Yes Bank had to shrink its loan book in the last few quarters due to an outflow of deposits. However, this quarter the bank was succesful in arresting the slide of deposits and could also add new loans.
The Dow Jones Industrial Average rose 45.99 points, or 0.16%, at the open to 28,409.65. The S&P 500 opened higher by 11.41 points, or 0.33%, at 3,464.90, while the Nasdaq Composite gained 30.00 points, or 0.26%, to 11,536.01 at the opening bell.
Nestle India on Friday reported 1.37 per cent year-on-year fall in net profit at Rs 587.09 crore for the third quarter ended September 30. Analyst in an ET NOW poll had forecasted the figure at Rs 570 crore.
India VIX moved down 3.59 per cent from 22.63 to 21.82 level. Volatility needs to cool down further below 20 level for the market to stabilise and keep in check any spike in volatility ahead of the US election.
This is how the 30-pack Sensex moved in today's session. It touched a high of 40,811.12 and a low of 40,590.90 to finally settle at 40,685.50
Index contributors: Maruti, HDFC, ICICI Bank, ITC, M&M
Top Index gainers: Maruti (4.29%), M&M (3.28%), Tata Steel (3.21%)
Top Index losers: UltraTech (2.36%), HCL Tech (1.63%), HUL (1.56%)
S&P BSE AUTO biggest sectoral gainer, up 2.76%
S&P BSE REALTY biggest sectoral loser, down 0.94%
Volume toppers: RIL, Maruti, Tata Steel, IndusInd Bank, Airtel
Rupee ends 7 paise lower against US dollar
The rupee depreciated 7 paise to close at 73.61 (provisional) against the US dollar on Friday even as the domestic equity market was trading with significant gains. At the interbank forex market, the local unit opened weak at 73.62 against the US dollar and remained stressed for majority of the session before closing at 73.61, a loss of 7 paise over its previous close.
As the economy gradually opened up from the lockdown since June, consumers have stopped stocking up FMCG goods and the tailwind has started weakening. On the other hand, discretionary demand, in the form of pent-up buying, seems to be picking up, said analysts.
Here are the top gainers in the tourism and hospitality sector
Price as on 23 Oct, 2020 02:06 PM, Click on company names for their live prices.
Top 5 losers from the FMCG segment
Price as on 23 Oct, 2020 01:26 PM, Click on company names for their live prices.
Airtel Africa Q2 profit falls 37% to $145 million
Bharti Airtel's Africa operations, Airtel Africa, on Friday posted 36.6 per cent decline in profit after tax on reported currency basis at USD 145 million (Rs 1,066 crore) for September quarter 2020. The company had posted a profit after tax of USD 228 million in the same period a year ago. Airtel Africa, however, recorded a growth of 19.5 per cent to USD 472 million in operating profit on constant currency basis, the company said in a statement.
Federal Bank expects spurt in NPAs in next two quarters if eco conditions do not improve
Federal Bank has said it fears a higher-than-normal accretion of non-performing assets (NPA) over the next two quarters from loans to small businesses and retail borrowers if economic conditions do not improve. As against the usual rate of Rs 300-350 crore in fresh slippages per quarter, the number may go higher by over 30 per cent if the economy continues to be challenging, its managing director and chief executive Shyam Srinivasan told PTI.
10 gainers from the pharma space
Price as on 23 Oct, 2020 12:31 PM, Click on company names for their live prices.
Reliance Power hits 20% upper circuit limit as profit doubles in Q2
Shares of Reliance Power hit their 20 per cent upper circuit limit in Friday's trade after the company reported a two-fold jump in net profit for the September quarter. The stock also gained after the company said it is confident of meeting obligations by generating sufficient and timely cash-flows through time-bound monetisation of gas-based power plant equipment and other assets of certain subsidiaries.
Radhakishan Damani’s latest pick gains 5% in high volume trade
Shares of Cochin Shipyard gained over 5 per cent in morning trade on Friday after bulk deal data showed that ace investor Radhakishan Damani bought a chunk of shares in the company. Damani bought nearly 7 lakh shares of Cochin Shipyard from the open market on Thursday, NSE bulk deal data showed. Shares of the company rose over 5 per cent to Rs 378. This follows nearly 9 per cent gain on Thursday. The volume on BSE spiked nearly 3 times of the normal trade volume.
The Indian markets have held up pretty well relative to some corrective moves we have seen in the global markets and to that extent, there is obviously risk and the risk is greater in sectors which have been overbought by investors. The two-wheeler space, IT and pharma could bear the brunt of correction if there is a deeper fall in the markets and we cannot rule out that possibility over the next couple of weeks.
- Sandip Sabharwal, asksandipsabharwal.com
Most tyre stock trade in the green
Price as on 23 Oct, 2020 10:57 AM, Click on company names for their live prices.
ABFRL & Flipkart sign landmark pact: Agencies
ABFRL to raise 1500 cr from Flipkart
Flipkart will own 7.8% equity in ABFRL
ABFRL to make preferntial issue to Flipkart
SSAB said to eye Tata Steel deal as Thyssenkrupp backup
Swedish steelmaker SSAB AB is exploring a combination with Tata Steel Ltd.’s European business as a back-up plan to a deal with Thyssenkrupp AG amid industry consolidation, according to people familiar with the matter. SSAB is holding preliminary talks with Tata Steel of India as it seeks merger options, the people said, asking not to be identified as the matter is private. The Swedish company, which has a market value of around 28 billion Swedish kronor ($3.2 billion), would gain control of Tata Steel’s European business if they pursued such a deal, they said. (Source: Bloomberg)
Biocon reported a 22% decline in net profit to Rs 169 crore during the July-September quarter on the back of higher R&D expenses and forex losses. The biopharmaceutical company’s net profit before exceptional items and discontinuing operations stood at Rs 174 crore.
Ahead of Sept quarter earnings...
Price as on 23 Oct, 2020 09:51 AM, Click on company names for their live prices.
Voda Idea, Tata Motors, YES Bank among most active stocks on NSE
Price as on 23 Oct, 2020 09:24 AM, Click on company names for their live prices.
Pre-open session: Sensex rises 150 points, Nifty at 11,982
SGX Nifty signals muted start
Nifty futures on the Singapore Exchange traded 10 points, or 0.08 per cent lower at 11,882.50, in signs that Dalal Street was headed for a muted start on Friday.
Tech View: Nifty firms Spinning Top
Milan Vaishnav, Consulting Technical Analyst and Founder Gemstone Equity Research and Advisory, said Nifty formed a Spinning Top on the charts, which typically has a small real body with little difference between the opening and closing price. This candlestick pattern usually indicates indecision about the future direction of the market.
Oil steady as Russia holds out prospect of output cut extension
Oil prices held on to gains made on the previous session on Friday, after Russian President Vladimir Putin indicated he would be prepared to extend record supply cuts in the face of the COVID-19 pandemic. Brent crude was off 1 cent at $42.45 a barrel having risen 1.7 per cent on Thursday, while US oil was 2 cents lower at $40.62, following a 1.5 per cent gain in the previous session.
Asian stocks rise in early trade
Asian stocks were set for cautious gains on Friday after positive US economic data and signs of progress in stimulus talks in Washington lifted Wall Street benchmarks. In early Asian trade, Japan's Nikkei 225 index was up 0.01 per cent at 23,477.58. Australia's S&P ASX 200 and MSCI's gauge of stocks across the globe were roughly flat. Hong Kong's Hang Seng was down 0.05 per cent at 24,773.53.Australia's S&P ASX 200 and MSCI's gauge of stocks across the globe were roughly flat. Hong Kong's Hang Seng index futures were down 0.11%.
Wall Street stocks settled higher
Shares on Wall Street ended higher, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged U.S. economy, with more data pointing to a slowing labor market recovery. The Dow Jones Industrial Average closed 152.84 points higher, or 0.54%, to 28,363.66, the S&P 500 gained 17.93 points, or 0.52%, to 3,453.49 and the Nasdaq Composite added 21.31 points, or 0.19%, to 11,506.01.
Rupee clocks 1st gain in four days, ends 4 paise higher to dollar
The rupee snapped its three-session losing streak, edging 4 paise higher at 73.54 against the US dollar on Thursday, aided by dollar selling by exporters. Starting off the session at almost the day's lowest level of 73.77, the domestic currency clawed back its lost territory as trade progressed. Intra-day, it touched a high of 73.53 and low of 73.78.
Sensex, Nifty on Thursday
Domestic equity indices snapped four sessions of gains on Thursday as investors trimmed their exposure to IT, banking and energy stocks amid a negative trend at global markets. The 30-share BSE Sensex tumbled 148.82 points or 0.37 per cent to finish at 40,558.49. Similarly, the broader NSE Nifty slipped 41.20 points or 0.35 per cent to close at 11,896.45.
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