Moody's Investors Service on Monday downgraded IIFL Finance’s corporate family rating (CFR) and senior secured debt rating to B2 from B1, and senior secured medium-term note (MTN) program rating to (P) B2 from (P) B1, and said the outlook has been changed to stable from rating under review.
In two separate but similarly worded circulars, Sebi said that in view of the situation emerging out of the coronavirus pandemic, it has "granted certain relaxations for raising of equity capital" by listed REITs and InvITs.
The Dow Jones Industrial Average rose 188.18 points, or 0.69%, at the open to 27,362.14. The S&P 500 opened higher by 35.44 points, or 1.07%, at 3,333.90. The Nasdaq Composite gained 170.82 points, or 1.57%, to 11,084.38 at the opening bell.
All 66 respondents in a Reuters poll expect the repo rate to remain unchanged at 4.0% and a large majority see no cuts until the January-March quarter. The RBI will then likely stay on hold until the end of 2021.
“Indian benchmark indices gained strength throughout the day, helped by gains in banking and financial stocks. Global cues were also positive, setting aside concerns about the increasing virus infections and related impact. Indian markets were also banking on further stimulus and other measures by the government to boost the economy,” said Vinod Nair, Head of Research at Geojit Financial Services.
Expect market movement to continue further: Sumeet Bagadia, Choice broking
After a positive opening, Nifty continued its early momentum till the dying hours and managed to give close above 11200 level at 11227 with the gain of 177 points. Even the Bank Nifty index gave a very good upside move and settled its closing at 21,665 level with the gain of 683 points. Technically, we have seen a good bounce back after taking the support of its 200 Days Moving Average and it seems that ongoing movement will continue further. At present level, downside support comes at 11,165 to 11,100 while upside resistance comes at 11,290 to 11,415," said Sumeet Bagadia, Executive Director, Choice broking.
European stocks partly recovered from last week's hefty losses on Monday, helped by upbeat industrial profits data from China and a jump in German lender Commerzbank after it appointed a new chief executive officer. Commerzbank rose 4.3% after it named a top manager at rival Deutsche Bank Manfred Knof to lead the bank, which has been in turmoil following the sudden resignation of its CEO in early July.
Forex Center: This is how the major currencies are faring against each other
S&P BSE Information Technology only sectoral index trading in the red, down 0.15%. Here are the top losers
Price as on 28 Sep, 2020 02:18 PM, Click on company names for their live prices.
RBI SAYS MPC MEETING BEING RESCHEDULED
LVB gets RBI approval for Committee of Directors to manage the bank
Price as on 28 Sep, 2020 01:46 PM, Click on company names for their live prices.
Kotak Institutional initiates coverage on Mindspace REIT with 'Add' rating
Kotak Institutional Equities has initiated coverage on India's second real estate investment trust Mindspace Business Parks REIT with an 'Add' rating at a fair value of Rs 330 per share due to its 6.7% yield and expectation of a sustainable growth trajectory over the next decade. Mindspace REIT was trading down 0.12% at Rs 305.6 in afternoon trade. Mindspace REIT offers investors an opportunity to invest in 29.5 million square feet of office space spread over four markets of Hyderabad, Mumbai region, Pune and Chennai.
Homegrown digital financial services platform Paytm on Monday announced that its wholly-owned subsidiary Paytm Money has thrown open stockbroking access for everyone in the country. The company is looking to onboard over 10 lakh investors in FY21.
Top 5 gainers in the tourism & hospitality space
Price as on 28 Sep, 2020 12:49 PM, Click on company names for their live prices.
Ratnamani Metals bags order worth Rs 216 cr for supply of carbo
Tubes and pipes manufacturer Ratnamani Metals and Tubes on Monday said it has received an order worth Rs 216 crore for supply of carbon steel pipes in the domestic market. The company has received a domestic order of Rs 216 crore for the supply of coated CS (carbon steel) pipes for oil and gas sector to be executed between January, 2021, and January, 2022, Ratnamani Metals & Tubes Ltd said in regulatory filing.
Here are the top gainers & losers from the FMCG space
Price as on 28 Sep, 2020 11:37 AM, Click on company names for their live prices.
ITI will be able to produce 4G, 5G equipment in a few months: Tech Mahindra
IT company Tech Mahindra is in advance stage of sharing technology with ITI Limited and said the state-run electronics manufacturing entity will be ready to make 4G and 5G equipment in a few months, a senior official of the Mahindra group firm said. In June, the company signed an agreement with ITI Limited for development of 4G and 5G technologies.
Cleveland-Cliffs to buy ArcelorMittal USA for $1.4 bn: Agencies
RIL contributes one-fourth to total Sensex gains in morning session
USDINR (Spot) to quote in the range of 73.40 and 74.20 on Monday
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Gold and silver prices declined further in Monday's session as hopes of a US stimulus package grew. Traders also took positions before the RBI monetary policy and the US presidential election debate. Gold futures on MCX were down 0.23 per cent or Rs 116 at Rs 49,543 per 10 grams. Silver futures dropped 0.99 per cent or Rs 587 to Rs 58,440 per kg.
Voda Idea, Ashok Leyland, YES Bank among most active stocks on NSE
Price as on 28 Sep, 2020 09:23 AM, Click on company names for their live prices.
OPENING BELL: Sensex gains 170 points, Nifty tops 11,100; Lakshmi Vilas Bank tanks 4%, Inox Leisure jumps 6%
Oil prices dipped again on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week. Brent crude LCOc1 edged down 8 cents, or 0.2 per cent, to $41.84 a barrel.
Asian markets rise in early trade
Asian shares were on the defensive, ahead of a US Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.04 per cent to 547.79. Japan’s Nikkei rose 0.65 per cent, partly on a lower yen, while South Korea’s KOSPI index gained 0.8 per cent.
SGX Nifty signals positive start
Nifty futures on the Singapore Exchange traded 59.50 points, or 0.54 per cent higher at 11,099.50, in signs that Dalal Street was headed for a positive start on Monday.
FIIs sell Rs 2,080 cr worth of stocks
Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 2,080.21 crore, data available with NSE suggested. DIIs were net buyers to the tune of Rs 2,070.63 crore, data suggests.
US tightens exports to China's chipmaker SMIC
The United States has imposed restrictions on exports to China's biggest chip maker SMIC after concluding there is an "unacceptable risk" equipment supplied to it could be used for military purposes. Suppliers of certain equipment to Semiconductor Manufacturing International Corporation will now have to apply for individual export licenses, according to a letter from the Commerce Department dated Friday and seen by Reuters.
US stocks closed higher on Friday
On Friday, the S&P500 rose 51.87 points, or 1.6 per cent, to 3,298.46. The Dow Jones Industrial Average gained 358.52 points, or 1.3 per cent, to 27,173.96. The Nasdaq Composite climbed 241.30 points, or 2.3 per cent, to 10,913.56. The Russell 2000 index of small company stocks picked up 23.09 points, or 1.6 per cent, to 1,474.91.
Rupee ends 28 paise higher against dollar
The Indian rupee on Friday staged a smart rebound to close 28 paise higher at 73.61 against the dollar, tracking gains in Asian peers and local equities. At the interbank forex market, the domestic unit opened at 73.76 against the US dollar and touched an intra-day high of 73.56 and a low of 73.77 against the US dollar. It finally closed at 73.61 a dollar, a rise of 28 paise over its previous close.
Tech view: Nifty forms bullish candle
Analysts said the 10,800 level was crucial, as it was near Nifty50's 200-day moving average, a breach of which would have exaggerated the selloff. Avoiding such a level on Friday was a relief for the bulls, they said, adding that a breach of the 11,200 level may bring further upside to the index.
Sensex, Nifty on Friday
Equity benchmark Sensex rallied 835 points on Friday after six days of declines as investors returned to buying mode amid a modest recovery in global markets. The 30-share BSE Sensex opened higher following Thursday's selloff and stayed in the positive territory throughout the session. It finally closed at 37,388.66, up 835.06 points or 2.28 per cent. Similarly, the NSE Nifty vaulted 244.70 points or 2.26 per cent to finish at 11,050.25.
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