Caution is likely to be the watchword for investors, with the Nov. 3 vote set to reveal not just whether Joe Biden’s opinion-poll lead over Donald Trump will propel him to victory, but also determine the fate of the much-anticipated U.S. stimulus package. And there’s always the risk of a contested result.
Indian Railway Finance Corporation (IRFC) has filed papers with markets regulator Sebi to float an initial public offering of over 178 crore shares. According to an addendum to the draft red herring prospectus filed with Sebi on Friday, the IPO would see sale of 1,782,069,000 equity shares. This includes a fresh issue of 1,188,046,000 equity shares and an offer for sale of 59.4 crore equity shares by the Government of India.
The Dow Jones Industrial Average fell 418.75 points, or 1.48%, at the open to 27,917.14. The S&P 500 opened lower by 37.97 points, or 1.09%, at 3,427.63, while the Nasdaq Composite dropped 47.64 points, or 0.41%, to 11,500.92 at the opening bell.
Senior advocate HP Ranina said all the three parties - Reliance Industries, Future Group and Amazon - will try to sort out this issue as soon as possible.
Nifty has key support at 11,650 & 11,600 levels: Sumeet Bagadia, Choice Broking
After a flat opening, Nifty corrected over 1% from its prior high of 11930.35 levels and ended the session on a negative note. Overall, we might see some volatility in the market until the US Presidential Election ends. At present, Nifty seems to have support placed at 11,650 & 11,600 levels, whereas resistance is placed at 11950/12000 levels. If the benchmark index violates the support of 11600, it may resume the downswing with an initial target of 11500/11400 levels, said Sumeet Bagadia, Executive Director, Choice Broking.
Credit Suisse analysts believe the company’s losses may narrow to Rs 846.8 crore, compared to the steep net loss of Rs 23,044.9 crore a year ago. It believes the company’s revenues may have risen by 16.1 per cent to Rs 24,536.7 crore.
The rupee depreciated 23 paise and settled at 73.84 (provisional) against the US dollar on Monday as muted domestic equities and strong American currency weighed on investor sentiment. The local unit opened at 73.77 at the interbank forex market, then lost further ground and finally settled at 73.84 against the greenback, registering a decline of 23 paise over its previous closing price of 73.61.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, rose 16.8 per cent to Rs 3,913 crore crore from Rs 3,350 crore in the year-ago quarter.
Top 10 losers at this hour
Price as on 26 Oct, 2020 01:19 PM, Click on company names for their live prices.
Aurobindo inks pact with New Mountain Capital to sell US-based unit for $550 mn
Price as on 26 Oct, 2020 12:37 PM, Click on company names for their live prices.
Shares of IndusInd Bank climbed 4 per cent in Monday's trade after the promoters reaffirmed their 'unstinted support' to the bank while denying any talks with Kotak Mahindra Bank for a possible merger. In a filing to BSE, the bank said: "Whenever financial crises have impacted the Indian economy and its financial institutions, the promoter of the IndusInd Bank has positively intervened to support and improve the financial position of the bank," the bank said.
Future Group hints it may challenge arbitration award putting RIL deal on hold
Kishore Biyani-led Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums, to ensure that its Rs 24,713 crore deal proceeds unhindered and without any delay. Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single-judge arbitration panel put the deal on hold.
RIL drops nearly 2% as Amazon wins interim award against Future Group
Shares of Reliance Industries (RIL) dropped nearly 2 per cent in Monday's session as clouds of doubts emerged over its deal to acquire Future Group’s businesses. Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold.
Top 4 losers from the real estate segment
Price as on 26 Oct, 2020 10:59 AM, Click on company names for their live prices.
For the day, we expect momentum for the rupee to remain low and trade with a negative bias in the range of 73.40 and 74.05
Gold eased on Monday morning as the greenback has rebounded and there seems no signs of progress on coronavirus relief package in the US. Focus will shift to dollar's move and new home sales data to be releasing later in the session. Moreover, countries like UK, US & Germany will release Q3 GDP during the week. Fear of second wave of virus in the Europe may stay as a supportive trigger for the yellow metal.
- Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares
YES Bank, Vedanta, Voda Idea among most active stocks on NSE
Price as on 26 Oct, 2020 09:23 AM, Click on company names for their live prices.
OPENING BELL: Sensex falls 175 points, Nifty at 11,900; IndusInd Bank climbs 3%, Nestle India 2%
Oil prices fell on Monday, extending last week's losses, as a jump in COvid-19 infections in the United States and Europe raised alarms over crude demand. Brent crude was down by 53 cents, or 1.3 per cent, at $41.24. US WTI dropped 53 cents, or 1.3 per cent, to $39.32, having fallen more than a dollar shortly after the start of trading.
SGX Nifty signals flat start
Nifty futures on the Singapore Exchange traded flat at 11,935, in signs that Dalal Street was headed for a tepid start on Monday.
Asian shares make guarded gains
Asian shares got off to a cautious start on Monday as surging coronavirus cases in Europe and the United states threaten the economic outlook, even as growth in China provides some support to Asia. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, but remained short of its recent 31-month peak. Japan's Nikkei rose 0.2 per cent, and South Korea's main index was up 0.4 per cent.
Governor Das tests positive for Covid-19
India's central bank Shaktikanta Das on Sunday said he has tested positive for the novel coronavirus, one of the most high-profile figures in the world's second most-infection nation to contract the infectious disease. "I have tested COVID-19 positive. Asymptomatic. Feeling very much alright," the 63-year-old tweeted.
US stocks ended lower on Friday
On Friday, the benchmark Dow Jones Industrial Average was 0.1 per cent lower at 28,335.57. The broad-based S&P500 index rose 0.3 per cent to 3,465.39, while the tech-rich Nasdaq Composite index closed 0.4 per cent higher at 11,548.28.
Q2 results today
Kotak Mahindra Bank, SBI Life Insurance, Max Ventures, Finolex Industries, Angel Broking and Torrent Pharma are slated to announce their financial results for September quarter on Monday.
FIIs buy Rs 907 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 906.93 crore, data available with NSE suggested. DIIs were net sellers to the tune of Rs 891.86 crore, data suggests.
Rupee drops by 7 paise to 73.61 on dollar buying by banks
The rupee depreciated by 7 paise to close at 73.61 against the US dollar on Friday due to dollar buying by banks possibly on the behalf of the Reserve Bank. At the interbank forex market, the local unit opened weak at 73.62 against the US dollar and remained under pressure for the most part of the session. It moved in a range of 73.46 to 73.67 against the US dollar in day trade.
Sensex, Nifty on Friday
Equity benchmark Sensex ended 127 points higher on Friday, primarily led by gains in auto, metal and power sector stocks amid positive cues from global markets.After rising 252.63 points during the day, the 30-share Sensex settled 127.01 points or 0.31 per cent higher at 40,685.50, and the broader NSE Nifty rose 33.90 points or 0.28 per cent to end 11,930.35.
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