Stock Market LIVE: Asian Paints Shares Rise 5% After Brokerages Hike Target Price
Asian Paints Ltd. on Thursday rose 4.6% after it delivered a strong September-quarter performance, with broad-based growth and sharp margin gains, prompting most brokerages to raise price targets.
The company's consolidated net profit surged 43% to Rs 994 crore in the July-September quarter, compared to Rs 695 crore in the corresponding quarter last year. The bottomline beat the Bloomberg consensus estimate of Rs 887 crore.
Asian Paints Ltd. on Thursday rose 4.6% after it delivered a strong September-quarter performance, with broad-based growth and sharp margin gains, prompting most brokerages to raise price targets. The company's consolidated net profit surged 43% to Rs 994 crore in the July-September quarter, compared to Rs 695 crore in the corresponding quarter last year. The bottomline beat the Bloomberg consensus estimate of Rs 887 crore.Sectoral Performance At Open: Nifty Realty Leads Gains
Nifty Detractors: HDFC Bank, L&T, M&M Shares Weigh
Markets At Open: Nifty, Sensex Fall After Muted Open As HDFC Bank, L&T, M&M Shares Weigh
The NSE Nifty 50 and BSE Sensex fell after a muted open as HDFC Bank Ltd., Larsen & Toubro Ltd., and Mahindra & Mahindra Ltd. shares weighed. The indices were trading 0.22% and 0.13% down, respectively as of 9:22 a.m.
LIVE: Yield On 10-Year Bond Opens Flat
The yield on the 10-year bond opened flat at 6.47%
Source: Bloomberg
LIVE: Rupee Opens Slightly Weaker Against US Dollar
Rupee opened 2 paise weaker at 88.66 against US Dollar
It closed at 88.64 a dollar on Wednesday
Source: Bloomberg
Experts' View: Nifty Expected To Maintain Bullish Momentum In Near Term
"Nifty index is well placed on multiple time frames above its long term as well as short term moving averages. Going ahead, we uphold our bullish view on Nifty index intact and expect it to test 26,100 spot levels in near term. Cross and sustenance above 26,100 spot levels will further strengthen up the bullish sentiments. Hence, we suggest traders to maintain buy on dips trading approach till it is holding above 25,450-25,300 spot zone on closing basis."Vipin Kumar, Assistant Vice President, Technical and Derivatives, Research at Globe Capital Market
"The near-term outlook for domestic equities remains constructive, with the Nifty 50 eyeing the 26,000 mark, supported by sustained buying interest across IT, auto, financials and consumer sectors. On the macro front, October CPI inflation eased to 0.25%, reinforcing expectations of at least one more repo rate cut by the Reserve Bank of India in the upcoming monetary policy review. Investor sentiment is further buoyed by optimism surrounding a potential India–U.S. trade agreement and growing expectations of the U.S. Federal Reserve rate cuts amid signs of softening economic activity."Ponmudi R, CEO, Enrich Money
Stock Market LIVE: Jefferies's New Target Price For Honasa Consumer Indicates 58% Upside Potential
Jefferies hiked the target price for Mamaearth's parent Honasa Consumer Ltd. as the business consolidation phase is over. The new target price for the stock indicated 58% upside potential from Wednesday's close price.
Jefferies maintained a 'Buy' rating and hiked the target price to Rs 450 from Rs 400 apiece earlier.
Asia Markets LIVE: Japan's Nikkei 225 Recovers; Markets Trade Mixed
Japan's benchmark index the Nikkei 225 recovered after opening on a weak note. The focus in on the country's currency, the yen after Japan's Finance Minister Satsuki Katayama issued a fresh earning currency movement.
The Nikkei 225 and TOPIX were trading 0.22% and 0.66% higher, respectively as of 7:35 a.m.
Markets across Asia showed a mixed trend as traders wait for the government shutdown in the US to end so more economic data can come out which will provide cues about the US Federal Reserve's policy outlook.
The Hang Seng was 0.15% down and the KOSPI was 0.02% down.
LIVE: GIFT Nifty Hints At Slightly Lower Open; Honasa Consumer, IGL, Ramkrishna Forgings In Focus
The GIFT Nifty was trading 0.02% or 5 points higher at 2as of 6:36 a.m. This indicated a muted open for the NSE Nifty 50 index. Most markets in Asia were trading higher in early trade on Thursday, which may lend some support.
Traders will keep an eye on Honasa Consumer Ltd., Indraprastha Gas Ltd., Ramkrishna Forgings Ltd., Man Infraconstruction Ltd., Gujarat Narmada Valley Fertilizers Ltd. shares because these companies released their second-quarter result post market hours on Wednesday.
The NSE Nifty index ended in green, above the important mark of 25,650. Gains in the index were led by InterGlobe Aviation Ltd. and Mahindra & Mahindra Ltd.
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