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"Market was extremely volatile on the F&O expiry day, and traders preferred to cut their position in some of the rate-sensitives ahead of the credit policy announcement. The market is already in an oversold position and if the rate hike is above the estimate, then we could see bouts of intra-day volatility with a negative bias for some more time. Technically, despite a solid start, the benchmark Nifty failed to sustain above the 200-day SMA (Simple Moving Average) or 17000 level. In the intraday time frame, the index has formed a double top formation and conversely it is consistently taking support at 16800. As long as the index trades above 16800, the chances of a quick pullback rally is bright. Above the same, the index could retest 16950-17000 levels. However, below 16800, the index could slip till 16700-16650", Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. wrote in a note.
Kotak Securities announced the launch of Kotak Neo, its latest trading platform ecosystem, on Wednesday.
The Kotak Neo app is aimed at accelerating and elevating user experience for investors.
The app will provide ideas for long-term investments and trading calls for intraday and short-term trades recommended by Kotak's research team.
Source: Kotak Securities Press Release
The MidCap index almost mirrored its larger peers while SmallCap measure outperformed Sensex and Nifty rising 0.33%. Ten of the 19 sectoral gauges compiled by BSE Ltd. declined.
The market breadth is skewed in the favour of bulls. About 1,869 stocks rose, 1,416 fell and 149 remained unchanged.
Adani Enterprises has secured Rs 10,238 crore from lenders to finance the construction of the Ganga Expressway.
The State Bank of India has underwritten the entire debt requirement.
The project concession period is for 30 years with traffic-linked extension provision of 6 years, including a construction period of three years.
Source: Exchange filing
Shares of Adani group advance ahead of the Adani Enterprises' inclusion in he Nifty 50 index on Friday.
The stock will be excluded from Nifty Next 50 index and is expected to attract net inflow of $189 million, according to Edelweiss Securities.
Source: Bloomberg
The broader indices outperformed their larger peers with S&P BSE MidCap rising over 1% and S&P BSE SmallCap adding 1.4%. All 19 sectoral measures compiled by BSE Ltd. advanced.
The market breadth is skewed in the favour of bulls. About 2,076 stocks rose, 375 fell and 73 remained unchanged.
Yield on the 10-year bond fell 7bps to 7.27% at the open.
Source: Bloomberg
U.S. Dollar Index at 113.1
U.S. 10-year bond yield at 3.74% on Wednesday
Brent crude down 0.45% to $88.92 per barrel
Nymex crude at $81.75 per barrel
SGX Nifty up 1.1% to 17,075.5 as of 6:23 a.m.
Bitcoin down 0.5% to $19,413.5
Nykaa: The board of India's biggest online cosmetics retailer will meet on Oct. 3 to consider and approve a bonus share issue.
Torrent Pharmaceuticals: The U.S. FDA has issued a Form 483 with three observations to the drugmaker after an inspection of its Indrad, Gujarat-based manufacturing plant.
Chemcon Speciality Chemicals: The company has commenced commercial production at P9 facility in Manjusar near Vadodara.
Shree Cement: CARE Ratings has assigned a ‘CARE AAA; Stable’ rating to the long-term bank facilities of the company.
Supriya Lifescience: A European authority has granted the Mumbai-based drugmaker 'Certification of Suitability' for Diphenhydramine Hydrochloride, an API in antihistamine therapy.
Blue Dart: The logistics firm has increasing its shipping rates by an average of 9.6%. The new tariff will be effective Jan. 1, 2023.
SH Kelkar: Wholly-owned subsidiary Keva Europe BV has acquired 19% equity in Provier Beheer BV, taking its total stake to 81%. The balance will be acquired in a span of two years. Separately, another subsidiary, Creative Flavours & Fragrances, has acquired Nova Fragrance.
Dish TV: The board of the DTH operator has approved transfer of the company's stake in Dish TV Lanka to Union International for 25 million Sri Lankan rupees.
Edelweiss Financial Services: The company has subscribed to the rights issue of subsidiary Edelweiss Tokio Life Insurance, and has been allotted 25 crore equity shares for Rs 250 crore. That increases its stake in the subsidiary to 75.08% from 66% earlier.
Ramco Cements: The company commissioned its fifth integrated cement plant in Andhra Pradesh. The plant has a clinkerisation capacity of 2.25 million tons per annum.
Titan/Kalyan Jewellers: The market share of branded gold jewellery can surpass 40% of the overall market in the next five years, according to a report by the World Gold Council.
BHEL: Gets NTPC order for Odisha thermal power project.
Asian equities jumped tracking the strongest day for U.S. stocks since early August after the Bank of England unveiled a bond-buying programme that triggered a global rally in government debt.
Equities rose in Japan, Hong Kong, and Australia, mirroring a 2% advance for the S&P 500, which snapped a six-day losing streak. At 7:15 a.m., the Singapore-traded SGX Nifty — an early barometer of India's benchmark Nifty 50 — gained 0.95% to 17,050.
The rally in riskier assets was triggered by the BoE’s plan to purchase up to £65 billion ($71 billion) in U.K. government debt over the next two weeks. The move averted a crisis for retirement funds and lifted risk sentiment in Asia’s markets on Thursday.
The BoE’s bond buying buoyed the pound, which recently fell to its lowest since 1985. It was weakening again during Thursday morning's Asian trading as the dollar rose slightly against its G-10 counterparts.
The Indian rupee, which fell to its lowest on record on Wednesday, is likely to open higher against the greenback today.
A dollar index rose 0.4%, Bitcoin traded flat at $19,554, and gold was at $1,654.83 an ounce.
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