Wall Street rose on Wednesday on the back of gains in technology stocks, as investor sentiment was boosted by reports indicating an ease in trade tensions between the United States and China ahead of pivotal talks on Thursday. China was still open to agreeing to a partial trade deal with the United States, despite the inclusion of top Chinese artificial intelligence startups in a trade blacklist, according to a Bloomberg report.
The Reserve Bank of India has rejected the proposed merger between Lakshmi Vilas Bank and Indiabulls Housing Finance, the lender said on Wednesday. The companies had announced the merger in April.
“RBI informed that the application for voluntary amalgamation of lndiabulls Housing Finance and lndiabulls Commercial Credit Limited with Lakshmi Vilas Bank Limited cannot be approved,” the bank said in a regulatory filing.
Oil trading houses see lower oil prices in 2020
Global oil prices will weaken next year to around $50 per barrel due to slowing global oil demand, the heads of the world's biggest trading houses Vitol, Trafigura and Gunvor told the annual Oil and Money conference in London on Wednesday.
Podcast: What's next for Dalal Street after 646-point rally?
As far as DA is concerned, we do expect that there is going to be a pickup in consumption, particularly for small ticket items in terms of durables during the festive season. So incrementally, I would say that this is a small positive that should help the production numbers in Q3 to look at a little bit better than what we think has been the case for Q2 and the release of arrears for the last couple of months at least give some reasonable amount of extra disposable income in the hands of government employees and pensioners. I think payments clearance to vendors is a significant issue
- Aditi Nayar, ICRA
Nifty has immediate hurdle near 11,400 zone, which is falling trend line resistance and previous breakdown zone. We expect the current move to extend towards 11,400 and any decisive close this may add more gains
- Rohit Singre, Senior Technical Analyst, LKP Securities
We believe there is a strong chance of a bottom in place. The upside momentum may continue going forward. We see strong support for Nifty at 11,000-11,050
- Sahaj Agarwal, Kotak Securities
The 5 per cent hike in Dearness Allowance puts more money in the hands of over 1 crore government employees and pushed several heavyweight stocks higher in trade today
- S Ranganathan, Head of Research at LKP Securities
It was a broad based rally for the market, and technically Nifty has today formed a higher bottom and resumed trending upmove. Till the market is above today’s lowest levels -- 11090 and 37415 -- we can expect upward continuation at least up to 11,550 and 39,000 for Nifty and Sensex, respectively
Nifty rebounded from lower levels as buying on dips was seen in the broader market with banks, financials, PSUs and metals leading. This was a classic reversal set up as Nifty retraced back from very strong supports, which were previously the swing highs in the zone of 11,200-11,100. These were important resistances during the August expiry and a retest of the same and buying coming in at those levels also improved the confidence; that we do have some buyers who missed the initial run are coming at these lower levels
- Mustafa Nadeem, CEO, Epic Research
Going forward, we believe the upcoming earnings season would dictate the trend for the market. We expect that more than earnings announcement, investors and traders would focus on the outlook provided by the management, especially for consumption driven companies. On the global front, market participants would keep a close watch on trade talks between the US and China
Nifty gained nearly 200 points to form a big bullish candle on the daily scale and negated the formation of lower top and lower bottom on the lower time frame. The index has respected its 61.8 per cent retracement of the entire upmove from 10,762 to 11,695. Now it has to hold above 11,250 to extend gains towards 11,400-11,450, while on the downside, major support is seen at 11,100
Nifty50 has strong support placed at 11,000-11,050. With this support, we expect the index to attempt to test 12,000-12,200 levels in the next few weeks. Momentum is seen across sectors with broad based participation. We believe there is a strong chance of a bottom in place and upside momentum to continue. Breach of 11,000 can lead to selling pressure towards 10,500-10,600 – chances of while remain low
- Sahaj Agarwal, head of derivatives, Kotak Securities
People are not anticipating much deeper cut in the market right now. The companies will benefit from the tax rate cut, and that should start showing in the Q2 numbers. Sales on Amazon and Flipkart show that things are not as bad on the consumption front as well. There is slight pick-up in festive demand. Banks were beaten down substantially, and value buying has emerged there. All the good names will start the earnings season, and the market is optimistic on that note
- Rusmik Oza, Head of Fundamental Research, Kotak Securities
Market recovered after many days of fall and rose comfortably above 11,300 level. Banks outperformed as sharp fall in bond yield is indicating further room for rate cuts which will improve liquidity and consumption story. Further, a 5% hike in DA by govt will add impetus to the festival demand. Going forward, the result season will dictate the market direction and investors are expecting some green shoots on account of festival demand and good monsoon.
- Vinod Nair, Head of Research at Geojit Financial Services
China open to partial US trade deal despite tech blacklist
China is still open to agreeing a partial trade deal with the US, an official with direct knowledge of the talks said, according to a Bloomberg report.
Negotiators heading to Washington for talks starting Thursday aren’t optimistic about securing a broad agreement that would end the trade war between the two nations for good, said the official.
But China would accept a limited deal as long as no more tariffs are imposed by President Donald Trump, including two rounds of higher duties set to take effect this month and in December, the official said. In return, Beijing would offer non-core concessions like purchases of agricultural products without giving in on major sticking points, the official said, without offering further details, Bloomberg reported.
Markets witnessed massive volatility in the previous few weeks. Nifty50 has strong support placed at 11000-11050. With this support we expect the index to attempt to test 12000-12200 levels in the next few weeks. Momentums is seen across sectors with broad based participation. We believe there is a strong chance of a bottom in place and upside momentum to continue. Breach of 11000 can lead to selling pressure towards 10500-10600 – chances of while remain low. Positive global developments can further boost the sentiment. Investors are advised to consider selective accumulation while traders can remain long with broader market level of 11000.
- Sahaj Agarwal, Head of Derivatives, Kotak Securities
Sept AMFI Data shows a net outflow of Rs 1.51L cr vs an inflow of Rs 1.02L cr MoM
September AMFI Data shows a net outflow of Rs 1.51 lk cr vs an inflow of Rs 1.02 lk cr MoM. Here's ET NOW's… https://t.co/2iLqO1wP0s
Crude oil futures fell 0.13 per cent to Rs 3,740 per barrel on Wednesday after speculators booked profits at existing levels amid subdued spot demand.
Crude oil for delivery in October was trading lower by Rs 5, or 0.13 per cent, to Rs 3,740 per barrel with a business volume of 27,010 lots on the Multi Commodity Exchange (MCX).
The State Bank of India and Bank of Baroda may report healthy pre-provision operating profit, but elevated credit costs and higher mark-down on DTA or Deferred Tax Assets could impact their earnings if they decide to move to the new tax regime in Q2.
Gold, silver futures trade higher on strong spot demand
Gold prices rose 0.39 per cent to Rs 38,531 per 10 gram in futures trade on Wednesday as speculators widened their bets on spot demand.
On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 148, or 0.39 per cent, at Rs 38,531 per 10 gram in a business turnover of 2,359 lots.Silver contracts for December delivery gained Rs 196, or 0.43 per cent, to Rs 46,070 per kg in a business turnover of 2,873 lots.
Stock exchanges to be shut on Oct 21 due to Maharashtra polls
Leading stock exchanges BSE and NSE have announced trading holiday on October 21 on account of assembly elections in Maharashtra. They have announced trading holiday for capital markets, futures and options and currency derivative segment, BSE and NSE said in separate circulars.
Cabinet hikes dearness allowance by 5% for central govt employees; FMCG stocks up
Price as on 09 Oct, 2019 02:18 PM, Click on company names for their live prices.
Saudi Aramco CEO says co ready for IPO
Revenue hasn't been impacted by the attack on facilities, ET NOW reported the CEO as saying.
People are not anticipating much deeper cut in the market right now. All the good names will start the earnings season, and market is optimistic on that note
- Rusmik Oza, Head of Fundamental Research at Kotak Securities
Thomas Cook opens new outlet in Aurangabad, eyes strong growth in Maharashtra
Price as on 09 Oct, 2019 01:58 PM, Click on company names for their live prices.
Ashoka Buildcon said that the company has received Rs 313 crore order from SRIT India
Price as on 09 Oct, 2019 01:55 PM, Click on company names for their live prices.
NBCC says P K. Gupta assumed charge as chairman, MD
Price as on 09 Oct, 2019 01:54 PM, Click on company names for their live prices.
Coal India says flood-hit Dipka mine produced 23,000 tonnes on Tuesday
Price as on 09 Oct, 2019 01:53 PM, Click on company names for their live prices.
Bliss GVK Pharma's arm clears USFDA inspection, but stock edges lower
Shares of drug firm Bliss GVS Pharma edged lower even as subsidiary Kremoint Pharma cleared inspection of its Ambernath facility in Maharashtra by the US health regulator. The USFDAinspection was conducted from June 17-20, Bliss GVS Pharma said in a statement.
Glenmark gets tentative nod from USFDA for generic multiple sclerosis treatment drug
Price as on 09 Oct, 2019 01:45 PM, Click on company names for their live prices.
SBI lowers rates on non-repo-linked loans by 10 bps
Price as on 09 Oct, 2019 01:45 PM, Click on company names for their live prices.
JBM Auto bags order for 300 buses; stock rallies 11%
JBM Auto said it has bagged orders for supply of 300 buses from different parties which would be fully executed before the end of the ongoing fiscal.
The company has received orders for CNG buses from Delhi Integrated Multi-Modal Transit System Ltd (DIMTS) and Spicejet Ltd & InterGIobe Aviation Ltd (Indigo Airlines), for airport tarmac applications, JBM Auto said in a regulatory filing.
Raymond rallies 8% on selling 20-acre Mumbai land for Rs 700 crore
Singapore-based Virtuous Retail South Asia Pte said it has acquired 20-acre land in Mumbai from Raymond for about Rs 700 crore and will invest another Rs 1,700 crore to develop a retail project. Following the development, shares of Raymond climbed 8.32 per cent to hit a high of Rs 592.60 on BSE.
Aurobindo Pharma recovers 5% on clarification over USFDA observations
Shares of Aurobindo Pharma recovered over 5 per cent on Wednesday after the company clarified that none of the seven observations from the US health regulator for its Telangana unit were linked to data integrity. In a regulatory filing post market hours on Monday, Aurobindo Pharma said that it is "confident of addressing these issues within the stipulated timeline".
Lupin climbs on receiving GMP certificate from Japanese agency
The scrip jumped 1.3 per cent to Rs 676.25 after the pharma major received GMP Certificate from Pharmaceutical and Medical Devices Agency, Japan for its Mandideep active pharmaceutical ingredients (API) facility. The GMP (good manufacturing practice) Certificate was issued following an inspection conducted by PMDA between May 14, 2019 and May 17, 2019, Lupin said in a regulatory filing.
DHFL hits 52-week low as CDSL freezes promoter's holding
Shares of DHFL hit lower circuit by slipping almost 10 per cent to its 52-week low on Wednesday after CDSL freezed shareholding of the mortgage lender's promoters due to delay in announcement of financial earnings. The stock nosedived 9.86 per cent to Rs 26.05 on the BSE. On the NSE, the scrip tanked 9.84 per cent to Rs 26.10.
European shares weighed down by trade, Brexit worries
European stocks edged lower in quiet trading on Wednesday, as tensions heightened between the United States and China ahead of their crucial trade negotiations, while more uncertainty over Britain's EU exit also weighed on sentiment.
The pan-European STOXX 600 index was down 0.2 per cent by 0707 GMT, with most country indexes flat to slightly lower.
Titan falls more than 3% on low revenue from jewelry business
Price as on 09 Oct, 2019 01:13 PM, Click on company names for their live prices.
HDIL slumped 5% and hit its lower circuit after reports that EoW may include the auditors in the ongoing probe of PMC Bank scam
Price as on 09 Oct, 2019 01:03 PM, Click on company names for their live prices.
IndiaMart, RBL Bank, Raymod recover up to 12% from day's low
Top index contributors in afternoon session
Nifty Financial Services index rises; Indiabulls Ventures jumps 9%
The Nifty Financial Services index was up with its components trading higher in Wednesday's afternoon session.
Shares of Indiabulls Ventures (up 8.89 per cent), ICICI Bank (up 2.48 per cent), Indiabulls Housing Finance (up 2.31 per cent) and Mahindra & Mahindra Financial Services (up 2.18 per cent) were trading in the green.
Shriram Transport Finance Company (up 2.04 per cent), State Bank of India (up 2.03 per cent), Kotak Mahindra Bank (up 2.02 per cent and HDFC Bank (up 2.00 per cent) too were trading higher.
The second-quarter earnings-report season will be more of the same - tepid and uneventful. Underlying demand slowdown in the domestic economy and weak global commodities prices are expected to take a toll on earnings with very few bright spots, if any.
- Motilal Oswal Financial Services
BSE Capital Goods index up; Siemens gains 2%
The S&P BSE Capital Goods index was up in Wednesday's afternoon session.
Shares of Hindustan Aeronautics (up 1.87 per cent) , Siemens (up 1.87 per cent) , Carborundum Universal (up 1.80 per cent) and NBCC (India) (up 1.69 per cent) were the top gainers in the index.
Larsen & Toubro (up 1.48 per cent) , Bharat Heavy Electricals (up 1.17 per cent) , SKF India (up 0.85 per cent) and Bharat Electronics (up 0.72 per cent.
With momentum indicators on the negative side, we may see a quick dip towards the 61.8 per cent fibonacci level of 11,060 (Nifty) from where a reversal is expected to happen and may find resistance near 11,180 and 11,300. A break below 11,060 would bring back 10,900 into focus.
- Geojit Financial Services
Just In: Ashoka Buildcon bags orders worth Rs 314 crore
J Kumar rallies 20% as Sebi clears firm from charges of misrepresenting books
Shares of J Kumar Infraprojects rallied nearly 20 per cent in Wednesday’s trade after market regulator Sebi cleared the company of charges relating to misrepresenting of books. The scrip advanced 19.97 per cent to hit a high of Rs 154.35 on BSE. The gains were seen in an otherwise flat market. The benchmark BSE Sensex was trading 29 points, or 0.08 per cent, higher at 37,560.
SBI lowers rates on non-repo-linked loans by 10 bps
Price as on 09 Oct, 2019 10:39 AM, Click on company names for their live prices.
9 stocks hit 52-week highs on NSE
Around 9 stocks rose to touch their 52-week highs on NSE in Wednesday's session. Among the stocks that touched their 52-week highs were Adani Green Energy, Agro Phos India, Ashapura Minechem, Indiamart Intermesh, Religare Enterprises, Sanginita Chemicals and Whirlpool.
Q2 result review: Slowdown to reflect on Sept quarter numbers
Overall economic slowdown in the domestic and global economies is likely to reflect on the performances of I-direct coverage universe. The universe (ex-BFSI) is likely to register revenue and PAT de-growth of 4.6% and 7.6% respectively. Sectors such as Auto, Metals, Oil & Gas and Construction are likely to register negative revenue growth. Sectors such as Capital Goods, Healthcare, IT, FMCG are likely to report decent numbers.
In case of Sensex companies
Companies likely to register YoY 3.5% degrowth in top line as strong growth by banking & financial services sector is likely to be pull down by weakness in Auto, Metals and Oil & Gas sectors.
Auto sector continues to face demand challenge specifically in the domestic sales, resulting in pressure in overall sales. Metal companies in the Sensex are likely to be undone by declining global commodity pricing trend and softer demand.
On the bright side, Banking will continue to arrest top line fall for Sensex companies, to be driven by steady advances growth and sturdy NIMs.
Companies from IT and FMCG space are likely to register decent growth and so will be capitals goods players.
Among individual players, HDFC, HDFC Bank, Kotak Mahindra Bank, SBI, L&T, Infosys are likely to be the main drivers.
Conversely, Maruti, Tata Motors, Hero Honda, Tata Steel, Coal India among others are likely draggers.
YES Bank tanks 8% on denying reports of strategic investment by Microsoft
Shares of YES Bank fell 8 per cent in Wednesday's session after the lender denied reports suggesting active talks between the bank and Microsoft Corporation and two other tech firms for a possible stake acquisition. YES Bank in a regulatory filing said it is “not aware of the source, which resulted in the news item and as a matter of policy, the bank would not like to comment on such article.”
Sensex gives up gains, turns negative
One hour into the trade, BSE benchmark Sensex gave up gains to turn negative amid losses in IT stocks. Twelve of 30 index constituents traded in the green, rest all were in the red. YES Bank was the biggest loser with a fall of over 8 per cent.
Next few weeks will form the base for an excellent 2020: Sandip Sabharwal
Results season starts tomorrow Expectations are running quite low Global uncertainties are playing out with US-Chin… https://t.co/pMqeVdkGmC