Nifty Metal index was the top sectoral loser, down 4.15 per cent led by losses in JSW Steel, Tata Steel, SAIL, and Midhani.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading weak on the first day of the week, taking cues from their Asian peers. BSE Sensex plunged 550 points to trade at 40,132, while the broader Nifty 50 index gave up the crucial 11,800 mark and was trading at 11,764. Bajaj-Auto shares were top Sensex loser, falling over 6 per cent, followed by Tata Steel, ICICI Bank, M&M, Bajaj Finsv, SBI and Kotak Mahindra Bank. Reliance Industries Ltd (RIL) share price fell over 2 per cent after an emergency arbitrator in Singapore ruled in favour of Amazon and put the RIL-Future deal on hold. Nestle India was the best performing stock, gaining over 2 per cent on otherwise weak trade. IndusInd bank, Hindustan Unilever, TCS and HCL tech were up in the range of 0.30-1.23 per cent. All sectoral indices were trading deep in red. Nifty Metal index was the top sectoral loser, down 4.15 per cent led by losses in JSW Steel, Tata Steel, SAIL, and Midhani.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold.
Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani’s Reliance.
Highlights
All sectoral indices were trading deep in red. The Nifty Metal index was the top sectoral loser, down 4.15 per cent led by losses in JSW Steel, Tata Steel, SAIL, and MIDHANI
Nestle India was the best performing stock, gaining over 2 per cent on otherwise weak trade. IndusInd bank, Hindustan Unilever, TCS and HCL tech were up in the range of 0.30-1.23 per cent.
Bajaj-Auto shares were top Sensex loser, falling over 6 per cent, followed by Tata Steel, ICICI Bank, M&M, Bajaj Finsv, SBI and Kotak Mahindra Bank.
BSE Sensex plunged 550 points to trade at 40,132, while the broader Nifty 50 index gave up the crucial 11,800 mark and was trading at 11,764.
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Total Profit after Tax for the quarter ended September 30, 2020 increased by Rs 19.81 crore (68%) to Rs. 48.87 crore from Rs. 29.06 crore of the previous quarter. Total Income for the quarter ended September 30, 2020 increased by Rs. 31.81 crore (46%) to Rs. 101.16 crore from Rs. 69.35 crore of the previous quarter.
ICICI Lombard reported a good set of numbers for Q2FY21. Gross Direct Premium Income (GDPI) grew 8% YoY and declined 3.4% QoQ. PAT jumped 35% YoY, primarily owing to a Lower claim ratio and better-combined ratio. The combined ratio improved by 30bps YoY to 100.1% due to lower claims in motor insurance. Retail health indemnity grew by 39% YoY in H1FY21 (48% YoY in Q2FY21). ICICI Lombard received 17000 covid-19 claims, which led to an outflow of Rs.115cr, if India does not witness the second wave of Covid Case then it will be positive for ICICI Lombard. General insurance segment well placed in the current scenario and ICICI Lombard has required skill set of underwriting, has strong capital to grow business. In current times the indemnity segment will help to improve growth. currently, it trades at 41x of trailing earnings, we have a positive view on ICICI Lombard considering the healthy return ratio and the industry has a structural demand tailwind: Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd
Coforge that was erstwhile known as NIIT Technologies Ltd, reported consolidated revenue of Rs 11,537 million during Q2FY’21, representing a growth of 11.1% over the same quarter previous year. On a sequential basis, consolidated revenue grew 9.1% over thepreceding quarter in rupee terms, 8.1% in constant currency terms, and 10.7% in dollar terms. EBITDA (before RSU costs i.e. cost of ESOPs) for the quarter under review increased 14.4% YoY and was up 20.2% QoQ to Rs 2,172 million, translating into EBITDA margin of 18.8% for Q2FY’21.
IndusInd Bank share price jumped over 4 per cent to Rs 633 apiece on BSE, after a Bloomberg report suggested that Kotak Mahindra Bank is exploring a takeover of IndusInd Bank Ltd. While Kotak Mahindra Bank shares were trading volatile. IndusInd Bank has, however, denied the takeover news, calling it baseless and untrue. IndusInd Bank shares were the top BSE Sensex gainer in otherwise weak trade on Monday.
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As the Hindustan Unilever management observed post the company’s earnings announcement, the worst is behind us. Indeed, earnings season has got off to a good, even a flying start, if one considers that much of the country was under a lockdown between July and September. With revenues subdued, it was lower costs — especially smaller other expenses — that helped companies protect their margins; for an aggregate of 173companies (excluding financials), expenditure fell 1.53% y-o-y pushing up operating margins by a whopping 336 bps y-o-y. A jump in other income boosted net profits by 11% y-o-y.
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Kotak Mahindra Bank Ltd., backed by Asia’s richest banker, is exploring a takeover of smaller Indian rival IndusInd Bank Ltd., people with knowledge of the matter said, a move that would create the nation’s eighth-largest financial firm by assets. Uday Kotak, founder and chief executive officer of Kotak Mahindra, is looking at the possibility of an all-stock acquisition, one of the people said, asking not to be identified as the discussions are private.
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Lower interest rates and enormous amount of liquidity infusion by global central banks helped Gold gains about 25 per cent in 2020 as it is considered as a hedge against inflation and currency debasement. Gold Prices also found some support as reinforcement of the pandemic triggered curbs in Europe and global cases surpassing 41.7 million shifted investors to take shelter under Gold. As for today traders can go for buy in gold at Rs 50,500 levels with the stop loss of Rs 50200 levels for the target of 50900 levels. They can also go for buy in Silver at Rs 61,500 levels, with the stop loss of 60,800 levels and for the target of 62,700 levels: Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd
Reliance Industries Ltd (RIL) share price fell over 2 per cent to Rs 2,067 apiece on BSE after an emergency arbitrator in Singapore ruled in favour of Amazon, putting the RIL-Future deal on hold. However, shortly after the Singapore Arbitrator’s ruling, Mukesh Ambani-led firm said it will complete the transaction without any delay. On the other hand, Kishore Biyani’s Future Retail Ltd share price plunged 9.3 per cent to Rs 70.55 apiece.
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Indian rupee opened lower at 73.78 per US dollar on Monday as compared to a previous close of 73.62 against the US dollar
As rupee has been confined to its range of 73.00-73.80 levels and haven’t reached 74.00 mark for past two months, a breakout in 73.80 levels will invite further buying bets and rupee shall head to near 74.20 levels. However, if selling is witnessed in the initial hour, then pair can move near 73.50-73.60 levels. In the prevailing situation, it is suggested to strategize and follow a policy rather speculating on the momentum keeping the exposures at risk. Overall, as long as the pair doesn’t break 74.50 crucial and previous all-time low resistance levels, every uptick above 73.80 can be taken as selling opportunity and dips near 73.00-73.20 levels shall be utilized for buying: Amit Pabari, managing director, CR Forex Advisors
The range for the week ahead is between 11750 and 12050. The last two trading sessions have witnessed apathetic volumes because of which we have been trading in a lacklustre fashion all of last week. Since this is expiry week, we should expect additional volumes to flow in so that a direction in the Nifty can be witnessed: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
IndusInd Bank was the top Sensex gainer and jumped 3.5 per cent on BSE after a Bloomberg report suggested that Kotak Mahindra Bank is exploring a takeover of smaller Indian rival IndusInd Bank Ltd.
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Reliance Industries Ltd share price fell 1.77 per cent to Rs 2,075.15 apiece on BSE after an emergency arbitrator in Singapore ruled in favour of Amazon and put the RIL-Future deal on hold.
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COMEX gold trades moderately lower near $1899/oz after a flat close in the previous session. Weighing on gold is marginal gains in US dollar after last week’s losses. ETF outflows also show weaker investor buying. However, supporting price is global growth worries amid rising virus cases and uneven recovery. Gold may remain directionless until there is more clarity on US stimulus however the general bias is still positive owing to pressure on the US dollar: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
BSE Sensex fell 148 points to trade at 40,536, while the broader Nifty 50 index was testing the crucial 11,900-markon Monday, following Asian markets.
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The Rupee had weakened post onshore close in the offshore NDF market to 73.90 (implied spot). We could see some stops get triggered on break of 73.95. However, month end exporter selling is likely to cap upside. We expect the Rupee to trade a 73.65-73.95 range intraday and a 73.50-74.30 range this week: Abhishek Goenka, Founder and CEO, IFA Global
Gold eased on Monday morning as the greenback has rebounded and there seem no signs of progress on coronavirus relief package in the US. The focus will shift to the dollar's move and new home sales data to be released later in the session. Moreover, countries like UK, US & Germany will release Q3 GDP during the week. Fear of the second wave of virus in the Europe may stay as a supportive trigger for th yellow metal: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers
BSE Sensex jumped 118 points to trade at 40,804, while the broader Nifty 50 index surpassed the crucial 12,000-mark in the pre-opening session on Monday.
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Reliance Industries Ltd emphasised its position on the proposed acquisition of the Kishore Biyani’s Future Retail assets, and said that it will complete the transaction at the earliest. RIL’s statement came shortly after an emergency arbitrator in Singapore ruled in favour of Amazon, and put the RIL-Future deal on hold. “RRVL (Reliance Retail Ventures Ltd) intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” RIL said in a statement late last night
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Foreign portfolio investors (FPI) remained net buyers in Indian markets in October so far, pumping in a net Rs 17,749 crore in the month as better than expected quarterly results, the opening of the economy, and resumption of business activities kept investors’ interest intact. In equities, FPIs invested a net sum of Rs 15,642 crore and the debt segment saw an inflow of Rs 2,107 crore during October 1-23, the depositories data showed.
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Asian stock markets were trading mostly lower on Monday. The Shanghai composite down about 1.5% while the Shenzhen component fell 1.45%. In Japan, the Nikkei 225 dipped slightly while the Topix index slipped 0.26%.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani’s Reliance.
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