Weak global cues, sell-off in RIL, IT drag indices; Sensex tanks 1,066 pts

All that happened in the markets today.

12:28 PM

BUZZING STOCK:: Rakesh Jhunjhunwala picks 1.29% stake in TaMo

12:18 PM

Indo Count Industries extends rally, stock zooms 230% in 3 months

Shares of Indo Count Industries continued at their northward movement, hitting a fresh 52-week high of Rs 135, up 8 per cent on the BSE on Thursday in an otherwise market. The stock was trading higher for the fifth straight day and has rallied 26 per cent during the period. In the past three months, the market price of the company engaged in textiles business, has zoomed 230 per cent, as against 12.5 per cent rise in the S&P BSE Sensex. In the six months, it has surged 402 per cent, as compared to 35.6 per cent gain in the benchmark index. READ MORE

12:04 PM

SECTOR WATCH:: Auto stocks trade higher in an otherwise subdued market

COMPANY	LATEST(rs)	CHG(%)
ASHOK LEYLAND	73.85	0.89
TATA MOTORS	131.15	0.34
M & M	627.10	0.52
TATA MOTORS-DVR	56.40	1.35
EICHER MOTORS	2278.00	1.04

11:58 AM

NEWS ALERT :: Adani Green Energy expands TOTAL JV with Rs 1,632 Cr solar assets acquisition

>> The JV has today completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of Rs 1,632 Cr. With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW.

>> TOTAL, through its step-down subsidiary has invested Rs 310 Cr in the JV for 50% stake in the new acquisition

11:48 AM

'Market risk is temporary, credit risk permanent'

At a time when market participants were struggling with concerns over rising inflation and large government borrowings, such an assuring policy statement would help bring stability, confidence, and renewed enthusiasm in the debt markets. The market now has one less worry on outlook, given the strong intent and demonstrated action by the RBI in the current environment. READ FULL INTERVIEW HERE

11:39 AM

MARKET CHECK

11:38 AM

World experiencing worst recessions since Great Depression due to Covid: WB

"The recession has been deep, one of the deepest since the Great Depression. And for many developing countries, and for the people in the poorest countries, it is truly a depression, a catastrophic event. It is continuing to add to the ranks of those in extreme poverty," said World Bank Group President David Malpass. READ MORE

World Bank Group President David Malpass

11:31 AM

FPIs hike stake in SBI Cards for second quarter in a row; stock at new high

Foreign portfolio investors (FPIs) increased their stake in SBI Cards and Payment Services for second quarter in a row, buying an additional 16 million shares during July-September quarter (Q3CY20). FPI holding in the company increased to 5.93 per cent in Q3CY20 from 4.23 per cent at the end of June quarter (Q2CY20), according to shareholding pattern disclose by the company. READ MORE

11:21 AM

Sovereign Gold Bond scheme a good hedge against rupee, rising inflation

The Sovereign Gold Bond (SBG) Scheme 2020-21 series has its seventh tranche (SBG 2020-21 Series VII) open and running till Friday. There will be another issue next month. If bought online, this tranche is offered at Rs 5,051/gram with a discounted price of Rs 5,001. The current spot price of gold is Rs 5,055. The SBG has an eight-year maturity period, with redemption allowed after five years. It offers interest unlike the physical metal and it’s dematerialised, which takes care of storage. It has fair liquidity. READ MORE

11:10 AM

Here's why moving averages are a must for your trading model

One of the simplest techniques to gauge the trend of a stock/market is Moving Average. It is classified as the average value of a security over a specified period. Usually, when the price trades above the average, the trend is considered as bullish and when the price falls below the average, the sentiment is said to be bearish. READ MORE  

11:05 AM

Private banks continue to remain the biggest overweight for equity MFs

Experts say the UW stance is on account of Reliance Industries (RIL). “RIL’s weight in the index is nearly 15 per cent. However, the stock remains under-owned, partly due to technical factors,” said a fund manager. Fast moving consumer goods (FMCG) is another space fund managers are underweight on. Experts say the stance stems from valuation and growth concerns. MFs have pruned their holdings in the non-banking financial companies (NBFC) too, going 240 basis points (bps) underweight. READ MORE

10:55 AM

Top losers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
MINDTREE	1483.60	-4.50
INFO EDG.(INDIA)	3601.85	-3.88
TECH MAHINDRA	817.75	-3.67
HCL TECHNOLOGIES	861.90	-3.17
PERSISTENT SYS	1326.05	-3.12

10:42 AM

Mindtree slips nearly 5% ahead of Q2 nos; here's what brokerages expect

Shares of mid-tier IT company Mindtree slipped as much as 4.73 per cent to Rs 1479.9 in the morning trade on the BSE on Thursday ahead of its September quarter results (Q2FY21) announcement due later in the day. At 10:25 AM, the stock was trading nearly 4.5 per cent lower at Rs 1484.70 on the BSE. In comparison, the benchmark S&P BSE Sensex was trading 151 points, or 0.37 per cent lower at 40,644 levels. READ MORE

10:33 AM

Tata Elxsi surges 5%, hits record high on strong September quarter earnings

Shares of Tata Elxsi rallied 5 per cent and hit a record high of Rs 1,533.55 on the BSE on Thursday after reporting 56 per cent year on year (YoY) growth in profit before tax (PBT) at Rs 110 crore in the July-September quarter (Q2FY21). The company's operational revenues grew 11.5 per cent YoY at Rs 430 crore. On sequential basis, revenues and PBT jumped 7.4 per cent and 17 per cent, respectively. READ MORE

10:26 AM

Wipro: Investors should await growth outperformance, margin gains

The stock of Wipro, the best performing tier-I information technology company over the past six months, was down close to 7 per cent on Wednesday. The Street believes that Wipro’s risk-reward trade-off might have turned unfavourable, given the sharp gains and higher valuation. READ MORE