Syndicate Bank to adapt repo rate as external benchmark rate to link new floating rate loans.
Technical View: Nifty forms Spinning Top pattern on weekly scale, indicates consolidation ahead
It was a negative start for the October series. The Nifty 50, after opening moderately lower, traded in the range of previous day's candle throughout the session and closed half a percent lower on September 27.
FIIs and DIIs
FIIs net sold Rs 213.6 crore worth of shares while DIIs net bought Rs 458.68 crore in equities today, as per provisional data available on NSE.
The Indian rupee ended at 70.56 against the US dollar, up 32 paise compared to Thursday’s close of 70.88 a dollar.
Wells Fargo named BNY Mellon’s Charles Scharf as CEO.
IRCTC IPO Opens Next Week
IRCTC is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. During FY19, IRCTC's revenues increased 25 percent to Rs 1,956.7 crore while profit grew 23.5 percent to Rs 272.6 crore over the previous year. The company has a superior financial metrics compared to listed domestic peers such as International Travel House (ITH) and Thomas Cook (India) and it a debt-free company with a cash balance of nearly Rs 1,140 crore.
"At the price band of Rs 315-320, the asking valuation for IRCTC is around 19x P/E (FY19). We believe the valuation is reasonable and the company has the potential to offer higher returns to the investors over the next 12-18 months. We recommend investors with a long-term investment horizon to subscribe to the issue," Way2Wealth said.
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
Technically, Nifty has formed “long legged doji” on weekly basis, which is an indication of uncertainty to prevail and would lead to major volatility in the coming week. Below 11,450, Nifty would quickly fall to 11,300. However, on the other side, 11,610 would play crucial role to lift Nifty towards 11,700/11,750 levels. Except Nifty FMCG, other indices closed lower on daily basis, whereas on weekly basis, along with FMCG sector even Private banks delivered parallel gains over four percent.