If the gains hold, the indexes will likely post their biggest weekly rise since late July, despite weak investor sentiment globally for risk assets.
Further aiding sentiment, foreign institutional investors bought a net 18.65 billion Indian rupees ($225.2 million) worth of equities on Thursday, while domestic investors sold net 8.87 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Asian shares were down on Friday tracking overnight losses on Wall Street, while Treasury yields scaled 14-year highs as investors braced for expected aggressive rate hike from the European Central Bank next week, and the Federal Reserve and the Bank of England early next month.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5%
In early trade in India, the Nifty private sector and public sector bank indexes were among the top performers in early trade, rising over 0.7% each.
Axis Bank surged as much as 6.5% to hit a record high and was the top gainer on the Nifty 50 index. The private lender reported a better-than-expected 70% jump in second-quarter profit on Thursday.
Oil-to-retail conglomerate Reliance Industries, India’s most valuable company, was up 0.2% ahead of it quarterly earnings results later in the day.
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Global market check
- The Stoxx Europe 600 fell 1.5% as of 9:44 a.m. London time
- Futures on the S&P 500 fell 0.6%
- Futures on the Nasdaq 100 fell 1%
- Futures on the Dow Jones Industrial Average fell 0.5%
- The MSCI Asia Pacific Index fell 1.1%
- The MSCI Emerging Markets Index fell 0.5%
UPL: Announces realignment of existing businesses
#StocksInNews | UPL: Announces realignment of existing businesses #StockMarket #StocksToWatch https://t.co/eOIUevAGCo
— ET NOW (@ETNOWlive) 1666339828000
HDFC Life Q2 Results: PAT at Rs 326 cr vs ET NOW poll of Rs 345 cr
Motilal Oswal Q2FY23: Board approves fundraising of up to Rs 2,000 cr
#EarningsWithETNOW | Motilal Oswal Q2FY23: Board approves fundraising of up to Rs 2,000 cr #StockMarket… https://t.co/FfAo8SMwtP
— ET NOW (@ETNOWlive) 1666338526000
Bajaj Finserv Q2 Results
PAT at Rs 1560 crore, up 39% YoY: Agencies
Mphasis slumps on subdued quarterly performance; stock down 5%
Mphasis Ltd’s shares down as much as 5.2% at Rs 2,036, its sharpest intraday pct loss since Aug. 23. It emerged as the top loser on Nifty IT index. Mphasis on Friday reported its consolidated profit jumped 22.6% to Rs 418 crore for Q2. Reliance Securities said that co reported a subdued 2QFY23 performance, below the broker’s estimates across all parameters.
European shares drop as inflation, slowdown fears grip markets
A slew of recent inflation reports and data indicating a strong U.S. labour market have dealt a blow to hopes of the Federal Reserve and other major central banks toning down their hawkish policy approach anytime soon. Adding to the jitters was U.S. social media company Snap Inc’s bleak fourth-quarter outlook that sounded alarm bells about a hit to advertising from rampant inflation, setting Wall Street up for early losses.
Coal India push for eco-friendly coal transport under phase III
Price as on 21 Oct, 2022 01:08 PM, Click on company names for their live prices.
Defence-related stocks get indigenisation boost
The ‘Fourth Positive Indigenisation List’ of 101 defence items was announced by Prime Minister Narendra Modi on Wednesday, which also means that domestic players related to the multi-billion dollars worth defence segment, will have increased business opportunities.
An analysis of the stocks of companies that have businesses related to the defence space showed that most of them have gained since Wednesday.
Mazagon Dock, Bharat Dynamics, Cochin Shipyard, Mishra Dhatu Nigam, Bharat Electronics, Bharat Forge, Astra Microwave Products and Paras Defence and Space Technologies, are among the companies that have gained as much as 5 per cent in two trading days, Wednesday and Thursday.
Stylam Industries Q2 Results
PAT at Rs 24.21 crore versus Rs 15 crore YoY
Revenue at Rs 246 crore versus Rs 172 crore YoY
Check out the top losers from the metals & mining pack
Price as on 21 Oct, 2022 12:02 PM, Click on company names for their live prices.
BUZZING STOCK | Tracxn Tech rises 4% to new high post listing day
DCX Systems sets IPO price band at Rs 197-207/share
DCX Systems, a manufacturer of cables and wire harness assemblies, on Friday announced a price band of Rs 197 to Rs 207 per share for its Rs 500-crore initial public offering (IPO). The initial share-sale will open for public subscription on October 31 and conclude on November 2, the company said. The company has cut the size of its fresh issue of equity shares to Rs 400 crore from Rs 500 crore planned earlier.
IEX trade volume dips over 11% to 23.1 billion units in Jul-Sept
The total trade volume of Indian Energy Exchange (IEX) dipped over 11 per cent to 23.1 billion units in the July-September quarter, compared to the year-ago period, due to supply-side constraints. The total trade volume of IEX was 26 billion units (BU) in July-September 2021, a company statement showed.
Bharat Dynamics Limited (BDL) and Dassault Aviation Pvt Ltd have entered into an MoU for integration of BDL Weapon Systems like Astra & Smart Anti-Airfield Weapon on Rafale Aircraft for Indian Armed Forces and future export market.
Price as on 21 Oct, 2022 11:11 AM, Click on company names for their live prices.
CLSA retained its buy rating on Axis Bank with a target price of Rs 1150. The company reported a big turnaround, and it remains our top pick, said the note.
Price as on 21 Oct, 2022 10:57 AM, Click on company names for their live prices.
India seeks $7.7 billion value for IDBI Bank in stake sale
Indian Air Force & HAL conclude contract for 70 HTT-40 indigenous trainer aircraft worth Rs 6,800 crore
Price as on 21 Oct, 2022 10:33 AM, Click on company names for their live prices.
Ramkrishna Forgings receives an export order worth Rs 121.5 crore for EV component business from a major Swedish OEM
Price as on 21 Oct, 2022 10:24 AM, Click on company names for their live prices.
Dhanlaxmi Bank said its largest shareholders were seeking to curb the spending powers of its chief executive officer, escalating a bitter shareholder battle with the private lender’s management.
Price as on 21 Oct, 2022 10:15 AM, Click on company names for their live prices.
Overseas fund managers nibbled carefully at shares of construction material, power, capital goods, and healthcare companies in the first fortnight of October. They pruned their holdings in financials, IT, and FMCG stocks.
Bank stocks on a roll! Check out the top gainers from the pack
Price as on 21 Oct, 2022 10:07 AM, Click on company names for their live prices.
Market View: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
IT and banks account for the major chunk of India Inc’s profits. After good Q2 results from IT, leading banks are posting very good Q2 numbers indicating that corporate earnings are in line with the optimistic expectations. Q2 results of Axis Bank and ITC have beaten expectations. The PSU bank index has the potential to sustain its outperformance.
Yet another pause near 17580, lends weight to reversal theories. This allows for retesting of key pivots at 17360/12or 17240/180, as maintained in the last two days. Expect bargain hunting though as long as above 17470, but it would take a direct rise past 17580 for revival in upside momentum. Upside targets in such a scenario would be 17700.
– Nifty, Derivative and Rupee comments from Anand James – Chief Market Strategist at Geojit Financial Services
Private lender Axis Bank reported a better-than-expected 70% jump in second-quarter profit on Thursday, as bad loan provisions slid and asset quality improved.
Earnings Impact: Cigarettes-to-hotel conglomerate ITC Ltd posted a 20.8% rise in second-quarter profit that beat estimates, driven by demand for its cigarettes and snacks.
Price as on 21 Oct, 2022 09:30 AM, Click on company names for their live prices.
Voda Idea, Axis Bank, Yes Bank among most active stocks on NSE
Price as on 21 Oct, 2022 09:23 AM, Click on company names for their live prices.
Opening Bell: Sensex jumps 200 points, Nifty above 17,600; Axis Bank rises 4%, ITC 1%
Pre-open session: Sensex rises over 100 points; Nifty above 17,590
Asian shares lower, yields rise on aggressive rate hike jitters
Asian shares tracked Wall Street lower on Friday while Treasury yields scaled 14-year highs as the prospect of aggressive interest rate hikes from the Federal Reserve and recession risks soured investor sentiment.
Quarterly earnings today
Reliance Industries, Hindustan Unilever, Bajaj Finserv, JSW Steel, SBI Life Insurance Company, Hindustan Zinc, SBI Life, HDFC Life and DLF are among companies that will announce their quarterly earnings today.
SGX Nifty signals a muted start
Nifty futures on the Singapore Exchange traded 9.5 points, or 0.05 per cent, lower at 17,510.50, signaling that Dalal Street was headed for a muted start on Friday.
Tech View: Nifty could be forming strong base near 17,400
Headline equity index Nifty found support above the 17,400 zones for the third straight session, indicating the formation of a strong base. The index formed a bullish candle on the daily scale.
Tokyo shares open lower after Wall Street losses
Tokyo shares opened lower Friday, extending losses after falls on Wall Street as US Treasury yields rose, reflecting fresh rate hike worries. The benchmark Nikkei 225 index slipped 0.37 percent, or 101.18 points, to 26,905.78 in early trade, while the broader Topix index fell 0.44 percent, or 8.37 points, to 1,887.04.
Wall Street ends lower as Fed worries outweigh earnings
U.S. stocks closed lower on Thursday as data on the labor market and comments from a U.S. Federal Reserve official reinforced expectations the central bank will be aggressive in hiking interest rates outweighed a flurry of solid corporate earnings.
Oil near flat as inflation concerns contend with potential quarantine easing in China
Oil prices were near flat on Friday, as market participants weighed concerns about steep inflation with optimism that China could see energy demand tick up. Brent crude futures lost 5 cents to trade at $92.33 a barrel by 00:02 GMT. U.S. West Texas Intermediate futures rose 7 cents to trade at $84.58 a barrel. Brent was on track for a weekly gain of 0.7%, while WTI was expected to fall 1.3%.
Rupee closes 21 paise up at 82.79 against US dollar
The rupee rebounded from its lifetime low to close 21 paise higher at 82.79 against the US dollar on Thursday amid weakness in the greenback overseas.
Sensex, Nifty on Thursday
The 30-share Sensex ended 95.71 points higher at 59,203, while its broader peer Nifty50 ended above the 17,550 level.