KEY HIGHLIGHTS
Closing Bell: A Day Of Consolidation
Indian equity markets ended little changed after witnessing pressure at higher levels. However, they managed to eke out modest gains.
The S&P BSE Sensex ended 0.3% higher at 40,544 while the NSE Nifty 50 index ended just below the 11,900 mark at 11,896, up 0.2%. Both Sensex and Nifty registered their third straight day of gains.
Among the sectoral indices, it was the Realty index that ended as the top performer in today's session. The index gained 4%, courtesy the surge in Oberoi Realty, which ended at an upper circuit of 20% - the most on record.
Other sectors that did well today include the Nifty Media index, which ended 2% higher, courtesy gains in Zee Entertainment and the Nifty I.T. index, which ended with gains of 1.4%.
Yesterday's top performer, the PSU Bank index was the top laggard in today's session, ending 1.4% lower.
Broader markets managed to outperform the benchmarks in today's session. The Nifty Midcap index gained 0.7% while the Smallcap index was up 0.4%.
India Volatility Index ended 4% higher at 22.69.
991 stocks on the NSE ended with gains while 829 posted losses in today's day of trade.
How Did The Sectoral Indices Fare
Equitas Small Finance Bank IPO Open For Subscription
Buzzing Stock: Rallis India
- Top laggard on the Nifty Smallcap index
- Declines as much as 5.5% to Rs 258.5
- Trading at the lowest level in three months
- Falls further below its 100-Day Moving Average of 283.1
- Today's volumes are more than double its 20-day average
- Stock heading towards oversold territory with Relative Strength Index (RSI) at 34.2
- Reported earnings just before the close of trading on Monday
- Trading 23% below its 52-week high of Rs 339.8 on August 26, 2020
- 10 out of the 22 analysts tracking the stock have a buy recommendation; 7 sell calls
- Return potential of the stock as per Bloomberg data is 15%
Vedanta Resources Under Review For Downgrade
Moody's Investors Service has placed Vedanta Resources' B1 corporate family rating under review for a downgrade, as per their statement.
Moody's has also placed under review for downgrade, the B3 rating on the senior unsecured bonds issued by the company and its wholly-owned subsidiary Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt.
The outlook on the ratings was changed to ratings under review from negative.
The review follows an increase in refinancing risk and significant funding needs at the holding company level, following the failure to acquire balance shareholding in key subsidiary Vedanta Ltd., which would have improved access to group cash," Moody's Vice President Kaustubh Chaubal cited in a statement.
Shares of Vedanta are currently trading 2.2% higher at Rs 98.9 and are up for the second straight day.
Media Stocks Among Top Gainers
Active Stock Options
- Hindustan Unilever's 2,200 Call: Premium down 49.8% to Rs 18.3. The contract has added 2.3 lakh shares in Open Interest.
- Larsen & Toubro's 940 Call: Premium up 57% to Rs 16.85. The contract has added 1.64 lakh shares in Open Interest.
- ACC's 1,600 Call: Premium down 15.3% to Rs 25. The contract has added 92,500 shares in Open Interest.
Earnings Reaction: Hindustan Unilever
- Revenue up 16% at Rs 11,442 crore
- Net profit up 9% at Rs 2,009 crore
- Ebitda up 17% at Rs 2,869 crore
- Ebitda margin at 25.1% from 24.8%
- Home Care segment revenue down 2% to Rs 3,318 crore
- Beauty and Personal Care segment revenue flat at Rs 4,535 crore
- Foods and Refreshments revenue up 83% to Rs 3,379 crore
- Exports, Infant and Feminine care revenue up 131% to Rs 210 crore
- Exceptional items this quarter include restructuring expenses of Rs 69 crore and acquisition and disposal related costs of Rs 17 crore
- Declares interim dividend of Rs 14 per share
- Domestic consumer growth excluding impact of GSK merger and VWash acquisition at 3%
- Operations are back to pre-Covid-19 levels
- Rural markets have been resilient but demand in urban markets, especially metros has been muted
- Cautiously optimistic on demand recovery
Shares are currently trading little changed, down 0.24% at Rs 2,172, post the announcement.
Earnings Reaction: Kajaria Ceramics Q2FY21
- Revenue flat at Rs 712.5 crore
- Net profit down 4% at Rs 89.1 crore
- Ebitda up 37% to Rs 143.7 crore
- Ebitda margin at 20.2% from 14.7%
- Power and Fuel expenses down 31% to Rs 120.4 crore
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Managed to regain pre-Covid level performance during the quarter
- Asset utilisation during the quarter in excess of 90%
- Margins improved owing to subdued gas prices and reduction in some overheads
- Tiles sales growth flat at 19.8 MSM
Shares are off the day's low after falling as much as 1.5% to Rs 556.1, post the announcement.
Markets At 2:10 P.M.
- Benchmark indices off the day's high
- Nifty up 0.1% at 11,887
- Sensex up 0.2% at 40,529
- Nifty Bank unchanged at 24,256
- Nifty Midcap index up 0.3%
- Nifty Smallcap index unchanged
- India Volatility Index up 3.8% to 22.64
- Nifty Realty remains the top sectoral gainer; up 2.2%
- Nifty Media and Nifty I.T. index up 1.4% and 1.2% respectively
- Nifty PSU Bank is the top sectoral laggard; down 1.6%
- HCL Technologies remains the top Nifty gainer; up 4.1%
- Britannia remains the top Nifty laggard; down 5.6%
- 886 stocks on the NSE are trading with gains while 912 are declining
Money Market Update
The currency ended lower for the second straight day in today's session.
The rupee ended at 73.47 against the U.S. Dollar as compared to Monday's close of 73.36. 73.30 was the highest point of the day while it ended near the day's low of 73.52.
Today's losses made rupee the third worst performing currency in Asia, ahead of the Thai Baht and the Malaysian Ringgit.
Yield on the 10-year government bond ended at 5.932% as compared to Monday's close of 5.94%.
Buzzing Stock: Balrampur Chini
- Among best performers on the Nifty Smallcap index
- Gains as much as 5.7% to Rs 162.7
- Biggest single-day gain in two months
- Trading at the highest level in two months
- Up for the third straight day
- Longest winning streak in a month
- Has gained 8% in the last three trading sessions
- Today's volumes are more than double its 20-day average
- One-month implied volatility at 89%
- Takes support and rebounds from 50-Day Moving Average at 152.3
- Relative Strength Index (RSI) of the stock at 59
- Trading 17% below its 52-week high of Rs 195 on January 7, 2020
- Seven 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 18.3%
Prime Minister Narendra Modi To Address The Nation This Evening
F&O Snapshot: Active Options Contracts
- Nifty October futures add 8.9% and 9.3 lakh shares in Open Interest.
- Nifty Bank October futures add 17.8% and 2.7 lakh shares in Open Interest.
Nifty: October 22 Expiry
- 12,000 Call: Premium up 5.9% to Rs 38.8. The contract has added 6.4 lakh shares in Open Interest.
- 11,900 Call: Premium up 17.9% to Rs 90.7. The contract has added 9.2 lakh shares in Open Interest.
- 11,800 Put: Premium down 15.5% to Rs 40.7. The contract has added 10.9 lakh shares in Open Interest.
Nifty Bank: October 22 Expiry
- 24,500 Call: Premium down 24.2% to Rs 189.6. The contract has added 3.24 lakh shares in Open Interest.
- 24,000 Put: Premium down 8.5% to Rs 188.9. The contract has added 5.3 lakh shares in Open Interest.
- 25,000 Call: Premium down 29.7% to Rs 65.5. The contract has added 1.8 lakh shares in Open Interest.
Buzzing Stock: Supreme Petrochem
- Among top performers on the Nifty 500 index
- Gains as much as 4.2% to Rs 274.7
- Trading at the highest level in over two years
- Up for the third straight day
- Longest winning streak in over a month
- Has gained 12% in the last three sessions
- Today's volumes are triple its 20-day average
- Stock nearing overbought territory with Relative Strength Index (RSI) at 69
- Has more than doubled from its 52-week low of March 13, 2020
- Both analysts tracking the stock have a buy recommendation
- The stock trades 8.5% higher than its 12-month consensus price target of Rs 249, implying a negative return potential
European Markets Open Flat
Benchmark indices are drifting lower, in-line with the sentiment seen across most of its peers in the Asia-Pacific.
The Stoxx 600 has opened 0.2% lower with energy and telecom stocks leading the losses. Technology stocks are outperforming.
Most Asian markets have ended with a negative bias, while futures on the Dow Jones are trading with gains of 80 points and are off the day's high.
Brent Crude is trading 0.3% lower at $42.49 per barrel while Gold is little changed at $1,900/Oz.
Let's take a look at how European markets are trading:
- Euro Stoxx 50 down 0.1% at 3,238
- DAX down 0.2% at 12,826
- CAC up 0.1% at 4,936
- FTSE 100 down 0.1% at 5,879
- IBEX 35 unchanged at 6,858
How Are The Sectoral Indices Faring
Buzzing Stock: Oberoi Realty
- Top gainer on the Nifty Midcap index
- Gains as much as 14.4% to Rs 446.1
- Biggest single-day gain in over two and a half years
- Trading at the highest level in seven months
- Up for the third straight day
- Longest winning streak in a month
- Today's volumes are eight times its 20-day average
- Breaks above 200-Day Moving Average at 407
- Relative Strength Index (RSI) of the stock at 67.3
- Brokerages BNP Paribas and IIFL upgraded the stock to buy
- Trading 24.3% below its 52-week high of Rs 584 on January 27, 2020
- 19 out of the 28 analysts tracking the stock have a buy recommendation; 3 sell calls
- The stock has crossed its 12-month consensus price target of Rs 438.5 in today's session
Earnings Reaction: Granules India Q2FY21
- Revenue up 23% to Rs 858.1 crore
- Net profit up 71% to Rs 163.6 crore
- Ebitda up 79% to Rs 256.5 crore
- Ebitda margin at 29.9% from 20.5%
- Deferred tax credit of Rs 7.74 crore this quarter
- Changing product mix, increased operational efficiencies aid Ebitda margins
- Net debt down 25.8% year-on-year while net debt-Ebitda at 0.7 times
- API revenue up 17% to Rs 255 crore, driven by acquisition of new customers
- FDs revenue up 22% to Rs 430 crore
- PFI revenue up 33% to Rs 173 crore
- Confident of ending the year as per the stated objectives
- All numbers are consolidated and compared on a year-on-year basis
Shares gained as much as 2.1% to Rs 399.75, post the announcement. The stock is up for the third straight day.
PSU Bank Index Is The Top Laggard
Markets At Noon
- Benchmark indices gain momentum towards the second half of trade
- Nifty up 0.6% at 11,942
- Sensex up 0.7% at 40,712
- Nifty Bank up 0.5% at 24,397
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.25%
- India Volatility Index up 1.6% at 22.17
- Nifty Media is the top sectoral gainer; up 1.7%
- Nifty I.T. holds on to gains; up 1.5%
- Nifty Realty recovers from the day's low; up 1.2%
- Nifty PSU Bank is the top sectoral laggard; down 1%
- Nifty Metal is the only other sectoral laggard; down 0.5%
- HCL Technologies remains the top Nifty gainer; up 4.1%
- Britannia remains the top Nifty laggard; down 5%
- 948 stocks on the NSE are trading with gains while 779 are declining
Buzzing Stock: IRCON International
- Among top gainers on the Nifty Smallcap index
- Gains as much as 6.6% to Rs 80.35
- Biggest single-day gain in over three months
- At the day's high, it traded at the highest level in a month
- Up for the third straight day
- Longest winning streak in a month
- Today's volumes are more than six times its 20-day average
- Remains below all key Daily Moving Averages
- Relative Strength Index (RSI) of the stock at 48.3
- Trading 34.4% below its 52-week high of Rs 119.8 on February 19, 2020
- The stock is down 2.2% this year
Government Asks PSUs To Plan Buybacks
The government is planning to ask some state-owned companies to repurchase shares to help the government shore up its finances, Bloomberg News reports.
Coal India, NTPC, NMDC, MOIL and Engineers India, are among the companies that might be asked to buyback shares, sources said. The other company in the list - KIOCL, announced a buyback of shares on Monday evening at a 19.3% discount to Monday's closing price. The government holds 99% stake in KIOCL.
The strategy will help the government access part of the more than Rs 40,000 crore of cash with the companies as on March 31. The government so far has raised less than 3% of its Rs 2.1 lakh crore divestment target so far.
The government has been pushing state-owned companies to increase their capital expenditure as it looks to revive an economy seen contracting about 10% in the year to March 2021.
Stock Reaction: MRPL
The company has informed the exchanges that its board has approved the acquisition of 125 crore shares of ONGC Mangalore Petrochemicals from ONGC.
The shares will be acquired at Rs 9.76 per share, for a total consideration of Rs 1,217 crore, the company said in an exchange filing.
The company's stake in OMPL - its wholly-owned subsidiary has risen to 100% from 51% earlier.
Shares gained as much as 3.1% to Rs 26.9 and is up for the third straight day.
Buzzing Stock: Hindustan Copper
- Top gainer on the Nifty 500 index
- Gains as much as 13.4% to Rs 37.25
- Biggest single-day gain in over nine months
- Trades at the highest level in a month
- Up for the third straight day
- Longest winning streak in two months
- Today's volumes are more than 20 times its 20-day average
- Breaks above its 100-Day Moving Average at 35 and 50-Day Moving Average at 35.7
- Relative Strength Index (RSI) rebounds from near-oversold territory to 62.4
- The stock is trading 29% below its 52-week high of Rs 51 on January 3, 2020
- The stock has declined 7.5% this year
Stock Reaction: Wipro
The company was awarded a five-year application management and services integration and management contract by Finland-based Fortum.
As a part of the five-year agreement, Wipro will manage Fortum’s application portfolio across hundreds of applications for more than 11,500 users across 18 countries and provide 24/7 support for business-critical applications.
Wipro’s Service Integration & Management (SIAM) transformation solution will help Fortum consolidate and govern its multi-supplier eco-system.
Shares gained as much as 1.8% to Rs 349.4 and are up for the second straight day.
I.T. Index Is The Top Sectoral Gainer
Stock Reaction: Strides Pharma
The drugmaker informed the exchanges that its step-down wholly-owned subsidiary Strides Pharma global has received approval from the U.S. FDA for Ethacrynic Acid Tablets, USP, 25 mg.
The product is a generic version of Edecrin Tablets, 25 mg, of Bausch Health Americas, Inc.
The drug is used to treat edema in adults and children caused by medical problems like cancer, heart, kidney and liver disease.
The drug has a U.S. Market size of approximately $14 million as per IQVIA data of August 2020.
The product will be manufactured at the company's flagship facility at Bengaluru.
Shares recovered from the day's low to gain as much as 1.5% to Rs 759, post the announcement. The stock is up for the third straight day and is trading at the highest level since January 2018.
Stock Reaction: Steel Strips Wheels
The company has informed the exchanges that it has received export orders for 7,900 wheels from the U.S. Caravan trailer market.
The for the order is $1,25,000 and will be executed from the company's Chennai plant in the month of November, the company said in an exchange filing.
Orders of similar capacity are expected in the future, the company said.
Shares gained as much as 2.2% to Rs 494.6, post the announcement. The stock is trading at the highest in seven months.
Earnings Reaction: Tata Metaliks
- Revenue up 1.6% to Rs 519.6 crore
- Net profit up 3.5 times to Rs 82.2 crore
- Ebitda up 2.7 times to Rs 109.4 crore
- Ebitda margin at 21.1% from 8%
- Ebitda margin improves due to lower raw material costs and employee expenses
- Deferred tax reversal of Rs 13.3 crore contributes to net profit
- All numbers are standalone and compared on a year-on-year basis
Shares gained as much as 7% to Rs 598.4 - the most in seven months. The stock is up for the sixth straight day, the most in three months.
Stock Reaction: Larsen & Toubro
PTI reported on Monday evening that the company has emerged as the lowest bidder for the design and construction of a 237 km viaduct for the 508 km Mumbai-Ahmedabad high speed rail corridor.
“Financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad High Speed Rail corridor were opened today and Larsen & Toubro Ltd is the lowest bidder,” said the release.
A total three bidders involving seven major infrastructural companies had participated in the competitive bidding, the NHSRCL said.
The tender covers about 47% of total alignment of 508 km, between Vapi (Zaroli Village at Maharashtra- Gujarat Border) and Vadodara in Gujarat.
This includes four stations namely Vapi, Billimora, Surat and Bharuch, and Surat Depot, it said.
Shares gained as much as 3.5% to Rs 934.4 and are up for the third straight day. The stock is trading at the highest in nearly two months. It is also the top gainer on the Nifty 50 index.
Markets At 10:10 A.M.
- Benchmark indices consolidate after gaining for two straight days.
- Nifty up 0.2% at 11,894
- Sensex up 0.2% at 40,519
- Nifty Bank down 0.4% at 24,165
- Nifty Midcap index up 0.2%
- Nifty Smallcap index unchanged
- India Volatility Index up 2% to 22.26
- Nifty I.T. and Nifty Media are the top sectoral gainers; up 1.2% each
- Nifty Auto and Nifty Realty up 0.8% and 0.7% respectively
- Nifty PSU Bank is the top sectoral laggard; down 1.3%
- HCL Technologies is the top Nifty gainer; up 3.2%
- Britannia is the top Nifty laggard; down 5%
- 914 stocks on the NSE are trading with gains while 745 are declining
Coronavirus India Updates
- Lowest new cases reported in the last three months
- 46,790 new cases reported in the last 24 hours
- Total confirmed cases now at 75,97,063
- Active cases now at 7,48,538
- Active cases decline for the 17th straight day
- Patients cured / discharged / migrated at 67,33,328
- Death toll rises to 1,15,197
- 587 deaths reported in the last 24 hours
- 69,720 patients recovered in the last 24 hours
Money Market Update
The currency has opened flat in today's session, on similar lines to Monday's closing.
The rupee opened at 73.38 against the U.S. Dollar as compared to Monday's closing of 73.37. It was the third worst performing currency in Asia.
Bloomberg Economics estimates that the Reserve Bank of India bought foreign currency assets worth approximately $5.46 billion in the week ended October 9.
Within the bond markets today, 10 states plan to sell debt worth Rs 13,500 crore. Kotak Mahindra Bank believes that the upside to bond yields is capped as most of the negative news is priced in and the risk of further market borrowings is diminishing.
Earnings Reaction: ACC Q3CY20
- Revenue flat at Rs 3,537.3 crore
- Net profit up 21% to Rs 363.1 crore
- Ebitda up 20.5% to Rs 670.7 crore
- Ebitda margin at 19% from 15.8%
- Cement segment revenue up 4% to Rs 3,373 crore
- Ready Mix concrete revenue down 41% to Rs 196.6 crore
- Power and Fuel cost down 20% to Rs 630 crore
- Freight and Forwarding expenses down 10% to Rs 860 crore
- Cement sales volume up 1% at 6.49 MT
- Ready Mix concrete volume down 43% to 0.46 MT
- RMX volumes continue to be under pressure due to slowdown in construction activities in metros
- Operating cost per ton of cement continues to reduce
- Share of blended cement up to 91% from 88%
- All numbers are standalone and compared on a year-on-year basis
Most brokerages have maintained their bullish stance on the stock and raised their price targets:
- Jefferies: Buy rating maintained; price target raised to Rs 2,200 from Rs 1,900. Upside scenario price target of Rs 2,500.
- Citi: Buy rating maintained; price target raised to Rs 2,075 from Rs 1,950.
- CLSA: Buy rating maintained; price target raised to Rs 1,920 from Rs 1,730.
Shares gained as much as 3.8% to Rs 1,622. The stock is up for the third straight day.
Stock Reaction: KIOCL
The company informed the exchanges on Monday that it has announced a share buyback worth Rs 155.9 crore rupees.
The company, in which the government holds 99% stake, will buyback 1.42 crore shares in the buyback process.
The buyback price of Rs 110 per share is a 19.3% discount to Monday's closing price, according to the exchange filing.
The record date for the buyback has been set at October 30.
Shares fell as much as 10% to Rs 122.45, before recovering from the day's low. The stock currently trades 6.6% lower at Rs 127.
Earnings Reaction: Britannia
Biscuit-maker Britannia reported a 23% year-on-year growth in its net profit to Rs 494.9 crore for the quarter ended September.
Operating profit or Ebitda was up 37% while margins expanded to 19.8% from 16.1% in the previous year. The rise in margins was despite a 16.1% rise in raw material costs.
Cost of raw materials including those of wheat and sugar rose to Rs 1,812.4 crore during the quarter.
The company witnessed moderate inflation in the prices of key raw materials and expects prices to remain stable following a positive outlook on monsoon and harvest season.
Brokerage firm UBS has maintained its buy rating on the stock with a price target of Rs 4,500. It expects the cost cutting measures to benefit the company going forward. It also said that the margin outlook for the company is positive for H2FY21.
Shares fell as much as 5% to Rs 3,585, to the lowest in nearly a month.
Opening Bell: A Subdued Start
Indian equity markets have opened little changed after two straight days of gains. Sentiment across Asian markets remains cautious after a weak closing on Wall Street.
The S&P BSE Sensex has opened 11 points lower at 40,420 while the NSE Nifty 50 index has opened 12 points lower at 11,861.
Most sectoral indices have opened with a negative bias. The Nifty Bank and PSU Bank index, which gained 3% and 4% respectively on Monday, have opened 0.6% and 0.9% lower respectively. The Media and Metal indices are down 0.5% each while the other indices have opened flat.
Broader Markets too are drifting lower at the start of trade. The Midcap index is down 0.3% while the Smallcap index is declining 0.1%.
Market breadth is even at the start of trade. 722 stocks on the NSE are trading with gains while 763 are declining.
Current Market Update
Trading Strategies For The Day
- Nifty: Sell 11,700 Put of the October 22 expiry in the range of Rs 30-32. Target of Rs 16-6 and stop loss of Rs 46.
- Nifty Bank: Buy in the range of 24,300-24,400 for target of 24,550-24,700 and stop loss of 24,200.
- Buy IndusInd Bank October futures for target of Rs 637.8 and Rs 654.6 with a stop loss of Rs 615.3
- Sell Mahindra & Mahindra October futures for target of Rs 594.1 and Rs 584.4 with a stop loss of Rs 606.9.
- IndusInd Bank and Mahindra & Mahindra are intraday recommendations
Source: ICICI Direct
How Did The Fund Flows Fare On Monday
Key Stocks In Focus
- Wipro: Awarded five-year application management and services integration and management contract by Fortum. Fortum is one of the leading clean-energy companies in Finland. Wipro will manage Fortum's application portfolio for more than 11,500 users across 18 countries and provide 24/7 support for business-critical applications.
- Sunteck Realty: Acquires nearly 50 acres land parcel in Vasind. The land has a potential to develop nearly 2.6 million square feet integrated residential township under the 'SunteckWorld' Brand. The company has envisaged a revenue generation potential of Rs 1,250 crore over the next 4-5 years.
- KIOCL: Announces share buyback worth Rs 155.92 crore. To buyback 1.42 crore shares or 2.28% of the total equity. Buyback price of Rs 110 per share is a 19.3% discount to Monday's closing price. The record date for the buyback is set at October 30. The government holds 99% stake in the company.
- Zensar Tech: To divest 100% stake in PSI Holding Group to Service Express for $10 million and an additional deferred amount of $5 million based on performance. On the disposal of PSI Holding Group, the company has estimated a loss between $11-13 million. The transaction is likely to be completed by December 18. This will mark the completion of the company’s non-core business, which formed 4% of the overall revenue in Q1FY21.
- Nifty Earnings Today: Hindustan Unilever
- Non-Nifty Earnings Today: L&T Infotech, Granules India, Indian Energy Exchange, Hindustan Zinc, Kajaria Ceramics, CCL Products, Mahindra CIE, Oriental Aromatics, CRISIL.
To know more about earnings reported after market hours, brokerage updates and F&O cues, click here.
Your Trade Setup For The Day
A Check On Indian ADRs
Consolidation After Gains?
Good Morning!
Indian equity markets closed with gains for the second straight session on Monday, led by private and PSU banking stocks.
Today's start, however, is likely to be on a cautious note as suggested by the futures. The Singapore-traded SGX Nifty, an early indicator of the Nifty 50 Index’s performance in India, fell 0.2% to 11,883 as of 7:55 a.m. on Tuesday.
Corporate earnings will remain in focus. The street will watch out for stocks like Britannia and HDFC Life that reported their quarterly numbers after market close on Monday, as will ACC, which beat estimates and received upgrades to its price target from analysts.
Hindustan Unilever will report its results today. Non-Nifty 50 stocks such as L&T Infotech, Granules India, Hindustan Zinc, Kajaria Ceramics, CCL Products and Oriental Aromatics, too, will announce their numbers. Hindustan Zinc will consider a proposal for an interim dividend at its board meeting today.
Globally, Asian markets are drifting lower this morning, tracking a weak session on Wall Street. Benchmark indices in Japan, South Korea and Australia are declining, while those in Hong Kong are fluctuating.
Futures on the Dow Jones are trading 110 points higher. The index ended 1.5% lower on Monday.
West Texas Intermediate crude fell 0.3% to $40.69 per barrel, while gold was flat at $1,902.1/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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