KEY HIGHLIGHTS
Closing Bell: Third Day Of Gains
Indian equity markets extended their gains to the third straight day, despite ending lower from the highest point of the day.
The S&P BSE Sensex ended 0.7% higher at 38,973. The index ended nearly 300 points lower than the day's high of 39,263.
The NSE Nifty 50 index managed to close above the mark of 11,500, ending 0.8% higher at 11,503 - 75 points below the day's high of 11,578.
Gains in today's session were led by I.T. and Metal stocks. The Nifty I.T. index ended 3.5% higher and was the top sectoral gainer. The index rose for the sixth straight day and closed at an all-time high.
TCS was the top gainer on the I.T. index ending at an all-time high with gains of 7.5% - the most in over six months. The stock was also the top gainer on the Nifty 50 index.
The other I.T. stock to end at an all-time high was Wipro - ending with gains of 7% - the most in three months.
Metal stocks were the other outperformers in today's session. The Nifty Metal index ended 2.5% higher in today's session, led by Tata Steel (up 5%), JSW Steel (up 3.2%) and Hindalco (up 3%).
The Nifty Pharma index too ended with gains of 1.7%, courtesy gains seen in Cadila Healthcare, Aurobindo and Sun Pharma.
Autos, PSU Banks and Media stocks were the underperformers in today's session with their respective indices ending flat but with a negative bias.
Broader markets too had a mixed session. The midcap index ended 0.1% lower while the Smallcap index ended with gains of 0.6%.
India Volatility Index ended 7.7% higher at 19.75.
1,047 stocks on the NSE ended with gains while 802 stocks posted losses.
How Did The Sectoral Indices Fare
Waiver Of Interest
Stock Reaction: Indian Energy Exchange
- The company has released its power market update for the month of September:
- IEX electricity market traded 5,675 million units in September; up 45% year-on-year
- Average market clearing price of Rs 2.69 per unit; down 3% year-on-year
- Real-time electricity market trades 704 million units during the month
- Green market records volume of 83 million units with 20 participants
- Attractive prices and ample availability supported the southern, western and northern state distribution utilities to leverage the exchange market
- Sell bids in the real-time market were 2,159 million units whereas the buy bids were at 924 million units.
Shares gained as much as 5.2% to Rs 216.8 - an all-time high for the stock. The stock has snapped a two-day losing streak.
Buzzing Stock: Adani Enterprises
- Top gainer on the Nifty Midcap index
- Trades at an all-time high
- Gains as much as 8.5% to Rs 334.5
- Biggest single-day gain in over a month
- Up for the second straight day
- Has gained in five out of the last six trading sessions
- Up 23% in the last six trading sessions
- Today's volumes are more than double its 20-day average
- One-month implied volatility at 82%
- Stock in overbought territory with Relative Strength Index (RSI) at 72
- Has nearly tripled from its 52-week low of Rs 116.4 on March 24, 2020
- One out of the two analysts tracking the stock has a buy recommendation, the other has a hold call
- The stock trades 38.1% higher than its 12-month consensus price target of Rs 204, implying a negative return potential
Active Stock Options
- TCS' 2,700 Call: Premium up 219% to Rs 106. The contract has added 1.71 lakh shares in Open Interest.
- Axis Bank's 460 Call: Premium up 9.6% to Rs 14.25. The contract has added 11.8 lakh shares in Open Interest.
- ICICI Bank's 400 Call: Premium up 26.1% to Rs 5.5. The contract has added 2.65 lakh shares in Open Interest.
Stock Reaction: JSW Steel
The company has informed the exchanges that its wholly-owned indirect subsidiary Periama Holdings is considering a number of financing options.
The options include conducting an international offering of U.S. Dollar denominated senior notes in an aggregate principal amount of $1 billion, subject to receipt of regulatory approvals.
The notes will be guaranteed by the company, according to the exchange filing.
The proceeds of the issue will be used for repayment of part of the existing indebtedness owed to the company, including interest and for general corporate purposes.
The pricing of the notes, including the aggregate pricipal amount, the offer price and interest rate would be determined through a book building exercise.
Shares gained as much as 2.7% to Rs 289.65 and are up for the second straight day.
Q2 Business Update: Marico
- Quarter saw partial revival in consumer sentiment.
- Rural continues to perform better than urban.
- Distribution network has rebounded back to near pre-Covid levels.
- India business registered robust volume growth during the quarter.
- Saffola saw strong volume growth, in-line with the past few quarters.
- Value Added Hair Oils showed resilience and returned to growth from a sharp decline in Q1.
- Discretionary portfolio of premium hair nourishment and male grooming performed better than Q1 but continued to face headwinds.
- International business has clocked mid-single digit constant currency growth
- Bangladesh business sees double-digit story.
- Key raw materials have seen an inflationary trend during the end of the quarter.
- Expect healthy earnings growth driven by robust volume growth and a host of cost saving initiatives.
- Maintain a positive outlook for the rest of the year provided the ongoing health crisis does not escalate further.
Shares gained as much as 2.2% to Rs 369.9, post the announcement.
Stock Reaction: Srikalahasthi Pipes
The company has informed the exchanges that the audit committee has considered and approved the proposed draft scheme of Amalgamation with Electrosteel Castings.
The scheme of Amalgamation provides for transfer and vesting of the entire undertaking of the company into Electrosteel Castings and the dissolution of the company, without winding up, the exchange filing said.
The amalgamation will result in simplification of the group structure and management structure with only one listed company in the group.
Shareholders of Srikalahasthi Pipes will get 59 equity shares of Electrosteel Castings for every 10 shares of face of Rs 10 held.
The merged entity will have DI Pipe manufacturing capacity of 8 lakh tonnes in India with a market share of 30%.
"The financial indicators post-merger will support Electrosteel to maintain its credit rating. We expect a re-rating for Electrosteel on completion of the merger process," Ashutosh Agarwal, Group CFO at Electrosteel Castings was quoted as saying.
Shares fell as much as 19.2% - the most in over six months to Rs 131.2 - the lowest level in over four months. The stock is down for the third straight day.
Markets At 2:10 P.M.
- Benchmark indices gain but off the day's high
- Nifty up 0.8% at 11,510
- Sensex up 0.9% at 39,035
- Nifty Bank up 0.8% at 22,436
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.3%
- India Volatility Index up 7% to 19.64
- Nifty Media remains the top sectoral laggard; down 1.1%
- Nifty Auto is the other sectoral laggard; down 0.6%
- Nifty I.T. index remains the top sectoral laggard; up 3.5%
- Nifty Metal is the other major sectoral laggard; up 2.1%
- TCS is the top Nifty gainer; up 7.3%
- Shree Cement remains the top Nifty laggard; down 2.1%
- 1,000 stocks on the NSE are trading with gains while 835 are declining
Money Market Updates
The rupee pared some of the gains made during Thursday's trading session to end with losses on the first trading day of the week.
The currency ended at 73.29 against the U.S. Dollar as compared to Thursday's close of 73.14. It made an intraday low of 73.41 while 73.09 was the highest level seen by the currency in today's session.
The currency was the second worst performer in Asia in today's session, ahead of the Japanese Yen.
Yield on the 10-year government bond ended at 6.004% as compared to Thursday's close of 5.996%.
Auto Stocks Decline In Today's Session
Buzzing Stock: Tata Elxsi
- Trading at the highest level in over two years
- Gains as much as 6% to Rs 1,353.4
- Has alternated between gains and losses over the last five sessions
- Today's volumes are 87% higher than its 20-day average
- One-month implied volatility at 35%
- Relative Strength Index (RSI) of the stock at 67
- Has more than doubled from its 52-week low of Rs 500 on March 25, 2020
- Four out of the seven analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 24% higher than its 12-month consensus price target of Rs 1,020.5, implying a negative return potential
F&O Snapshot: Active Options Contracts
- Nifty October futures add 7.3% and 6.8 lakh shares in Open Interest.
- Nifty Bank October futures add 13.8% and 2 lakh shares in Open Interest.
Nifty: October 8 Expiry
- 11,600 Call: Premium up 55% to Rs 39.65. The contract has added 15.2 lakh shares in Open Interest.
- 11,500 Put: Premium down 28.8% to Rs 93.65. The contract has added 19 lakh shares in Open Interest.
- 11,500 Call: Premium up 46.6% to Rs 82.5. The contract has added 10.7 lakh shares in Open Interest.
Nifty Bank: October 8 Expiry
- 23,000 Call: Premium up 36.6% to Rs 126.3. The contract has added 7.4 lakh shares in Open Interest.
- 22,000 Put: Premium down 29.8% to Rs 152.9. The contract has added 4.3 lakh shares in Open Interest.
- 22,500 Put: Premium down 23% to Rs 348.3. The contract has added 4.6 lakh shares in Open Interest.
Stock Reaction: Apollo Pipes
The company informed the exchanges about its second quarter business update. Overall sales volume rose 19% as compared to last year to 12,268 MT. The figure during the same period last year stood at 10,306 MT.
The growth was driven by contribution from across product categories, including -added product segment of fittings.
The company said that it anticipates further improvement in sales over the next few quarters on the back of better demand environment and an uptick in utilisation levels.
Shares gained as much as 7.9% to Rs 426.9, trading at the highest level in nearly two months.
European Markets Open Higher
Benchmark indices in Europe have joined the global rebound in equity markets as newsflow regarding U.S. President Donald Trump's health status reassures investors.
The Stoxx 600 has opened 0.9% higher with energy, auto and banking stocks leading the gains. Technology and Real estate stocks are underperforming.
Asian markets that were open today have ended with healthy gains. Futures on the Dow Jones are trading higher by 185 points.
Brent crude is trading 1.4% higher at $39.84 per barrel while Gold trades at $1,887.5/Oz, down 0.6%.
Let's take a look at how markets in Europe are trading:
- Euro Stoxx 50 up 1% at 3,224
- DAX up 1.1% at 12,826
- CAC up 1% at 4,874
- FTSE 100 up 1.2% at 5,972
- IBEX 35 up 1% at 6,824
How Are The Sectoral Indices Faring
Buzzing Stock: Minda Industries
- Among top performers on the Nifty 500 index
- Gains as much as 7.1% to Rs 354.9
- Biggest single-day gain in over a month
- Trades at the highest level in three weeks
- Up for the second straight day
- Today's volumes are more than double its 20-day average
- Trading above all key Daily Moving Averages
- Relative Strength Index (RSI) of the stock at 60
- The stock is trading 17% below its 52-week high of Rs 423.7 on January 27, 2020
- 11 out of the 17 analysts tracking the stock have a buy recommendation; 2 sell calls
- Return potential of the stock as per Bloomberg data is 5%
Stock Reaction: NALCO
The company has informed the exchanges that it suffered a technical snag in its CPP Switchyard and connected state grid.
The technical snag resulted in a blackout situation on three occasions in 48 hours between September 30-October 2.
The Captive Power Plant has a capacity of 10x120 MW, which provides uninterrupted power supply to its smelter for Aluminium production.
The blackout impacted smelter potline operations, which was promoptly tackled and normalcy was restored.
Shares are off the day's high, after gaining as much as 2.3% to Rs 32.9.
Nifty I.T. Is The Top Sectoral Gainer
Markets At Noon
- Benchmark indices off the day's high
- Nifty up 0.8% at 11,513
- Sensex up 0.9% at 39,038
- Nifty Bank up 1.2% at 22,508
- Nifty Midcap index unchanged
- Nifty Smallcap index up 0.5%
- India Volatility Index up 8.3% to 19.9
- Nifty I.T. remains the top sectoral gainer; up 3%
- Nifty Metal is the other major sectoral gainer; up 1.9%
- Nifty Auto, Nifty Media are the sectoral laggards; down 0.5% each
- Wipro remains the top Nifty gainer; up 5.8%
- Shree Cement is the top Nifty laggard; down 2%
- 1,022 stocks on the NSE are trading with gains while 759 are declining
Stock Reaction: Vodafone Idea
Bloomberg News reports that the company has received consent from its lenders concerning the merger of Indus Towers and Bharti Infratel.
The agreement to proceed was conditional on consent for a security package for the combined company from Vodafone's existing lenders.
The consent was regarding the 1.3 billion Euros loan utilised to fund the parent's contribution to Vodafone Idea's rights issue in 2019.
The parties will now approach the National Company Law Tribunal to make the merger scheme effective.
Shares recovered from the day's low to gain as much as 2.7% to Rs 9.5. The stock has snapped a three-day losing streak.
Buzzing Stock: PI Industries
- Top performing stock on the Nifty Midcap index
- Gains as much as 5.5% to Rs 2,051
- Biggest single-day gain in two months
- Trades at the highest level in three weeks
- Snaps two-day losing streak
- Today's volumes are 29% below its 20-day average
- Bounces from 50-Day Moving Average support of 1,922
- Relative Strength Index (RSI) of the stock at 61
- Has more than doubled from 52-week low of Rs 970.1 on March 25, 2020
- Trading 5% below its 52-week high of Rs 2,160 on August 7, 2020
- 19 out of the 32 analysts tracking the stock have a buy recommendation; 4 sell calls
- The stock crossed its 12-month consensus price target of Rs 2,024.1 in today's session
Stock Reaction: CreditAccess Grameen
The company informed the exchanges over the weekend that collection efficiency has improved to 88% in September, as compared to 82% in August and 76% in July.
Total number of non-paying customers stood at 8%, according to the company. HSBC in a note said that the earlier number stood at 20%.For its acquisition - Madura Micro Finance -collection efficiency improved to 83% in September as compared to 75% in August and 64% in July.
The total number of non-paying customers for MMFL stood at 7% in September.
HSBC has maintained its buy rating on the stock with a price target of Rs 950.
Shares gained as much as 2.3% to Rs 756.5 - the highest level in nearly seven months.
Quarterly Business Update: Suprajit Engineering
- Group sales during the quarter were the highest ever in the history of the company
- Q2 group sales at about Rs 450 crore - up 15% compared to Q2FY20
- All divisions except for Trifa and Luxite had record sales
- Indian aftermarket had highest quarterly sales with growth in excess of 30% as compared to Q2 last year
- Domestic cable division had a growth of 13% compared to last year.
- Phoenix Lamps Division had a growth of 26% compared to the previous year.
- SENA division saw growth of 10% year-on-year
- Global automotive cable business had a growth of 10% as compared to last year.
- Salary cuts in the range of 5-30% based on graded scale from May have now been reverted to normal
- October is expected to be strong based on customer schedules
- Post festive season, the outlook for the balance year is not very clear
Shares gained as much as 4.3% to Rs 196.5 - the highest level in seven months. The stock is up for the second straight day.
Buzzing Stock: Aarti Drugs
- Trades at the highest level in over a month
- Locked in an upper circuit of 5% at Rs 850.6
- Third straight upper circuit of 5%
- Longest gaining streak in three weeks
- Has gained in five out of the last six trading sessions
- Up 21% in the last six trading sessions
- Today's volumes are six times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 71
- Has jumped multifold from its 52-week low of Rs 105, on March 23, 2020
- Trading 9% below its 52-week high of Rs 931, on August 25, 2020
- Three out of the four analysts tracking the stock have a buy recommendation; 0 sell calls
- The stock trades 40.1% higher than its 12-month consensus price target of Rs 509.3, implying a negative return potential
Stock Reaction: Hatsun Agro
The company informed the exchanges today that it will hold a board meeting on October 19, to consider issue of bonus shares on the fully paid-up equity shares of the company.
The company has fixed October 29 as the record date for the purpose of determining the eligibility of shareholders to vote on the resolution of the bonus share issue, the company said in a statement.
The dairy player will also consider raising funds through private placement of equity shares through a QIP during the board meeting.
Shares gained as much as 11.5% to Rs 870 - which was the highest level since December 2017. The stock has gained in four out of the last six trading sessions.
Stock Reaction: Steel Strips Wheels
The company informed the exchanges that it has received an order of nearly 3,200 wheels for the U.S. truck trailer market.
The export order is d at $1.37 lakh, as per the company's exchange filing.
The order will be executed from the company's Chennai plant.
It is expecting orders of similar capacity are anticipated from the same customer base, as per the statement.
Shares gained as much as 2.5% to Rs 459.8, and is up for the second straight day. The stock is trading at the highest level in a month.
Stock Reaction: AurionPro Solutions
The global I.T. solutions provider announced an order win in the smart transit segment.
The company has won an order from the Transport Department of NCT, Delhi for the supply, commission and operation of the Automates Fare Collection (AFC) system for the busses in Delhi.
The ticketing system will be implemented with interoperability with the DMRC card for a fleet size of over 4,000 buses, the company said in an exchange filing.
The project, d at Rs 30 crore will be for a duration of five years. It will consist of implementation within six months followed by maintenance and support.
Shares are locked in an upper circuit of 5% at Rs 73.95, post the announcement. The stock is up for the second straight day.
Stock Reaction: Bharat Forge
Shares of the company are gaining in today's session after preliminary North American Class 8 net orders surged in September to 32,000 units.
September orders rose 55% to 32,000 units - the highest since October 2018, according to data from FTR Transportation Intelligence.
Class 8 net orders for the last 12 months are now at 1.97 lakh units.
"The orders are a combination of growing replacement demand and some expansion demand in those regions where capacity is tightening," according to FTR.
"Rates have improved, so carriers have the cash, and now they also have confidence. When you combine these two factors, orders tend to surge," according to Don Ake - the Vice President of Commercial Vehicles at FTR.
Shares gained as much as 4.3% to Rs 467.3, up for the second straight day. Shares are up the most in nearly two months.
Markets At 10:20 A.M.
- Benchmark indices extend their gains for the third straight day
- Nifty up 1% at 11,536
- Sensex up 1.1% at 39,135
- Nifty Bank up 2.1% at 22,720
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.5%
- India Volatility Index up 7.8% to 19.8
- Nifty I.T. is the top sectoral gainer; up 3%
- Nifty Metal, Nifty PSU Bank are the other sectoral gainers; up 2% and 1.7% respectively
- Nifty Auto and Nifty Pharma give up gains to trade flat
- Nifty Media is the only sectoral laggard; down 0.3%
- Wipro is the top Nifty gainer; up 4.8%
- GAIL is the top Nifty laggard; down 1.4%
- 1,111 stocks on the NSE trade with gains while 608 are declining
Money Market Update
The rupee opened flat in today's session, resuming after the long weekend.
The currency opened at 73.18 against the U.S. Dollar as compared to Thursday's close of 73.14. It was the fourth best performing currency in Asia last week, as it traded only for four trading sessions, due to a holiday.
Yield on the 10-year government bond opened at 6% as compared to Thursday's close of 5.996%.
ICRA believes that the government may borrow more through the green shoe option as has been done in several recent auctions.
New Listing: Angel Broking
Angel Broking Ltd. listed on the bourses at a discount to its issue price - becoming the first IPO in recent times to not list on the bourses at a premium.
Shares debuted at Rs 275 as compared to its issue price of Rs 306 - a discount of 10%.
The 600-crore IPO of the company was subscribed nearly 4 times on the final day of bidding, according to data available on the exchanges.
The category meant for qualified institutional buyers was subscribed 5.74 times, non institutional investors 69% and retail individual investors 4.31 times.
The company said that proceeds of the issue will be utilised for meeting working capital requirements and for general corporate purposes.
Stock Reaction: ITI
The company has signed a contract with the Ministry of Defence to implement the ASCON Phase-IV project.
The order, worth Rs 7,796 crore is to strengthen the communication network for the Indian Army through the Army Static Switched Communication Network.
The company will deploy the strategic network for secured communication across the country and will be involved in its maintenance for a period of 10 years.
The scope of the project includes a warranty period of two years and maintenance support of the network for another eight years after the warranty.
Shares gained as much as 7.5% to Rs 134.5, up for the second straight day.
Stock Reaction: Metropolis Healthcare
The company informed the exchanges that it has achieved highest ever quarterly revenue in the July-September period.
Revenue in the second quarter of FY21 has nearly doubled from the previous quarter and has grown nearly 25% as compared to last year, the company said in an exchange filing.
For the month of September 2020, revenue growth was nearly 40% as compared to September 2019.
The company's non-covid business reached nearly 85% of last years levels in the second quarter and as compared to 71% in the first quarter.
"With the scale-up of the Non-covid business, sustained cost management measures as well as operating leverage on account of significant uptick in revenue, the Ebitda margin for Q2FY21 has improved over Q2FY20," the statement said.
Cash and cash equivalents for the company stood at Rs 300 crore, as on September 30, 2020.
Shares gained as much as 4.6% to Rs 1,868.3, post the announcement.
Coronavirus India Updates
- Number of active cases decline over the last 24 hours
- 74,442 new cases reported over the last 24 hours
- Total confirmed cases now at 66,23,815
- Active cases at 9,34,427
- Patients cured / discharged / migrated at 55,86,703
- Death toll rises to 1,02,685
- 903 deaths reported over the last 24 hours
- 76,737 patients recovered in the last 24 hours
Stock Reaction: TCS
The company informed the exchanges on Sunday night that it will consider a proposal of buyback of equity shares at its board meeting on October 7.
During the first intimation of the board meet, it also highlighted that it will also consider an interim dividend for shareholders.
The company also said that it will be providing a sum of Rs 1,218 crore as an exceptional item in the current financial results in the EPIC Systems Corporation matter.
The U.S. Court of Appeals in Chicago on August 20, had returned a verdict on an appeal filed by TCS, reducing the damages award to $140 million from $280 million. The company said that it has filed a petition seeking re-hearing on both compensatory and punitive damages.
Shares gained as much as 5% to an all-time high of Rs 2,650. The stock is up for the sixth straight day - its longest winning streak since June 2019.
Opening Bell: A Positive Start
Indian equity markets opened higher for the third straight day, extending the gains made during the truncated week. Positive global cues are adding to the sentiment.
The S&P BSE Sensex opened 0.7% higher at 38,956 while the NSE Nifty 50 opened close to the mark of 11,500 - up 0.6% at 11,487. Both benchmarks had gained over 3% last week.
All sectoral indices have opened with gains as well. The Nifty I.T. index is up 1.3% courtesy gains in TCS. The Nifty Auto index has opened 1.1% higher while the Metal and PSU Bank index have opened 0.8% and 0.7% higher respectively.
Broader markets have opened on a steady note. The midcap and smallcap indices have opened with gains of 0.5%.
1,146 stocks on the NSE have opened with gains while 316 have opened with losses.
Current Market Update
Trading Ideas For The Day
- Nifty: Sell 11,350 put of the October 8 expiry in the range of Rs 48-50. Target of Rs 34-23 and stop loss of Rs 64.
- Nifty Bank: Buy in the range of 22,100-22,150 for target of 22,450-22,550 and stop loss of 22,000
- Buy Pidilite Industries October futures for target of Rs 1,491 and Rs 1,518 with a stop loss of Rs 1,455
- Sell Hindalco October futures for target of Rs 172.6 and Rs 170.1 with a stop loss of Rs 176
- Both Pidilite & Hindalco are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Thursday
Key Stocks In Focus
- Reliance Industries: Mubadala, GIC, TPC to invest in Reliance Retail for 1.4%, 1.2% and 0.4% respectively.
- TCS: To consider share buyback at its quarterly results meeting on October 7. The company also said that it will be providing Rs 1,218 crore as an exceptional item in the financial results during the quarter after a Chicago court reduced the damage award in the EPIC systems Corporation matter.
- Hero MotoCorp: Raises ex-showroom prices of its motorcycles and scooters by up to 2% from October 1.
- Vedanta: Reverse book-building process for public shareholders begins today. The process continues till October 9. The company's revenue and net profit for the April-June period fell 25.3% and 23.5% respectively year-on-year. Reported Ebitda was down 23.2% while margins were flat at 24.5%.
- Solar Industries: Signs a contract with the government to supply 10 lakh multi-mode hand grenades for Rs 409 crore. The grenades have to be delivered over a period of two years.
- ITI: Signs contract with the Ministry of Defence for supply and establishment of army static switched communication network. The total of the contract is worth Rs 7,796 crore, whereas the time period for the execution is three years.
- NMDC: Iron Ore sales up 10.5% in September to 2.11 MT while production up 12% to 1.83 MT.
- PNC Infratech: The company's JV with SPML Infra has received a Letter of Award for a water supply project worth Rs 289.8 crore in Uttar Pradesh.
- CreditAccess Grameen: Collections improve to 88% from 74% in March. Around 77% of the customers are willing to repay 100% of the obligations while only 8% cannot make any payments.
- Federal Bank: Total deposits up 12% to 1.56 lakh crore. Gross advances up 6% to 1.25 lakh crore. CASA ratio at 33.69% from 31.55%. Liquidity coverage ratio at 257.44% from 159.69%.
For more stocks in news, key brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Extension Of Gains Likely
Good Morning!
Indian equity markets are likely to begin the new trading week on a positive note with futures pointing to extension of the gains.
The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, was rose 0.7% to 11,409 as of 7:45 a.m. on Monday.
The S&P BSE Sensex and NSE Nifty 50 had ended the truncated week with gains of over 3% on Thursday.
Auto stocks will be in focus on the back of their reported sales. The street will also watch out for Reliance Industries Ltd., which had roped in three new investors for its retail unit over the weekend.
Angel Broking will debut on the bourses today. The issue was subscribed close to 4 times.
Asian markets are trading with gains after reports suggested that U.S. President Donald Trump may be discharged from hospital as early as today. Shares in Japan, Hong Kong and Australia were gaining, while those in South Korea are flat.
Futures on the Dow Jones are trading higher by 190 points. The index ended 0.5% lower on Friday.
West Texas Intermediate crude rose 1.5% to $37.6 per barrel after a 4% drop on Friday. Oil prices saw their biggest weekly drop since June.
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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