Stock Market Today: All You Need To Know Going Into Trade On Oct. 4

Shubhayan Bhattacharya
Business
Oct 04, 2023 06:26 am IST

Read Time: 8 mins

(Photo by Brooke Lark on Unsplash)

Asian shares slumped, tracking U.S. peers lower after employment data bolstered the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields.

Stocks declined more than 1% at the open in Japan and South Korea and slipped in Australia. A regional benchmark headed for a technical correction. Futures for benchmark in Hong Kong pointed to losses, while those for the U.S. were little changed.

The S&P 500 fell to a four-month low Tuesday and yields on Tuesday. The Nasdaq 100 fell 1.8%.

Meanwhile, Brent Crude prices were trading above $91 a barrel, and WTI Crude was above $89-mark. The yield on the 10-year U.S. bond was trading at 4.80% and Bitcoin was above 27,000-level.

At 6:06 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index's performance in India was down 98 points or 0.50% at 19,453.5.

India's benchmark stock indices closed lower on Tuesday, dragged by losses in index heavyweights HDFC Bank Ltd. and Reliance Industries Ltd. Auto, oil and gas, and pharma sectors declined, while public sector banks and media advanced.

Overseas investors remained net sellers of Indian equities for the tenth consecutive day. While foreign portfolio investors sold stocks worth Rs 2,034.1 crore, domestic institutional investors mopped up stocks worth Rs 1,361 crore, according to provisional data from the NSE.

The Indian rupee weakened 17 paise to close at Rs 83.21 against the U.S. dollar on Tuesday.

Stocks To Watch: HDFC Bank, Adani, Maruti, Hero Moto, Nestle, Vedanta In Focus

HDFC Bank: The bank sent out a detailed memo to its employees detailing management changes. IT and tech have been brought under the CEO's purview. Ashish Parthasarthy will handle branch business, while Arvind Kapil will manage mortgages and retail businesses.
Adani Enterprises: Abu Dhabi-based IHC Capital Holding raised its stake to 5.04% through open-market deals.
Maruti Suzuki: The carmaker received a draft assessment order from the Income Tax Authority amounting to Rs 2,160 crore for FY 2019–20. The company will file objections before the Dispute Resolution Panel. Further, it reported total output for September at 1.74 lakh units, down 1.4% year-on-year.
Bajaj Finserv: Unit Bajaj Allainz General Insurance received a Rs 1,010 crore-show cause cum demand notice from GST authorities for alleged non-payment of GST on co-insurance and re-insurance premiums.
Avenue Supermart: The retailer's standalone revenue for Q2 FY24 was up 18.5% year-on-year at Rs 12,307.72 crore. The total number of stores as of September stood at 336.
Nestle India: The board will meet on Oct. 19 to mull the stock split of shares and the second interim dividend for the year 2023.
Pidilite Industries: Unit Pidilite MEA Chemicals and Spain-based Corporacion Empresarial Grupo Puma SL incorporated a 50:50 joint venture company in the UAE for the manufacturing of construction chemicals.
Hindustan Zinc: The company will be split into three entities: zinc, silver, and recycling, said Vedanta Chairman Anil Agarwal.
Vedanta: Chairman Anil Agarwal said the company is on course to repay the majority of its $6.4 billion debt in January and August next year. The remaining debt will be repaid via the strategic sale of steel and iron ore companies.
Hero MotoCorp: The company will start deliveries of Harley-Davidson X440s on Oct. 15, while the booking window reopens on Oct. 16.
Rail Vikas Nigam: The company bagged a Rs 444 crore order from the Himachal Pradesh government for the development of distribution infrastructure in the north zone, which will be executed within 24 months.
UPL: The company incorporated a Sri Lanka subsidiary, UPL Lanka Bio, with an investment of nearly $2 million over the next three years.
APL Apollo Tubes: The company's Q2 sales volume stood at a record 6.74 lakh metric tonnes, up 12% year-on-year.
Muthoot Finance: The company's shareholders, via a special resolution, increased the borrowing powers of the board to Rs 1 lakh crore.
JSW Infrastructure: Moody's changed the company's outlook to stable from positive and upgraded ratings to Ba1 from Ba2 due to IPO-led fundraising and cargo volumes.
Raymond: The company will invest nearly Rs 301 crore in unit Ten X Realty in one or more tranches through investments in redeemable preference shares and inter-corporate deposits.
Zensar Technologies: Samir Gosavi resigned as Senior Vice President.
Titagarh Rail Systems: The company bagged a Rs 857 crore order from Gujarat Metro Rail for manufacturing 72 standard gauge metro cars for Surat Metro.
Strides Pharma: The drugmaker received USFDA approval for Icosapent Ethyl Capsules, a bioequivalent to Vascepa of Amarin, with a market size of $1.3 billion per IQVIA.
Polyplex Corp: The promoter group will sell a 24.3% stake to Dubai-based APG Holdco for Rs 1,188.9 crore.
V-Mart: The company reported an 8% jump in revenue from operations to Rs 549 crore year-on-year.

IPOs

Plaza Wires: The IPO was subscribed 27.79 times on its second day. The bids were led by retail investors (118.96 times), non-institutional investors (53.16 times), and institutional investors (0.42 times).

New Listings

Updater Services: The shares will debut on the stock exchanges on Wednesday at an issue price of Rs 300 apiece. The Rs 400 crore IPO was subscribed 2.90 times on its final day of offer. The bids were led by institutional investors (4.48 times), retail investors (1.38 times), and non-institutional investors (0.85 times, or 85%).

Block Deals

Krsnaa Diagnostics: East Lane Capital bought 1.5 lakh shares (0.47%), and Medimaze Solutions sold 1.5 lakh shares (0.47%) at Rs 675 apiece.
Sheela Foam: Blue Daimond Properties bought 8.34 lakh shares (0.85%) and Winro Commercial India sold 8.34 lakh shares (0.85%) at Rs 1,114 apiece.

Bulk Deals

Shalimar Paints: Hella Infra Market bought 10 lakh shares (1.38%) at Rs 164.36 apiece.

Insider Trades

Ramkrishna Forgings: Promoters Naresh Jalan and Eastern Credit Capital acquired 30 lakh shares and 10 lakh shares, respectively, on Sept. 30.
Jindal Stainless: Promoter JSL Overseas acquired 3.53 lakh shares on Sept. 28.

Pledge Share Details

United Spirits: Promoter United Breweries Holding created a pledge of 13,630 shares on Aug. 2.
Chambal Fetilisers & Chemicals: Zuari Industries created a pledge of 18.5 lakh shares on Sept. 26.
Sterling and Wilson Renewable Energy: Promoter Khurshed Yazdi Daruvala created a pledge of 12.5 lakh shares on Sept. 28.

Who's Meeting Whom

Shemaroo Entertainment: To meet investors and analysts on Oct. 9.
Fino Payments Bank: To meet investors and analysts on Oct. 4.
Affle (India): To meet investors and analysts on Oct. 3.
Krsnaa Diagnostics: To meet investors and analysts on Oct. 4.
Mahindra Lifespace Developers: To meet investors and analysts on Oct. 30.
Vishnu Chemicals: To meet investors and analysts on Oct. 5.

Trading Tweaks

Price Band Revised From 20% To 10%: EMS.
Move Into Short-Term ASM Framework: Brightcom Group, Zaggle Prepaid Ocean Services.
Move Out Of Short-Term ASM Framework: Kopran, Optiemus Infracom.

F&O Cues

Nifty October futures ended at 19,563, a discount of 145.9 points.
Nifty October futures fell 7.50%, with 14,068 shares in open interest.
Nifty Bank October futures ended at 44,601, a discount of 246.85 points.
Nifty Bank October futures fell 2.64%, with 3,710 shares in open interest.
Securities in the ban period: Indiabulls Housing Finance.

Money Market Update

The Indian Rupee weakened 17 paise to close at Rs 83.21 against the U.S dollar on Tuesday.

Research Reports

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