KEY HIGHLIGHTS
Closing Bell: Fifth Day Of Gains
After a subdued start, Indian markets ended with gains, extended its winning streak to the fifth straight day.
The S&P BSE Sensex ended 0.8% higher at 39,878 while the NSE Nifty 50 ended 0.66% higher at 11,738. This is the longest winning streak for both Sensex and Nifty in over a month.
Reliance Industries was the major contributor to the gains on the Nifty, ending 2.2% higher.
Auto stocks were the outperformers in today's session. Three out of the top five Nifty gainers were Auto stocks (Bajaj Auto, Hero MotoCorp and Maruti Suzuki India). The Nifty Auto index ended with gains of 1.4%.
Other gainers included the Nifty Bank which ended 0.5% higher and the Nifty I.T. index which ended with gains of 0.6%.
Media stocks were the top laggards in today's session, led by the declines in Zee Entertainment. The Nifty Media index ended 2.5% lower.
Nifty Realty (down 1.8%), Nifty Metal (down 1.5%) and Nifty PSU Bank (down 1.1%) were the other underperformers in today's session.
While benchmark indices gained, it was a subdued day for the broader markets. The midcap index ended 0.5% lower while the smallcap index declined 0.3%.
India Volatility Index ended 2.2% higher, above the mark of 20 at 20.1.
728 stocks on the NSE ended with gains while 1,131 stocks ended with losses.
How Did The Sectoral Indices Fare
Buzzing Stock: Brigade Enterprises
- Worst performer on the Nifty 500 Index
- Declines as much as 5.6% to Rs 169.8
- Biggest single-day fall in a month
- Snaps six-day gaining streak
- Today's volumes are 51% below its 20-day average
- Nearing 200-Day Moving Average of 164.6 on the downside
- Relative Strength Index (RSI) of the stock at 64
- The stock trades 33.3% below its 52-week high of Rs 255 on February 20, 2020
- All 11 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 24.6%
Zee Leads Losses On The Media Index
Stock Reaction: Infosys
The company has informed the exchanges that it has been selected by Mobile Health AG, a Switzerland-based Heath Tech startup, to enhance the go-to-market (GTM) strategy for its electronically patient-reported outcomes platform - Consilium Care.
Through this engagement, Infosys will set up and manage cloud and infrastructure services and support, security and monitoring and platform management services for Mobile Health AG across multiple geographies, the company said in an exchange filing.
"We will continue to leverage our talent pool and global presence to deliver superior experiences for Consilium Care users and patients, to make this platform a generator in the healthcare space," Infosys President Mohit Joshi was quoted as saying.
Shares recovered from the day's low to gain as much as 0.8% to an all-time high of Rs 1,063, post the announcement. The stock is up for the fourth straight day.
Buzzing Stock: Oil India
- Second best performing stock on the Nifty Midcap index
- Gains as much as 10.1% to Rs 95
- Biggest single-day gain in over six months
- Snaps three-day losing streak
- Today's volumes are 11 times higher than its 20-day average
- One-month implied volatility stood at 121%
- Breaks above 50 and 100-Day Moving Average at 94
- Relative Strength Index (RSI) of the stock at 52
- Trades 46% below its 52-week high of Rs 175 on October 18, 2019
- 14 out of the 25 analysts tracking the stock have a buy recommendation; 6 sell calls
- Return potential of the stock as per Bloomberg data is 12%
Stock Reaction: IRCTC
The company has informed the exchanges that it will resume the operations of the Tejas Express Trains starting October 17, 2020, to cater to the growing passenger demand due to the upcoming festive season.
The trains will resume on the Lucknow-New Delhi and Ahmedabad-Mumbai route.
All passengers will be provided with a Covid-19 protection kit which will contain a bottle of hand sanitiser, one face mask, face shield and a pair of gloves, the company said in an exchange filing.
The coaches including the pantry area and lavatories will be disinfected at regular intervals, the company said.
Shares are off the day's low, currently trading little changed at Rs 1,362.5. The stock had a three-day losing streak as on Tuesday.
Active Stock Options
- Reliance Industries' 2,300 Call: Premium up 53.8% to Rs 84.3. The contract has shed 6 lakh shares in Open Interest.
- TCS' 2,800 Call: Premium down 5.8% to Rs 71.3. The contract has added 4.5 lakh shares in Open Interest.
- HDFC's 2,000 Call: Premium up 18.2% to Rs 45.8. The contract has added 5.2 lakh shares in Open Interest.
Stock Reaction: Vedanta
Shares of the metal company are declining in today's session amidst uncertainty regarding its delisting price.
As per Data available on the Bombay Stock Exchange, only 5.35% of the shares required for delisting have been tendered as of 1:30 P.M.
“One has to finally know what price the company is going to buy back the shares,” Gaurang Shah of Geojit Financial Services told Bloomberg. “That is completely unclear right now,” he said.
Today's trading volume for the stock is 380 times its three-month average.
Shares of the company fell as much as 14.7% - the most in over six months to Rs 117.55. The stock currently trades 9% lower at Rs 125.55 - the lowest in a month.
Markets At 2:10 P.M.
- Benchmark indices set to gain for fifth straight day
- Nifty up 0.5% at 11,724
- Sensex up 0.66% at 39,835
- Nifty Bank up 0.1% at 22,880
- Nifty Midcap index down 0.7%
- Nifty Smallcap index down 0.4%
- India Volatility Index up 3.5% to 20.32
- Nifty Media is the top sectoral laggard; down 2.3%
- Nifty Metal and Nifty Realty are the other major sectoral laggards; down 1.8% each
- Nifty PSU bank declines 1.4%
- Nifty Auto is the one sectoral gainer; up 0.7%
- Titan remains the top Nifty gainer; up 4.9%
- Bajaj Finance remains the top Nifty laggard; down 4.1%
- 679 stocks on the NSE trade with gains while 1,140 stocks decline
Money Market Update
The rupee snapped a two-day losing streak in today's session, ending with modest gains.
The currency ended at 73.33 against the U.S. Dollar as compared to Tuesday's close of 73.46. It had an intraday low of 73.55 and an intraday high of 73.28.
Today's gains made rupee the third best performing currency in Asia.
“Cautiousness around the U.S. elections will keep the Dollar bulls active. We expect the rupee to trade between 73.25-73.75. Only a break of 73.75 will open doors for 74 zone,” Rahul Gupta of Emkay Global Financial Services was quoted as saying.
Yield on the 10-year government bond ended at 6.015% as compared to Tuesday's close of 6.025%.
Buzzing Stock: India Cements
- Among top gainers on the Nifty 500 index
- Gains as much as 6% to Rs 123.45
- Trading at the highest level in three weeks
- Up for the second straight day
- Today's volumes are at par its 20-day average
- One-month implied volatility at 58%
- Breaks above 100-Day Moving Average at 121.1
- Relative Strength Index (RSI) of the stock at 57
- Trading 13% below its 12-month consensus price target of Rs 140 on May 26, 2020
- 1 out of the 11 analysts tracking the stock has a buy recommendation; 8 sell calls
- The stock trades 23.8% higher than its 12-month consensus price target of Rs 92, implying a negative return potential
India Recognises Need For More Stimulus, Sanyal Says
India's car sales, power consumption and freight movement have revived after lockdown was lifted, Principal Economic Adviser Sanjeev Sanyal said at an event.
Sanyal said that there is no demand-driven inflation in the Indian economy, adding that the rupee is in tremendous appreciation pressure.
India's Debt-to-GDP ratio is much lower than many other countries according to the Principal Economic Adviser. He also said that Infrastructure is the key way for re-inflating demand.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 7% and 7 lakh shares in Open Interest
- Nifty Bank October futures add 8.4% and 1.24 lakh shares in Open Interest
Nifty: October 8 Expiry
- 11,800 Call: Premium up 107.5% to Rs 24.9. The contract has added 16.8 lakh shares in Open Interest.
- 11,700 Call: Premium up 85.3% to Rs 76.2. The contract has added 11.8 lakh shares in Open Interest.
- 11,600 Put: Premium down 57% to Rs 17.25. The contract has added 19 lakh shares in Open Interest.
Nifty Bank: October 8 Expiry
- 23,000 Call: Premium up 6.2% to Rs 181.4. The contract has added 6 lakh shares in Open Interest.
- 22,500 Put: Premium up 35.2% to Rs 62.5. The contract has added 5.8 lakh shares in Open Interest.
- 23,500 Call: Premium down 6% to Rs 37. The contract has added 5.5 lakh shares in Open Interest.
Buzzing Stock: Blue Star
- Among top performing stocks on the Nifty Midcap index
- Gains as much as 5.4% to Rs 653.4
- Biggest single-day gain in three weeks
- Snaps five-day losing streak
- Today's volumes are more than double the 20-day average
- Breaks above its 200-Day Moving Average at 619.7
- Relative Strength Index (RSI) of the stock at 55
- Trading 27% below its 52-week high of Rs 887 on January 29, 2020
- 10 out of the 25 analysts tracking the stock have a buy recommendation; 6 sell calls
- The stock trades 18% above its 12-month consensus price target of Rs 529.4, implying a negative return potential
European Markets Open Little Changed
Benchmark indices in Europe have opened with modest gains, with Defensive stocks leading the gains.
The Stoxx 600 has opened 0.2% higher with Food & Beverage along with Auto stocks gaining. Travel, Media and Banking stocks are the laggards.
Asian markets have ended mixed while futures on the Dow Jones are trading higher by 130 points.
Brent crude trades 0.8% lower at $42.31 per barrel while Gold trades at $1,897/Oz, up 1%.
Let's take a look how European markets are trading:
- Euro Stoxx 50 unchanged at 3,233
- DAX unchanged at 12,914
- CAC unchanged at 4,893
- FTSE 100 up 0.1% at 5,957
- IBEX 35 down 0.7% at 6,889
How Are The Sectoral Indices Faring
Brokerage Reaction: Bharat Forge
Shares of the components maker are rising in today's session after brokerage firm CLSA increased its price target on the stock to Rs 580 from Rs 535. It has maintained its buy rating on the company.
CLSA's Rationale:
- Demand outlook for domestic and export markets continues to improve
- U.S. class 8 trucks should lead export growth recovery
- U.S. oil & gas is showing signs of bottoming
- Defence optionality can be large; order wins awaited
- Domestic truck volumes improving
- Recovery in Passenger Vehicles, tractors is positive
Shares gained as much as 2.3% to Rs 476.9 and are up for the fourth straight day.
Stock Reaction: Glenmark
The drugmaker has informed the exchanges that it has been granted final approval by the U.S. FDA for its Dimethyl Fumarate Delayed-Release Capsule, 120 mg and 240 mg.
The drug is the generic version of Tecfidera Delayed-Release Capsule of Biogen, Inc., the company said in a statement.
The total sales for Tecfidera Delayed-Release Capsule, 120 mg and 240 mg was approximately $3.8 billion, as per data from the IQVIA for the most recent 12-months, ending August.
Glenmark said that it currently has 46 ANDA's pending approval from the U.S. FDA.
Shares currently trade 0.5% lower at Rs 488.2, down for the second straight day.
Only One Gainer On The Metal Index
Markets At Noon
- Benchmark indices holding on to modest gains
- Nifty up 0.5% at 11,725
- Sensex up 0.7% at 39,853
- Nifty Bank little changed at 22,882
- Nifty Midcap index down 0.5%
- Nifty Smallcap index down 0.2%
- India Volatility Index up 2.6% to 20.15
- Nifty Media, Nifty Metal and Nifty Realty are the top sectoral laggards; down 1.6% each
- Nifty Pharma is the other sectoral laggard; down 1%
- Nifty Auto & Nifty FMCG are trading with a positive bias; up 0.3% each
- Titan remains the top Nifty gainer; up 5%
- Bajaj Finance remains the top Nifty laggard; down 4.2%
- 674 stocks on the NSE trade with gains while 1,076 stocks are declining
Buzzing Stock: Adani Transmission
- Top gainer on the BSE Midcap index
- Gains as much as 5.7% to Rs 274.8
- Biggest single-day gain in over a month
- Trades at the highest level in a month
- Up for the fourth straight day
- Longest winning streak in over a month
- Has gained 12% in the last four trading sessions
- Today's volumes are more than triple its 20-day average
- Sustaining above its 50-Day Moving Average of 255.9
- Relative Strength Index (RSI) of the stock at 58.4
- Trading 25% below its 52-week high of Rs 366 on January 2, 2020
- One out of the three analysts tracking the stock has a buy recommendation; 2 sell calls
- The stock trades 28.3% higher than its 12-month consensus price target of Rs 194, implying a negative return potential
Earnings Estimates: TCS Q2FY21
- U.S. Dollar revenue seen 5.5% higher at $5,339 million
- Revenue seen 2.1% higher at Rs 39,133 crore
- Net profit seen 13.4% higher at Rs 7.946 crore
- Ebit seen 5.3% higher at Rs 9,532 crore
- Ebitda margin seen at 24.4% from 23.6%
- All estimates are consolidated and compared on a quarter-on-quarter basis
Factors At Play For TCS:
- Revenue growth to be led by resolution of supply side constraints, ramp-up of large deals signed earlier and conversion of strong order wins
- Robust sequential growth seen in India business from low base
- Expect higher other income as Q1FY21 had a forex loss
- The company will provide Rs 1,218 crore as exceptional item in the EPIC Systems Corporation matter.
- Watch out for buyback details, client budget and spending trends and any furloughs expected in the December quarter along with demand trends.
Buzzing Stock: Ambuja Cements
- Gains as much as 3.8% to Rs 233.9
- Trading at the highest level since June 2019
- Up for the eighth straight day
- Longest winning streak since July 2015
- Has gained 18% in the last eight trading sessions
- Today's volumes are almost quadruple its 20-day average
- One-month implied volatility at 33%
- Relative Strength Index (RSI) of the stock at 66
- Has gained 71% from its 52-week low of Rs 136.5 on March 26, 2020
- 33 out of the 42 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock is trading near its 12-month consensus price target of Rs 233
Quarterly Business Update: CSB Bank
- Gross Advances up 12% to Rs 12,761.9 crore
- Total deposits up 12.6% to Rs 17,468.7 crore
- CASA deposits up 17.4% to Rs 5,134.3 crore
- Term deposits up 10.7% to Rs 12,334.4 crore
- Advances against Gold & Gold Jewellery up 47.1% to Rs 4,939 crore
- All comparisons are made on a year-on-year basis
Source: Exchange Filing
Shares are off the day's high, after gaining as much as 4.2% in early trade. The stock currently trades 0.8% higher at Rs 228.6, up for the second straight day.
Buzzing Stock: Thyrocare Technologies
- Second best performer on the Nifty Smallcap index
- Gains as much as 17.3% to Rs 1,037
- Trades at a record high
- Up for the third straight day
- Has gained 30% in the last three trading sessions
- Today's volumes are more than 60 times its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 82
- Has nearly tripled from its 52-week low of Rs 409.6 on March 13, 2020
- 8 out of the 12 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 31.7% higher than its 12-month consensus price target of Rs 676.1, implying a negative return potential
Surging Bond Issuances By Indian States
A relentless increase in bond issuances by Indian states means that the government may have to pay a higher price for its record borrowing plans, Bloomberg News reports.
"Spreads over government bonds will widen," Pankaj Pathak - a fixed income fund manager for Quantum Asset Management was quoted as saying.
Underwriters have rescued four out of the government's last seven debt auctions as investors demanded higher yields.
States have boosted issuance by 55% so far in FY21, as compared to the same period last year, according to CARE Ratings.
The states will seek to raise at Rs 2.02 lakh crore in the current quarter, which means a weekly supply that is almost 60% higher than the levels seen in H1FY21.
Auto Index Is The Top Sectoral Gainer
Buzzing Stock: Dr Lal Pathlabs
- Top gainer on the Nifty Midcap index
- Gains as much as 9.1% to Rs 2,178
- Biggest single-day gain in over two years
- Trading at an all-time high
- Up for the third straight day
- Has gained over 15% in the last three trading sessions
- Saw breakout above 50-Day Moving Average at 1,870 on October 5
- Today's volumes are nearly quadruple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 71
- Has nearly doubled from its 52-week low of Rs 1,179 on March 24, 2020
- 9 out of the 20 analysts tracking the stock have a buy recommendation; 8 sell calls
- The stock trades 17.2% higher than its 12-month consensus price target of Rs 1,761.5, implying a negative return potential
Quarterly Business Update: Bajaj Finance
- Customer franchise as on September 30 at 44.1 million from 38.7 million year-on-year.
- Acquired 1.2 million new customers during the quarter.
- New loans booked down 44% to 3.6 million from 6.5 million
- Assets Under Management flat at Rs 1.37 lakh crore
- Capital Adequacy Ratio as on September 30 at 26.5%
- Consolidated liquidity surplus at approximately 22,000 crore
- Liquidity position of the company remains very strong.
- Deposit book grows to Rs 21,600 crore from Rs 17,633 crore last year.
- Will continue to accelerate provisioning for Covid-19 and strengthen the balance sheet further.
Shares fell as much as 5.4% to Rs 3,285 and are the top laggards on the Nifty 50 index. Despite the fall, brokerages have maintained a positive stance on the stock. BofA Securities has reiterated its buy rating on the stock with a price target of Rs 4,505 while Morgan Stanley remains overweight on the stock with a price target of Rs 3,835.
Stock Reaction: Reliance Industries
Reliance Retail Ventures has another investor on-board. The Abu Dhabi Investment Authority (ADIA) will be investing Rs 5,512 crore in the unit for a 1.2% stake.
The investment s Reliance Retail at a pre-money equity of Rs 4.28 lakh crore, which is in-line with most other investments.
Reliance Retail has now raised Rs 37,710 crore from seven investors in less than four weeks, after Silver Lake made the first investment. ADIA had previously invested in Jio Platforms as well.
Shares gained as much as 4% to Rs 2,298 and are the top contributors to the gains on the Nifty 50 index. The stock has snapped a four-day losing streak.
Markets At 10:10 A.M.
- Benchmark indices extend gains after a subdued start
- Nifty up 0.56% at 11,728
- Sensex up 0.7% at 39,838
- Nifty Bank up 0.3% at 22,930
- Nifty Midcap index down 0.1%
- Nifty Smallcap index up 0.1%
- India Volatility Index up 3% to 20.20
- Nifty Auto is the top sectoral gainer; up 0.7%
- Nifty Realty is the top sectoral laggard; down 0.5%
- Titan is the top Nifty gainer; up 4.2%
- 26 out of the 50 Nifty constituents are advancing; 24 decline
- Bajaj Finance is the top Nifty laggard; down 3.9%
- 854 stocks on the NSE trade with gains while 826 are declining
Money Market Update
The rupee has opened flat in today's session after declining for the second straight day on Tuesday.
The currency opened at 73.51 against the U.S. Dollar as compared to Tuesday's close of 73.46.
Reliance Securities believes that the rupee depreciated amid intervention from the Reserve Bank of India in anticipation of further flows into the country.
Yield on the 10-year government bond opened at 6.016% as compared to Tuesday's close of 6.025%.
Within the bond markets, the government plans to sell treasury bills worth Rs 16,000 crore. The three-day meeting of India's Monetary Policy Committee with three new external members begins today.
Nomura believes that the pause in policy rates will persist as the inflation remains above the 6% mark.
Quarterly Business Update: Titan
- Jewellery division saw recovery rate of 98% as compared to the revenue of the same quarter last year.
- Walk-ins have been improving with conversion rates and average ticket size being higher than last year.
- Recovery rate in metros has been improving gradually
- Non-metros have recovered substantially and many cities have recorded growth as compared to last year.
- Sales in the month of September have been decent despite the period of 'Shradh'
- Continued to sell excess gold in its inventory and had a sale of Rs 390 crore worth of raw gold this quarter
- Watches & Wearables had a recovery rate of 55% this quarter as compared to last year. The month of September saw a recovery of ~70%.
- Recovery rate for watches business is steadily increasing month-on-month driven primarily by rising walk-ins.
- Eye-wear division saw recovery of ~58% this quarter as compared to last year.
- Resumed selling products through Amazon and Flipkart after a gap of 18 months.
Shares are trading at the day's high, gaining as much as 3.3% to Rs 1,240, post the announcement. The stock is trading at the highest level in seven months and is up for the second straight day.
Brokerage Reaction: Solara Active Pharma Science
Shares of the API-maker are surging in today's session after brokerage firm Macquarie initiated coverage on the stock with an outperform rating.
Macquarie’s Rationale:
- Among top three pure-play API manufacturers in India
- Long-term focus and growing presence in CRAMS suggest strong outlook even beyond FY23
- Believe growth is more sustainable than some of its Indian API peers
- Expect 25% Ebitda CAGR over FY20-23, building on its nearly 40% Ebitda CAGR over FY18-20
- Likely to report strong cumulative Free Cash Flow of over Rs 220 crore over FY21-23E
- Among the cheapest API stocks globally at 8.8x FY23E EV/Ebitda
- Expect the stock to re-rate further courtesy improving margin profile and strong regulatory track record
Shares surged as much as 19% to an all-time high of Rs 1,248, before cooling off. Macquarie's price target of Rs 1,680 implies a potential upside of over 50% from Tuesday's closing price.
Coronavirus India Updates
- Recoveries continue to exceed new cases
- 72,049 new cases added in the last 24 hours
- Total confirmed cases now at 67,57,131
- Active cases at 9,07,883
- Patients cured / discharged / migrated at 57,44,693
- Death toll rises to 1,04,555
- 986 deaths reported in the last 24 hours
- 82,203 patients recovered over the last 24 hours
Quarterly Business Update: Sunteck Realty
- Pre-sales up 98% quarter-on-quarter to Rs 200 crore, as on September 30 while Collections rise 117% to Rs 141 crore, as compared to the previous quarter.
- High buyer interest for Signia High, Borivali and 1st Avenue, Sunteck City, Goregaon (West).
- Construction activity inching towards pre-Covid levels
- Reduced stamp duty and low interest rates is expediting the decision time cycle for prospective customers.
- Confident of collections growing much stronger from hereon.
- Renewed interest for high quality products offered by large organised developers, especially those with strong balance sheets and high brand recall.
Shares gained as much as 6.3% to Rs 278, post the announcement. The stock is up for the second straight day.
Opening Bell: A Day Of Consolidation?
Indian equity markets have opened little changed after four straight days of gains, in-line with the subdued and volatile sentiment across global markets.
The S&P BSE Sensex opened 0.1% higher at 39,633 while the NSE Nifty 50 index opened little changed at 11,679. Both Sensex and Nifty had gained 8% in the last seven trading sessions.
Sectoral indices too are off to a muted start. The Nifty Media index has opened with gains of 0.5% while the other indices are flat.
Within the broader markets, the Midcap index has opened little changed while the smallcap index is gaining 0.4% at the start of trade.
1,104 stocks on the NSE have opened with gains while 780 stocks are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 11,500 Put Of The October 8 Expiry in the range of Rs 31-33. Target of Rs 17-11 with a stop loss of Rs 45.
- Nifty Bank: Buy in the range of 22,800-22,850 for target of 23,000-23,200 and stop loss of 22,700
- Buy Adani Ports October futures for target of Rs 368.1 and Rs 373.5 with a stop loss of Rs 360.9
- Sell Tata Steel October futures for target of Rs 374.2 and Rs 366.3 with a stop loss of Rs 384.8
- Adani Ports and Tata Steel are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Tuesday
Key Stocks In Focus
- Dixon Technologies: The company's arm Padget Electronics has been chosen as the domestic mobile phone manufacturing partner in the Production Linked Scheme. CFO Saurabh Gupta told BloombergQuint that the company has large contracts with big global brands for servicing domestic as well as international markets. He said that the company intends to begin production sometime in the fourth quarter of FY21.
- Reliance Industries: Abu Dhabi Investment Authority (ADIA) to invest Rs 5,512.5 crore in Reliance Retail Ventures for 1.20% equity stake. Reliance Retail Ventures has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks.
- Bajaj Finance: The company in its September quarter update said that customer franchise at the end of the quarter stood at 44.1 million from 38.7 million last year. The company acquired 1.2 million new customers during the quarter. New loans booked fell 44% to 3.6 million.
- Tata Motors: Bloomberg News reports that JLR is planning to sell U.S. Dollar-denominated bonds, more than seven months after its first attempt stalled due to the impact of Covid-19 on its business in China. JLR is offering notes worth $500 million with Bank of America as the lead global coordinator and Citigroup, Goldman Sachs & JPMorgan acting as other global coordinators.
- State Bank Of India: Dinesh Kumar Khara to take over as Chairman today.
- Indo Rama Synthetics: OFS for non-retail investors subscribed 112% on Tuesday. The OFS for retail investors opens today.
- Nifty Earnings Today: TCS
- Non-Nifty Earnings Today: Majesco, Zee Learn
To know more about the key stocks in focus, brokerage updates and F&O Cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Four Days Of Gains: What Lies Ahead?
Good Morning!
Indian equity markets ended at the highest in seven months, extending the gains for fourth straight day.
The S&P BSE Sensex and NSE Nifty 50 have gained 8% each over the last seven trading sessions.
Futures, however, are indicating a flat start to the day's trade. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, gained 0.3% to 11,713 as of 8:00 a.m. on Wednesday.
TCS will kick-start the earnings season for the three months ended September. Among non-Nifty 50 companies Zee Learn and Majesco will be reporting results.
Besides, Solara Active Pharma, Syngene, Bharat Forge will be in focus on the back of strong brokerage commentary.
Globally, Asian markets have reversed losses after opening lower. U.S. President Donald Trump halted stimulus talks until the election next month. Markets in Hong Kong and South Korea are seeing modest gains, while Japanese stocks are fluctuating.
Futures on the Dow Jones, too, have reversed losses and are trading 40 points higher. The index ended 1.3% lower on Tuesday.
Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.
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