KEY HIGHLIGHTS
FPIs Stay Net Sellers For The 16th Straight Day
Overseas investors remained net sellers of Indian equities on Wednesday for the 16th consecutive session.
Foreign portfolio investors offloaded stocks worth Rs 421.77 crore, according to provisional data from the National Stock Exchange.
Domestic institutional investors remained net buyers on Wednesday for the 14th consecutive session and mopped up equities worth Rs 1,032.02 crore, the NSE data showed.
In the last 16 sessions, the FPIs have sold equities worth Rs 27,949.02 crore, while the DIIs bought stocks worth Rs 20,173.51 crore, as per the NSE data.
Foreign institutions have been net buyers of Rs 1,12,660 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 5 bps Lower at 7.30% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 6 paise to close at 83.19 against the U.S dollar on Wednesday.
It closed at 83.25 on Tuesday.
Source: Bloomberg
Sensex, Nifty Gain For The Second Day As RIL, HDFC Bank Lead; Realty Stocks Rise: Market Wrap
India's benchmark stock indices held on to gains through Wednesday to advance for the second day.
Realty, media, and auto sectors advanced, whereas I.T., and PSU banks were marginally lower. Nifty ended above 19,800 level, while Sensex was beyond the 66,400 mark, the highest levels in three weeks since Sept. 20.
"It is important to appreciate the fact that even in the midst of the West Asian crisis, markets are resilient, globally. The fundamental support to the market comes from the resilience of the U.S. economy, the declining U.S. bond yields and the hope that the Israel-Hamas conflict will remain a localised crisis which will not impact crude prices. However, investors should remain cautious since the situation taking a turn for the worse cannot be ruled out," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The S&P BSE Sensex closed up 394 points, or 0.60%, at 66,473.05, while the NSE Nifty 50 was 122 points or 0.62% higher at 19,811.35.
The Stoxx Europe 600 index fluctuated after clocking its biggest gain of the year on Tuesday. LVMH slumped as much as 8.5% after reporting softening sales, a signal that the post-pandemic luxury boom is waning.
U.S. stock futures were little changed after both the S&P 500 and the Nasdaq 100 climbed 0.5% Tuesday.
Hong Kong equity gauges rallied, led by tech stocks, while mainland shares climbed following a Bloomberg report that China is considering raising its budget deficit. South Korea shares climbed nearly 2% while Australian and Japanese equities ended higher.
Reliance Industries Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., ITC Ltd., and Kotak Mahindra Bank Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Tata Consultancy Services Ltd., HCL Technologies Ltd., State Bank of India, Coal India Ltd., and Adani Ports and Special Economic Zone Ltd. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.55%, whereas S&P BSE SmallCap Index was also 0.77% higher.
All the 20 sectors compiled by BSE advanced. S&P BSE Commodities and S&P BSE Telecommunication rose the most.
The market breadth was skewed in the favour of the buyers. About 2,350 stocks rose, 1,336 declined, while 136 remained unchanged on the BSE.
Infosys Has 14.4 Lakh Shares Change Hands
14.4 lakh shares changed hands in a large trade.
0.03% equity changed hands at Rs 1499.35 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
ICICI Bank Has 22.3 Lakh Shares Change Hands
22.3 lakh shares changed hands in a large trade.
0.03% equity changed hands at Rs 952.10 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Bharti Airtel Has 13.3 Lakh Shares Change Hands
13.3 lakh shares changed hands in a large trade.
0.02% equity changed hands at Rs 955.20 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Axis Bank Has 10.1 Lakh Shares Change Hands
About 10.1 lakh shares changed hands in a large trade.
0.03% equity changed hands at Rs 1015.65 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Most European Markets Open Lower
Stocks Hitting 52-Week High Intraday
Coal India Says Planned Trade Union Strike Deferred
Trade unions' planned strike at company and its subsidiaries has been deferred.
Alert: Central trade unions were to carry out a joint strike from October 12 to Oct. 14.
Source: Exchange filing
Jubilant FoodWorks Has 10.1 Lakh Shares Change Hands
About 10.1 lakh shares changed hands in a large trade.
0.15% equity changed hands at Rs 531.35 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Honda Motor Co. Says Samvardhana Motherson Gets US Approval For Yachiyo Acquisition
Satia Industries Bags Multiple Order For Paper Supply Worth Rs 340 Crore
Vedanta Incorporates Subsidiary Vedanta Base Metals On Oct. 9, 2023
Incorporates wholly-owned subsidiary named Vedanta Base Metals on Oct. 09, 2023.
Incorporates unit for implementation of demerger plan.
Source: Exchange Filing
Sensex, Nifty Trade Near Four-Week High As RIL, HDFC Bank Lead: Midday Market Update
India's benchmark stock indices opened higher and held on to gains through midday on Wednesday after recovering from lows on Tuesday. Realty, media, metal, and healthcare sectors advanced, whereas PSU banks were marginally lower.
Nifty was trading above 19,800 level, while Sensex was beyond the 66,500 mark, the highest levels since Sept. 21. "Crossover of 19,800 levels (on Nifty 50 Index) would accelerate the up move in broader markets and any decline near to 19,600 level on the hourly band of averages will be a good support," said Vikas Jain, Senior Research Analyst at Reliance Securities.
As of 12:14 p.m., the S&P BSE Sensex was up 419 points, or 0.63%, at 66,498.65, while the NSE Nifty 50 was 126 points or 0.64% higher at 19,816.15.
Stocks in Asia rose after traders expected the Federal Reserve to hold rate hikes, with expectations of further China stimulus helping drive gains.
U.S. stocks futures edged higher after both the S&P 500 and the Nasdaq 100 climbed 0.5% Tuesday, while European contracts fell.
Hong Kong equity gauges rallied, led by tech stocks, while mainland shares climbed following a Bloomberg report that China is considering raising its budget deficit. South Korea shares climbed nearly 2% while Australian and Japanese equities ticked higher.
The S&P 500 gained for a third day, approaching the 4,400 level on Tuesday. Amazon.com Inc. rose amid its fall sale for Prime subscribers and PepsiCo Inc. climbed on a bullish forecast.
Reliance Industries Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd., Infosys Ltd., and Larsen & Toubro Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Coal India Ltd., SBI Life Insurance Co., HDFC Life Insurance Co., IndusInd Bank Ltd., and Power Grid Corp. were negatively contributing to the change.
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 1.01%, whereas S&P BSE SmallCap Index was also 1.09% higher.
All the 20 sectors compiled by BSE advanced. S&P BSE Realty, S&P BSE Commodities and S&P BSE Telecommunication rose the most.
The market breadth was skewed in the favour of the buyers. About 2,545 stocks rose, 972 declined, while 165 remained unchanged on the BSE.
L&T Hydrocarbon Business Gets Mega Contract In Middle East For Gas Compression Plants
L&T Hydrocarbon Business gets Mega contract worth over Rs 7,000 crore.
Contract in middle east for gas compression plants.
Source: Exchange Filing
Astral Starts Commercial Production At Guwahati Plant
Company will produce plastic water storage tank and PVC pipes at the Guwahati plant.
Source: Exchange filing
Bharti Airtel Has 10 Lakh Shares Change Hands In A Large Trade
10 lakh shares changed hands in a large trade.
0.02% equity changed hands at Rs 953.70 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
Info Edge Arm Redstart Labs To Invest $4 00,000 In Ray IoT Solutions
Laxmi Organic Industries Jumps Over 12% After Raising Rs 259 Crore Via QIP
Shares of Laxmi Organic Industries Ltd. rose the most in a single day in over 25 months after it allotted about 96.26 lakh equity shares at a price of Rs 269.20 apiece to qualified institutional buyers as a part of its fundraising plans.
It received a total consideration of Rs 259.12 crore from the qualified institutional placement of shares, as per the exchange filing.
The scrip rose as much as 12.41% to Rs 304.85 apiece, the most in a single say since Aug. 16, 2021, before paring gains to trade 11.97% higher at Rs 303.65 apiece, compared to a 0.73% advance in the benchmark NSE Nifty 50 as of 10:49 a.m.
It has risen 2.48% on a year-to-date basis. The total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 63.
Two out of the six analysts tracking the company maintain a 'buy' rating, none recommend a 'hold' and four suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 15.2%.
Sunteck Realty To Highest In Over A Year As Jefferies Raises Target Pric
Shares of Sunteck Realty Ltd. rose to a 54-week high on Wednesday, as Jefferies raised its target price
Jefferies raised its target price to Rs 555 from an earlier Rs 415, implying an upside of 28%. It maintained its buy rating on the scrip, in a note dated Oct. 10.
The company announced a joint platform with IFC for affordable and mid-income housing for a total investment of Rs 750 crore, with IFC's investment contribution to be up to Rs 330 crore.
It aims to develop nearly 12,000 housing units across four to six green housing projects in the Mumbai Metropolitan Region.
The investment will provide a significant push to its growth potential over the medium to long term, the brokerage said.
Shares of Sunteck Realty rose 3.37% to Rs 465.7 apiece, compared to a 0.62% rise in the NSE Nifty 50 as of 10:24 a.m. The stock rose 6.97% intraday to its highest level since Sept. 2, 2022, when it hit Rs 481.95.
The average traded volume so far in the day stood at 2.92 times its monthly average, while the relative strength index was at 72, indicating the stock may be overbought.
Of the 11 analysts tracking the company, all maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 8.2%.
Emkay Initiates Coverage On JK Tyres With A 'Buy' Rating
Emkay On JK Tyres
Initiates coverage with 'Buy' rating at Rs 415 target.
Believes stock price can double over three years.
Industry improving with lower imports and robust growth.
Company outperforms peers over 12 quarters.
Outperformance to sustain on high-growth, high- margin segment.
Controlled capex to accelerate deleveraging.
Source: Brokerage note
Adani Group Stocks Add Over Rs 21,000 Crore To Investor Wealth Intraday
Shares of Adani Group companies gained on Wednesday, with Adani Green Energy Ltd. leading the advance by nearly 3%.
ACC Ltd., Adani Power Ltd., New Delhi Television Ltd., Adani Wilmar Ltd., Ambuja Cements Ltd. and Adani Enterprises Ltd. also rose over 1%.
Adani Group stocks added Rs 21,415 crore in investor wealth, taking their total market capitalisation to Rs 10.9 lakh crore so far in the day.
As of 10:26 a.m., the shares added Rs 15,273 crore in market value taking the capitalisation to Rs 10.84 lakh crore.
Zomato Has 12.4 Lakh Shares Or 0.01% Equity Change Hands
About 12.4 lakh shares change hands in a large trade at Rs 108.25 apiece.
Buyers and sellers not known immediately.
Source: Bloomberg
MCX Shares Hit Life High Ahead Of The Commodity Derivatives Platform Launch On Oct. 16
Shares of Multi Commodity Exchange of India Ltd. hit a record high after the company said that it to go live with its proposed commodity derivatives platform on Oct. 16, according to an exchange filing. The exchange will conduct mock trading on Oct. 15.
Earlier, the Securities and Exchange Board of India withdrew its directions to MCX and MCXCCL to keep the proposed go-live of CDP in abeyance," according to an exchange filing.
Multi Commodity Exchange Clearing Corporation Ltd., or MCXCCL, is a clearing corporation in the commodity derivatives market.
On Sept. 29, the market regulator asked MCX to delay the launch of the commodity derivatives platform, which was scheduled to go live by Oct. 3.
The abeyance order came in light of the fact that the matter involves technical issues and would be taken up by the SEBI Technical Advisory Committee for discussion, MCX had told exchanges last month.
Shares of the company rose 2.81% to an all-time high of Rs 2,158.75 apiece.. It pared gains to trade 2.08% higher at Rs 2,1433.50 apiece, compared to a 0.66% advance in the benchmark NSE Nifty 50 as of 9:47 a.m.
It has risen 37.9% on a year-to-date basis. The total traded volume so far in the day stood at 2.4 times its 30-day average. The relative strength index was at 72, implying that the stock may be overbought.
Five out of the 10 analysts tracking MCX maintain a 'buy' rating, two recommend a 'hold' and three suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 9.7%.
Bank Of Baroda Falls The Most In Over Two Months As RBI Halts New Customers On 'BoB World' App
Shares of Bank of Baroda fell over 3%, the most in a single day in over two months after RBI directed the lender to suspend the onboarding of new customers onto its ‘BoB World’ app due to certain supervisory concerns, as per its exchange filing.
The bank has said it has initiated steps to plug in gaps in its app, and it will work closely with the RBI to address their concerns as soon as possible.
The scrip fell as much as 3.73% to Rs 206.30 apiece, the most in a single say since Aug. 2, before paring losses to trade 1.91% lower at Rs 210.20 apiece, compared to a 0.55% advance in the benchmark NSE Nifty 50 as of 9:31 a.m.
It has risen 13% on a year-to-date basis. The total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 51.
Twenty-nine out of the 36 analysts tracking the company maintain a 'buy' rating, seven recommend a 'hold' and none suggest a 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10%.
Nifty Realty, Media, Bank Lead Gains
Broader Markets Outperform
The broader market indices outperformed the larger peers; the S&P BSE MidCap Index was up 0.79%, whereas S&P BSE SmallCap Index was also 0.81% higher.
All the 20 sectors compiled by BSE advanced. S&P BSE Realty, S&P BSE Industrials rose the most.
The market breadth was skewed in the favour of the buyers. About 1,982 stocks rose, 384 declined, while 84 remained unchanged on the BSE.
Top Movers On The Nifty 50 Index
Sensex, Nifty Open Higher: Opening Bell
India's benchmark stock indices opened higher on Wednesday after recovering from lows on Tuesday.
"The fact that Nifty is just 2.5% away from the all-time high indicates the strength and resilience of the market. Even though FIIs are sustained sellers in the market, buying by DIIs, HNIs and retail are counterbalancing the selling and supporting the market. Safety is in large-caps," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
At pre-open, the S&P BSE Sensex was up 302 points, or 0.46%, at 66,381.24, while the NSE Nifty 50 was 77 points or 0.39% higher at 19,767.
Asian stocks edged higher after U.S. equities were buoyed by Wall Street scaling back wagers on Federal Reserve rate hikes. Oil steadied following its biggest rally since April.
South Korea shares climbed over 2% while Australian equities ticked higher in early trading Wednesday. Japan stocks were mostly unchanged.
The S&P 500 gained for a third day, approaching the 4,400 level on Tuesday. Amazon.com Inc. rose amid its fall sale for Prime subscribers and PepsiCo Inc. climbed on a bullish forecast. Wall Street’s fear gauge, the CBOE Volatility Index or VIX, fell to a two-week low.
Sensex, Nifty Rise In Pre-Market Trades
At pre-open, the S&P BSE Sensex was up 302 points, or 0.46%, at 66,381.24, while the NSE Nifty 50 was 77 points or 0.39% higher at 19,767.
Source: Bloomberg
Trade Talk: TCS Q2: Factors To Watch
PSU Banks & Real Estate Rally To Be Tested Today: Trade Setup
Yield On The 10-Year Declines
The yield on the 10-year bond opened 2 bps lower at 7.33% on Wednesday.
It closed at 7.35% on Tuesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
The local currency strengthened 5 paise to open at 83.20 against the U.S dollar on Wednesday.
It closed at 83.25 on Tuesday.
Source: Bloomberg
CLSA Raises Regional Allocation In India
Raise our regional allocation for India to a 20% overweight stance.
Rebounding credit impulse, improving external dynamics, robust GDP growth key factors.
Favourable energy pricing with an impending global fixed income benchmark inclusion may improve the basic balance of payments funding gap sufficiently.
Valuations and RBI monetary policy inflexibility remain our principal concerns.
Top Picks
Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, State
Bank of India, Bajaj Finance, Larsen & Toubro, Axis Bank, ONGC and Tata Motors
Global Cues
U.S. Dollar Index at 105.8
U.S. 10-year bond yield at 4.64%
Brent crude up 0.21% at $87.83 per barrel
Nymex crude up 0.12% at $86.07 per barrel
GIFT Nifty was up 17.5 points or 0.09% at 19,793.5 as of 8:10 a.m.
Bitcoin was up 0.11% at $27,435.88
Trading Tweaks
Price Band Revised From 5% to 20%: Nuvama Wealth Management
Move Into Short-Term ASM Framework: Bhagiradha Chemicals & Industries, Raghav Productivity Enhancers
Move Out Of Short-Term ASM Framework: Tata Investment Corporation, Vascon Engineers
Earnings In Focus
Delta Corp, National Standard (India), Samhi Hotels, Signatureglobal (India), TCS, and Zaggle Prepaid Ocean Service
Also Read: TCS Q2 Results Preview: Five Things To Watch
Pledge Share Details
Mangalore Chemicals & Fertilisers: Promoter Zuari Agro Chemicals has created a pledge of 10.39 lakh shares on Oct. 10.
Apollo Micro Systems: Promoter Karunakar Reddy Baddam has created a pledge of 2.75 crore shares on Oct. 10.
Stocks to Watch: Titan, Wipro, BoB, PI Industries, Zee , Crompton Greaves, MCX In Focus
Titan Company: The company's board will be meeting on Oct. 17 to consider the issuance of non-convertible debentures on a private placement basis within the permissible borrowing limits.
Wipro: The IT major has completed a subscription to the 9.95% equity share capital of FPEL Ujwal, which is engaged in the business of developing, building, and managing a portfolio of solar power assets.
Bank of Baroda: RBI had directed the lender to suspend the onboarding of new customers onto its ‘bob World’ app due to certain supervisory concerns. The bank has said it has initiated steps to plug in gaps in its app, and it will work closely with the RBI to address their concerns as soon as possible.
Samvardhana Motherson International: The company has incorporated Motherson Groups Investments USA Inc. as an indirect wholly owned subsidiary for the purpose of acquiring, investing, and holding movable and immovable assets of the group.
PI Industries: Therachem Research Medilab (India) and Solis Pharmachem have been merged into parent company PI Health Sciences, a wholly owned subsidiary of PI Industries.
Thermax: The Bombay High Court granted stay of operation and execution of the arbitral award, subject to the company depositing Rs 218.45 crore, which is returnable with interest in the event the award is set aside by the Court.
Zee Entertainment: The company has been served with an appeal on behalf of IDBI Trusteeship Services against it before the NCLAT, Delhi. The appeal challenges the scheme of arrangement involving Zee Entertainment Enterprises, Bangla Entertainment, and Culver Max Entertainment.
Crompton Greaves Consumer Electricals: The company launched a new product named Acenza in the Storage Water Heater segment.
Fine Organic Industries: The company has incorporated a wholly owned subsidiary 'Fine Organic Industries (SEZ) Private Limited' with a share capital of Rs 1,00,000 for the purpose of carrying on the business of manufacturing specialty chemical products.
MCX: The Multi Commodity Exchange of India will go live with the new commodity derivatives platform on Oct. 16. The exchange will conduct mock trading on Oct. 15.
Birla Corporation: The Office of Collector, Satna (Madhya Pradesh), has imposed a penalty of Rs 8.43 crore on the company for excess production of limestone from captive mining without obtaining environment clearance for the period from 2000-01 to 2006-07.
Ugro Capital: The company's AUM grew 73% year on year to Rs 7,590 crore in Q2 of FY24. Overall efficiency improved by 80 bps to 97.6% in Q2.
IFGL Refractories: The company has been awarded the status of 'Three Star Export House' by the Directorate General of Foreign Trade for the period of Oct. 1, 2023, to March 31, 2028.
Apollo Micro Systems: The company has been granted listing approval by BSE and NSE for an additional 6,66,670 equity shares, issued and allotted on a preferential issue basis to non-promoters.
EIH Associated Hotels: The Oberoi-Rajan Raheja JV's Chairman, Mr. Shib Sanker Mukherji, has resigned citing personal reasons.
NCL Industries: The company reported cement production in September at 6,59,300 metric tonnes year on year, up 9% over a year-ago period, and cement dispatches at 6,69,587 MT, up 11% year on year.
GIFT Nifty Signals Higher Opening For Benchmarks
Asian stocks slightly increased after Wall Street reduced bets on Federal Reserve rate increases, which boosted U.S. equities. Oil steadied following its biggest rally since April.
South Korean shares climbed over 2%, while Australian equities ticked higher in early trading on Wednesday. Japan's stocks were mostly unchanged.
The S&P 500 gained for a third day, approaching the 4,400 level on Tuesday. Wall Street’s fear gauge, the CBOE Volatility Index, or VIX, fell to a two-week low.
The yield on the 10-year U.S. bond was trading at 4.64%, and Bitcoin was above the $27,000 level. Brent crude was trading beyond $87 a barrel, whereas WTI crude was above the $85 mark.
At 8:10 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was 17.5 points or 0.09% at 19,793.5.
India's benchmark stock indices ended nearly two weeks high on Tuesday, led by advances in ICICI Bank Ltd. and Infosys Ltd. Nifty rose to nearly 19,700, whereas Sensex was beyond the 66,000 mark. Realty, metal, banks, and auto sectors led, while healthcare stocks were marginally down.
Overseas investors remained net sellers of Indian equities for the 15th consecutive session on Tuesday. Foreign portfolio investors offloaded stocks worth Rs 1,005.5 crore, while domestic institutional investors mopped up equities worth Rs 1,963.3 crore, according to provisional data from the NSE.
The local currency strengthened 2 paise to close at Rs 83.25 against the U.S. dollar on Tuesday, amid a softening of the dollar index.
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