Traders' Diary: Data suggests wider trading range between 11,000 and 11,500
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Yes Bank sells 6.56% stake in Fortis Healthcare for Rs 645 crore
Private sector lender Yes Bank on Monday offloaded 6.56 per cent stake in leading hospital chain Fortis Healthcare for a little over Rs 645 crore through an open market transaction. After the sale, the lender now holds just 1,850 shares in the hospital chain, latest shareholding data available with the BSE showed.
The intraday breakout above 11,400 was whipsawed. In the next session, if the index slips and settles below 11,290 for at least 30 minutes, it can induce more selling pressure, with initial targets placed around 11,189. For the time being, upsides shall continue to be capped around 11,420 level, unless a decisive breakout is registered above the said level.
- Mazhar Mohammad of Chartviewindia.in
ETMarkets Podcast: What's keeping Nifty in a range?
State Bank of India on Monday re-entered the elite club of top-10 most valued domestic firms by market valuation after a gap of two weeks. The bank had on October 1 lost its spot to Bajaj Finance in the coveted club of top-10 most valued domestic companies. Bajaj Finance is now on the 11th spot in the ranking of top 100 companies by m-cap.
India's September retail inflation quickens to 3.99%
India’s retail inflation rate rose to 3.99% in September, driven by higher food prices, the government said on Monday, close to the central bank’s 4% medium-term inflation target, after an interval of 13 months. Annual retail inflation in September was much-higher compared with 3.21% in the previous month, and analysts’ forecasts. (Source: Reuters)
On the monthly options front, Maximum Put OI is at 11000 followed by 11200 strike while maximum Call OI is at 12000 followed by 11500 strike. Marginal Put writing is seen at 11000 then 11300 strike while minor Call writing is seen at 11700 strike. Option data suggests a wider trading range in between 11000 to 11500 zones
Signs of progress in trade negotiations between US & China had a ripple effect on the Indian market. However, market pare gains towards close due to tepid outlook on second quarter results and expectation of rise in CPI inflation. Auto and banks gained in expectation of festival demand while PSU banks declined due to liquidity issues.
- Vinod Nair, Head of Research at Geojit Financial Services
L&T operationalises 2 units of 660 MW each at NTPC's Khargaon, Tanda plants
Price as on 14 Oct, 2019 03:50 PM, Click on company names for their live prices.
CLOSING BELL: Off 300 pts from day’s high, Sensex ends 87 pts higher; Nifty above 11,300; ADAG stocks drop up to 10%
Moody's cuts Indiabulls Housing to B2; outlook remains negative
Moody's Investors Service on Monday downgraded the corporate family rating (CFR) and the foreign-currency senior secured rating of Indiabulls Housing Finance (Indiabulls) to B2 from Ba2, citing funding challenges for the company. The outlook on all ratings, where applicable, remains negative, it said. The ratings agency also downgraded Indiabulls' foreign and local currency senior secured MTN (medium term note) programme ratings to (P)B2 from (P)Ba2. The downgrade was driven by Indiabulls' ongoing challenging access to funding.
ONGC free to sell stake in HPCL: Pradhan
Amid reports of ONGC's inability to derive any benefit out of its HPCL acquisition, Oil Minister Dharmendra Pradhan on Monday said the state-owned firm was free to sell its stake in the oil refining and marketing company.
In its most expensive acquisition ever, Oil and Natural Gas Corp (ONGC) last year paid Rs 36,915 crore to buy government's entire 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL). (Source: PTI)
Everything is going smoothly on bank mergers: Nirmala Sitharaman, Finance Minister
FinMin reviews NBFC credit support
Finance Secy says,
FM reviewd progress in credit growth & impact of announcements
Banks disbursed Rs 81,781 crore in 9 days of the outreach programme
Banks followed prudent norms while credit outreach
PSBs gave Rs 34,342 crore loans to new entrepreneurs during outreach programme
Big companies owe Rs 40,000 crore to MSMEs
Banks to proactively do bill discounting for MSMEs
Saw robust demand during loan outreach programme
Loans given in retail, home segments in the 9 days of loan mela
Second outreach programme will start from October 21
Shyam Sekhar says avoid speculating on listing trade #IRCTCIPO
An IPO is a lottery. Investing should wait for prices to stabilize. Avoid speculating on listing trade. #Irctcipo
European stocks slip as China data, Brexit worries counter trade optimism
European shares opened lower on Monday, as optimism on the progress made in the Sino-US trade talks was offset by growth fears following weak data from Beijing and fresh Brexit uncertainty, Reuters reported.
The pan-European STOXX 600 was down 0.7 per cent at 7:12 GMT after recording its best session since January on hopes of a trade deal and a Brexit agreement.
Court halts $2.8 billion Bhushan Power sale to JSW Steel
An Indian court temporarily halted JSW Steel Ltd.’s $2.8 billion purchase of insolvent Bhushan Power & Steel Ltd., a move that hurts the South Asian nation’s effort to clean up the world’s worst bad-debt pile. The National Company Law Appellate Tribunal ordered a freeze on payment by the Sajjan Jindal-led mill and took objection to the Enforcement Directorate, the federal anti-money laundering agency, taking over the assets of the bankrupt steel mill. The agency is investigating allegations of money laundering by former owners of Bhushan Power and Steel. (Source: Bloomberg)
Gold, silver rise in futures trade amid strong demand
Gold prices rose 0.15 per cent to Rs 37,903 per 10 gram in futures trade on Monday as speculators widened their bets on spot demand. Silver prices rose by Rs 270 to Rs 45,441 per kg in futures trade amid a firm trend in precious metals overseas.
Infra stocks advance; Concor jumps over 4%
Shares of infrastructure companies were trading in the green in Monday's afternoon session.
Shares of Vodafone Idea (up 5.83 per cent), Container Corporation of India (up 4.16 per cent), Suzlon Energy (up 3.77 per cent) and NHPC (up 2.39 per cent) were the top performers in the index.
CESC (up 2.10 per cent), Siemens (up 1.52 per cent), Bharti Airtel (up 1.36 per cent) and Adani Power (up 1.36 per cent) too were trading higher.
Reliance Capital drops 7% as co to sell Reliance Securities in management buyout
Price as on 14 Oct, 2019 12:41 PM, Click on company names for their live prices.
PSU stocks in focus: FM to meet CEOs of PSBs to discuss progress on credit offtake
Price as on 14 Oct, 2019 12:29 PM, Click on company names for their live prices.
Media shares mixed; Eros International jumps 5%
Media shares were trading on a mixed note in Monday's afternoon session.
Shares of Eros International Media (up 5 per cent), Hathway Cable & Datacom (up 4.85 per cent), Network 18 Media & Investments (up 3.82 per cent) and Den Networks (up 3.34 per cent) were the top performers in the index.
Zee Media Corporation (down 7.91 per cent), Navneet Education (down 1.43 per cent), Dish TV India (down 1.19 per cent) and TV Today Network (down 0.31 per cent) were trading in the red.
D-Mart drops as company misses Q2 estimates
Price as on 14 Oct, 2019 12:06 PM, Click on company names for their live prices.
Adani Gas shares jump 18% on Total deal
Price as on 14 Oct, 2019 11:53 AM, Click on company names for their live prices.
A monopolistic business, plus a great market share plus a higher delta in margins is the major driver for this company (IRCTC). In the near term, probably the returns might be capped but it is a good long-term bet as such.
- Devang Bhat, Analyst, ICICI Direct
Rupee rises 28 paise to 70.74 against US dollar in early trade
The Indian rupee appreciated by 28 paise to 70.74 against the US dollar in early trade on Monday as gains in domestic equity market and positive developments on the US-China trade talks front strengthened investor sentiments.
Jhunjhunwala Q2 portfolio update
Jhunjhunwala was seen trimming stakes in four of his portfolio companies. He, along with his better half Rekha, cut stake in Titan to 6.51 per cent till the end of September quarter from 7.05 per cent at the end of June quarter.
The Big Bull trimmed his holding in Lupin for the second quarter in a row to 1.56 per cent from 1.71 per cent at the end of June. It was 1.93 per cent at the end of March quarter.
The Jhunjhunwalas reduced holdings in Ion Exchange to 5.29 per cent from 5.46 per cent, sequentially. Besides, he cut stake in Firstsource Solutions by 15 basis points to 3.10 per cent from 3.25 per cent.
However, his holdings in Bilcare, Crisil, Fortis Healthcare and Orient Cement remained unchanged.
September quarter shareholding data for the remaining stocks that Jhunjhunwala holds was not available till the time of filing of this report.
STELLAR LISTING: IRCTC jumps 101% over issue price on market debut
Shares of IRCTC made a strong debut on Monday, as they got listed at Rs 644, a 101.25 premium over issue price of Rs 320. A strong listing was a given as the stock was quoting at a premium of Rs 220-227 per share in the grey market last week, thanks to 112 times subscription the IPO received during the offer period September 30-October 4.
Hindustan Unilever advances ahead of Q2 results
Price as on 14 Oct, 2019 09:38 AM, Click on company names for their live prices.
DHFL surges 5% on signing non-binding term sheet with Oaktree Capital
Shares of DHFL jumped 5 per cent to Rs 22.20 after the HFC major signed a nonbinding term sheet with Oaktree Capital to sell its entire Rs 35,000-crore wholesale book. The agreement is valid until February.
DLF climbs 3 per cent on selling Rs 700 cr worth luxury flats
Shares of DLF climbs 3% to Rs 149.65 after the realtor sold 376 ready-to-move-in luxury flats worth Rs 700 crore on the first day of the launch of its new housing project in Gurugram, even as the overall property market is facing a demand slowdown.
Pre-open session: Sensex above 38,200; Nifty trades at 11,335
Singapore trading sets stage for negative start
Nifty futures on the Singapore Exchange were trading 24 points, or 0.21 per cent, higher at 11,285, indicating a negative start for Dalal Street.
Tech view: Nifty50 forms Spinning Top candle
Nifty50 on Friday rose past its 200-day EMA to close above the 11,300 mark and formed an indecisive Spinning Top on the daily chart. It also formed a bullish candle on the weekly chart. Analysts were cautiously optimistic on the index prospects.
Asian stocks rise in early trade
Asian share markets pushed higher on Monday as signs of progress in the Sino-US trade standoff whetted risk appetites, while pressuring safe-haven bonds and the yen. Liquidity was lacking, however, with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.5 per cent. Australia's main index gained 0.9 per cent and South Korea firmed 1.3 per cent.
IRCTC to make market debut today
Shares of IRCTC will make a market debut on Monday. A strong listing is likely given that the stock was quoting at a premium of Rs 220-227 per share in the grey market last week, thanks to 112 times subscription the IPO received during the offer period September 30-October 4. At the issue price, the stock quotes at 19 times FY19 EPS of Rs 17.
US stocks settled higher on Friday
The S&P500 index closed higher for the third-straight day, adding 32.14 points, or 1.1 per cent, to 2,970.27. Earlier it had been up 1.9 per cent. The Dow Jones Industrial Average index rose 319.92 points, or 1.2%, to 26,816.59. The Nasdaq gained 106.26 points, or 1.3 per cent, to 8,057.04
FIIs buy Rs 749 crore worth stocks
Net-net, foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 749 crore on Friday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 703 crore, data suggests.
Oil prices hold on to Friday's gains
Oil prices were little changed on Monday, holding onto 2 per cent gains from Friday amid renewed geopolitical tensions in the Middle East, while a detente in the US-China trade war buoyed market sentiment. Brent crude futures rose 9 cents to $60.60 a barrel.
World Bank cuts FY20 GDP forecast to 6%
After a broad-based deceleration in the initial quarters of this fiscal year, India's growth rate is projected to fall to 6 per cent, the World Bank said on Sunday. In 2018-19, the growth rate of the country stood at 6.9 per cent.
Sept retail, wholesale inflation nos today
Investors will keep an eye on the wholesale price index (WPI) and consumer price index (CPI) data for the month of September, which is slated for Monday. While the retail inflation is seen at 3.91 per cent, the WPI may come in at at 1.28 per cent, Nirmal Bang Institutional Equities said in a note.
US suspends plan to hike China tariffs on Tuesday
The Trump administration has suspended a tariff hike on $250 billion in Chinese imports that was set to take effect Tuesday, and China agreed to buy $40 billion to $50 billion in US farm products as the world's two biggest economies reached a cease-fire in their 15-month trade war, AP reported.
PMO taking stock of telcos’ financial health
The highest government echelons are assessing the health of the telecom industry, which is under financial stress, and looking at ways of restoring its viability, reports ET. People familiar with the matter said the Prime Minister’s Office (PMO) has met senior officials of the Department of Telecommunications (DoT) more than half a dozen times in the past month and some concrete steps are under active consideration.
Foreign cos may be protected from retro changes
After cutting corporate tax rates, India is now examining if it can provide some assurance to foreign investors that there will be no retrospective policy action, reports ET. It is also proposing to create a special mechanism under which investors looking to set up a base in the country would be handheld till the stage of groundbreaking. "Most foreign investors are wary of any retrospective policy change … This issue is under serious consideration as a part of the policy to promote investments," said Guruprasad Mohapatra, the secretary at the Department of Promotion of Industry and Internal Trade.
FM to meet CEOs of PSU banks today
Finance Minister Nirmala Sitharaman will hold a review meeting with CEOs of public sector banks (PSBs) on Monday to discuss various issues, including progress on credit offtake, as part of efforts to prop up the economy. The meeting is expected to review fund flow to stressed NBFC and MSME sectors. Banks are expected to present report card on partial credit guarantee scheme and fund raising from market to enhance their capital base.
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