KEY HIGHLIGHTS
Closing Bell: A Volatile Session
Indian equity markets ended their four-day winning streak after a choppy weekly expiry session. Benchmark indices continued to fluctuate between the day's high and day's low, ending off the lowest point of the day.
The S&P BSE Sensex ended 0.37% lower at 40,558 while the NSE Nifty 50 failed to hold the mark of 11,900, ending 0.35% lower at 11,896.
Most sectoral indices recovered from the day's low but ended with losses. The Nifty Pharma index was the top sectoral laggard, ending 0.9% lower, followed by the Nifty I.T. index, which fell 0.8%.
Among the gainers were the Nifty Media index (up 0.8%) and the Nifty Metal index (up 0.7%). The realty index managed to gain for the fifth straight day, ending with gains of 0.4%.
Broader markets outperformed the benchmarks for the second straight day. The Nifty Midcap index ended with gains of 0.6% while the Smallcap index ended 1% higher.
Gains in the broader markets resulted in the market breadth being in favour of the advances. 1,016 stocks on the NSE ended with gains while 812 stocks fell.
How Did The Sectoral Indices Fare
The Only Sell Rating On HDFC Bank
Earnings Reaction: SBI Cards & Payments Services
- Revenue from operations up 5% at Rs 2,413.4 crore
- Net profit down 46% to Rs 206.1 crore
- Impairment losses and bad debt up 162% at Rs 861.7 crore
- Gross NPA at 4.29% from 2.33% during the same period last year
- Have not declared certain accounts as NPA, based on the Supreme Court verdict. Had the accounts been classified as NPA, the Gross and Net NPA on a proforma basis would have been 7.46% and 2.7% respectively
- Capital Adequacy Ratio at 25.3% from 19% last year
- Receivables up 4% to Rs 23,978 crore
- Retail spends have increased nearly 50% as compared to Q1FY21. Retail spends currently at 90% of pre-covid levels.
- All numbers are compared on a year-on-year basis
Shares ended 4.8% lower - the biggest single-day drop in five months at Rs 851.9, down for the second straight day.
Funding The Covid-19 Vaccine
The government has set aside Rs 50,000 crore to vaccinate the second most populated country in the world, Bloomberg News reports, citing people with knowledge of the matter.
The government is estimating an all-in cost of about $6-$7 per person, sources said, asking not to be identified.
The money provisioned so far is for the current financial year and there will be no shortage of further funds for this purpose, the sources said.
Two injections per person are estimated at $2 per shot and another $2-$3 are set aside as per individual infrastructure costs like storage and transport.
A Finance Ministry spokesperson could not be reached for a comment.
Earnings Reaction: Asian Paints Q2FY21
- Revenue up 6% to Rs 5,350 crore
- Net profit up 1% to Rs 831 crore
- Ebitda up 33% to Rs 1,266 crore
- Ebitda margin at 23.7% from 18.9%
- Paints business revenue up 6% to Rs 5,232 crore
- Home improvement business revenue flat at Rs 117.3 crore
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- All business segments continue to witness improving demand conditions on a progressive basis
- Decorative business registered double-digit volume growth for the quarter
- Industrial coatings and home improvement category also experienced improving trends
- International business did well supported by favourable market conditions in the Middle-east, Africa and Asia
- Nepal stood out as an exception and continued to face challenging business conditions due to the pandemic
- Profitability supported by better product mix, stable input prices, favourable forex and cost optimisation measures
- Approves interim dividend of Rs 3.35 per share
Shares recovered from the day's low but ended 0.7% lower at Rs 2,100. The stock fell for the second straight day.
Nifty Bank Extends Losses
Active Stock Options
- Bajaj Finance's 3,300 Call: Premium up 29.1% to Rs 91.8. The contract has shed 1.2 lakh shares in Open Interest.
- ICICI Bank's 420 Call: Premium down 35.4% to Rs 6.75. The contract has added 5.5 lakh shares in Open Interest.
- HDFC Bank's 1,260 Call: Premium down 28.5% to Rs 11.1. The contract has added 2.4 lakh shares in Open Interest.
Earnings Reaction: Indian Bank Q2FY21
- Net Interest Income doubles to Rs 4,144 crore
- Net profit up 15% to Rs 412.3 crore
- Gross NPA at 9.89% from 10.9% last quarter
- Net NPA at 2.96% from 3.76% last year
- Provisions up 7% from the previous quarter to Rs 2,284.1 crore
- Total provisions for Covid-19 this quarter at Rs 632.2 crore
- All numbers are standalone; Net profit and NII compared year-on-year
Shares gained as much as 5.1% to Rs 63.45, post the announcement. The stock is up for the second straight day.
Markets At 2:10 P.M.
- Benchmark indices continue to trade in a range
- Nifty down 0.4% at 11,886
- Sensex down 0.4% at 40,532
- Nifty Bank down 0.6% at 24,483
- Nifty Midcap index up 0.2%
- Nifty Smallcap index up 0.3%
- India Volatility Index unchanged at 22.93
- Nifty Pharma remains the top sectoral laggard; down 1.3%
- Nifty I.T. is the other major laggard; down 0.9%
- Nifty Media is the top sectoral gainer; up 0.8%
- Bajaj Finance is the top Nifty gainer; up 3%
- Hero MotoCorp is the top Nifty laggard; down 3%
- 944 stocks on the NSE are trading with gains while 842 are declining
Money Market Update
The rupee snapped a three-day losing streak in today's session, ending with modest gains after recovering nearly 25 paisa from the day's low.
The currency ended at 73.54 against the U.S. Dollar as compared to Wednesday's close of 73.59.
The currency traded in a 25 paise range today. 73.53 acted as the intraday high while 73.78 was the day's low, from which it recovered during the later half of the session.
The recovery made rupee the best performing currency in Asia for today's session.
India To Restore Most Foreign Visas
The government has decided to make a graded relaxation in visa and travel restrictions for more categories of foreign nationals or Indian nationals who wish to enter or leave India, Bloomberg News reports, citing a statement from the Union Home Ministry.
All OCI and PIO card holders and all other foreign nationals intending to visit India for any purpose permitted, except on a tourist visa.
India has also decided to restore with immediate effect, all existing visas, except electronic visa, tourist visa and medical visa.
Foreign nationals intending to visit India for medical treatment can apply for a medical visa, including for their medical attendants.
Earnings Reaction: Bajaj Auto Q2FY21
- Revenue down 7% to Rs 7,156 crore
- Net profit down 19% to Rs 1,138.2 crore
- Ebitda down 1% to Rs 1,266.3 crore
- Ebitda margin at 17.7% from 16.6%
- DGFT notification had restricted MEIS benefit on exports per IE code to a maximum of Rs 2 crore. The impact of the same including reversal of MEIS for Q1 is Rs 78 crore.
- Optimisation of fixed costs helped margin expansion
- Overall volumes down 10% to 10,53,337 units
- Domestic two-wheeler registered a strong turnaround in the first of the quarter, driven by pent-up demand.
- Domestic CV volumes are muted and is dependant on return of adequate short-distance mobility demand
- Exports continue to do well with strong revival of demand in Latin America and Africa. ASEAN demand continues to be weak while Sri Lanka has stopped all vehicle imports.
- All numbers are standalone and compared on a year-on-year basis
Shares ended 0.4% lower at Rs 3,006.2, snapping a two-day gaining streak.
F&O Snapshot: Active Options Contracts
- Nifty October futures add 2.1% and 2.25 lakh shares in Open Interest.
- Nifty Bank October futures add 11.1% and 1.66 lakh shares in Open Interest.
Nifty: October 29 Expiry
- 12,000 Call: Premium down 18.3% to 75.45. The contract has added 4.4 lakh shares in Open Interest.
- 11,800 Put: Premium up 8.4% to Rs 91.6. The contract has added 3.65 lakh shares in Open Interest.
- 11,900 Call: Premium down 16.5% to Rs 120.1. The contract has added 3.4 lakh shares in Open Interest.
Nifty Bank: October 29 Expiry
- 26,000 Call: Premium down 21% to 67.75. The contract has added 60,275 shares in Open Interest.
- 25,000 Call: Premium down 12.3% to Rs 290.7. The contract has added 1.23 lakh shares in Open Interest.
- 24,000 Put: Premium up 2.8% to Rs 235. The contract has added 87,100 shares in Open Interest.
Earnings Reaction: Sterlite Technologies Q2FY21
- Revenue down 15% to Rs 1,159.6 crore
- Net profit down 63% to Rs 58.5 crore
- Ebitda down 30% to Rs 202.5 crore
- Ebitda margin at 17.5% from 21.2%
- Deferred tax gain of Rs 16 crore in base quarter
- Current order book at Rs 10,705 crore
- Manufacturing operations exceed pre-Covid levels
- Nearly 30% of the total revenue in H1FY21 is from Europe
- Exports form 47% of the overall revenue
- Continued growth expected on a sequential basis in Q3 and Q4, in-line with the vision 2023
- All numbers are consolidated and compared on a year-on-year basis
Shares ended 4.3% higher at Rs 158.3 - at the highest level in over a month.
European Markets Open Lower
Benchmark indices in Europe have opened lower for the fourth straight day amid record Covid-19 cases and more lockdowns.
The Stoxx 600 has opened 1.2% lower and fallen below its 200-Day Moving Average. All sectors are declining with technology and auto being the top laggards.
Most Asian markets have ended lower while futures on the Dow Jones are trading lower by 180 points.
Brent crude is currently trading little changed at $41.7 per barrel while Gold is trading at $1,917.9/Oz, down 0.3%.
Let's take a look at how the European Markets are trading:
- Euro Stoxx 50 down 0.8% at 3,155
- DAX down 1% at 12,433
- CAC down 0.7% at 4,819
- FTSE 100 down 0.6% at 5,743
- IBEX 35 down 1.1% at 6,741
How Are The Sectoral Indices Faring
Stock Reaction: Ashok Leyland
The company has announced the launch of BOSS LE and LX Trucks, with BS-VI technology, in the Intermediate Commercial Vehicle segment.
The two vehicles will address the 11.1-14.05 tonne GVW market, the company said in an exchange filing.
The vehicles are priced at an ex-showroom price of Rs 18 lakh in Mumbai, Delhi and Chennai, the company said.
“These launches will further strengthen our portfolio and help us achieve our vision of being in the Global top 10 CV makers,” Vipin Sondhi, the company's MD & CEO was quoted as saying.
Shares gained as much as 3.5% to Rs 78.1, up for the third straight day.
Stock Reaction: Aurobindo Pharma
The company has announced that it has received final approval from the U.S. FDA to manufacture and market Acetaminophen injection 1,000 mg/100 mL, single-dose vial.
The injection is a generic equivalent of Mallinckrodt's Ofirmev injection, and will be launched in December 2020, as per the exchange filing.
The injection is indicated for the treatment of mild to moderate pain in adult and pediatric patients two years and older.
The approved product had an estimated market size of $339 million for the 12-months ending August 2020, as per data from IQVIA.
With regards to its subsidiary receiving a warning letter, brokerage firm Investec said that the correction in the stock is an opportunity to buy as the existing business of the company will not be impacted. The firm has maintained its buy rating on the stock with a price target of Rs 1,000.
Shares are off the day's low, but continue to trade 4% lower at Rs 774, post the announcement.
Markets At 12:10 P.M.
- Benchmark indices trading in a narrow range
- Nifty down 0.3% at 11,900
- Sensex down 0.3% at 40,593
- Nifty Bank down 0.4% at 24,540
- Nifty Midcap index up 0.1%
- Nifty Smallcap index up 0.3%
- India Volatility Index up 0.6% to 23
- Nifty Pharma is off the day's low but remains the top sectoral laggard; down 1%
- Nifty I.T. (down 0.5%), Nifty Auto (Down 0.3%) are some other sectoral laggards
- Nifty Metal holding on to gains; up 0.6%
- Tata Steel is the top Nifty gainer; up 1.9%
- Hero MotoCorp is the top Nifty laggard; down 1.8%
- 910 stocks on the NSE are trading with gains while 813 are declining
Stock Reaction: Dr Reddy's Laboratories
The drugmaker has informed the exchanges regarding a cyber-attack on data center services. The same have been isolated to take required preventive action, it said in an exchange filing.
"We are anticipating all services to be up within 24 hours and do not foresee any major impact on our operations due to the incident," Mukesh Rathi, the company's CIO said in the statement.
Shares fell as much as 4.3% when the news was first reported on a TV channel. The stock has recovered since then, currently trading 1.4% lower at Rs 4,975, down for the second straight day.
TCS In Talks To Buy Deutsche Bank's Tech Unit
Asia's biggest software exporter by market is in advanced talks to acquire a technology services unit of Deutsche Bank, people with knowledge of the matter told Bloomberg News.
The discussions about Post Bank Systems are expected to result in a deal with TCS by the end of the year, sources said.
Negotiations are ongoing and could still be delayed or fall apart, the people said. A spokeswoman for Deutsche Bank declined to comment, while a representative for TCS did not offer a comment either.
Shares are currently trading 0.7% lower at Rs 2,657, down for the second straight day.
Earnings Reaction: Tejas Networks
- Revenue up 26% to Rs 110 crore
- Net profit of Rs 4.5 crore from net loss of Rs 4.4 crore
- Ebitda up 48% to Rs 9.2 crore
- Ebitda margin at 8.4% from 7.1%
- Continue to see good order inflow; order book now at Rs 599 crore
- International revenue up 64.2% during the first six months of FY21, led by growth in Africa and South-East Asia.
- Continue to remain a debt-free company
- Expect further improvement in financial performance in H2FY21
Shares gained as much as 8.7% to Rs 92. The stock is up for the fifth straight day, trading at the highest level in nine months.
Buzzing Stock: Tata Elxsi
- Trading at a record high
- Gains as much as 2.2% to Rs 1,578
- Up for the third straight day
- Has gained in six out of the last seven trading sessions
- Today's volumes are 9% below its 20-day average
- One-month implied volatility at 35%
- Stock in overbought territory with Relative Strength Index (RSI) at 77
- Has tripled from its 52-week low of Rs 500 on March 25, 2020
- Two out of the seven analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 13% higher than its 12-month consensus price target of Rs 1,364.7, implying a negative return potential
Earnings Reaction: Chennai Petroleum
- Net sales up 68% to Rs 4,863.1 crore
- Net profit up 7% to Rs 290.6 crore
- Ebitda down 2% to Rs 608.1 crore
- Ebitda margin at 12.5% from 21.4%
- Deferred tax outgo of Rs 170.1 crore this quarter
- Crude throughput at 2.05 MMT from 1.32 MMT last quarter
- Average GRM for H1FY21 at $9.7 per barrel as compared to $2.03 per barrel last year
- All numbers are standalone and compared on a quarter-on-quarter basis
Shares gained as much as 15.5% to Rs 78.3. The stock is up for the second straight day.
Stock Reaction: MRPL
The company informed the exchanges on Wednesday that it will be holding a board meeting on October 29, to consider financial results for the quarter ended September.
The board will also consider a proposal to raise funds up to Rs 5,000 crore through the issue of Non-Convertible Debentures (NCDs).
Shares gained as much as 8% - the most in three months to Rs 29.2. The stock is up for the fifth straight day - its longest winning streak in six months.
Pharma Index Is Today's Top Laggard
Earnings Reaction: Syngene International
- Revenue up 12% to Rs 520 crore
- Net profit down 34% to Rs 84.1 crore
- Ebitda up 12% to Rs 156.1 crore
- Ebitda margin flat at 30%
- Forex gain of Rs 6.8 crore from gain of Rs 3.2 crore last year.
- Near normal operations with all scientists working with proper protective measures
- Expect to sustain growth in H2FY21
- Making good progress towards achieving full year guidance
- Commenced manufacturing of Remdesivir at its Bengaluru facility with initial distribution expected during the third quarter
- All numbers are consolidated and compared on a year-on-year basis
Shares fell as much as 5.3% - the most in seven months to Rs 523. The stock is down for the third straight day.
Stock Reaction: Greenply Industries
Plutus Wealth Management acquired 92.5 lakh shares of the company in a large trade on Wednesday, at Rs 75 per share.
The number of shares purchased amount to an overall stake of 7.5% in the company, as per data available on the exchanges.
Jwalamukhi Investment Holdings sold 6.1% stake in the company at Rs 75 per share while Westbridge Crossover fund sold 2.97% stake at Rs 75.03 per share.
Shares gained as much as 4% to Rs 87.9, adding to Wednesday's gains of 7%.
Earnings Reaction: JK Tyre
- Revenue doubles to Rs 2,274.9 crore
- Net profit of Rs 105 crore from net loss of Rs 198.8 crore
- Ebitda gain of Rs 355.1 crore from Ebitda loss of Rs 3.8 crore
- Ebitda margin for the quarter at 15.6%
- India business revenue up 91% to Rs 2,040 crore
- Mexico business revenue more than triples to Rs 278.2 crore
- Exceptional item of Rs 21.84 crore is favourable forex fluctuations
- Achieved healthy sales in the replacement market and is doing better than the industry
- Export sales of Rs 337 crore this quarter
- Aggressive cost cutting, particularly fixed costs aided profitability
- Both the subsidiaries contributed to growth and profit
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 9.2% - the most in four months to Rs 66.1. The stock is up for the second straight day, trading at the highest level in two months.
Stock Reaction: Granules India
The company has informed the exchanges that it has received the U.S. FDA approval for Potassium Chloride Extended Release Tablets USP, 10 mEq (750 mg) and 20 mEq (1,500 mg).
The tablet is bioequivalent to the reference listed drug K-Dur, the company said in a statement.
The drug is used in the treatment of Hyopkalemia.
"This is a good addition to our portfolio. We will be launching this product from our Gagillapur site in Hyderabad," Priyanka Chigurupati, Executive Director of Granules Pharma was quoted as saying.
The drug had generic sales of approximately $204 million for the most recent 12-month period ending in August 2020.
Shares currently trade flat after gaining as much as 1.2% to Rs 391, post the announcement.
Markets At 10:10 A.M.
- Benchmark indices off opening lows; trade little changed
- Nifty down 0.2% at 11,918
- Sensex down 0.1% at 40,654
- Nifty Bank down 0.3% at 24,572
- Nifty Midcap index up 0.1%
- Nifty Smallcap index up 0.4%
- India Volatility Index up 2.3% to 23.43
- Nifty Media is the top sectoral gainer; up 1%
- Nifty Realty and Nifty I.T. are the other sectoral gainers; up 0.4% each
- Nifty Pharma is the top sectoral laggard; down 1.3%
- Bajaj Finserv is the top Nifty gainer; up 2.6%
- Dr Reddy's Laboratories is the top Nifty laggard; down 2%
- 945 stocks on the NSE are trading with gains while 710 are declining
Money Market Update
The currency has opened lower in today's session after declining for the third straight day on Wednesday.
The rupee opened at 73.67 against the U.S. Dollar, as compared to Wednesday's close of 73.59. It was the worst performing currency in Asia on Wednesday and the only one among its EM peers, that declined against the U.S. Dollar.
Citibank believes that the potential lag in the rupee's performance reflects the presence of authorities in the market.
Within the bond markets today, the Reserve Bank of India is scheduled to buy state bonds for the first time. The central bank intends to buy bonds worth Rs 10,000 crore, maturing in 2029 and 2031.
Depending on the market response, the size of the state bond purchases may be increased, as per Bloomberg.
Earnings Reaction: Sagar Cements
- Revenue up 23% to Rs 325.9 crore
- Net profit up over ten times to Rs 50.1 crore
- Ebitda up 148% to Rs 104.7 crore
- Ebitda margin at 32.1% from 15.9%
- Net Realisations up 21% to Rs 4,513 per tonne
- Ebitda per tonne up 143% to Rs 1,451
- Sales volume up 2% to 7.2 lakh MT
- Power & Fuel costs down 3% to Rs 61 crore
- Freight and Forwarding expenses up 11% to Rs 55.5 crore
- Increase in freight costs owing to higher diesel prices
- Plants operated at 48% during the quarter
- Material cost per tonne down to Rs 619 from Rs 720 last year
- Pet coke prices are softening from Q2FY20 onwards
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 8.3% - the most in three months to Rs 746. The stock is trading at the highest level since September 2018.
Coronavirus India Update
- Active cases fall for the 19th straight day
- 55,839 new cases reported in the last 24 hours
- Total confirmed cases at 77,06,946
- Active cases at 7,15,812
- Patients cured / discharged / migrated at 68,74,518
- Death toll rises to 1,16,616
- 702 deaths reported in the last 24 hours
- 79,415 patients recovered in the last 24 hours
Stock Reaction: Aurobindo Pharma
The drugmaker's wholly-owned stepdown subsidiary AuroLife Pharma LLC has received a warning letter from the U.S. FDA.
The warning letter pertains to its oral solid manufacturing facility in Dayton, New Jersey, the exchange filing said.
The company believes that the existing business from this facility will not be impacted.
"Will be engaging with the regulator and are fully committed to resolving the issue at the earliest," the statement from the company said.
The facility had earlier received an OAI status from the U.S. FDA in June this year.
Shares fell as much as 3.9% to Rs 775, post the announcement.
Stock Reaction: Vedanta
The company made an announcement late Wednesday night that it will be holding a board meeting to consider an interim dividend, its first for FY21 on October 24.
This comes on the back of its subsidiary Hindustan Zinc, declaring a dividend of Rs 21.3 per share, on Tuesday.
Based on the 64.9% shareholding in Hindustan Zinc, Vedanta is likely to receive a sum of Rs 5,842 crore.
Shares gained as much as 5% - the most in four months to Rs 106.2. The stock is up for the fourth straight day.
Opening Bell: A Subdued Start
Indian equity markets have opened the weekly options expiry session on a weak note, after four straight days of gains.
The S&P BSE Sensex opened 0.43% lower at 40,531 while the NSE Nifty 50 index opened below the mark of 11,900 - down 0.4% at 11,890.
Most sectoral indices have opened lower as well. The Nifty Bank is down 0.7%, as is the Nifty Realty index, after a strong surge over the last four sessions.
The Nifty PSU Bank index and the Nifty I.T. index have opened 0.5% lower while other indices are flat but trading with a negative bias.
Broader markets are little changed at the start of trade. The Nifty Midcap index is down 0.2% while the Smallcap index is unchanged.
Market breadth is even at the start of trade. 710 stocks on the NSE have opened with gains while 700 are declining.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 11,600 Put of the October 29 expiry in the range of Rs 42-44. Target of Rs 28-18 with a stop loss of Rs 58.
- Nifty Bank: Buy in the range of 24,550-24,600 for target of 24,750-24,900 and stop loss of 24,300.
- Buy Hindalco October futures for target of Rs 188.3 and Rs 191.5 with a stop loss of Rs 184.2
- Sell Tata Consumer Products October futures for target of Rs 463.2 and Rs 458.2 with a stop loss of Rs 469.8
- Hindalco and Tata Consumer Products are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Wednesday
Key Stocks In Focus
- Bajaj Finserv: Revenue up 5.8% to Rs 15,052 crore. Net profit down 18.1% to Rs 986 crore. Net profit declines due to higher provisions at its lending arm, Bajaj Finance. Reported unrealised mark-to-market gains of Rs 306 crore from its insurance business. New Business Premium for life insurance business up 11% to Rs 1,372 crore.
- Vedanta: To hold board meeting on October 24 to consider and approve a first interim dividend on equity shares, if any for FY21.
- GMM Pfaudler: Board approves creation of pledge over entire 54% shareholding proposed to be held by the company and Mavag AG in GMM International, as part of the Pfaudler acquisition. It expects to close the acquisition by the end of the year.
- Mangalore Refinery & Petrochemicals: To consider raising Rs 5,000 crore via NCDs.
- Federal Bank: Rakesh Jhunjhunwala has reduced stake to 2.71% from 3.18%, as per the latest shareholding pattern. He has sold 1 crore shares during the quarter.
- Hindustan Copper: To consider raising funds via Qualified Institutional Placement to the extent of 15% of existing paid-up equity capital in one or more tranches on October 29.
- Equitas Small Finance Bank IPO: Overall subscription of 0.68 times on the second day. QIB subscription at 0.05 times, non-institutional subscription at 0.05 times and retail subscription at 1.44 times.
- Nifty Earnings Today: Asian Paints, Bajaj Auto
- Non-Nifty Earnings Today: Biocon, Sterlite Tech, Ambuja Cements, Bharti Infratel, Coforge, Crompton Greaves Consumer, HDFC AMC, Hexaware.
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
Weekly Options Expiry Session
Good Morning!
Indian equity market in a volatile trade recovered from the day’s low towards closing to end higher for the fourth straight session on Wednesday.
The winning run, however, may face some resistance on account of weekly options expiry of Nifty and Nifty Bank contracts on Thursday. Futures are indicating a flat to negative start to the session. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.3% to 11,883 as of 7:55 a.m.
Besides, UltraTech Cement, Bajaj Finance and Colgate-Palmolive will be in focus because of analysts comments after their quarterly results on Wednesday. Others that may react to earnings reported post market closing include Tejas Networks, Syngene, Sagar Cements and GMM Pfaudler.
Asian Paints and Bajaj Auto are the two Nifty 50 companies that will report their quarterly results today. Non-Nifty stocks reporting results are Biocon, Ambuja Cements, Bharti Infratel, HDFC Asset Management Co. and Sterlite Technologies, among others.
Globally, Asian markets are drifting lower this morning with benchmarks in Japan, Hong Kong and Australia underperforming.
Futures on the Dow Jones are trading 185 points lower. The index ended 0.4% lower on Wednesday.
West Texas Intermediate crude fell 0.5% to $39.85 per barrel after a 4% decline overnight. Gold is trading at $1,921.3/Oz, down 0.2%.
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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