Sensex, Nifty Log Best Week In A Month Aided By I.T., Metal, Realty Stocks; FPIs Turn Net Sellers

"Markets took a pause after the recent rebound and ended almost unchanged, in absence of any major trigger", Ajit Mishra, VP - Research, Reliagare Broking wrote in a note. He added "global markets, especially the US, are still not offering indications for a sustained recovery so volatility is here to stay and participants should plan overnight positions accordingly. Meanwhile, on the index front, the tone would remain positive till the Nifty holds 17,100. We feel the prudent approach is to focus on top-performing stocks from across sectors and use intermediate dips to add them instead of chasing laggards, in hope of a rebound".

ITC has 1.03 million shares change hands in a large trade.

Details of buyers, sellers are not known immediately.

Source: Bloomberg

• FII Flow was negative for the fortnight ended September 30 after four consecutive fortnight of inflows. Net flow in 2022 stands at $22.16 billion.

• Finance services sector saw largest outflow at $859 million.

• Software & Services sector, Energy and Material sector continued to see large outflows

• FMCG, Capital Goods sector witnessed inflows for sixth straight fortnight. while Telecommunication services saw the largest inflow at $200 million.

Source: Emkay Global, NSDL

Non-Life Insurers Total

• Sept ’22 YoY – 2.7%

• Sept ’22 MoM – (6.7%)

• H1FY23 – 15.3%

General insurers

• Sept ’22 YoY – (0.11%)

• Sept ’22 MoM – 11.1%

• H1FY23 – 15%

SAHI (Standalone Health Insurers)

• Sept ’22 YoY – 24.3%

• Sept ’22 MoM – 6.4%

• H1FY23 – 26.7%

Specialised PSU Insurers (State-run)

• Sept ’22 YoY – 12.7%

• Sept ’22 MoM – (69%)

• H1FY23 – 5.8%

ICICI Lombard

• Sept ’22 YoY – 2.1%

• Sept ’22 MoM – (7.2%)

• H1FY23 – 22.6%

New India Assurance

• Sept ’22 YoY – (15%)

• Sept ’22 MoM – 14.7%

• H1FY23 – 2.9%

Star Health

• Sept ’22 YoY – 10.2%

• Sept ’22 MoM – 6%

• H1FY23 – 11.5%

• Suzlon energy has said that Sun Pharma’s Dilip Shangvi has conveyed his intention to fully participate in the Rs 1,200-crore rights issue of the company to the promoters.

• “It is my intention to fully participate in the Rights Issue of Suzlon along with subscribing for additional shares. I remain committed to the vision of the Late Mr. Tulsi Tanti,” Shangvi said.

• Shangvi holds an approximate 23% stake in Suzlon currently.

Source: Exchange filing

Total Life Insurers

• Sept 2022 YoY: 9%

• Sept 2022 MoM: 5.3%

• H1FY2022-23: 27.8%

Private insurers

• Sept 2022 YoY: 1%

• Sept 2022 MoM: 2.8%

• H1FY2022-23: 23.3%

LIC

• Sept 2022 YoY: 20.6%

• Sept 2022 MoM: 8.6%

• H1FY2022-23: 33.5%

HDFC Life

• Sept 2022 YoY: (4.3%)

• Sept 2022 MoM: (4.9%)

• H1FY2022-23: 10.8%

SBI Life

• Sept 2022 YoY: (4.6%)

• Sept 2022 MoM: 6.2%

• H1FY2022-23: 21.9%

ICICI Pru Life

• Sept 2022 YoY: (6.5%)

• Sept 2022 MoM: (7%)

• H1FY2022-23: 10.8%

Source: Life Insurance Council

Dish TV EGM: Bombay High Court Upholds Yes Bank's Right To Vote

The mid-cap index underperformed its larger peers losing 0.7%, while the small-cap gauge outperformed the Sensex and Nifty 50, falling 0.2%. Seventeen of the 19 sectoral indices compiled by BSE Ltd. declined, with metal index falling nearly 1.5%.

The market breadth was skewed in favour of the bears. About 1,711 stocks fell, 1,534 rose and 143 remained unchanged.

SEBI grants in-principle approval to BSE for introducing Social Stock Exchange

The Social Stock Exchange will be introduced as a separate segment on BSE

Source: Exchange filing

Lupin has announced that it reached an agreement with global agencies such as Unitaid, The Aurum Institute, the Clinton Health Access Initiative to support Tuberculosis prevention treatment.

The treatment will be rolled out in 138 countries, including many low and middle income countries.

Lupin will introduce two new formulations, a fixed-dose combination of Rifapentine plus Isoniazid and Rifapentine 300 mg standalone tablets, at an affordable price.

Source: Exchange filing

Rupee Slips Below 82 Against U.S. Dollar For The First Time

The market breadth is skewed slightly in the favour of bulls. About 1,175 stocks rose, 1,049 fell and 98 remained unchanged.

Yield on the 10-year bond rose 4bps to 7.49% at the open.

Source: Bloomberg

• Consolidated revenue grew nearly 20% YoY in Q2, and 50% in H1 .

• Consolidated revenue during the recently concluded quarter grew at a CAGR of 18% over last three years.

• India standalone operations recorded revenue growth of 14% YoY in Q2 while revenue growth in H1FY2022-23 was approximately 48% YoY.

• Q2 was positive for the company with robust operating momentum, amid heightened levels of competitive intensity across various markets.

• Revenue from India operations in Q2 grew at a CAGR of approximately 20% over the last three years.

• Consumer sentiment remained buoyant in the Middle East driven by overall recovery in economic activity in the region.

Source: Exchange filing

The Ministry of Commerce has notified a credit guarantee scheme for startups to provide collateral free debt funding.

Maximum guarantee cover per borrower shall not exceed Rs 10 crore.

Startups that have a stable revenue stream and are not in default to any lending/investing institution are eligible for the scheme.

Source: Gazette of India

Biocon said the European Directorate for the Quality of Medicines and Healthcare conducted a good manufacturing practices inspection of its API plant in Bengaluru from September 12-14.

Biocon said EDQM listed one deficiency cited under the category “major”.

Biocon to respond to the agency with appropriate corrective and preventive actions.

Source: Exchange filing

• Electronics Mart: The IPO was subscribed 7.57 times on its second day. Non-institutional investors (11.74 times) and retail investors (7.81 times) led the demand for the Rs 500-crore issue. The QIB basket was subscribed 4.01 times. The price band for the IPO, which includes issue of fresh shares representing 22.03% of the company’s equity capital post the offering, has been fixed at Rs 56-59 apiece.

• Morgan Stanley on Titan: Has an 'overweight' stance, target price at Rs 2,902. Initial Q2 trends were strong with 18% YoY growth in Jewellery division. Watches sales grew 20% YoY, eye wear grew 7% YoY. Improving studded mix, positive consumer sentiment and a good festive season outlook.

• Morgan Stanley on Bharti Airtel: Has an 'overweight' stance, target price at Rs 825. Airtel officially announces launch of 5G Plus in select cities. Co also said 5G Plus service will be available to its users on existing data plans until rollout is more widespread. Believe 5G services for consumers could be priced competitively & industry might look to increase 4G base tariff in order to improve overall ARPU & monetization.

• Jefferies on Hero MotoCorp: Raised to 'buy', target price at Rs 3,000.

• Jefferies on Macrotech Developers: Has a 'buy' rating, target price at Rs 1,420. Raises FY23 pre-sales estimate by 5% to Rs 12,000 crore following strong Q2 performance. Despite rising interest rates, affordability is still better than average and underlying demand remains strong. Progress on new project signings and return of capital from U.K. investments is ahead of schedule. Net-debt reduction pace should rise in the second half as collections see seasonal surge.

• Emkay on SBI Cards: Delivery percentage at 54% vs 47% monthly average with 1.1x traded volume. Closing price on Thursday (Rs 886) is trading just above its 200-DEMA of Rs 881. Breakdown below these levels with significant volumes can give a short trade target of Rs 800 levels. RSI is near 40 which suggests weakness in stock prices.

• U.S. Dollar Index at 112.22

• U.S. 10-year bond yield at 3.82% on Thursday

• Brent crude up 0.12% to $94.53 per barrel

• Nymex crude up 0.19% to $88.62 per barrel

• SGX Nifty down 0.3% to 17,263.5 as of 6:16 a.m.

• Bitcoin down 0.15% to $20,021.1

• Dabur: The company said its domestic business had a "steady performance" and is expected to report "consolidated revenue growth in mid-single digit" for the second quarter ended September 2022.

• Titan Co.: The company said it witnessed healthy double-digit growth across most businesses with overall sales growing 18% annually during the quarter ended September 2022. The outlook for the festive season continues to be optimistic and is visible in positive consumer sentiment across categories, it added.

• Equitas Small Finance Bank: The lender recorded 20% growth on-year in total deposits during the quarter ended Sept. 30, 2022. The CASA deposits grew 28% on-year, with CASA ratio at 48.13%, compared to 45.31% a year ago.

• Hindalco/Hindustan Copper/Vedanta: London Metal Exchange began a formal discussion on a potential ban on new Russian metal.

• Nykaa: The company entered into a strategic alliance with Middle East-based Apparel Group to recreate omni-channel beauty retail platform in the GCC region.

• Hero MotoCorp: To launch Vida today, its first electric scooter.

• Samvardhana Motherson: The company opened a new facility at Tanger Med Industrial Platform, replacing an existing one in Morocco. This new facility is a part of Motherson’s Modules and Polymer Products division and will produce interior modules and components like instrument panels and door panels for passenger vehicles and light commercial vehicles.

• SBI Cards and Payment Services: The company has appointed Rashmi Mohanty as Chief Financial Officer, with effect from Oct. 21, 2022.

• Disa India: Norican Group, parent group company of Disa India, has acquired Simpson Technologies, which is engaged in the business of sand mixing, cooling, handling, reclamation, and analysis.

• Yes Bank: The bank has reappointed Prashant Kumar as the Managing Director and Chief Executive Officer for a period of three years, effective from Oct. 06, 2022.

• HCL Tech: The company has expanded its strategic partnership with Google Cloud with new capabilities and service offerings to expedite enterprise migration to Google Cloud.

• NTPC: NTPC and GE Gas Power signed MoU for demonstrating hydrogen co-firing in gas turbines to further decarbonise power generation.

• Karur Vysya Bank: The bank revised MCLR across tenors by 20 basis points, with effect from Oct. 7, 2022.

• JK Tyre & Industries: Care Ratings upgraded long-term bank facilities of JK Tornel Sociedad Anonima De Capital Variable, Mexico, a subsidiary of the company, to ‘CARE A-; Stable’ from ‘CARE BBB+; Stable’. The agency downgraded long-term bank facilities of Cavendish Industries, a subsidiary of the company, to ‘CARE A-; Negative’ from ‘CARE A-; Negative’, and for long-term/short-term bank facilities to ‘CARE A-; Negative/CARE A2+’ from ‘CARE A-; Stable/CARE A2+’.

• Quess Corp: The board approved disinvestment of 53% of equity investment held by the company in its non-material subsidiary Simpliance Technologies Pvt. Ltd. to Aparajitha Corporate Services. The deal is valued at an enterprise value of Rs 120 core.

• Biocon: European Directorate for the Quality of Medicines & HealthCare issued a list of deficiencies related to the company’s API manufacturing site in Bangalore after a GMP inspection from Sept. 12-14. No deficiencies were marked critical, while one was categorized as major.

• Lupin: Dr Shahin Fesharaki appointed as as Global Chief Scientific Officer of the company.

• Jet Airways: The airline denied reports of entering into any leasing agreement Avolon for Airbus A320 aircraft.

• Reliance Industries: Reliance Industries-backed Asteria Aerospace announced that it has received India's first micro category drone type certification for its indigenously designed A200 drone from the Directorate General of Civil Aviation, PTI reported.

Stocks in Asia fell in early trading following declines in the U.S. as investors awaited a pivotal monthly payrolls report

Equities dropped in Australia, Japan and South Korea, where Samsung Electronics Co. slid after the Korean chipmaker reported a decline in profit for the first time since late 2019. Stocks in the U.S. fell for a second day, with the S&P 500 and tech-heavy Nasdaq 100 both ending near session lows.

At 6:25 a.m., the Singapore-traded SGX Nifty -- an early barometer of India's benchmark Nifty 50 -- fell 0.3% to 17,263.50.

The latest economic data in the U.S. on Thursday did little to bolster sentiment. While weekly initial jobless claims rose by more than forecast last week, they remained at a historically low level.

Oil topped $88 a barrel in New York and Brent traded up near $95, extending gains a day after the OPEC+ alliance announced its biggest production cut since 2020. Elsewhere, Bitcoin slipped below $20,000.