Stock Market Today: All You Need To Know Going Into Trade On Oct. 9
Stocks in the news, big brokerage calls of the day, complete trade setup and much more!
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Representational image. (Source: Unsplash)
Most markets in Asia–Pacific were trading higher early trade Wednesday, taking cues from overnight gains on Wall Street. Moreover, market participants assessed a 50 basis–point rate cut by the Reserve Bank of New Zealand.
The Nikkei 225 and S&P ASX 200 were trading 0.84% and 0.58% higher respectively.
On Tuesday, the S&P 500 and Dow Jones Industrial Average ended 0.97% and 0.30% higher, respectively. The Nasdaq Composite ended 1.45% higher.
The brent crude was trading 0.44% higher at $77.52 a barrel as of 06:30 a.m., according to data on Bloomberg website. The Bloomberg spot gold was trading 0.03% lower at $2,621.04.
The GIFT Nifty was trading 0.06% or 15.5 points higher at 25,168 as of 06:46 a.m.
India's benchmark equity indices snapped their six-session losing streak to end higher on Tuesday, led by heavyweights HDFC Bank Ltd, Infosys Ltd., and Reliance Industries Ltd. They ended higher even as most global markets fell, and investors now await the outcome of the monetary policy committee meeting due on Wednesday.
The Nifty 50 closed 0.88%, or 217.40 points, higher at 25013.15, and the Sensex gained 0.72%, or 584.81 points, to end at 81634.81.
Overseas investors, known as foreign portfolio investors, remained net sellers of Indian equities for a week straight on Tuesday, while domestic institutional investors bought stocks worth Rs 7,000.68 crore.
According to provisional data from the National Stock Exchange, FPIs offloaded stocks worth Rs 5,729.60 crore.
The Indian rupee strengthened by 2 paise to close at 83.96 against the US dollar.
The US stock market edged higher on Tuesday, following a 1% decline in the benchmark indices in the preceding session. The S&P 500 rebounded with gains of over 0.5% in the first hour of trading as oil prices sharply retracted from Monday's highs.
The S&P 500 Index and Nasdaq 100 rose by 0.75% and 1.22%, respectively, as of 11:42 a.m. New York time. Dow Jones Industrial Average rose by 0.14%.
Brent crude was trading 4.71% lower at $77.12 a barrel. Gold was lower by 1.29% at $2,608.59 an ounce.
Stocks To Watch
Bharti Airtel: The company clarified that it routinely assesses opportunities for partnerships and acquisitions, but currently, there is no significant information that needs to be disclosed. This statement follows media reports indicating that the company is considering acquiring Tata Play.
SKF India: The company has approved the demerger of its industrial business. The industrial business will be carried out through a new wholly owned subsidiary.
Welspun Enterprises: The company has received a letter of acceptance from Brihanmumbai Municipal Corp. for a waterway tunnel worth Rs 1,989 crore.
Gensol Engineering: The company's solar EPC order book crosses Rs 4,097 crore, representing 1.5 gigawatts as of Sept. 30, 2024.
Indian Railway Finance Corp.: The company will provide financing of up to Rs 700 crore to NTPC for the purchase of 20 BOBR rakes acquired under the Ministry of Railways' General-Purpose Wagon Investment Scheme, using a finance lease.
Infosys: The company expanded its four-year pact with the old national bank for operations transformation and process digitisation.
Torrent Power: The company has received two letters of award from the Maharashtra State Electricity Distribution Company for a long-term supply of 2,000 megawatts of energy storage capacity from its InSTS-connected pumped hydro storage plant.
JK Lakshmi Cement: At the company's request, all lenders of its subsidiary Udaipur Cement Works have waived the corporate guarantee of Rs 1,640 crore provided by the company. As a result, the banking facilities of UCWL are now secured solely by its own assets.
Signatureglobal (India): The company in its quarter business update reported pre-sales growth of Rs 2,780 crore, up 184% year-on-year and collections at Rs 920 crore, up 28% year-on-year.
Senco Gold: The company in its quarter two business update retail growth increased by 27% year-on-year, while same-store sales growth improved to 20% year-on-year. Additionally, the stud ratio saw an improvement, rising to 11.1%.
The Phoenix Mills: The company retailer sales reached Rs 3,289 crore, marking a 25% year-on-year increase, while gross retail collections stood at Rs 812 crore, reflecting a 27% year-on-year growth.
NCL Industries: For the quarter ended, the company’s cement production increased by 10% year-on-year to 5.9 lakh MT, while cement dispatches also rose by 10% YoY to 5.99 lakh MT. Cement board production grew by 6% YoY to 20,252 MT, and cement board dispatches in Gujarat increased by 2% YoY to 20,604 MT. Additionally, ready-mix concrete production and sales in Gujarat saw a significant surge of 22% year-on-year, reaching 80,991 cubic meters.
PB Fintech: In 2020, IRDAI issued a notice regarding the inspection of Policybazaar Insurance Brokers due to concerns about documentation, systems, and processes. The company believes there will be no impact from this.
Tata Technologies: The company and BMW Group establish BMW TechWorks India, a joint venture to drive automotive software and business IT innovations.
IRB Infrastructure Developers: The company's toll collection was up 19% at Rs 502 crore year-on-year for the month of September.
JSW Infrastructure: Maheshwari has resigned as joint managing director and chief executive officer, while Rinkesh Roy has been appointed as the new joint managing director and chief executive officer.
Lakshmi Organic Industries: The company's specialty chemicals production facility at Raigad MIDC will be inspected until Oct. 16.
Vraj Iron and Steel: The company has signed an agreement with NMDC for the procurement of iron ore lumps over a period of three years.
Premier Energies: The company has signed an agreement with BrightNight India for 173.35 MWp solar modules.
GMR Airports Infrastructure: The company has signed a concession agreement for operating Nagpur Airport following the Supreme Court's order greenlighting the company's operations of the airport on Sept. 27.
IPO Offerings:
Garuda Construction and Engineering: The public issue was subscribed to 58.07 times on day 2. There bids were led by non-institutional investors (135.85 times), retail investors (55.53 times), and qualified institutional investors (3.16 times).
Block Deal
Trent: Dodona Holdings sold 10.68 lakh shares (0.3%) at Rs 7,940 apiece, while Siddhartha Yog bought 10.68 lakh shares (0.3%) at Rs 7,940 apiece.
Bulk Deals
KP Energy: Mavira Growth Opportunities Fund bought 4 lakh shares (1.79%) at Rs 465.17 apiece.
Jyoti Structures: Aion Jyoti LLC sold 56.8 lakh shares (0.89%) at Rs 29.23 apiece.
Trading Tweaks
Ex/record dividend: Coforge
Ex/record stock split: Jindal Saw (Face Value split from 2 to Re 1)
Moved out short-term ASM: Zee Media Corp.
F&O Cues
Nifty October futures up by 0.65% to 25,148 at a premium of 135 points.
Nifty October futures open interest up by 1.5%.
Nifty Bank October futures up by 0.82% to 51,392 at a premium of 371 points.
Nifty Bank October futures open interest down 3.2%.
Nifty Options Oct. 10 Expiry: Maximum call open interest at 27,950 and maximum put open interest at 23,100.
Bank Nifty Options Oct. 9 Expiry: Maximum call open interest at 53,000 and maximum put open interest at 48,000.
Securities in ban period: Bandhan Bank, Birla Soft, GNFC, Granules, Hindustan Copper, IDFC First Bank, Manappuram, PNB, RBL Bank, Sail.
Money Market Update
The Indian rupee closed 2 paise higher at 83.96 against the US dollar on Tuesday, gaining some strength after closing at 83.98 on Monday.
The local currency strengthened as both the dollar and Brent crude dipped, with traders booking profits after recent rallies driven by escalating tensions in the Middle East. The dollar index slipped by 0.15% to 102.3840, while Brent crude prices fell 2.08% to $79.25 per barrel.
