Markets turned volatile on Monday with broader indices likes midcap and small cap index continued to plunge lower with losses of more than 2% while Nifty ended on a flat note mainly on back of rebound in Bank Nifty. With Nifty breaching Friday’s low of 18034, selling intensified across the board with advance decline ratio standing at 3:17 by the closing. With lower low after weekly bearish setup in Nifty 500 & MIDSML 400 Index, any rebound is unlikely to sustain and we expect a sharp fall in Nifty 50 on close below 18034. We can expect bull’s dominance to come under threat when Nifty surrenders below 18034 as selling pressure is mainly contributed by Non-Financial segment which was main driver for recovery since April 2021. Results today: Axis Bank, Kotak Mahindra Bank, Bajaj Finance, ABB India, Cipla, Ambuja Cements.
U.S. stocks rose to another record high as traders braced themselves for earnings reports from technology heavyweights including Facebook Inc., while keeping in mind inflation concerns and rising Covid-19 risks. Oil pared gains after hitting $85 a barrel for the first time since 2014 with traders focused on upcoming talks between Iran and the European Union that may lead to a revival of a 2015 nuclear deal.
- Ceat 2Q net income -77% y/y to 419.8m rupees, est. 671.5m; revenue +24% y/y to 24.5b
- HDFC AMC 2Q net income 3.44b rupees, misses est. 3.64b; Revenue +19% y/y to 5.42b
- Indus Towers 2Q net income 15.6b rupees vs. 7.33b y/y, beats est. 14.12b; revenue 68.8b vs. 17.7b
- Kansai Nerolac 2Q et income -38% y/y to 985.4m rupees, misses est. 1.57b
- Quess Corp Raises stake in Stellarslog Technovation to 36.58%
- Tech Mahindra 2Q net income +26% y/y to 13.4b rupees, misses est. 13.58b; revenue +16% y/y to 108.8b
- Bharti Airtel has informed the government that it will opt for the four-year moratorium on payment of AGR and spectrum dues.
- Reliance Jio confirmed operating system and processor details of the JioPhone Next ahead of Diwali launch.
- SpiceJet announces launch of 28 new domestic flights
- Tatas Motors to invest Rs 15,000 crore in electric vehicles
- Biocon eyes $30b US insulin market via its biosimilars
- 3 FIIs – -Vanguard, Quant MF and Norges have collectively acquired 2.64% stake in HFCL.
- Shareholders approve proposal to reappoint Siddhartha Lal as Eicher Motors MD.
- As per media reports, BPCL asset sale delayed as suitors struggle for partners. JLR cuts production at its plants in Slovakia, UK and Austria as chip shortage persists.
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