KEY HIGHLIGHTS
Closing Bell: A Volatile Session
Indian equity markets gave up gains to end lower, after a sell-off in banking stocks offset the gains made by technology majors through the session.
The S&P BSE Sensex ended 0.25% lower at 38,756 while the NSE Nifty 50 index fell 0.2% to 11,440, at the close of trade.
Banking stocks were the top laggards in today's session. The Nifty Bank ended 1.8% or 400 points lower, dragged mainly by State Bank of India, HDFC Bank, Kotak Mahindra Bank and Axis Bank.
I.T. stocks outperformed in today's session. The I.T. index ended with gains of 4.4% - the most in two months. The index also ended at a record high. Four out of the top five gainers on the Nifty 50 index were I.T. stocks.
The other major sectoral gainer in today's trade was the realty index, which ended with gains of 3.7%.
Sectoral laggards included Pharma, PSU Banks and FMCG stocks that fell between 0.5%-1%.
Broader markets outperformed by a distance in today's session. The Nifty midcap index ended 2.6% higher while the smallcap index gained 5.6% - the most since May 2014.
India Volatility index staged a comeback from the day's low towards the final minutes of trade, ending 3.4% higher at 21.42.
1,276 stocks on the NSE ended with gains while 543 stocks declined.
How Did The Sectoral Indices Fare
Reliance Said To Put Carlyle, Softbank On Hold
Investor demand for Reliance's retail business is so strong that the company has put Carlyle Group and Softbank group into a waiting list, people familiar with the matter told Bloomberg.
Carlyle and Softbank have expressed interest in investing in Reliance Retail Ventures, sources said asking not to be identified. The company is said to have asked both of them to wait on the sidelines as they are already in advanced talks with other financial investors.
Among those considering investments in the retail venture include private equity funds like KKR and L Catterton. Abu Dhabi's Mubadala Investment company - which has also invested in Jio Platforms, is weighing an investment of about $750 million in the retail unit.
The Abu Dhabi Investment Authority and Saudi Arabia's Public Investment Fund are also mulling investments.
Hexaware's Proposed Delisting
Buzzing Stock: Bharti Airtel
- Top laggard on the Nifty 50 index
- Falls as much as 4.7% to Rs 468.3
- Biggest single-day fall in over three months
- Trades at the lowest level in five months
- Down for the third straight day
- Has declined in seven out of the last eight trading sessions
- Has declined 14% in the last eight trading sessions
- Today's volumes are 84% higher than its 20-day average
- Trading below its 200-Day Moving Average for the fifth straight day
- Has corrected 24% from its 52-week high of Rs 612 on May 20, 2020
- 29 out of the 30 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 48.4%
Buzzing Stock: KPIT Technologies
- Top gainer on the Nifty 500 index
- Gains as much as 17.7% to Rs 106.6
- Biggest single-day gain on record
- Trading at the highest level in eight months
- Up for the third straight day
- Has gained 27% in the last three trading sessions
- Today's volumes are nine times higher than its 20-Day average
- Stock in overbought territory with Relative Strength Index (RSI) at 76
- Has tripled nearly tripled from its 52-week low of Rs 34 on March 26, 2020
- Trading 10% below its all-time high of Rs 112.5 on January 16, 2020
- All seven analysts tracking the stock have a buy recommendation
- The stock trades 10% higher than its 12-month consensus price target of Rs 92, implying a negative return potential
Nifty Bank At Day's Low
TRAI Rules Out Intervening In OTT Services
It is not an opportune moment to recommend a comprehensive regulatory framework for various aspects of the OTT services, beyond the extant laws and regulations prescribed presently, the Telecom Regulatory Authority of India (TRAI) said on its website.
Market forces may be allowed to respond to the situation without prescribing any regulatory intervention, according to TRAI.
"However, developments shall be monitored and intervention as felt necessary shall be done at an appropriate time," TRAI said.
The matter may be looked into afresh when more clarity emerges in international jurisdictions, particularly the study undertaken by the International Telecommunication Union, TRAI said.
Buzzing Stock: Persistent Systems
- Second best performing stock on the Nifty 500 index
- Gains as much as 17.5% to Rs 1,187.9
- Biggest single-day gain since April 2010
- Trades at an all-time high
- Up for the third straight day
- Has gained 17% in the last three trading sessions
- Today's volumes are nearly seven times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 71
- Has nearly tripled from its 52-week low of Rs 420 on March 23, 2020
- 21 out of the 34 analysts tracking the stock have a buy recommendation; 6 sell calls
- The stock trades 17.9% higher than its 12-month consensus price target of Rs 935.6, implying a negative return potential
Stock Reaction: Dilip Buildcon
The company has received a Letter of Award for a new HAM project for a bid project cost of Rs 1,140.5 crore.
The order involves four laning of NH-363 from Repallewada to the Telangana-maharashtra border in the state of Telangana.
The 52.6 kilometer project has to be completed within a period of 24 months and has the operational period for the same is 15 years.
Shares gained as much as 4.6% to Rs 385, post the announcement.
Markets At 2:10 P.M.
- Benchmark indices off the day's high
- Nifty up 0.4% at 11,507
- Sensex up 0.4% at 39,000
- Nifty Bank down 0.6% at 22,339
- Nifty Midcap index up 3.1%; 86 out of the 100 stocks on the index trade with gains
- Nifty Smallcap index up 5.2%; 92 out of the 100 stocks on the index trade with gains
- India Volatility Index down 0.5% to 20.6
- Nifty Realty and Nifty I.T. are the top sectoral gainers; up 4.6% and 4.2% respectively
- Nifty Media and Nifty Auto are the other major sectoral gainers; up 2.2% and 1.6% respectively
- Nifty FMCG, Nifty PSU Bank are the sectoral laggards; down 0.5% and 0.3% respectively
- HCL Technologies remains the top Nifty gainer; up 10%
- Bajaj Finance is the top Nifty laggard; down 2%
- 1,391 stocks on the NSE trade with gains while 402 stocks decline
Money Market Update
The currency ended today's trading session little changed but with a positive bias, after recovering from the lowest point of the day.
The rupee ended at 73.48 against the U.S. Dollar as compared to Friday's close of 73.54. The currency recovered from its intraday low of 73.61, to end with gains.
All Emerging Market currencies in Asia gained in today's session, with six of the rupee's peers managing to outperform.
Yield on the 10-year government bond ended at 6.034% as compared to Friday's closing of 6.041%.
Active Stock Options
- Reliance Industries' 2,400 Call: Premium down 14.7% to Rs 34.4. The contract has added 4 lakh shares in Open Interest.
- Infosys' 1,000 Call: Premium up 201.8% to Rs 16.6. The contract has added 56,400 shares in Open Interest.
- HCL Tech's 800 Call: Premium up 628.3% to Rs 19.3. The contract has added 8.6 lakh shares in Open Interest.
Buzzing Stock: Syngene International
- Top gainer on the Midcap index
- Gains as much as 20% to Rs 569.9
- Biggest single-day gain on record
- Trades at an all-time high
- Up for the fourth straight day
- Longest winning streak in a month
- Up 19% in the last four trading sessions
- Stock in overbought territory with Relative Strength Index (RSI) at 71
- Rebounds from its 50-Day Moving Average at 463.8
- Has multiplied more than two and a half times from its 52-week low of Rs 212.5 on March 30, 2020
- Seven out of the 10 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 18.1% higher than its 12-month consensus price target of Rs 440, implying a negative return potential
F&O Snapshot: Active Options Contract
- Nifty September futures add 10.3% and 11.1 lakh shares in Open Interest.
- Nifty Bank September futures add 29.2% and 4.4 lakh shares in Open Interest.
Nifty: September 17 Expiry
- 11,600 Call: Premium up 32.8% to Rs 49.5. The contract has added 8.4 lakh shares in Open Interest.
- 11,500 Put: Premium down 50% to Rs 58.3. The contract has added 18.1 lakh shares in Open Interest.
- 11,500 Call: Premium up 35% to Rs 102.8. The contract has shed 14,550 shares in Open Interest.
Nifty Bank: September 17 Expiry
- 22,500 Put: Premium down 23.2% to Rs 248. The contract has added 5 lakh shares in Open Interest.
- 23,000 Call: Premium up 1% to Rs 150.95. The contract has added 5.4 lakh shares in Open Interest.
- 22,000 Put: Premium down 38.6% to Rs 89.1. The contract has added 3.5 lakh shares in Open Interest.
All But One Stock Gain On The Realty Index
European Markets Open Higher
Benchmark indices in Europe have opened higher after two straight weeks of declines, with tech M&A and comments from Pfizer CEO over a Covid-19 vaccine, boosting sentiment.
The Stoxx 600 has opened 0.6% higher with all sectors trading with gains. Miners and technology stocks are leading the gains among sectoral indices.
Asian markets have ended higher while futures on the Dow Jones are trading with gains of 350 points.
Brent crude is trading little changed at $39.88 per barrel while Gold is up 0.3% at $1,947.1/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 up 0.9% at 3,344
- DAX up 0.77% at 13,303
- CAC up 0.93% at 5,081
- FTSE 100 up 0.73% at 6,077
- IBEX 35 up 0.6% at 6,985
How Are The Sectoral Indices Faring
Earnings Reaction: IRCTC Q1FY21
- Revenue down 71.4% to Rs 131.3 crore
- Net loss of Rs 24.6 crore from net profit of Rs 72.3 crore
- Ebitda loss of Rs 43.9 crore from Ebitda gain of Rs 103.4 crore
- Catering segment revenue down 67% to Rs 89.9 crore
- Rail Neer Segment revenue down 94% to Rs 3.2 crore
- Internet Ticketing segment revenue down 57% to Rs 35.2 crore
- Tourism segment revenue down 94% to Rs 2.9 crore
- All segments are standalone and compared on a year-on-year basis
Shares fell as much as 1.5% to Rs 1,350 and are down for the second straight day.
Buzzing Stock: Indian Energy Exchange
- Trades at an all-time high
- Gains as much as 11.2% to Rs 211.75
- Biggest single-day gain on record
- Today's volumes are 12 times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 70
- Takes support at 50-Day Moving Average of 186.5 and stages a rebound
- Has nearly doubled from its 52-week low of Rs 111 on March 23, 2020
- All 11 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 4.7%
August Wholesale Prices Rise
Wholesale prices in India rose 0.16% year-on-year for the month of August, according to the Press Information Bureau. Analysts surveyed by Bloomberg had expected a contraction between 0.5%-0.1%.
Primary article prices rose 1.6% as compared to last year while fuel, power and lighting prices declined 9.7% year-on-year.
Wholesale food prices rose 4.07% while Manufactured product prices saw a rise of 1.27% compared to the previous year.
Markets At Noon
- Benchmark indices head towards the day's high
- Nifty up 0.8% at 11,558
- Sensex up 0.9% at 39,203
- Nifty Bank up 0.4% at 22,575
- Nifty Midcap index up 3%; 91 out of the 100 stocks on the index trade with gains
- Nifty Smallcap index up 5.3% - the most since May 2014; 97 out of the 100 stocks on the index trade with gains
- India Volatility Index down 2% to 20.29
- Nifty I.T. is the top sectoral gainer; up 4% at a record high
- Nifty Realty is the other major sectoral gainer; up 3.5%
- Nifty Media and Nifty Auto index gain 2.2% and 1.4% respectively
- Nifty Pharma and Nifty FMCG remain the sectoral laggards; down 0.4% each
- HCL Technologies remains the top Nifty gainer; up 10%
- Bharti Airtel is the top sectoral laggard; down 2.4%
- 1,408 stocks on the NSE trade with gains while 331 stocks decline
Stock Reaction: Sun Pharma
Orexo has announced that it has filed a patent infringement action in the U.S. District Court of New Jersey against Sun Pharma.
The lawsuit was filed in response to an Abbreviated New Drug Application (ANDA) filed by Sun Pharma with the U.S. FDA, in which Sun Pharma seeks to market and sell generic versions of Orexo's Zubsolv products, sublingual tablets in the U.S.
Since Orexo filed a lawsuit, the U.S. FDA is statutorily precluded from approving Sun Pharma's ANDA for 30 months, or until a district court decision finds the patents to be invalid or not infringed, whichever occurs first.
Shares fell as much as 1.5% to Rs 498, post the announcement. The stock trades at the lowest in over a month.
Source: Bloomberg
Stock Reaction: Isgec Heavy Engineering
The company informed the exchanges that it won an order for a semi-dry FGD scrubbers system from Hindalco for one of their 150 MW units at Singrauli in Madhya Pradesh.
The company said that the contract was signed after the lockdown was lifted, even though the Letter of Intent from Hindalco was received in February 2020 itself.
The company will use the advanced technology from Sumitomo SHI FW with which it has a licensing agreement and will be the first use of such technology for the Indian Market.
The order is d at Rs 126.5 crore rupees and the schedule for completion of the project is 22 months.
Shares gained as much as 6.8% to Rs 282.
Stock Reaction: Ratnamani Metals & Tubes
The company has informed the exchanges that it has won a domestic order worth Rs 90 crore in the carbon steel division.
The order pertains to the supply of coated CS pipes for the Oil & Gas sector, the exchange filing said.
The order is to be completed between December 2020 and April 2021, the company said.
Shares gained as much as 7.5% to Rs 1,219.3 - the highest level in six months. The stock is the second best performer on the Nifty Metal index.
I.T. Index At Record High
Buzzing Stock: APL Apollo Tubes
- Among top gainers on the Nifty 500 index
- Gains as much as 15.6% to Rs 2,799.9
- Biggest single-day gain since March 2014
- Trades at an all-time high
- Today's volumes are nine times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 80
- Has nearly tripled from its 52-week low of Rs 1,030 on March 19, 2020
- Nine out of the 10 analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 8.7% higher than its 12-month consensus price target of Rs 2,496, implying a negative return potential
Stock Reaction: Aurionpro Solutions
The software solutions and offshore I.T. outsourcing services company has informed the exchanges that its subsidiary in Singaproe, has won an order from one of the largest banks based in Singapore.
The company's subsidiary - Integro Technologies has been awarded the project to implement the Smart Lender product version 4, by the concerned bank to be executed across the branches of the bank and its subsidiaries.
The project will be implemented by February 2022 and is d at over 5.5 million Singapore Dollars.
Shares are trading at the day's high, gaining as much as 6.8% to Rs 62.4, post the announcement.
Buzzing Stock: MCX
- Top gainer on the Nifty Smallcap index
- Gains as much as 19.5% to Rs 1,859, which was an all-time high, before cooling off
- Biggest single-day gain in over six years
- Up for the third straight day
- Today's volumes are 14 times higher than its 20-day average
- Breaks above its 50-Day Moving Average at 1,574.1
- Has more than doubled from its 52-week low of Rs 815 on March 25, 2020
- Seven out of the 10 analysts tracking the stock have a buy recommendation; 1 sell call
- The stock trades 7% higher than its 12-month consensus price target of Rs 1,655, implying a negative return potential
Stock Reaction: Infosys
The company has announced that it has signed a definitive agreement to acquire GuideVision, one of the largest ServiceNow Elite partners in Europe.
The cost of the acquiring 100% of the equity share capital of GuideVision is 30 million Euros, including earn-outs and bonuses, the company said in a statement.
The acquisition is expected to be completed during the third quarter of FY21, subject to customary closing conditions, the statement said.
Czech Republic-based GuideVision provides end-to-end ServiceNow Services including consulting, implementation, support and training services.
"Our Infosys Cobalt Portfolio has a large repository of ServiceNow industry cloud solutions like ESM Cafe, which will now be bolstered by GuideVision's SnowMirror suite of industry templetes," Narsimha Rao Mannepalli, EVP & Head of Cloud & Infrastructure of Infosys said.
Shares gained as much as 3.1% to an all-time high of Rs 975. The stock is up for the third straight day.
Stock Reaction: JBM Auto
The company has informed the exchanges that it has bagged a 116 BS-VI compliant AC Low Floor CNG Bus Order from the Delhi Integrated Multi-Modal Transit System (DIMTS).
It will be supplying 116 CITYLIFE BS-VI buses to the operator, which will run under the DIMTS cluster in New Delhi.
The deliveries of the first batch of these buses will begin from the end of this month, the company said in the statement.
This will be the first-ever BS-VI compliant buses for public transport to be rolled out in India.
Shares gained as much as 9.8% to Rs 255 - the highest level in nearly eight months. The stock is up for the third straight day.
Stock Reaction: Indoco Remedies
The drugmaker informed the exchanges that it has received an approval from the U.S. FDA for its ANDA for Apixaban Tablets 2.5 mg and 5 mg.
The products are therapeutically equivalent to the Reference Listed Drug 'Eliquis' of Bristol-Myers Squibb (BMS), the company has said in an exchange filing.
The drug is used as an anticoagulant or a blood thinner. It is used in patients with health problems caused by a blood clot, the company said.
The U.S. market size for Apixaban Tablets is $11,037 million, as per IMS MAT data for June 2020.
Shares gained as much as 6% to Rs 234, post the announcement. The stock is up for the fifth straight day, the longest winning streak in nearly two months.
Markets At 10:10 A.M.
- Benchmark indices hold gains but off the day's high
- Nifty up 0.6% at 11,532
- Sensex up 0.7% at 39,115
- Nifty Bank up 0.55% at 22,602
- Broader markets outperform in the first hour of trade
- Nifty Midcap index up 2.4%; 95 out of the 100 stocks on the index trade with gains
- Nifty Smallcap index up 4.9%; 97 out of the 100 stocks on the index trade with gains
- India Volatility Index down 0.4% to 20.61
- Nifty Realty is the top sectoral gainer; up 3.1%
- Nifty I.T. and Nifty Media index gain over 2% each
- Nifty Metal and Nifty PSU Bank up 0.8% each
- Nifty Pharma and Nifty FMCG are the sectoral laggards; down 0.4% each
- HCL Technologies is the top Nifty gainer; up 6.3% at a record high
- Asian Paints is the top Nifty laggard; down 1.4%
- 1,358 stocks on the NSE trade with gains while 318 stocks decline
Money Market Update
The currency has opened with gains in today's session after ending a topsy-turvy week on Friday with losses.
The rupee opened at 73.39 against the U.S. Dollar as compared to Friday's close of 73.54. For the week, the rupee was the second worst performing currency in Asia, with only the Indonesian Rupiah faring worse.
Yield on the 10-year government bond opened at 6.054% as compared to Friday's close of 6.053%.
Broader Markets Outperform
Nifty Smallcap Index:
- Gains as much as 4.65%
- Biggest single-day gain since March 27, 2020
- Up for the third straight day
- 97 out of the 100 stocks on the index trade with gains
Nifty Midcap Index:
- Gains as much as 2.2%
- Biggest single-day gain since June 1, 2020
- Up for the third straight day
- 94 out of the 100 stocks on the index trade with gains
Stock Reaction: ICICI Lombard
The general insurance player has announced a Bancassurance tie-up with Yes Bank. The partnership will provide the bank's customer base to the insurer's portfolio, it said in an exchange filing.
ICICI Lombard intends to offer innovative insurance solutions to Yes Bank's customers across the country, the statement said.
"Given the progressive and technology-oriented approach of both partners, this collaboration is an ideal synergy between the two brands and adding to YES BANK customers," Sanjeev Mantri, Executive Director of ICICI Lombard was quoted as saying.
Brokerage firm Jefferies assumed coverage on the stock with a buy rating and a price target of Rs 1,570. Jefferies sees the stock as a key beneficiary of the rising insurance penetration in the country.
Shares gained as much as 1.6% to Rs 1,318.9, post the announcement. The stock is up for the third straight day and is trading at the highest level in nearly a month.
Stock Reaction: Deepak Fertilisers & Petrochemicals
The company announced deetails of its rights issue, through which it intends to raise Rs 180 crore.
The company set the rights issue price at Rs 133 per share, which is a 17.6% discount to Friday's closing price.
The rights entitlement ratio has been set at 3 shares for every 20 held. The record date for the rights issue has been set at September 17.
The company's rights issue opens on September 28 and closes on October 12.
Shares gained as much as 2.4% to Rs 165.3, post the announcement.
Stock Reaction: HCL Technologies
The I.T. major provided a mid-quarter business update to the exchanges this morning.
The company expects the revenue and operating margin for Q2FY21 to be 'meaningfully better' than the top-end of the guidance provided during the April-June quarter, it said in a statement.
"We have seen strong execution during the quarter-to-date, and continue to execute to the plan this month," the statement said.
The company expects revenue growth to exceed 3.5% sequentially on a constant currency basis in the July-September period, led by broad-based momentum across all service lines, verticals and geographies.
HCL Technologies epects Ebit margins to range between 20.5%-21%.
The company has seen good booking momentum this quarter, led by the Life Sciences & Healthcare, Telecom & Media and Financial Services vertical.
The statement went on to say that the pipeline continues to look healthy across service lines, verticals and geographies.
Shares gained as much as 5% to a record high of Rs 755.95.
Opening Bell: A Positive Start
Indian equity markets have opened with gains at the start of the new trading week, in-line with the largely positive sentiment across global markets.
The S&P BSE Sensex opened 0.56% higher at 39,073 while the NSE Nifty 50 index opened above the mark of 11,500 - gaining 0.66% to 11,540. Both benchmarks ended with gains of 1% last week, courtesy Reliance Industries Ltd.
All sectoral indices opened with gains. The Nifty Bank index opened with gains of close to 1% while the Media index gained 1.4% at the start of trade.
The Nifty I.T., Nifty Realty index too gained 1% in the early minutes of trade. Nifty Auto and Nifty Pharma gained 0.5% each.
Broader markets too have opened with gains. The midcap index opened 1.2% higher while the smallcap index has gained 1.4%.
Market breadth is in favour of the gainers. 1,227 stocks on the NSE opened with gains while 228 stocks were declining.
Trading Ideas This Morning
- Nifty: Sell 11,300 Put of the September 17 expiry in the range of Rs 41-43. Target of Rs 27-18 and stop loss of Rs 57.
- Nifty Bank: Buy in the range of 22,300-22,400 for target of 22,600-22,700 and stop loss of 22,200
- Buy TVS Motor September futures for target of Rs 451-461 and stop loss of Rs 439.1
- Sell PVR September futures for target of Rs 1,229-1,195 and stop loss of Rs 1,274
- Both recommendations are for an intraday basis
Source: ICICI Securities
How Did The Fund Flows Fare On Friday
Key Stocks In Focus
- Yes Bank: ICRA has upgraded securities issued by the lender after the fund raise and general improvement in the bank's financial profile. Infrastructure bond program worth Rs 7,030 crore has been upgraded to BBB from BB+. The bank's Basel-III compliant lower Tier-II bonds worth Rs 10,900 crore upgraded to BBB- from BB+. The rating upgrade factors in the sizeable capital raise of Rs 15,000 crore, improvement in the bank's liquidity position and subsequent increase in its deposit base. ICRA say that the Covid-19 stress on the residual corporate book as on June 30 is likely to keep credit costs elevated in the near-term.
- The Maharashtra government has increased ready reckoner rates in the state by an average of 1.74%. The new rates will be applicable on September 12 and have been raised for the first time in two and a half years. Ready reckoner rates are the market of properties determined by the government for the purpose of taxation. Godrej Properties, Sunteck Realty, Kolte Patil Developers, Oberoi Realty, IBREL will be in focus.
- Deepak Fertilisers & Petrochemicals: Sets rights issue price at Rs 133 per share. The rights entitlement ratio has been set a 3 shares for every 20 shares held. The record day has been set as September 17. The issue price is a 17.6% discount to Friday's closing price. The issue opens on September 28 and closes on October 12.
- Tata Motors: JLR sales down 15.5% in August at 28,887 units. For Q1FY21, sales fell 42.4% to 74,067 units.
- Dhanuka Agritech: Board to meet on September 16 to approve terms of the share buyback.
- Ratnamani Metals & Tubes: Gets domestic order worth Rs 90 crore for supply of pipes to the Oil & Gas sector.
- IGSEC Heavy Engineering: Gets order worth Rs 126.5 crore for scrubber system from Hindalco.
- Route Mobile: IPO subscribed 74.36 times on the final day of bidding. Institutional subscription at 91.06 times. Non-institutional investors subscription at 195.6 times and retail subscription at 12.8 times.
- Non-Nifty Earnings Today: PVR, Raymond, Balaji Telefilms, Bharat Road Network, IFCI, GATI, JB Chemicals, ITI, MMTC, NBCC, SAIL, Take Solutions
To know more about earnings reported after market hours, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
A Flat Start Likely
Good Morning!
Indian equity markets posted gains for the week ended Sept. 11, courtesy Reliance Industries Ltd. that contributed more than 180 points to the rally, followed by Infosys Ltd. and Tata Consultancy Services Ltd. with 23 and 21 points, respectively.
Futures, however, are indicating a flat start to the new trading week. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.3% at 11,501 as of 8:00 a.m. on Monday.
The street will watch out for the impact of new SEBI guidelines for multi-cap funds and a hike in ready reckoner rates in Maharashtra, among others.
IRCTC, BHEL, Mishra Dhatu Nigam or MIDHANI and Pokarna are some stocks that may react to their quarterly results. All the four companies reported a net loss in the April-June period.
PVR, Raymond, Steel Authority of India, ITI, NBCC, JB Chemicals and Take Solutions are set to report their financials today.
Asian markets have begun the new trading week with gains. Benchmarks in Japan, South Korea and Australia are trading higher. Sentiment was buoyant after comments from the CEO of Pfizer Inc. about the likely deployment of a potential Covid-19 vaccine by the end of the year.
West Texas Intermediate crude rose 0.3% to $37.4 per barrel and gold rose 0.3% to $1,947.1/Oz.
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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