Most US equity futures were trading higher at pre-market as market participants braced themselves for the September the non-farm payrolls data to assess future decisions about monetary easing cycle.
The S&P 500 futures was trading 0.15% higher at 5,758.00 as of 3:30 p.m. The Nadaq 100 Futures was 0.25% higher at 20,043.00. Meanwhile, the Dow Jones Industrial Futures was 0.02% lower at 42,310.00 as of 3:32 p.m
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Rupee closed flat at 83.97 against the US dollar after closing at 83.97 on Thursday, according to Bloomberg.
Nifty and Sensex recorded their worst week since the one that ended June 13, 2022
Nifty closed with weekly losses after rising for three weeks
On a daily basis, Nifty fell in the fifth consecutive session
Nifty ends 0.79% or 200.25 points lower at 25049.85
Sensex ends 0.98% or 808.65 points down at 81688.45
Broader indices mirrored benchmarks; Nifty Midcap 100 ended 0.9% lower and Nifty Smallcap 250 closed 0.83% down.
Most sectoral fell but Nifty PSU Bank and Nifty IT rose
Infosys and ONGC were top Nifty gainers
M&M and Bajaj Finance fell the most
The awaited revival in the Chinese stock market has come through as the benchmark gauge of the neighbouring nation has entered a technical bullish zone after the stimulus blitz unveiled by the government.
Click here to find how Indian investors can take advantage of the China rally
Hong Kong's Hang Seng led the gains in Asian Indices other than India's ahead of the release of US payrolls data due later in the day. It closed 2.82% higher at 22,736.87 points. Intraday, the index hit a high of 22,742.36 points, its highest level since March 1, 2022.
Japan's Nikkei closed 0.2% higher at 38,635.62 points and South Korea's Kospi closed 0.3% higher at 2569.71 points. Taiwan's Taiex was the only index that closed lower by 0.6% at 22255.55 points.
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Wonderla Holidays' board has approved raising up to Rs 800 crore via issuance of equity shares. Board has also approved increase of authorized capital & amendment of memorandum of association and article of association, according to an exchange filing.
Dublin has replaced Mauritius and is looking to replace Luxembourg as the gateway for foreign investors looking to invest in India. Ireland is now the fourth largest country with Asset Under Custody just tailing its European peer Luxembourg for investments into India.
Read more here.
Shares of Diffusion Engineers Ltd hit its 5% upper circuit limit after a debut of 15% premium over its issue price on the NSE and 11.9% premium over its issue price on BSE.
Crude oil prices have risen 8% since Monday to around $77 per barrel due to escalating tensions between Iran and Israel. The increase followed Iran's missile attack on Israel, following which, Prime Minister Benjamin Netanyahu vowed "significant retaliation within days".
Despite previous reassurances from traders, such an attack could have serious implications for global oil supply.
Click here to find out why.
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JioCinema has appointed former YouTube India MD Ishan Chatterjee as Chief Business Officer, a company statement said adding that Chatterjee has taken charge of overall monetization for JioCinema.
Services PMI In September Falls To Lowest Since November 2023
In September, Capital Small Finance Bank's gross advances were at Rs 6,718 crore vs Rs 5,866 crore previous year and gross NPA were at at 2.6% compared to 2.7% a quarter ago. Total Deposits in September rose to Rs 7,780 crore from Rs 7,000 crore.
Rail Land Development Authority has cancelled LoA for commercial development on railway land In Rajasthan. The letter was for commercial development measuring 8034.10 Sqm for period of 60 years, an exchange filing said.
According to Deven Choksey, MD of DRChoksey FinServ Pvt. Ltd, one should look at RIL's business in two parts- industrial products and consumer centric segments. He believes that the company's retail businesses are cash accretive it is not seeing degrowth.
Oil and gas businesses are commodity based, he said and despite volatility, RIL's commodity business' profit margins have been stable
The stock is falling because of market technicals, according to Choksey.
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At pre-open, both Nifty and Senses were down 0.3% at 25181.90 and 82244.97 points respectively. According to Vikas Jain, Reliance Securities head of research NIFTY-50 has witnessed a vertical fall from its inside range, and we could expect some bounce from the support of 25,050 levels which is the 50-day average and round number support. "The first bout of resistance would be at the previous support range of 25,550 followed by 25,800 being the gap levels on the higher side."
The yield on the 10-year bond opened flat at 6.79% after it closed at 6.78% on Thursday.
Source: Bloomberg
The rupee strengthened by 2 paise to open 83.95 against the US dollar after it closed at 83.97 on Thursday.
Source: Bloomberg
Swiggy's shareholders on Thursday gave their nod to increase the fresh issue component of its initial public offering to Rs 5,000 crore from the current Rs 3,750 crore, according to people in the know.
The clearance would mean that Swiggy can now raise an additional Rs 1,250 crore if it wishes to. The offer-for-sale component will continue to be worth Rs 6,664 crore, for which investors are selling 18.5 crore shares.
In its business update for the month of September, the company said its average client funding book grew by 6% month on month to Rs 4,089 crore and client base grew 3.2% month-on-month to Rs 2.7 crore. Its gross client acquisition in September was up 5.8% MoM at 9.5 lakh.
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Citi Research has also maintained a 'buy' with target price of Rs 8,257, implying 11% upside. It said AUM growth moderated on expected lines and new loans booked fell QoQ on an elevated base. It expects margins to come off by 14bps QoQ and credit costs expected to be elevated at 2%. The brokerage expects credit cost guidance to be increased.
According to Citi, Chinese equities have caught up with India, both are up 19% current year to date. It said that India’s outperformance is significant and the country's valuation premium is significant to emerging markets/China. Around rate cuts, India benefited from a strong FII inflows environment and higher share of China in incremental EM inflows can happen if the rally sustains. Overall, it sees conducive environment for EM inflows reduce likelihood of significant FII outflows from India and said strong macro/growth outlook along with resilient domestic inflows have been a major driver of Indian equities.
The brokerage remains constructive and recommends buying any dips. It is overweight on domestic-focused sectors including banks, telecom, healthcare.
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