Benchmark indices were up over 0.5%. IT was the top drag. Auto, financial services and metals shine. Nifty had 39 advances and 11 declines. Tata Motors, Coal India and NTPC were top gainers on the index, while TCS, Tech Mahindra and Wipro were top losers. On Sensex, there were 26 advances and 4 declines. NTPC, Maruti and Powergrid were top gainers, while TCS, Tech Mahindra and Bharti Airtel were top losers.
11 Oct 2021, 11:30:24 AM IST
Nifty hits 18,000 for first time. What is driving the rally in Indian markets?
Indian markets hit new highs today with Nifty hitting 18,000 for first time as gains in Reliance Industries and banking stocks were offset by weakness in IT stocks after Tata Consultancy Services (TCS) reported September-quarter results. The Sensex was was up about 250 points near 60,312. (Read here)
11 Oct 2021, 11:29:20 AM IST
Sectoral indices
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Nifty sectoral indices at 11:20 am.
11 Oct 2021, 11:15:49 AM IST
China’s electricity price hike adds to mounting inflation risks
China’s decision to allow electricity prices to rise to ease a worsening energy crisis will add to inflation pressures at the same time that the economy is slowing. The State Council, China’s cabinet, said 8 October power prices will be allowed to rise by as much as 20% against a benchmark, double the level of the current cap, a move that would make it profitable for electricity producers to boost supply, while also curbing users’ demand. Nomura Holdings Inc.’s chief China economist, Lu Ting, estimates the impact on consumer price index could be about 0.4 percentage point, while Michelle Lam, greater China economist at Societe Generale SA, projects a 0.1 percentage point increase in CPI. (Bloomberg)
11 Oct 2021, 11:07:28 AM IST
GMR to complete airports biz demerger by Dec, cut corporate debt to zero
GMR Infrastructure Ltd expects to complete the demerger of its airports and non-airports business by December 2021, the Hyderabad-based infrastructure major said in an investor presentation on Monday. (Read here)
11 Oct 2021, 10:44:28 AM IST
Index contribution
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Sensex index contrubution as of 10:45 am.
11 Oct 2021, 10:40:11 AM IST
Result preview (consumer discretionary): ICICI Securities
In Q2FY22, companies in the I-direct consumer discretionary universe are likely to report strong revenue growth of ~18% year-on-year (y-o-y). This is largely supported by a favourable base and demand revival led by easing of lockdown restrictions post the second wave of pandemic. We believe a swift demand recovery aids our coverage companies to cross their pre-covid-19 level sales in Q2FY22. The home building material companies in the paints and piping segment are likely to report strong revenue growth backed by a pick-up in real estate demand and renovation activity. Paint majors such as Asian Paints & Berger Paints are likely to report strong revenue growth of 21% and 20% y-o-y led by volume growth of 15% and14% y-o-y respectively. On the piping front, Supreme Industries, Astral Poly are likely to report strong revenue growth of 31%, 36% y-o-y, respectively, supported by favourable base and price hikes. In our electrical consumer durables universe, Havells and Crompton Greaves Consumer are likely to report strong revenue growth of ~15% y-o-y led by a favourable base and strong demand for kitchen & home appliances. New product launches and upgradation of kitchen/home appliances amid continuance of work from home culture were key triggers for demand growth.
11 Oct 2021, 10:35:03 AM IST
On markets opening: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
“The markets are cruising well above the 17,950 level. If we can sustain this on a closing basis, the Nifty should be headed to 18,200 as the next pit stop. The updated support for the week is 17,800. This makes for a good risk/reward ratio and hence dips or intraday corrections can be utilized to enter fresh long positions.”
11 Oct 2021, 10:22:49 AM IST
India’s trade minister to meet Chinese counterpart on Tuesday
India’s Trade Minister Piyush Goyal will have a one-on-one meeting with his Chinese counterpart on Tuesday at the G-20 summit in Italy, the government said in a statement. Goyal will also meet other trade ministers, including those from the United States, South Korea, Australia, South Africa, Brazil, and Canada, among others, the statement said on Monday. Relations between India and China have been strained due to border related issues. (Reuters)
11 Oct 2021, 10:20:45 AM IST
Aditya Birla Sun Life shares open flat on debut
Shares of Aditya Birla Sun Life AMC Ltd opened flat on their debut on the exchanges on Monday. The stock opened at ₹712 on the BSE, same as its issue price. ₹10.02 am, the scrip was at ₹719.45, up 1.05% from its issue price. At the upper end of the IPO price band, Aditya Birla Sun Life AMC was offered at price-earnings of 39 times its FY21 earnings. (Read here)
11 Oct 2021, 10:12:53 AM IST
Aditya Birla Sunlife AMC stock trading over 0.95% lower on bourses
Aditya Birla Sunlife AMC shares were trading at 706.45, down 8.55 points, or 1.20% at 10:15 am on Monday on NSE; and 705.20, down 6.80, or 0.96% on BSE.
11 Oct 2021, 09:44:42 AM IST
India reports 18,132 new covid-19 cases in last 24 hours: govt
11 Oct 2021, 09:32:58 AM IST
Markets open
Benchmark indices Sensex and Nifty opened in the red on Monday, contrary to Asian markets, where stocks were reported to be climbing at opening of trade. SGX Nifty had indicated a positive opening for the bourses. IT was the top drag on the Nifty which had 41 advances and 9 declines as of 9:25 am. TCS, Infosys and HCL Tech were the top drags on Sensex.
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Sensex heatmap at 9:25 am.
11 Oct 2021, 09:08:26 AM IST
Morgan Stanley upgrades China property on likely policy easing
Morgan Stanley has upgraded its view on China’s property sector to “attractive” from “in-line” as it sees growing likelihood of easing measures, with default risks and housing market weakness largely priced in. “We believe an inflection point for China’s property policy is approaching,” analysts led by Elly Chen wrote in a note dated Sunday. “Property stocks will react on policy easing, which looks more likely now.” China’s tightening policies on the property market to curb excess debt buildup and speculation have led home purchases to drop sharply in the past few months. The situation has squeezed heavily indebted developers like China Evergrande Group and led smaller firms such as Fantasia Holdings to default, roiling the financial markets amid fears of risk contagion. Expectations on policy easing are growing after China’s central bank last month urged financial institutions to help local governments stabilize the rapidly cooling market and ease mortgages for some homebuyers. (Bloomberg)
11 Oct 2021, 09:01:01 AM IST
This multibagger stock is up 150% this year. Emkay sees over 28% upside
Shares of Ramkrishna Forgings are among the multibagger stocks of this year that has given around 151% return in year-to-date (YTD) terms. Ramkrishna Forgings is among India’s largest manufacturer and exporter of CV forgings. Brokerage firm Emkay believes that the company is a play on CV upcycle in domestic and overseas markets. (Read here)
11 Oct 2021, 08:55:47 AM IST
World’s energy chaos turns Russia into top emerging market
Surging energy prices are kindling bullish bets on developing-nation exporters, with Russia emerging as traders’ favourite investment destination. Russia’s ruble has gained more than any other emerging-market currency this month, bolstered by the prospect of higher oil revenues, while the nation’s stocks outperformed as a broad gauge of developing equities sank. OPEC’s monthly report will be closely watched this week as investors seek further clues on the outlook for the oil industry. It marks an abrupt change of pace for emerging-markets investors who’ve spent the last few weeks alternately worrying over the threat of cascading debt delinquencies from China’s Evergrande crisis and the looming prospect of tighter policy from the Federal Reserve. (Bloomberg)
11 Oct 2021, 08:53:35 AM IST
China’s Ant Group increases registered capital by 47% to $5.4 billion
China’s Ant Group has raised its registered capital to 35 billion yuan ($5.44 billion) from 23.8 billion yuan, public business registration records showed, as the fintech giant continues its government-mandated restructuring. Ant, an affiliate of e-commerce leader Alibaba Group Holding Ltd, in a Monday statement said the increase was to support growth and was “according to relevant regulations and business needs”. Authorities in April ordered sweeping restructuring at Ant after halting the financial technology (fintech) firm’s record $37 billion initial public offering in November, underscoring government determination to rein in its internet giants. The overhaul subjects Ant to tougher regulatory oversight and capital requirements. (Reuters)
11 Oct 2021, 08:47:35 AM IST
Glenmark Pharma launches bioequivalent of Tiotropium Bromide in Spain
Glenmark Pharmaceuticals Limited, a research-led, global integrated pharmaceutical company on Monday announced the launch of a bioequivalent version of Tiotropium Bromide dry powder inhaler (DPI) under the brand name Tavulus in Spain, for the treatment of chronic obstructive pulmonary disease (COPD). “Tavulus is a long-acting bronchodilator that helps to open the airways and makes it easier for air to get in and out of the lungs. It also works to prevent sudden, short-term worsening of COPD symptoms,” the company said in a filing.
11 Oct 2021, 08:39:17 AM IST
Sunteck Realty announces operational update for Q2FY22
Sunteck Realty Ltd on 11 October came out with its operational update for the second quarter of FY22. The company said its pre-sales grew by 55% quarter-on-quarter (q-o-q) and 36% year-on-year (y-o-y) to ₹272 crore. Its collections grew 20% q-o-q and 47% y-o-y to ₹207 crore, while collection efficiency stood strong at 85% of pre-sales in H1FY22 as against 68% in H1FY21. “Both pre-sales and collections witnessed sturdy growth along with high collections efficiency. The company’s focus on execution of its existing portfolio complemented by strong in-house development capabilities has been an enabler in maintaining the sustained growth in cash flows. With projects across the pricing spectrum in MMR, the company is confident to maintain the sturdy growth in pre-sales driven by new launches as well as ready-to-move-in inventory,” the company said in a regulatory filing.
11 Oct 2021, 08:30:04 AM IST
Markets likely to be volatile; RIL, Tata group stocks in focus
Markets are likely to be volatile on Monday while trends in SGX Nifty indicate a soft opening of Indian benchmark indices. On Friday, the BSE Sensex ended at 60,059.06, up 381.23 points or 0.64% while the Nifty was at 17,895.20, up 104.85 points or 0.59%. Asian shares slipped on Monday as global inflation angst favoured commodities as a hedge over US equities, while rising US bond yields lifted the dollar to two-and-a-half year peaks against the Japanese yen. Nasdaq futures and S&P 500 futures were both down around 0.5% in early trade, as oil prices extended their bull run. MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.2%, and Australia 0.9%. Japan’s Nikkei lost 0.5%, after shedding 2.5% last week. The focus will be on earnings, US inflation and retail sales data, and minutes of the Federal Reserve’s last meeting which should confirm that a November tapering was discussed. (Read here)
11 Oct 2021, 08:14:09 AM IST
Market outlook for week: Gaurav Udani, founder and CEO, Thincredblu Securities
Valuations are quite stretched and investors would be wise to mitigate the risk of a correction by reducing allocation towards equities. Broad markets are ripe for a correction over the coming few weeks and investors are advised to increase allocation towards debt and gold. Nifty will experience weakness if it breaks its support at 17,250, until it does it could remain sideways or mildly bullish. Also it is unlikely that it will make fresh highs over the coming weeks.
11 Oct 2021, 08:06:57 AM IST
On TCS results: Jyoti Roy, DVP equity strategist, Angel One Ltd
“TCS reported a 2.9% q-o-q growth in revenues to $6.33bn which was below street estimates. In rupee terms revenue grew by 3.2% q-o-q to ₹46,867 crore. Gross profit for the quarter was up 3.3% q-o-q to ₹ 18,945 crore while gross margins remained flat q-o-q at 40.4%. Ebit for the quarter registered a growth of 3.6% q-o-q to ₹12,000 crore while Ebit margins expanded marginally by 10bps q-o-q to 25.6%. Adjusted net profit for the quarter was up by 6.8% q-o-q to ₹9,624 crore largely due to sharp increase in other income by 68.5% q-o-q to ₹969 crore. Demand environment is expected to remain strong which bodes well for the company and the entire IT sector. Overall, the company reported numbers which were below street estimates for the quarter and the markets will now look forward to the Infosys numbers which will be declared on the 13th of October.”
11 Oct 2021, 08:00:42 AM IST
IRCTC, 6 other stocks under F&O ban on NSE today
National Aluminium Company Limited (Nalco), Canara Bank, Punjab National Bank (PNB), Indiabulls Housing Finance and Steel Authority of India (SAIL) continue to be the among the stocks/securities that have been put in the futures and options (F&O) ban for trade on Monday, 11 October by the National Stock Exchange (NSE). (Read here)
11 Oct 2021, 07:48:31 AM IST
Cryptocurrency prices today: Bitcoin surges while ether, dogecoin slip
Cryptocurrency prices today were mixed with bitcoin trading above the $55,000 mark. The most popular and world’s largest cryptocurrency by market capitalization surged more than 1% to $55,584. Bitcoin has advanced 15% in the past seven days. Other cryptocurrencies were performing mixed over the last 24 hours. Ether, the coin linked to ethereum blockchain and the second largest crypto, slipped 1% to $3,462. Cardano declined marginally to $2.22 whereas dogecoin prices tumbled 4% to $0.23. XRP, Shiba Inu gained while Litecoin, Uniswap plunged in the last 24 hours.
11 Oct 2021, 07:47:07 AM IST
Petrol, diesel price today: Fuel prices hiked for seventh day in a row, diesel crosses ₹101 mark in Mumbai
Petrol and diesel prices were hiked across the country for the seventh consecutive day on Monday. Prices of petrol and diesel rise by ₹0.30 (at ₹104.44/litre) and ₹0.35 (at ₹93.17/litre) respectively in Delhi today. In Mumbai, petrol is priced at ₹110.41/litre (up by ₹0.29) and diesel costs ₹101.03/litre (up by ₹0.37) today. Petrol has become costlier at ₹105.09 in Kolkata whereas diesel is being sold at ₹96.28. Meanwhile, in Tamil Nadu’s capital city Chennai, petrol price has been hiked to ₹101.79 and diesel is being retailed at ₹97.59. In Karnataka’s capital city Bengaluru, petrol price has increased to ₹108.08 while diesel is being sold at ₹98.89 per litre.
11 Oct 2021, 07:42:11 AM IST
Stocks to watch
RIL, Infosys, PTC India among stocks to watch. (Read here)
11 Oct 2021, 07:30:27 AM IST
Dollar hits 2.5-year high against yen as Fed tapering seen on track
The dollar ticked up to a two-and-a-half-year high versus the yen on Monday after a soft US payrolls figure did little to alter market expectations that the US Federal Reserve will announce it will start tapering its massive bond-buying next month. The US economy created the fewest jobs in nine months in September, with non-farm payrolls increasing 194,000, way below economists’ forecast of 500,000. Still, data for August was revised up sharply while the jobless rate dropped to an 18-month low of 4.8% due to people leaving the labour force. Average hourly earnings also increased 0.6% from 0.4% in August. All told, the spectre of labour shortage firmly remains in place, keeping worries about inflation alive and giving the Federal Reserve justification to go ahead with reducing its stimulus it started last year for pandemic relief.
11 Oct 2021, 07:30:27 AM IST
Indonesia’s rupiah could become Asia’s best-performing currency in 2021
The Indonesian rupiah could be Asia’s best-performing currency for the rest of the year with elevated commodity prices boosting the nation’s trade surpluses. The exporter of coal and palm oil is benefiting from a global energy crisis that has roiled many of its peers that are net commodity importers. Indonesia is due to post September trade figures Friday, following a record $4.74 billion surplus in August—its 16th in a row. The rupiah rose 1.3% in the third quarter, even as Asian rivals weakened with rising Treasury yields. With the nation’s foreign reserves at a record, Bank Indonesia has plenty of ammunition to support the currency if US yields rise further in coming months.
11 Oct 2021, 07:30:27 AM IST
US stock futures lead Asia lower, dollar gains on yen
Asian stocks climbed Monday, helped by a rally in Japan, with traders also weighing the resilience of the pandemic recovery to an energy crunch and the prospect of tighter monetary policy to fight inflation. Japanese shares were boosted by a drop in the yen and Prime Minister Fumio Kishida’s comments that he isn’t considering changes to the country’s capital-gains tax at present. Equities in Hong Kong and China also climbed. US futures were in the red. US stocks declined Friday after jobs growth data fell significantly short of expectations but also showed a jump in earnings. Wage gains and a surge in energy costs highlight price pressures that are adding to the case for tighter monetary policy. The Federal Reserve is expected to proceed with a tapering of bond purchases in coming weeks, and Bank of England officials moved to reinforce signals of an imminent rise in interest rates to curb inflation. The pound strengthened. Treasury futures fell, after the 10-year U.S. Treasury yield advanced past 1.6% on Friday. There’s no cash Treasuries trading Monday due to a US holiday. West Texas Intermediate crude was around the highest since 2014. A gauge of the dollar was steady.
Stocks
S&P 500 futures fell 0.1% as of 10:40 a.m. in Tokyo. The S&P 500 fell 0.2%
Nasdaq 100 futures lost 0.2%. The Nasdaq 100 declined 0.5%
Japan’s Topix index rose 1.6%
Australia’s S&P/ASX 200 shed 0.4%
Hang Seng Index rose 2%
Shanghai Composite Index rose 0.5%
Currencies
The Japanese yen was at 112.37 per dollar, down 0.1%
The offshore yuan traded at 6.4386 per dollar
The Bloomberg Dollar Spot Index dipped 0.1%
The euro was at $1.1579
11 Oct 2021, 07:30:27 AM IST
Yields rose, stocks wavered after US jobs data on Friday
Global equity markets wavered on Friday on a weak US labor market report, and Treasury yields rose as investors still expected the Federal Reserve to begin tapering its massive bond purchases as early as next month. Yields on the benchmark 10-year US Treasury note climbed above 1.6% for the first time since June, the dollar eased and stocks on Wall Street slid as technology and other high-growth shares sold off while energy and financials gained. The US economy created the fewest jobs in nine months in September amid a drop in hiring at schools and worker shortages. Some attributed that at least partly to jobs lost after vaccine requirements were imposed to combat the surge of the Delta variant. The unemployment rate dropped to an 18-month low of 4.8%.
On Friday:
The S&P 500 fell 8.42 points, or 0.2%, to 4,391.34.
The Dow Jones Industrial Average fell 8.69 points, or less than 0.1%, to 34,746.25.
The Nasdaq fell 74.48 points, or 0.5%, to 14,579.54.
The Russell 2000 index of smaller companies fell 17 points, or 0.8%, to 2,233.09.
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