The indexes snapped seven straight sessions of gains in the previous session. The market was closed on Wednesday for a holiday.
Gains in the domestic market, however, are likely to be limited, as global oil prices rose in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports.
India is the world’s third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation.
Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
Asian shares rose on Thursday on hopes that major central banks could start slowing the pace of interest rate hikes in the coming months. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.59% higher and set for third straight session of gains.
In early domestic trading, the Nifty’s metal index , rising 2%, was the best performer among other sectors. JSW Steel Ltd and Hindalco Industries Ltd led gains on the Nifty 50 index, climbing more than 3% each.
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Check out the top gainers in afternoon trade
Price as on 27 Oct, 2022 02:25 PM, Click on company names for their live prices.
STOCK IN FOCUS: INDIGO
#NewsAlert | DGCA allows IndiGo to wet lease wide-body planes for only up to 6 months vs request for up to 2 years… https://t.co/tLwYMXUSrK
— ET NOW (@ETNOWlive) 1666858179000
FMCG stocks trade lower; check out the top losers
Price as on 27 Oct, 2022 01:31 PM, Click on company names for their live prices.
European stocks slip ahead of ECB decision, Credit Suisse drops on turnaround plans
European shares opened lower on Thursday, as investors were cautious ahead of a widely expected interest rate hike from the European Central Bank, while Credit Suisse tumbled after the embattled Swiss bank unveiled restructuring plans. The pan-European STOXX 600 index slipped 0.3%, after closing at a five-week high on Wednesday. Credit Suisse fell 8.5%, after it said it planned to raise 4 billion Swiss francs ($4.05 billion) by selling stock, while slashing thousands of jobs and spinning off its investment bank in an effort to recover from a run of heavy losses.
Tamilnad Mercantile Bank Q2FY23
- PAT at Rs 262 cr vs Rs 191 cr YoY
- NII at Rs 509 cr vs Rs 439 cr YoY
- Operating profit at Rs 389 cr vs Rs 321 cr YoY
Zee Entertainment Enterprises and the Indian unit of Japan’s Sony have agreed to divest three Hindi language channels as part of their deal to create a $10-billion TV behemoth, according to an order by India’s competition regulator.
Price as on 27 Oct, 2022 12:18 PM, Click on company names for their live prices.
Univastu India gets work order of Rs 69.34 crore; stock rises 4%
Price as on 27 Oct, 2022 11:56 AM, Click on company names for their live prices.
AIRTEL AFRICA EARNINGS
#EarningsWithETNOW | Airtel Africa Q2: Cons PAT at $112 mn vs $163 mn QoQ Cons revenue at $1,308 mn vs $1,257 mn Q… https://t.co/NNJ0EZu75Y
— ET NOW (@ETNOWlive) 1666851676000
DABUR CONCALL: Badshah Masala has 4-5% in the core markets
#StocksInNews | @DaburIndia Concall: Badshah Masala has 4-5% in the core markets #StockMarket #StocksToWatch… https://t.co/JSfNyTNTzQ
— ET NOW (@ETNOWlive) 1666851193000
COMMODITY CHECK
#MarketAlert | Iron ore futures slump to lowest since May 2020 on China woes #IronOre #MarketsWithETNOW https://t.co/4LLIxo43KC
— ET NOW (@ETNOWlive) 1666851041000
Shares of Chennai Petroleum Corporation, a subsidiary of Indian Oil Corporation, tumbled 15.3% to Rs 198.30 in Thursday’s intraday trade after the company recorded a 99% sequential decline in standalone profit at Rs 27.88 crore in Q2FY23 as against Rs 2,358 crore in Q1 FY23, impacted by windfall tax on exports.
Price as on 27 Oct, 2022 11:37 AM, Click on company names for their live prices.
Biggest losers from Nifty IT pack
Price as on 27 Oct, 2022 11:16 AM, Click on company names for their live prices.
Market live updates: NMDC stock trades ex-demerger, hits 10% upper circuit
Shares of NMDC rallied 10% during the early trade on Thursday on an adjusted basis after the company demerged its steel business from the core mining business. The company will separately list its steel entity named NDMC Steel after receiving approval from the government for the same.
Global earnings: Strong demand boosts Capgemini’s revenue in Q3
French IT consulting firm Capgemini on Thursday posted a rise in its quarterly revenues, driven by sustained demand for cloud, data and artificial intelligence services and said it feels comfortable with the top end of its full-year targets. The firm, which offers its services to industries ranging from telecoms to aerospace, reported revenue of 5.55 billion euros ($15.8 billion) in the third quarter, up 15.7% year-on-year at constant exchange rates compared to 4.55 billion euros a year earlier.
Market live updates: Bond yields decline as U.S. 10-yr yield drops to 4%
Indian government bond yields fell at the open on Thursday, tracking a sharp decline in U.S. yields, with the 10-year note easing to 4% levels. The benchmark Indian 10-year government bond yield was at 7.3781% as of 0430 GMT. The yield fell seven basis points (bps) to end at 7.4424% on Tuesday. Indian financial markets were shut on Wednesday for a local holiday.
Glenmark Pharmaceuticals Ltd said on Wednesday U.S. FDA has placed the firm’s Baddi facility in the Indian state of Himachal Pradesh under an import alert.
Price as on 27 Oct, 2022 10:16 AM, Click on company names for their live prices.
Looking to move Axis Bank up in terms of its ranking as a bank in India, says Amitabh Chaudhary
#EarningsWithETNOW | "Looking to move @AxisBank up in terms of its ranking as a bank in India," says Amitabh Chaud… https://t.co/nv4GZGzYRv
— ET NOW (@ETNOWlive) 1666845413000
There is a near-term under current of ‘risk-on’ in equity markets globally triggered by expectations that the central banks will start moderating their rate hikes. The cue has come from Canada where their central bank raised rates only by 50 bp against expectations of 75 bp. Markets expect the Fed to moderate rate hikes starting December. Consequently the dollar index has fallen below 110 and the 10-year US bond yield has dipped to 4.03%. This might nudge FPIs to turn buyers imparting strength to the market. Nifty’s recent range of 17500-17800 looks set to be decisively broken on the upper end today. Financials, select autos and capital goods are well set to continue their recent rally. The spike in Brent crude above $95 is a concern.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
NYKAA SLIDES FURTHER, HITS FRESH 52-WEEK LOW
Market live updates: Gland Pharma tumbled 11% after it reported a 20.14 per cent decline in consolidated net profit at Rs 241.24 crore for the second quarter ended September 30, on lower sales and higher expenses. The company had posted a consolidated net profit of Rs 302.08 crore in the same period last fiscal, Gland Pharma said in a regulatory filing.
Price as on 27 Oct, 2022 09:51 AM, Click on company names for their live prices.
JSW Steel USA ties-up financing of US$ 182 million with Intesa Sanpaolo and Banco BPM, includes US$ 70 million under SACE guarantee, for modernizing Baytown Plate Mill facility.
Price as on 27 Oct, 2022 09:40 AM, Click on company names for their live prices.
US economy likely returned to growth last quarter
But for now anyway, the U.S. economy has likely returned to growth after having shrunk in each of the first two quarters of 2022.
At least that’s what economists expect to see Thursday when the Commerce Department issues its first of three estimates of gross domestic product — the broadest measure of economic output — for the July-September period.
Source: AP
Dabur India on Wednesday reported a fall in quarterly profit as higher commodity prices weighed on margins, and said it would acquire a majority stake in spices and seasoning maker Badshah Masala.
Price as on 27 Oct, 2022 09:26 AM, Click on company names for their live prices.
All sectors trade in the green
Opening Bell: Sensex jumps over 350 points, Nifty near 17,800; HDFC rises 2%, Gland Pharma sheds 3%
Alembic Pharmaceuticals receives USFDA final approval for Paclitaxel injection
Price as on 27 Oct, 2022 09:10 AM, Click on company names for their live prices.
INDIAN RUPEE OPENS UP 0.70% AT 82.15 PER U.S. DOLLAR
PREVIOUS CLOSE 82.7250
Pre-open session: Sensex rises 40 points; Nifty above 17,690
Nykaa to announce September quarter earnings on Nov 1
Asia shares jump as investors anticipate smaller interest rate rises
Asian shares rose on Thursday on growing expectations that major central banks could start slowing th pace of interest rate hikes in coming months, while the dollar’s retreat lifted commodities and pushed treasury yields lower.
Quarterly earnings today
SBI Card, Indus Towers, Tata Chemicals, REC, V-Guard Industries, Balaji Amines, Anupam Rasayan, Tamilnad Mercantile Bank, PNB Housing Finance and Aditya Birla Sun Life AMC are among companies that will announce their quarterly earnings today.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 94.5 points, or 0.53 per cent, higher at 17,933, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty forms…
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