Share Market Highlights 13 October 2023: Sensex sheds 126 pts; Nifty around 19,750; Tata Motors jumps 5%, Axis Bank dips 2%

Equity benchmark indices Sensex and Nifty declined for the second straight session on Friday following selling in banking, financial and select IT shares amid a weak trend in global markets.

The 30-share BSE Sensex dropped by 125.65 points or 0.19 per cent to close at 66,282.74 as 16 of its constituents fell and 14 advanced. The index opened lower and fell further by around 513 points to the day’s low of 65,895.41 in morning deals.

However, a rebound in auto shares helped Sensex trim losses and touch a high of 66,478.90 in the pre-close session before settling lower.

The broader Nifty of NSE fell by 42.95 points or 0.22 per cent to close at 19,751.05, with 27 of its components ending in the red and 23 in the green. Read more.

Indian mutual fund industry has been witnessing a rising trend in terms of contribution from SIPs (systematic investment plans), which has increased by nearly 17 per cent since April 2023 to touch Rs 16,042 crore in September 2023, as against Rs 13,728 crore in April this year clearly indicating an increased appetite among retail investors to invest in equities through mutual fund route, says the latest report by ICRA Analytics, a wholly-owned subsidiary and the analytical wing of ICRA Ltd.

Debt mutual funds witnessed huge surge in net outflows at Rs 1,01 lakh crore in September this year as against net outflows of Rs 25,873 crore in August with 14 out of 16 fund categories witnessing outflows during the month at the back of higher food inflation, squeeze in liquidity condition and spike in US treasury yield leading to outflow.

The rate-pause stance adopted by RBI at the recently concluded Monetary Policy Committee meeting, including the evolving geo-political developments would likely keep the investors cautious in near term. Long-term investors may show interest to enter the market at this elevated level, says Ashwini Kumar, Head Market Data, ICRA Analytics.

The rupee fell 2 paise to settle at 83.26 (provisional) against the US dollar on surging crude oil prices overseas and a downward trend in the domestic equities.

Forex traders said that positive macroeconomic data failed to rev up the local currency, which has been under pressure due to the elevated level of the dollar and sustained withdrawal of foreign funds.

At the interbank foreign exchange, the rupee opened at 83.25 and traded in a narrow range before settling at 83.26 (provisional) against the greenback, 2 paise lower from its Thursday closing level. Read more.

As expected, HDFC Life came out with decent numbers, with consolidated net profit jumping to around 15% YoY, with VNB’s margin standing at 26.4%, marginally higher than the previous quarter. The net premium income and net profit came as per our expectations, which stood at Rs. 14,755 crores and Rs. 376 crores, respectively. We expected the VNB margin to see pressure in Q2FY24 and would continue in the third quarter due to the merger effect with Exide Life.

With introducing two new products in the protection category, robust growth was seen at 28% YoY on a new business premium basis. We believe that in the forthcoming quarters as well, there will be pressure seen in the VNB margins as the company’s focus remains on increasing its market share, and margin neutrality will be attained from the fourth quarter onwards. This can be evident with an uptick of around 10% in the number of individual policies sold, beating industry growth. Thus, our outlook for the life insurer remains positive.

Sikko Industries has been awarded with Certificate and trophy of Achievement for outstanding contribution in Agro Chemicals & Fertilizers Industries under second Annual Pride of Bharat Awards ceremony, 2023 organised by The Universal Media (A high-quality research and analyst), on September 16, 2023 at Park Regis, Goa (India).

Intellect Design Arena, a cloud-native, API-led microservices-based, multi-product Financial Technology company, announced the signing of a digital transformation programme with a universal bank in the Philippines.

Coforge Ltd has approved an allotted of 8,732 equity shares having face value of ₹10 each on exercise of options under Employee Stock Option Plan of the Company. The Company has received Share Application Money on account of the said allotment aggregating to ₹87,320.

The stock declined by 1.88% on the NSE, at ₹5,001.

The board of Utkarsh Small Finance Bank has approved allotment of 95,500 fully paid-up equity shares (90500 options at an issuance price of ₹27 per option and 5,000 options at an issuance price ₹31.80 per option) of face value ₹10.

The stock traded at ₹58.75, up by 5.48% on the NSE.

Qubik Infra on Friday said it has bagged a contract worth ₹105 crore to build a psychiatric hospital at Goa Medical College in Bambolim. (PTI).

India’s edible oil imports increased to 154.69 lakh tonnes (lt) in the first 11 months of the oil year 2022-23 (November to October) from 126.63 lt in the corresponding period of the oil year 2021-22, registering a growth 22.15 per cent.

Keva Europe BV has completed acquisition of balance 19% equity stake in Provier Beheer BV. With the completion of this acquisition, Provier Beheer BV is now wholly owned subsidiary of Keva Europe BV.

S H Kelkar and Company stock is up by 1.53% on the NSE, trading at ₹156.20.

Reliance Home Finance informed the exchange that the company has not issued any Non-Convertible Debentures for the period from April 1,2023 to September 30,2023. The stock is up by 4.44% on the NSE, trading at ₹2.35.

Lupin Ltd has received tentative approval from USFDA for its Abbreviated New Drug Application for Apalutamide Tablets, 60 mg, to market a generic equivalent of Erleada® Tablets, 60 mg of Janssen Biotech, Inc. This product will be manufactured at Lupin’s Pithampur facility in India.

Lupin stock is up by 1.51% on the NSE, trading at ₹1,190.55.

The board of Laurus Labs will meet on Oct. 20 to consider and approve un-audited financial results for the quarter and half year ended September 30, 2023; and to consider the proposal for payment of Interim Dividend for FY 2023-24.

The stock inches up by 0.61% on the NSE, trading at ₹404.05.

BMS Industries Private Ltd, a Wholly-owned subsidiary of Technocraft Industries (India), has received Show Cause Notice (SCN) from GST Department under 73(1) of the Maharashtra Goods & Services Tax Act, 2017 (MGST Act, 2017) & Central Goods & Service Tax Act, 2017 (CGST Act, 2017).

The stock falls by 1.45% on the NSE, trading at ₹2,050.60.

Everlon Financials Ltd is in receipt of trading approval from BSE Limited for 5,77,760 Equiw Shares of ₹10 each to be issued at a premium of ₹15 bearing distinctive numbers from 55,22,241 to 62,00,008 issued to Promoters on a preferential basis.

The stock rises by 5% on the NSE, trading at ₹71.04.

Kolte Patil Developers recorded sales value of ₹1,333 crore during H1 FY24, marking a growth of 64% year-on-year. Sales volumes at 1.91 million sq. ft. improved significantly by 63% in H1 FY24.

The stock rises by 1.85% on the NSE, trading at ₹506.50.

Mayukh Dealtrade Ltd informed the exchange that its board has approved the conversion of 10,00,000 Warrants (Equity Convertible Warrants) into 10,00,000 equity shares of ₹5 each face value fully paid up, at a price of ₹9.20 per share including premium of ₹4.20 per share, upon receipt of warrant conversion exercise amount i.e. 75% (₹6.90 per warrant) and conversion application by warrant holders, the committee allotted 10,00,000 equity shares pursuant to conversion of warrants in ratio of 1 warrant converted into 1 equity shares.

The stock is up by 1.58% on the BSE, trading at ₹13.49.

Tata Consultancy Services Limited’s shares were up by 0.78 per cent after the company has set October 17, 2023 as the record date for its second interim dividend. Earlier this week, the company declared a dividend of ₹9 per equity share of ₹1 each. This dividend will be disbursed on November 7, 2023. Read more

Major gainers: Tata Motors (4.62%); IndusInd (2.62%); Tata Consumers (2.56%); HCL Tech (2.47%); Nestle India (2.07%)

Major losers: Infosys (-2.46%); Axis Bank (-2.01%); Adani Enterprises (-1.71%); SBI (-1.54%); Wipro (-1.41%)

Stocks advanced on BSE at 3 pm on October 13, 2023, were 1,870 against 1,761 stocks that declined; 159 stocks remain unchanged. Total stocks traded were 3,790. The number of stocks that recorded a 52-week high was 264, and those that hit a 52-week low was 19.

Revenue of Indian corporates is estimated to have grown 8-10% on-year in the September quarter, marking the first such improvement in the pace of growth after four quarters.

Revenue was up sequentially, too, by an estimated 150-200 basis points (bps).

An analysis of more than 300 companies (excluding financial services and oil and gas sectors) indicates as much.

Of the 47 sectors CRISIL MI&A Research tracks, nine, accounting for more than 70% of overall revenue, saw a pick-up in on-year growth.

The improvement in revenue growth would have been stronger had it not been for a decline in agri-linked sectors such as fertilisers, industrial commodities such as chlor-alkalis, petrochemicals and commodity chemicals, and aluminium.

Says Aniket Dani, Director- Research, CRISIL Market Intelligence and Analytics “Growth in revenue was largely skewed towards consumer discretionary products and services, where automobiles and the retail sector led the pack, and construction-linked sectors, where companies accrued benefits from an early deployment of capital expenditure by the roads and railways ministries. Truant monsoon proved to be a silver lining here as there were fewer interruptions in construction activity, thereby supporting volume growth even during a seasonally lean period.”

Ashok Leyland has bagged an order from TN STU’s (Tamil Nadu State Transport Undertakings) for 1,666 buses. The stock rises by 1.23% on the NSE, trading at ₹176.65.

Fitch Ratings has affirmed India-based Bharat Petroleum Corporation Limited’s (BPCL) Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB-’. The Outlook is Stable. We have also affirmed BPCL’s senior unsecured rating and the ratings on its outstanding senior unsecured debt at ‘BBB-’. Fitch has also affirmed the rating on subsidiary BPRL International Singapore Pte. Ltd.’s US dollar guaranteed notes at ‘BBB-’.

Fitch equates BPCL’s rating with its largest shareholder, India (BBB-/Stable), under our Government-Related Entities (GRE) Rating Criteria.

The board of Cambridge Technology Enterprises Ltd has approved to invest up to a sum of $4.98 million for acquisition of up to 100% voting rights/control of Appshark Software, Inc., USA. The stock rises by 4.07% on the NSE, trading at ₹70.35.

HDFC Life Insurance Company reported its net profit for the quarter ended September 2023 at ₹376.7 crore as against ₹326.2 crore in the previous year. The stock inches up by 0.60% on the NSE, trading at ₹628.40.

NR Narayana Murthy-led venture capital firm Catamaran Ventures LLP has acquired a 1.12 percent stake in apparel manufacturer Gokaldas Exports, as disclosed in the company’s shareholding data by the end of September.

The Infosys co-founder’s VC firm now holds approximately 6,70,000 equity shares in Gokaldas Exports, with a market value exceeding ₹57 crore (based on the closing price as of October 12). Read more

Easy Trip Planners Ltd’s shares were up by 1.27 per cent after the company reported that its online travel tech platform, EaseMyTrip.com, introduced EasyDarshan to address the spiritual tourism needs of travelers.

EasyDarshan offers curated pilgrimage packages that encompass a range of revered spiritual sites across India.

Royal Orchid & Regenta Hotels announced the opening of its fourth property in Mysore, introducing Regenta Central Javaji, Mysore. The stock declines by 1.59% on the BSE, trading at ₹319.30.

• ​Tata Consumer ​(2.07%)
• ​Nestle India​ (1.98%)
• ​United Spirits​ (1.88%)
• ​Hindustan Unilever​ (0.67%)

Amal Ltd reported its standalone net profit for the quarter ended September 2023 at ₹72.76 lakh as against ₹17.27 lakh in the previous year. The stock surges by 6.61% on the BSE, trading at ₹354.80.

Lupin stock is up by 0.81% on the NSE, trading at ₹1,182.40 after the company received USFDA’s approval for its Abbreviated New Drug Application for Calcium, Magnesium, Potassium, and Sodium Oxybates Oral Solution, 0.5 g/mL, to market a generic equivalent of Xywav® Oral Solution, 0.5 g/mL of Jazz Pharmaceuticals Ireland Limited.

Banco Products stock inches up by 0.53% on the NSE, trading at ₹484.35. Its wholly-owned subsidiary Banco New Energy Cooling Systems has commenced commercial production of its products namely, Heat exchangers for Locomotives at Jambusar, Ankhi, Bharuch, Gujarat.

Integra Engineering India stock jumps by 17.79% on the BSE, trading at ₹264.55. The company had announced capacity addition through 75,180 Square Feet in addition to its existing capacity of 1,78,313 square feet.

The board of Restaurant Brands Asia has approved allotment of 2,90,126 fully paid-up equity shares of face value of ₹10 each under exercise of stock options. The stock declines by 1.36% on the NSE, trading at ₹123.15.

Aaron Industries is planning to set up new manufacturing Unit (Unit-3) in Gujarat, India. The stock inches up by 0.96% on the NSE, trading at ₹280.

Cressanda Solutions has commenced commercial operations for provision of advertisement services in the Eastern Railway trains. The stock rises by 2.05% on the BSE, trading at ₹24.44.

Zomato Ltd informed the exchange that an order has been issued by District Consumer Dispute Redressal Forum (II) Jodhpur against the company. Zomato is in the process of filing an appeal against the order.

The District Commission has imposed a monetary penalty of ₹1,00,000 for violation of Consumer Protection Act, 2019 on Zomato and Mcdonalds (the restaurant partner whose food was delivered through Zomato) and awarded ₹5,000 as cost of litigation.

Zomato stock inches up by 0.77% on the NSE, trading at ₹110.70.

On NCDEX Dhaniya (coriander) December contracts increased by ₹4 to ₹7,128 a quinta. Cumin (jeera) November futures gained ₹980 at ₹55,700 a quintal. Turmeric December contracts by ₹206 to ₹15,904 a quintal.

Landmark Cars Limited is set to establish an MG Motor dealership in the state of Goa. MG Motor India Pvt Ltd has granted Landmark Cars Limited’s wholly-owned subsidiary, Aeromark Cars Private Limited, a Letter of Intent for this dealership.

The new venture will encompass the sales and after-sales services for MG Cars and will mark Landmark Cars’ third MG Motor dealership, following the successful establishments in Indore and Bhopal in Madhya Pradesh. The Goa dealership is expected to become operational within the current quarter. This move signifies Landmark Cars’ entry into its 9th state in India, per the company. Read more

On MCX, gold December futures increased by ₹162 to ₹58,080 per 10 gm. Silver December contracts rose by ₹547 to ₹69,621 a kg. The Indian Bullion and Jewellers Association quoted 22-carat gold used for jewellery at ₹5,664 a gm against yesterday’s closing of ₹5,675.

Gold prices in Asia ruled above $1,875 an ounce after paring its two-week gains on strengthening US dollar and treasury yields. It was last quoted at $1,877.45 an ounce. Silver ruled steady at $22.08 an ounce.

Indian Oil Corporation informed the exchange that Anuj Jain, Director (Finance) of the Company has been designated as the CFO of the Company w.e.f. October 9, 2023. The board has accorded approval to the Investment plan of the JVC for setting up of Renewable Energy Power Plants and approved the equity contribution of upto Rs. 1660.15 crore towards IndianQil’s share of 50% in the equity share capital of the JVC.

The stock trades at ₹91.10, up by 0.89% on the NSE.

The number of new demat accounts opened last month was down marginally at 30.6 lakh against 31 lakh in August.

The addition of demat accounts in September can be attributed to the buoyancy in the market, especially in the broader markets. Also a lot of IPOs since July got listed at a good premium. This may have lured a host of investors into the markets, analysts said.

Total number of demat accounts increased to 13 crore in September.

In September, CDSL continued to gain market share in terms of the total number of demat accounts and also on an incremental demat basis. On a YoY basis, NSDL lost 270 basis points/560 basis points market share in total/incremental demat accounts, according to Motilal Oswal report.

• Jai Corp (19.21%)
• GFL (17.79%)
• ITI (13.83%)
• Zaggle Prepaid Ocean Services (12.84%)
• Sky Gold (12.77%)

The board of Indokem Ltd has approved allotment of 35,62,655 equity shares of ₹10 each fully paid aggregating over ₹3 crore to the shareholders of Refnol. The board has also approved appointment of Catalyst Trusteeship Limited as the trustee for issuance of fractional shares of Indokem Limited.

Indokem stock rises by 1.31% on the BSE, trading at ₹112.25.

Food prices in China declined by 3.2 percent year-on-year in September 2023, much steeper than a 1.7 percent fall in the prior month, pointing to the third straight month of drop.

“Core inflation falls further to 4.5% when compared to 6% during the early part of 2023. With Headline inflation now 100bps above RBI’s comfort level of 4%, it is becoming apparent that the 6.5% repo rate is going to remain as the terminal rate. However, uncertainty over Kharif output, higher Oil prices and the unknown repercussions of the Israel war have completely ruled out any possibility of a rate cut till March 2024. RBI could possibly sit tight till June 2024 as well given that it sees average inflation for Q1 FY25 at 5.2% and then falling proximal to 4% in the ensuing quarters”

Aditya Birla Money reported its net profit for the quarter ended September 2023 at ₹11.92 crore as against ₹9.70 crore in the previous year. The stock rises by 4.82% on the NSE, trading at ₹100.10.

Containe Technologies stock is up by 5% on the BSE, trading at ₹84. The company had secured the approval for registration of the VLT (Vehicle Location Tracking) Devices, Model No: TRPRO 140 for usage in Odisha.

The board of Transformers And Rectifiers (India) has approved allotment of 1,00,00,011 securities pursuant to Preferential Issue at the rate of ₹120 per Equity Share of ₹1 each. The stock slides down by 0.11% on the NSE, trading at ₹175.

Stocks advanced on BSE at 12 noon on October 13, 2023, were 1,836 against 1,648 stocks that declined; 170 stocks remain unchanged. Total stocks traded were 3,654. The number of stocks that recorded a 52-week high was 221, and those that hit a 52-week low was 15.

Major gainers: HCL Tech (2.37%); Tata Consumers (1.62%); IndusInd (1.54%); Nestle India (1.30%); Sun Pharma (0.92%)

Major losers: Adani Enterprises (-3.24%); Infosys (-2.55%); Axis Bank (-2.19%); SBI (-1.75%); Wipro (-1.64%)

SJVN stock rises by 2.75% on the NSE, trading at ₹72.75. Its wholly-owned subsidiary SJVN Green Energy Limited participated in the tariff based competitive bidding conducted by Rajasthan Urja Vikas Nigam Limited (RUVNL) for development of Solar Power Project in the state of Rajasthan.

Thangamayil Jewellery has announced opening of two new branches in Tamil Nadu (Udhagamandalam and Coimbatore). The stock declines by 1.09% on the NSE, trading at ₹1,465.05.

SBC Exports is in receipt of work order from Ministry of Electronics and Information Technology through NICSI, New Delhi (contract worth over ₹41 lakh). The stock rises by 2.31% on the BSE, trading at ₹26.60

KNR Somwarpet Project Infra Private Ltd has received Provisional Certificate of Completion for “two laning with paved shoulder of Magadi to near Somwarpeth, under Karnataka State Highways Improvement Project – III. (worth ₹1,144.50 crore).

KNR Constructions stock is up by 1.04% on the BSE, trading at ₹281.20.

Landmark Cars Ltd has received a Letter of Intent from MG Motor India Pvt Ltd for opening dealership in the State of Goa. The stock trades at ₹794, up by 0.02% on the BSE.

Dodla Dairy informed the exchange about the resignation of Anjaneyulu Ganji as Chief Financial Officer of the company w.e.f. November 30, 2023. The stock is up by 0.52% on the NSE, trading at ₹680.25.

On a MoM basis, the weights of Utilities, NBFCs, PSU Banks, Automobiles, Healthcare, Telecom, and Cement increased, while that of Private Banks, Technology, Consumer, Oil & Gas, and Chemicals moderated.

Utilities’ weight jumped to a 35-month high of 3.8 per cent (plus 30 basis points MoM and +60 bps YoY) in September. Healthcare’s weight climbed for the fourth consecutive month to a 17-month high of 6.8 per cent (+10 bps MoM, +20 bps YoY).

Private Banks’ weight moderated for the third consecutive month to 18.9 per cent (-30 bps MoM, +70bp YoY) in September. Oil & Gas’ weight declined for the fifth consecutive month to 5.7 per cent (-10 bps MoM, -30 bps YoY), the lowest since November 2015.

In terms of value change MoM, divergent interests were seen within sectors: Top 5 stocks that increased in value were NTPC (Rs 4620 crore), L&T (Rs 4450 billion), Bharti Airtel (Rs 4080 billion), Coal India (Rs 3850 billion), and Axis Bank (Rs 3590 billion).

Highest incremental demat account additions since Jan’22.

According to Motilal Oswal Financial Services, the total number of demat accounts increased to 130m in Sep’23. The number of new account additions remained stable MoM at 3.1m in Sep’23, maintaining an average of 2.1m monthly additions in FY23. In Sep’23, CDSL continued to gain market share in terms of the total number of demat accounts and also on an incremental demat basis. On a YoY basis, NSDL lost 270bp/560bp market share in total/incremental demat accounts.

Bank Nifty has begun the session with a gap-down at 44,322 against Thursday’s close of 44,599. It is now hovering around 44,260, down 0.8 per cent.

The negative bias is substantiated by the advance/decline ratio of the index, which now stands at 2/10. IndusInd Bank, up 1.7 per cent, and Federal Bank, up 1.4 per cent, are the only two stocks in the index that are in the green.

On the other hand, Axis Bank and Bank of Baroda, down 2.3 per cent each, have lost the most so far.

• Mphasis (-3.62%)
• Infosys (-2.55%)
• Wipro (-1.73%)
• Tech Mahindra (-1.15%)

The prices of gold and silver have experienced some appreciation, which is attributed to the escalating Israel-Palestine war. This geopolitical tension has unsettled market participants. Meanwhile, the US Dollar and US Treasury yields strengthened as the CPI figures indicate a higher-than-expected rise in US consumer prices, underscoring the current inflationary risks.

Today, the market will be monitoring the evolving situation in the Israel-Palestine conflict. The market will also draw insights from data reports on US Consumer Sentiment and statements from Federal Reserve members.

Participation in gold has marginally reduced during the last trading session, and the overall participation continues to hover at lower levels. This sets the stage for an extended rally in gold as participation increases. We believe that gold remains a favorable investment opportunity at current price levels.

Currently we are looking at a support levels at Rs 56,400. However, a break below this support could open gold for a further downside. On the upside, gold may witness a rally up to Rs 59,500 levels.

Major gainers: ITI (11.91%); AGI (11.87%); Sequent (11.76%); Jai Corp (10.80%); MMTC (9.82%)

Major losers: Adani Enterprises (-3.04%); Mphasis (-2.96%); Linde India (-2.81%); Naukri (-2.55%); Bank of Baroda (-2.43%)

Shares of Adani Group companies slid on Friday after a report by Financial Times said the Group appeared to have imported coal worth billions of dollars above market value and had inflated fuel costs.

Flagship Adani Enterprises slid 3.2 per cent to Rs 2,426 apiece in early trade, while Adani Ports & SEZ was down 1 per cent.

Other losers included Adani Power (1.45 per cent), Adani Total Gas (1.2 per cent),

ACC (1 per cent), Adani Wilmar (0.9 per cent), Adani Energy Solutions (0.8 per cent), Ambuja Cements (0.8 per cent), NDTV (0.4 per cent), and Adani Green Energy (0.2 per cent) respectively.

Nifty 50 and Sensex are trading lower on weak global cues. Both the indices lost about 0.5 per cent each. Sensex is trading at 66,025, while Nifty is at 19,690.

Nifty has declined below the immediate support level of 19,770. However, another important support is at 19,620 and this can limit the downside for the day. Though a dip to test this support during the day is possible, a break below 19,620 is less likely. We expect the Nifty to bounce back from around 19,620 and rise back to 19,800 in the coming days. Read more

MIC Electronics stock is up by 4.98% on the NSE, trading at ₹36.90, after receiving Letter of Acceptance from Hyderabad Division of South-Central Railway Zone for enhancement of passenger amenities at seven stations - Nizamabad, Malakpet, Huppuguda, Kamareddi, Malkajgiri, Mahbubnagar, and Kurnool City. Read more

HDFC Asset Management stock rises by 5.11% on the NSE, trading at ₹2,896.20. The company had offloaded over 2 per cent stake in Persistent Systems. In a disclosure to the stock exchanges, the IT firm said that HDFC Mutual through its various schemes reduced its holding from 5.14 per cent to 3.06 per cent.

Central banks worldwide increased their gold reserves for the third consecutive month in August, adding 77 tonnes to their global official reserves, an increase of 38 per cent from July.

The People’s Bank of China added 29 tonnes to its reserves, bringing its total gold holdings to 2,165 tonnes. The National Bank of Poland added 18 tonnes, boosting its stockpile to 314 tonnes, according to the World Gold Council data.

Other buyers included the Central Bank of Turkey, Uzbekistan, India, Czech National Bank, and Kyrgyz Republic.

The Central Bank of Russia also saw a 3-tonne increase in reserves. However, the Central Bank of Bolivia reportedly “monetised” 17 tonnes of gold, causing a 40 per cent decline in its reserves.

The rupee traded on a flat note at 83.24 against the US dollar in early trade on October 13 as an upward trend in crude oil prices dented investor sentiment despite positive domestic macroeconomic data.

Forex analysts said the Indian currency continued to stay under pressure due to unabated foreign fund outflow amid negative equity markets across Asia.

At the interbank foreign exchange, the rupee opened at 83.25 and stayed in the narrow range of 83.23 to 83.25 against the greenback. It later turned flat at Thursday’s closing level of 83.24 against the dollar.

The rupee had settled 7 paise higher on Wednesday, a day after gaining 3 paise against the American currency.

Domestic equities started on a negative note on Friday, with benchmark Sensex tumbling 341 points as negative global cues and concerns over the quarterly financial performance of IT companies hit investor sentiments.

The broader Nifty too declined in early trade while Asian markets fell amid fears of higher interest rates against the backdrop of a marginal rise in the latest US inflation numbers.

Falling more than 341 points or 0.51 per cent, the 30-share BSE Sensex was at 66,067.31 points. A total of 20 companies in the index, including Infosys and Axis Bank, dropped more than 2 per cent.

The scrip of Infosys, whose September quarter results did not meet Street expectations, was trading at ₹1,426.80 apiece. Read more

Servotech Power Systems has signed MoU with EMCOR Power Solutions to establish 1000 EV Charging Stations in India. The stock is up by 1.22% on the NSE, trading at ₹74.80.

RITES shares up by 3.37% on the NSE, trading at ₹489.30. The company had been granted ‘Navratna’ status by the Union Ministry of Finance .

Mahindra Lifespace Developers stock rises by 1.66% on the NSE, trading at ₹531.90, post acquisition of land approximately 5.38 acres situated at Wagholi, Pune. Read more

Ircon International stock rises by 4.19% on the NSE, trading at ₹141.60 after the company obtained Navratna Status from the Department of Public Enterprise.

Major gainers: HCL Tech (3.36%); Coal India (0.91%); Hero Motocorp (0.87%); Tata Consumers (0.87%); SBI Life Insurance (0.76%)

Major losers: Infosys (-2.58%); Axis Bank (-1.68%); Wipro (-1.10%); Adani Enterprises (-1.06%); SBI (-0.96%)

Aurum PropTech has made an investment of 14% in equity share capital of Kylas Technologies Pvt Ltd, a company incorporated on October 11, 2023.

Eimco Elecon (India) has received work order from JMS Mining Private Ltd worth ₹38.96 crore. Eimco stock rises by 4.16% on the NSE, trading at ₹1,298.

Poonawalla Fincorp informed the exchange that Mahender Bagrodia, Head-Collections, forming part of the Senior Management of the company, has retired early from the services.

Crude oil futures traded higher on Friday morning as the US imposed the first sanctions on owners of tankers carrying Russian oil priced above $60 a barrel to enforce measures meant to punish Russia. The G7 had imposed a price cap of $60 a barrel on tankers carrying Russian crude oil in an effort to punish Russia for its war with Ukraine. At 9.21 am on Friday, December Brent oil futures were at $86.49, up by 0.57 per cent; and November crude oil futures on WTI (West Texas Intermediate) were at $83.53, up by 0.75 per cent. October crude oil futures were trading at ₹6966 on Multi Commodity Exchange (MCX) in the initial trading hour of Friday morning against the previous close of ₹6896, up by 1.02 per cent; and November futures were trading at ₹6876 as against the previous close of ₹6818, up by 0.85 per cent.

Indian benchmark indices, the Sensex and Nifty, began the day on a weaker note, echoing global stock declines driven by U.S. inflation concerns.

As of 9:17 a.m., the BSE Sensex, comprising 30 shares, dropped by 456.79 points to reach 65,951.60. Simultaneously, the NSE Nifty experienced a decline of 115.75 points, trading at 19,678.25.

In the Nifty index, notable gainers included HCL Tech, SBI Life, ONGC, Hero MotoCorp and TCS. However, Infosys, Axis Bank, Wipro, Tech Mahindra and SBI were among the companies that saw a decline in their stock prices.

While India’s September retail inflation decreased to a three-month low of 5.02%, global markets were impacted by the rise in U.S. consumer prices. This led to a downward trend in Wall Street equities, with broader Asian markets following suit.

Oil prices remained stable at around $86 per barrel for the third consecutive session, after surging to $89 earlier in the week due to the ongoing military conflict in the Middle East.

On the investment front, foreign institutional investors continued their selling streak for the 17th consecutive session on Thursday, selling shares worth Rs 1,863 crore. In contrast, domestic investors purchased shares valued at Rs 1,532 crore.

Ashwin Ramani of SAMCO Securities highlights the importance of closely monitoring option activity at the 19,800 Strike level for insights into Nifty’s future direction. This is especially crucial as this strike level has the highest call and put open interest. A breach below the 19,760 level could potentially lead to a gap fill down to 19,700, while a breakout above 19,840 might trigger a swift move toward 19,900.

BGR Energy Systems: The company wins an order worth Rs 112.75 crore from Mangalore Refinery and Petrochemicals for the supply of air-cooled heat exchanges to be delivered by Oct. 9, 2024.

Lupin: The company has received tentative approval from the US FDA to market a generic equivalent of Xywav Oral Solution, of Ireland’s Jazz Pharmaceuticals. The product will be manufactured at Lupin’s Somerset facility in the U.S.

Sun Pharmaceuticals: Sun Pharma’s CEQUA 0.09% phase 4 study data shows sustained improvement in dry eye disease signs and symptoms in patients who switched from Restasis 0.05%.

Dr. Reddy’s Laboratories: The company has been issued Form 483 with nine observations from the U.S. FDA for Bachupally Manufacturing Plant, Hyderabad. The inspection was conducted from Oct. 4 to Oct. 12.

GMR Airports Infrastructure: September passenger traffic was up 23% YoY at 94.16 lakh and aircraft movements were up 14% YoY at 62,230.

IRB Infrastructure Trust: The company has executed definitive agreements with affiliates of Singaporean sovereign wealth fund GIC as financial investors and SPV Samakhiyali Tollway to implement the Rs 2,092 crore Samakhiyali Santalpur BOT project in Gujarat. The Trust will acquire a 99.96% stake in STPL for a total consideration of Rs 116.2 crore.

Airline Stocks: Air passenger traffic grew 18.3% to 1.22 crore in September. Indigo’s market share increased to 63.4% in September from 63.3% in August; Vistara’s share increased to 10% from 9.8%; and AirAsia India’s share fell to 6.7% from 7.1%.

Maruti Suzuki: The company will consider a preferential issue of equity to Suzuki Motor Corp. as consideration for acquiring Suzuki Motor Gujarat.

Tech Mahindra: Company to sell a 33% stake in a South African unit for ZAR 23.95 million (approximately Rs 10.5 crore). Divestment is undertaken to comply with South African Broad-Based Black Economic Empowerment guidelines.

HCLTech: The company clocked the highest ever new bookings of $4 billion in Q2. Its attrition fell to 14.2% vs. 23.8% YoY. An interim dividend of Rs 12 per equity share declared, with the record date set for Oct. 20.

Infosys: Temasek has extended the Infosys-Temasek digital services JV by five years. Infosys’ Q2 FY24 attrition fell to 14.6% vs. 17.3% QoQ. An interim dividend of Rs 18 per equity share was declared, with the record date set for Oct. 25.

REC: Khavda IVA Power Transmission, Rajasthan IV A Power Transmission, and Rajasthan IV C Power Transmission have been incorporated as wholly owned subsidiaries of REC Power Development & Consultancy, each with an authorised share capital of Rs 5 lakh.

Aditya Birla Fashion & Retail: The company invests an additional Rs 75 crore in subsidiary Aditya Birla Digital Fashion Ventures via partly paid equity and preference shares.

Indian shares are set to open lower on Friday, with information technology (IT) stocks in focus after Infosys and HCLTech cut revenue outlooks, while global stocks edged lower on inflation concerns in the U.S.

India’s GIFT Nifty was up 0.06% at 19,687 as of 8:07 a.m. IST, indicating that the Nifty 50 will open below Thursday’s close of 19,794.

While India’s September retail inflation eased to a three-month low of 5.02%, the rise in U.S. consumer prices triggered a slide in global markets. Wall Street equities closed lower overnight, and broader Asian markets declined.

IT stocks, which fell on Thursday following Tata Consultancy Services’ results, are once again in focus after the results of Infosys and HCLTech. - Reuters

Secured Redeemable NCD of face value of Rs 1,000 each for Rs 75 crore (base issue) with green shoe option of up to Rs 150 crore aggregating to Rs 225 crore, which is within the shelf limit of Rs 1100 crore.

The NCDs have been rated “CRISIL AA-/Stable” by CRISIL Limited

The issue closes on October 27.

We expect HDFC Life Insurance to come out with a decent set of numbers on account of new addition of the distribution partners and its enhanced digital capabilities. Also, due to the amalgamation of HDFC Ltd. with HDFC Bank, HDFC Life became a subsidiary of HDFC Bank, and there is likely to be closer alignment in terms of distribution. Due to its merger with Exide Life, there has been an impact seen in VNB’s margin, which is at 26.2%, significantly below its peers; we feel that the life insurer will be able to reach margin neutrality by the end of this year. We see increasing traction in its ULIP segment, which will grow due to positive momentum in the capital market. With new business APE growth expected to be better than the Q1FY24 and an uptick seen in the new product launches in the pension segment, we believe that Q2FY24 results of the life insurer will be decent. The life insurer’s premium collection for September and H1FY24 grew 8% and 15%, respectively, with retail APE growing at 13% YoY. As a result, we expect the company to post a double-digit net premium income and net profit on a YoY basis in Q2FY24

“Infosys Q2 earnings are in line with market expectation but the company trimming its revenue guidance would be negative for the stock. Overall results are not so bad but discounted in prices. FY24 Guidance - revised downwards would put pressure on prices to sustain while it has maintained margins. Technically the last minute fall in prices shows that results were not in favour of bulls, hence a gap down opening between Rs 1400-1420 could be seen in the opening trade.”

Q2-FY24 Preview by Anand Rathi Research Team.

Margin expansion to continue amid rising agri-commodity prices. The IMF has raised its forecast of India’s FY24 GDP by 20bps, to 6.3%. In line with this, we believe Q2 volume growth is expected to come in high single digits despite the festival season falling in Q3. Although costs of certain commodities have inched up, the likely benefit of low-cost stocks would have boosted margin expansion, driving healthy earnings-growth momentum. Large- and small-caps are likely to have outshone mid-caps’ earnings-growth momentum.

Broad-based growth likely. Demand traction is seen in manufacturing and services as can be inferred from the strong PMI of ~57.5 for manufacturing and ~61 for services in Sep’23. Rural demand continued to improve albeit slower, whereas the strong growth trajectory in urban demand has persisted. We believe consumption and investment have done well during the quarter.

Indian markets continue to outshine. Indian equities continued to deliver strong returns in the current fiscal despite global uncertainties. Owing to India’s robust macroeconomic fundamentals, healthy corporate earnings’ performance, continued liquidity flows to equity markets and reasonable valuations (19x FY25e consensus earnings), we believe Indian equity markets are likely to be buoyant in the medium term. The key risk is any escalation of geo-political tensions, which may heighten market volatility in the short term.

Canara HSBC Life Insurance has partnered with Artivatic.AI for simplifying insurance process. Artivatic.AI is an Artificial Intelligence-based Insurtech company (Part of D2C Consulting Service Private Limited) to streamline and simplify the insurance process for the insurance company.

Anand Rathi Wealth Limited reported a consolidated net profit of ₹58 crores for July - Sep 2023 (Q2FY24), an increase of 34% compared to July - Sep 2022 (Q2FY23) and total revenue of ₹189 crores representing an increase of 37% compared to July - September 2022 (Q2FY23). The Company reported a consolidated net profit of ₹111 crores for Apr – Sep 2023 (H1FY24), an increase of 34% compared to Apr – Sep 2022 (H1FY23) and total revenue during same period grew 35% to ₹368 crores.

Auto Sales - Sept’23, with a quote by the Chief Economist and Head of Research, Mr. Suman Chowdhury. Chief Economist & Head - Research, Acuité Ratings & Research Ltd.

“The festive season has expectedly, brought in positive consumer sentiments in the urban areas and along with the upcoming harvest of the kharif crop in the rural areas, should keep PV growth rates healthy in the near term. Further, increased consumer preference towards SUV/MPVs segment, improvement in semiconductor availability and the nearing elections both in multiple states and the central level continue to be sectoral growth drivers.

The festive season has induced a moderate pickup in the domestic demand for 2Ws, as seen from the wholesale volumes and the data reported by FADA. Such numbers can be sustainable only if the kharif crop output doesn’t show any significant shortfall and the rabi sowing happens as per expectations. Similarly, the recovery in 2W export volumes in Sep-23 is encouraging but its sustainability needs to be seen, given the uncertainty and slowdown in the global economy.

Growth of CVs in the domestic market has moderated in the current fiscal after a strong growth in the previous year. While exports continue to face headwinds, industrial activity has seen a steady uptrend in the first half of the year and along with the existing demand drivers namely the step up in public sector expenditure in infrastructure and the continuing penetration of e-commerce services, should translate into better growth rates in the second half the year.”

“Infosys’ Q2FY24 headline numbers were impressive on the back of 2.3% c/c revenue growth on a sequential basis, and EBIT margin increase of 40 bps qoq despite higher subcontracting costs and partial wage revision. The company has posted good net profit numbers and record TCV of US$7.7 bn. However, weak volumes have been fed into the guidance which now stands revised to 1-2.5% from 1-3.5% earlier, while guidance cut once again at the upper end of the band implies flat to 1.9% decline in revenues in the next two quarters. The EBIT margin of 21.2% was ahead of our estimate of 20.6% despite higher pass-through revenues. While net headcount increased by 7.5K employees to 328.7K employee qoq, the headcount decline on yoy comparison stands at 16.5K employees or 5%. Employee utilization of ex-trainees has increased to 81.8% from 81.1% earlier, indicating that utilization has scope to increase further.”

Nifty consolidated in a tight range of 19,780-19,830 throughout the day to close at 19,794, down 17 points.

Both the call & put writers battled out at 19,800 Strike leading to a rangebound movement in the Index today. Since 5th October, the futures open interest has fallen nearly 6% and the price has risen 1%, indicating covering of short positions in Nifty futures.

The option activity at 19,800 Strike is likely to provide cues about Nifty future direction as the maximum call & put open interest is placed at 19,800 Strike. A break below 19,760 level can result in gap filing until 19,700 levels while a breakout above 19,840 can result in a swift move until 19,900 levels.

Move Into Short-Term ASM Framework: Shilchar Technologies, SEPC

Price Band Revised From 10% To 5%: Omaxe

Price Band Revised From 20% To 10%: Prakash Industries

Mangalore Chemicals & Fertilizers: Promoter Zuari Agro Chemicals released pledge of 25 lakh shares on Oct 9 and has created a pledge of 30.69 lakh shares on Oct 10.

Aurobindo Pharma: Promoter RPR Sons Advisors and P Suneela Rani released pledge of 20 lakh shares on Oct 10.

360 One Wam: Norges Bank bought 32.76 lakh shares (0.91%) for Rs 511.2 apiece. Morgan Stanley sold 24.42 lakh shares (0.68%) at Rs 511.2 apiece.

Shalimar Paints: Hella Infra Market bought 24.1 lakh shares (3.33%) at Rs 168.06 apiece, Rajasthan Global Securities bought 22.85 lakh shares (3.16%) at Rs 168.72 apiece, and Graviton Research Capital bought 8.22 lakh shares (1.13%) at Rs 175.12.

Revenue is up 34.19% at Rs 182.58 crore vs. Rs 136.06 crore.

Net profit is up 34.29% at Rs 57.68 crore vs. Rs 42.95 crore.

AUM grew 33.8% to Rs 47,957 crore vs. Rs 35,842 crore

Revenue is up 12.83% at Rs 953.8 crore vs. Rs 845.27 crore.

Ebitda is up 32.54% at Rs 69.08 crore vs. Rs 52.12 crore.

Margins at 7.24% vs. 6.16%

Net loss of Rs 58.37 crore vs. net loss of Rs 59.05 crore

Revenue is up 40.6% at Rs 1047.9 crore vs. Rs 745.3 crore (Bloomberg estimate: Rs 668.9 crore).

Net profit is up 42.62% at Rs 304.5 crore vs. Rs 213.5 crore (Bloomberg estimate: Rs 283.2 crore).

Revenue is up 1.4% at Rs 26,672 crore vs. Rs 26,296 crore (Bloomberg estimate: Rs 29,644.76 crore).

EBIT is up 10.8% at Rs 4919 crore vs. Rs 4438 crore (Bloomberg estimate: Rs 4,748.53 crore).

EBIT margin at 18.4% vs. 16.88% (Bloomberg estimate: 17.62%)

Net profit is up 8.6% at Rs 3,833 crore vs. Rs 3,531 crore (Bloomberg estimate: Rs 3755.47 crore).

Note: FY24 revenue growth guidance was revised lower to 5-6% from 6-8%; FY24 EBIT margin guidance was 18–19%.

Revenue is up 2.8% at Rs 38,994 crore vs. Rs 37,933 crore (Bloomberg estimate: Rs 38,503.14 crore).

EBIT is up 4.8% at Rs 8,274 crore vs. Rs 7,891 crore (Bloomberg estimate: Rs 8,087.59 crore).

EBIT margins are at 21.22% vs. 20.80% (Bloomberg estimate: 21%).

Net profit is up 4.5% at Rs 6,215 crore vs. Rs 5,945 crore (Bloomberg estimate: Rs 6,266.5 crore).

Note: FY24 revenue growth guidance was revised lower to 1-2.5% from 1-3.5%.

CPI

CPI inflation eased to a 3-month low of 5% in September.

Moderation was largely led by correction in vegetables prices and lower LPG prices.

Cereals, Pulses and Spices continued to witness double-digit inflation.

Core inflation fell to the lowest in 3.5 years at 4.6%.

CPI inflation in Q2 FY24 averaged at 6.4%, in line with the RBI’s estimate.

Near-term risks to the inflation outlook have worsened due to volatility in global crude oil prices.

RBI will continue to manage inflationary pressures through its liquidity measures.

IIP:

IIP growth came at a 14-month high of 10.3% in August.

Broad-based growth across sectors and a favourable base supported growth.

Strong performance in infrastructure/construction goods continued with a growth of 14.9%.

Consumer durables output improved to 5.7% in August after two successive months of contraction.

Going ahead, domestic consumption remains critical; healthy momentum in infrastructure/construction goods to remain supportive of industrial activity.

CPI data

As expected, with September’s retail inflation standing at 5%, inflation has finally been brought back to within the RBI’s ideal 2-6% band. This cooling has been partly precipitated by major corrections in vegetable prices. Nevertheless, the near-term picture is less clear when it comes to cereals, spices, and pulses, mainly due to uncertain weather conditions, the current geopolitical situation, and global shortages.

In addition, the oil situation also looks hazy going forward: while prices were initially on the rise due to supply shocks, they could now rise further due to second-order effects of the unexpected Israel-Palestine conflict. Any oil price hikes will have an impact on the non-food component of inflation.

IIP data

With industrial output growth soaring from 5.7% in July to 10.3% in August, India Inc. seems to be doing something very right. The turnaround of the mining sector, which posted a growth of 12.3% after having contracted 3.9% in August 2022, stands out in particular. Manufacturing and electricity outputs have also grown considerably on a YoY basis.

Nevertheless, for the April-August period, beverages (0.7%), leather products (0.2%), wearable apparel (-22.6%), paper products (-4.6%), and several other kinds of products have seen poor manufacturing growth rates. If these sectors can also get back up on their feet soon, we could see surprisingly high overall growth in the near future.

The material easing seen in September CPI to 5.02%, led by a sharp reversal in perishable food prices, is likely to continue in October, resulting in a <5% print. With non-perishables are showing signs of persistence, overall food inflation is likely to remain relatively elevated, with risks from a potential weak kharif harvest as well. Core inflation will ease further in H2FY24, and will undershoot headline inflation by 60-65bps in FY24E. We see FY24E inflation at 5.2% (RBI: 5.4%), with the RBI likely to keep rates on hold ahead, and not precede the Fed in any policy reversal in CY24.

Here are the intraday supports and resistances for widely traded stocks such as Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS and SBI

The outlook is bullish for Sun TV Network. The stock has been in a strong uptrend since April this year. The 2.8 per cent on Thursday indicates that the upmove is gaining momentum. Read more

Current: 5.02%

Previous: 6.83%

India Industrial Production

Current: 10.3%

Previous: 5.7%

Den Networks

HDFC Life

Sai Silk (Kalamandir)

Som Distilleries,

TATA Steel Long Product

Mphasis Corporation, a wholly owned subsidiary of Mphasis, has acquired Sonnick Partners LLC, USA, (d/b/a Silverline) (along with its subsidiaries) for $132.50 million. Sonnick Partners LLC (Doing business as Silverline), is a digital transformation consultancy and Salesforce partner headquartered in New York with over 400 employees. Silverline is focused on consulting and advisory services, implementation, managed services, and specialty capabilities.

HDFC Asset Management Co. Ltd has offloaded over 2 per cent stake in Persistent Systems. In a disclosure to the stock exchanges, the IT firm said that HDFC Mutual through its various schemes reduced its holding from 5.14 per cent to 3.06 per cent. Shares of Persistent Systems closed 0.24 per cent higher at ₹5,775 on the BSE

Strong Numbers

2nd interim dividend of Rs 12.7

Revenues at Rs 1049.crore (Rs 811.1 crore)

PAT at Rs 304.5 crore (Rs 220.80 crore)

Huge QoQ growth uptick

Solid YoY

Q2 EPS at Rs 36.3 vs 25.6

H1 EPS at Rs 62.7 vs 47.5

Norway’s central bank Norges Bank on Thursday bought shares of wealth management firm 360 One WAM Ltd for ₹167 crore through an open market transaction. Meanwhile, Morgan Stanley Investment Funds Emerging Leaders Equity Fund offloaded more than 24.42 lakh shares of 360 One WAM. Details of the other sellers could not be ascertained.

SJVN Green Energy Limited (a wholly owned subsidiary of SJVN Limited) participated in the tariff based competitive bidding conducted by Rajasthan Urja Vikas Nigam Limited (RUVNL) for development of Solar Power Project in the state of Rajasthan. The Letter of Award has been received at a tariff of ₹2.62 / Unit for development of 100 MW Solar Power Project to be situated anywhere in Rajasthan.

The Reserve Bank of India has imposed a penalty of ₹5.39 crore on Paytm Payments Bank Ltd for non-compliance with certain provisions, including Know Your Customer (KYC) norms. The central bank also found non-compliance with certain provisions related to ‘RBI Guidelines for Licensing of Payments Banks’, ‘Cyber security framework in banks’ and ‘Securing mobile banking applications including UPI ecosystem’.

Banco New Energy Cooling Systems Limited, a wholly owned subsidiary of Banco Products (India) Limited, has commenced commercial production of its products namely, Heat exchangers for Locomotives at Jambusar, Ankhi, Bharuch, Gujarat.

Mahindra Logistics said that with respect to appeal filed by the Company with the Telangana VAT Appellate Tribunal against notice of demand and penalty, of Rs 3.50 crore, it has received order passed by the Office of the Addlitional Commissioner of State Tax at Telangana. The Additional Commissioner has granted conditional stay on 50 per cent of the disputed penalty (Rs. 1.75 crore) and directed the Company to pay balance portion of 50 per cent (Rs 1.75 crore) of the disputed penalty with the Appellate Deputy Commissioner, Punjagutta Division, Hyderabad (ADC) excluding the amount which has already been paid by the Company to the ADC.

Buzzing stocks: RITES, BGR Energy, Persistent Systems, MIC Electronics, 360 One WAM, Mahindra Lifespace, Dr Reddy’s Lab, PayTM, Zee Entertainment, GE Shipping, SJVN, Lupin, Mercury EV Tech, Banco Products

KAMAHOLD Bonus issue 4:1\u0009

GENSOL Bonus issue 2:1

Today is last date to buy for bonus/dividend

CASPIAN Final Dividend - Rs. - 0.050

GLS Interim Dividend - Rs. - 22.5000

07:00 CHINA CPI y/y (Expected: 0.2% versus Previous: 0.1%)

12:00 INDIA WPI Inflation y/y (Expected: 0.4% versus Previous: -0.52%)

13:30 U.K. BOE Gov Bailey Speaks

14:30 EURO Industrial Production m/m (Expected: 0.1% versus Previous: -1.1%)

18:30 EURO ECB President Lagarde Speaks

18:30 U.S. FOMC Member Harker Speaks

19:30 U.S. Prelim UoM Consumer Sentiment (Expected: 67.5 versus Previous: 68.1)

BALRAMPUR CHINI

BHEL

DELTACORP

HINDCOPPER

IBULHSGFIN

INDIACEM

L&TFH

MANAPPURAM

PNB

SUNTV

UnitedHealth Group Incorporated (Pre market) (Sector- Healthcare)

J P Morgan Chase & Co (Pre market) (Sector- Financial)

BlackRock, Inc. (Pre market) (Sector- Financial)

Progressive Corporation (Pre market) (Sector- Financial)

Citigroup Inc. (Pre market) (Sector- Financial)

Wells Fargo & Company (Pre market) (Sector- Financial)

PNC Financial Services Group, Inc. (Pre market) (Sector- Financial)

Stocks across Asia registered declines, mirroring the extended losses on Wall Street, as concerns over higher interest rates resurfaced following stable US inflation data.

In morning trading, Japan’s Nikkei 225 index slid 0.27%, or 89.08 points to 32,405.58, with the broader Topix index down 0.84%, or 19.63 points at 2,322.94. South Korea’s KOSPI, a key benchmark, declined by 0.62% to 2,464.40 points, while Australia’s S&P/ASX 100 also saw a 0.18% drop.

This followed Wall Street’s performance on Thursday, with the Dow Jones Industrial Average falling by 0.51% (173.73 points) to 33,631.14, the S&P 500 losing 0.62% (27.34 points) to close at 4,349.61, and the Nasdaq Composite dropping 0.63% (85.46 points) to 13,574.22.

Oil prices rose on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter.

Brent futures rose 36 cents, or 0.4%, to $86.36 per barrel and U.S. West Texas Intermediate (WTI) crude gained 53 cents, or 0.6%, to $83.44 a barrel at 0052 GMT.

Brent is set for a weekly gain of 2.1%, while WTI is set to climb 0.8% for the week, after both contracts surged on Monday on the potential for disruptions to Middle Eastern exports after Hamas’ attack on Israel over the weekend threatened a possible wider conflict.

Prices gave back some of those gains during week. But, on Thursday, the U.S. imposed the first sanctions on owners of tankers carrying Russian oil priced above the G7’s price cap of $60 a barrel, to close loopholes in the mechanism designed to punish Moscow for its invasion of Ukraine. - Reuters

Wall Street’s main indexes closed lower on Thursday after a U.S. Treasury auction sent bond yields higher while investors were already digesting data that showed consumer prices rose more than anticipated in September.

Surging shelter costs pushed consumer prices higher last month while the annual increase in the core figure, excluding volatile food and energy components, was the smallest in two years.

The Dow Jones Industrial Average fell 173.73 points, or 0.51%, to 33,631.14, the S&P 500 lost 27.34 points, or 0.62%, to 4,349.61 and the Nasdaq Composite dropped 85.46 points, or 0.63%, to 13,574.22. - Reuters