Stock Market Today: All You Need To Know Going Into Trade On Oct. 10

Asian shares opened higher following the lead from Wall Street after dovish comments on rates from Federal Reserve officials. Oil and gold climbed on the fallout from Hamas’ attack on Israel.

Stocks opened higher in Australia, Japan and South Korea while Hong Kong futures pointed to gains, after the S&P 500 erased losses on Monday.

On Monday, energy companies led gains in the S&P 500 as U.S. crude futures briefly topped $87 a barrel. Exxon Mobil Corp. and Chevron Corp. added over 2.7%. Defense companies rallied, with Northrop Grumman Corp. up the most since March 2020 and Lockheed Martin Corp. gaining 8.9%. American Airlines Group Inc. and Delta Air Lines Inc. fell more than 4%.

Meanwhile, the yield on the 10-year U.S. bond was trading at 4.65% and Bitcoin was above 27,000-level. Brent crude was trading below $88 a barrel, whereas WTI Crude was above $86-mark.

At 6:09 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India was up 70 points or 0.36% at 19,580.5.

India's benchmark stock indices declined through Monday as the fear of a wider conflict rose between Israel and Hamas. Banks, media, and metal sectors dragged down the indices. The Nifty was trading below the 19,600 level, whereas the Sensex slid below the 65,600 mark. The indices fell the most in a single day since Sept. 28.

Overseas investors remained net sellers of Indian equities for the 14th consecutive session on Monday. While foreign portfolio investors offloaded stocks worth Rs 997.8 crore, domestic institutional investors mopped up equities worth Rs 2,661.3 crore, according to provisional data from the NSE.

The Indian rupee ended at a record low against the U.S. dollar by weakening 2 paise to close at Rs 83.27.

• Adani Enterprises: The Adani Group has condemned the Financial Times for its "Malicious Campaign to Tarnish its Global Reputation." The company said in a statement that the Financial Times is deliberately recycling old allegations to support vested interests.

• Tata Steel: Fitch upgraded the steelmaker to BBB- from BB+ with a 'Stable' outlook. The upgrade follows a reduction in uncertainty and financial risk from its U.K. operations.

• Indian Oil: The company has appointed Anuj Jain as the Director (Finance) as of Oct. 9, 2023. Consequently, Sanjay Kaushal has ceased to be the CFO of the company.

• Dr Reddy's Laboratories: The company was named in an antitrust complaint filed in California court by Mayo Clinic and Lifepoint Corporate Services. It alleges improper restraining of competition and a shared monopoly in the sale of Revlimid.

• IDFC First Bank: The bank will sell its office premises in BKC, Mumbai, to NSDL for Rs 198 crore.

• Cummins India: The company’s Pune unit in MIDC Phaltan will be excluded from the SEZ scheme from Oct. 11, 2023. The unit shall continue to operate as Domestic Tariff Area plant.

• Container Corporation of India: Export-Import volumes rose 3.5% year on year to 9.7 lakh TEUs, and domestic volumes rose 26.13% to 2.61 lakh TEUs in the second quarter.

• Mazagon Dock Shipbuilders: The company has signed a Letter of Intent with a European client for the construction of six firm and four optional units of 7,500 DWT multi-purpose hybrid power vessels. The prices for the vessels would be decided after the signing of the contract.

• Star Health: The company gets a Rs 39 crore show cause cum demand notice from DGGI for for non-payment of GST on co-insurance premiums from July 2017 to March 2023.

• Phoenix Mills: Total consumption in Q2 of FY24 rose 20% year on year to Rs 2,637 crore. Retail collections rose 23% year on year to Rs 638 crore in the second quarter.

• Genus Power Infrastructures: The company's unit received two LoAs worth Rs 3,115 crore for the design of advanced metering infrastructure systems with the supply, installation and commissioning of 34.8 lakh smart prepaid meters.

• Dilip Buildcon: The company has received a LoA for an order worth Rs 396.9 crore from Water Resources Zone, Udaipur. The EPC turnkey order is expected to be completed within 44 months. The order includes the planning, design and construction of Dewas III and IV Dams in Tehsil-Gogunda Udaipur.

• Dhanuka Agritech: The company launches a new product named Semacia, which is a broad-spectrum insecticide against lepidopteran insect pests on a range of crops.

• Glenmark Life Sciences: The drugmaker has declared an interim dividend of Rs 22.50 per share for FY24. The record date will be Oct. 17, and the interim dividend will be paid by Oct. 23.

• GR Infra, Patel Engineering, NHPC: Dibang Power, a 50-50 JV of GR Infraprojects and Patel Engineering, has secured a contract agreement with NHPC for a Rs 3,637.12 crore project. The project is for the construction of civil works including the Head Race Tunnel, Tail Race Tunnel, Pothead Yard, and Adits for the Dibang Multipurpose Project in Arunachal Pradesh.

• Pharma Stocks: The Indian pharma market reported low sales growth of 2.1% YoY in September, according to data from All Indian Origin Chemists and Distributors.

• Life Insurance stocks: Revenue of the life insurance industry declined by 16% YoY in September, according to the Life Insurance Council's data.

• Bhageria Industries: The company has received one turnkey international solar engineering, procurement, and construction (Solar EPC) project with comprehensive operation, maintenance and water proofing at the APM terminal in Bahrain. The project, with a capacity of 11.40 MWp, has a total order value of Rs 104.49 crore.

KPI Green Energy (Consolidated, YoY)

• Revenue is up 34.55% at Rs 215.06 crore vs. Rs 159.84 crore.

• Ebitda is up 34.86% at Rs 71.15 crore vs. Rs 52.76 crore.

• Ebitda Margin at 33.08% vs. 33.01%

• Net profit is up 64.26% at Rs 34.74 crore vs. Rs 21.15 crore.

• Authum Investment & Infrastructure: Nariman Investment Holdings sold, while Mentor Capital bought 52 lakh shares (3.06%) at Rs 398.7 apiece.

• Infibeam Avenues: Mayur Desai sold 60 lakh shares (0.22%), while Abhishek Mayur Desai bought 60 lakh shares (0.22%) at Rs 20.55 apiece.

• Saakshi Medtec & Panels: Ashish Kacholia bought 6.22 lakh shares (3.53%), while Hem Finlease sold 6.20 lakh shares (3.51%) at Rs 167.01 apiece.

• Mangalore Chemicals & Fertilisers: Promoter Zuari Agro Chemicals created a pledge of 61.89 shares on Oct. 9.

• Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of 56.9 lakh shares on Oct. 9.

• Zensar Technologies: To meet analysts and investors on Oct. 17.

• Shalby: To meet analysts and investors on Oct. 17.

• Biocon: To meet analysts and investors on Nov. 10.

• Heritage Foods: To meet analysts and investors on Oct. 20.

• Ajmera Realty & Infra: To meet analysts and investors on Oct. 12.

• Skipper: To meet analysts and investors on Oct. 11.

• Tejas Networks: To meet analysts and investors on Oct. 20.

• Dalmia Bharat: To meet analysts and investors on Oct. 16.

• Arvind: To meet analysts and investors on Oct. 12.

• Goldiam International: To meet investors on Oct. 12.

• Ex/Record Date Stock Split: Gujarat Themis Biosyn, Themis Medicare

• Move Into Short-Term ASM Framework: Godrej Industries, Polo Queen Industrial & Fintech, Vascon Engineers

• Move Out Of Short-Term ASM Framework: Gujarat Ambuja Exports, Nelcast

• Nifty October futures ended at 19,522.00, a discount of 156.5 points.

• Nifty October futures fell 1.01%, with 2,144 shares in open interest.

• Nifty Bank October futures ended at 43,972.15, a discount of 538.05 points.

• Nifty Bank October fell 2.41%, with 4,024 shares in open interest.

• Securities in the ban period: Delta Corp., MCX, India Bulls Housing Finance, Manappuram Finance, L&T Finance, and Punjab National Bank.

The Indian rupee ended at a record low against the U.S. dollar by weakening 2 paise to close at Rs 83.27.

• IT, Telecom Q2 Results Preview – Weakness Continues; Deal Wins To Remain Robust: Axis Securities

• Q2 FY24 Results Preview - A Quarter Of Strong Earnings Fueled By Domestic Cyclicals: Motilal Oswal

• BFSI Q2 Results Preview - Earning Momentum Moderates; Growth Upbeat: Dolat Capital

• Agro Chemicals Q2 Results Preview - Subdued Quarter; Outlook Remains Bleak: Prabhudas Lilladher

• FMCG Q2 Results Preview - Muted Topline, Volume Growth Persists: Nirmal Bang

• Banking Q2 Results Preview - Healthy NII, PAT Growth On YoY-Basis, But QoQ Pressure Rising: ICICI Securities

• Healthcare Q2 Results Preview - Margins To Sustain: Prabhudas Lilladher

• Specialty Chemicals Q2 Results Preview - Cyclical Pain May Aggravate: ICICI Securities

• Oil And Gas Q2 Preview - Operationally Weak Results Likely: Prabhudas Lilladher

• Media Q2 Preview- Highest-Ever Quarter For PVR Inox; Sequential Improvement For Broadcasters: ICICI Securities

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