Titan’s Management Commentary: In a conversation with CNBC-TV18, the management said, “We are confident that the market will bounce back. The industry has been in a weak position but we will be strongly focused on studded jewellery in the next 2-3 quarters. We are going to open 30-35 stores this year.” The stock, in the meanwhile, was trading over 2 percent lower to Rs 1,181 per share on the NSE.
HAL signs contract with Tech Mahindra: Hindustan Aeronautics (HAL) and Tech Mahindra (TM) signed a contract worth Rs 400 crore recently in Bengaluru for implementation of Enterprise Resource Planning (ERP) to support HAL’s ‘Project Parivartan’. Tech Mahindra’s shares are trading 0.7 percent higher to Rs 795 per share on the NSE.
Rupee Update: The Indian currency slipped in the early trade on Thursday as it opened at lowest level against the dollar since August 27. It opened 17 paise lower at 74.04 per dollar versus previous close of 73.87, amid selling seen in the domestic equity market. On October 28, the local currency ended lower by 16 paise at 73.87 verus Tuesday’s close of 73.71.
ECB to pave way for more stimulus as recession fears grow:The European Central Bank is expected to resist pressure to unveil fresh stimulus measures on Thursday but it will likely pave the way for action in December as fresh restrictions aimed at containing the coronavirus pandemic fuel fears over a new recession.
Having already lined up unprecedented firepower to prop up the 19-member currency bloc’s economy, the ECB is in no hurry to act, as its ongoing bond buying could keep markets calm well into next year. Policymakers also appear keen to push governments to take the lead.
Stock Update: Ajanta Pharma’s gained as much as over 5 percent to Rs 1,680 per share on the NSE after the company said it will decide on the buyback proposal on November 3. That is also the day when the company will declare its quarterly earnings for the July-September period.
Opening Bell: The Indian stock market opened on a negative note on Thursday due to the sour investors’ sentiment in the global markets. The Sensex opened 309 points lower to 39,613.80 while the Nifty50 index opened at 11,637.30, down 92 points. Among Nifty50 top losers, L&T declined over 3 percent after Q2 earnings. Other losers included Tech Mahindra, Tata Motors, Titan and M&M.
Explained: NSDL fiasco on Bharti Airtel
The National Securities Depository (NSDL) fiasco led to big volatility in the Bharti Airtel stock in the morning, at one point in time it was up 12 percent, now it is just up 4 percent, and it has given up most of the gains.
There was a clarification from NSDL on their website that they have increased the FII limit on Bharti Airtel to 100 percent that led to a bit of excitement on the street that maybe this is what MSCI wanted and post this clarification on NSDL website MSCI will reverse the weight cut in Bharti Airtel, but that was not to be the case.
NSDL in a couple of hours changed the decision and said that the FII limit in Bharti Airtel stands at 49 percent. There was a very quick reversal in a couple of hours from NSDL, it seems there was a technical error from the NSDL side on their website.
Here are a few #StocksToWatch out for today.
Also keep an eye on Sharda Crop who’s Q2 revenue was up 31%, EBITDA up 227% & Balaji Amines, co’s revenue was up 24%, EBITDA up 63%.
Navin Fluorine posted strong Q2 earnings; EBITDA up 34% pic.twitter.com/boPRiuirRu
— CNBC-TV18 (@CNBCTV18Live) October 29, 2020
Axis Bank Q2 earnings: Top takeaways
Axis Bank beats street estimates with a Rs 1,682 crore profit for the quarter ending September against a loss of Rs 112 crore in the same quarter last year, owing to a lower tax outgo, lower provisions, loan growth and some modest gains in the fee income business.
Its net interest income, the core income of any bank, grew by more than 20 percent over last year, at Rs 7,326 crore. Net interest margin or NIM stood at 3.58 percent.
If not for the Supreme Court order dated September 3, asking banks to keep accounts that were standard as on August 31, 2020, in standstill, the bank would have reported higher bad loans, with a Gross NPA ratio of 4.28 percent and net NPA ratio of 1.03 percent. Continue reading
Just In: 10 things you need to know before the opening bell on October 29, click here to read
Closing Bell: Sensex ends 600 points lower, Nifty below 11,750; banks, financials drag
Indian shares ended around 1.5 percent lower on Wednesday following in selloff in the global markets, dragged by losses in all key sectors but mainly banks and financials.
Shares around the world tumbled on Wednesday as coronavirus infections grew rapidly in Europe and the United States, igniting fears of possible strict lockdown measures that could damage already fragile economic recoveries.
The Sensex ended 600 points lower at 39,922 while the Nifty fell 160 points lower at 11,730. Broader markets were also lower for the day with the Nifty Midcap and Nifty Smallcap indices down 1 percent each.
On the Nifty50 index, Bharti Airtel, UPL, M&M, Hero Moto and Eicher Motors were the top gainers while HDFC, IndusInd Bank, Adani Ports, Dr Reddy’s and Tech Mahindra led the losses.
All sectors were also in the red for the day. Nifty Bank and Nifty Fin Services dragged the most, around 2 percent each. Meanwhile, Nifty IT, Nifty Metal and Nifty Pharma indices were down between 1 percent and 1.8 percent.
Welcome to our market live blog!
Hi, this is Mousumi Paul from the desk team of CNBC-TV18. I will be giving you out all the fresh updates from the market today.
To begin with, the Indian stock market is expected to open lower on Thursday tracking global markets. At 7:40 am, the SGX Nifty traded 46 points lower at 11,673.50, indicating a negative start for the Sensex and Nifty50.