Stock Market Highlights: Sensex ends 550 pts higher and Nifty50 crosses 17,450 — rupee steady at 82.36 vs dollar

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Market At Close | Sensex and Nifty50 extend gains to third straight session amid strong global cues

Here are some highlights: 

—Strong buying interest in PSU banking stocks

—Canara, Bank of Baroda, PNB and SBI rise up to 10 percent in two days

—Adani Ports recovers losses in past few sessions

—Nestle India gains three percent and UltraTech one percnet ahead of results

—Reliance rises two percent 

—Defence stocks BHEL, BEL and HAL surge ahead of Defence Expo

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

Polycab India remains a portfolio stock: Gurmeet Chadha

Gurmeet Chadha, Managing Partner and CIO at Complete Circle, says Polycab India continues to consolidate its leadership position with a market share of almost 23 percent. "Fast moving consumer electrical goods is what their focus has been in the last 4-5 years. So while the topline has been growing steady, it's been a little soft quarter," he tells CNBC-TV18.

It continues to be a good long-term pick, he says.

Rupee ends nearly unchanged at 82.36 vs dollar

Tata Communications profit declines 2% sequentially to Rs 532.2 crore for July-September

Its revenue, however, increases 2.8 percent to Rs 4,430.7 crore compared with the previous three months.

The company's margin improved by 50 bps sequentially to 25.5 percent. 

Bank of England denies reports of delay in gilt sale

The BoE denies reports of a delay in the sale of gilts. The Financial Times had reported earlier that the central bank is likely to delay the start of its sales of billions of pounds of UK government bonds.

The pan-European Stoxx 600 index is left with a gain of 0.4 percent, having risen as much as 1.1 percent earlier in the day. 

Polycab net profit jumps 37% to Rs 268 crore in July-September

The wire and cable manufacturer's revenue comes in at Rs 3,332.3 crore for the three-month period, up 10.8 percent compared with the corresponding quarter a year ago, according to a regulatory filing. 

Its margin improves to 12.8 percent for the quarter ended September, from 9.7 percent for the year-ago period. (Read more)

Buy Union Bank, Bharat Forge: ICICI Securities' Dharmesh Shah

Dharmesh Shah, Assistant VP at ICICI Securities, has the following trading recommendations: 

--Buy Union Bank of India for a target of Rs 52 with a stop loss at Rs 39 

--Buy Bharat Forge for a target of Rs 850 with a stop loss at Rs 734 

Adani Transmission electricity units sales volumes rise 13% in July-September 

Adani Transmission sees a 13 percent jump in the number of electricity units sold in the July-September period, according to a provisional operational update. 

Here's what the Adani Transmission stock looks like at this hour:

Expect good results from Asian Paints, ITC, HUL and Nestle: Nuvama Group's Abneesh Roy

Abneesh Roy, ED-Institutional Equities at Nuvama Group, expects good sets of financial results from four FMCG majors. However, he expects margin pressure in HUL and Nestle. He expects weak earnings reports from Colgate and United Spirits.

"What investors will be watching this quarter is what is the commentary on rural demand because it seems that the festival sales are going quite good, but we need to actually wait for the next 10 days for full clarity on that. My sense is that in H2, because of the base effect, the rural demand trajectory will improve but currently we are not picking up any fundamental recovery in rural demand. So the first half has been very tough. But second half should be better," he tells CNBC-TV18. 

Buy City Union Bank: Sacchitanand Uttekar

Sacchitanand Uttekar of Tradebulls suggests buying City Union Bank shares for a target of Rs 200-205 with a stop loss at Rs 185.

Buy Siemens, UltraTech: Mitessh Thakkar

Here are two trading calls from Mitessh Thakkar of earningwaves.com: 

--Buy Siemens for a target of Rs 2,885 with a stop loss at Rs 2,800 

--Buy UltraTech for a target of Rs 6,500 with a stop loss at Rs 6,330 

Buy Federal Bank: Vishal Malkan 

Vishal Malkan of malkansview.com suggests going long on Federal Bank shares for a target of Rs 145 with a stop loss at Rs 128.

UltraTech to report financial results on Wednesday — here's what to expect

Cement margins to return to normalcy by March quarter: Nirmal Bang's Mangesh Bhadang

Mangesh Bhadang, Research Analyst at Nirmal Bang Institutional Equities, expects the overall recovery in cement margins to complete by the end of the March quarter. In the quarter ended June 2022, demand grew 17 percent for the sector on account of a weak base and expected around 10-12 percent in the July-September period. "First, how we could be around 15 percent growth and in the second half, we have a very weak base of last year to work with. So I'll not be surprised if the industry turns out to be a very good demand growth number this year, which will be anywhere around 9-10 percent, and probably the reelection year wherein generally we see spending go up," he tells CNBC-TV18.

"We have already seen sharp impact on margins of cement companies this quarter because of weak pricing as well as cost and then we're heading into a period wherein busy construction period season starts as well as the commodity cost inflation is coming down. So that should help margins."