KEY HIGHLIGHTS
Closing Bell: Gains Continue
Indian equity markets extended their longest winning streak in over a month to the sixth day, ending at the highest level in nearly eight months.
The S&P BSE Sensex ended 0.76% higher at 40,182 while the NSE Nifty 50 index ended 0.8% higher at 11,834. Both benchmark indices have gained in eight out of the last nine trading sessions. During this period, the Nifty has gained over 1,000 points while the Sensex has gained close to 2,800 points.
Both Sensex and Nifty are also close to erasing their losses for the year. The Nifty is 2.7% while the Sensex is 2.6% away from turning positive for 2020.
Sectoral indices cooled off from their respective day's high. The I.T. index, which was up as much as 5% during noon, ended with gains of 3.2%. Three out of the top five gainers on the Nifty 50 index were I.T. stocks. For most part of the session, the top five Nifty gainers were I.T. stocks.
What saw a late session surge was Pharma. Nifty Pharma ended with gains of 2.5% courtesy gains in Cipla and Sun Pharma.
The Nifty Bank ended 1% higher while other indices gained between 0.5%-1%. Nifty Media and Nifty FMCG were the sectoral laggards, ending with losses.
Broader markets underperformed the benchmarks for the second straight session. The Nifty midcap index ended little changed while the smallcap index ended lower by 0.2%.
India Volatility Index ended 1.6% higher at 20.38.
840 stocks on the NSE ended with gains while 997 posted losses.
How Did The Sectoral Indices Fare
Future Retail's Dollar Bond Declines
Future Retail's 2025 dollar bond fell 4.5 cents against the U.S. Dollar to 83.1 cents in Hong Kong as of 3 p.m. Indian Standard Time.
This is the biggest fall since August 12, this year - Bloomberg-compiled prices show.
Amazon had earlier said that Future Group had violated a contract by entering into a sale agreement with Reliance Industries for its retail and warehousing operations.
Shares of Future Retail fell as much as 10% in today's session to Rs 79.5 and are down for the second straight day.
Buzzing Stock: Apollo Hospitals
- Among top gainers on the Nifty Midcap index
- Gains as much as 3.5% to Rs 2,248
- Trading at a record high
- Up for the second straight day
- Has gained in six out of the last eight trading sessions
- Today's volumes are 11% below its 20-day average
- One month implied volatility for the stock at 43%
- Stock in overbought territory with Relative Strength Index (RSI) at 81
- Has more than doubled from its 52-week low of Rs 1,047.5 on March 31, 2020
- 21 out of the 22 analysts tracking the stock have a buy recommendation; 1 sell call
- Brokerage firm HSBC raised its price target on the stock to Rs 2,400 from Rs 1,875 today
- The stock trades 14.4% higher than its 12-month consensus price target of Rs 1,920, implying a negative return potential
Sulfur Dioxide Emissions See First Decline In Four Years
India's Sulfur Dioxide emissions dropped in 2019, the first decline in four years for the world's largest spewer of the pollutant responsible for human health risks and acid rain.
Emissions from India fell 6% last year, Bloomberg News reports quoting a study by the Centre for Research on Energy and Clean Air along with Greenpeace.
All of the world's top three emitters - India, Russia and China saw reductions in Sulfur Dioxide emissions, according to the report.
"In India, we are getting a glimpse of what reduced coal use means for air quality and health," Avinash Chanchal of Greenpeace India said in a press release.
India accounted for 21% out of the total Sulfur Dioxide emissions, mostly from coal-fired power plants that lack pollution-curbing equipments.
Buzzing Stock: Repco Home Finance
- Top gainer on the BSE Smallcap index
- Gains as much as 17.6% to Rs 205
- Biggest single-day gain since March 2019
- Trading at the highest level in nearly seven months
- Has gained in three out of the last four trading sessions
- Circuit filter on the stock was revised to 20% from 5% today.
- Today's volumes are more than 11 times its 20-day average
- One-month implied volatility is 85%
- Breaks above its 200-Day Moving Average at 186.6
- Stock nearing overbought territory with Relative Strength Index (RSI) at 67
- Trading 43% below its 52-week high of Rs 365.5 on January 21, 2020
- 17 out of the 19 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 21.5%
Stock Reaction: NMDC
The company has revised the prices of its Lump Ore and fines for the month of October.
Lump Ore 65.5%, 6-40 mm prices have been set at Rs 3,450 per ton, while the prices of fines 64%, -10mm has been set at Rs 3,160 per ton, according to its exchange filing.
The prices of Lump Ore have been raised by 6.1% as compared to the previous month while those of Fines have been raised by 6.75% month-on-month.
Shares gained as much as 4% before cooling off. The stock trades 0.4% higher at Rs 82.4.
Active Stock Options
- TCS' 3,000 Call: Premium up 4.8% to Rs 30.7. The contract has added 65,400 shares in Open Interest.
- Wipro's 400 Call: Premium up 178.6% to Rs 5.8. The contract has added 51 lakh shares in Open Interest.
- HDFC Bank's 1,200 Call: Premium up 66% to Rs 30.8. The contract has added 1.3 lakh shares in Open Interet.
Quarterly Business Update: SH Kelkar
- Healthy uptick in demand and enquiries across domestic and international markets.
- Engagements across customer base remained solid, especially with mid and large-sized FMCG customers.
- New business wins across various categories remained strong
- Sales in Q2 stood at approximately Rs 310 crore.
- Net debt as on September 30 at nearly Rs 385 crore, following the payment of the second and final tranche of the CFF acquisition.
- No major capex plans on hand going forward and focus remains on sweating current investments
- Confident of maintaining net debt levels around Rs 300 crore by end of FY21
Shares gained as much as 5.3% to Rs 86.8, post the announcement, before cooling off.
Markets At 2:10 P.M.
- Benchmark indices off day's high but hold on to gains
- Nifty up 1% at 11,860
- Sensex up 1% at 40,304
- Nifty Bank up 1.4% at 23,274
- Nifty Midcap index unchanged
- Nifty Smallcap index unchanged
- India Volatility Index up 2.6% to 20.6
- Nifty I.T. remains the top sectoral gainer; up 4.2%
- Nifty Pharma is the other major sectoral gainer; up 1.6%
- Nifty PSU Bank off the day's high but up 1%
- Nifty Media, Nifty FMCG and Nifty Auto are the sectoral laggards
- Wipro remains the top Nifty gainer; up 7.6%
- ONGC is the top Nifty laggard; down 2.7%
- 823 stocks on the NSE are trading with gains while 959 are declining
Money Market Update
The rupee gained for the second straight session, ending with modest gains amidst a weakening U.S. Dollar.
The currency ended at 73.24 against the Greenback as compared to Wednesday's close of 73.33. The intraday high today was 73.21 while 73.35 acted as the day's low, indicating a narrow trading range for the session.
Today's performance made rupee the fourth best performing currency in Asia, behind the South Korean Won, Singapore Dollar and the Thai Baht.
All Stocks On The Pharma Index Gain
September Mutual Funds Data
- Net equity outflow of Rs 734 crore as compared to an outflow of Rs 4,000 crore
- Total Mutual Fund industry saw outflows of Rs 52,091 crore as compared to an outflow of Rs 14,553 crore
- Equity AUM up 0.2% to Rs 7,67,954 crore
- Total Mutual Fund Industry AUM down 0.1% to Rs 27,74,146 crore
- Liquid funds saw outflow of Rs 65,952 crore as compared to outflows of Rs 15,814 crore
- Balanced funds saw outflow of Rs 2,004 crore as compared to an outflow of Rs 2,355 crore
- Credit Risk Funds outflow at Rs 540 crore as compared to outflows of Rs 554 crore
- All numbers are compared on a month-on-month basis
Source: AMFI
F&O Snapshot: Active Options Contracts
- Nifty October futures add 12% and 12.5 lakh shares in Open Interest.
- Nifty Bank October futures add 16.8% and 2.5 lakh shares in Open Interest.
Nifty: October 15 Expiry
- 11,900 Call: Premium up 105% to Rs 116.25. The contract has added 4.6 lakh shares in Open Interest.
- 11,800 Put: Premium down 39.6% to Rs 92. The contract has added 7 lakh shares in Open Interest.
- 11,850 Put: Premium down 39% to Rs 109.7. The contract has added 2.6 lakh shares in Open Interest.
Nifty Bank: October 15 Expiry
- 23,500 Call: Premium up 45% to Rs 348. The contract has added 48,450 shares in Open Interest.
- 23,000 Put: Premium down 35.6% to Rs 291.6. The contract has added 1.62 lakh shares in Open Interest.
- 24,500 Call: Premium up 52% to Rs 79.7. The contract has added 76,500 shares in Open Interest.
Buzzing Stock: Just Dial
- Top gainer on the Nifty Smallcap index
- Gains as much as 14% to Rs 439.9
- Biggest single-day gain in nearly seven months
- Trading at the highest level in four months
- Up for the second straight day
- Today's volumes are more than quadruple its 20-day average
- One-month implied volatility for the stock at 87%
- Breaks above 200-Day Moving Average at 415
- Relative Strength Index (RSI) of the stock at 66
- Trading 34% below its 52-week high of Rs 660.8 on October 24, 2019
- 13 out of the 18 analysts tracking the stock have a buy recommendation; 3 sell calls
- Return potential of the stock as per Bloomberg data is 12.3%
European Markets Extend Weekly Gain
Benchmark indices in Europe have opened higher for the fifth day out of the last six sessions, extending their gains for the week.
The Stoxx 600 has opened 0.6% higher with travel & leisure and industrials are the top gainers while miners are the top laggards.
Asian markets have ended mixed in today's session while futures on the Dow Jones are trading higher by 190 points.
Brent Crude is trading 0.9% higher at $42.36 per barrel while Gold is trading at $1,891/Oz, up 0.2%.
Here's a look at how European markets are trading:
- Euro Stoxx 50 up 0.7% at 3,256
- DAX up 0.8% at 13,027
- CAC up 0.6% at 4,912
- FTSE 100 up 0.2% at 5,960
- IBEX 35 up 0.75% at 6,961
How Are The Sectoral Indices Faring
Earnings Reaction: GM Breweries Q2FY21
- Revenue down 38% to Rs 262.3 crore
- Net profit down 43% to Rs 11.2 crore
- Ebitda down 37% to Rs 15.2 crore
- Ebitda margin at 5.8% from 5.7%
- Lower finance costs and other expenses keep margins flat
- All numbers compared on a year-on-year basis
- Sale of country liquor down by 7.58 lakh boxes as compared to the previous year. This has resulted in reduction in net profit
Shares fell to the day's low, declining as much as 3.9% to Rs 387.9, post the announcement. The stock is down for the second straight day.
I.T. Index Extends Gains
Vehicle Registration Data For September
- Overall registrations up 11.4% in September as compared to the previous month, but down 10.2% year-on-year
- Entry level passenger vehicles saw good demand
- Tractor sales in rural India continue positive run
- Dealer inventory for two-wheelers and PV are at the highest level in anticipation of a good festive season
- Any further increase in inventory, coupled with festival dampener will have a catastrophic impact on the health of auto dealerships.
Vehicle Registration Data (Year-on-Year):
- Two-wheeler registrations down 12.6% to 10,16,977 units
- Three-wheeler registrations down 59% to 24,060 units
- Commercial Vehicle registrations down 33.6% to 39,600 units
- Passenger Vehicle registrations up 9.8% to 1,95,665 units
- Tractor registrations up 80.3% to 68,564 units
Markets At Noon
- Benchmark indices remain near the day's high
- Nifty up 1.2% at 11,882
- Sensex up 1.3% at 40,409
- Both Sensex and Nifty are 2% away from turning positive for 2020
- Nifty Bank up 1.7% at 23,354
- Nifty Midcap index up 0.5%
- Nifty Smallcap index up 0.6%
- India Volatility Index up 2.1% to 20.48
- Nifty I.T. extends gains as the top sectoral gainer; up 5%
- Nifty PSU Bank is the other major sectoral gainer; up 2.1%
- Nifty Pharma, Nifty Realty index up 1% each
- Wipro is the top Nifty gainer; up 7.2%
- I.T. stocks remain the top five gainers on the Nifty index
- GAIL remains the top Nifty laggard; down 2.4%
- 960 stocks on the NSE are trading with gains while 782 decline
Quarterly Business Update: RBL Bank
- Total deposits up 3% to Rs 64,529 crore
- Gross advances down 3% to Rs 57,295 crore
- CASA deposits up 21% to Rs 20,060
- CASA Ratio at 31.1% from 26.5% last year
- Liquidity Coverage Ratio at 170.7% from 136.5% last year
- Retail advances grew 23% year-on-year
- Retail-Wholesale Mix at 56:44
- Figures are provisional and compared on a year-on-year basis
Shares are trading at the day's low, down 0.6% at Rs 176. The stock is declining for the second straight day.
Quarterly Business Update: Nitco
The tile company has reported that its sales volume during the second quarter of FY21 has improved significantly.
Sales volume for the month of September was nearly at 80% of the sales volume achieved during the same period last year, the company said in an exchange filing.
The company's volumes had dipped during the first quarter due to the nation-wide lockdown. "The company managed to turn the tide from July 2020 and managed a three-fold improvement in sales during the second quarter," the statement said.
Nitco also said that it is witnessing tangible improvement and a gradual pick-up in refurbishment demand.
Shares rose as much as 5.7% to Rs 17.6, post the announcement.
Buzzing Stock: Aarti Drugs
- Among top performers on the Nifty 500 index
- Gains as much as 8.8% to Rs 1,019.7
- Biggest single-day gain in over a month
- Trading at an all-time high
- Up for the sixth straight day
- Has gained 38% in the last six trading sessions
- Today's volumes are five times its 20-day average
- Stock in overbought territory with Relative Strength Index at 82
- Has gained close to 10 times from its 52-week low of Rs 105 on March 23, 2020
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 49.5% higher than its 12-month consensus price target of Rs 509.4, implying a negative return potential
Stock Reaction: Infosys
The company has announced that it has signed a definitive agreement to acquire Blue Acorn iCi, an Adobe Platinum Partner in the U.S. and a leader in digital customer experience, commerce and analytics.
The acquisition of 100% of the equity share capital will be done for a cash consideration of $125 million, including management incentives and bonuses.
The acquisition is expected to close during the third quarter of FY21, subject to customary closing conditions.
Shares are at the day's high, gaining as much as 4.45% to an all-time high of Rs 1,114. The stock is up for the fifth straight day - its longest winning streak in over three weeks.
Stock Reaction: Titan
The company has informed the exchanges that it has ended its joint venture with Montblanc.
Montblanc India Retail was formed in 2014 and Titan holds 49% stake in the JV.
Titan's strategy to focus on its primary business and proprietary brands is cited as the rationale behind the termination of the JV.
The requisite formalities will be completed in December 2020, the company said in its exchange filing.
Shares fell as much as 1.6% to Rs 1,233.6, snapping a two-day gaining streak.
Buzzing Stock: Sonata Software
- Top gainer on the Nifty Smallcap index
- Gains as much as 6% to Rs 337.95
- Biggest single-day gain in two months
- Trading at the highest level in three weeks
- Up for the fourth straight day
- Longest winning streak in nearly two months
- Today's volumes are more than triple its 20-Day Average
- Trading above all of its Key Moving Averages
- Relative Strength Index (RSI) of the stock at 60.7
- Trading near its 52-week high of Rs 354.9 on February 27, 2020
- Six out of the eight analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 11.6%
Stock Reaction: Hitachi ABB Power Grids India
The company has announced that it has won a Rs 100 crore order from HPCL for its Rajasthan Refinery.
The project will strengthen mission-critical power infrastructure at the company's Barmer Refinery.
The company will deliver a 220/66 kV substation to assimilate power from the state grid and delivery it smoothly to the refinery.
"With this project, we have taken another step forward in meeting future energy demand with our pioneering technology solutions," N Venu - Managing Director of the company was quoted as saying.
Shares are currently trading 1.3% lower at Rs 961.75, down for the second straight day.
Amazon Says Future Group Broke Pact
Amazon has said that its Indian partner Future Group violated a contract by entering into a $3.4 billion sale agreement with Mukesh Ambani's Reliance Industries - a spat that may derail the country's biggest retail deal.
"We have initiated steps to enforce our contractual rights," an Amazon spokeswoman told Bloomberg News in an email. "As the matter is sub-judice, we can't provide details," she said.
Amazon had agreed to purchase 49% of one of Future Group's unlisted firms last year, with the right to buy into flagship Future Retail after a period between 3-10 years.
Amazon "certainly would have incorporated a strong non-compete and first right of refusal," Arvind Singhal of Technopak Advisors said.
A Future Group representative did not immediately respond to a request for a comment.
All Future Group companies are declining in today’s trading session.
Stock Reaction: Bandhan Bank
The Kolkata-based lender reported its quarterly business update on Wednesday. The bank reported 20% growth in overall advances to Rs 76,724 crore while deposits saw a growth of 34% to Rs 66,153 crore.
CASA Deposits for the bank rose 56% as compared to last year to Rs 25,279 while the share of Retail deposits to total deposits stood at 77% as compared to 78% last year.
CASA ratio for the bank stood at 38.2% as compared to 32.9% year-on-year.
Collection efficiency for the bank in the month of September stood at 92% as per the lender's exchange filing. Liquidity Coverage Ratio stood at 157%.
Shares rose as much as 4% to Rs 327.2 and are trading at the highest level in over two months. The stock is trading higher for the fifth straight day - its longest winning streak in two months.
Stock Reaction: Majesco
The company has informed the exchanges that its Board of Directors have approved a proposal to buy back fully paid equity shares of Rs 5 each.
Majesco will buy up to 74.7 lakh shares, aggregating to 25% of the total paid-up equity capital of the company, it said in an exchange filing.
The buyback price of Rs 845 per share is a 0.3% discount to Wednesday's closing price.
The total consideration for the buyback is at Rs 631.26 crore.
The buyback will be undertaken from the company's shareholders on a proportionate basis through the tender offer route and is subject to approval of members through a special resolution.
Shares fell as much as 5% to Rs 804.8, post the announcement. The stock is down for four out of the last five trading sessions.
Markets At 10:10 A.M.
- Benchmark indices gain for the sixth straight day, extending their longest winning streak in over a month
- Nifty up 1.1% at 11,869
- Sensex up 1.2% at 40,349
- Nifty Bank up 1.3% at 23,257
- Nifty Midcap index up 0.6%
- Nifty Smallcap index up 0.7%
- India Volatility Index up 1.4% at 20.33
- Nifty I.T. index is the top sectoral gainer; up 3.9%
- Nifty Media, Nifty PSU Bank index gain over 1.5% each
- Nifty Pharma, Nifty Realty up over 1.2% each
- TCS and Wipro are the top Nifty gainers; up 4.4% each
- 37 out of the 50 Nifty constituents are advancing
- Top five gainers on the Nifty 50 index are I.T. stocks
- GAIL is the top Nifty laggard; down 2.5%
- 1,077 stocks on the NSE trade with gains while 594 are declining
Money Market Update
The currency has opened flat in today's session after snapping a two-day losing streak on Wednesday.
The rupee opened at 73.29 against the U.S. Dollar as compared to Wednesday's close of 73.33. It was the third best performer in Asia on Wednesday.
According to Standard Chartered Bank, the appointment of a new rate panel will have limited near-term implications for the rupee and that strong inflows and reserve accumulation by the RBI will remain the key drivers.
Yield on the 10-year government bond opened at 6.012% as compared to Wednesday's close of 6.025%.
Bond traders will monitor Principal Economic Adviser Sanjeev Sanyal's comments that the government recognises the need for further stimulus at an appropriate time to perk up demand in the economy.
Buzzing Stock: L&T Infotech
- Top gainer on the Nifty 500 index
- Gains as much as 7.8% to Rs 2,875
- Biggest single-day gain in over five months
- Trading at an all-time high
- Has gained in three out of the last four trading sessions
- Up 13% in the last four trading sessions
- Today's volumes are six times its 20-day average
- Stock is near overbought territory with Relative Strength Index (RSI) at 69.6
- Saw a breakout above its 50-Day Moving Average at 2,508 on September 28 - up 15% since then
- Has more than doubled from its 52-week low of Rs 1,207 on March 19, 2020
- 22 out of the 32 analysts tracking the stock have a buy recommendation; 4 sell calls
- The stock trades 9% higher than its 12-month consensus price target of Rs 2,601.8, implying a negative return potential
Stock Reaction: Wipro
The company announced on Wednesday evening that it will consider a proposal for buyback of equity shares at its board meeting on October 13.
The I.T. major will be reporting its second quarter earnings on that day.
Wipro's announcement comes on the heels of TCS announcing a share buyback post its quarterly results on Wednesday.
Shares gained as much as 5.5% to Rs 353.7, and are trading at an all-time high. Shares of the company listed on the American Exchanges (ADRs) ended 4.4% higher overnight.
The stock is up for the second straight day in today's session.
Coronavirus India Updates
- Active cases in India continue to decline
- 78,524 cases reported over the last 24 hours
- Total confirmed cases now at 68,35,655
- Active cases at 9,02,425
- Patients cured / discharged / migrated at 58,27,704
- Death toll rises to 1,05,526
- 971 deaths reported in the last 24 hours
- 83,011 patients recovered over the last 24 hours
Earnings Reaction: TCS Q2FY21
Shares of the I.T. major are trading at an all-time high after its second quarter results managed to surpass analyst estimates on most parameters.
The company's revenue growth in U.S. Dollar terms was the highest in 24 quarters while net profit was impacted due to an exceptional item of Rs 1,218 crore in the EPIC Systems Corporation matter.
Growth was led by Retail and BFSI segments - both saw growth in their revenue and margins on a sequential basis.
The company's growth in constant currency terms stood at 4.8% - a beat as compared to estimates of 2.5%.
TCS also announced a buyback of equity shares. The company will buyback shares at Rs 3,000 apiece - a premium of 9% as compared to Wednesday's closing price. It has also declared a dividend of Rs 12 per share.
Shares gained as much as 5.2% to an all-time high of Rs 2,877.9. The stock is up for the ninth straight day - its longest winning streak on record.
Opening Bell: Gains Continue
Indian equity markets opened higher for the sixth straight session, extending their longest winning streak in over a month.
The S&P BSE Sensex opened 0.8% higher at 40,204 while the NSE Nifty 50 index opened above the mark of 11,800, up 0.82% at 11,835. The Sensex is back above the mark of 40,000 for the first time after February 26 this year.
The Nifty I.T. index has opened with gains of 2.5% courtesy gains in TCS, Infosys and Wipro. The Nifty Media index is up 1.1% at the start of trade.
Other indices like Nifty Bank, Nifty PSU Bank have opened with gains of 0.8% while the rest are trading flat but with a positive bias.
Broader markets - which underperformed in Wednesday's session, have opened higher. The midcap index is up 0.4% while the smallcap index has gained 0.8%.
1,078 stocks on the NSE have opened with gains while 360 are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 11,500 Put of the October 15 expiry in the range of Rs 50-52. Target of Rs 36-26 and stop loss of Rs 66.
- Nifty Bank: Buy in the range of 22,750-22,850 for target of 23,100-23,300 with a stop loss of 22,650
- Buy Bata India October futures for target of Rs 1,395.4 and Rs 1,419.9 with a stop loss of Rs 1,362.6
- Sell Hindalco October futures for target of Rs 172.4 and Rs 169.3 with a stop loss of Rs 176.6
- Hindalco and Bata are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- TCS: U.S. Dollar revenue growth highest in 24 quarters. Most other parameters other than net profit surpass Bloomberg estimates. Net profit impacted by an exceptional item of Rs 1,218 crore. Announces share buyback at Rs 3,000 per share, a 9% premium to Wednesday's closing. Declares dividend of Rs 12 per share.
- Wipro: To consider proposal for buyback of equity shares at its board meeting on October 13.
- Bandhan Bank: Says that collection efficiency in September stood at 92% across all loan categories. The lender reported 20% growth in advances over the July-September period while deposits rose 34% year-on-year to Rs 66,153 crore.
- RBL Bank: Advances down 3% in the second quarter while deposits rise 3% year-on-year. CASA deposits up 21% to Rs 20,060 crore. Liquidity Coverage Ratio at 170.7%.
- ICICI Prudential: New Business Premium for the April-September period (H1FY21) down 13.5% to Rs 4,456 crore while Annualised premium equivalent down 32.1% to Rs 2,288 crore.
- Asian Granito: To consider stock split from shares of face of Rs 10 into shares of face of Rs 2 each along with a proposal to raise funds though an equity issue on October 23.
- Adani Power: Appellate Tribunal of Electricity has upheld the order of the Maharashtra Electricity Regulatory Commission regarding the allowability of compensation under the change in law. It has also allowed the Adani Power Maharashtra's appeals related to calculation methodology, extent of shortfall and carrying cost.
- Non-Nifty Earnings Today: Prabhat Dairy, GM Breweries, 5Paisa Capital
For details on the stocks to watch, key brokerage updates, F&O cues and more, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Weekly Options Expiry Session
Good Morning!
Indian equity market maintained its longest winning streak in more than a month as it ended higher for the fifth straight day on Wednesday.
Futures, however, are indicating a flat start to the weekly options expiry session for Nifty and Bank Nifty contracts. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was little changed at 11,814 as of 8:05 a.m. on Thursday.
Information technology stocks like TCS and Wipro will be in focus in today's session.
Most markets in Asia are advancing this morning as investors mulled encouraging signs for Joe Biden in the presidential election race and its impact on any potential stimulus.
Markets in Australia are outperforming, while gains are modest in Japan. Hong Kong markets are declining in early trade.
Futures on the Dow Jones are currently trading 90 points higher. The index ended with gains of 1.9% on Wednesday.
West Texas Intermediate crude fell 0.2% to $39.9 per barrel, extending an overnight decline after the U.S. government data showed a rise in crude stockpiles for the first time in four weeks.
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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