Market Beats

Tech Mahindra Ltd. key Products/Revenue Segments include Software Services for the year ending 31-Mar-2020.

NTPC Ltd., incorporated in the year 1975, is a Large Cap company (having a market cap of Rs 120335.63 Crore) operating in Power sector.

“Sectors and stocks that fall less when markets fall and rise more when markets go up: and I think that should be the mantra or that should be the strategy for the next few months.”

IndusInd Bank Ltd., incorporated in the year 1994, is a banking company (having a market cap of Rs 88032.35 Crore).

“The next leg of the market hopefully will come from the domestic cyclicals that includes domestic discretionaries like auto, building materials, cement and last but not the least, financials and banks.”

“Metals, especially steel stocks will be volatile but still a lot of returns can be made over the next six months if Evergrande does not become an issue.”

ICICI Lombard General Insurance Company Ltd., incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 80346.76 Crore) operating in Financial Services sector.

Jhunjhunwala bought 1.39 per cent in the PSU during the April-June quarter. But the stock is on a steady fall after it hit its peak of Rs 151.10 on May 10.

Multi Commodity Exchange of India Ltd. key Products/Revenue Segments include Fees & Other Charges and Other Operating Revenue for the year ending 31-Mar-2021.

The announcement comes as Evergrande, once the country's top-selling developer, inches closer to a key deadline for an interest payment on a dollar bond, with financial markets tense even as investors and analysts played down the threat of its troubles becoming the country's "Lehman moment."

Asian stock markets made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation the Federal Reserve may move a step closer to tapering.

Gold prices were flat on Wednesday amid rising uncertainties triggered by China Evergrande's debt crisis and anticipation of policy cues from the U.S. Federal Reserve on its timeline for reducing stimulus for the world's largest economy.

Further supporting the market, some producers in the Organization of the Petroleum Exporting Countries and their allies, together called OPEC+, are struggling to increase output up to their targeted levels, sources told Reuters. Most of the shortfall is from Nigeria, Angola and Kazakhstan.

Asian stock markets opened mostly lower on Wednesday as the global market tried to digest the crisis at Chinese property giant Evergrande. Markets in Korea and Hong Kong were shut. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.30 per cent.

Based on the existing estimated equity values of ZEE and SPN, the indicative merger ratio would have been 61.25% in favour of ZEE.

Mutual funds might struggle to retain or hire top talent at the middle and lower levels as they implement the capital markets regulator Sebi's circular, which requires key executives to invest in their own schemes beginning October 1.

Sources said that the deal with Tata - Airbus is likely to be signed on Thursday, two weeks after it was given a go ahead by the Cabinet Committee on Security. The signing is likely to include top officials from Tata and Airbus besides the ministry of defence.

Infosys announced its collaboration with digital workflow company ServiceNow to provide enterprise-level service management for customers in manufacturing industries.

UK's Vodafone Plc and Aditya Birla Group are considering all options, including putting in some fresh equity into Vodafone Idea (Vi), to further build on the recent relief package and signal to potential global investors that the telco's future is

India's retail inflation eased to 5.3% in August after hitting a high of 6.3% in May. However, wholesale inflation remained high in double digits at 11.4% last month, highlighting commodity and input cost pressures.

Tata Power has restarted fund-raising efforts for its renewables business, six months after pulling out of negotiations with Malaysia's Petronas for a potential $2 billion investment.

In another transaction, Societe Generale bought 8.5 million shares of SBI cards at Rs. 1,021 apiece through a bulk deal on the NSE.

The Fed has promised not to cut back on the $120 billion of Treasuries and mortgage-backed securities it is buying each month until it sees "substantial further progress" toward its goals of maximum employment and 2 per cent inflation.

As per a regulatory filing by One97 Communications (OCL), about 20 more employees have converted their ESOPs into a total of 5,45,735 shares.

India's likely inclusion in global bond indices is likely to draw as much as $250 billion of inflows over the next decade and reduce the cost of borrowing by as much as 50 basis points for the government, forecasts Morgan Stanley.

Those bonds are likely to offer 6.45-6.55 percent with seven-year maturity, three people familiar with the matter told ET.

Mazhar Mohammad of Chartviewindia.in said that even as Nifty50 recoiled smartly from the intraday day low of 17,326, it may still remain vulnerable to selloffs.

The market is likely to continue to consolidate for some more time in a broad range. As long as Nifty is able to defend its most recent base point, it is likely to stat in this broad range between 17,400 and 17,490.

According to Nagaraj Shetti of HDFC Securirites, the present upside bounce from initial moving average support could signal possibility of more upside towards 17,800 levels in the next few sessions on the Nifty50.

Torrent Power has entered into an agreement with CESC Limited, Haldia Energy Ltd and other nominal shareholders for the acquisition of 100 per cent of the share capital of Surya Vidyut Ltd, the statement said. The enterprise value estimated for this acquisition is about Rs 790 crore, subject to closing price adjustments. The acquisition is further subject to customary conditions for transaction closure.

While business resumption is still better than the levels registered prior to the Covid pandemic, mobility indicators are mixed, with other real economy indicators struggling, Nomura Global Markets Research said in a note.

Uncertainty in markets remained high, with defensive sectors including healthcare and consumer staples leading early gains. Both sectors added around 1 per cent.

This was the tranche-1 NCD issue of the housing finance company with a base issue size of Rs 200 crore and a greenshoe option of up to Rs 800 crore.

Technical indicator RSI has turned upwards after forming a positive divergence on a shorter time frame chart, indicating a possible test at 17,630 in the coming session.

For example, 15 years loans are being priced at even lower than 6%, linking with Repo / T-Bill rates. At the same times 10- year government bond is currently trading at 6.2% and by the current pricing trends this could even gravitate towards 6.0% again.

The ITC stock is now up 15 per cent this month, a feat thought near impossible for a stock that couldn’t get itself out of the tight trading range of Rs 200-220 for almost six months. The optimism is real as investors pin hope on strong volume recovery in the cigarette business in coming months aided by the reopening of the economy. ITC investors are firmly atop the momentum bull for now.

State-owned fossil fuel giant CIL has applied too; as have American firms First Solar and CubicPV. ET has seen a copy of the bid document released by the Indian Renewable Development Agency (IREDA), the financing arm of the Ministry of New and Renewable Energy (MNRE).

With the huge surplus of core liquidity –which takes into account liquidity in the banking system and government cash balances – making the reverse repo rate the effective policy rate for money markets, SBI Economic Research points out that when other costs are taken into account, banks are facing significant pressure on margins.

Real estate shares were in demand after the Karnataka government slashed stamp duty. Metals and chemical stocks made a strong comeback. BLS International continued to decline after some fraudulent SMSes and messages, while RPSG Venture saw profit taking.

This mining system had also created pressures miners to run only the latest, fastest, most energy-efficiency computer chips and discard older ones.

Barring the dollar-pegged stablecoins, top cryptocurrencies have declined as much as 40 per cent in just a couple of weeks. Ethereum has dropped the most, up to 39 per cent. It was followed by XRP and Solana, declining 36 per cent each.

Buying was visible on declines and Nifty50 regained strength after a halt of last two sessions. It formed a Bullish Hammer kind of candle on the daily scale and closed with a gain of around 165 points.

Analysts said the recovery from near a short-term moving average was encouraging, but a few technical indicators are still negative, suggesting that the index may be vulnerable to selloffs.

Dream11, which is run by Sporta Technologies aka Dream Sports, also saw its revenue increase by over 2.5 times to Rs 2,070.4 crore in FY20 from Rs 775.5 crore in FY19.

“I am not underplaying the importance of Evergrande in the Chinese financial market. It is the highest leveraged property company in the world, never mind China. But I do not think that the spread from that is going to affect the UK, France or the United States.”

Infosys will leverage its industry cloud blueprints, part of Infosys Cobalt, and deploy ServiceNow Operations Technology Management, to support manufacturing industries as they digitise their factories, floors, and plant operations.