CLOSING BELL: Sensex recovers 400 pts from low, still ends 81 pts

On Nov 10, 2021

Benchmark indices traded on a tepid note, tracking weak cues from other Asian markets. Concerns over inflation intensified globally, with Brent crude prices hitting the $85 a barrel mark and China factory inflation surging to a 26-year high. For domestic investors, foreign outflows were a concern, with the dollar remaining steady against a basket of six major world currencies. Meanwhile, primary market was abuzz with three IPOs running simultaneously.

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Berger Paints posts Q2 net profit at Rs 219 crore

Berger Paints India Ltd on Wednesday reported 1 per cent decline in consolidated net profit at Rs 219.21 crore for September quarter 2021-22 impacted by high raw material cost and COVID-19. The company, which is into paints and coatings, had posted a net profit of Rs 221.05 crore in the year-ago period, Berger Paints India said in a regulatory filing. Revenue from operations was at Rs 2,225.01 crore in the quarter as against Rs 1,742.55 crore in the year-ago period.

Day Trading Guide: 2 ‘sell’ ideas for Thursday

Nifty’s breadth turned mildly negative, while sectoral trends remained mixed. Another negative close infers an immediate hurdle for Nifty50 near 18100, hence, sustenance below the said level is likely to push the index into further consolidation between 18100-17850 zone.

We are seeing mixed signals at present. At one end, participants are cautious due to continuous foreign outflow and mixed earnings announcements. On the other hand, improvement in the macro environment, improving demand and reopening of the economy is signalling positivity. All these factors put together are triggering volatile swings in the market. And, we expect choppiness to remain high due to the scheduled weekly expiry on Thursday. Participants should maintain extra caution in the selection of stocks and focus more on risk management.

– Ajit Mishra, VP – Research, Religare Broking

Broadly, domestic market continued to trade negative after a disappointing opening as inflation worries affected the global markets. However, the market trend was mixed on stock to stock basis. China’s CPI rose 1.5% YoY, while the producer price index rose by 13.5% YoY owing to imported inflation and domestic supply shortages. Globally investors are awaiting the release of the US inflation data due later today, which is expected to continue at peak levels.

– Vinod Nair, Head of Research at Geojit Financial Services

Uncertain about whether IMF’s 5.9% global growth target will be met: Das

Growth impulses have definitely become stronger
On track to reach 9.5% GDP growth for FY22
Growth headwinds emanating from external sector

Elevated core inflation is a policy challenge, says RBI Guv

Very watchful of fuel, core inflation
No one expected the global shortage of energy
Stick to inflation projections given at last MPC meet; 5.3% for FY22

RBI Governor Shaktikanta Das says

Believe that measures taken to tackle pandemic have worked
Excise cut significantly positive for…