Nifty has ended below its previous day low for the 3rd straight day, but a 180 point rally in the last hour of trade, suggests that the relief rally could continue on the index in today’s trading session. The Bank Nifty was a clear outperformer in yesterday’s session, it not only made a fresh all time high by rallying nearly 1.5% in the last hour of trade, but also posted the highest ever closing. However, with India 10 yr bond yield moving to 1yr high of 6.38% mark and Brent crude positioned to cross USD 87 a bbl in next few days, we can expect sustained selling pressure in Nifty below 18377.
U.S indices traded mixed with S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped. The Dow Jones Industrial Average fell 6.26 points, or 0.02%, to 35,603.08, the S&P 500 gained 13.59 points, or 0.30%, to 4,549.78 and the Nasdaq Composite added 94.02 points, or 0.62%, to 15,215.70.
Stocks in news
- Can Fin Homes 2Q net income -3.4% y/y to 1.24b rupees, est. 1.13b; Interest income -12% y/y to 4.63b
- Container Corp 2Q net income +40% y/y to 2.64b rupees, est. 2.65b; Revenue +22% y/y to 18.24b
- ICICI Lombard 2Q net income 4.47b rupees vs. 4.16b rupees y/y
- Indian Energy Exchange 2Q net income +67% y/y to 781.1m rupees, est. 737m; Recommends 2 free shares for each held
- Indian Hotels 2Q net loss 1.21b rupees, est. loss 1.30b; Revenue 7.28b vs. 2.57b y/y; Seeks to raise up to INR40b
- India Grid Trust To consider raising funds in Oct. 27 meeting
- IndiaMart InterMesh 2Q net income 822m rupees, est. 870m
- Indian Oil Expects Refineries to Run at Full Capacity in a Qtr
- IRB Infrastructure To consider proposal of fund raising on Oct. 26
- JSW Steel 2Q group profit 71.7b rupees vs 15.9b y/y, beats est. 57.44b; Revenue +69% y/y to 325b rupees
- LIC Housing 2Q net income -69% y/y to 2.48b rupees, misses est. 5.97b
- Macrotech 2Q net income 2.2b rupees Vs. 1.61b rupees q/q; Revenue +32% y/y to 21.2b
- South Indian Bank 2Q net loss 1.87b rupees vs. profit 650.9m y/y, est. profit 559.7m
- TVS Motor 2Q net income +42% y/y to 2.78b rupees, est. 2.61b; Revenue +22% y/y to 56.2b
- Wipro Says partners National Grid to drive Data Center consolidation
- Zee to Inform India Court on Friday About Holding EGM
- Reliance Shareholders Vote to Appoint Aramco’s Rumayyan to Board
- Tata Said to Explore $1 Billion Sale of U.S. Soda Ash Unit
- Tata has reached out to PE firms to gauge interest
Must Read: Monthly Mutual Fund Recommendation
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