Tuesday Share Market Update: Pvt Banks defy bears, Sensex soared by 376.6 points

Markets at a Glance:

Indian share markets recovered big part of losses on Tuesday as Nifty private bank along with Nifty Fin services surged significantly led by Kotak Mahindra bank and Bajaj Finance respectively. Nifty gained 121.65 points and settled around 11889.4, while Sensex grew by 376.6 points and closed at 40522.1.

Only Nifty IT, PSU Bank and Realty sector stocks were under pressure, otherwise all remaining sectoral indices ended in green. Mid-caps outperformed benchmark indices, while small caps also grew marginally.

Top Gainers/Losers in Tuesday Share Market:

Kotak Mahindra bank, Nestle India, Asian Paint, Shree Cement and Bajaj Finance were among the top performers in today’s session. While, HDFC, TCS, ONGC, Infosys and Wipro were among the top losers today.

DII/FII Data:

DIIs continued their sell-off and took away Rs.1570.8 from Indian share markets. On the other hand, FIIs did a massive buying by investing Rs.3514.89 crore in stock market today.

Bharti Airtel reports net loss of Rs.763 crore, ARPU grew to Rs.162:

In its Q2 results, Bharti Airtel reported consolidated net loss of Rs.763 crore which is far less than last year’s AGR-dues led loss of Rs.23405 crore. The company’s India revenues rose 22% to Rs 18,747 crore. Its mobile services India revenues rose 26% YoY. Growth in revenues was due to increase in tariffs and rise in data usage because of COVID-led remote working.

Airtel’s mobile Average Revenue Per User (ARPU) increased to Rs.162 from Rs.128 a year ago. Company’s Africa revenues, in constant currency terms, were up around 20% YoY. Stock price of company ended almost flat at Rs.433.3.

Tata Motors Q2 Results: consolidated net loss increases to Rs.307.3 crore

Auto major, Tata Motors reported today consolidated net loss of Rs.307.3 crore for the quarter ended in September. Last year in corresponding quarter its loss was Rs.187.7 crore. Company’s total revenue from operations dropped by 18.19% to Rs.53530 crore.

Company said that its Jaguar Land Rover (JLR) unit returned to profit-making with significant positive cash flow during the quarter. Company reiterated its earlier stance to become debt-free in coming years. Its share price grew by 2.21% to settle at Rs.136.65 in market today.

Quick Bytes of Share Market:

• Kotak Mahindra Bank soars about 11.7% on stellar Q2 show, likely inclusion in MSCI index.
• NTPC to consider share buyback in its board meeting scheduled on Nov 2, 2020.
• EuroPacific Growth Fund, India’s biggest foreign portfolio investor (FPI/FII), reduced its stake in Reliance Industries and Adani Ports during September quarter.
• Finolex Industries Q2 profit jumped by 20.1%, share price surge by 3.58% to Rs.551.5.
• Failed delisting of Vedanta ltd will cause liquidity crunch for its parent company Vedanta Resources Ltd (VRL): Moody’s
• CSB Bank partners with IIFL Finance for gold loan segment.
• Q2 results Today: Bharti Airtel, Tata Motors, Amara Raja Batteries, Castrol India, Ceat, ICICI Prudential Life Insurance Company, JM Financial, Man Industries, Mangalam Organics, Nippon Life India Asset Management, Sanofi India, SKF India, Suven Life Sciences and VST Industries 
• Q2 earnings Tomorrow: Axis Bank, L&T, Hero MotoCorp, Titan, UTI AMC, ICICI Securities, Marico, MCX, Piramal Enterprises, Route Mobile, Thyrocare and Tata Coffee

Read our Monday’s market analysis here.