PremiumBenchmark indices opened with gaps up but remained largely range-bound for most of the forenoon session. A rally began around noon with more results coming in and continued strongly into the green. The IPO of Latent View Analytics Ltd is closing today. It was subscribed 316.63 times as of 03:38 pm. Shares of Fino Payments Bank, which listed on the exchanges on Friday, closed at a discount of 5.50% on issue price.
Nifty made a bullish bar today , it closed at 18,100 up by 225 points. However volumes on daily charts were lesser than its average. Aggressive traders can consider buy on dips with strict stop loss, while others should wait for a volume confirmation. Nifty has resistance in 18,150-18,200 range and support in 17,950-18,050 range.
We respected the gap opening and the index moved up further to close above 18100. Next week would be crucial for the Nifty. If we can keep above 18150 for a couple of sessions, the markets can scale up higher to 18400 and then 18600. This will also take out the upper end of the current range which will add further momentum to the index.
Sensex closed at 60,686.69, up 767.00, or 1.28% on Friday. Nifty settled at 18,102.75, up 229.15 points, or 1.28%. The Indian indices opened on a positive note in line with trends seen across Asian and global markets as they re-emerged from the shock of a surprisingly strong US inflation reading. The markets rose in early trade but started shedding points to tease negative territory briefly. Trade progressed rangebound till noon. A rally began soon after and continued to pare the day's losses and some of the losses from previous sessions. IT stocks, which began strongly at markets opening, continued the good show and consolidated their position throughout. Tech Mahindra, HDFC and Infosys were top gainers at close, while Bajaj Auto, Tata Steel and Axis Bank were top losers. Tech Mahindra ended the day with over 4% gains. Tech Mahindra also was the top gainer on Nifty along with Hindalco and Wipro. Bajaj Auto, Tata Steel and Hero Motocorp were the top losers. While Sensex saw 25 advances and 5 declines, Nifty ended with 47 advances and 3 declines. On NSE among the 2,054 stocks trading, 943 advanced, while 1,030 declined and 81 remained unchanged indicating gains being made largely by large-caps. On BSE, of the 3,464 stocks traded, 1,663 advanced, while 1,650 declined and 151 remained unchanged, indicating broader market participation in gains.
Vodafone Idea has reduced losses in Q2FY22. It has reported net loss at ₹7,132.30 crore compared with loss of ₹7,319.10 crore quarter-on quarter. Revenue rose to ₹9,406.40 crore compared with ₹9,152.30 crore in the previous quarter.
Nifty IT: Larsen & Toubro Infotech, Tech Mahindra, and Wipro
Nifty financial services: ICICI Prudential Life, Cholamandalam Investment, and HDFC
Nifty realty: Indiabulls Real Estate, Sunteck, and Prestige
Nifty IT has made the most gains at 2.21%. Financial Services, FMCG and Realty are also supporting the rally with over 1% gains.
Ircon International Ltd reported consolidated net profit of ₹1.26 billion in Q2FY22. It is higher than the ₹840.7 million reported in the year-ago quarter. The company's consolidated revenue from operations rose to ₹15.23 billion compared with ₹10.43 billion in the year-ago period.
IndiGo Aviation has seen 7.24% gains.
Hindalco Industries Ltd has reported revenue of ₹477 billion compared with ₹312 billion in year-ago period; the firm had reported revenue of ₹413.6 billion in the last quarter. Consolidated net profit of the company for Q2 was ₹34.2 billion, compared with ₹3.9 billion in the year-ago. The figure beat street estimate of ₹27.9 billion quarter-on-quarter and ₹28 billion year-on-year.
NBCC (India) Ltd has reported consolidated net profit of ₹720 million in the quarter ended 30 September 2021, compared with ₹428 million in the year-ago period. It was also a quarter-on-quarter increase from ₹358 million in Q1FY22. The street estimate for net profit was ₹590 million. Q2 ebitda of the firm was ₹519 million compared with ₹148 million in year-ago period. Q2 ebitda margin was 46.18% compared with 1.07% year-on-year.
Bharat Forge Ltd has reported net profit of ₹270.4 crore against loss of ₹1.3 crore in the year-ago period. Its consolidated revenue jumped by 73.4% to ₹2,385.6 crore from the year-ago period figure of ₹1,376 crore. Consolidated ebitda at ₹510 crore was up from ₹166.2 crore in Q2FY21. Consolidated ebitda margin was up 21.4% year-on-year against 12.1%.
Akzo Nobel India has reported consolidated profit of ₹557.2 million for the September quarter compared with ₹662.8 million in the year-ago period. The company's consolidated revenue from operations for the quarter was ₹7.41 billion compared with ₹6.07 billion in the year-ago period.
A new draft document from the United Nations climate summit was published on Friday morning, touching off a new round of political skirmishing over what will be in the final COP26 declaration.
Gold prices eased on Friday due to a firmer dollar but were on track for their biggest weekly gain in six months as concerns over soaring US consumer prices boosted the metal's appeal as an inflation hedge. Spot gold fell 0.2% to $1,857.84 per ounce by 0625 GMT, after hitting a five-month peak on Wednesday. US gold futures eased 0.1% to $1,861.30. The dollar index soared to its highest since July 2020, pressuring bullion by increasing its cost to buyers holding other currencies. But the metal is still on track for its biggest weekly gain since 7 May, after US consumer prices recorded their sharpest jump in over 30 years last month. "Until supply chains open up, there's going to be continued price pressure and this should support gold," said Stephen Innes, managing partner at SPI Asset Management. The sharp rise in inflation also prompted investors to boost bets that the Federal Reserve will raise interest rates sooner than expected. Gold prices can rise for a while as prolonged supply chain issues might lead to longer-lasting inflation, and interest rate hikes may not keep pace with it, Innes said, adding that a rate-hike cycle should ultimately push bullion lower. Higher interest rates increase the non-yielding metal's opportunity cost. Gold should trend lower than $1,850 in the short term as the positive sentiment from the Fed's gradual tapering and additional flow of stimulus funds wears off, said Michael Langford, a director at corporate advisory AirGuide.
Among stocks classified under the industry category Other Apparels & Accessories, 51 stocks saw advances, while 29 saw declines and 9 have remained unchanged.
The non-institutional investor category shares have received 347.96 times bids.
Sunteck Realty Ltd has announced pre-sales growth by 54% quarter-on-quarter and 36% year-on-year. It has reported growth in collections by 20% quarter-on-quarter and 47% year-on-year. The company's revenue grew by 47% from the last quarter and fell by 7% from year-ago period. While ebitda grew by 77% quarter-on-quarter and 24% year-on-year, profit after tax grew by 404% over the last quarter and 35% from the year-ago period.
FSN E-Commerce Ventures (Nykaa) entered the list of top-50 most valued companies in terms of market capitalization in the country as the stock price of company more-than-doubled against its issue price, Business Standard has reported. The stock hit a new high at ₹2,349, on gaining 6% on the BSE in intraday trade on Friday. With today’s rally, the stock has zoomed 109% against its issue price of ₹1,125 per share.
Motherson Sumi has reported Q2FY22 earnings below expectations. Its consolidated net profit was ₹2.17 billion compared with ₹3.4 billion in the year-ago period. The figure is also down quarter-on-quarter from ₹2.9 billion reported Q1FY22. The company's ebitda was ₹8.57 billion compared with ₹12.9 billion in the year-ago period. Q2 ebitda margin was 6.7% down from 9.3% in the year-ago period. The firm has also reported an increase in debt from ₹62 billion in Q2FY21, to ₹76.3 billion in Q2FY22. The company has said the supply-side challenges it is facing are likely to continue in Q3, too. The shares were trading higher by about 2% at 12:36 pm.
Mrs. Bectors Food Specialities Ltd, which will be coming out with its quarterly results, is seen marginal gains in its share price.
Sensex and Nifty have pared much of the losses made midway into the morning session and are close to the opening level. Nifty is closer to its opening level than Sensex.
Nifty IT has returned strongly to post over 1% gains supported mainly by Larsen & Toubro Infotech, Tech Mahindra and L&T Technology Services. Larsen & Toubro Infotech was close to its 52-week high. Mindtree was the only stock in the red on the index.
Limited-service restaurants company Devyani International has led gains on BSE, followed by IndiGo, Zomato and Nykaa. Nykaa listed on the bourses two days ago and has registered over 4% gains on Friday. The shares had listed at a 79% premium on debut. Devyani and Zomato made significant gains on Friday based on the news of their inclusion in MSCI India Index rejig.
Prime Minister Narendra Modi has launched the retail direct scheme and the integrated ombudsman scheme, two customer-centric initiatives of the Reserve Bank of India, through videoconferencing today. Union Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das attended the event. The schemes have been launched in a bid to give retail investors easy access to government securities market. They are aimed at deepening the debt market and to improve customer grievance redressal mechanism.
Vodafone-Idea Ltd is in talks with State Bank of India about fresh loans, Business Standard has reported citing people familiar with the matter. The deal could pave the way for other banks to offer credit and boost survival chances of the cash-trapped wireless operator, the report pointed out. In its turn, State Bank of India, the report added, has asked Vodafone Idea to first outline a turnaround strategy.
Adani Enterprise Ltd has signed initial joint MoU with Capital Nature Ltd (Israel), Chevron Mediterranean Ltd (registered in Israel as a foreign company), Konnect (with the Volkswagen Group-Israel), and Enlight Renewable Energy Ltd. to participate through a general partnership named 'Climatech Nation Limited' in competitive process for selection to a tender issued by Israel Innovation Authority for the establishment of technological incubators.
Both Sensex and Nifty have pared gains in opening trade and are tending towards negative trading even as they have clung to around the 60,000 and 18,000 marks respectively.
Sensex was at 60,093.53, up 173.84 points, or 0.29% at 11:06 am. Nifty was at 17,922.75, up 49.15, or 0.27%. Tech Mahindra, Infosys and M&M led the gainers pack on Sensex, while Bajaj Auto, Tata Steel and NTPC led losers. Tata Steel's positive Q2 results appear to have not enthused the markets. Hindalco, HDFC Life and Tech Mahindra were top gainers on Nifty, while Bajaj Auto, Tata Steel and SBI were top losers.
Indian Bank is the top loser of the lot.
Zydus Cadila’s US subsidiary Zydus Pharmaceuticals (USA) Inc. has received tentative approval from the USFDA to market Eluxadoline tablets in the strengths of 75 mg and 100 mg. Zydus’ Eluxadoline tablets are indicated in adults for the treatment of irritable bowel syndrome with diarrhea, or IBS-D. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.
The IPO of Latent View Analytics Ltd was subscribed 29.86 times as of 10:50 am.
3M India, Aayush Food And Herbs, Abbott India, Akzo Nobel India, Amara Raja Batteries, Apollo Hospitals, Ashok Leyland, Bajaj Electricals, Mrs Bectors Food Specialities, Bharat Forge, Coal India, Coffee Day, Glenmark, GMR Infra, Grasim, Hero Motocorp, Hindalco, Max Health, Motherson Sumi, Ruchi Soya, SJVN, Spicejet, and Suzlon are some among the 899 firms announcing their quarterly results today.
The rupee surged 16 paise to 74.36 against the US dollar in opening trade on Friday as a positive trend in domestic equities supported the local unit. At the interbank foreign exchange, the rupee opened strong at 74.36 against the dollar, a rise of 16 paise over its previous close. On Thursday, the rupee had settled at 74.52 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.06% to 95.23. The Indian rupee opened stronger this Friday tracking the recovery in Asian equities and currencies. However, a strengthening dollar could cap appreciation, Reliance Securities said in a research note. Markets now will look to cues from the domestic inflation number due tonight after market hours. IIP data will provide clues how the economy is doing, the note added.
Prime Minister Narendra Modi is to launch two innovative customer-centric initiatives of the Reserve Bank at 11 am today.
Fino Payments Bank shares, which listed on the exchanges today, were trading at a discount on issue price of over 2% as of 10:27 am.
Tech stocks have cooled off somewhat after showing gains in early trading on the indices.
Sectoral indices have pared gains in early trade slipping below 1% as trading has progressed. IT and Metal were trading over 1% in early trade. PSU Bank, realty and media have slipped into red.
Tata Steel was trading at 1,299.35, up 0.40, or 0.03%, at 9:55 am. The shares had gained 3% in early trade.
Asahi India Glass Ltd (+8.92), Indian Hume Pipe Company Ltd (+8.51), Mayur Uniquoters Ltd (+7.40), Prataap Snacks Ltd (+7.28), and Indo Count Industries Ltd (+4.66) were top gainers on BSE.
The index has opened this morning with a gap but the big question is whether we are able to sustain on the upside. We have recently visited the lower end of the current range which was 17,700. The upper end of the range is 18,100. We need to get past either level in order to see a meaningful build-up of momentum and direction.
Sensex and Nifty have opened in the green after consecutive days of trading in the red. Sensex has regained the 60,000 mark, while Nifty was teasing the 18,000 mark. Sesex was at 60,305.97, up 386.28 points, or 0.64% at 9:30 am, while Nifty was at 17,967.90, up 94.30 points, or 0.53% on Friday. On BSE, of the 2,653 stocks traded, 1,722 showed advance and 841 declined, while 90 are unchanged. On NSE, of the 1,851 stocks traded, 1,283 showed advances, 489 declines and 79 were unhcanged. Tech stocks Tech Mahindra, Infosys and HCL Tech are top gainers on Sensex, while Bajaj Auto and NTPC drag. There were 28 gainers and two losers on Sensex. On Nifty, HDFC Life, Tech Mahindra and Hindalco were among top gainers, while Tata Motors, Bajaj Auto and Divi's Labs were losers. The index showed 47 gainers and 3 losers.
Nifty is expected to open positive at 17,970 ,up by 50 points. Traders are suggested to book profits on every rise and avoid taking new long positions till we get a bullish confirmation. Nifty has support in 17,600 and 17,800 range and resistance in 17,950 and 18,050 range.
Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, Punjab National Bank, SAIL and Sun TV Network
Akasa, a Mumbai-based carrier backed by billionaire investor Rakesh Jhunjhunwala is said to be in talks with Boeing about the planes. (Read here)
Reliance Retail Ventures Limited (RRVL) has acquired retail lingerie businesses under the 'amante' umbrella brand from MAS Brands, a wholly-owned subsidiary of Sri Lanka-based MAS Holdings, for an undisclosed amount. The 'amanté business', which was established by MAS in 2007, is engaged in retail and wholesale distribution of premium lingerie under brands 'amanté', 'Ultimo' and 'every dé by amanté'. The products are sold through company-owned stores and multi-brand outlets, as well as through its e-commerce channels across India and Sri Lanka. RRVL, the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, has acquired 100% stake of 'amante' brand from MAS, according to a joint statement issued by the two companies. pti
TVS Group plans to take its logistics business public, with a ₹2,500-3,000 crore share sale in the first half of next year, three people aware of the development said, as the Chennai-based conglomerate seeks to tap the stock market boom (Read here)
UN climate talks headed towards a rocky conclusion Friday after two weeks of fraught debate failed to resolve several key disputes or produce the emissions cutting plans needed to limit global warming to 1.5C. "The world is watching us", COP26 President Alok Sharma told delegates charged with keeping the Paris Agreement temperature goals alive even as climate-driven disasters hit countries the world over. The summit began with a bang as world leaders descended on Glasgow armed with a string of headline announcements, from a commitment to slash methane emissions to a plan to save the rain forests. But progress has stalled in the underlying technical and now minister-level negotiations.
The IPO of Latent View Analytics Ltd was subscribed 23.22 times at end of trade on Thursday. While shares allocated for qualified institutional buyers' category was subscribed 3.51 times, most of bidding happened in the non-institutional investor and retail individual investor categories. Non-institutional investor category saw 33.29 times bidding, retail individual investor category saw 69.56 times bidding. The IPO closes today.
IRCTC, Zomato, Tata Power, 6 other stocks added (Read here)
The dollar rose on Thursday, hitting a 16-month high a day after the strongest US inflation reading in more than three decades, while equities rebounded on expectations higher consumer prices will help corporate growth. The UK's blue-chip stock index rose to 20-month highs as China-exposed miners listed in London bounced on relief that property developer China Evergrande averted a default. European shares advanced after Goldman Sachs said regional earnings have been resilient to supply chain snags, a message that echoed on Wall Street as investors viewed the impact on rising prices as temporary but positive for corporate profits. The CPI index posted its biggest monthly gain in four months to lift the annual increase in inflation to 6.2%, the strongest year-on-year advance since November 1990. The dollar pushed the euro below $1.15, leaving the next major chart support level down at $1.12. European stocks moved higher, sensing the potential for a competitive boost. MSCI's all-country world index closed up 0.07% as Wall Street pared gains at the close. The broad STOXX Europe 600 index rose 0.32% to end at a record closing high. On Wall Street, the Dow Jones Industrial Average slid 0.44%, while the Nasdaq Composite advanced 0.52% and the S&P 500 added 0.06%, almost turning negative at the bell. Gold prices neared five-month highs they touched the previous session as investors have sought inflation hedges. Gold jumped to a five-month high of $1,868.20 overnight before easing a bit on Thursday. Oil rose above $83 a barrel before easing a bit as the market grappled with a stronger dollar and concerns about faster U.S. inflation after the Organization of the Petroleum Exporting Countries cut its 2021 oil demand forecast due to high prices. Brent crude settled up 23 cents at $82.87 a barrel. US crude rose 25 cents to settle at $81.59 a barrel. Bitcoin hit a fresh record at $69,000 before dipping back to trade about 0.19% higher around $65,046.30.
US Treasuries extended a selloff Friday on concern about high inflation and the prospect of faster monetary-policy tightening. Asian stocks rose amid a climb in Chinese technology stocks. Five-year notes led the decline in Treasuries when trading resumed following a holiday. The spread between the five-year and 30-year yields shrank, at one point to the narrowest since March last year. Bonds suffered a rout Wednesday after data showed the fastest US inflation in three decades.
Shares in Japan and Hong Kong climbed, while China fluctuated. The view that the worst of Beijing’s regulatory blitz has passed helped sentiment. Alibaba Group Holding Ltd achieved record sales in its Singles’ Day shopping festival, while Didi Global Inc. is reportedly set to relaunch its apps as probes are completed. US equity futures pushed higher after the S&P 500 eked out a gain. The dollar held a rally in the wake of the inflation print and caution triggered by a US warning that Russia may be weighing a potential invasion of Ukraine. Oil and gold slipped, while bitcoin was steady. Global stocks are set for their first weekly drop since early October, hurt by signs that price pressures are broadening out beyond pandemic-related disruptions. But swings in equity indexes pale in comparison to bond market ructions, raising the question of whether stock investors are too sanguine.
Stocks
S&P 500 futures advanced 0.2% as of 10:41 a.m. in Tokyo. The S&P 500 rose 0.1%
Nasdaq 100 futures rose 0.3%. The Nasdaq 100 climbed 0.3%
Japan’s Topix index added 1.2%
Australia’s S&P/ASX 200 index rose 1%
South Korea’s Kospi rose 1.2%
China’s Shanghai Composite Index shed 0.1%
Hong Kong’s Hang Seng index climbed 0.7%
Foreign portfolio investors were net sellers on Thursday, while domestic institutional investors were net buyers.
Tata Steel, Zee, PFC are among stocks to watch (Read here)
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