Share Market Updates: Sensex and Nifty remained under pressure throughout the session but scaled up towards the end with marginal losses. IT stocks pulled the markets from both ends with Infosys shedding, while HCL Tech gained.
Tata Motors contributed the most to the late rally as the share jumped 4% in the second half of today's session amidst a record high on JLR's performance.
Infosys Ltd and HCL Technologies Ltd on Thursday painted a weak growth story as their large foreign clients tighten purse strings amid economic uncertainties.
The Supreme Court of India on Friday deferred hearing in the Adani-Hindenburg case as Adani Group stocks continue to trade lower.
Indian exports in September declined to USD 34.47 bn as against USD 35.39 bn in September 2022, says the government data. September exports are down 2.6% at $34.5 bn vs $35.4 bn (YoY), while imports fall by 15% YoY.
IT and PSU Bank indices dragged the market as Sensex closed 120 pts down and Nifty 40 pts; Tata Motors zoomed
Indian shares fell despite a minor rally in the second half where most of the morning losses were pared. The indices dragged by a slide in information technology (IT) and bank stocks, while inflation concerns in the United States also weighed on investor sentiment.
The NSE Nifty 50 index closed at 19,750, 42 pts down. The S&P BSE Sensex fell 125 pts to close at 66,282.
Ten of the 15 Nifty major sectoral indexes declined. High weightage IT index more than 0.5% along with PSU Bank which shed 1.5. Auto, Pharma and Realty gained to a reasonable degree in today's session
Tata Motors made a late rally to end more than 4.5% higher. IndusInd Bank, HCL Tech and Nestle added 2% each. Axis Bank, Ada Enterprises and Infosys were among the biggest laggards.
Global shares slipped on Friday after stronger-than-expected U.S. inflation figures and upcoming consumer price data from Europe kept markets on edge about central banks keeping interest rates higher for longer.
Japanese shares fell tracking Wall Street's declines overnight after hotter-than-expected U.S. inflation data fuelled bets for a more hawkish Federal Reserve. The Nikkei closed the day down 0.55%, snapping a three-day winning run. The broader Topix index slumped 1.44%.
Chinese stocks closed lower on Friday after consumer price data suggested domestic demand is still under pressure, although export data was better than expected. Hong Kong shares also slipped, dragged down by tech stocks.
China's blue-chip CSI300 Index closed down 1.1%, while the Shanghai Composite Index slipped 0.6%. Hong Kong's benchmark Hang Seng Index dropped 2.3%. For the week, the CSI300 Index lost 0.7%, while the Hang Seng Index added 1.7%.
European stocks slipped on Friday after U.S. inflation data fuelled concerns about interest rates staying higher for longer, while weak inflation data from China added to jitters about the global economy.
UK's FTSE 100 was flat on Friday as gains in energy shares on higher crude prices offset worries about the U.S. interest rate path, while Ashmore's shares fell after a drop in assets under management in the first quarter.
Sensex Today Live: Tata Motors shares hit record high on JLR's best-ever performance in H1FY24; sales surge 97%
Tata Motors' shares surged more than 4 percent, reaching a new peak, following the exceptional performance of its subsidiary, Jaguar Land Rover (JLR) India, in the first half of the financial year 2023-24 (FY24). JLR India recorded a remarkable 97 percent year-on-year increase in total sales, amounting to 2,356 units during April-September, compared to approximately 1,194 units in the corresponding period last year. The stock hit an all-time high of ₹665.50, marking a substantial 77 percent surge from its 52-week low of ₹375.50 registered on December 26, 2022. (Read More)
Sensex Today Live: Plaza Wires share price locked in 5% upper circuit, gains 56% in two sessions
The share price of Plaza Wires today hit the 5% upper circuit, resulting in a gain of approximately 56% over two trading sessions. Commencing at ₹84.24 per share on the Bombay Stock Exchange (BSE) today, Plaza Wires' shares experienced a premium listing on the bourses yesterday. Compared to the issue price of ₹54, the shares were listed at ₹76 on the National Stock Exchange (NSE), indicating a 40.7% increase, and at ₹84 on the BSE, marking a 55.6% surge. (Read More)
Sensex Today Live | Share Market Updates: HDFC Life Q2 Results: Net profit grows 15% YoY to ₹378 crore
HDFC Life Insurance Company announced a consolidated net profit of ₹378 crore for the second quarter of FY24, marking a 15% increase from the same period last fiscal when it was ₹329 crore. The company's net premium income for Q2FY24 also saw a rise of 13% to ₹14,797 crore from ₹13,138 crore in the corresponding quarter last year. Additionally, the first-year premium experienced a 6% growth, reaching ₹2,566 crore in comparison to ₹2,423 crore in the previous year. (Read More)
HDFC LIFE INSURANCE COMPANY
Sensex Today Live: India will not impose restrictions on laptop imports - official
India will not impose restrictions on laptop imports, country's trade secretary told reporters on Friday, rolling back its earlier plan of curbing imports after criticisms.
The import licensing regime, announced on Aug. 3, aimed to "ensure trusted hardware and systems" enter India, was delayed by three months after objections from industry and Washington criticised the plan, which would impact companies like Dell and HP. (Reuters)
Sensex Today Live | Share Market Updates: Pakistan's central bank meets $4.2 billion forward book target with IMF: Report
Pakistan's central bank has met a forward book target of $4.2 billion agreed with the International Monetary Fund (IMF) for the end of September and is comfortably placed to meet others such as net international reserves and net domestic assets, the bank said as quoted by Reuters.
The remarks came in a statement on comments by central bank chief Jameel Ahmad during events on the sidelines of the meetings of the International Monetary Fund (IMF) and the World Bank meetings in Morocco. (Read More)
Sensex Today: India's September palm oil imports drop 26% m/m -trade body
India's palm oil imports in September fell 26% from the previous month to 834,797 metric tons, a trade body said on Friday.
Imports of soyoil edged 0.1% higher to 358,557 tons and those of sunflower oil were down about 17.8% at 300,732 tons, the Mumbai-based Solvent Extractors' Association of India (SEA) said in a statement.
Vegetable oil imports fell about 17% to 1.55 million tons, it added. (Reuters)
Sensex Today: Indian exports decline by 2.6% YoY to $35.39 billion in September; imports down by 16%
Exports in September decline to USD 34.47 bn as against USD 35.39 bn in September 2022, says the government data. September exports down 2.6% at $34.5 bn vs $35.4 bn (YoY), imports fall 15% YoY.
Sensex Today Live: WomenCart Limited IPO opens on Monday, issue price set at ₹86. Check GMP, review, other details
WomenCart Limited's initial public offering (IPO) will be open for subscription from Monday, October 16, to Wednesday, October 18. The IPO's price band is set at ₹86, with the face value of equity shares at ₹10 each, and the issue price at 8.6 times the face value of the equity shares. Investors can bid for a minimum of 1600 shares and in multiples thereof. Established in 2018, WomenCart is an online retail platform that provides an extensive range of beauty and wellness products for both men and women, including skincare, hair care, and body care items from over 100 brands. (Read More)
Sensex Today Live | Share Market Updates: Agri Inputs Sector Q2 Results Preview: Strong rebound expected for domestic players: Nuvam
Nuvama Institutional Equities foresees a strong recovery in the domestic agri-input sector during Q2FY24, attributing this to improved monsoons and increased sowing activity following a lackluster Q1FY24. Despite challenges in the global agrochemical market, including substantial channel inventory and inventory losses, the firm remains optimistic about farmers' profitability due to increased demand for the Rabi crop, facilitated by rising reservoir levels, except in the southern region. (Read More)
Sensex Today Live: Auto index gains as Tata Motors leads the index with a jump of 3%
Sensex Today Live | Share Market Updates: German economy expected to shrink slightly in Q3 - econ ministry
Germany's economy is seen as shrinking slightly in the third quarter as the global economic slowdown, money tightening and energy prices slow its expected recovery, the economy ministry said in its monthly report on Friday.
A moderate recovery is likely to set in at the turn of the year based on the latest sentiment indicators, the ministry added. (Reuters)
Sensex Today: Air India Express set for a youthful makeover on 18 Oct
The Tata Group is set to launch a rebranded Air India Express next week, promising a fresh, vibrant and visually-engaging airline targeting India’s budget-friendly aviation market, according to three people in the know seeking anonymity.
The event is set to take place on 18 October, one of the people, a senior executive, said.
Mint reported on 13 August that the fresh brand identity of Air India Express is likely to be unveiled in October. It is likely to retain its unique tail art. (Read More)
Sensex Today | Share Market Updates: China’s Didi Global plans Hong Kong listing in 2024: Report
Didi Global Inc, the largest ride-hailing company in China, intends to list its shares on the Hong Kong Stock Exchange in the upcoming year, as reported by Bloomberg News on Friday, citing sources familiar with the matter. In recent developments, the company has informed its current employees that they can sell their shares back to the company under the employee stock ownership program. This move is seen as a part of the company's preparations for its listing in Hong Kong, according to the sources. (Read More)
Sensex Today: Rupee trades flat against US dollar amid likely RBI intervention
The Indian rupee remained steady against the US dollar on Friday, with the Reserve Bank of India (RBI) possibly intervening to prevent it from nearing its all-time low. Trading around 83.23, the rupee showed little change from its previous session's closing at 83.2425. Meanwhile, the dollar index held steady at 106.4 following an overnight surge triggered by higher-than-anticipated US inflation data. Asian currencies weakened as a result of the US inflation data exceeding expectations in September. (Read More)
Sensex Today Live: China on Brink of Deflation Again Reveals Still-Fragile Recovery
Data on Friday was mixed: Consumer prices unexpectedly retreated to the brink of deflation as concerns linger about weak demand. And while a slump in the nation’s exports moderated, consistent growth remains elusive for what was once a key driver for the world’s second-largest economy.
More figures to come will paint a clearer picture of how much the government’s recent stimulus is helping to stabilize activity. The People’s Bank of China will report credit data later Friday, and authorities next week will unveil statistics on everything from industrial output to employment as the third quarter finished.
That data will illustrate how much pressure President Xi Jinping remains under as his government tries to ensure the economy hits a growth goal of about 5% this year. While economists still see Beijing hitting that target, consumer sentiment remains stubbornly weak, and Xi has yet to find a sustainable solution to the property crisis. (Bloomberg)
Sensex Today: Adani-Hindenburg Case: Supreme Court defers hearing till October 20; stocks trade lower
The Supreme Court of India postponed the hearing in the Adani-Hindenburg case to October 20. Adani Group's stocks, such as Adani Enterprises, Adani Ports & SEZ, and Adani Power, continued to trade lower during the ongoing Supreme Court hearing, as reported by CNBC-TV18.
The apex court heard the Adani-Hindenburg case today wherein it was to take up the fresh status report filed by market regulator Securities & Exchange Board of India (SEBI). (Read More)
Sensex Today Live: IRCON International and RITES soar up to 7.2% after receiving 'Navratna' status
IRCON International witnessed a 7.2% surge in its share price to reach ₹143.75 per share in early Friday trading. The boost came after the company announced in an exchange filing on Thursday that it had been awarded 'Navratna' status by the Department of Public Enterprises. This development positions IRCON as the 15th Navratna company among the Central Public Sector Enterprises (CPSEs).
Additionally, another PSU, RITES, was also granted 'Navratna' status, making it the 16th CPSE to receive this esteemed recognition from the Department of Public Enterprises. Following this development, shares of RITES also zoomed nearly 7% in Friday's early trade to ₹506.30 apiece. (Read More)
Sensex Today: Mukesh Ambani's Jio Financial Services, Nithin Kamath's Zerodha may disrupt India's fund distribution, says Edelweiss
Edelweiss Asset Management has suggested that the recent entrants in India's asset management industry, such as Reliance Industries Ltd.'s financial services unit and Zerodha Broking Ltd., have the potential to disrupt the distribution of mutual funds. However, their impact might be limited to the distribution aspect, with little influence over pricing or product offerings in the industry.
“Distribution is where they can make an impact," said, Radhika Gupta, chief executive officer and managing director of Edelweiss AM, at a Bloomberg New Voices event in Mumbai. “They could bring 50 million more users into the industry." (Read More)
Sensex Today Live: G20 adopts roadmap proposed in IMF-FSB paper on crypto assets
Finance Ministers and Central Bank Governors (FMCBGs) of G20 nations under India's Presidency have adopted the roadmap for crypto regulation as was proposed by the International Monetary Fund (IMF) and Financial Stability Board (FSB) before the New Delhi Summit in September.
They met on the sidelines of IMF and World Bank annual meetings on October 12-13 in Marrakesh, Morocco.
The leaders expressing their appreciation to the IMF and FSB for effectively putting together the synthesis paper which the leaders welcomed in the G20 New Delhi Declaration. (ANI)
Sensex Today Live | Share Market Updates: Stainless steel policy likely next year, says JSL’s Abhyuday Jindal
The steel ministry is in the final phase of talks to officially launch the National Stainless Steel Policy next year, a top official concerned with the matter told Mint. “We are constantly in talks with the ministry, and the process of officially launching the National Stainless Steel Policy is in its final stage," Abhyuday Jindal, managing director of Jindal Stainless Limited (JSL) said on the on the sidelines of a startup summit organised by the Indian Chamber of Commerce.
He added, “The policy will be officially launched by next year and will increase the domestic capacity to 10 million tonnes (MT) initially. That is kind of the world average and stainless steel is generally 3% of steel production." (Read More)
Sensex Noon Update: Indices shed half a per cent as Sensex drops 350 pts and Nifty 100 pts; Infosys, Adani Enterprises and Axis Bank shed, while HCL Tech gains 2%
Sensex Today Live: InCred Equities on Cement sector: 2H looks strong; all eyes on commentary
Nishant BAGRECHA of InCred Equities recommendations on Cement sector:
2H looks strong; all eyes on commentary
Overweight - Maintained
■ 2Q volume is likely to grow in low mid-teens yoy, at a 4-year CAGR of ~7-8%, on a low base and relatively weaker monsoons aiding construction activity.
■ We expect EBITDA/t to fall marginally qoq on flat pricing, negative operating leverage & higher maintenance cost offset by the benefit of lower P&F cost.
■ Recent price hikes in the eastern/southern regions have been mostly towards mid/end-Sep and Oct 2023 and hence, only likely to get reflected in 3QFY24F.
Sensex Today Live | Share Market Updates: UBS downgrades SBI to ‘Sell’, cuts target price on credit costs, margins concerns
UBS downgraded State Bank of India (SBI) from 'Buy' to 'Sell', citing concerns about increased credit costs, shrinking margins, and expected declines in Return on Asset (RoA) and Return on Equity (RoE) by 2025. The foreign brokerage reduced the target price of SBI to ₹530 from ₹740 previously. Anticipating a rise in retail loan delinquencies, UBS predicts higher credit costs in FY25. Additionally, it expects the repricing of deposits to limit margins to their current levels, resulting in net interest income (NII) growth in line with the 11-12% loan growth. (Read More)
STATE BANK OF INDIA
Sensex Today: Ladderup Wealth Mgt, TIW Capital and Milwood Kane react to September IIP and CPI figures
Raghvendra Nath, MD, Ladderup Wealth Management Pvt. Ltd: The CPI number came as a relief for the economy as the inflation has again come within RBI's band at 5.02%. As the volatility in food and energy prices continue, uncertainty remains over the future outlook. Considering CPI number is still above 4%, which is the target set by RBI, we can expect to see interest rates staying at these high levels for some time before we see any interest rate cuts.
Mohit Ralhan, Chief Executive Officer, TIW Capital: Headline inflation for September came in at 5% YoY. The decline was driven by a cooling off in food prices. Food inflation came in at 6.5% YoY, sharply lower from 9.9% YoY in the previous month. Fruits and vegetables prices witnessed a sequential decline. Fuel prices also remained in contractionary territory. Meanwhile, services component and housing, which tend to be stickier in nature continued to head lower.
After two consecutive readings of above 6%, this decline to RBI’s target band of 4%+/-2% will be seen positively among the investor community. With inflationary pressure easing, RBI will give more weightage to growth dynamics, especially in the backdrop of a slowing global economy, in the upcoming meetings.
Nish Bhatt, Founder & CEO, of Millwood Kane International: India's Index of Industrial Production grew 10.3% in August, compared to a revised growth of 6% in July, the fastest pace in over a year. This positive growth is largely driven by manufacturing sector output which has increased by 9.3 per cent in August 2023, while mining and power output also showing an increase.
The consumer price index (CPI)-based inflation for the month of September eased to 5.02 per cent as against 6.83 per cent in August. The inflation has come back to the Reserve Bank of India (RBI)'s comfort level of below 6 per cent after a gap of two months, with food inflation lowering to 6.56 per cent in September against 9.67 per cent in August, a relief to household.
Moving ahead, the evolving geopolitical situations like Israel-Hamas and Ukraine-Russia, any supply disruptions and surge in crude oil prices needs to be closely monitored.
Sensex Today Live: Indusind Bank shines in today's trading as it jumps 2% and is among the top gainers
Sensex Today Live | Share Market Updates: JM Financial views on HDFC AMC | Strong quarter; market share gains persist - BUY
Akshay Jain of JM Financial Institution views on HDFC AMC | Strong quarter; market share gains persist - BUY INR 3,150
HDFCAMC reported strong quarter with an operating PBT of INR 4.7bn (+13% QoQ, +20% YoY) driven by a) +8% QoQ increase in QAAUM led by equity segment and b) expansion in top-line yields to 49bps (+2bps QoQ); despite slightly elevated opex (+9% QoQ, +13% YoY). MF QUAAM increased by +8% QoQ/+22% YoY driven by strong inflows in HDFCAMC’s equity schemes as well as run-up in equity markets – Equity QAAUM was up +15% QoQ. Equity AUM market share improved to 12.6% (+20bps QoQ) on the back of improved scheme performance and increased distribution efforts. Top-line yields improved to 49bps (+2bps QoQ) driven by higher share of equity AUM in overall AUM. HDFCAMC’s SIP flows increased to INR 22.4bn in Sep’23 (vs INR 18.9bn in Jun’23) and the SIP flow market share increased to 13.6% (+80bps QoQ). HDFC AMC stock has seen a sharp bounce back since the lows seen post SEBI discussion paper on proposed TER changes given that SEBI has indicated that a revised discussion paper is in works. While there is a broad expectation that the new discussion paper will be much more positive for AMCs, we remain watchful of the key changes. HDFC AMC is our top pick in the space and the stock can see a meaningful rerating driven by robust AUM growth and potential benefits from HDFC Bank parentage. Maintain BUY with a TP of INR 3,150.
HDFC ASSET MANAGEMENT COMPANY
Sensex Today: Panacea Biotec share price falls over 3% after Baddi unit receives 9 observations from US FDA
Panacea Biotec's share price dropped by over 3% on Friday's trading session following the issuance of a form 483 with nine observations for its Baddi Unit by the USFDA on Thursday. The company's shares opened at ₹166.90 apiece on BSE, reaching an intraday low of ₹166.05 and a high of ₹168.90 during Friday's trade. Despite a gap down opening, the stock prices rebounded from the intraday lows within the first hour of trading. (Read More)
Sensex Today Live: Indian General Insurance Premium Expected To Touch 5000 Billion By 2030: BIMTECH India Insurance Report 2023
General insurance premium is expected to surpass Rs. 3,91,216 crores by 2030 based on historical data of 20 years. However, the industry's premium volume may exceed Rs. 5,00,000 crore by 2030 as the ideal premium level, considering regulatory reforms intended to achieve full insurance coverage for every household by 2047 and an anticipated rise in market participants and intermediaries, according to a study published by Birla Institute of Management Technology (BIMTECH).
In its report, India Insurance Report- Transforming Indian Insurance- Series II, it said, to achieve the goal of "Insurance for All by 2047", the establishment of robust self-regulatory organisations for insurers, brokers, surveyors, and InsurTech is essential. These organisations can provide impetus to newer business lines such as Aviation, Oil and Energy, Liability, Trade Credit, and political risks, ensuring separate monitoring instead of grouping them as a generic "miscellaneous" category.
All Adani group stocks are trading in the red ahead of the Adani-Hindenburg case hearing in SC
Sensex Today Live | Share Market Updates: PSU Bank crashes by 1.5% in early session with all stocks coming under pressure
Sensex Today Live: Geojit FInancial on today's market: Leading banking names have the strength to continue supporting the market
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: There are two major macro trends that can influence the market. The global trend is slightly negative while the domestic trend is largely positive. The US retail inflation for September at 3.7% came slightly higher than expected. The implication of this higher inflation trend is that the fight to bring the US inflation to the long-term target of 2% will take more time and,therefore, rates will remain higher for longer. This will restrain a rally in equity markets.
The domestic macros have turned distinctly positive with the CPI inflation in September falling steeply to 5.02 % and the IIP for August rising impressively to 10.3%. This implies that the MPC can pause for the rest of FY 24 and go for a rate cut in Q2 of CY24.
While this is positive for the economy, the market is likely to be weighed by results of IT majors which are struggling with weak numbers on revenue guidance for FY24 and lack of clarity on growth recovery. Leading banking names have the strength to continue supporting the market.
Sensex Today: Oil Set for Small Weekly Advance as Israel-Hamas Risk Lingers
il headed for a modest weekly gain as fears the Israel-Hamas war could destabilize the Middle East and crimp global supply were offset by signs of flagging demand.
West Texas Intermediate rose toward $84 a barrel on Friday and is up around 1% this week. Most of the surge on Monday following the Hamas attack on Israel has been unwound on expectations the conflict will be contained, with OPEC linchpin Saudi Arabia urging peace in a rare high-level diplomatic call with Iran. Still, an Israeli ground invasion of Gaza could lead to more volatility.
The biggest increase in US crude stockpiles since February helped push prices down on Thursday, though that was tempered by another drop in supply at the storage hub in Cushing, Oklahoma — the delivery point for WTI. The International Energy Agency said that oil’s recent retreat from near $100 a barrel showed prices had climbed high enough to start eroding demand, although it still sees record world consumption this year. (Bloomberg)
Sensex Today Live | Share Market Updates: Bondada Engineering makes stellar debut; shares list with 90% premium at ₹142.5 apiece on BSE SME
Bondada Engineering IPO Listing: Bondada Engineering Limited, an EPC services provider, had a remarkable stock market debut on Wednesday. The company's shares debuted on the BSE SME at ₹142.50, showcasing a substantial premium of 90% from the issue price of ₹75.00 per share. Furthermore, the stock surged to a 5% upper circuit at ₹149.62, effectively doubling IPO investors' initial investment and yielding gains of 99.49% from the issue price. (Read More)
Sensex Today Live: Axis Bank among biggest laggards in early trading as the stock sheds almost 2%
Sensex Today Live: HCL Technologies share price jumps over 2% after Q2 results
HCL Technologies share price rallied over 2% in the early trade on Friday after the company reported its earnings for the second quarter of FY24. HCL Technologies share price rose as much as 2.77% to ₹1,258.00 apiece on the BSE.
HCL Technologies, the third largest IT services company in India, reported 8.55% QoQ growth in Q2FY24 net profit at ₹3,833 crore. Its consolidated revenue for the quarter rose 1.4% QoQ to ₹26,672 crore. In constant currency (CC) terms, revenue grew 1% QoQ. (Read More)
Sensex Today Live | Share Market Updates: China's exports, imports fell 6.2 per cent in September as global demand faltered
China's exports and imports both fell in September from a year earlier, though they contracted at a slower pace even as global demand remained muted.
Customs data released Friday showed exports for September slid 6.2 per cent to USD 299.13 billion in the fifth straight month of decline. Imports also slid 6.2 per cent to USD 221.43 billion.
China posted a trade surplus of USD 77.71 billion, up from USD 68.36 billion in August. (AP)
Sensex Today Live: Indices drop around half a per cent at start with Infosys and Wipro dragging, while HCL and TCS gaining; most sectors in red
Sensex Today: Pre-market comment by Choice Broking: Traders should trade with suitable stop losses because the market might react to both domestic and international triggers
Deven Mehata, Research Analyst, Choice Broking pre-market comments: The benchmark Sensex and Nifty indices are likely to open lower on October 13 as trends in the GIFT Nifty indicate a negative start for the broader index with a loss of 144 points.
According to the charts, Nifty may be taking support at 19,720, followed by 19,675 and 19,600. On the higher side, 19,850 can be an immediate resistance, followed by 19,875 and 19,920.
Foreign institutional investors (FII) sold shares worth ₹1,862.57 crore, while domestic institutional investors (DII) bought ₹1,532.08 crore worth of stocks on October 12, provisional data from the National Stock Exchange (NSE) showed.
After three days of bullish closings, the US market retreated after a higher CPI report. The fact that the Indian CPI dropped to 5.01% and the IIP data reached its best level in 14 months is encouraging for the Indian markets. Additionally, INFY and HCLTECH results met expectations, but their future outlook was a little cautious; as a result, INFY's ADR decreased by 6.5%. Traders should trade with suitable stop losses because the market might react to both domestic and international triggers.
Sensex Today Live | Share Market Updates: Sensex sheds at the start of the preopen session; IT stocks to remain in focus amidst not-so-encouraging quarterly earnings
Sensex Today Live: Knight Frank India comments on CPI and IIP numbers: The next monetary policy decision will have a reflection of the geopolitical realities
Vivek Rathi, Director Research, Knight Frank India: As expected, with the withdrawal of seasonal influences on food categories, the consumer inflation in the country has moderated to 5% and a general decline in inflationary levels has been witnessed. This brings the general index level within the central bank upper tolerance level of 6% and creates ground for a benign interest rate environment. However, the impact of war in Middle Eastern region and resultant pressure on crude prices will keep the Indian central bank vigilant. This implies that even as the domestic scenario on inflation is comforting, the next monetary policy decision will have a reflection of the geopolitical realities.
The country’s housing market should hope for a stable interest rate environment and given the strong housing demand fundamentals; it still holds the steam to run until the geopolitical scenario turns amenable to warrant a rate cut.
Sensex Today Live: Norges Bank buys 360 One Wam shares worth ₹167 crore
Norway's central bank Norges Bank on Thursday bought shares of wealth management firm 360 One Wam Ltd for ₹167 crore through an open market transaction.
According to the bulk deal data available with the NSE, Norges Bank on Account of the Government Pension Fund Global purchased 32,75,807 shares of 360 One Wam.
The shares were acquired at an average price of ₹511.20 apiece, taking the deal size to ₹167.46 crore.
Meanwhile, Morgan Stanley Investment Funds Emerging Leaders Equity Fund offloaded more than 24.42 lakh shares of 360 One Wam at the same price.
This took the deal value to ₹125 crore. (PTI)
Sensex Today: Stocks to Watch: Infosys, HCL Tech, Maruti Suzuki, Vedanta, IndiGo, Zee Entertainment, Paytm, Persistent Systems, Zaggle Prepaid, 360 One Wam
- Infosys: Reported a modest increase in net profit, with a trimmed revenue growth guidance.
- HCL Tech: Noted a substantial rise in net profit driven by strong deal momentum despite sectoral weaknesses.
- Maruti Suzuki: Considering issuing preferential shares for acquiring Suzuki Motor Gujarat Private Limited.
- Vedanta: Incorporated 'Vedanta Iron and Steel Ltd' as part of its demerger plan.
- InterGlobe Aviation: IndiGo faced disruptions affecting over 76,000 passengers in September.
- Zee Entertainment: NCLAT adjourned the hearing on Axis Finance's plea against Zee-Culver Max merger.
- One97 Communications: RBI fined Paytm Payments Bank for non-compliance with KYC and cybersecurity guidelines.
- Persistent Systems: HDFC AMC sold over 2% stake in Persistent Systems Ltd, reducing its holding to 3.06%.
- Zaggle Prepaid Oceans: Bagged a USD 20 million deal from Visa for issuing forex co-brand cards.
- 360 One Wam: Norges Bank purchased shares of 360 One Wam Ltd worth ₹167 crore. (Read More)
Sensex Today Live | Share Market Updates: Reserve Bank imposes penalty on Paytm Payments Bank
India's central bank said on Thursday it has imposed a penalty of 53.9 million rupees ($647,762.58) on Paytm Payments Bank for non-compliance with some provisions, including Know Your Customer (KYC) directions.
According to the Reserve Bank of India (RBI), Paytm Payments Bank had failed to identify beneficial owners of entities on-boarded by it for providing payout services.
It also did not monitor payout transactions and carry out risk profiling of entities availing payout services, among others.
The RBI had last year barred Paytm Payments Bank from taking on new customers and ordered a comprehensive audit of its IT systems, citing "material" supervisory concerns observed in the bank. (Reuters)
ONE 97 COMMUNICATIONS
Sensex Today Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher recommends:
1] GAIL: Buy at ₹129.35, target Rss 137, stop loss ₹127;
2] Cyient: Buy at ₹1774, target ₹1860, stop loss ₹1750; and
Sensex Today Live | Share Market Updates: HDFC MF sells 2% in Persistent Systems for ₹905 crore
The country’s third largest fund house HDFC Asset Management Co. Ltd, on Thursday, has booked profits by selling off over 2% stake in Persistent Systems Ltd for at least ₹905 crore, an exchange filing revealed.
The stake sale has lowered HDFC AMC’s stake to 3.06% in the $5 billion Pune-based IT firm, in which the country’s top fund managers held over 23.5% through 35 different schemes as of June end. (Read More)
Sensex Today: India September air traffic rises 6%; Akasa sees drop in flights cancellation rate
Domestic air traffic in September rose more than 6% compared to the pre-pandemic period, and 18.3% year-on-year to 12.25 million passengers, as per data from the Directorate General of Civil Aviation.
India’s youngest airline Akasa Air, which had seen a spike in flight cancellations during July and August, saw a decline in the cancellation rate to 0.37% for September, the data showed. The airline’s flights cancellation rate for July and August stood at 0.45% and 1.17% respectively. (Read More)
Sensex Today Live: Retail inflation cools, factory output soars
India’s economy received a dual boost as retail inflation cooled in September, retreating within the central bank’s comfort zone. Simultaneously, factory output surged into double-digit growth territory in August, scaling a 14-month high, indicating an upswing in economic momentum.
Consumer Price Index (CPI)-based inflation eased for the second consecutive month in September to 5.02%, aided by a slower rise in vegetable prices, official data showed on Thursday. Separately, data from the statistics ministry showed factory output grew 10.3% in August, though in part, influenced by a statistical effect. (Read More)
Sensex Today Live | Share Market Updates: Infy, HCL cut FY24 growth forecast
Infosys Ltd and HCL Technologies Ltd on Thursday said their 2023-24 revenue growth will be weaker than their earlier forecasts as their large foreign clients tighten purse strings amid economic uncertainties.
With India’s largest tech services company, Tata Consultancy Services Ltd, already witnessing a revenue decline in the second quarter, this portends a depressing year for at least three of India’s Big Five tech companies.
Unlike TCS, both Infosys and HCL beat analyst’s estimates in the September quarter. However, analysts are worried about the companies’ outlook and management commentary for the second half of the year. (Read More)
Sensex Today Live | Share Market Updates: Wall Street falls as the vise tightens from rising yields in the bond market
U.S. stocks slipped Thursday after the clamps tightened on Wall Street from rising yields in the bond market.
The S&P 500 fell 27.34, or 0.6%, to 4,349.61. It was the first drop for the index in five days, breaking its longest winning streak since August.
The Dow Jones Industrial Average dropped 173.73 points, or 0.5%, to 33,631.14, and the Nasdaq composite sank 85.46, or 0.6%, to 13,574.22.
The stock market has largely been taking its cue from the bond market recently, and weak results announced in the afternoon for an auction of 30-year Treasury bonds sent yields higher on all kinds of Treasurys. Higher yields can knock down prices for stocks, all else equal, and slow the economy by making borrowing more expensive.
Yields had already been on the rise in the morning following a report that showed inflation at the consumer level was a touch higher last month than economists expected. That raises worries about the Federal Reserve keeping its main interest rate high for a long time, as it tries to drive down inflation.
The inflation report also had some encouraging nuggets for financial markets underneath the surface. (AP)
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