Foreign institutional investors (FII) bought shares worth Rs 263.68 crore, while domestic institutional investors (DII) purchased Rs 112.55 crore worth of stocks on October 17.
News Alerts 🔔🔔🔔🔔
Motor Vehicles Act: DFS asks pvt insurance companies for compliance drive
The Department of Financial Services on Tuesday asked private sector general insurance companies to coordinate with state governments and the Ministry of Road Transport and Highways to initiate a special drive to ensure compliance with the Motor Vehicles Act. In a meeting with the General Insurance Council and the chief executives of private sector general insurance companies chaired by DFS secretary Vivek Joshi, "several critical issues having implications for the general insurance sector" were discussed. Joshi also asked the private insurers to collaborate with the Ministry of Health to increase cashless facilities and standardisation of treatment costs to boost the growth of health insurance. "After fruitful deliberations and focused exchange of opinions on these matters, Joshi directed DFS officials to take them up actively for resolution. It was also decided that regular meetings will be held with the industry—both private and public sector—so that the growth and development of the insurance sector is facilitated with continuous collaborative efforts," the finance ministry said in a statement.
India to spend Rs 143 trillion in infrastructure by 2030, says Crisil
India’s investments in infrastructure will rise to Rs 143 trillion between financial years 2024 and 2030, analytics firm CRISIL said on Tuesday. It will be more than twice the Rs 67 trillion spent in the past seven financial years, the rating agency said during its flagship India Infrastructure Conclave 2023 held in New Delhi on Tuesday. CRISIL’s Managing Director and CEO Amish Mehta estimates India to be the fastest expanding large economy with an average gross domestic product growth rate of 6.7 per cent through FY31. “Per capita income is seen rising from $2,500 to $4,500 by fiscal 2031, creating a middle-income country,” Mehta said, adding that this growth would be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability." Green investments are expected to reach Rs 36.6 trillion, a fivefold rise from 2017, Mehta said. “The next phase of infrastructure development will be marked by growth in the average ticket size of projects and a significant number of mega-scale projects. Appropriate and consistent policy and regulatory interventions and focus on timely execution build an attractive case for various stakeholders to accelerate investments across infrastructure sectors,” the firm said.
Semiconductor, deep tech to be in focus at the India Mobile Congress
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers. Deep tech, semiconductors, manufacturing, broadcasting, green energy, innovation centres, and public-sector enterprises will be focal areas, Ramakrishna said. The event, beginning October 27, will also showcase advancements in 5G networks, the increasing use of artificial intelligence (AI) in telecommunications and other domains, edge computing, Industry 4.0, and the emergence of the India stack of technologies. The IMC describes itself as the largest telecom, media, and technology forum in Asia, jointly organised by the Department of Telecommunications and the Cellular Operators Association of India. With the theme of ‘Global Digital Innovation’, the marquee event is expected to play a major role in positioning India as a technology developer, telecom manufacturer and exporter this year.
Commodities Play
Gold – Rs 60980/10gm, Silver – Rs 71540/kg, Brcrude – Rs 7193/barrel, Natural Gas – Rs 256.3/mmBtu, Copper – Rs 699/kg.
Motor Vehicles Act: DFS asks pvt insurance companies for compliance drive
The Department of Financial Services on Tuesday asked private sector general insurance companies to coordinate with state governments and the Ministry of Road Transport and Highways to initiate a special drive to ensure compliance with the Motor Vehicles Act. In a meeting with the General Insurance Council and the chief executives of private sector general insurance companies chaired by DFS secretary Vivek Joshi, "several critical issues having implications for the general insurance sector" were discussed. Joshi also asked the private insurers to collaborate with the Ministry of Health to increase cashless facilities and standardisation of treatment costs to boost the growth of health insurance. "After fruitful deliberations and focused exchange of opinions on these matters, Joshi directed DFS officials to take them up actively for resolution. It was also decided that regular meetings will be held with the industry—both private and public sector—so that the growth and development of the insurance sector is facilitated with continuous collaborative efforts," the finance ministry said in a statement.
India to spend Rs 143 trillion in infrastructure by 2030, says Crisil
India’s investments in infrastructure will rise to Rs 143 trillion between financial years 2024 and 2030, analytics firm CRISIL said on Tuesday. It will be more than twice the Rs 67 trillion spent in the past seven financial years, the rating agency said during its flagship India Infrastructure Conclave 2023 held in New Delhi on Tuesday. CRISIL’s Managing Director and CEO Amish Mehta estimates India to be the fastest expanding large economy with an average gross domestic product growth rate of 6.7 per cent through FY31. “Per capita income is seen rising from $2,500 to $4,500 by fiscal 2031, creating a middle-income country,” Mehta said, adding that this growth would be underpinned by massive all-round infrastructure development, with sharp focus on integrating sustainability." Green investments are expected to reach Rs 36.6 trillion, a fivefold rise from 2017, Mehta said. “The next phase of infrastructure development will be marked by growth in the average ticket size of projects and a significant number of mega-scale projects. Appropriate and consistent policy and regulatory interventions and focus on timely execution build an attractive case for various stakeholders to accelerate investments across infrastructure sectors,” the firm said.
Semiconductor, deep tech to be in focus at the India Mobile Congress
The three-day India Mobile Congress (IMC) will showcase the widening convergence of telecom with new domains, such as semiconductors and deep tech, P Ramakrishna, the forum’s chief executive officer, said on Tuesday. With more than 250 global and domestic exhibitors, the seventh edition is expected to draw more than 100,000 visitors this year, he said. There will also be over 5,000 CXO-level delegates and more than 350 speakers. Deep tech, semiconductors, manufacturing, broadcasting, green energy, innovation centres, and public-sector enterprises will be focal areas, Ramakrishna said. The event, beginning October 27, will also showcase advancements in 5G networks, the increasing use of artificial intelligence (AI) in telecommunications and other domains, edge computing, Industry 4.0, and the emergence of the India stack of technologies. The IMC describes itself as the largest telecom, media, and technology forum in Asia, jointly organised by the Department of Telecommunications and the Cellular Operators Association of India. With the theme of ‘Global Digital Innovation’, the marquee event is expected to play a major role in positioning India as a technology developer, telecom manufacturer and exporter this year.
Commodities Play
Gold – Rs 60980/10gm, Silver – Rs 71540/kg, Brcrude – Rs 7193/barrel, Natural Gas – Rs 256.3/mmBtu, Copper – Rs 699/kg.
Corporate News
L&T Tech PAT grows 5.1%, FY24 revenue guidance slashed to 17.5-18.5%.
Bajaj Finance Q2 results: Consolidated net profit up 28% to Rs 3,551 cr.
ICICI Prudential Life Insurance Q2 net profit up 22.4% to Rs 244 crore.
Gift Nifty indicates negative start to Indian markets trading at 19792 levels down by 19 points or 0.10%.
L&T Tech PAT grows 5.1%, FY24 revenue guidance slashed to 17.5-18.5%.
Bajaj Finance Q2 results: Consolidated net profit up 28% to Rs 3,551 cr.
ICICI Prudential Life Insurance Q2 net profit up 22.4% to Rs 244 crore.
Gift Nifty indicates negative start to Indian markets trading at 19792 levels down by 19 points or 0.10%.
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☀️ MORNING UPDATES 🗞️
📗 LAST DAY'S SUMMARY 💯
After severe correction on October 18, the market needs to take support at the 19,600-19,550 area, which coincides with the 50-day EMA (exponential moving average) and upward-sloping support trendline. In case of failure, the index may break the previous week's low of 19,480, whereas, on the higher side, the 19,750-19,850 zone will remain as a resistance for the index. After the rangebound trade with a positive bias in the previous session, the market turned negative with bench mark indices erasing all the previous day's gains. The BSE Sensex plummeted 551 points to 65,877, while the Nifty50 plunged 140 points to 19,671 and formed a long bullish candlestick pattern on the daily timeframe with lower high, lower low formation.
NIFTY (19,671.10)
The key support levels for the Bank Nifty are placed at 19,600.40 followed by 19,550.30 . On the upside, key resistance levels are placed 19,750.40 & 19,800.70 up levels.
BANK NIFTY (43,888.70)
The key support levels for the Bank Nifty are placed at 43,500.40 followed by 43,300.30 . On the upside, key resistance levels are placed 44,100.40 and 44,300.70 up levels.
STOCK RELATED NEWS FROM
LAST DAY
Bajaj Auto: The Pune-based automobile company has reported standalone profit at Rs 1,836.1 crore for the quarter ended September FY24, growing 20 percent over the year-ago period, with better-than-expected operating numbers. Standalone revenue from operations increased by 5.6 percent year-on-year to Rs 10,777.3 crore supported by double-digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving export performance .
IndusInd Bank: The private sector lender has recorded standalone profit of Rs 2,181.5 crore for the quarter ended September FY24, growing 22.09 percent YoY, with a fall in provisions and stable asset quality. Net interest income grew by 18 percent YoY to Rs 5,076.7 crore during the same period, while net interest margin remained flat at 4.29 4.29 percent QoQ but grew 5 bps YoY.
Persistent Systems: The Pune-based technology services company has reported a profit of Rs 263.3 crore for the quarter ended September FY24, growing 15.1 percent sequentially, with revenue rising 3.9 percent to Rs 2,411.7 crore for the quarter. Revenue in dollar terms increased by 3.1 percent QoQ to $291.7 million and topline in constant currency term grew by 3.2 percent, coming in better than analysts' estimates.
📊 RESULTS ON 19 TH OCT 💯
Hindustan Unilever, ITC, Nestle India, UltraTech Cement, Voltas, Coforge, Cyient, PVR Inox, Aarti Drugs, Agro Tech Foods, Equitas Small Finance Bank, Hatsun Agro Product, Havells India, HFCL, Indoco Remedies, Jindal Stainless, Mastek, Metro Brands, Mphasis, Ramkrishna Forgings, South Indian Bank, Tanla Platforms, Tata Coffee, Tata Communications .
💰 FIIs & DIIs DEALS 💴
Foreign institutional investors (FII) sold shares worth Rs 1,831.84 crore, while domestic institutional investors (DII) purchased Rs 1,469.50 crore worth of stocks on October 18.
📗 LAST DAY'S SUMMARY 💯
After severe correction on October 18, the market needs to take support at the 19,600-19,550 area, which coincides with the 50-day EMA (exponential moving average) and upward-sloping support trendline. In case of failure, the index may break the previous week's low of 19,480, whereas, on the higher side, the 19,750-19,850 zone will remain as a resistance for the index. After the rangebound trade with a positive bias in the previous session, the market turned negative with bench mark indices erasing all the previous day's gains. The BSE Sensex plummeted 551 points to 65,877, while the Nifty50 plunged 140 points to 19,671 and formed a long bullish candlestick pattern on the daily timeframe with lower high, lower low formation.
NIFTY (19,671.10)
The key support levels for the Bank Nifty are placed at 19,600.40 followed by 19,550.30 . On the upside, key resistance levels are placed 19,750.40 & 19,800.70 up levels.
BANK NIFTY (43,888.70)
The key support levels for the Bank Nifty are placed at 43,500.40 followed by 43,300.30 . On the upside, key resistance levels are placed 44,100.40 and 44,300.70 up levels.
STOCK RELATED NEWS FROM
LAST DAY
Bajaj Auto: The Pune-based automobile company has reported standalone profit at Rs 1,836.1 crore for the quarter ended September FY24, growing 20 percent over the year-ago period, with better-than-expected operating numbers. Standalone revenue from operations increased by 5.6 percent year-on-year to Rs 10,777.3 crore supported by double-digit volume growth, with the sustained buoyancy on the domestic front cushioning the weak, albeit improving export performance .
IndusInd Bank: The private sector lender has recorded standalone profit of Rs 2,181.5 crore for the quarter ended September FY24, growing 22.09 percent YoY, with a fall in provisions and stable asset quality. Net interest income grew by 18 percent YoY to Rs 5,076.7 crore during the same period, while net interest margin remained flat at 4.29 4.29 percent QoQ but grew 5 bps YoY.
Persistent Systems: The Pune-based technology services company has reported a profit of Rs 263.3 crore for the quarter ended September FY24, growing 15.1 percent sequentially, with revenue rising 3.9 percent to Rs 2,411.7 crore for the quarter. Revenue in dollar terms increased by 3.1 percent QoQ to $291.7 million and topline in constant currency term grew by 3.2 percent, coming in better than analysts' estimates.
📊 RESULTS ON 19 TH OCT 💯
Hindustan Unilever, ITC, Nestle India, UltraTech Cement, Voltas, Coforge, Cyient, PVR Inox, Aarti Drugs, Agro Tech Foods, Equitas Small Finance Bank, Hatsun Agro Product, Havells India, HFCL, Indoco Remedies, Jindal Stainless, Mastek, Metro Brands, Mphasis, Ramkrishna Forgings, South Indian Bank, Tanla Platforms, Tata Coffee, Tata Communications .
💰 FIIs & DIIs DEALS 💴
Foreign institutional investors (FII) sold shares worth Rs 1,831.84 crore, while domestic institutional investors (DII) purchased Rs 1,469.50 crore worth of stocks on October 18.
News Alerts 🔔🔔🔔🔔
India, UK free trade deal unlikely to finalise by month end: Report
India and the United Kingdom (UK) are unlikely to ink the much-anticipated trade deal by the end of October as differences are yet to be ironed out, it is learnt. A top official aware of the development told Business Standard Wednesday late evening that although negotiations are on in full swing, a timeline for a deal cannot be ascertained at this point. In fact, officials from the Indian side are currently in London for negotiations. Both nations missed last year’s Diwali deadline for the deal set by former British Prime Minister Boris Johnson. With general elections in both countries next year, the window for a trade deal is rapidly closing. “A lack of progress” in opening up the Indian markets for British professional services, including law and accountancy firms, is one of the reasons for the delay, a Financial Times report said earlier in the day, quoting unnamed British officials. “The UK and India continue to work towards an ambitious trade deal that works for both countries. We have always been clear we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy,” a British High Commission spokesperson told this newspaper on Wednesday while responding to a query.
Festival season gains momentum, leads to surge in airfares, hotel tariffs
Airfares and hotel tariffs are shooting through the roof as the festival season kicks off. During the Diwali week (November 10-16), airfares on major routes across the country have surged by up to 44 per cent from the previous Diwali week. Robust demand and limited capacity, aided by Go First's insolvency and SpiceJet's financial stress, seem to be driving the extraordinary rise in fares. The average one-way airfare for the Mumbai-Delhi route during the Diwali week is Rs 8,788, up 27.8 per cent compared to the Diwali week of the previous year (October 21-27, 2022). These figures are based on data provided by travel website Ixigo and reflect fares for tickets booked 30-35 days before the travel date. Last Diwali, approximately 668 weekly flights operated on the route. However, despite the increase in demand, this Diwali will see just a 1.2 per cent increase in the number of flights on this route. The absence of Go First, which was operating 80 weekly flights on this route last October, explains the mismatch.
Large banks preparing for maturity of RBI's $5 billion forex swap
Large Indian banks are preparing for a $5 billion forex swap maturing next week by accumulating dollars, with the trading pattern suggesting that lenders do not expect the swap to be rolled over, traders said on Wednesday. The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system, fuelling a potential dollar shortage. In anticipation of this shortage, large banks are raising dollars by conducting USD/INR buy/sell swaps in which they will receive dollars on the spot date (in two working days) and have access to them for the tenure of the contract. "In the run-up, banks will want to take steps that they do not face a dollar crunch. That is why we are seeing significant demand (for buy/sell swaps)," said Sakshi Gupta, principal economist at HDFC Bank. This demand has pulled down one-month rupee forward premiums to near 7 paisa, from 12 paisa late last month, which, in yield terms, is a decline of about 60 basis points.
Commodities Play
Gold – Rs 61540/10gm, Silver – Rs 71860/kg, Brcrude – Rs 7345/barrel, Natural Gas – Rs 256.6/mmBtu, Copper – Rs 700.6/kg.
Corporate News
Wipro posts flat Q2 profit, cuts Q3 revenue growth guidance on weak demand.
BOB suspends senior officials for manipulations involving 'bob world' app.
Glenmark Pharma launches triple-combination drug for Type 2 Diabetes.
Gift Nifty indicates negative start to markets trading at 19572 levels down by 21.5 points or 0.11%.
India, UK free trade deal unlikely to finalise by month end: Report
India and the United Kingdom (UK) are unlikely to ink the much-anticipated trade deal by the end of October as differences are yet to be ironed out, it is learnt. A top official aware of the development told Business Standard Wednesday late evening that although negotiations are on in full swing, a timeline for a deal cannot be ascertained at this point. In fact, officials from the Indian side are currently in London for negotiations. Both nations missed last year’s Diwali deadline for the deal set by former British Prime Minister Boris Johnson. With general elections in both countries next year, the window for a trade deal is rapidly closing. “A lack of progress” in opening up the Indian markets for British professional services, including law and accountancy firms, is one of the reasons for the delay, a Financial Times report said earlier in the day, quoting unnamed British officials. “The UK and India continue to work towards an ambitious trade deal that works for both countries. We have always been clear we will only sign a deal that is fair, balanced and ultimately in the best interests of the British people and the economy,” a British High Commission spokesperson told this newspaper on Wednesday while responding to a query.
Festival season gains momentum, leads to surge in airfares, hotel tariffs
Airfares and hotel tariffs are shooting through the roof as the festival season kicks off. During the Diwali week (November 10-16), airfares on major routes across the country have surged by up to 44 per cent from the previous Diwali week. Robust demand and limited capacity, aided by Go First's insolvency and SpiceJet's financial stress, seem to be driving the extraordinary rise in fares. The average one-way airfare for the Mumbai-Delhi route during the Diwali week is Rs 8,788, up 27.8 per cent compared to the Diwali week of the previous year (October 21-27, 2022). These figures are based on data provided by travel website Ixigo and reflect fares for tickets booked 30-35 days before the travel date. Last Diwali, approximately 668 weekly flights operated on the route. However, despite the increase in demand, this Diwali will see just a 1.2 per cent increase in the number of flights on this route. The absence of Go First, which was operating 80 weekly flights on this route last October, explains the mismatch.
Large banks preparing for maturity of RBI's $5 billion forex swap
Large Indian banks are preparing for a $5 billion forex swap maturing next week by accumulating dollars, with the trading pattern suggesting that lenders do not expect the swap to be rolled over, traders said on Wednesday. The $5 billion dollar/rupee swap that the Reserve Bank of India undertook in April 2022 will mature on Monday, meaning $5 billion can potentially be taken out of the banking system, fuelling a potential dollar shortage. In anticipation of this shortage, large banks are raising dollars by conducting USD/INR buy/sell swaps in which they will receive dollars on the spot date (in two working days) and have access to them for the tenure of the contract. "In the run-up, banks will want to take steps that they do not face a dollar crunch. That is why we are seeing significant demand (for buy/sell swaps)," said Sakshi Gupta, principal economist at HDFC Bank. This demand has pulled down one-month rupee forward premiums to near 7 paisa, from 12 paisa late last month, which, in yield terms, is a decline of about 60 basis points.
Commodities Play
Gold – Rs 61540/10gm, Silver – Rs 71860/kg, Brcrude – Rs 7345/barrel, Natural Gas – Rs 256.6/mmBtu, Copper – Rs 700.6/kg.
Corporate News
Wipro posts flat Q2 profit, cuts Q3 revenue growth guidance on weak demand.
BOB suspends senior officials for manipulations involving 'bob world' app.
Glenmark Pharma launches triple-combination drug for Type 2 Diabetes.
Gift Nifty indicates negative start to markets trading at 19572 levels down by 21.5 points or 0.11%.
Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Good Morning🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏
Namaste🙏
Assalamu alaikkum🙏
Sat Sri Akaal🙏
Kem Cho🙏
Shubo Sakal🙏
Subha Prabhata🙏
శుభోదయం🙏
ಶುಭೋದಯ🙏
శుభోదయం మిత్రులారా🙏
🙏HAVE A BLASTING DAY🙏