On a day when 22 of 30 Sensex stocks settled lower, ICICI Bank almost single-handedly helped Sensex snap its four-day losing run. It also pushed Nifty Bank 2.15 per cent higher, igniting counters such as Kotak Mahindra Bank and Axis Bank, whose quarterly numbers are due on Tuesday.
The solid results by ICICI Bank made many brokerages believe the rerating on the counter will continue in coming quarters. All eyes are now on
, , UCO Bank and SBI which will be disclosing theirquarterly results in the coming days.
Selling in IRCTC resumes
After recovering some ground in the last two days, selling in IRCTC counter resumed on Monday, with the scrip settling nearly 13 per cent lower. The scrip tested sub-Rs 4,000 level intraday, before regaining some ground at the close. On technical charts, the stock seems to have resumed its downtrend as it failed to sustain above Rs 4,377 level, which it is defending for the preceding three trading sessions, said Mazhar Mohammad of Chartviewindia.in. Staying below Rs 4,300 level can drag the stock to Rs 3,700-3,500 levels, he said. Chandan Taparia of Motilal Oswal Securities said there was not much change in open interest on the F&O side and that 50-DMA should offer some support to the stock going ahead.
Positives already baked in for RIL stock
Despite logging a solid 43 per cent surge in the September quarter profit and beating Street estimates, shares of
failed to see upside on Monday as analysts believe most positives are already reflecting in the price. While a few brokerages recommended optimistic targets of up to Rs 3,000, others see only limited upside ahead. The scrip fell 0.85 per cent to Rs 2,604.80 on BSE.
PVR rallies despite Q2 loss
A 6.3 per cent rally was seen in PVR shares as the September quarter loss at Rs 153.13 crore was less than Rs 184.06 crore loss reported in the year-ago quarter. Brokerages said all is well as reopening of theatres would drive recovery in footfalls with a solid line-up of big-budget Hindi/Hollywood movies ahead. They said the company is likely to have a 10 per cent permanent saving in costs (ex-rental), given the rationalisation measures. Industry consolidation, with 10-15 per cent single screens likely to shut permanently, may drive increased market share of multiplexes, ICICIdirect said.
YES Bank: A long way to go
A 74 per cent jump in earnings could not bring in any upside on counter that is down 25 per cent so far this year. Analysts said uncertainty around corporate book stress build-up, selling restrictions on private banks and an uncertain operating environment preclude any meaningful assessment of business direction and residual net worth valuation. This stock fell 3.13 per cent to Rs 13.30 on BSE.
MPRL sees knee-jerk rally
The stock, which was trading lower for the most part of the day, rallied 13 per cent after the refiner told exchanges that separate meetings of equity shareholders, secured creditors and unsecured creditors have been scheduled for November 26 to consider and if thought fit, to approve the arrangement embodied in the scheme of amalgamation between ONGC Mangalore Petrochemicals and MRPL. The scrip eventually closed at Rs 54.65, up 8.65 per cent.
