Market LIVE Updates: Sensex over 59,700, Nifty above 17,800; auto, realty zoom
Stock Market LIVE Updates: Sensex was at 59,741.54, up 551.81 points, or 0.93%; Nifty was at 17,816.00, up 170.00 points, or 0.96% at 10:00 am; auto, realty lead
Benchmark indices were trading at up over 0.9% . On the Sensex 29 scrips were in green, and one scrip was in red, while on Nifty there were 45 advances and five declines. Titan, Maruti and M&M were top gainers on Sensex, HDFC dragged. Tata Consumer, ONGC and UPL led gainers on Nifty. Hindalco, SBI Life, and IndusInd Bank were top losers on Nifty. Titan saw a near 10% gain in early trade after it indicated a strong recovery in demand in the second quarter, while Reliance Industries rose after its retail arm said it would launch 7-Eleven stores in India.
SBI Cards, Birlasoft, 6 other stocks to be included in F&O segment
The National Stock Exchange (NSE) on Wednesday in a circular announced the inclusion of eight new securities/stocks that will be made available for trading in the Futures & Options (F&O) segment from October 29, subject to fulfilment of eligibility criteria of Quarter sigma computation cycle of October 2021.
On markets opening: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
"The Nifty has opened with a gap but it needs to close above 17950 for a positive momentum to set in. If it breaks 17,400 we will witness a bear market. Hence it is a range bound between 17,400 and 17,950. Until we do not get past either end of this range, the movements are going to be choppy and sideways."
RBI's securitization, asset transfer norms positive, says Fitch Ratings
The Reserve Bank of India’s (RBI) securitization and asset transfer guidelines, announced last month, are positive for the structured finance market, but credit neutral for Fitch Ratings' rated Indian asset-backed securities transactions, the rating agency said.?
Company Update-ONGC: ICICI Securities
Key events
Domestic natural gas price was revised from US$1.8/mmbtu to US$2.9/mmbtu on a GCV basis from October 1. A sharp increase of 62% augurs well for realisation of upstream companies
Oil prices have also been on an upward trend for the last five quarters and are currently at nearly three-year high of US$83/bbl
Key triggers for future price performance
Sustained higher crude oil prices and gas realisations can result in better profitability. If prices sustain at higher level, there is further upside potential to earnings and our target price
Ramp-up in oil & gas production from newer fields
Value unlocking from subsidiaries and other investments & lower holding company discount on investments
High dividend yield and payout ratio
Technical Outlook: ICICI Securities
The Nifty started the session on a positive note. However, profit booking in the vicinity of life time high dragged index lower. As a result, the daily price action formed a bearish engulfing candle that encompassed Tuesday’s trading activity, indicating pause in upward momentum. In the process, Nifty midcap and small cap mirrored benchmark and settled 1% lower
The index has taken three sessions to retrace 80% of past five sessions decline (17,948-17,452). The lack of faster retracement on either side signifies prolonged consolidation in the 18,000-17,400 range amid stock specific action that would make market healthy after 15% rally seen over past two months. Key point to highlight since April 2021 is that, the Nifty has not corrected for more than 4-5% from recent swing highs. We expect index to maintain same rhythm. Hence, extended correction from hereon should not be construed as negative instead dips should be capitalized on to accumulate quality stocks as we enter the Q2FY22 earning season.
Market outlook: ICICI Securities
Equity benchmarks snapped past two sessions winning streak and concluded volatile session on a negative note. The Nifty settled Wednesday's session at 17,646, down 176 or 1%. The market breadth turned negative with A/D ratio of 1:1.8. Sectorally, all major indices ended in red weighed by metal, pharma and IT
Market opens
Sensex opened at 59,632.81 up 443.08, or 0.75%, while Nifty opened at 17,810.55, up 164.55, or 0.93%. The benchmark indices opened on expected lines as Asian markets, following global cues of easing crude prices and progress in US debt-ceiling impasse. All scrips on the Sensex were in the green, while only three scrips showed declines on Nifty. Pre-opening analyses indicated that the markets could be volatility during the day.?
Titan becomes second Tata Group firm to hit ?2 trillion mcap
Titan Co. Ltd on Thursday became the second Tata Group firm to touch ?2 trillion market capitalization to achieve this milestone with stock surging a record high. The stock hit a fresh record high of ?2,343 on BSE, up 9% from its previous close while its market cap stood at ?2.07 trillion. At 9.30 am, the scirp was trading at ?2,327.60, up 8.4%. On Wednesday, the firm reported that it witnessed a strong recovery in demand in the September quarter and its sales in most of its divisions have either reached above or close to pre-pandemic levels.
Shiba Inu Now 12th-Biggest Crypto After 367% Rise in Just a Week
Shiba Inu, a cryptocurrency started just last year, continues to soar after Elon Musk tweeted about his puppy. The SHIB token has risen more than 70% in the past 24 hours as of 10:55 a.m. Hong Kong time, breezing past the likes of Litecoin and Avalanche’s AVAX to become the 12th-biggest cryptocurrency by market value, according to CoinGecko pricing. The move comes days after Musk tweeted a picture of his puppy, Floki. SHIB, which uses a meme of the Shiba Inu breed of Japanese hunting dogs, is up about 367% in the past seven days amid enthusiasm from that post.
Markets preopen
At markets preopening Sensex was at 59,672.80, up 483.07 points or 0.82%; Nifty was at 17,646.00, down 176.30, or 0.99%.
On market opening: Gaurav Udani, CEO & founder, ThincRedBlu Securities
"Nifty is expected to open positive at 17,770, up by 160 points. Since the last few trading sessions, Nifty has been taking resistance in 17,750-17,900 range and support in 17,580-17,620 range. Traders can consider fresh buying with strict stop-loss either on dips or when Nifty closes above 17,950 levels."?
IBREL transfers shares from Embassy to NAM
Indiabulls Real Estate Ltd (IBREL) has, in a regulatory filing, informed the exchanges that pursuant to an internal restructuring among the Embassy group entities, 63,095,240 fully-paid equity shares of face value of ?2 each of IBREL, held by Embassy Property Developments Pvt. Ltd, have been transferred to NAM Estates Pvt. Ltd, another Embassy group entity. The filing added that NAM Estates Pvt. Ltd has entered into a securities purchase agreement with Embassy Realty Ventures Pvt. Ltd and did an off-market transfer of the said shares on 4 October.
Reliance Retail to launch 7-Eleven convenience stores in India
Reliance Industries (RIL) on Thursday announced that its subsidiary Retail Ventures Limited will launch 7-Eleven Convenience stores in India. Reliance Retail's subsidiary has entered into a master franchise agreement with 7-Eleven, Inc for the launch of its convenience stores in India.
Bitcoin rally continues; ether gains while dogecoin slips. Check crypto prices
Bitcoin prices have rallied more than 32% in the past seven days to the highest since May, adding to gains this month on mounting institutional interest. The world's largest and most popular cryptocurrency today surged over 7% to trade at $55,109, after rising above the level on Wednesday. Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the second largest crypto by market capitalization, was hovering around $3,551, up over 1.5%. Cardano, XRP, dogecoin prices tumbled whereas Stellar surged over 9% and Shiba Inu was up 78%, as per CoinGecko.
Kalyan Jewellers report 60% revenue growth y-o-y in India ops
Indian jewellery chain Kalyan Jewellers has reported “continued robust momentum in both footfall and revenue" across its markets in India and West Asia in Q2FY22. The company said it has seen revenue growth of about 60% for its India operations during the recently concluded quarter, compared with the same period in the previous year. “This was despite the fact that there were lockdown-related disruptions in showroom operations in one of our key states, Kerala. Non south markets recorded a higher same store sales growth of about 70% compared with south markets which recorded same store sales growth of about 40%.?“This differential was predominantly due to the temporary closure of showrooms in Kerala during the recent quarter. Our overall same store sales growth in India during the quarter was about 50%," the company said in a regulatory filing.
Forbes India Rich List 2021 out, Mukesh Ambani tops
Forbes' rich list for the year is out. The magazine in its report says that in the second year of the pandemic, India's richest increased their cumulative wealth by 50%. Mukesh Ambani remains the wealthiest Indian for the 14th year in a row—since 2008—adding $4 billion to his net worth in 2021. Gautam Adani is now a close second with a $74.8 billion fortune, only $17.9 billion shy of Ambani. Savitri Jindal has re-entered the top 10 club with $18 billion. Four pharma billionaires saw their wealth erode. India's 100 richest are now worth $775 billion, the report says. Jeff Bezos of Amazon topped the Forbes 400 list for 2021.
Markets likely to be volatile; Zee, Tata Steel, Srei group stocks in focus
Markets are likely to be volatile on Thursday while trends in SGX Nifty indicate a positive opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 59,189.73, down 555.15 points or 0.93%. The Nifty was at 17,646.00, down 176.30 points or 0.99%. Asian shares rallied on Thursday, taking heart from a late recovery on Wall Street after US politicans appeared near to a temporary deal to avert a federal debt default and as Russia reassured Europe on gas supplies, calming volatile markets.
Petrol price above ?103 in Delhi as fuel prices hiked for third straight day
Petrol and diesel prices have been increased for the third consecutive day on Thursday, sending retail rates to all-time high levels, with a "substantial" increase in the offing in coming days as international oil prices continued to rise.
Bitcoin unshackles from stocks, bucking trend and cheering bulls
Whenever traditionally minded investors think they finally have their heads wrapped around cryptocurrencies’ role in financial markets, the digital asset class always seems to prove them wrong. The ink had barely dried on analysis pointing out that Bitcoin and stocks were moving in the same direction (downward) in September when that positive correlation quickly reversed this month. As it stands now, the S&P 500 is down about 5% from its last record on 2 September, while the biggest cryptocurrency is up 10%. The decoupling of Bitcoin and stocks could revive one of the longstanding promises of cryptocurrencies heralded by their proponents—that they can serve as a hedge to protect investment portfolios when equities sell off during times or turmoil.
Trica secures $3 million from Accel, others
Trica, a subsidiary of early-stage investment platform LetsVenture, has raised $3 million in seed funding round from Accel, LC Nueva AIF, Secocha Ventures and a clutch of angel investors, Moneycontrol has reported. The angel investors who took part in the funding round included Shaadi.com founder Anupam Mittal, Cred founder Kunal Shah, BharatPe cofounder Ashneer Grover. Family offices of Pidilite's Apurva Parekh and DLF Group's Rahul Talwar also participated in the financing round.
RBI may signal stimulus to tackle inflation concerns
The Reserve Bank of India is poised to leave its key interest rate unchanged for an eight straight meeting to support economic growth, while likely signaling readiness to unwind some pandemic-era stimulus to tackle inflation concerns. All 30 economists surveyed by Bloomberg as of Wednesday expect the six-member Monetary Policy Committee to leave the repurchase rate at 4% on Friday. The big takeaway from the Reserve Bank of India, however, is likely to be any move to balance the huge liquidity overhang in the banking system, including possibly trimming a government bond-buying programme.
TikTok-Rival Kuaishou has roughest ride among big global IPOs
The three biggest money losers among large listings in 2021 are all Chinese, thanks to the country’s widening tech crackdown. Investors who bought Kuaishou Technology after the TikTok rival went public in Hong Kong have notched the widest peak-to-trough slump among global initial public offerings this year. The Chinese video app is down more than 80% since it hit a 17 February peak less than two weeks after it raised $5.4 billion in Hong Kong’s largest float in 2021. That is the largest plunge from a high among the 36 companies that raised more than $1.5 billion worldwide in 2021 from IPOs, Bloomberg data show.
Day trading guide for Thursday: 9 stocks to buy or sell today — 7th October
Nifty has formed a lower top on a short term basis. It has also formed an engulfing top on daily charts, which has bearish connotations, believe stock market experts
Stocks to watch?
Nazara Technologies, TCS, and Srei are among stocks that were in the news on Wednesday.
Oil drops for 2nd session on unexpected rise in US inventories
Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in US crude stocks that raised concerns over demand after prices rallied to multi-year highs. US crude slid 0.43%, or 33 cents, to $77.10 a barrel after the market climbed on Wednesday to $79.78, the highest since November 2014. Brent crude 2 cents, to $81.06 a barrel.?US crude inventories rose by 2.3 million barrels last week, the US Energy Information Administraion (EIA) said, against expectations for a modest dip of 418,000 barrels. Gasoline inventories also rose, while distillate inventories were down slightly. Global oil prices have jumped more than 50% this year, adding to inflationary pressure that could slow recovery from the covid-19 pandemic and impact consumer demand. Natural gas and coal prices have also climbed. The Organization of the Petroleum Exporting Countries and allies (OPEC+) said on Monday it would stick to its pact for a gradual increase in oil output, sending crude prices to multi-year highs.
Asia stocks hold steady amid US debt-ceiling progress
Asian stocks opened steady Thursday after progress on the U.S. debt-ceiling impasse lifted equities on Wall Street. The dollar remained higher and Treasuries dipped as traders await key American jobs data. Shares advanced in Australia and South Korea, and fluctuated in Japan. US futures climbed after the S&P 500 and Nasdaq 100 erased losses of more than 1% to close with gains on a possible deal to boost the debt ceiling into December. That would alleviate the immediate risk of a default but leave the political fight simmering in Washington. Investors remain on edge as they grapple with a panoply of risks, including monetary-policy tightening to tackle price pressures and the impact on Chinese growth of Beijing’s curbs on a debt-laden property sector. The global energy crunch is also unsettling markets: natural gas prices—up as much as 40% at one point—turned lower after Russia’s President Vladimir Putin said the country is ready to help.
Stocks
S&P 500 futures rose 0.4% as of 9:47 a.m. in Tokyo. The S&P 500 rose 0.4%
Nasdaq 100 futures increased 0.5%. The Nasdaq 100 rose 0.6%
Topix index rose 0.4%
Australia’s S&P/ASX 200 Index added 0.7%
Kospi index rose 1.4%
Hang Seng Index futures rose 0.6%
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