KEY HIGHLIGHTS
Closing Bell: A Volatile Session
Indian equity markets began the November series on a volatile note as global markets countdown to the U.S. Presidential elections. Benchmark indices ended with a negative bias and posted losses for the week as well.
The S&P BSE Sensex ended 0.34% lower at 39,614 while the NSE Nifty 50 index 0.2% lower at 11,642. Both the indices ended off the lowest point of the day, after being down over 1% towards the final hour of the session.
It was a mixed day for sectoral indices. Realty, Media and Metal stocks outperformed while Banks, Auto and FMCG were the laggards.
The Nifty Realty index ended 2.1% higher while the Nifty Media and Nifty Metal index gained 1.5% each.
The Nifty Auto was the top underperformer, down 1.1% while the Nifty Bank and Nifty FMCG fell 0.7% each.
Broader markets too had a mixed session. The Nifty Midcap index ended 0.5% higher while the Smallcap index ended lower by a similar quantum.
India Volatility Index ended 2.2% higher at 24.54.
950 stocks on the NSE ended with gains while 885 stocks reported losses.
Taking Stock Of The Markets This Week
Results Reported During Market Hours
Earnings Reaction: Zensar Technologies Q2FY21
- U.S. Dollar revenue up 0.6% to $131.6 million
- Revenue down 1% to Rs 979.4 crore
- Net profit down 97% to Rs 2.3 crore
- Ebit up 43% to Rs 141 crore
- Ebit margin at 14.4% from 9.9%
- Exceptional loss of Rs 88.73 crore this quarter for adjustment in respect of excess carrying amount including goodwill over recoverable amount on classification as 'held for sale'.
- Digital accounted for 61% of overall revenue in Q2FY21
- Insurance and banking segment grew 4.6% and 11.5% respectively
- Consumer services business up 12.8%
- Total Contract Value at $175 million
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares fell as much as 5.9% - the most in a month to Rs 176. The stock is down for the third straight day.
Buzzing Stock: Ajanta Pharma
- Worst performing stock on the Nifty Midcap index
- Fell as much as 5% to Rs 1,555
- Biggest single-day drop in a month
- Has declined in four out of the last six trading sessions
- Today's volumes are 17% higher than its 20-day average
- One-Month implied volatility is 86%
- Looking for support at its 50-Day Moving Average of 1,564 on the downside
- Relative Strength Index (RSI) of the stock at 48.4
- Down 11% from its 52-week high of Rs 1,760 on August 10, 2020
- 10 out of the 12 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 11.9%
Earnings Reaction: Karur Vysya Bank Q2FY21
- Net Interest Income up 1% to Rs 601.5 crore
- Net profit up 81% to Rs 114.8 crore
- Gross NPA at 7.93% from 8.34% in the last quarter
- Net NPA at 2.99% from 3.44% in the last quarter
- Provisions down 16% from the previous quarter to Rs 284.7 crore
- Additional provisions worth Rs 95.28 crore this quarter for Covid-19
- Total provisions for Covid-19 at Rs 215.29 crore
- Additioal provision worth Rs 4.7 crore for potential restructuring of accounts
- Provision Coverage Ratio at 75.19%
- All numbers are standalone. Net Profit and NII compared on a year-on-year basis
Shares gained as much as 4.6% to Rs 32.9, post the announcement.
Active Stock Options
- Reliance Industries' 2,100 Call: Premium up 2.9% to Rs 69.45. The contract has added 6 lakh shares in Open Interest.
- ICICI Bank's 400 Call: Premium down 20.1% to Rs 17.8. The contract has added 12.1 lakh shares in Open Interest.
- TCS' 2,700 Call: Premium up 15.5% to Rs 56.85. The contract has added 76,200 shares in Open Interest.
Earnings Reaction: Intellect Design Arena Q2FY21
- U.S. Dollar revenue up 8% year-on-year to $50.1 million
- Revenue up 7% to Rs 371.8 crore
- Net profit up 39% to Rs 59.1 crore
- Ebit up 36% to Rs 67 crore
- Ebit margin at 18% from 14.2%
- License revenue up 131% year-on-year to Rs 98.5 crore
- AMC revenue up 19% year-on-year to Rs 74.8 crore
- Cloud/SaaS revenue up 25% to Rs 34.5 crore
- Order backlog related to license-based deals at Rs 1,194 crore
- Had six digital-led order wins during the quarter
- All numbers are consolidated. Revenue, Net profit, Ebit, Ebit margin compared quarter-on-quarter
Shares fell as much as 2% to Rs 233.9, before recovering from the low.
Earnings Reaction: Dixon Technologies Q2FY21
- Revenue up 17% to Rs 1,638.7 crore
- Net profit up 22% to Rs 52.3 crore
- Ebitda up 42% to Rs 89.3 crore
- Ebitda margin at 5.4% from 4.5%
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 3.9% to Rs 9,400, post the announcement.
Earnings Reaction: Dhanuka Agritech Q2FY21
- Revenue up 10% to Rs 442.4 crore
- Net profit up 17% to Rs 70 crore
- Ebitda up 21% to Rs 89 crore
- Ebitda margin at 20.1% from 18.2%
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 4.6% to Rs 747, before giving up half the gains.
Markets At 2:10 P.M.
- Benchmark indices off the day's low but set to end the week with losses
- Nifty down 0.3% at 11,636
- Sensex down 0.4% at 39,579
- Nifty Bank down 0.7% at 23,919
- Nifty Midcap index up 0.4%
- Nifty Smallcap index down 0.2%
- India Volatility Index up 4.4% to 25.1
- Nifty Metal and Nifty Realty are the top sectoral gainers; up over 1.5% each
- Nify Auto is the top sectoral laggard; down 1.1%
- Adani Ports extends gains as the top Nifty gainer; up 5.4%
- Hero MotoCorp is the top Nifty laggard; down 3.2%
- 893 stocks on the NSE are trading with gains while 900 are declining
Earnings Reaction: Indian Oil Corporation Q2FY21
- Net sales up 37% to Rs 85,610 crore
- Net profit up more than 4x to Rs 6,227.3 crore
- Ebitda up 71% to Rs 9,426.7 crore
- Ebitda margin at 11.1% from 8.8%
- Domestic sales up 17% to 17.7 MMT
- Exports flat at 1.2 MMT
- Refineries Throughput up 8% to 14 MMT
- Pipelines Throughput up 15% to 17.34 MMT
- Average GRM for the April to September period at $3.46 per barrel
- Core GRM for H1FY21 after offsetting inventory loss / gain at $1.57 per barrel
- Petroleum Products revenue up 30% to Rs 1.1 lakh crore
- Petrochemicals revenue up 57% to Rs 4,440 crore
- All numbers are standalone and compared on a quarter-on-quarter basis
Shares are off the day's high, after gaining as much as 4.5% to Rs 81.9. The stock is trading 2.7% higher at Rs 80.50.
Realty Stocks Buck The Trend
Earnings Reaction: JSPL Q2FY21
- Revenue up 17% to Rs 8,989.8 crore
- Net profit of Rs 903.3 crore from net loss of Rs 320.6 crore (before exceptional loss)
- Post exceptional item, net loss widens to Rs 706 crore
- Ebitda up 78% to Rs 2,702.3 crore
- Ebitda margin at 30.1% from 19.7%
- Iron and Steel business revenue up 20% to Rs 7,633 crore
- Power business revenue up 9% to Rs 1,837.9 crore
- Financial performance continues to be impacted by higher finance costs due to borrowing for payment of additional coal levy of Rs 3,300 crore and higher fuel costs, consequent to cancellation of coal blocks by the Supreme Court.
- Exceptional item of Rs 1,636.3 crore represents loss on disposal of discontinued operations in respect of Group Oman.
- Managed to reduce net debt by nearly Rs 6,867 crore in H1FY21
- Net debt to Ebitda (trailing) at the end of the quarter stood at 3.52 times from 4.2 times in the previous quarter (Ex-Oman)
- On a constant currency basis, net debt reported will be Rs 29,052 crore (Ex-Oman), based on exchange rates of March 31.
- All numbers are consolidated and compared on a year-on-year basis
F&O Snapshot: Active Options Contracts
- Nifty November futures add 16% and 16 lakh shares in Open Interest.
- Nifty Bank November futures add 29% and 4.6 lakh shares in Open Interest.
Nifty: November 5 Expiry
- 11,700 Call: Premium down 24.3% to Rs 114.1. The contract has added 11.9 lakh shares in Open Interest.
- 11,500 Put: Premium up 50.8% to Rs 160. The contract has added 10.8 lakh shares in Open Interest.
- 11,800 Call: Premium down 27.3% to Rs 77.6. The contract has added 10.2 lakh shares in Open Interest.
Nifty Bank: November 5 Expiry
- 23,500 Put: Premium up 40.9% to Rs 475.8. The contract has added 2.7 lakh shares in Open Interest.
- 23,500 Call: Premium down 38.6% to Rs 233.7. The contract has added 4.6 lakh shares in Open Interest.
- 23,000 Put: Premium up 39% to Rs 277.3. The contract has added 2.2 lakh shares in Open Interest.
Stock Reaction: Dilip Buildcon
The company has informed the exchanges that its wholly-owned subsidiary 'Dodaballapur Hoskote Highways Pvt. Ltd.' has executed the concession agreement with the National Highway Authority of India.
The project involves four laning of a 38 kilometer stretch between Dodaballapur Bypass to Hoskote at NH-648 under the Hybrid Annuity Mode.
The bid project cost for the same is Rs 1,278 crore and the completion period for the project is 24 months. The operation period is 15 years from COD.
Shares gained as much as 2% to Rs 330, post the announcement.
Laurus Labs Looks To Expand Capacity
The Indian drugmaker is planning to spend as much as Rs 1,500 crore over the next two months to expand its production capacity, its CEO Satyanarayana Chava told Bloomberg in an interview.
“We have a good visibility of orders going forward and this large capital outlay will help us meet the needs of the customers,” Chava said.
The company's net profit in the second quarter rose nearly fourfold to Rs 243 crore.
The stock is the top performer in the Indian equity markets this year, with gains of nearly 350%.
Chava said that the capex will help double capacity for its formulations business and also raise the capacity for its API business by 50%.
The capex will be funded by a mix of internal accruals and some external debt.
How Are The Sectoral Indices Faring
Earnings Reaction: Welspun India Q2FY21
- Revenue up 8% to Rs 1,973.6 crore
- Net profit down 7% to Rs 187.9 crore
- Ebitda down 1% to Rs 385.8 crore
- Ebitda margin at 19.5% from 21.4%
- Home Textile revenue up 6% to Rs 1,924.2 crore
- Flooring revenue up almost 6x to Rs 77.1 crore
- Highest ever bed sheet volume in a quarter
- Reduced net debt by Rs 623.9 crore (excluding flooring)
- Will not pursue the corporate re-alignment plan
- Plants are running at full capacity with customer demand buoyant
- Exploring further ways to enhance capacity by de-bottlenecking its manufacturing process
- Potential to increase present plant capacity by around 20%
- All numbers are consolidated and compared on a year-on-year basis
Buzzing Stock: Cholamandalam Investment & Finance
- Among top gainers on the Nifty Midcap index
- Gains as much as 9.6% to Rs 274
- Biggest single-day gain in two months
- Trading at the highest level in nearly nine months
- Up for the second straight day
- Has gained in eight out of the last 10 trading sessions
- Today's volumes are five times its 20-day average
- One-month implied volatility is 49%
- Takes support and bounces from its 50-Day Moving Average at 241.2
- Relative Strength Index (RSI) of the stock is 66
- Trading 21.5% below its 52-week high of Rs 349 on February 6, 2020
- 27 out of the 31 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 1%
Banking Stocks Lead The Losses
Markets At Noon
- Benchmark indices extend losses; fall towards the day's low
- Nifty down 0.8% at 11,579
- Sensex down 0.9% at 39,393
- Nifty Bank down 1.5% to 23,739
- Nifty Midcap index unchanged
- Nifty Smallcap index down 0.1%
- India Volatility Index up 6.7% to 25.62
- Nifty Realty index remains the top sectoral gainer; up 1.3%
- Nifty Auto index is among the top sectoral laggards; down 1%
- Adani Ports is the top Nifty gainer; up 5%
- Bharti Airtel is the top Nifty laggard; down 3%
- 848 stocks on the NSE are trading with gains while 890 stocks decline
Stock Update: InterGlobe Aviation
India's biggest airline by market will trim its fleet size over the next two years as the Covid-19 pandemic continues to weigh on the airline and its peers around the world.
“Fleet count will be stagnant, go down a little,” CEO Ronojoy Dutta told anaysts in a post earnings conference call.
“In 2022, we will be down slightly, by 2023, we will be up again,” Dutta said.
IndiGo is the world’s biggest buyer of Airbus’s best-selling A320neo-family of jets, having ordered as many as 730 of them, and is the market leader in India.
Shares are currently trading 0.4% lower at Rs 1,326. It has declined in four out of the five trading sessions.
IndiGo’s Q2FY21 Performance:
- Revenue down 66% to Rs 2,741 crore
- Net loss widens to Rs 1,195 crore from Rs 1,065 crore
- Ebitdar up 3.1 times to Rs 275 crore
- Ebitdar margin at 10.2% from 1.1%
- All numbers are standalone and compared on a year-on-year basis
Earnings Expectations: UPL Q2FY21
- Revenue seen 9% higher at Rs 8,515 crore
- Ebitda seen 15% higher at Rs 1,776
- Ebitda margin seen at 20.9% from 19.7%
- Net profit seen 6x higher at Rs 537 crore
- Base quarter had an exceptional loss of Rs 305 crore
- All numbers are Bloomberg estimates, compared on a year-on-year basis
Factors At Play For UPL:
- High offtake in key geographies to aid strong topline growth
- Playout of synergies post Arysta acquisition to be key
- Will watch for guidance on debt reduction and capex plans
- Also awaiting commentary on impact of Covid-19 and business outlook
Shares are currently trading little changed at Rs 451.3.
Buzzing Stock: Carborundum Universal
- Among top gainers on the BSE Smallcap index
- Gains as much as 4.8% to Rs 280.5
- Trading at the highest level in over a month
- Up for the sixth straight day
- Longest winning streak in four months
- Has gained 18% in the last four trading sessions
- Today's volumes are triple its 20-day average
- Breaks above its 200-Day Moving Average at 260.6
- Relative Strength Index (RSI) of the stock at 67.3
- Trading 22.5% below its 52-week high of Rs 361.4 on February 20, 2020
- Nine out of the 11 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 10.7%
Earnings Reaction: Vodafone Idea Q2FY21
- Revenue up 1.2% to Rs 10,791.2 crore
- Net loss narrows to Rs 7,218.5 crore
- Ebitda up 1.3% to Rs 4,152.4 crore
- Ebitda margin at 38.5% from 38.4%
- ARPU at Rs 119 from Rs 114
- Evaluating various options for fund raising
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares gained as much as 7.2% to Rs 8.95, before cooling off.
Buzzing Stock: Adani Enterprises
- Among top gainers on the Nifty 500 index
- Gains as much as 4.3% to Rs 343
- Trading at a record high
- Up for the fourth straight day
- Longest winning streak in nearly a month
- Has gained 11% in the last four trading sessions
- Today's volumes are triple its 20-day average
- One-month implied volatility at 53%
- Stock heading towards overbought territory with Relative Strength Index (RSI) at 69.1
- Has tripled from its 52-week low of Rs 116 on March 24, 2020
- The stock is trading 40% higher than its 12-month consensus price target of Rs 204, implying a negative return potential
Earnings Reaction: Security & Intelligence Services India Q2FY21
- Revenue up 3% to Rs 2,157.8 crore
- Net profit up 42% to Rs 108
- Ebitda up 5% to Rs 129.6 crore
- Ebitda margin at 6% from 5.9%
- Security Solutions India business down 5% to Rs 839 crore
- Security Solutions International business up 18% to Rs 1,068 crore
- Facilities Management business down 18% to Rs 256 crore
- Reduced net debt by Rs 213 crore as compared to the previous quarter
- Net-debt / Ebitda now less than 1
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 13.8% to Rs 404. The stock is trading at the highest level in a month.
Buzzing Stock: Sobha
- Top gainer on the Nifty Smallcap index
- Gains as much as 7.2% to Rs 295
- Snaps five-day losing streak
- Had gained for five days in a row before the five-day losing streak
- Today's volumes are on par with its 20-day average
- Trading above its 200-Day Moving Average at 255.6
- Relative Strength Index (RSI) of the stock at 61.2
- Trading 37% below its 52-week high of Rs 470 on November 7, 2019
- All 22 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 15.3%
Stock Reaction: Angel Broking
Shares of the broking firm are surging in today's session after Thursday's market data suggested an HNI purchase in the stock.
Kuwait Investment Authority acquired 4.3 lakh shares of the company at Rs 321.73, as per data available on the exchanges. The total number of shares acquired amount to an overall stake of 0.5%.
Shares gained as much as 16.4% to Rs 379.3 and are up for the sixth straight day.
Buzzing Stock: GE Power India
- Worst performing stock on the Nifty 500 index
- Falls as much as 8.6% to Rs 208
- Down for the sixth straight day
- Trading at the lowest level in 12 years.
- Has gained only thrice in the last 15 trading sessions
- Down 46% in the last six trading sessions
- Today's volumes are more than seven times its 20-day average
- Stock in oversold territory with Relative Strength Index (RSI) of the stock at 8.8
- Has declined 75% from its 52-week high of Rs 827 on February 14, 2020
- Return potential of the stock as per Bloomberg data is 67.7%
Earnings Reaction: TVS Motor Q2FY21
- Revenue up 6% to Rs 4,605 crore
- Net profit up 12% to Rs 179 crore
- Ebitda up 13% to Rs 430 crore
- Ebitda margin at 9.3% from 8.8%
- All numbers are standalone and compared on a year-on-year basis
Brokerages On TVS Motor:
- Bernstein: Market perform rating maintained; price target raised to Rs 410 from Rs 360
- HSBC: Upgrade to buy from hold; price target raised to Rs 480 from Rs 370
- ICICI Securities: Buy rating maintained; price target raised to Rs 510 from Rs 462
- Ambit Capital: Buy rating maintained; price target of Rs 571
Shares gained as much as 7% - the biggest single-day gain in two months to Rs 451.8.
Markets At 10:10 A.M.
- Benchmark indices gain momentum after a subdued start
- Nifty up 0.6% at 11,743
- Sensex up 0.55% at 39,968
- Nifty Bank up 0.5% at 24,217
- Nifty Midcap index up 1%
- Nifty Smallcap index up 0.9%
- India Volatility Index down 1.3% to 23.71
- All sectoral indices trade with gains
- Nifty Realty is the top sectoral gainer; up 2.3%
- Nifty Media, Nifty Metal index up 1.5% each
- Nifty I.T. index up 1.1%
- Indian Oil is the top gainer on the Nifty; up 3.6%
- 41 out of the 50 index constituents are trading with gains
- Bajaj Finance is the top Nifty laggard; down 1%
- 1,235 stocks on the NSE are trading with gains while 427 are declining
Buzzing Stock: Godrej Properties
- Second best performer on the Nifty Midcap index
- Gains as much as 4.7% to Rs 1,038
- Snaps four-day losing streak in today's session
- Today's volumes are double its 20-day average
- One-month implied volatility at 49%
- Remains well above all of its key Daily Moving Averages
- Relative Strength Index (RSI) of the stock at 65.5
- Trading 13% below its 52-week high of Rs 1,189 on February 5, 2020
- 10 out of the 16 analysts tracking the stock have a buy recommendation; 4 sell calls
- The stock trades 13.9% higher than its 12-month consensus price target of Rs 891.8, implying a negative return potential
Earnings Reaction: Mastek Q2FY21
- U.S. Dollar revenue up 5.3% to $55.1 million
- Revenue up 6% to Rs 409.7 crore
- Net profit up 27% to Rs 59.1 crore
- Ebit up 32% to Rs 74.9 crore
- Ebit margin at 18.3% from 14.7%
- U.K. and Europe operations revenue up 9% to Rs 275.5 crore
- North America operations up 10% to Rs 72.6 crore
- Middle-east operations revenue down 19% to Rs 44 crore
- Added 37 new clients during the quarter
- 12-month order backlog up 23% from last quarter to Rs 940.5 crore
- Signed second deal with Evosys in H1FY21 under 'joint go-to market strategy' worth $7.7 million
- Declares interim dividend of Rs 5.5 per share
- All numbers are consolidated and compared on a quarter-on-quarter basis
Shares are locked in an upper circuit of 10% at Rs 884.15.
Coronavirus India Updates
- India's active case load falls below the 6 lakh mark
- 48,648 new cases reported over the last 24 hours
- Total confirmed cases now at 80,88,851
- Active cases at 5,94,836
- Patients cured / discharged / migrated at 73,73,375
- Death toll rises to 1,21,090
- 563 deaths reported in the last 24 hours
- 57,386 patients recovered in the last 24 hours
Earnings Reaction: Blue Dart Q2FY21
- Revenue up 8% to Rs 864.4 crore
- Net profit triples to Rs 41.4 crore
- Ebitda more than doubles to Rs 147.5 crore
- Ebitda margin at 17.1% from 7.6%
- Profit triples despite exceptional item of Rs 34 crore, attributed to one-time ex-gratia to its employees as a token of appreciation.
- Cautiously optimistic for the future
- Customers' businesses are coming back on track
- Fully prepared for the upcoming festive season
- Gearing up to provide logistics support when a prospective vaccine candidate does arrive
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 16% - its biggest single-day gain in nearly two months to Rs 3,767.2. The stock is trading at its highest level since March 2019.
Stock Reaction: Hindustan Petroleum
The downstream oil refiner informed the exchanges on Thursday that it will be considering a proposal for buyback of equity shares at its board meeting on November 4.
This will make HPCL the third state-run company after KIOCL and NTPC to announce a share buyback plan.
Bloomberg News had earlier reported that the government has asked eight companies including the likes of Coal India, NMDC to utilise excess cash on their books for buybacks.
Based on the latest shareholding pattern, the government holds 51.1% stake in HPCL.
Shares gained as much as 3.3% to Rs 185.5 and are up for the second straight day.
Opening Bell: A Subdued Start
Indian equity markets have begun the first day of the November series and an earnings-heavy day on a subdued note, after declining for two straight sessions.
The S&P BSE Sensex opened 30 points higher at 39,779 while the NSE Nifty 50 index is up 7 points at 11,678 at the start of trade. As of closing on Thursday, both Sensex and Nifty were down over 2% for the week.
Most sectoral indices have opened flat. The Nifty Media index is up 0.8% while the PSU Bank index is trading 0.6% higher. Nifty Metal and Nifty Pharma are up 0.4% each.
Broader markets are off to a flat start but with a positive bias. The Nifty Midcap index is up 0.2% while the Smallcap index is 0.4% higher.
935 stocks on the NSE have opened with gains while 474 are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 12,000 Call of the November 5 expiry in the range of Rs 43-45. Target of Rs 28-18 and stop loss of Rs 59.
- Nifty Bank: Sell in the range of 24,200-24,250 for target of 24,000-23,800 and stop loss of 24,400
- Buy Ramco Cements November futures for target of Rs 799.6 and Rs 815.5 with a stop loss of Rs 778.4
- Sell Titan November futures for target of Rs 1,163.5 and Rs 1,145.5 with a stop loss of Rs 1,187.5
- Ramco Cements and Titan are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Tata Group Stocks: The Mistry-family owned SP Group has proposed a plan of separation from Tata Sons. The SP Group has proposed a selective reduction of capital at Tata Sons, thereby extinguishing the shares held by them. In exchange, SP Group can be granted shares in listed companies of the group. It has also proposed cash consideration or shares for brand , unlisted assets etc. The SP Group holds 18.37% stake in Tata Sons, which it s at more than Rs 1.75 lakh crore.
- HPCL: To consider share buyback on November 4.
- InterGlobe Aviation: To defer decision on Qualified Institutional Placement to December.
- ICICI Prudential Life Insurance: Board approved raising Rs 1,200 crore via NCDs.
- Aviation Stocks: Hardeep Singh Puri, Minister of Civil Aviation stated that there will be an extension of the fare-cap on airlines by another three months.
- Indian Energy Exchange: Signs agreement with MCX which will enable the latter to use IEX's electricity clearing prices for settlement of its electricity derivative contracts.
To know more about earnings reported after market hours, brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
New F&O Series Begins
Good Morning!
Indian equity markets ended the October future and options series on a sombre note, declining for the second straight day. The losses, however, were modest, compared to global peers.
Futures are again indicating that the first trading session of the November series may begin with a negative bias. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 11,635 as of 7:50 a.m. on Friday.
The S&P BSE Sensex and NSE Nifty 50 have lost more than 2% so far this week.
Four Nifty 50 constituents—Indian Oil, UPL, IndusInd Bank and Reliance Industries—will report their second-quarter earnings. Deepak Nitrite, Dhanuka Agri, Dixon Technologies, Just Dial, JSPL, Edelweiss, DLF are some of the non-Nifty companies that will announce results today.
Globally, Asian Markets are declining on the final trading day of the week, with Japanese markets falling over 1%. Losses are modest in Hong Kong and Australia.
Futures on the Dow Jones are currently trading 165 points lower. The index ended with gains of 0.5% on Thursday.
West Texas Intermediate crude was up 0.4% to $36.3 per barrel after falling to multi-month lows on fears of demand destruction from stricter lockdown measures.
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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