Markets witnessed sharp sell off on Thursday after domestic buying failed to offset FII selling and Nifty failed to cross important resistance of 18377. The weekly bearish dark cloud cover in Nifty 500 index has finally taken toll on markets with Nifty surrendering & closing convincingly below 18034. With Bank Nifty plunging around 3.5%, the last pillar of strength has collapsed and we can expect follow-up selling in Nifty towards 16250 in the next few days. The FIIs so far have sold around 39000 crore in cash and futures segment for month and Non-institutional investor who on average contributes 45000-65000 crore daily turnover does not hold appetite to support market if Nifty drains below 17000. Results on October 29: BPCL, Adani Power, Dr Reddy’s Labs, Shree Cement, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Barbeque-Nation Hospitality, Bharat Electronics, Cadila Healthcare, CARE Ratings
The Nasdaq Composite advanced 1.4% to 15,448, surpassing its previous record close from early September, while the S&P 500 (+1.0% to 4,596) also notched a new all-time high. The Dow Jones Industrial Average (+0.7% to 35,730) finished in the green, too. European Central bank (ECB) leaves marginal lending facility rate unchanged at 0.25%, says inflation may moderately exceed goal for a transitory period. Oil hits two-week low on Iran talks resuming, U.S. crude build.
Stocks in news
With effect from 1st Nov 2021, IRCTC will be required to share 50% of the revenue earned from convenience fee with Indian Railways. Currently, the share is NIL.
KEC International: The company has bagged orders worth Rs 1,080 crore in the transmission and distribution business.
Adani Total Gas: The company approved to raise up to $750 million via Medium Term Note Programme. The company reported higher consolidated profit at Rs 158.12 crore in Q2FY22 against Rs 134.31 crore in Q2FY21, revenue increased to Rs 686.80 crore from Rs 441.16 crore YoY.
AU Small Finance Bank: The bank reported lower profit at Rs 278.5 crore in Q2FY22 against Rs 321.9 crore in Q2FY21, net interest income jumped to Rs 753.1 crore from Rs 560.6 crore YoY.
Infosys: The company and global energy firm Bp agreed to develop and pilot an energy as a service (EaaS) solution, which will aim to help businesses improve the energy efficiency of infrastructure, and help meet their decarbonization goals.
Wipro: The company and Oracle launched tollway transportation and billing solution.
NTPC: The company reported lower standalone profit at Rs 3,211.9 crore in Q2FY22 against Rs 3,504.8 crore in Q2FY21, revenue jumped to Rs 28,329 crore from Rs 24,677.1 crore YoY.
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