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Profit selling drags Nifty below 11,700 mark Back
(16:53, 15 Oct 2020)

The domestic equity benchmarks crashed on Thursday with the Nifty slipping below the 11,700 mark. Selling was broad based with banks shares losing the most. The barometer index, the S&P BSE Sensex, slumped 1066.33 points or 2.61% at 39,728.41. The Nifty 50 index tumbled 290.70 points or 2.43% at 11,680.35.

Index major Reliance Industries (RIL) tumbled 3.58% to Rs 2205.55. Asian Paints rose 0.32% to 2078. It was the sole gainer in the Sensex pack.

Profit booking emerged after the Sensex jumped 7.43% and the Nifty climbed 6.67% in the past ten days. Global shares tumbled amid rising concerns about resurgent COVID-19 infections and after the US Treasury Secretary dashed hopes of a stimulus package before the US Presidential election.

In the broader market, the BSE Mid-Cap index fell 1.75% and the BSE Small-Cap index lost 1.45%.

Sellers outnumbered buyers. On the BSE, 822 shares rose and 1818 shares fell. A total of 150 shares were unchanged.

The Nifty October 2020 futures were at 11,675, a discount of 5.35 points compared with the Nifty's spot closing of 11,680.35. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 9.14% to 22.0575.

COVID-19:

India reported 8,12,390 active cases of COVID-19 infection and 1,11,266 deaths while 63,83,441 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India. Total COVID-19 confirmed cases worldwide stood at 38,442,524 with 1,091,464 deaths, according to data from Johns Hopkins University.

Numbers to Watch:

The yield on 10-year benchmark federal paper was flat at 5.9% as compared with 5.9% at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 73.3675, compared with its close of 73.31 during the previous trading session.

In the commodities market, Brent crude for December 2020 settlement fell $1.11 at $42.21 a barrel. The contract rose 87 cents, or 2.05% to settle at $43.32 a barrel in the previous trading session.

Foreign Markets:

The US Dow Jones futures were currently down 277 points, indicating a weak start in US market today.

Shares in Asia and Europe declined across the board on Thursday as hopes of US fiscal stimulus before the presidential election faded. Meanwhile, rising coronavirus infections in parts of Europe propelled investors toward safe havens such as gold.

China's consumer price index rose 1.7% in September compared to a year ago, according to the country's National Bureau of Statistics.

The US stock market finished session firmly into negative territory on Wednesday, 14 October 2020, as US Treasury Secretary Steven Mnuchin down played the chances of striking a stimulus deal before the election.

Treasury Secretary Steven Mnuchin said that getting a deal done before the election would be difficult, adding that both sides were still far apart on certain issues. He also noted, however, that Democrats and Republicans are making progress in some areas.

Downbeat comments from Treasury Secretary Steven Mnuchin that deal would not likely be made before the vote added to fragile sentiment following a mixed bag of quarterly earnings reports from major Wall Street lenders.

Buzzing Indian Segment:

The Nifty Bank index slumped 3.36% to 23,072.40. The index rose 1.63% yesterday.

Bandhan Bank (down 5.3%), Bank of Baroda (down 4.04%), IndusInd Bank (down 3.94%), ICICI Bank (down 3.91%), IDFC First Bank (down 3.84%), State Bank of India (down 3.6%), HDFC Bank (down 3.44%), RBL Bank (down 3.35%), Kotak Mahindra Bank (down 3.34%), Federal Bank (down 2.17%), Punjab National Bank (down 1.78%) and Axis Bank (down 1.73%) tumbled.

Lakshmi Vilas Bank fell 2.73%. The bank's board has approved the raising of funds to the tune of Rs 500 crore through a rights issue.

Stocks in Spotlight:

Infosys shed 2.47%. The IT major's consolidated net profit jumped 20.5% to Rs 4,845 crore on a 8.6% rise in revenues to Rs 24,570 crore in Q2 September 2020 over Q2 September 2019.

Sequentially, consolidated net profit rose 14.4% and revenue increased 3.8% in Q2 September 2020 (Q2FY21) over Q1 June 2020 (Q1FY21). Operating profit jumped 16.1% to 6,228 crore in Q2 FY21 over Q1 FY21. Operating margin stood at 25.3% in Q2 FY21, higher than 22.7% in Q1 FY21.

The company has revised FY21 growth guidance upward to 2% to 3% in constant currency term. Operating margin for FY21 is also revised upward in the range of 21% to 23%.

The company announced large deal wins worth $3.15 billion during the quarter. Infosys' Q2 revenue grew year-on-year by 3.2% in dollar terms and grew by 2.2% in constant currency. Digital revenues were at $1,568 million (47.3% of total revenues), year-on-year growth of 25.4% in constant currency.

Infosys declared an interim dividend of Rs 12 per equity share. It fixed 26 October 2020 as record date for interim dividend and 11 November 2020 as payment date.

Tata Elxsi rose 0.47% after the company's consolidated net profit jumped 58.4% to Rs 78.88 crore on 11.5% rise in net sales to Rs 430.18 crore in Q2 September 2020 over Q2 September 2019.

The company's revenue from the software development & services business segment stood at Rs 420.53 crore (up 12.7% YoY). The revenue from the system integration & support services segment was at Rs 9.65 crore (down 23.3% YoY) in the second quarter.

Rane Brake Lining jumped 5.91% after the company's net profit surged 54.7% to Rs 11.5 crore on 3% decline in revenue from operations to Rs 105.34 crore in Q2 September 2020 over Q2 September 2019. The result was announced during market hours today, 15 October 2020.

Meanwhile, the company's board has approved buyback of the company's fully paid-up equity shares of Rs 10 each, from the open market through stock exchange mechanism, for a maximum price of Rs 825 per equity share upto an aggregate amount not exceeding Rs 22 crore.

Goa Carbon added 1.24%. The company reported net loss of Rs 5.03 crore in Q2 September 2020, lower than net loss of Rs 13.77 crore in Q2 September 2019. Net sales slipped 13.3% to Rs 87.93 crore in Q2 September 2020 over Q2 September 2019.

Tata Steel BSL slipped 2.62%. The company posted a consolidated net profit of Rs 341.71 crore in Q2 September 2020, compared with net loss of Rs 243.97 crore in Q2 September 2019. It posted revenue of Rs 5187.30 crore in Q2 September 2020, a 20.31% increase over Rs 4,311.67 crore in Q2 September 2019

NMDC rose 1%. The Cabinet Committee on Economic Affairs (CCEA) has given its 'in-principle' approval to the demerger of Nagarnar Steel Plant (NSP) from NMDC and strategic disinvestment of NSP by selling entire Government of India stake in it to a strategic buyer.

Tata Power rose 0.38%. The company said it has made an application to Sebi for an in-principle approval for creation of the Infrastructure Investment Trust (InvIT). As part of its growth strategy, Tata Power has taken several steps to deleverage the balance sheet and improve the capital structure including creation of an InvIT for its renewables business. The company is progressing on setting up of the InvIT as per the initial laid timelines and is confident of completing this transaction in this financial year.

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NIFTY
Wednesday, October 21, 2020   Adani Ports :  355.35    (+6.40)  ||  Asian Paints :  2114.30    (-4.20)  ||  Axis Bank :  501.45    (+7.50)  ||  B P C L :  349.55    (+6.20)  ||  Bajaj Auto :  3018.00    (+13.80)  ||  Bajaj Finance :  3232.85    (-29.30)  ||  Bajaj Finserv :  5904.15    (-47.70)  ||  Bharti Airtel :  419.00    (+14.00)  ||  Britannia Inds. :  3397.25    (-155.90)  ||  Cipla :  767.10    (+2.80)  ||  Coal India :  115.10    (+1.45)  ||  Divi's Lab. :  3078.95    (-6.80)  ||  Dr Reddy's Labs :  5046.75    (-24.40)  ||  Eicher Motors :  2181.35    (-13.10)  ||  GAIL (India) :  87.65    (+1.95)  ||  Grasim Inds :  791.75    (+14.55)  ||  H D F C :  2048.75    (+33.45)  ||  HCL Technologies :  871.05    (-8.60)  ||  HDFC Bank :  1246.70    (+22.75)  ||  HDFC Life Insur. :  562.70    (-8.30)  ||  Hero Motocorp :  3178.35    (-59.25)  ||  Hind. Unilever :  2163.15    (-9.95)  ||  Hindalco Inds. :  185.95    (+5.15)  ||  I O C L :  76.00    (+0.95)  ||  ICICI Bank :  420.30    (+5.70)  ||  IndusInd Bank :  628.10    (+2.85)  ||  Infosys :  1148.35    (+10.85)  ||  ITC :  167.65    (+0.20)  ||  JSW Steel :  322.95    (+4.25)  ||  Kotak Mah. Bank :  1393.30    (+24.50)  ||  Larsen & Toubro :  924.45    (+7.15)  ||  M & M :  600.85    (-1.40)  ||  Maruti Suzuki :  6861.85    (+17.25)  ||  Nestle India :  16030.85    (-221.70)  ||  NTPC :  82.30    (+1.65)  ||  O N G C :  67.80    (+0.40)  ||  Power Grid Corpn :  163.75    (+6.55)  ||  Reliance Industr :  2124.60    (-31.30)  ||  SBI Life Insuran :  785.35    (-15.40)  ||  Shree Cement :  21147.50    (-37.30)  ||  St Bk of India :  203.75    (+0.70)  ||  Sun Pharma.Inds. :  490.20    (+3.85)  ||  Tata Motors :  130.25    (+0.60)  ||  Tata Steel :  404.05    (+11.65)  ||  TCS :  2675.40    (-63.60)  ||  Tech Mahindra :  845.90    (-3.95)  ||  Titan Company :  1244.70    (+11.20)  ||  UltraTech Cem. :  4629.10    (+84.75)  ||  UPL :  454.20    (-1.75)  ||  Wipro :  343.45    (-3.30)  ||