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Markets at 10 AM
LIVE market updates: Frontline indices extended their decline and were trading enar the day’s low at around 10:00 AM.
Amid hefty selling in financial stocks, especially IndusInd Bank, HDFC Bank, and Axis Bank, along with heavyweights like RIL and HUL, the benchmark BSE Sensex was down 195 points at 59,873 while the Nifty50 index was testing 17,850.
The volatility index, India VIX, was up over 6 per cent at 16.7 levels.
The broader markets, however, reversed their losses and were trading in the green with the BSE MidCap and SmallCap indices up 0.4 per cent and 0.09 per cent, respectively.
Given this, the overall market breadth was balanced with 1,490 stocks advancing on the BSE as against 1,407 stocks that slipped.
In the currency market, rupee opened stronger at 74.26 per US dollar relative to previous close of 74.46/$.
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Opening Bell
IndusInd Bank was the biggest loser, down 10 per cent, amid reports of lapses in governance and accounting norms related to allegedly ‘evergreen’ loans running into thousands of crores since the outbreak of Covid-19. On its part, IndusInd Bank on Saturday admitted that its micro-finance arm gave nearly 84,000 loans “without customer consent” due to a “technical glitch” in May 21, but denied whistleblowers’ allegations of “ever greening”.
Sun Pharma, Asian Paints, Tata Steel, M&M, HCL Tech, and HDFC Bank were some of the other top drags on the 30-pack index. On the upside, L&T, Kotak Bank, Maruti Suzuki, and Airtel were trading with up to 1 per cent gains.
Sectorally, the Nifty Pharma index was down 2 per cent on the NSE, followed by the Nifty Private Bank index, down 1 per cent.
Individually, Pfizer was trading over 6 per cent higher after the company’s US parent, Pfizer Inc., published a positive result from its Covid-19 pill, which it said reduced hospitalizations and deaths in high-risk patients by 89 per cent.
On the downside, Divis Labs fell 8 per cent as the company’s Ebitda and margin shrank in Q2. Analysts at Jefferies have also downgraded the stock to “hold” citing rich valuations and limited upside.
On the flipside, only the Nifty Media and Auto indices were trading higher, rising up to 0.8 per cent.
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Pre-open session
LIVE market updates:
Domestic equities look set to open on a firm note on Monday amid mixed global cues. The BSE Sensex was up 318 points, or 0.7 per cent, at 60,386 levels in the pre-open session. The NSE Nifty, meanwhile, reclaimed the 18,000-mark at 18,040, up 123 points.
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LIVE market updates: The markets are set to resume normal trading after a four-day break today on Monday amid positive domestic and global cues. At 8:15 AM, SGX Nifty was at 17,993, up 53 points.
Primary market action
Digital payments company Paytm will open its initial public offer (IPO) for subscription on Monday (November 8). The three-day IPO will close on November 10. At $2.46 billion, Paytm IPO is said to be the biggest in India.
Earnings to Watch
3i Infotech Andhra Paper, Aurobindo Pharma, Automotive Axles, Balrampur Chini, Britannia, EID Parry, Fortis Hospitals, Goldiam International, GVK Power, PTC India, RS Software, Shankara Building, Sobha, Tamilnadu Petroproducts and Wockhardt Pharma few of the major companies scheduled to report earnings today.
Global cues
On Friday, the S&P 500 index rose 0.4 per cent, and the Nasdaq added 0.8 per cent. Dow Jones, however, was down 0.1 per cent.
This morning in Asia, the Nikkei was down 0.2 per cent, and the Hang Seng slipped 0.7 per cent. The Kospi had dropped 1.2 per cent while Shanghai and S&P/ASX 200 were also wee bit in red. The Straits Times, however, was up 0.8 per cent.
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