Live: Sensex, Nifty Open Higher; Music Broadcast Up 20%

Indian equity markets have begun the final trading day of the week on a steady note, after snapping a four-day losing streak on Thursday.

The S&P BSE Sensex has opened 0.4% higher at 40,728 while the NSE Nifty 50 index is up 0.5% at the start of trading at 11,957.

All sectoral indices have opened with gains. The Nifty Bank index is up 0.8% while the Nifty Auto index is gaining 0.7%. Nifty Metal and Nifty I.T. are up 0.6% each.

Broader markets have been outperforming the benchmark indices over the last two sessions. They too have opened with gains in today's trade. Both Nifty Midcap and Smallcap indices have opened with gains of 0.6% each.

Market breadth is in favour of the gainers. 1,108 stocks on the NSE are trading with gains while 335 are declining.

• Nifty: Sell 12,100 Call of the October 29 expiry in the range of Rs 39-41 for target of Rs 25-15 and a stop loss of Rs 55.
• Nifty Bank: Buy in the range of 24,250-24,300 for target of 24,600-24,700 and stop loss of 24,100
• Buy Indian Oil October futures for target of Rs 79.8 and Rs 82.2 and stop loss of Rs 76.7
• Sell GCPL October futures for target of Rs 666.5 and Rs 653 and stop loss of Rs 684.5
• IOC and GCPL are intraday recommendations

Source: ICICI Direct

• Tata Steel: Bloomberg reports that Swedish Steelmaker SSAB AB is exploring a combination with Tata Steel's European business, as a back-up plan to a deal with Thyssenkrupp AG, amid industry consolidation. The Swedish company, which has a market value of around 28 billion Swedish kronor ($3.2 billion), would gain control of Tata Steel’s European business if they pursued such a deal, sources said.
• Music Broadcast: Board recommends issuance of 1 bonus non-convertible, non-cumulative redeemable preference share for every 10 equity shares held by non-promoter shareholders. Issue price is Rs 100 per share translating to the total issue size of Rs 89.69 crore.
• Tech Mahindra: Company’s wholly owned subsidiary Tech Mahindra (Americas), Inc. has agreed to acquire 6.03% equity shares in VitalTech Holdings, Inc. The target entity, headquartered in Texas, is engaged in the business of cloud-based Telehealth and remote patient monitoring platform development and services. Turnover for the financial year ended December 31, 2019 was $0.396 million.
• Stocks Reacting To Earnings: Ambuja Cements, Coforge, Biocon, Alembic Pharma, Crompton Greaves Consumer Electricals, Bharti Infratel, Hexaware
• Nifty Earnings Today: JSW Steel, Tech Mahindra, Nestle India
• Non-Nifty Earnings Today: Aarti Drugs, Yes Bank, Atul, Heidelberg Cement, ICICI Lombard, Persistent Systems, Sudarshan Chemicals, IDBI Bank

To know more about earnings reported after market hours, brokerage updates and F&O cues, click here.