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Photo: Ramesh Pathania/Mint
Photo: Ramesh Pathania/Mint

Banks, financials lift Sensex by 254 points; Nifty ends at 11,762

  • Sensex ended 254 points higher but just below 40,000 and Nifty ended at 11,762 in a choppy market. HCL Tech was the biggest loser today after it announced its September quarter earnings

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16 Oct 2020, 03:35:59 PM IST

Markets end higher

Benchmark indices on Friday made a smart recovery from Thursday's bloodbath on D-Street.

Sensex ended 254 points higher at 39,983 while Nifty settled at 11,762, up 82 points led by banks, financials and metal stocks.

HCL Technologies was the biggest laggard through the day after it reported its September quarter earnings. The IT company posted a net profit of Rs3,142 crore, up 7.4% quarter-on-quarter (q-o-q), while revenue grew a muted 4.2%.

On the 30-share Sensex, 24 stocks advanced, 6 declined. Tata Steel, HDFC Bank were the top gainers. M&M and Reliance were the top laggards.

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16 Oct 2020, 03:26:37 PM IST

Gilead questions WHO study that cast doubts on drug's covid benefits

Gilead Sciences Inc has questioned the findings of a World Health Organization (WHO) study that concluded its covid-19 drug remdesivir does not help patients who have been admitted to hospital.

The American company told Reuters the data appeared inconsistent, the findings were premature and that other studies had validated the drug's benefits.

16 Oct 2020, 03:19:34 PM IST

Sensex up in choppy market

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16 Oct 2020, 03:14:31 PM IST

India's JK Tyre, other firms face antitrust scrutiny in bid-rigging case

The Competition Commission of India is investigating JK Tyre & Industries Ltd after Haryana accused the company of bid rigging, and the probe has been expanded to other firms, sources told Reuters.

CCI last year ordered a probe after Haryana said JK Tyre employed unfair trade practices while bidding to supply tyres for public transport vehicles, a court filing showed.

16 Oct 2020, 03:06:02 PM IST

IDBI Bank up 15%

The government may seek the Cabinet's approval to cut its 47.11% stake in the lender.

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16 Oct 2020, 03:00:29 PM IST

Nifty sector check

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16 Oct 2020, 02:54:24 PM IST

Foreign investors to tap Sebi over curbs on NRI investment

Foreign portfolio investors (FPIs) are working on a representation urging market regulator to scrap the upcoming limits for non-resident Indians (NRIs) investing in their schemes, said two people aware of the matter.

In November 2019, the Securities and Exchange Board of India (Sebi) ordered that by December 2020, no single NRI can be the beneficial owner of more than 25% of any foreign fund’s asset under management (AUM), and cumulatively, NRIs cannot hold more than 50% of the AUM. While Sebi did not attribute a reason for its decision, it is believed that the regulator wanted to keep a check on money laundering and round-tripping. (Full report)

16 Oct 2020, 02:44:58 PM IST

Asian markets end mixed

Asian markets settled mixed as investors weighed concerns over coronavirus infection and US stimulus. Hang Seng gained 0.9% and the Shanghai Composite rose 0.1%. The Nikkei 225 lost 0.4%. and Australia's S&P/ASX 200 shed 0.5%. South Korea's Kospi declined 0.8%.

16 Oct 2020, 02:37:30 PM IST

RIL down 1%

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16 Oct 2020, 02:30:15 PM IST

Divi's Laboratories up 3%

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16 Oct 2020, 02:19:37 PM IST

Rupee closes firm

The Indian Rupee closed at 73.34 against the US dollar today. The domestic currency closed at 73.38 on Thursday.

16 Oct 2020, 02:11:02 PM IST

European markets mixed

Markets in Europe were mixed as traders weighed new lockdown measures in Europe and US stimulus.

London's FTSE 100 was up 1.15% while Germany's DAX gained 0.5%. France's CAC 40 and Euronext fell 2% each.

16 Oct 2020, 02:00:41 PM IST

The impact of AC import ban; Amber Enterprises at 52-week high

Shares of Amber Enterprises India Ltd touched a new 52-week high on Friday on NSE. The government has imposed a ban on import of air conditioners (ACs) with refrigerants. This is expected to have a positive impact on Amber Enterprises.

16 Oct 2020, 01:46:50 PM IST

Nifty Pharma gains

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16 Oct 2020, 01:35:50 PM IST

Metal companies gain, Nifty Metal up 2%

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16 Oct 2020, 01:28:29 PM IST

Federal Bank September quarter net profit falls

Federal Bank's September quarter net profit fell to 3.08 billion rupees from 4.17 billion rupees a year ago. Interest earned rose to 34.88 billion rupees versus 32.54 billion rupees a year ago

16 Oct 2020, 01:21:39 PM IST

Jyoti Roy, Equity Strategist, Angel Broking

Cyient reported a 3.4% qoq growth in revenues to USD 135mn. In rupee terms revenue grew by 1.2% qoq to 1,003 crore while EBIT grew by 116.2% qoq off a very low base to 110.5 crore. EBIT margins for the quarter expanded by 586bps qoq to 11.0% due to lower employee costs and tight costs control which negated the margin headwinds due to rupee appreciation... While the company did post a growth in revenues it was well short of the growth posted by larger companies like Infosys and TCS. This was largely due to the continued degrowth in the aerospace and defence segment which is amongst the worst impacted due to the Covid-19 pandemic and degrew by 10.4% qoq.

16 Oct 2020, 01:19:08 PM IST

Nifty broad market positive, VIX down

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16 Oct 2020, 01:16:06 PM IST

Sensex at a glance

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16 Oct 2020, 01:09:34 PM IST

UPL stocks dip

KPMG resigned as the auditor for the company’s Mauritius arm, UPL Corporation, with effect from 8 October.

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16 Oct 2020, 01:02:59 PM IST

Oil slips

Oil prices fell on Friday amid fears over a spike in covid cases in Europe and the US. A stronger US dollar also added to pressure.

Brent crude futures for December dropped 38 cents, or 0.9%, to $42.78 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 35 cents, or 0.9%, to $40.61 a barrel.

16 Oct 2020, 12:55:19 PM IST

HDFC Bank gains

HDFC Bank will announce its Q2 earnings on Saturday.

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16 Oct 2020, 12:46:54 PM IST

Jyoti Roy, DVP- Equity Strategist, Angel Broking on HCL Tech

HCL Tech reported a 6.4% qoq growth in revenues to USD 2,507mn in Q2FY2021 which was in line with our expectations. In rupee terms consolidated revenue increased by 4.2% qoq to 18,594 crore while gross profits increased by 7.8% qoq to 7,665 crore. Gross margins expanded by ~130bps qoq to 41.2%. Consolidated operating profit for the quarter was up by 9.7% qoq while EBIT margins were up by ~110bps qoq to 21.6%. Net profit for the quarter was up by 7.5% qoq to 3,142 crore. Management has maintained their guidance of a 1.5-2.5% growth in revenue in constant currency terms for the rest of the quarters in the financial year. While Q2FY21 revenue was in line with our expectations gross margins came in ahead of expectations despite currency headwinds EBIDTA and net profits for the quarter too were in line with our expectations. We continue to remain positive on HCL Technologies post the Q2 numbers.

16 Oct 2020, 12:39:17 PM IST

Gold on course for weekly loss

Gold prices eased on Friday and looked set to post its weekly drop, as the dollar held firm while additional U.S. fiscal stimulus appeared unlikely before the presidential election.

Spot gold fell 0.2% to $1,903.24 per ounce, losing 1.4% so far this week. U.S. gold futures dipped 0.1% to $1,907.50.

16 Oct 2020, 12:32:41 PM IST

RBI to purchase state government bonds through auction next week

The Reserve Bank of India on Friday said that it will conduct the first ever purchase auction of state government bonds for an aggregate amount of 10,000 crore through open market operations (OMO) on 22 October 2020.

“It has been decided to conduct a purchase auction of SDLs under Open Market Operations (OMOs) for an aggregate amount of 10,000 crores on October 22, 2020, keeping in view that this is the first ever OMO purchase of SDLs. Depending on market response, the size of the auctions may be enhanced in the subsequent auctions," said RBI in its release.

16 Oct 2020, 12:21:18 PM IST

Jyoti Roy, DVP- Equity Strategist, Angel Broking on Persistent Systems

Persistent Systems Limited, India (PSL) has announced the acquisition of the entire business of Capiot Software Inc., USA and its Indian subsidiary in a series of transactions for a consideration of USD 6.34mn... During the Financial Year 2019‐20, Consolidated Revenues of Capiot Software Inc. was USD 6.28mn. The acquisition will strengthen Persistent's enterprise integration capability with Capiot’s strong track record of offerings using TIBCO, MuleSoft and Red Hat platforms. We continue to remain positive on Persistent system post the strong set of numbers by other large cap companies like Infosys, TCS and Wipro especially given the company’s very high exposure to the high tech. and emerging vertical which is witnessing strong demand growth.

16 Oct 2020, 12:12:05 PM IST

WHO trial results show remdesivir has little or no effect for covid-19 patients

Interim results from the World Health Organization’s solidarity trial showed that Gilead Sciences Inc’s remdesivir showed little or no effect for covid-19 patients, a result which was significantly different from the positive results shown by Gilead’s own trial.

In fact, the mega trial, which also studied the effect of hydroxychloroquine, a combination of HIV drugs lopinavir and ritonavir, as well as a combination of lopinavir and interferon, showed that none of the drugs actually showed any effect, according to the study, which is yet to be peer-reviewed. (Full report)

16 Oct 2020, 12:01:18 PM IST

Sensex contributors

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16 Oct 2020, 11:51:21 AM IST

Equitas SFB looking at inorganic buyouts post IPO

Equitas Small Finance Bank (SFB) Ltd is looking at inorganic growth opportunities to bring down the promoter stake post completion of the initial public offering process. Speaking exclusively to Mint, managing director and chief executive officer P.N. Vasudevan said the bank is looking to acquire a housing finance company or a non-banking finance company. According to regulatory guidelines, the promoter has to reduce stake in an SFB to 40% before September next year

16 Oct 2020, 11:38:44 AM IST

Tata Steel top gainer at this hour

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16 Oct 2020, 11:31:30 AM IST

RBI to conduct OMOs for ₹10,000 crore on 22 October

The central bank says OMO size may be enhanced in subsequent auctions, depending on market response.

16 Oct 2020, 11:27:01 AM IST

Railway freight earnings up 11% on year jump in October

Earnings from goods transportation via Indian railways continued to rise in October, indicating gradual recovery in demand and an uptick in economic activity.

Freight loading grew 18 % on year at 43.46 mt as of October 13, while earnings jumped 11% on year to 4,124 crore to incremental loading of all commodities, including coal, fertilizers, steel, cement and food grains, among others, official data showed.

16 Oct 2020, 11:17:28 AM IST

Nifty Bank firm

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16 Oct 2020, 11:13:29 AM IST

Rupee slips

The rupee fell 6 paise to 73.42 against the US dollar in opening trade on Friday as forex market sentiment remained subdued amid concerns over resurgence in coronavirus cases in many parts globally. On Thursday, the local currency settled at 73.36 against the greenback.

16 Oct 2020, 11:07:32 AM IST

Jyoti Roy- DVP- Equity Strategist, Angel Broking

HCL Tech reported a 6.4% qoq growth in revenues to USD 2,507mn in Q2FY2021 which was in line with our expectations. In rupee terms consolidated revenue increased by 4.2% qoq to 18,594 crore while gross profits increased by 7.8% qoq to 7,665 crore. Gross margins expanded by ~130bps qoq to 41.2%. Consolidated operating profit for the quarter was up by 9.7% qoq while EBIT margins were up by ~110bps qoq to 21.6%. Net profit for the quarter was up by 7.5% qoq to 3,142 crore. Management has maintained their guidance of a 1.5-2.5% growth in revenue in constant currency terms for the rest of the quarters in the financial year. While Q2FY21 revenue was in line with our expectations gross margins came in ahead of expectations despite currency headwinds EBIDTA and net profits for the quarter too were in line with our expectations. We continue to remain positive on HCL Technologies post the Q2 numbers.

16 Oct 2020, 10:57:12 AM IST

Festival season stock building boosts September dispatches of PVs, two-wheelers

Factory dispatches of passenger vehicles and two-wheelers rose for the second straight month in September in India, largely because of inventory building on expectation that retail demand will pick up during the October-December festival season.

Passenger vehicle wholesales rose 26.5% year-on-year to 2,72,027 units in September, as demand for compact cars and entry sport utility vehicles continued to rise in rural, semi-urban and some urban markets, according to data released by Society of Indian Automobile Manufacturers (Siam) on Friday.

16 Oct 2020, 10:48:09 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

A strong medium term support for the Nifty lies at 11550-11600. As long as this holds, we continue to look for opportunities to buy into this uptrend. If we break 11550, we should be headed down to levels closer to 11350. On the upside, the resistance would be at 11950-12000.

16 Oct 2020, 10:37:59 AM IST

Mindtree down 8%

The IT services firm, post market hours on Thursday, reported an 88% year-on-year rise in net profit for the second quarter-ended September. The company saw its revenue grow marginally to 1,926 crore.

16 Oct 2020, 10:33:34 AM IST

Sensex up in volatile trade

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16 Oct 2020, 10:24:56 AM IST

India ban on import of air-conditioners to hit China, Thailand

India imposed complete ban on import of air-conditioners with refrigerants worth $500 mn, further tightening norms on “non-essential imports" to encourage local manufacturing and check imports from China.

In July, India had put imports of television sets in restricted list, asking importers to seek licenses from DGFT. However, a ban on import of air-conditioners is much severe as it prohibits imports by any means.

16 Oct 2020, 10:16:34 AM IST

HCL Tech down 3%

HCL Technologies on Friday posted a net profit of 3,142 crore, up 7.4% quarter-on-quarter (QoQ) and 18.5% year-on-year for the quarter ended September. Its revenue grew 4.2% QoQ to 18,594 crore. In its guidance, the company said it expected revenue to grow QoQ by an average 1.5% to 2.5% in constant currency terms and FY21 EBIT to be between 20.0% and 21.0%.

16 Oct 2020, 10:12:58 AM IST

Nifty IT weak with Mindtree losing 9%

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16 Oct 2020, 10:01:22 AM IST

BSE Midcap in the green

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16 Oct 2020, 09:41:47 AM IST

Nifty IT and Pharma in the red among sectoral indices

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16 Oct 2020, 09:35:44 AM IST

Nifty losers/gainers

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16 Oct 2020, 09:29:07 AM IST

Sensex, Nifty recover from Thursday's blow

After Thursday's bloodbath, key indices rebounded with Sensex gaining 300 points within minutes of market open. Nifty was over 11,770.

HCL Tech, which reported net profit of 3,142 crore, fell 2%. Barring Nestle, HCL Tech and Asian Paints, all Sensex stocks were in the green.

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16 Oct 2020, 09:16:59 AM IST

Markets open in the green

16 Oct 2020, 09:12:06 AM IST

HCL Tech's Q2 net profit at ₹3,142 crore

16 Oct 2020, 09:10:11 AM IST

Tata group hints at court-monitored split with SP Group

Tata Sons Ltd on Thursday said it is yet to receive a formal notice of separation from the Shapoorji Pallonji (SP) Group, which recently decided to end its 70-year association with the Tatas following protracted acrimony.

In a statement, the Tata group holding company indicated the planned separation will likely be a court-monitored process.

16 Oct 2020, 09:04:10 AM IST

Sensex at preopen

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16 Oct 2020, 09:02:18 AM IST

Markets positive at pre-open

16 Oct 2020, 08:59:10 AM IST

Future of Biyani-Reliance deal under Amazon cloud

Amazon.com Inc.’s legal challenge to void Future Group’s 24,700 crore asset sale to Reliance Industries Ltd hinges on a clause in the e-commerce giant’s 2019 investment agreement in Future Coupons Ltd that explicitly bars the Kishore Biyani-led group from forging a pact with the Mukesh Ambani company, two people directly aware of the matter told Mint.

16 Oct 2020, 08:52:32 AM IST

Markets likely to be volatile through the day

Markets are likely to be volatile on Friday while trends in SGX Nifty suggest a flat opening for benchmark indices. On Thursday, the BSE Sensex ended at 39,728.41, down 1,066.33 points or 2.61%, while the Nifty closed at 11,680.35, down 290.70 points or 2.43%.

16 Oct 2020, 08:44:13 AM IST

Stocks to Watch: HCL Tech, Mindtree, IDBI Bank, Bharti Airtel

HCL Tech, Mindtree, IDBI Bank, Bharti Airtel are among the stocks that will be in focus today. Besides HCL Tech, Bajaj Consumer Care, Federal Bank,

Phillips Carbon Black, Shoppers Stop and Tata Communications will report their September quarter earnings today.

16 Oct 2020, 08:27:56 AM IST

Asian shares gain

Asian stocks edged higher on Friday, buoyed by gains in China, but the mood was cautious due to a resurgence of coronavirus infections in Europe and the US.

The Shanghai Composite was up 0.17%, while the Hang Seng rose 0.88%. The Nikkei 225 edged 0.05% higher. Australian stocks erased early losses to trade flat, while South Korean shares lost 0.3%.

16 Oct 2020, 08:20:49 AM IST

Wall Street ends lower on Thursday

Global shares closed lower on Thursday as investors shied from risk and sought safe havens such as the dollar on fears that a resurgence in coronavirus cases and a lack of more US fiscal stimulus would hobble the world economy.

The Dow Jones Industrial Average fell 0.07%, the S&P 500 lost 0.15%, and the Nasdaq Composite dropped 0.47%.

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