CNBC-TV18 Market Highlights: Sensex, Nifty end positive ahead of Haryana, Maharashtra election results, Reliance Industries, Kotak Bank limit gains

Sensex heatmap at close: HCL Tech, Maruti Suzuki lead gainers, Bharti Airtel top loser##Sensex heatmap at close: HCL Tech, Maruti Suzuki lead gainers, Bharti Airtel top loser

Closing Bell: Sensex ends above 39K, Nifty at 11604; Reliance Industries caps gains##Closing Bell: Sensex ends above 39K, Nifty at 11604; Reliance Industries caps gains

The BSE Sensex settled 95 points higher, or 0.24 percent, at 39058, while the NSE Nifty50 closed at 11604, up just 16 points, or 0.14 percent. The Nifty MidCap 100 index rose 0.13 percent, a tad behind its frontline peer. The Nifty Bank rose 0.21 percent, while IT, finance, pharma, FMCG, and auto were notable sectoral gainers. Metal, CPSE, capital goods, oil & Gas, realty and basic metal sectoral gauges declined. HCL Technologies, Eicher Motors, Infosys, Maruti Suzuki and JSW Steel were leading Nifty gainers, while Adani Ports, Bharti Airtel, ZEEL, Vedanta and Grasim fell by up to 6 percent. 

This stock continues to be buyers' favourite, rising to new highs every consecutive session##This stock continues to be buyers' favourite, rising to new highs every consecutive session

The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) saw a bumper opening with a 3.5 times subscription on the final day of its issue. In just one week, the stock's market capitalisation escalated to Rs 14,000 crore from Rs 5,000 crore. From its issue price of Rs 320, the stock has jumped 184 percent on Wednesday. Since its listing, the stock has been rallying every consecutive session. On October 23, it touched Rs 900 per share, which is the largest gain seen in any of the IPOs. READ MORE

Havells Q2 net profit at Rs 181.4 crore Vs CNBC-TV18 poll of Rs 190 crore##Havells Q2 net profit at Rs 181.4 crore Vs CNBC-TV18 poll of Rs 190 crore

Asian Paints Q2 profit spikes 67% on tax benefits, KBS Anand to retire next year##Asian Paints Q2 profit spikes 67% on tax benefits, KBS Anand to retire next year

Asian Paints' second quarter (July-September) consolidated profit shot up significantly by 67 percent YoY to Rs 842.1 crore on the back of  corporate tax rate cut benefit. Revenue from operations in Q2 grew by 9.4 percent year-on-year to Rs 5,051 crore, with decorative paint business registering a high double-digit volume growth.

"The decorative business segment in India registered a high double-digit volume growth, though lower than that witnessed in the first quarter. Automotive coatings JV (PPG-AP) business continued to be impacted by the slowdown in the automobile industry and even the Industrial Coatings JV (AP-PPG) business was impacted by demand slowdown. The entire coatings business, however, benefited from the benign raw material price environment," KBS Anand, Managing Director & CEO said.

Revenue from home improvement business grew by 18.6 percent year-on-year to Rs 121 crore in Q2 but at the operating level, the segment posted a loss of Rs 15.53 crore in Q2 against a loss of Rs 12.50 crore in same period last year. Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) increased 13 percent YoY to Rs 954.8 crore and margin rose by 60 bps to 18.9 percent in the quarter ended September 2019. Numbers missed analyst expectations as revenue was expected at Rs 5,195 crore and EBITDA was estimated at Rs 1,039 crore with margin at 20 percent for the quarter, according to a poll of analysts conducted by CNBC-TV18. Tax expenses for the quarter fell 97 percent to Rs 7.23 crore YoY.

Asian Paints said KBS Anand, MD & CEO, will be retiring from the company on March 31, 2020 and CFO Jayant Merchant will also be retiring on November 26, 2019.

Here's a quick round-up of what has so far happened in the markets today##Here's a quick round-up of what has so far happened in the markets today

-Benchmark equity indices turned positive in afternoon trade on Wednesday after IT and PSU Bank index gained over a percent. The 30-share BSE Sensex was up 129.29 points or 0.33 percent to trade at 39,090.58, while Nifty50 was trading 30.80 points or 0.27 percent higher at 11,618.35.

-During the afternoon session, Nifty PSU Bank was the best-performing index (up 1.46 percent), while Nifty Media was the worst-performing index (down 1.73 percent).

-Eicher Motors, HCL Technologies, Infosys, Titan and State Bank of India were the top-Nifty gainers while Adani Ports, Zee Entertainment, ONGC, Vedanta and Grasim remained the top laggards.

-Infosys shares erased early losses and rose over 1 percent on increased buying. Infosys shares jumped as much as 1.83 percent to Rs 655.35 per share on the BSE intraday.

-The share price of RBL Bank plunged 18 percent intraday on Wednesday after the lender reported a sharp spike in provisions and deterioration in the asset quality in the July-September quarter.

Invest in gold financiers this year; brokerages recommend 'buy' on these two stocks

Axis Bank to see higher slippages in FY20 compared to FY19, says CLSA##Axis Bank to see higher slippages in FY20 compared to FY19, says CLSA

Brokerage firm CLSA, in its latest report, has said that Axis Bank is likely to witness higher slippages in the financial year (FY) 2020 against FY19. This, in turn, will keep the credit cost elevated this year, said CLSA. The brokerage firm, however, said that "a normalisation from FY21 onwards will be key to a rebound in earnings". READ MORE

Shares of Axis Bank traded at Rs 719 apiece, up 0.88 percent on NSE at 1.56 pm. The Nifty50 traded 44.55 points higher, up 0.38 percent, at 11,633.

Bajaj Auto's bottomline rises 22% but topline falls 4% on a like-to-like basis##Bajaj Auto's bottomline rises 22% but topline falls 4% on a like-to-like basis

ICICI Securities jumps over 10% after CLSA raises target price##ICICI Securities jumps over 10% after CLSA raises target price

The share price of ICICI Securities went up more than 10 percent intraday on Wednesday after brokerage firm CLSA raised its target price on the stock to Rs 340 from Rs 320 while maintaining a 'buy' call. READ MORE

Bajaj Auto Q2 net profit at Rs 1,402.4 crore Vs CNBC-TV18 poll of Rs 1,189 crore##Bajaj Auto Q2 net profit at Rs 1,402.4 crore Vs CNBC-TV18 poll of Rs 1,189 crore

Bajaj Auto on Wednesday reported better-than-expected earnings in the July-September quarter this fiscal year. The standalone net profit this year came in at Rs 1,402 crore v/s CNBC-TV18 poll of Rs 1,189 crore. Last year, the auto maker's net profit came in at Rs 1,152.48 crore, an increase of 22 percent year-on-year (YoY). The standalone revenue of the company declined 4 percent YoY to Rs 7,707.3 crore as against Rs 8,036.34 crore in the corresponding quarter last year. READ MORE

This smallcap construction firm jumps 20% on mega order win; up 30% so far this year##This smallcap construction firm jumps 20% on mega order win; up 30% so far this year

Shares of JMC Projects (India) Ltd surged nearly 20 percent intraday on Wednesday after the construction and engineering firm won orders worth Rs 1,059 crore. The stock opened at the day's high of Rs 132.10 per share, jumping nearly 20 percent. In an exchange filing, JMC Projects said it has won "Residential and Commercial Building Project in South and North India totalling Rs 782 crore" and "Water Supply Project in Jharkhand of Rs 277 crore". READ MORE

Samvat 2076: Manish Chokhani, Raamdeo Agrawal and S Naren on the road ahead for the Indian market: Here is the full transcript

Infosys shares erase early losses, rise nearly 2%##Infosys shares erase early losses, rise nearly 2%

Infosys shares erased early losses on Wednesday and rose over 1 prcent on increased buying in the stock. Infosys shares jumped as much as 1.83 percent to Rs 655.35 per share on the BSE intraday. At 11.15 AM, the stock price was trading 1.38 percent up at Rs 652.20 per share, with over 46.6 million shares changing hands.

Infosys shares declined over 4 percent in the early trading over reports that market regulator Sebi may seek clarification from the IT firm over whistleblower complaints alleging unethical practices by top executives. Also, the company is facing a threat of a possible class-action lawsuit in the United States. READ MORE

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

-Equity benchmarks BSE Sensex and NSE Nifty have recovered led by banks and financials after starting on a tepid note on Wednesday. 

-At 12.23 pm, the Sensex traded 210 points higher, or 0.54 percent, to trade at 39,174. The NSE Nifty50 traded over 55 points higher, or 0.48 percent, at 11,643.

-In the previous session on Tuesday, the 30-share BSE Sensex closed 334.54 points, or 0.85 per cent, lower at 38,963.84. The broader NSE Nifty too tumbled 73.50 points, or 0.63 per cent, to settle at 11,588.35.

-Major losers include Yes Bank, Tata Motors, IndusInd Bank, Kotak Bank, HUL, ONGC, M&M, PowerGrid and L&T, shedding up to 2.50 per cent.

-Among the gainers were HCL Tech, Bajaj Finance, TCS, TechM, Axis Bank, Sun Pharma and RIL, rising up to 2 per cent.