KEY HIGHLIGHTS
Closing Bell: A Strong Rebound
Indian equity markets began the October series on a strong footing, recovering most of Thursday's losses and also cutting the losses for the week by half.
The S&P BSE Sensex endex 2.3% higher at 37,388, recovering 830 out of the 1,100 points it fell on Thursday. The NSE Nifty 50 index to recovered 230 out of 330 point drop on Thursday to end at 11,037, up 2.1%. All but 3 stocks on the Nifty, ended with gains in today's session, mirror image to the expiry day session.
The Nifty debutants today had a mixed session. Divi's Laboratories had a steady start, ending with gains of 1% while SBI Life Insurance ended as one of four laggards on the index, ending lower by over 1%.
All sectoral indices ended with gains. Nifty Auto and Nifty I.T. indices were the top sectoral gainers in today's session, both ending higher by 3.3%.
Two other indices - Nifty Media and Nifty PSU Bank saw gains of over 3%. The PSU Bank index, which underperformed for most of the session saw a surge in the final minutes of trade.
Rest of the sectoral indices, Nifty Bank, Nifty FMCG, Nifty Metal, Nifty Pharma and Nifty Realty, all ended with gains higher than 2%.
Broader markets reversed most of Thursday's losses as well. The Nifty Midcap index ended 2.8% higher while the smallcap index was not far behind, ending with gains of 2.7%.
The India Volatility Index, after a 12% surge on Thursday, ended 11.7% lower at 20.76.
1,513 stocks on the NSE ended with gains while 320 stocks posted losses.
How Did The Markets Fare This Week
Reason Behind The Surge In Vodafone Idea
Buzzing Stock: Bajaj Finserv
- Top gainer on the Nifty 50 index
- Gains as much as 8.9% to Rs 5,906
- Biggest single-day gain since October 2018
- Snaps six-day losing streak
- Today's volumes are 80% higher than its 20-day average
- Trading near its 100-Day Moving Average of 5,821
- Relative Strength Index (RSI) of the stock rebounds from oversold territory; currently at 42
- Has declined 43% from its 52-week high of Rs 10,297 on December 18, 2019
- 10 out of the 14 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential of the stock as per Bloomberg data is 26.8%
India Mulls Gas Price Floor Pegged To Asia LNG
India is considering a floor price for natural gas produced from local fields to shield explorers like ONGC, as tariffs slump, people with knowledge of the matter told Bloomberg.
The proposal being considered by the oil ministry, pegs the price to the popular benchmark Japan-Korea Marker, that is used for LNG tariff in North Asia with a discount, sources said.
Prices of natural gas produced from domestic fields that were handed over to ONGC and Oil India have fallen to the lowest in a decade and are below the imported price of the fuel. A global glut is threatening to undermine the investments and turn gas businesses of ONGC and Oil India unviable.
Shares of ONGC gained as much as 4% to Rs 69.25, snapping a four-day losing streak, while those of Oil India too snapped a four-day losing streak, gaining as much as 4% to Rs 88.
Active Stock Options
- Reliance Industries' 2,300 Call: Premium down 2.3% to Rs 57.65. The contract has added 2.9 lakh shares in Open Interest.
- TCS' 2,500 Call: Premium up 47% to Rs 67.2. The contract has added 13,500 shares in Open Interest.
- HUL's 2,100 Call: Premium up 9.1% to Rs 56.1. The contract has added 1 lakh shares in Open Interest.
Stock Reaction: Canara Bank
The state-run lender at its meeting held today, has decided to raise additional equity share capital worth Rs 2,000 crore through a Qualified Institutional Placement (QIP).
The bank will equity shares of face of Rs 10 each in one or more tranches and the premium will be decided as per applicable guidelines, the bank said.
The QIP issue will be within the overall maximum limit board approved capital raising plan of Rs 5,000 crore.
Shares gained as much as 4.6% to Rs 87.15, post the announcement. The stock has snapped a seven-day losing streak.
Indian Traders Should Expect Lower Returns: Quantum
India is likely to see a slower pace of economic growth over the next few years, which means stock investors should expect lower returns, according to analysts at Quantum Advisors.
"India's stock market has rebounded more than 40% from a March bottom. But whether it can deliver the 12-15% annual return frequently touted by local asset managers in the long-term, depends on how fast India's economy will grow," Arvind Chari, head of fixed income and alternative investments at Quantum said in the note.
The continued rise in stock prices combined with declines in profit expectations have driven the Sensex to its highest valuation multiple since 2008.
"In the very near-term, with virtually zero earnings visibility, equities are likely to be driven by the success or failure of outcomes of policies dictated by a government that is still not coming to grips with the economy's real problems," Chari said.
Buzzing Stock: Just Dial
- Biggest single-day gain in five months
- Gains as much as 7.7% to Rs 370
- Trades at the highest level in a week
- Has declined in six out of the last 10 trading sessions
- Today's volumes are nearly triple its 20-day average
- Nearing its 100 and 50-Day Moving Average at 377.5 and 378.2
- Trading at 29% premium versus peers as compared to an average of 74% over the last two years over a blended forward EV/Ebitda basis
- Has nearly halved from its 52-week high of Rs 718.25 on September 27, 2019
- 13 out of the 18 analysts tracking the stock have a buy recommendation
- Return potential of the stock as per Bloomberg data is 27.3%
Strong Traction In FMCG Stocks
Markets At 2:10 P.M.
- Benchmark indices trade near the day's high
- Nifty up 1.76% at 10,995
- Sensex up 1.8% at 37,201
- Nifty Bank up 1.7% at 20,792
- Nifty Midcap index up 2.2%
- Nifty Smallcap index up 2%
- India Volatility Index down 8.3% to 21.54
- Nifty I.T. remains the top sectoral gainer; up 3.1%
- Nifty Auto, Nifty FMCG< Nifty Media, Nifty Metal and Nifty Pharma gain over 2% each
- Nifty Realty and Nifty PSU Bank index up 1.7% each
- Bharti Airtel is the top Nifty gainer; up 6%
- 47 out of the 50 Nifty constituents trade with gains
- Bharat Petroleum is the top Nifty laggard; down 2.2%
- 1,431 stocks on the NSE trade with gains while 372 decline
Money Market Update
The currency ended stronger in today's session, recovering most of the losses made during the session on Thursday.
The rupee ended at 73.61 against the U.S. Dollar as compared to Thursday's close of 73.90. The rupee has emerged as the best performing currency in today's session.
“Unless the U.S. stimulus bill is passed, we may continue to observe the uptrend in spot towards the 74 zone,” Rahul Gupta of Emkay Global Financial Services was quoted as saying. “In the coming sessions, we expect the currency spot to trade between 73.40-74,” he said.
Today's gains narrowed the losses for the currency on a weekly basis. Despite ending 0.2% lower for the week, the rupee was the third best performing currency in Asia.
Yield on the 10-year government bond ended at 6.01% as compared to Thursday's close of 5.994%.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 19.6% and 15.75 lakh shares in Open Interest.
- Nifty Bank October futures add 12.1% and 2 lakh shares in Open Interest.
Nifty: October 1 Expiry
- 11,000 Call: Premium up 67.5% to Rs 112.45. The contract has added 4 lakh shares in Open Interest.
- 10,900 Put: Premium down 50.3% to Rs 87.1. The contract has added 15.2 lakh shares in Open Interest.
- 10,800 Put: Premium down 53.5% to Rs 59. The contract has added 15.7 lakh shares in Open Interest.
Nifty Bank: October 1 Expiry
- 21,000 Call: Premium up 31.5% to Rs 298. The contract has added 3.8 lakh shares in Open Interest.
- 20,000 Put: Premium down 40% to Rs 138.8. The contract has added 4.7 lakh shares in Open Interest.
- 20,500 Put: Premium down 34.3% to Rs 273.9. The contract has added 3.5 lakh shares in Open Interest.
Buzzing Stock: NCC
- Gains as much as 12.6% to Rs 33.6
- Biggest single-day gain in over five months
- Snaps seven-day losing streak in today's session
- Today's volumes are 98% higher than its 20-day average
- Breaks above its 50-Day Moving Average of 32.55
- Nearing its 200-Day Moving Average of 35.24
- Relative Strength Index (RSI) of the stock rebounds to 52.2
- Still over 50% away from its 52-week high of Rs 69.45 on November 21, 2019
- 16 out of the 18 analysts tracking the stock have a buy recommendation; 1 sell call
- Return potential of the stock as per Bloomberg data is 45.4%
All Constituents Of Pharma Index Gain
Stock Reaction: Vakrangee
The company has informed the exchanges that the Reserve Bank of India has granted in-principle authorisation to the company, to set-up and operate a Bharat Bill payment operating unit.
The company can now directly handly payment and aggregation of payment services relating to bills under the scope of the Bharat Bill Payment servics.
It will now have direct access to operate as an operating unit under the Bharat Bill Payment Unit and shall provide services to its customers in the most remote parts of the country, the company statement said.
Shares are locked in an upper circuit of 10% at Rs 27.10, post the announcement.
European Markets Open Flat
Benchmark indices in Europe have opened flat, despite positive cues from across the Asia Pacific. The continent re-emerging as a hotspot for Covid-19 is keeping sentiment in check.
The Stoxx 600 has opened little changed with miners and banking stocks gaining. The index is set for its worst weekly drop since June.
Asian Markets, barring the Hang Seng have ended with gains while Dow Futures are off the day's high and are trading with gains of 40 points.
Brent crude is trading little changed at $42 per barrel, as is Gold, at $1,872.5/Oz.
Let's take a look at how benchmark indices in Europe are trading:
- Euro Stoxx 50 down 0.3% at 3,150
- DAX down 0.2% at 12,577
- CAC down 0.45% at 4,741
- FTSE 100 up 0.1% at 5,829
- IBEX 35 down 0.3% at 6,622
How Are The Sectoral Indices Faring
Stock Reaction: IRB Infra
The company informed the exchanges on Thursday that the Yedeshi-Aurangabad BoT project, implemented by Yedeshi-Aurangabad Tollway (SPV), has been issued a completion certificate by the competent authority.
The SPV, which is now part of the IRB Infrastructure Trust - private InvIT, will now be collecting toll at full toll rates on this project, the company said in a statement.
Shares gained as much as 8.3% to Rs 110.7 and is among the top performing stocks on the Nifty 500 index.
Buzzing Stock: Coforge
- Top gainer on the Nifty I.T. index
- Gains as much as 7.9% to Rs 2,282
- Trading at an all-time high
- Has gained in three out of the last five trading sessions
- Set to post third straight weekly gain
- Today's volumes are more than double its 20-day average
- Relative Strength Index (RSI) of the stock at 63
- Trading at a 28% premium versus peers as compared to an average premium of 3% over the last two years on a blended forward Price-to-Earnings basis
- Has more tripled from its 52-week low of Rs 735 on March 24, 2020
- 14 out of the 22 analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 16% higher than its 12-month consensus price target of Rs 1,912, implying a negative return potential
Stock Reaction: Dr Reddy's Laboratories
The drugmaker has announced the launch of Dexmedetomidine Hydrochloride in 0.9% Sodium Chloride injection in the U.S. Market.
The injection is the therapeutic equivalent generic version of Precedex in 0.9% Sodium Chloride injection, approved by the U.S. FDA.
The injection had sales of nearly $210 million for the most recent 12-month period ending June 2020, as per data from the IQVIA.
Shares gained as much as 2.2% to Rs 5,139, snapping a two-day losing streak.
Markets At Noon
- Benchmark indices trade around the day's high
- Nifty up 1.2% at 10,934
- Sensex up 1.2% at 37,002
- Nifty Bank up 0.7% at 20,590
- Nifty Midcap index up 1.3%
- Nifty Smallcap index up 1.7%
- India Volatility Index down 6.6% to 21.95
- Nifty I.T. index remains top sectoral gainer; up 3%
- Nifty FMCG is the other major sectoral gainer; up 2.1%
- Nifty Auto, Nifty Metal, Nifty Pharma and Nifty Realty up over 1.5% each
- HCL Technologies is the top Nifty gainer; up 5.3%
- BPCL is the top Nifty laggard; down 2.5%
- 1,337 stocks on the NSE trade with gains while 417 decline
Buzzing Stock: Supreme Petrochem
- Among top gainers on the Nifty 500 index
- Gains as much as 8.4% to Rs 239
- Biggest single-day gain in over two months
- Had risen to the highest level since October 2018
- Today's volumes are more than quadruple its 20-day average
- Relative Strength Index (RSI) of the stock at 62
- Trading near its 52-week high of Rs 240 on September 21, 2020
- Has more than doubled from its 52-week low of Rs 113 on March 13, 2020
- Both analysts tracking the stock have a buy recommendation
- The stock trades 9.8% higher than its 12-month consensus price target of Rs 212, implying a negative return potential
BPCL Sale May Be Delayed, Reuters Reports
The government's efforts to privatise state-run refiner Bharat Petroleum can spill over to FY22, Reuters reported citing a document and people it did not name.
The document suggests that it can take as long as another 21 months for the sale to be completed, although some stages could be carried out concurrently, the report said.
The process can take at least 7-8 months more, Reuters cited an official.
The deadline to submit the initial bids of interest for BPCL were extended to September 30 earlier.
Shares fell as much as 2.3% to Rs 368.55, post the report. The stock is down for the sixth straight day, its longest losing streak in four months.
I.T. Index Snaps Two-Day Losing Streak
Stock Reaction: TCS
The I.T. company informed the exchanges on Thursday that it has partnered with Maurices to help the company build a greenfield I.T. ecosystem for its growth and transformation.
Maurices is a women's fashion apparel retail chain based in the U.S. and Canada.
TCS will leverage its transformative portfolio to help Maurices build a brand new, future-proof technology stack and enhance agility. It will also help Maurices build a brand-new data analytics platform with extensive reporting features.
Shares gained as much as 4.4% to Rs 2,435, snapping a two-day losing streak.
Buzzing Stock: Union Bank of India
- Second worst performing stock on the Nifty Midcap index
- Falls as much as 4.8% to Rs 23.65
- Biggest single-day fall in three months
- Trades at the lowest level in four months
- Down for the 11th straight day
- Longest losing streak since July 2012
- Down 16% in the last 11 trading sessions
- Today's volumes are 56% higher than its 20-day average
- Stock in oversold territory with Relative Strength Index (RSI) at 17
- Nearing its 52-week low of Rs 22.6 on May 20, 2020
- Two out of the 16 analysts tracking the stock have a buy recommendation; seven sell calls
- Return potential of the stock as per Bloomberg data is 11.9%
Stock Reaction: Granules India
The company has announced that the U.S. FDA has approved its Abbreviated New Drug Application (ANDA) for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg / 25 mg (OTC).
The drug is the generic equivalent of Aleve PM Tablets 220 mg / 25 mg, of Bayer HealthCare LLC, the company said in an exchange filing.
The tablets are used for relief of occassional sleeplessness associated with minor aches and pains to help you fall asleep and stay asleep.
Shares gained as much as 9.6% to an all-time high of Rs 395, before slightly cooling off.
Brokerage Reaction: Anup Engineering
Shares of the producer and supplier of industrial machinery are gaining in today's session after ICICI Securities initiated coverage on the stock with a buy rating, citing earnings momentum and a strong debt free balance sheet.
ICICI Securities' Rationale:
- Robust order inflows in Q1 exhibit underlying demand
- Management's target of making Anup a 1,000 crore company in the next five years looks within the realms of possibility
- Capex in oil & gas, petrochemicals, LNG & specialty chemicals to usher in growth
- Strong visibility to drive re-rating
- See 20.5% PAT CAGR and 16.3% revenue CAGR over FY20-22E
- Earnings momentum and strong debt free balance sheet generating consistent RoICs
Shares gained as much as 8.1% - the most in six months to Rs 585. The stock snapped a five-day losing streak. ICICI Securities has a price target of Rs 735 on the stock, implying a potential upside of nearly 36% from Thursday's closing price.
Stock Reaction: Cadila Healthcare
Zydus Cadila received final approval from the U.S. FDA to market Dimethyl Fumarate Delayed-Release Capsules in the strength of 120 mg and 240 mg.
The U.S. FDA has also allowed Zydus to be eligible for 180 days of generic drug exclusivity. as it was one of the first ANDA applicants to submit a substantially complete ANDA, the company said in an exchange filing.
The approval was granted after the judgment in favour of the company by the U.S District Court of Delaware, holding that the only unexpired patent covering Tecfidera is invalid.
The drug will be manufactured at the group's manufacturing facility at the SEZ in Matoda.
Shares recovered from the day's low to gain as much as 1.5% post the announcement. The stock snapped a four-day losing streak.
Stock Reaction: Tata Consumer Products
Tata Consumer Products is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises, people familiar with the matter told Bloomberg.
The board has approved a proposal to explore the acquisition from Coffee Day, which is seeking a valuation of about Rs 2,000 crore for the same, sources said.
Deliberations are at an early stage and Tata Consumer can still decide against an offer, the sources said. Coffee day is also in talks with other potential suitors for the vending business.
Shares gained as much as 4% to Rs 507.9, post the announcement. The stock has snapped a five-day losing streak.
Stock Reaction: Cipla
The drugmaker announced this morning that it has received final approval for the generic version of Biogen IDEC's Tecfidera capsules 120 mg, 240 mg and 120 mg/240 mg starter pack from the U.S. FDA.
The drug is used in the treatment of relapsing forms of multiple sclerosis, the company said in an exchange filing.
As per IQVIA data, Tecfidera had U.S. sales of approximately $3.8 billion for the 12-month period ending July 2020.
Shares gained as much as 4% to Rs 762.5, post the announcement.
Markets At 10:10 A.M.
- Benchmark indices off opening highs
- Nifty up 0.7% at 10,880
- Sensex up 0.7% at 36,812
- Nifty Bank off day's high, up 0.2% at 20,493
- Nifty Midcap index up 0.75%
- Nifty Smallcap index up 1.5%
- India Volatility Index down 5.5% at 22.23
- Nifty I.T. index is the top sectoral gainer; up 2%
- Nifty Auto, Nifty FMCG index up 1.6% each
- Nifty Metal and Nifty Realty index up 0.9% each
- Nifty Pharma off day's high; up 0.8%
- Adani Ports is the top Nifty gainer; up 4.2%
- 45 out of the 50 Nifty constituents gain
- Kotak Mahindra Bank is the top Nifty laggard; down 0.8%
- 1,297 stocks on the NSE trade with gains while 385 decline
Money Market Update
The currency has opened stronger in today's session. The rupee opened at 73.75 against the U.S. Dollar as compared to Thursday's close of 73.90.
Scotiabank in a note says that while portfolio inflows are supportive of the rupee, broad dollar strength will likely curb gains and exert some downward pressure on the high-yielding currency.
Yield on the 10-year government bond opened at 5.993% as compared to Thursday's close of 5.994%.
Traders in the bond markets will watch for the government's plan to sell bonds worth Rs 30,000 crore. The RBI rejected all bids at the bond-purchase auction on Thursday.
UCO Bank said that this clearly signals that RBI wants yields below 6%.
Stock Reaction: Mukand
Shares of the manufacturer of steel and steel products are rising in today's trade after encouraging comments from the company's chairman in a letter to the shareholders.
Key Highlights From The Chairman's Letter:
- Seen a substantial increase in demand for our special steel products.
- Exceeded our production capacity in the month of September.
- Expect the demand for the company's products to remain strong.
- Management recommended divesting up to 51% in the JV formed with Sumitomo Corporation, Japan.
- The divestment will be completed in tranches over the next one year.
- Divestment will reduce the company's debt by around Rs 1,200 crore.
- Close to finalising the sale of 100 acres of surplus land in Thane.
- Expect significant further reduction in debt and interest costs as transactions materialise.
- Convinced that FY21 will be the turning point for the company.
Shares are locked in an upper circuit of 5% at Rs 42.35. The stock has snapped a four-day losing streak of lower circuits.
Stock Reaction: GMR Infra
The company informed the exchanges this morning that its wholly-owned subsidiary - GMR SEZ and Port Holding will sell its entire 51% stake in the Kakinada SEZ to Aurobindo Realty & Infrastructure.
The total consideration for the sale of the stake is Rs 2,610 crore, the company said in the exchange filing. Out of the sum, Rs 1,600 crore would be received on the closing date while the rest will be received over 2-3 years, which is contingent upon certain agreed milestones.
As part of the proposed transfer, the 100% stake of Kakinada Gateway Port held by Kakinada SEZ, will also be transferred to Aurobindo Realty.
The transaction will be subject to statutory and regulatory approvals.
The company intends to use the proceeds to reduce the debt on a group level.
Shares gained as much as 3.55% to Rs 21.9, post the announcement, snapping a four-day losing streak.
Coronavirus India Updates
- New cases higher than recoveries for the first time in seven days
- 86,052 new cases reported in the last 24 hours
- Total confirmed cases now at 58,18,570
- Active cases at 9,70,116
- Patients cured / discharged / migrated at 47,56,164
- Death toll rises to 92,290
- 1,141 deaths reported in the last 24 hours
- 81,177 patients recovered in the last 24 hours
Stock Reaction: Advanced Enzyme Technologies
Shares of the manufacturer and marketer of enzymes are trading with gains for the third straight day, after a 20% surge on Thursday.
As per data available on the exchanges, the Nalanda India Equity Fund acquired 41.9 lakh shares of the company at Rs 263.8 per share. The shares purchased, amount to 3.75% stake in the company.
On the other hand, Advanced Vital Enzymes sold 30 lakh shares of the company or 2.7% stake at Rs 265 per share.
Shares gained as much as 8% to Rs 294.9. The stock is up for the third straight day and is trading at the highest level since January 2018.
Opening Bell: A Strong Start
Indian equity markets opened the October series on a positive note, starting trade with gains of over 1%.
The S&P BSE Sensex opened 1.2% higher at 36,991 while the NSE Nifty 50 opened 1% higher at 10,910. Both benchmarks saw their biggest single-day fall in four months on Thursday.
Sectoral indices too have opened higher. Nifty Bank and Nifty Auto, which did not have a single gainer in the September series have opened with gains of over 1%.
The Nifty Pharma index is the top gainer, up 1.6% while Nifty FMCG, Nifty Media, Nifty Metal and Nifty Realty too have opened higher by 1%.
The broader markets opened with gains. The midcap index is up 1% while the smallcap index is up 1.2% in the early minutes.
Despite the gains, the markets are most likely to post losses for the week. As of closing on Thursday, the Sensex and Nifty were down 6% for the week with all the constituents in both the indices trading with losses.
1,140 stocks on the NSE have opened with gains while 332 are declining.
Trading Ideas For The Day
- Nifty: Sell 11,100 Call of the October 1 expiry in the range of Rs 40-42. Target of Rs 26-16 with a stop loss of Rs 56.
- Nifty Bank: Sell in the range of 20,650-20,750 for target of 20,500-20,300 and stop loss of 20,850
- Buy GCPL October futures for target of Rs 703.5 and Rs 717 with a stop loss of Rs 685.5
- Sell Escorts October futures for target of Rs 1,147.3 and Rs 1,135 with stop loss of Rs 1,163.7
- Both GCPL and Escorts are intraday recommendations
Source: ICICI Securities
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- GMR Infra: Announces divestment of group's entire stake in Kakinada SEZ. To sell 51% stake to Aurobindo Realty for Rs 2,610 crore. Out of the total sum, Rs 1,600 crore will be received on the closing date while the rest will be received in the next 2-3 years, contingent upon certain agreed milestones. Proceeds will be used to pare debt.
- Cipla: Gets final approval from the U.S. FDA for generic version of Biogen IDEC's Tecfidera capsules 120 mg, 240 mg and 120 mg/240 mg starter pack. The drug is used in the treatment of relapsing forms of multiple sclerosis. As per IQVIA data, Tecfidera had U.S. sales of approximately $3.8 billion, for the 12-months ending July 2020.
- Tata Consumer Products: Bloomberg News reports that the company is weighing a non-binding bid for the vending machine business of Coffee Day Enterprises, which is seeking a valuation of about Rs 2,000 crore.
- I.T. Stocks: Accenture's fourth quarter results were below analyst expectations. The company's CFO, in a conference call stated that is expects growth to be lower in the first half of FY21 (September-February) and that growth in the second half can range between single digits to low double-digits.
- Mahindra & Mahindra: Increased its stake in Finnish associate company Sampo to 74.97% from 49.14%. Sampo is a European combine harvester company, known for mid-sized combine harvesters.
- Nippon Life AMC: Received joint mandate along with another fund manager to manage the investments for Post Office Life Insurance Fund and Rural Post Office Life Insurance Fund for a period of three years, starting October 1.
To know more about the stocks in news, key brokerage updates along with F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Final Day Of The Week, New Series
Good Morning!
Indian equities witnessed the biggest single-day drop in four months on Thursday, with the benchmarks falling more than 3% each, dragged by September series expiry jitters and weak global cues. There were only three gainers on the Nifty.
So far this week, the Sensex and Nifty have fallen 6%. All the constituents of both indices are down on a weekly basis.
"The velocity of the fall in the last five trading sessions, post consolidation around 11,300, indicates a top being formed. A confirmation will come on Nifty closing below 10,800," Bhavin Mehta and Sahil Mehra, analysts at Dolat Capital, wrote in a note.
Still, futures are indicating a positive start to the October series. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, rose 0.7% to 10,917 as of 8:05 a.m. on Friday.
Asian markets are trading with gains along with futures in the U.S. Markets in Japan, South Korea and Hong Kong are trading with gains.
Futures on the Dow Jones are trading higher by 130 points. The index ended 0.2% higher on Thursday.
West Texas Intermediate crude rose 0.2% to $40.4 per barrel, while gold was flat at $1,865.7/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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