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Nov 24, 2021 5:04 PM

Market likely to continue to consolidate on weak global cues, FII selling, premium valuations: Siddhartha Khemka

Going ahead, the market is likely to continue with consolidation given weak global cues, persistent FII selling and premium valuations, said Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services. "In the absence of any fresh trigger, and subdued sentiments, investors would wait for fundamentals to catch up with valuations. The market could take direction from the US economic data and Federal Reserve minutes, due later in the day, amid fears the pace of tapering can be accelerated, leading to an earlier-than-expected rate hike cycle. The monthly F&O expiry on Thursday could add to volatility," he said.

Nov 24, 2021 4:53 PM

Probabilities in favour of Nifty50 declining to 17,200: Manish Shah

Independent technical analyst Manish Shah said an earlier support is acting as resistance for the Nifty50 now. "The Nifty needs to move above resistance at 17,580-17,600 levels to trigger more upsides. Support is at 17,210, a break below which is likely to lead to levels towards 17,150-17,100 for the Nifty. With the November 2021 derivative expiry on Thursday, probabilities favour that Nifty will see a decline towards 17,200 and then decide on its future course of action," he said.

"The longer-term trend on the weekly timeframe still remains positive and there could be a couple of days of decline before the market reverses. MACD is still in a sell zone and the Nifty below its 50-day average. For the situation to stabilise, the Nifty needs to move above 17,580-17,600 levels. It could be volatile trading for some days," he said.

Nov 24, 2021 4:37 PM

No fresh triggers, correction could continue for some more time: Karvy Capital's Kunj Bansal

Kunj Bansal, CIO of Karvy Capital, said the monthly expiry of F&O contracts generally tends to be associated with volatility. The November series derivative contracts are due to expire on Thursday. "Also, the results season is over. So those triggers are now behind us. So no fresh triggers unless we have the fresh December results season coming in. So as a result, there are no fresh, immediate triggers, even globally. Also, the movement in crude prices is something that continues to be negative," he said.

"Valuations had been peaking out at some point of time and that is where we have seen this correction. Looks like this correction could continue for some more time. Then after that, as and when fresh buying emerges, is when we will see the stability but that could be a while away for now," he said.

Nov 24, 2021 4:20 PM

Overweight on tech space: Axis MF's Jinesh Gopani

Axis MF is fairly overweight on tech as a space, and would include traditional tech companies as well as the new-age internet companies that are coming now, Head-Equities Jinesh Gopani told CNBC-TV18. "We are fairly bullish from at least a 2-3 years' perspective. We should not forget that this is one of those dream runs in terms of growth that has come by the companies which used to grow at 6-8 percent; constant currency growth is almost growing double of that, 14-15 percent, and it looks like it is here to stay at least for next 2-3 years. Then we'll have to reevaluate how the sector performs going forward. But after such a dream run, hopefully there is a consolidation phase, and as companies deliver one or two quarters more quarters, I think we will see one more leg of upturn," he said.

Nov 24, 2021 4:16 PM

Buy opportunity in certain pockets, wait-and-watch advised in others: Axis MF's Jinesh Gopani

Jinesh Gopani, Head-Equities at Axis MF, told CNBC-TV18 that there appear to be buy opportunities in certain pockets of the market, given that Q2 earnings are now behind and the way the festive season has turned out to be. He would like to wait in certain other pockets before buying more. "Nothing much changes," he said. "The portfolio remains static as ever."

"Wherever there is earnings growth momentum and the companies are able to outsmart the earnings estimate, and the momentum of the sector is strong, I think it is better to hold on and wait from a consolidation point of view, and then take the benefit of the next move. Whereas some of the business models or the companies which are not able to deliver despite such a great run in the economy, and if companies are not able to deliver on growth or on margin fronts, obviously, we have to trim from them," he said.

Nov 24, 2021 4:12 PM

Market At Close | Bharti Airtel fails to hold on to record high hit during session

Bharti Airtel shares ended 0.1 percent lower at Rs 758.8 apiece on BSE, having reversed direction after hitting a record high of Rs 781.9 during the session.

Here are some other highlights of the day:

--Financial stocks relatively outperform market; Nifty Bank rises 169 points to 37,442

--Infosys, Reliance Industries, HDFC, ITC drag market; ICICI Bank, Kotak Mahindra Bank lend support

--Mindtree, Nalco, IRCTC, Vedanta, Cholamandalam Investment, L&T Infotech top midcap losers

--Zee Entertainment surges 7% on Punit Goenka’s comment of Sony Merger near close

--Vodafone Idea rises 4% after tariff hike

--Firstsource reiterates revenue growth guidance, stock rises 3%

--Market breadth favours bulls; advance-decline ratio at 3:2

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

Nov 24, 2021 3:59 PM

Market At Close | ONGC top Nifty gainer pn rising crude, natural gas rates

ONGC shares ended 4.6 percent higher at Rs 153.4 apiece on BSE.

Nov 24, 2021 3:51 PM

Market At Close | Eicher Motors, Tata Consumer, Maruti Suzuki, Grasim top laggards; ONGC, Adani Ports, Coal India top gainers

Eicher Motors, Tata Consumer, Maruti Suzuki, Grasim, Infosys, Divi's ITC, Cipla, Reliance Industries, Tata Motors and L&T, closing between 1.7 percent and 2.8 percent lower, were the worst hit among the 36 laggards in the Nifty50 pack. On the other hand, ONGC, Adani Ports, Coal India, NTPC, Kotak Mahindra Bank, Bharat Petroleum and Indian Oil -- closing between 0.8 percent and 4.3 percent higher -- were among the gainers.

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

Nov 24, 2021 3:40 PM

Closing Bell | Sensex down 323 points, Nifty50 at 17,415

The 30-scrip index ended 323.3 points or 0.6 percent lower at 58,341 and the broader Nifty50 benchmark settled at 17,415.1, down 88.3 points or 0.5 percent from its previous close. Gains in financial and oil & gas shares were offset by losses in IT, automobile and pharmaceutical stocks. (Read more on the closing bell)

Nov 24, 2021 3:35 PM

See potential in Zee Entertainment: Prakash Diwan

Market expert Prakash Diwan believes there is still potential in Zee Entertainment shares. "Don't worry about the bump-up that you missed out; that is fine as it was more speculative in nature," he said.

"Given the fact that Sony and Zee combined have enough content to straddle this entire digital focus that most media groups have to have now. I think it makes tremendous sense, the kind of cost control that they could have, the kind of synergies will bring down all those costs and efficiencies go up, there is enough headroom for growth, there is no doubt... While valuations have kind of gone up, remember, traditionally, these kinds of companies do trade at much higher valuations. So it is fine, even if you were to buy them at about 14-16 times PE multiples, there is enough headroom to go all the way to 22-23 as well, which is the long-term average. So there is that 30-40 percent of an upside, but it could take time because the lots that is yet to happen in terms of approvals, and finally, the synergies will only be defined once the clarifications come in terms of what is going to be retained, what kind of focus you will have. So a lot of that overlap will get sorted," he added.

Nov 24, 2021 3:32 PM

Bullish on realty sector for medium to long term, target price for Sobha Rs 1,250-1,300: Equity99's Rahul Sharma

Rahul Sharma of Equity99 Advisors remains bullish on the realty sector for the medium to long term. He has a target price of Rs 1,250-1,300 for Sobha Developers. "However, in the short term, there are slight chances that the stock may consolidate or may face resistance around Rs 890 or Rs 915 levels,” he added.

He suggests long-term investors to hold GAIL shares. The GAIL stock has strong support at Rs 128 and a hurdle at Rs 170, said Sharma, who has a target of Rs 200 for GAIL.”

Speaking on Rupa & Co, Sharma said the charts are looking positive. "Investors should hold the stock at the current levels with a stop loss at Rs 410. On the upside, Rs 500-550 will act as a hurdle but the potential target is Rs 590-600,” he said.

Nov 24, 2021 3:27 PM

Hold Sobha, company should continue to do well: Mayuresh Joshi

Mayuresh Joshi of William O' Neil recommends investors to hold Sobha Developers shares as he expects the company to continue to perform well going forward. "The sales velocity and new launches that Sobha has been doing as well as the kind of demand that has come through is getting reflected in numbers, which are showing an improving trend with every passing quarter. Sobha is also predominantly located in IT hubs. As IT sector is expected to do well, there is a large need for bigger houses. So the EPS growth will be very good for Sobha as well," he said.

Nov 24, 2021 3:24 PM

Banks best placed for next growth cycle: UTI AMC's Vetri Subramaniam

Vetri Subramaniam of UTI AMC said in an interview to CNBC-TV18 that banks have significantly lagged the market in recent times. "Banks were the worst hit in the early part of the pandemic. It is an area where we think there is actually significant value now. So from a value perspective, the financials, lenders are a part of the market that we like but we are selective," he said. (Read more)

Nov 24, 2021 3:20 PM

Fat Prophets' David Lennox expects Brent crude to move towards $90/barrel

David Lennox of Fat Prophets said in an interview to CNBC-TV18 he expects Brent crude to move towards the $90 a barrel mark. Higher supply of oil in the global market is unlikely to derail the price upmove, he said. (Read more)

Nov 24, 2021 3:09 PM

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