Stock Market LIVE Updates: Sensex extends gain, Nifty50 firm above 17,550; Oil & Gas, PSU Bank gain, Paytm up 17%

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14:04:00 IST

Buy Adani Enterprises, JSW Steel: Yes Securities’ Aditya Agarwala

Here are two trading calls from Aditya Agarwala of Yes Securities:

–Buy Adani Enterprises for a target of Rs 1,860 with a stop loss at Rs 1,740 

–Buy JSW Steel for a target of Rs 730 with a stop loss at Rs 670 

13:59:05 IST

Cabinet clears bill to withdraw 3 farm laws; to be tabled in winter session

The union cabinet has cleared the way for Farm Laws Repeal Bill, 2021 to be introduced and passed during the winter session of Parliament, according to a News18 report. The winter session of Parliament would commence from November 29.

13:50:08 IST

Nifty Metal up over 1%, Adani Ent gains 4.31%

Nifty Metal index gained over 1 percent supported by the Adani Enterprises, Coal India, and Welspun Corp. While Adani Ent shares were up over 4 percent, Coal India and Welspun were up over 2 percent each. 

13:44:17 IST

Why Vodafone Idea and Bharti Airtel are surging in trade today

Vodafone Idea, Bharti Airtel shares surged on Wednesday amid reports that the telecom department is likely to return bank guarantees to the telcos even for the matters currently under sub-judice. Airtel and Vodafone Idea reacted to the news surging over 3 and 5 percent, respectively. (Read full story here)

13:36:38 IST

We will see higher inflation for longer, says Raghuram Rajan

Central banks have to ensure growth doesn’t collapse & have to control inflation. My sense is we will see higher inflation for longer, says Raghuram Rajan.

13:27:55 IST

Star Health IPO to open on November 30; sets price band at Rs 870-900/share

Star Health and Allied Insurance Co. Ltd, owned by a consortium of investors, including Rakesh Jhunjhunwala and Westbridge Capital, has set the share’s price band for its initial public offering (IPO) at Rs 870-900 per share. The same will open on November 30 and conclude on December 2.

The bidding for anchor investors will open on November 29, the company said(Read full story here)

13:16:14 IST

Sources say there was no discussion on Cryptocurrency Bill in the Cabinet today

13:09:02 IST

Latent View Analytics shares continue to surge after blockbuster listing

Latent View Analytics’ shares extended gains on Wednesday, a day after the Chennai-based data analytics company made a strong debut in the secondary market. Latent View Analytics emerged the third best debutant of the year, after Sigachi Industries and Paras Defence.

At 1:10 pm, the Latent View stock was up 20 percent, or 97.70 points at Rs 586.30 on BSE. 

12:58:08 IST

Paytm shares surge 17%, top Rs 1,700-mark in rebound after weak debut

Paytm parent One97 Communications’ shares continued to rise for a second straight day on Wednesday in a rebound after a series of losses. This helped Paytm’s shares inch towards its issue price of Rs 2,150. In the first two days of its journey in the secondary market, the stock had shed 36.7 percent of its value compared to the issue price, emerging as one of the weakest debutants of recent times.

At noon, the Paytm stock traded 17 percent higher.

12:48:25 IST

Buy Hindalco, Torrent Power: Prakash Gaba

Here are two trading calls from Prakash Gaba of prakashgaba.com:

–Buy Hindalco for a target of Rs 468-470 with a stop loss at Rs 450 

–Buy Torrent Power for a target of Rs 560 with a stop loss at Rs 545 

12:46:30 IST

Cryptocurrency Bill | Nobody should panic sell cryptos, says ZebPay’s Avinash Shekhar

CNBC-TV18 spoke with Avinash Shekhar of ZebPay and Aditya Singh of Crypto India. 

ZebPay’s Shekhar said there has been a lot of price volatility in the last 24 hours but no one should panic sell cryptos. The government must be looking for more regulation than a ban, he said. 

Crypto India’s Singh believes making cryptocurrency a legal tender is out of question. “We have been paying taxes on profits in cryptocurrency,” he said. 

Cryptocurrency prices in India crashed early on Wednesday after a government bulletin listed the introduction of a new cryptocurrency regulation bill in the upcoming winter session of Parliament. 

12:18:37 IST

Thermax bags Rs 830-crore order; shares jump 4%

Thermax shares traded 3.9 percent higher at Rs 1,759.5 apiece on BSE, after the company said it had concluded an order of Rs 830 crore from an Indian power private sector company to set up flue gas desulphurisation (FGD) systems for their three units of 660 MW capacity each in Uttar Pradesh.

The FGD systems will be installed at their plant to cut down SOx emissions and comply with

the air quality standards set for fossil fuel based power plants, it said. 

11:58:49 IST

Siddhartha Khemka expects long-term business momentum to continue for Latent View Analytics

Siddhartha Khemka of Motilal Oswal Financial Services told CNBC-TV18 he believes Latent View Analytics has a very niche business, which makes a demand-supply mismatch. He expects the long-term business momentum to continue for Latent View. 

Latent View Analytics shares were up 15 percent at Rs 561.9 apiece on BSE, as against their issue price of Rs 197. 

11:56:30 IST

Midcap IT has outperformed largecap in recent times: Siddhartha Khemka

Siddhartha Khemka of Motilal Oswal Financial Services said in an interview to CNBC-TV18 that the midcap IT space has outperformed its largecap counterpart in recent times. Consumer companies had a good festive season, he added.

11:54:48 IST

M&M Financial Services among CLSA’s top picks

Mahindra & Mahindra Financial Services shares traded 0.4 percent higher at Rs 170.6 apiece on BSE. 

11:40:20 IST

Buy SCI, ZEEL: Mitessh Thakkar 

Here are two trading calls from Mitessh Thakkar of earningwaves.com:

–Buy Shipping Corporation of India for a target of Rs 155 with a stop loss at Rs 142 

–Buy Zee Entertainment for a target of Rs 360 with a stop loss at Rs 325 

11:21:14 IST

L&T Infotech enables digital transformation for PIH group of companies

Larsen & Toubro Infotech has partnered with Qatar-based Power International Holding (PIH) Group of Companies to enable large scale digital transformation, leveraging an extensive array of SAP solutions for an intelligent enterprise. The solution framework implementation further strengthens and accelerates PIH’s vision to attain a digital-first, data-driven business approach. 

L&T Infotech shares traded half a percent lower at Rs 6,895.1 apiece on BSE. 

11:08:00 IST

Some of companies with high valuations could surprise on growth: Vetri Subramaniam

 

Vetri Subramaniam of UTI AMC told CNBC-TV18 that some of the companies seeing high valuations could surprise on the growth front. UTI AMC is trying to understand how some of the new business models will evolve, he said. 

11:05:20 IST

A lot more value in largecaps: UTI AMC’s Vetri Subramaniam

Vetri Subramaniam of UTI AMC sees a lot more value in largecap stocks. Midcap and smallcap segments are looking relatively pricier, he said. 

Speaking on sectors, he said valuations in the consumer durables basket are challenging. Subramaniam likes the real estate space but stocks there have already run up, he said. 

11:02:25 IST

Buy Minda Corp, Carborundum Universal: Ashish Kyal

Here are two trading calls from Ashish Kyal of Waves Strategy:

–Buy Minda Corp for a target of Rs 183 with a stop loss at Rs 165 

–Buy Carborundum Universal for a target of Rs 1,025 with a stop loss at Rs 929 

10:56:15 IST

Latent View Analytics shares jump 5%

Latent View shares were up 5.1 percent at Rs 513.5 apiece on BSE, a day after the data analytics firm made a strong debut in the secondary market. 

On Tuesday, Latent View Analytics shares listed at a premium of up to 169 percent over its issue price. (How shares of other recent debutants have fared)

10:50:10 IST

Significant value in banking space, lenders best placed for next growth cycle: UTI AMC’s Vetri Subramaniam

Vetri Subramaniam of UTI AMC told CNBC-TV18 sees significant value in the banking space. Banks have been proactive in terms of provisioning, and are best placed for the next growth cycle, he said. 

He expects banks to gain market share and improve profitability going forward. 

10:32:55 IST

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Cryptocurrency Bill | Lawmakers don’t want competition with INR, say experts

The government is set to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Winter Session of Parliament. The bill seeks to prohibit all private cryptocurrencies in India. It aims to create a facilitative framework for the RBI’s official digital currency, seeking to prohibit private cryptocurrencies in the country with a few exceptions aimed at promoting the underlying technology and its uses. To discuss what these exceptions could mean for cryptos, CNBC-TV18 spoke with Policy 4.0 Founder and CEO Tanvi Ratna, CREBACO Global Founder and CEO Sidharth Sogani, and WazirX Founder and CEO Nischal Shetty. (Read more)

10:23:33 IST

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Rupee opens lower at 74.53 vs US dollar

The rupee began the day at 74.53 against the greenback as against its previous close of 74.42.

10:20:38 IST

ONGC, GAIL jump as crude, natural gas prices go up

The Nifty Oil & Gas index was near the day’s high, up 1.5 percent, in mid-morning deals.

10:09:15 IST

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Bharti Airtel, HDFC Bank, Reliance Industries, ICICI Bank top Sensex movers

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

09:56:46 IST

Correction a buy opportunity, positive on ICICI Bank among lenders: Deven Choksey

Deven Choksey of KRChoksey Securities believes the recent correction in the market is a buy opportunity. Speaking on the banking space, he said ICICI Bank would be better of the lot comparatively. “The stock has visibly corrected from its high and probably now around Rs 750 odd levels. Business remains extremely strong, retail credit approach remains convincing and in terms of technology, ICICI Bank stands tall amongst all. It definitely has a better ability to acquire the customer,” he said. 

“I would rather think that given the valuation at which the stock is quoting at, this is probably amongst the better of the lot. I see signs of picking up of the business in the second half of the year and that is where banks like ICICI Bank and NBFCs like Bajaj Finance, even housing finance companies like HDFC, would probably gain maximum given the kind of surge in the business,” he said. 

09:53:10 IST

Cryptocurrency | WazirX’s Nischal Shetty says private crypto definition still unclear 

Nischal Shetty of WazirX said in an interaction with CNBC-TV18 that there was a lot of panic selling on Tuesday, with a price drop to the tune of 10-15 percent in India overnight in comparison to the rest of the world. The definition of private crypto is still unclear, he said. 

Traditionally, cryptos on Indian exchanges gave traded at a premium of 7-8 percent, Shetty added.   

Sidharth Sogani of Crebaco Global told CNBC-TV18 the current bill seems to be the same as the February 21 draft. Bitcoin is not private, it is decentralised and  available on a public ledger, Sogani said. 

09:47:51 IST

L&T signs pact with Tamil Nadu to build data centre; shares up 

L&T shares gained as much as 0.7 percent to Rs 1,902 apiece on BSE, after the conglomerate signed a memorandum of undestanding with the Tamil Nadu government to build a data centre at Kanchipuram.

09:46:05 IST

Details awaited on crypto bill: ZebPay’s Avinash Shekhar

Avinash Shekhar, Co-CEO of ZebPay, said more details are awaited on the crypto bill that is going to be presented in the winter session of Parliament. “There have been many positive steps taken by the government to learn and understand crypto, and its impact on all stakeholders — investors, exchanges and policymakers. We’re looking forward to a crypto bill that takes into consideration all the inputs from those discussions,” he said.