58,779 on the upside. The Nifty50 benchmark, which had dipped to as low as 17,216.1 in the first half of the session, climbed to as high as 17,535.7. Gains in oil & gas, metal and financial stocks led the bounceback in headline indices. Losses in IT shares limited the upside. 

13:47:10 IST

Re-evaluation of stake sale decision in O2C biz won’t impact credit quality: Moody’s on Reliance Industries

“The decision to re-evaluate the transfer and the stake sale will not impact RIL’s credit quality because the company already has a strong balance sheet to accommodate future investments required for its various businesses,” Moody’s Investor Service said.

Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

13:42:39 IST

Market Watch | Buy Bharti Airtel and JSW Steel but sell Berger Paints, says Religare Broking’s Mishra 

Here are trading calls from Ajit Mishra of Religare Broking:

Buy Bharti Airtel with a target of Rs 770 and a stop loss at Rs 740

Sell Berger Paints with a target of Rs 750 and a stop loss at Rs 780

Buy JSW Steel with a target of Rs 810-815

13:35:13 IST

TVS Motor Company shares rise 1%

13:25:25 IST

Equitas Small Finance Bank ties up with HDFC Bank to offer co-branded credit cards

Equitas Small Finance Bank announced its partnership with HDFC Bank for the launch of its new co-branded credit cards.

“The credit cards will be available for Equitas Small Finance Bank’s customers, with an aim to provide them with the facilities of the banking ecosystem,” the bank said in a release.

The partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas Small Finance Bank’s customer base.

Equitas Small Finance Bank shares recover and were up 0.2 percent.

13:18:56 IST

© Provided by CNBCTV18 Spandana Sphoorty Financial | The company announced Shalabh Saxena as the MD and CEO. Among other business updates, Ashish Damani will take over as President and Chief Financial Officer, Abanti Mitra will take over as Chairperson of the Board, and Deepak Vaidya will continue as an Independent Director.

Vedanta shares gain 8% as promoters look to raise stake by up to 4.57% 13:09:23 IST

Greaves Cotton shares jump 6%

12:58:31 IST

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See demand in cryptocurrencies from HNIs, family offices: Ajay Srivastava 12:49:48 IST

Just In | Power Producers seek urgent intervention from Govt on clearing dues by Discoms, say sources

12:42:42 IST

Indus Towers stock down 0.2%

12:35:40 IST

Mobikwik may defer IPO plan on subdued investor interest

Indian payments firm MobiKwik may defer its initial public offer (IPO) planned for this month in light of subdued investor interest, sources informed CNBC-TV18. “The company is unable to get the $1 billion valuation it’s seeking,” sources said. 

CNBC-TV18 is awaiting a response from Mobikwik on the development.

12:26:21 IST

Rajan Sethuraman of Latent View says heavily focused on the tech side. We have seen acceleration from other accounts replacing 2019 top 10 clients now.

12:11:18 IST

Vodafone Idea hikes prepaid tariffs by 20-25% & top-up plan tariffs by 19-21% effective November 25

12:09:34 IST

Market Watch: Dipan Mehta, Director, Elixir Equities

Reliance Industries

I think that O2C hive-off was disappointing because it would have been a trigger for the stock to move up as and when Saudi Aramco would have taken a stake in the company. What Reliance management did with retail business and the digital business something similar were to happen in the OTC business, then that what would certainly improve the sentiment in the stock.

While we are all rejoicing that Bharti Airtel has raised its tariff plans, the automatic beneficiary also will be Jio, and sooner or later, you may expect Jio also to start raising his tariff plans and that certainly benefit the digital businesses. The retail business, of course, is doing exceptionally well. So I think corrections like this are great opportunities if you are not already invested in Reliance, which you should be considering its weightage in the Sensex and Nifty and corrections like this, maybe 3-4 percentage point, five percentage points lower, give you a good entry point in Reliance. We have seen that whenever you bought into Reliance at corrections in a few months’ time it suddenly starts to outperform and deliver exceptional results. So I don’t think that Reliance is in a position where it will now be a laggard, it will continue to outperform on a medium to long term basis.

  11:35:29 IST

Market Watch: Shubham Agarwal, CEO & Head of Research, Quantsapp Advisory

On RBL Bank – 190 strike; Put option for the December series can be bought for a target of Rs 13 with a stop loss of Rs 5.

On IDFC First Bank – 45 strike; Put option for the December expiry can be bought for a target of Rs 2.25 with a stop loss of Rs 0.5.

On Cipla – 900 strike; Call option for the December expiry can be bought for a target of Rs 32 with a stop loss of Rs 18.

11:23:07 IST

Sell Mphasis, Buy Hindalco: Shrikant Chouhan of Kotak Securities

– Sell Mphasis with a stop loss of Rs 3,295 for a target of Rs 3,050.

– Buy Hindalco with a stop loss of Rs 430 for a target of Rs 440-442.

11:12:18 IST

Sell Bajaj Finserv, Coromandel and Dr Lal Path; Buy Indian Hotels: Mitessh Thakkar of earningwaves.com

– Bajaj Finserv is a sell with a stop loss of Rs 17,525 for a target of Rs 16,450.

– Coromandel International is a sell with a stop loss of Rs 766 for a target of Rs 732.

– Dr Lal Path Labs is a sell with a stop loss of Rs 3,530 for a target of Rs 3,350.

– Indian Hotels is a buy with a stop loss of Rs 193.50 for a target of Rs 209.

10:58:41 IST

Vedanta shares up 8% as promoters look to up stake in co by up to 4.57%

Vedanta surged 7.74 percent to a high of Rs 354 in early deals on the BSE on Tuesday on reports that promoters of Vedanta, Vedanta Netherlands Investments BV and Twin Star Holdings are looking to purchase up to 170 million equity shares of Vedanta at Rs 350 each, for a total valuation of Rs 5,950 crore.

10:45:34 IST

Long way to go before one should start to get seriously worried about market: Shankar Sharma 

Shankar Sharma of First Global told CNBC-TV18 that the market has to take a breather and there is still a long way to go before one should start to get seriously worried. This is nothing more than a small correction in the long run, he said. 

10:41:20 IST

GST fitment committee proposes raising GST slab of 5% to 7%, 18% to 20%

The GST fitment committee has proposed to raise the GST slab of five percent and 18 percent to seven percent and 20 percent respectively, 

sources said. The feasibility of merging the 12 percent and 18 percent slabs to a single slab of 17 percent is yet to be examined, they said. 

The fitment committee has also proposed to hike the GST on gold and silver to five percent from three percent, the sources said. 

10:32:53 IST

GST Fitment Committee proposes raising GST slab of 5% to 7% & 18% to 20%. There is also a proposal of hiking GST on gold/silver to 5% from 3%.

10:20:18 IST

Market technically oversold right now, keep an eye out for PSUs: JM Financial’s Rahul Sharma

Rahul Sharma of JM Financial told CNBC-TV18 the market appears to be in an oversold condition technically. Some consolidation is a must after sharp correction, he said. 

Sharma expects PSU stocks to do well going forward. 

10:15:49 IST

Long-term investors should hold Latent View Analytics shares: Swastika Investmart’s Santosh Meena

Santosh Meena, Head of Research at Swastika Investmart, suggests long-term investors to hold Latent View Analytics shares. Those who played for a listing gain should keep a stop loss at Rs 490. 

“It is another stellar listing after a disappointment from Paytm that indicates the market is ready and has an appetite to reward quality IPOs. The strong part of the company is that it is a one-of-its-kind listed company with an experienced management and quality corporate governance practices. It has a strong client base from Fortune 500 but there is concentration risk because 55 percent of its revenue comes from the top five clients. Revenue growth has been muted for this company however it has a strong margin with more than 20 percent RoE. The overall outlook is bullish but the valuations look expensive after a strong listing,” he said.

10:10:41 IST

Paytm parent One97 Communications’ shares rise 5%

Paytm parent One97 Communications’ shares were up 4.8 percent at Rs 1,425.5 apiece on BSE, rebounding after a series of losses following its weak listing. 

10:00:31 IST

Latent View Analytics makes strong debut, shares list at 169% premium over issue price

Latent View Analytics’ shares made a strong market debut on Tuesday. On BSE, the stock of Chennai-based data analytics company Latent View listed at Rs 530 apiece, a premium of 169 percent over the issue price of Rs 197. On NSE, Latent View shares began their secondary market journey at Rs 512.2, a premium of 160 percent. (Read more on Latent View Analytics IPO listing)

09:41:33 IST

IndusInd Bank says Shalabh Saxena, Ashish Damani have not tendered resignations

IndusInd Bank shares traded 0.2 percent lower at Rs 1,004.9 apiece on BSE.