Stock Market Highlights: Sensex ends 1,181 pts higher and Nifty50 above 18,350 — rupee at 80.80

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New-age companies continue to burn cash, profitability is still not very close: Prakash Diwan

"We have already started seeing the market anticipate a lot of inflows, a lot of supply in that sense, for most of these stocks, because of the one year lock-in getting over. And, as typically happens, markets never give you that kind of simplistic opportunity, even when everybody is anticipating that markets never oblige," says market expert Prakash Diwan. "Zomato has already got into a little bit of a positive hopeful trade. But interestingly, all these names are being debated so much without anybody looking at profitability, except for Zomato, as I said, but some of the other names like PB Fintech, and all these continue to burn cash, and the profitability is still not very close but still, there is interest. It's very speculative and driven by hope that things will look up. And there's going to be somebody who will want to buy these stocks at some point. So I think it's best avoided. You'd have to look at businesses which are more solid and there's enough and ample opportunity available there."

Sensex and Nifty end at 13-month high, Nifty Bank at record high

-- HDFCs surge as HDFC Bank’s inclusion in MSCI India Index post M&A rule change

-- HDFC and HDFC Bank gain six percent each and contribute 150 points to Nifty

-- IT basket sees healthy gains following a big rally in Nasdaq, Nifty IT up four percent

-- Eicher Motors is top Nifty loser despite an in-line set of earnings, down five percent

-- Tech Mahindra, HCL, TCS, Wipro amongst top Nifty gainers

-- Info Edge, Firstsource, Coforge, Mindtree, Mphasis are top midcap gainers

-- Metals stocks rise as dollar index falls, JSPL up five percent, Hindalco gains four percent

-- Godrej Properties closes with a gain of five percent on positive management commentary

-- GNFC slides 11 percent on weak earnings, Indian Hotels and CONCOR fall despite strong quarterly earnings

-- Market breadth favours advances, advance-decline ratio at 5:4

Rupee ends higher at 80.80 vs dollar 

TCS could be a good bet: Sharad Avasthi 
“In the long term TCS could be a good bet...can grow at around 11-12 percent at the topline and bottomline," says Sharad Avasthi of SMIFS. "The valuations we feel are a bit stretched considering FY24 earnings of around Rs 103. So Rs 3,250 is the fair value that we have on the stock. Comparatively Infosys looks better within the IT sector. On Infosys we have a target price of around Rs 1750.”

“TCS after a substantial correction has entered recovery mode. The overall IT space has seen multi-month correction and after that it has seen a good base formation for itself from short to medium term perspective and now this recovery has started since last month. TCS has the potential to continue on the upside," says Gaurav Ratnaparkhi of Sharekhan. 

Interest rates in India will peak by March, three months ahead of earlier estimate, says Macquarie

Sandeep Bhatia, Head of Equity-India at Macquarie Group, on Friday, said interest rates are now expected to peak by March versus June of next year. (Read more)

Adani Power reports quaterly earnings 

-- Net profit Rs 695.5 crore vs loss Rs 230.6 crore (YoY)

-- Revenue up 36 percent at Rs 7,044 crore vs Rs 5,184 crore (YoY)

-- EBITDA down 18.5 percent at Rs 948 crore vs Rs 1,163 crore (YoY)

-- Margin at 13.4 percent vs 22.4 percent (YoY)

Some analysts expect Zomato shares to gain by as much as 50% in the next one year

Restaurant aggregator and food delivery company Zomato’s second-quarter numbers include 50 days of Blinkit financials post the closing of the Rs 4,447.48 crore acquisition. Blinkit was formerly known as Grofers. (Read more)

Jet Airways reports September quarter earnings

-- Standalone net loss at Rs 308.2 crore vs Rs 60.8 crore (YoY)

-- Standalone revenue Rs 12.4 crore vs Rs 41 crore (YoY)

-- EBITDA loss at Rs 267.9 crore vs loss of Rs 18.8 crore (YoY)

Nifty hits 52-week high

India is not cheap by any stretch but offers a place to hide: Arvind Sanger

In an interview with CNBC-TV18, Jahangir Aziz, Head of Emerging Markets Economics Research and Commodities at JP Morgan and Arvind Sanger, Managing Partner of Geosphere Capital Management spoke at length about global capital markets and US CPI numbers. (Read more)

Zee Entertainment to report quarterly earnings today

Subdued advertising and subscription revenue is likely to result in a tepid quarterly performance from Zee Entertainment for the July-September period. (Read more)

Eicher Motors shares down 5% despite strong September quarter

Eicher Motors, the manufacturer of the Royal Enfield motorcycle, on Thursday announced that its profit rose 76 percent year-on-year. However, the shares fell more than five percent despite the company reporting its highest ever revenue and net profit for quarter ended September 2022. (Read more)

SC asks centre to rethink of additional 10% levy 

Vedanta proposes doubling of production from Barmer if centre withdraws additional 10 percent levy

Will be well above estimated 20% growth for the year: Keshav Bhajanka of Century Ply