Back
PremiumWelcome to the Mint live blog. Track this space for latest stock market updates.
Indian equities ended higher for the second day in a row, led by gains in banks, financials, FMCG and metal stocks.
At close, the Sensex was up 448.62 points or 1.12% at 40431.60, while the Nifty climbed 110.50 points or 0.94% to end at 11873. About 1,470 shares advanced, 1150 declined, and 148 were unchanged.
ICICI Bank, Axis Bank, Nestle, SBI and GAIL were among the top gainers on the Nifty, while Divis Labs, Eicher Motors, Hero MotoCorp, Cipla and Bajaj Auto dragged.
Pharma, IT, media, and auto stocks were, however, under pressure.
HDFC Bank, Reliance Industries, Infosys, HCL Technologies and Bajaj Finance were the most traded on the BSE.
BSE Midcap and Smallcap indices rose 0.5% each.
After opening with a gap, the Nifty did not do much thereafter. We moved in a 50-70 point range. We need to get past 12050 in order to witness a serious up move. The support lies at 11650. HDFC Limited, Kotak Mahindra Bank and Hindalco are interesting buy ideas traders can work with.
Equitas Small Finance Bank IPO is set to open on Tuesday and aims to raise ₹518 crore. Interestingly, the IPO was expected to be around ₹1,000 crore which was to be completed before September 2019 end as per RBI directives. Due to some technical issues, it could not get through Sebi nod, and hence it was rescheduled for March 2020. However, the Covid-19 derailed those plans again and now finally it is tapping the markets.
25% of the book comes from the highly risky microfinance sector. Considering the rise in NPA across the whole industry due to the fallout of Covid-19, we advise investors to be careful.
The true picture of the loans will only be known by March 2021 and until then we advise to stick only to the strongly capitalized lenders.
A few well-diversified banks are available below the book value and therefore it makes little to no sense to look at a smaller riskier lender. Therefore we have a avoid on the IPO.
Prime Minister Narendra Modi on Monday said necessary changes are being made in every sector to ensure growth and to make this decade India's, the Press Trust of India reported.
He also said that efforts are being made at all levels to make the country a global hub for higher education and its youth competitive.
The Indian government has asked at least eight state-run companies to consider share buybacks in the financial year that runs through March 2021, two government officials said, as it scours for ways to raise funds to rein in its fiscal deficit.
Those asked include miner Coal India, power utility NTPC, minerals producer NMDC and Engineers India Ltd, said one of the sources, who sought anonymity as the discussions are private.
Bank of Maharashtra reported a 13.4% year-on-year rise in its September quarter net profit to ₹130.1 crore. Net interest income was up 4.4% at ₹1,120.4 crore. Gross NPAs was at 8.81% against 10.93% in the previous quarter while net NPAs came at 3.3% against 4.1%.
The combined CAPEX target for FY 2020-21 for these 14 CPSEs is ₹1,15,934 crore, the ministry tweeted. Minister Sitharaman emphasised on close monitoring of performance of CPSEs to ensure that the CAPEX to the tune of 75% of capital outlay is made by the end of the Q3 of 2020-21.
Edelweiss Alternative Asset Advisors (EAAA), part of Edelweiss Asset Management (EAM), on Monday said it has achieved the final close of its $900 million ( ₹6,600 crore) alternative investment fund - ESOF III.
The third in the Special Opportunities Series, ESOF III was launched with an investment mandate centered around performing credit space with a focus on providing structured credit to Indian companies, the company said in a statement.
Steel Strips Wheels gets export orders of nearly 5,500 wheels for US truck trailer market. Orders will be executed in November from Chennai unit.
"...A close below 11600 would apply brakes on the recent optimism and we may then see some extended correction in the market. Till then there is no reason to worry as we may see markets resuming the strength beyond 11850-11900 to surpass the 12000 mark convincingly. In the week gone by, we witnessed some sectoral shift in the market in the second half. The recent outperforming IT space had seen some decent profit booking along with Reliance; whereas on the other side, the banking which was considered to be a laggard has shown some serious strength to support the market. Hence going ahead, if Nifty has to resume the uptrend, the banking clearly plays a vital role in this. Apart from this, Midcaps are yet to perform and hence, the breakout in this index should bring back some excitement in the traders’ fraternity."
Oil prices fell on Monday after China's third-quarter economic growth missed analysts' forecast, underscoring concerns that surging coronavirus cases globally are impacting demand in the world's largest oil importer.
The world's second-largest economy in the third quarter expanded by 4.9% from a year earlier, government data showed.
Brent crude for December slipped 15 cents, or 0.4%, to $42.78 a barrel while U.S. West Texas Intermediate crude for November was at $40.70 a barrel, down 18 cents. The contract will expire on Tuesday.
"HDFC Bank reported an overall good set of numbers. Advance grew by 16% YoY and 3% QoQ, Retail book grew YoY / QoQ by 5% / 2 %...the bank provided Rs2300cr on unrecognized NPAs, including Rs1170cr additional contingent provisions to shore up Covid-19-related provisioning. The bank does not expect much restructuring. The asset quality of the NBFC subsidiary, HDB Fin Services, remains above the historical average, with the GNPA ratio rising to 4.5% (vs. 3.4% in Q2FY20). Currently, HDFC Bank is trading at 3.15x of FY22 ABV, which is lower compared to the historical average. We have a positive view on HDFC bank considering, reporting superior return ratio across the cycle and healthy provision coverage provide comfort on asset quality concern."
Adani Enterprises, BHEL, Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, Jindal Steel & Power, Punjab National Bank, PVR, SAIL and Tata Motors are under F&O ban for October 19. Securities in the ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.
Adani Group and Piramal Enterprises are among four entities that have placed bids for DHFL, the first financial services player undergoing insolvency process, Press Trust of India reported citing sources. US-based Oaktree and Hong Kong-based SC Lowy also submitted bids for DHFL on 17 October - the deadline for bid submission.
Zydus Cadila has received tentative approval from the US FDA to market Tofacitinib extended-release tablets, 11 mg (US RLD: Xeljanz XR® Tablets), the company said in a filing to the exchanges. It is recommended for once-daily treatment of adult patients with moderately to severely active ulcerative colitis (UC).
The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad.
It has 308 approvals and has so far filed over 390 ANDAs since the commencement of the filing process in FY 2003-04.
Shares of HDFC Bank were higher on Monday following strong September quarter results. The country's largest private lender reported an 18.4% year-on-year (YoY) growth in its net profit to ₹7,513.1 crore on substantial growth in interest earnings and other income.
Net interest income (NII) rose 16.7% YoY to ₹15,774.4 crore.
Emkay Global has raises its target price on the stock to ₹1,500 apiece and retained its BUY rating. JP Morgan has retained its Overweight rating and increased target price to ₹1,460 per share.
The U.S. government is embarking on a push to persuade developing countries to shun Chinese telecommunications equipment, offering financial assistance to use alternatives that Washington says are safer and have fewer strings attached.
The U.S. is ready to offer loans and other financing, potentially worth billions of dollars in total, to countries to buy hardware from suppliers in democratic countries rather than from China, said Bonnie Glick, the deputy administrator at the U.S. Agency for International Development, which is spearheading the effort.
The index has a good support at 11650 and until we do not break that, we are in positive territory. The resistance on the upside is at 12050. If we are unable to move past either levels convincingly, we would be range bound and trading in this zone should be avoided.
Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel.
Glenmark Pharmaceuticals Inc., USA, has received final approval by the US FDA for Sirolimus Tablets, 0.5 mg, 1 mg and 2 mg, the generic version of Rapamune 1 Tablets, 0.5 mg, 1 mg and 2 mg, of PF Prism CV.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
