The level of 11,200, which has seen significant amount of Put writing, is likely to extend some support to the market. The level of 11,000 holds the highest Put OI followed by 11,200, while maximum Call OI is seen at 11,400 followed by 11,500. Nifty is below its 50-DMA and this level will continue posing resistance on a closing basis.
The Dow Jones Industrial Average rose 61.98 points, or 0.23%, at the open to 27,514.64. The S&P 500 opened higher by 5.74 points, or 0.17%, at 3,341.21. The Nasdaq Composite gained 7.65 points, or 0.07%, to 11,092.90 at the opening bell.
The lender in a regulatory filing said over 90 per cent of the shareholders voted against the appointment of Sunil Gurbaxani as Managing Director and CEO of the bank, while the rest were in support of the resolution.
“As expected, benchmark indices remained volatile throughout the day, fluctuating between losses and gains before finally ending the day flat. Global cues were mostly negative, following caution over the outcome of US presidential elections and also because of rising virus cases around the world,” said Vinod Nair, Head of Research at Geojit Financial Services.
This is how the 30-pack Sensex moved in today's session. It touched a high of 38,236.34 and a low of 37,828.11 to finally settle at 38,067.93
CLOSING BELL: Sensex rises 95 pts on gains in HDFC duo, FMCG stocks; Nifty ends flat at 11,227; IT stocks buck the weak trend, TechM climbs 3%, Titan 2%
HDFC twins, FMCG stocks lead the market rally
18 of 30 Sensex stocks end the day in the red
Index contributors: HDFC Bank, HDFC, HUL, ITC, TechM
Top Index gainers: TechM (2.84%), Titan (2.47%), Nestle (1.70%)
Top Index losers: Airtel (3.67%), Tata Steel (3.00%), IndusInd Bank (2.12%)
S&P BSE CONSUMER DURABLES biggest sectoral gainer, up 1.72%
S&P BSE Telecom biggest sectoral loser, down 2.86%
Volume toppers: RIL, Infosys, HDFC, TCS, HUL
S&P BSE Telecom biggest sectoral loser, down 2.7%. This is how the index stocks are faring
Gold futures on Wednesday fell by 0.59 per cent to Rs 50,380 per 10 gram as participants offloaded their holdings on low spot demand. On the Multi Commodity Exchange, gold prices for October delivery declined by Rs 301, or 0.59 per cent, to Rs 50,380 per 10 gram in a business turnover of 70 lots.
Ashmore Group's Head of Research Jan Dehn is underweight on India amid signs of underlying weakness in the economy. London-based Dehn said there are a number of permanent drags on the economy that are going to impede the speed of economic growth. Dehn is bullish on companies that focuses on producing necessities rather than discretionary spend items.
Here are the top gainers and losers in hospitality and tourism sector
Price as on 30 Sep, 2020 02:15 PM, Click on company names for their live prices.
Forex Center: This is how major currencies are faring against each other
China shares end lower, record worst monthly loss in over 1 year
Here are the top 5 losers & gainers from the realty space
Price as on 30 Sep, 2020 01:29 PM, Click on company names for their live prices.
Mazagon Dock subscribed 3.44 times so far
BPCL tanks as bid deadline extended
Shares of Bharat Petroleum Corporation (BPCL) tanked over 7 per cent in Wednesday’s trade after the government extended bid submission deadline for the privatisation of the oil marketing company for the fourth time in a row from September 30 to November 16.
Top gainers & losers in Tourism & Hospitality space
Price as on 30 Sep, 2020 12:45 PM, Click on company names for their live prices.
SJVN bags 100 MW solar project in Gujarat; stock flat
Price as on 30 Sep, 2020 12:08 PM, Click on company names for their live prices.
BSE Metal index in deep red, tanks over 2%; all constituents in the red
We expect more such investments by strategic and financial investors in Reliance Retail in the future. We maintain our positive view on Reliance industries and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on reliance Industries with a target of ₹ 2,543.
- Jyoti Roy - DVP- Equity Strategist, Angel Broking.
Sensex volatile, gyrates between gains & losses
Godrej Properties acquires 20-acre land in Mumbai to develop housing project
Realty firm Godrej Properties on Wednesday said it has agreed to acquire 20 acres of land in Kalyan, Mumbai, to develop a housing project. Godrej Properties, which is a real estate arm of the business conglomerate Godrej group, said in a regulatory filing that it has "entered into an agreement to acquire a well-located land parcel in Kalyan."
Reliance Industries shares gain after General Atlantic deal
Price as on 30 Sep, 2020 11:09 AM, Click on company names for their live prices.
JUST IN: Govt extends bid submission deadline for BPCL to Nov 16
Future Enterprises tanks 4% on interest payment default
Shares of Future Enterprises (FEL) fell 4 per cent in Wednesday's trade after the company defaulted on interest payment of non-convertible debentures (NCDs). FEL had also defaulted on interest payment of another non-convertible debenture last week. Before that it had on September 14, 2020, defaulted on payment of commercial paper worth Rs 90 crore. The fresh default amounts to an interest payment of Rs 16.11 crore for a gross principal amount of Rs 332 crore.
Axis Bank falls as lender sees uptick in borrowers opting for loan moratorium
Shares of Axis Bank fell in Wednesday's trade after the private lender said there was an uptick in the number of borrowers who opted for loan moratoriums after June. The bank, however, maintained that it would be 'judicious' in restructuring borrowings under the new rules. Following the comment, the stock fell 1.43 per cent to hit a low of Rs 420.65 on BSE.
Markets teach us every day Be Patient Be Patient Stocks will move when they want to, not when you want them to Do… https://t.co/ExUkR5etL9
Non-bank lenders such as Shriram Transport, Indiabulls Housing Finance, the Edelweiss and IIFL Finance groups have begun selling securitised loans in the run-up to the end of a six-month payments standstill — and theoretical resumption of business as usual in last-mile lending. About 30-40 transactions involving the securitised portfolios, or bundles of marketable loans, have been reported in the run-up to the September 30 deadline for the end to the repayment holiday on loans.
Choppy gold prices may spoil jewellery sales
Gold prices are likely to remain choppy during the upcoming festive season owing to the US presidential election, which is scheduled to be held on November 3. Analysts and bullion dealers said that though the broader outlook remains bullish for gold, international events in the runup to the election may make the yellow metal prices volatile. Volatile gold prices do not augur well for the jewellery trade, which has pinned its hopes on the festive season sales.
Bandhan gears up for big digital push
Private sector lender Bandhan Bank is strengthening its leadership team as part of its next five-year growth strategy. It has appointed former Bajaj Capital chief executive Rahul Parikh as digital head as the bank broadens its digital presence to improve customer services. Earlier in the month, the bank hired ICICI Bank veteran Kumar Ashish as head for ‘emerging entrepreneurs business’ vertical, which includes microbanking, micro home and micro-enterprise loans.
Tata Sons sets up task force for contingency funding
Tata Sons is said to have set up a taskforce to prepare a contingency funding plan to buy the Shapoorji Pallonji Group’s 18.4% stake in the company at a valuation that will be at the centre of a hard-fought battle in the Supreme Court. Top group officials in the taskforce include Tata Sons chairman N Chandrasekaran, Saurabh Agrawal, Ankur Verma, Noel Tata and Bhaskar Bhat, sources said. “While the finance team is actively involved, other top officials are also being consulted,” a person close to the group said.
Vedanta doesn’t pass off HZL dividend
The dividend payout of Rs 4,500 crore that Vedanta received from Hindustan Zinc in May is yet to be passed on to the company’s shareholders. Corporate governance experts said by holding back the dividend to Vedanta’s shareholders despite having a dividend distribution policy could indirectly lead to a reduction in the company’s delisting price. Vedanta’s delisting process will open on October 5.
Validity of IPOs, rights issue extended
Sebi has extended the validity of its observations for launching initial public offerings (IPO) and rights issues expiring between October and March up to March 31, 2021. The regulator said the lead manager to the issue has to given an undertaking that the company is in compliance with Sebi norms on disclosure norms while submitted the updated offer document to it.
Remittances show signs of revival
The flow of domestic remittances revived in September, suggesting that the migrant crisis that ensued during the initial months of the lockdown is gradually easing, payment companies and banks said. Money transfer volumes by daily wage workers in metros and industrial hubs who send funds to their rural homes for sustenance have recovered to 60-80% of pre-pandemic levels, they said.
Motown braces for festive booster
Car, two-wheeler and tractor makers are set to register unit volume growth of 15-30% in September, the quickest pace of growth in two years, building on the growth registered in August. At 2.8-2.9 lakh, the car market is set to witness a 26-30% growth, the highest in 27 months. Two-wheeler dispatches of 1.88 to 1.9 million would mean a growth of 15%, the highest seen in 24 months.
FM talks of holistic approach to boosting economy
Finance minister Nirmala Sitharaman said there is a need to have a “holistic” approach to handling the economy instead of a “silo-based and myopic approach with blinkers”, responding to a query if it’s time to rethink inflation-targeting and focus more on growth and employment. The government is looking at various ways to provide support to the economy and a fiscal stimulus is possible, she told ET, but declined to set any timeframe.
General Atlantic to buy 0.84% stake in Reliance Retail for Rs 3,675 crore
Reliance Industries on Wednesday said General Atlantic will invest Rs 3,675 crore in its retail arm Reliance Retail Ventures for a 0.84 per cent stake on a fully diluted basis. The fresh investment in Reliance's retail arm values the business at Rs 4.285 lakh crore, which is higher than Rs 4.21 lakh crore valued by the Rs 7,500 crore Silver Lake deal. Like Silver Lake, this would be General Atlantic's second investment after a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year.
Nifty futures on the Singapore Exchange traded 27.50 points, or 0.24 per cent higher at 11,271, in signs that Dalal Street was headed for a positive start on Wednesday.
Tech View: Nifty50 needs to take out 11,300 hurdle to resume rally
After two days of sharp rally, Nifty50 on Tuesday took a breather and ended almost flat. During the session, the 50-pack saw selling pressure at 11,300 level, a crucial short-term resistance. The NSE barometer ended up forming a bearish candle on the daily chart, but extended the formation of higher highs and lows into the third straight session. A move above 11,300 is key for the index to resume the uptrend, analysts said.
Hong Kong, China stocks rally at open
Hong Kong stocks started Wednesday morning with healthy gains following another batch of data indicating China's economic recovery remains on track. The Hang Seng Index climbed 1.17 percent, or 273.36 points, to 23,548.89. The benchmark Shanghai Composite Index edged up 0.26 percent, or 8.35 points, to 3,232.71, while the Shenzhen Composite Index on China's second exchange rose 0.32 percent, or 6.97 points, to 2,155.43.
US election debate: Trump, Biden lash, interrupt each other
President Donald Trump and Democratic challenger Joe Biden began the first presidential debate with heated exchanges over health care, the coronavirus and the future of the Supreme Court.. Trump struggled to define his ideas for replacing the Affordable Care Act on health care in the debate's early moments and defended his nomination of Barrett, declaring that ``I was not elected for three years, I'm elected for four years.''
Tokyo stocks open lower with eyes on Trump-Biden debate
Tokyo stocks opened lower on Wednesday, tracking falls on Wall Street as investors awaited the first US presidential debate for fresh trading cues. The benchmark Nikkei 225 index was down 0.34 percent or 79.06 points at 23,460.04 in early trade, while the broader Topix index slipped 0.51 percent or 8.49 points at 1,649.61. "Japanese shares today are seen moving, with investors' eyes on the US presidential debate," Okasan Online Securities said in a note.
Oil drops 2nd day as surging coronavirus cases prompt demand worries
Oil prices fell for a second day on Wednesday, extending big losses from the previous session amid rising concerns about fuel demand as the coronavirus pandemic worsens. Brent crude dropped 23 cents, or 0.6%, to $41.03 per barrel by 0048 GMT. West Texas Intermediate fell 26 cents, or 0.7%, to $39.29.
US stocks dip ahead of presidential debate
Wall Street stocks dipped Tuesday after two positive session as investors digested the latest effort to try to jumpstart Washington stimulus talks amid caution ahead of the first presidential debate. The Dow Jones Industrial Average shed 0.5 percent to 27,452.66. The broad-based S&P 500 also dropped 0.5 percent to 3,335.47, while the tech-rich Nasdaq Composite Index lost 0.3 percent at 11,085.25.
Rupee widens losses by 7 paise against dollar
The Indian rupee lost further ground on Tuesday, settling 7 paise down at 73.86 to the US dollar, tracking weaker Asian peers against the greenback. Besides, month-end dollar demand from importers too exerted pressure on the Indian currency. At the interbank forex market, the domestic unit opened at 73.78 per US dollar and traded between a high of 73.75 and a low of 73.91 during the session. It finally closed at 73.86, registering a fall of 7 paise over its previous close.
Sensex, Nifty on Tuesday
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday amid lack of directional cues from domestic as well as global markets. After rising over 254 points in early trade, the 30-share BSE Sensex was caught in volatility and ended 8.41 points or 0.02 per cent lower at 37,973.22. Similarly, the NSE Nifty slipped 5.15 points or 0.05 per cent to 11,222.40
Good morning, dear reader! Here's something to kickstart your trading day