Indian markets likely to be steady; HDFC Bank, DRL, Jet shares in focus2 min read . Updated: 19 Oct 2020, 08:22 AM IST
- Asian markets were higher on Monday, buoyed by hopes of a US fiscal package before the presidential elections next month and expectations of a coronavirus vaccine by the end of this year, though the mood was still cautious as infections jump
MUMBAI: Indian stock markets are seen steady on Monday. SGX Nifty trends indicate a positive opening of Indian benchmark indices.
On Friday, the BSE Sensex ended at 39,982.98, adding 254.57 points or 0.64%. The Nifty closed at 11,762.45, up 82.10 points or 0.70%.
Asian markets started higher on Monday, buoyed by hopes of a US fiscal package before the US presidential elections next month and expectations of a coronavirus vaccine by the end of this year, though the mood was still cautious as infections jump.
The index has risen in eight of the last 10 sessions amid a rally in risk assets buoyed by hopes of a coronavirus vaccine and expectations of a so called "blue wave", which would see the Democrats claim victory in November's elections.
Boosting overall sentiment, drugmaker Pfizer Inc said on Friday it could have a coronavirus vaccine ready in the United States by the end of this year.
Global coronavirus cases rose by more than 400,000 for the first time late on Friday, a record one-day increase as much of Europe enacts new restrictions to curb the outbreak.
Private sector lender HDFC Bank on Saturday reported a 18.4% year-on-year (y-o-y) rise in net profit to ₹7,513 crore for the three months to September owing to a rise in total income and lower tax outgo.HDFC Bank’s asset quality improved in the September quarter with gross bad loan ratio or the percentage of bad loans to total advances declining 30 bps y-o-y to 1.08%.
Dr Reddy’s Laboratories Ltd and Russian Direct Investment Fund (RDIF) on Saturday announced that they have received an approval from the Drug Controller General of India (DCGI) VG Somani to conduct an adaptive phase 2 and 3 clinical trial for the Sputnik V vaccine in India.
India’s largest real estate firm DLF Ltd’s rental arm DLF Cyber City Developers Ltd (DCCDL) has raised ₹2,400 crore from State Bank of India (SBI) in one of the largest lease rental discounting (LRD) deals in recent times.
The lenders of Jet Airways (India) Ltd on Saturday approved the resolution plan submitted by UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan to revive and operate the airline over a year after the carrier was grounded due to acute funds crunch under the ownership of its founder Naresh Goyal.
Meanwhile, action in currencies was muted with the US dollar, usually perceived as a safe-haven asset, flat at 93.696 against a basket of six major currencies
The euro was also unchanged at $1.1715.
Sterling traded near two-week lows at $1.2925 after UK Prime Minister Boris Johnson told businesses to get ready for a no-deal Brexit in case negotiations with the European Union fail to produce a free trade agreement.
In commodities, Brent crude futures added 5 cents to $42.98 a barrel, and U.S. West Texas Intermediate (WTI) crude futures climbed 5 cents to $40.9 a barrel.
Spot gold was a shade firmer at $1,899.9 an ounce.
Reuters contributed to the story.