A look at top cues from domestic and international cues that could have a bearing on D-Street.
The bulls managed to regain control over D-Street on Thursday after closing in negative territory in the previous session. The index made a strong bull candle on the daily candlestick charts and closed above 10,000, which augers well for the bulls.
The Nifty closed at 10,096.4 on Thursday. According to Pivot charts, the key support level is placed at 10,014.17, followed by 9,931.93. If the index starts to move higher, key resistance levels to watch out are 10,141.57 and 10,186.73.
The Nifty Bank closed at 24,361.2. Important Pivot level, which will act as crucial support for the index, is placed at 24,095.27, followed by 23, 829.33. On the upside, key resistance levels are 24,510.27, followed by 24,659.33.
Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies:
US markets slip as banks fall after results
US stocks retreated from recent record highs on Thursday as AT&T shares sank after it said it lost subscribers in the last quarter and banks slipped following results from JPMorgan and Citigroup. The Dow Jones Industrial Average fell 31.88 points, or 0.14 percent, to end at 22,841.01, the S&P 500 lost 4.31 points, or 0.17 percent, to 2,550.93 and the Nasdaq Composite dropped 12.04 points, or 0.18 percent, to 6,591.51.
Asia shares firm to near 10-year high
Asian stocks held firm near a 10-year high on Friday thanks to expectations of brisk global growth. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, having gained 3.4 percent so far this month. Japan's Nikkei was little changed.
The Nifty50 futures on the Singapore Stock Exchange were trading 20 points lower at 10106 indicating a flat to negative opening for the domestic market.
Aug IIP at 9-month high; retail inflation eases to 3.28% in Sept
Annual consumer inflation in September marginally eased to 3.28 percent from a year ago, government data showed on Thursday. Industrial production in the country rose to a nine-month high of 4.3 per cent in August in the second month after the new Goods and Services Tax (GST) regime was introduced on July 1, Reuters reported.
Reliance Industries to declare Q2 results on Friday
Reliance Industries is set to declare its Q2 results ending September on Friday. Research and broking firm Edelweiss Financial Services has estimated a strong quarter with standalone PAT of Rs 88 billion, up 7 percent QoQ. It expects GRM at USD 12.4/bbl (up 4 percent QoQ), a USD 4/bbl premium over Singapore benchmark. Edelweiss estimates refining and petchem EBIT to increase 10 percent/4 percent QoQ, respectively, on strong GRMs, petchem capacity ramp‐up and benefits of ethane imports.
TCS Q2 profit rises 8.4% to Rs 6,446 cr
Tata Consultancy Services' second quarter (July-September) earnings beat analysts' expectations on Thursday as consolidated profit rose 8.4 percent sequentially Rs 6,446 crore, backed by robust volume growth and operational performance. Consolidated revenue during the quarter grew by 3.2 percent to Rs 30,541 crore on sequential basis, with volume growth of also 3.2 percent, driven by all industry verticals except retail and CMI. Dollar revenue growth for the quarter was also 3.2 percent at USD 4,739 million.
46 IPOs and counting: Market gives a thumbs-up to most of them
Over the last year and a half, the stock market has been consistently making new highs. The IPO fever seems far from over given the increasing number of applications received by SEBI almost every other day. Investors didn’t mind paying a premium as long as the company had a strong brand recall or a compelling set of fundamentals. With the exception of Avenue Supermarts, stocks that managed to deliver very good returns (minimum 50 percent) from the first day of listing till date aren’t necessarily the ones that delivered a substantial upside on the day they were listed.
Verify credentials of 3 unlisted cos trading in mkts: Sebi
Sebi on Thursday asked brokers to verify the credentials of three unlisted Gujarat- based firms, whose names have been shared by the I-T department as suspected shell firms, before executing any trade for them, PTI reported.
General Insurance IPO subscribed 90% on Day 2
The initial public offer (IPO) of state-owned General Insurance Corporation of India was subscribed 90 percent on the second day of the bidding on Thursday. GIC Re's Rs 11,370-crore IPO received bids for 11,16,79,024 shares against total issue size of 12,47,00,000 shares, data available with the NSE showed.
LIC has bid for shares of GIC Re worth around Rs 7,000-8,000 crore in the latter’s ongoing initial public offer. GIC Re is looking to raise Rs 11,372 crore through its IPO. Going by this, the company has been valued at around Rs 80,000 crore.
RBI proposes forex platform for retail participants
The RBI proposed a scheme to encourage transparent and fair pricing in retail forex market by developing a foreign exchange platform for retail participants along the lines of the FX-Clear platform of Clearing Corporation of India Limited (CCIL), PTI reported.
Bitcoin rockets above $5,000 to all-time high
Bitcoin smashed through the $5,000 barrier for the first time on Thursday, jumping as much as 8 percent on the day as investors shrugged off the latest warnings on the risks of buying into the booming cryptocurrency market, Reuters reported.
Reliance Nippon Life IPO to open on Oct 25
Reliance Nippon Life Asset Management (formerly Reliance Capital Asset Management) has fixed the price band at Rs 247-252 per share for its upcoming initial public offering that is scheduled to open for subscription on October 25 and is expected to raise Rs 1,511.64-1,542.24 crore through the issue that will close on October 27.
13 companies to reports results for the quarter ended Sept
As many as thirteen companies will be declaring their results for the quarter ended September later on Friday which include names like GNA Axles, Kirloskar Oil Engines, Karnataka Bank, MCX India, Reliance Industries and Reliance Naval & Engineering.
Reforms undertaken by India significant: World Bank chief
The reforms undertaken by Prime Minister Narendra Modi have been “significant” and the results would be reflected in the mid- and long-term growth figures, the World Bank chief said on Thursday, Livemint reported.
Govt invites bids from CPSEs for buying NPCC, HSCC
The government has invited bids from central public sector enterprises (CPSEs) for buying its entire shareholding in consultancy firms, NPCC and HSCC, as it looks to bring all advisory business under one outfit, PTI reported.
GST Council to take up real estate in Nov meeting: FM
Real estate, a sector prone to tax evasion, might soon come under the goods and services tax (GST) net. The GST Council would consider this at its next meeting on November 10 in Guwahati, finance minister Arun Jaitley said on Thursday, Business Standard reported.
SIP inflows grow 50% in 1 year
Inflow into mutual funds (MFs) through systematic investment plans (SIPs) has hit another historic high in September. The sector collected Rs 5,516 crore during the month as the number of SIP accounts touched 16.6 million, compared with 13.5 million at the beginning of this financial year, Business Standard reported.
6 stocks under ban period on NSE
Security in ban period for the next trade date under the F&O segment includes companies in which the security has crossed 95 percent of the market-wide position limit. Securities which are banned for trading today include names like BEML, DHFL, Indiabulls Real Estate, JSW Energy, Reliance Communications, and Reliance Capital.
Rupee climbs to 1-week high of 65.08
The rupee appreciated by another 6 paise to end at a fresh one-week high of 65.08 on continued selling of the greenback. Consistent selling of dollars by some foreign banks and unwinding of short-term forward contracts by exporters mainly boosted the rupee trade, PTI reported.
Oil prices end lower; Brent down 1.2%
Oil prices rebounded from earlier losses, but ended lower on the day, after the Energy Department reported a larger-than-expected decline in US inventories and a falloff in weekly production on Thursday. Brent crude oil settled down 69 cents, or 1.2 percent, to USD 56.25 a barrel, Reuters reported.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.