CNBC-TV18 Market Highlights: Sensex dips 334 points, Nifty below 11,600, Nifty Bank rises 1%, Infosys tanks 16%

Sensex heatmap at close: ICICI Bank top gainer, Infosys tanks 16%, Tata Motors 3.5%##Sensex heatmap at close: ICICI Bank top gainer, Infosys tanks 16%, Tata Motors 3.5%

Closing Bell: Sensex ends 334 points lower, Nifty below 11,600, Infosys tanks 16%##Closing Bell: Sensex ends 334 points lower, Nifty below 11,600, Infosys tanks 16%

The benchmark 30-share BSE S&P Sensex ended 334 points lower, or 0.85 percent down, at 38,964. The broader 50-share NSE Nifty50 closed 73.50 points lower, or 0.63 percent, at 11,588. The Nifty MidCap 100 index was mildly up in the green while the banking gauge, Nifty Bank outperformed, rising over a percent. ICICI Bank was the top gainer, jumping 3 percent, but Infosys tanked over 16 percent. Dr Reddy's Labs, BPCL, Titan and Cipla were other major gainers, while Tata Motors, Bajaj Finserv, Bharti Airtel and HCL Tech were major laggards. READ MORE

Jubilant Food reports a one-time loss of Rs 12.5 crore in Q2##Jubilant Food reports a one-time loss of Rs 12.5 crore in Q2

Bajaj Finance posts 63% surge in Q2 profit YoY, shares trade 3% lower##Bajaj Finance posts 63% surge in Q2 profit YoY, shares trade 3% lower

Bajaj Finance shares plunged 3 percent on Tuesday despite the consumer finance major reporting a whopping 63 percent year-on-year (YoY) rise in July-September quarter profit at Rs 1,506.3 crore, beating analysts expectations. In Q2FY19, the company had reported a profit of Rs 923.5 crore. Net interest income increased 48 percent year-on-year to Rs 3,999 crore in Q2, with assets under management growth of 38 percent at Rs 1.35 lakh crore YoY. The non-banking finance company said new loans increased 23 percent YoY to 6.47 million in September quarter. According to a poll of analysts conducted by CNBC-TV18, profit was estimated at Rs 1,338.5 crore and NII at Rs 3,474.1 crore for the quarter. Asset quality was also largely stable with gross non-performing assets as a percentage of gross advances at 1.61 percent for the quarter against 1.60 percent in previous quarter while net NPA increased 2bps sequentially to 0.65 percent in Q2. The stock hit a record high of Rs 4,219.50 during the day and was quoting at Rs 4,017.20 on the BSE at 3.08 pm. The benchmark 30-share S&P BSE Sensex fell 333 points, to trade below the 39K mark.

Here’s what has happened so far in the markets today##Here’s what has happened so far in the markets today

-Benchmark indices trade lower dragged by a sharp decline in the shares of metal and information technology companies on account of fresh uncertainty over Brexit, and the sharp decline in shares of Infosys.

-Infosys plunged as much as 16 percent as an anonymous group of whistleblowers wrote to the company's board and the US Securities and Exchange Commission reportedly alleging that the company dressed up its books in "recent quarters" to boost short-term revenue and profits.

-The Nifty IT and the metal index were the worst hit among other sectoral indices on the NSE as uncertainty over the UK's exit from the European Union resurfaced after UK Parliament did not pass Prime Minister Boris Johnson's deal with the EU. 

-Johnson has introduced the Withdrawal Agreement Bill which is set to go to vote in Parliament later today.

-Optimism over the US-China "phase one" trade deal limited the losses in the indices. 

-Gains in index majors ITC, Hindustan Unilever, HDFC Bank and other consumer-oriented companies supported.

Hits and Misses: How Q2FY20 results affected these stocks##Hits and Misses: How Q2FY20 results affected these stocks

It’s been a volatile year for Indian stocks, as most sectors are hit by a slowing economy and a severe dent in consumption. The street is disappointed with L&T Technology Services. The company has cut the revenue guidance for the second time and it’s the second consecutive quarter that this has happened. Now the revenue guidance stands at around 10 percent and even if the performance of Q2 is considered, the revenue growth is muted even though the margins are a bit better. READ MORE

This isn’t Infosys’ first brush with a whistleblower complaint. Here are the other ones that rocked the company##This isn’t Infosys’ first brush with a whistleblower complaint. Here are the other ones that rocked the company

Infosys has long been known for its high corporate governance standards. But the company has also long been dogged by controversies and whistleblower complaints. In the latest instance, complaints have been lodged with the board and US regulator against the CEO and CFO. READ MORE

Samvat 2076: Raamdeo Agrawal, Manish Chokhani and S Naren share their views on stock market

Dish TV's shares decline 5% after promoter sells stake##Dish TV's shares decline 5% after promoter sells stake

The share price of Dish TV fell more than 5 percent intraday on Tuesday after the promoter’s stake in the company fell during the September quarter. 

According to the latest shareholding pattern available on the exchanges, it showed that the stake of promoter and promoter group fell to 55.27 percent at the end of September quarter 2019, against 57.52 percent as of June this year.

Among others, Deutsche Bank Trust Company Americas cut its stake in the company to 8.22 percent from 9.34 percent earlier QoQ.

Bajaj Finance Earnings: Profit surges 63%, beats analyst expectations##Bajaj Finance Earnings: Profit surges 63%, beats analyst expectations

Bajaj Finance on Tuesday reported its September quarter earnings which beat analyst estimates as consolidated net profit surged 63 percent year-on-year to Rs 1,506.3 crore. 

Net interest income rose 48 percent YoY to Rs 3,999 crore in Q2, with assets under management growth of 38 percent at Rs 1.35 lakh crore YoY. The non-banking finance company said new loans booked increased 23 percent YoY to 6.47 million in the September quarter.

BSE Heatmap Update: 18 out of 30 stocks are trading in green##BSE Heatmap Update: 18 out of 30 stocks are trading in green. At 1:45 pm, the BSE S&P Sensex was trading 182.87 points or 0.47 percent lower at 39,115.51. Top gainer in the Sensex index was Zee Learn, which rose 20 percent in the day. 

IRCTC's shares jump 11% for third consecutive session##IRCTC's shares jump 11% for the third consecutive session

The share price of Indian Railway Catering & Tourism Corporation (IRCTC) surged for the third consecutive session, rising 11 percent intraday.
The consistent buying interest has lifted the stock by 170 percent since last week, from issue price of Rs 320. The market capitalisation increased from Rs 5,000 crore to nearly Rs 14,000 crore in week's time. At 1:43 pm, the stock price of IRCTC rose 8.68 percent to Rs 846.75 per share on the NSE.

In recent news, the Indian Railways will pay Rs 1.62 lakh to 950 passengers after a Tejas Express from Delhi to Lucknow got delayed for more than three hours, a first in the history of IRCTC.

Avanti Feeds jumps 16% on strong September quarter earnings##Avanti Feeds jumps 16% on strong September quarter earnings

The share price of Avanti Feeds rallied 16 percent intraday on Friday after the company reported strong September quarter earnings. Intraday, the stock jumped 15.72 percent to Rs 471 on the NSE. At 12:55 pm, the stock was trading 11.39 percent higher at Rs 453.70. The shrimp exporter's consolidated revenue from operations this September quarter rose 41 percent year-on-year to Rs 1,064 crore as against Rs 754 crore in the corresponding quarter last year. READ MORE

Bank Nifty up 500 points after 4% rise last week##Bank Nifty up 500 points after 4% rise last week

After surging as much as 4 percent in trade last week, Bank Nifty continued its upmove in the afternoon session, rising almost 500 points. The major contributors were the big boys ICICI Bank (229.7pts) and HDFC bank (146.8pts).

ICICI bank was higher by 4 percent after Morgan Stanley in its report said that they see a High probability of weight increase in ICICI Bank on MSCI. The bank could see inflows of $900 mn in the stock in the semi annual index review on November 8.

HDFC Bank on the other hand was higher after reporting better than expected numbers. A lot of other banks were in focus. Axis bank and kotak Mahindra bank come out with numbers today. For Axis bank, loan growth is expected at 12-13% and Higher yields will drive NIM to remain stable for the bank.

While for Kotak Mahindra Bank, the Street is anticipating highest profit growth in last 10qtrs. High beta stock Yes Bank also contributed to the Nifty Bank's gains as it was higher by 8 percent (the top nifty gainer in trade so far). The only fly in the ointment is RBL bank, which is under pressure ahead of its numbers today. (By Sonal Bhutra)

Sovereign gold bond scheme: Subscription for 6th tranche closes on Dhanteras##Sovereign gold bond scheme: Subscription for 6th tranche closes on Dhanteras

The sixth tranche of the sovereign gold bond (SGB) scheme 2019-20 opened for subscription on October 21. The Reserve Bank of India has fixed the issue price of the bond at Rs 3,835 per gram.  The sovereign gold bonds are government securities denominated in grams of gold and they are issued by the RBI. 

Here is all you need to know about the Sovereign Gold Bond Scheme 2019-20—Series VI.