Closing Bell: Market ends higher amid volatility; metal, power drag, banks outshine – Moneycontrol

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Indian rupee closes marginally higher at 82.68 per dollar
Market ends higher amid volatility; metal, power drag, banks outshine
BSE Capital Goods index sheds 1 percent dragged by ABB, Grindwell Norton, Bharat Electronics
M&M Financial Services to acquire remaining 20% stake in Mahindra Insurance
Laurus Labs posts 15% jump in Q2 net profit at Rs 232.8 cr
Benchmark indices erase all the intraday gains, trade flat
Century Enka Q2 profit down 37.9% at Rs 25.7 crore against Rs 41.4 crore (YoY)
IDBI Bank Q2 profit up 43.7% at Rs 828.1 crore against Rs 576.1 crore (YoY)
Hindustan Zinc Q2 net profit up 32.9% at Rs 2,680 crore against Rs 2,017 crore (YoY)
Ambuja Cement Q3 standalone net profit down 68.7% at Rs 138 crore against Rs 441 crore YoY
UPL In Focus: ADIA, Brookfield, KKR and TPG to separately invest Rs 4,040 crore for minority stakes
Glenmark Life Sciences posts 7% fall in September quarter net profit at Rs 106.8 crore
UPL announces restructuring of existing business
JPMorgan keeps overweight rating on ITC, raises target to Rs 380
Bajaj Finserv posts 38.8 percent jumped in Q2 net profit at Rs 1,557 cr
Rane Madras posts 11% jump is its Q2 net profit at Rs 9.7 crore
Karur Vysya Bank reports 51% jump in its Q2 net profit at Rs 250.2 crore
ICICI Securities Q2 profit falls 14.5% YoY to Rs 300 crore
Delhivery touches 52-week low on expectation of moderate growth of shipment volumes for the rest of FY23
BSE Power index sheds 0.5 percent dragged by the ABB, Adani Power, Siemens
Meghmani Organics posts net profit of Rs 66.1 crore in the quarter ended September 2022
Bharat Dynamics and Dassault Aviation have entered into an MoU
Oil wavers as rate hike talk offsets fading China demand hopes
Invesco’s stake in ZEE falls to 5.7%
Kalyani Steels reports 44% fall in its Q2FY23 net profit at Rs 34.6 crore
Benchmark indices trade higher with Nifty around 17650
Nifty Bank index up 1 percent supported by the Axis Bank, Federal Bank, Bank of Baroda
Motilal Oswal maintains buy on Canara Bank with a target of Rs 340
Reliance Industries shares in focus ahead of September quarter earnings
Morgan Stanley keeps overweight rating on Bajaj Finance with a target at Rs 8,900
Nomura keeps 'Neutral' call on Colgate Palmolive with a target at Rs 1,600
Nifty PSU Bank index rises 2.7 percent supported by the Indian Bank, Punjab and Sind Bank, UCO Bank
Goldman Sachs keeps buy rating on Axis Bank with a target of Rs 1,053
JPMorgan upgrades rating of Axis Bank to overweight and raises target price to Rs 990
Hindustan Unilever in focus ahead of September quarter earnings
Ramkrishna Forgings bags order worth Rs 121.5 crore
L&T Finance Holdings Q2 profit rises 109% to Rs 360 crore
Nifty Information Technology index falls 0.5 percent dragged by the Mphasis, Tech Mahindra, Persistent Systems
Motilal Oswal maintains 'BUY' on ITC with a Target Price of Rs 400
Nifty Metal index sheds 0.5 percent dragged by the SAIL, JSW Steel, NALCO
Indian Energy Exchange Q2 profit falls 8% YoY to Rs 71.2 crore
Bharat Wire Ropes Q2 profit jumps 1,342% to Rs 15.4 crore, Revenue rises 58.5% YoY
BSE Bank index up 1 percent led by the Axis Bank, AU Small Finance Bank, SBI
Morgan Stanley maintains ‘overweight’ call on Axis Bank, raises target to Rs 1,150
Rupee likely to slip on concerns over U.S. yields; RBI watched
Oil steady as rate hike talk counters China demand hopes
Motilal Oswal reiterates 'Buy' rating on Axis Bank with a Target Price of Rs 975
PNB Housing's MD & CEO Hardayal Prasad resings, Girish Kousgi will join as the new MD & CEO
Gold set for second weekly fall as Fed hawks lift Treasury yields
Tata Consumer Q2 profit rises 36% to Rs 355 crore
Bajaj Finance Q2 net profit jumps 88% to Rs 2,781 crore, asset quality improves
Axis Bank reports 70% YoY rise in net profit at Rs 5,330 crore in Q2FYY23
ITC Q2 net profit rises 20% to Rs 4466 cr, revenue beats Street estimates
Wall Street loses ground on fears of prolonged Fed hawkishness
Asian markets are trading mostly lower with Straits Times, Kospi down 0.5% each
SGX Nifty indicates a flat to negative start for the Indian indices

Natco Pharma | FMC appeals against Delhi HC order to launch CTPR products
Natco Pharma would like to inform that FMC Corporation and FMC Singapore have served a copy of appeal on Natco.
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Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty was forming a base near the key weekly moving averages for the last three weeks. It had also taken support near the 200 DMA. The level of 17000 acted as a crucial support. From there the index took a leap in the week gone by. 
The index has reached the 61.8% retracement of the September fall & the daily upper Bollinger Band, which is a crucial resistance zone. 
Despite multiple attempts in the last week, the Nifty couldn’t sustain above 17600. Thus the index is preparing for a downward move again. It can tumble down towards its key daily moving averages, which are near 17300-17200

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Palak Kothari, Senior Technical Analyst at Choice Broking:
Nifty opened on a higher note as strong earnings reports, including from Axis bank, helped resist the weakness in the global market to fear the impact of an aggressive rate hike from central banks. 
On the technical front, the Nifty has formed a bullish candle on a weekly chart suggesting strength in the counter. The index has been trading above 21 DMA which adds bullishness to the prices.
On the Open Interest Data, On the call side, the highest was witnessed at 17800 while on the put side was at 17400 level. The momentum indicator STOACHSTIC was trading with a positive crossover which suggests an upside moment in the upcoming session. 
The support for Nifty has shifted around 17390 levels while on the upside 17700 may act as an immediate hurdle. On the other hand, Bank Nifty has support at 40000 levels while resistance at 41000 levels.
Overall, Nifty has given weekly closing above 17500 levels, which suggests strength in the counter.

Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities
There were not many fireworks on the Dalal Street on the eve of Diwali, but the only solace was that the markets managed to extend their winning run on the bourses, overcoming a small hiccup in late trades when volatility came into play for a short period. 
Strong buying in banking stocks led to the recovery in markets. Technically, the Nifty successfully surpassed the 20 and 50 day SMA resistance mark which is largely positive. 
It has also formed a long bullish candle on weekly charts that suggest further uptrend from the current levels. 
For Nifty, 17500 and 17400 would act as key support zones. Above which, the index could move up to 17800-17950. On the flip side, if the index closes below 17500 or 50 day SMA mark, it could slip till 17400-17350.

Ajit Mishra, VP – Research, Religare Broking
Markets settled almost unchanged in a volatile trading session, in absence of any major trigger. After the initial uptick, the Nifty oscillated in a narrow range and finally settled at 17,576.30 levels. On the sectoral front, a mixed trend was witnessed where banking pack and realty posted decent gains whereas others traded subdued. 
Markets have been showing resilience amid mixed cues however the participation is largely restricted to select sectors and stocks. Besides, inconsistency on the global front is also keeping the momentum in check. We reiterate view to stick with the top performers while keeping a check position size.  

Vinod Nair, Head of Research at Geojit Financial Services:
Selling emerged in the second half led by a weak start to the European market due to the fear of tight monetary policy. Domestic investors maintained their caution and began to book profits in anticipation of the truncated week. 
Good start to Q2FY23 results by Banks, IT, and FMCG stocks maintained stability in the market but Mid & Small caps were heavily impacted. The rise in credit growth to a 10-year high of 17.94% YoY in October added colour to financial stocks.
Rupee Close:
Indian rupee closed marginally higher at 82.68 per dollar against previous close of 82.75.
Market Close: Benchmark indices ended on positive note in the volatile session on October 21.
At Close, the Sensex was up 104.25 points or 0.18% at 59,307.15, and the Nifty was up 12.30 points or 0.07% at 17,576.30. About 1404 shares have advanced, 1920 shares declined, and 136 shares are unchanged.
Axis Bank, Kotak Mahindra Bank, ICICI Bank, HUL and SBI Life Insurance were among the top Nifty gainers, while losers included Bajaj Finance, Bajaj Finserv, Divis Labs, Adani Ports and UPL.
Bank index gained 2 percent, while capital goods, pharma, power, metal index down 0.5-1 percent.
BSE midcap and smallcap indices shed 0.5 percent each

BSE, NSE to conduct one-hour 'muhurat trading' on Diwali
Marking the closure of old accounting books and beginning of a new Hindu calendar year – Samvat 2079, Indian stock exchanges BSE and NSE will conduct the Diwali 'muhurat trading' on October 24 from 6:15 pm to 7:15 pm.
The block deal session will take place from 5.45 pm to 6 pm and the pre-opening session will be held between 6 pm and 6.08 pm, the exchanges said in a circular.
While the bourse will remain closed on October 24 for regular trading on account of Diwali and Laxmi Pujan, they will remain open for an hour for muhurat trading, a symbolic and old ritual that has been retained and observed for ages by the trading community. It is believed that trading during the 'muhurat' or the auspicious hour, brings prosperity and financial growth for the stakeholders.

Morgan Stanley View On Asian Paints 
Morgan Stanley has kept underweight rating on the stock with a target at Rs 2,674 per share.
The Q2 earnings missed our estimate & consensus on topline & margin, said Morgan Stanley.
The changing industry dynamics & rising aggression on investments to drive de-rating, reported CNBC-TV18.
Asian Paints was quoting at Rs 3,095.05, down Rs 46.50, or 1.48 percent on the BSE.
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