A host of factors such as US President Donald Trump's health bulletins, Supreme Court's verdict on the interest waiver case, Angel Broking shares listing, stock-specific action, oil prices, rupee movement and other global cues, will set the market direction today
Domestic equity market benchmarks BSE Sensex and Nifty 50 gained over 3 per cent last week. Markets are likely to extend gains in the Tuesday’s session with the SGX Nifty up 92 points during the early hours of trade. A host of factors such as US President Donald Trump’s health bulletins, Supreme Court’s verdict on the interest waiver case, Angel Broking shares listing, stock-specific action, oil prices, rupee movement and other global cues, will set the market direction today. “The rebound in banking and financials is a welcome relief as other sectors, by and large, are performing well. Though the breakout above 11,300 in Nifty has again shifted the bias in the favour of bulls, we suggest maintaining a positive yet cautious approach, considering the recent volatility and upcoming events,” said Ajit Mishra, VP – Research, Religare Broking Ltd.
Stocks in focus today
- RIL, Bharti Airtel, Vodafone Idea, Yes Bank, Asian Paints, Lupin, Infosys, Dr Reddy’s stocks in focus
- PNB, Godrej Consumer, Siemens, Kesoram Industries, Solara Active Pharma, Coforge stocks in focus
- If Nifty holds above 14,900, it may touch 15,200, Bank Nifty to remain in positive range; TCS, Airtel in focus
Reliance Industries: Reliance Retail got two more global investors putting in Rs 7,350 crore for a total of 1.6 per cent equity stake. Singapore’s sovereign wealth fund GIC will invest Rs 5,512.5 crore to buy 1.22 per cent share in Reliance Retail while global investment firm TPG will invest Rs 1,837.5 crore to buy 0.41 per cent equity stake, Reliance Industries Ltd said in separate announcements on Friday-Saturday midnight. On Thursday, Abu Dhabi sovereign wealth fund Mubadala Investment Co announced to buy 1.40 per cent in RIL’s retail business.
Tata Steel: China’s steelmaker Jingye Group is exploring a takeover of the UK’s biggest steel producer Tata Steel, Sky News reported citing unidentified banking sources. The group, which had earlier this year bought British Steel, has expressed ‘tentative’ interest to the company’s parent Tata Group and also the UK government.
Angel Broking: The Rs 600-crore Angel Broking IPO, which was subscribed nearly 4 times on the final day of the bidding process, is set to debut on exchanges today. The issue did not get as much investor interest as that of Computer Age Management Services (CAMS) and Chemcon Speciality Chemicals IPOs, which saw 47 times and 149 times subscription, respectively.
TCS: In an exchange filing on Monday, Tata Consultancy Services said that its board of directors will consider a proposal for buyback of equity shares, at its meeting to be held on October 7, 2020. IT bellwether is also scheduled to announce July-September quarter earnings on Wednesday.
Bank stocks: The Centre has agreed in the Supreme Court to waive compound interest (interest on interest) charged on loans of up to Rs 2 crores for a six-month moratorium period announced due to the COVID-19 pandemic
CAMS: On Thursday, Goldman Sachs Asset Management-A/C Goldman Sachs Emerging Market Equity Fund, G S A Mgt LP-A Dev Of G S Co A/C G S Funds Sicav-G S Global Markets Equity Portfolio, Smallcap World Fund Inc, Fidelity Advisor Series VIII Fidelity Advisor Emerging Asia Fund, Fidelity Investment Trust A/C, Fidelity Southeast Asia Fund, NK Securities, Matalia Stock Broking Private Ltd and Canara Robeco Mutual Fund bought shares of Computer Age Management Services (CAMS).