Indices end at record closing high; Nifty settles Oct expiry above 10,300

All that happened in the market today

9:05 AM

Stay long on Nifty with stop at 10,150

 

The market hit new highs on Wednesday on the back of the massive recapitalisation plan. Bullish global trends also helped to keep sentiments high. The Nifty hit a high of 10,340 before seeing profit booking. Although FPIs (foreign portfolio investors) didn't really buy in meaningful quantity, retail and domestic institutional buying in PSU banks pushed the market to new highs. 

 

Obviously, the new highs confirm the long trend remains bullish and momentum may have accelerated. However, this is a new zone so, target setting is near-impossible. READ MORE

9:01 AM

Top technical calls from Prabhudas Lilladher

 

BUY INDIA CEMENTS     

CMP: Rs 189.95        

TARGET: Rs 215       

STOP LOSS: Rs 177

 

BUY JP ASSOCIATES       

CMP: Rs 20.20       

TARGET: Rs 23      

STOP LOSS: Rs 18.50

Click here for rationale

8:57 AM

Nifty View by Prabhudas Lilladher

 

The trend of all periodicities are in green for Nifty, market once again sees participation from many sectors, as we are approaching the expiry of October future contracts. The support for the day is seen at 10,240 while resistance is seen at 10,350.

8:53 AM

HDFC Standard Life Insurance IPO to open on November 7

 

HDFC Standard Life Insurance Company, a subsidiary of mortgage lender HDFC, today said its initial public offer (IPO) will hit the market on November 7.

 

The public issue comprises sale of 1,91,246,050 equity shares, amounting to 9.55% stake, by HDFC Ltd and up to 1,08,581,768 scrips, or 5.42%, holding by Standard Life Mauritius, according to a regulatory filing on stock exchanges.

8:52 AM

36 companies to declare results on Thursday

 

As many as 36 companies are likely to declare results on Thursday including Biocon, Coromandel International, Crompton Greaves, Cummins India, Equitas Holdings, GIC Housing Finance, Indiabulls Ventures, ION Exchange, Jubilant Foodworks, L&T Finance Holdings, Mastek, Mphasis, Shoppers Stop, Yes Bank, United Spirits, Vijaya Bank etc. among others.

8:50 AM

RCom to shut 2G biz

 

Anil Ambani-led Reliance Communications (RCom) has asked 60 per cent of its 81 million customers to migrate from using second generation (2G) services to 4G services, as it was shutting down the 2G business. This comes a day after the beleaguered company said it was shutting down its direct-to-home TV business.

 

The company has also asked around 1,000 employees to leave by the end of November.  READ MORE

8:46 AM

India should have 5-7 large banks ideally: Arvind Subramanian

 

A day after the government announced a massive Rs 2.11 lakh crore capital support initiative, Chief Economic Adviser Arvind Subramanian today made a case for consolidation in the banking space saying the country ideally should have 5-7 large lenders.

 

In an ideal banking world of tomorrow, India needs to have both large public sector and private sector banks, competing domestically and being competitive internationally, he said. READ MORE

8:44 AM

New India Assurance’s Rs 9.6K crore IPO to open on Nov 1

 

New India Assurance’s Rs 9,600 crore initial public offering (IPO) will open on November 1 and close on November 3. The price band has been fixed at Rs 770 to Rs 800 and the IPO will comprise of 120 million shares.

 

At Rs 9,600 crore for a 14.56% stake, the insurance company has been valued at almost Rs 66,000 crore.

8:42 AM

Reliance Nippon Life AMC IPO subscribed nearly five times on Day 1

 

The initial public offering (IPO) of Reliance Nippon Life Asset Management got an overwhelming response on day one, with the issue getting subscribed nearly five times.

 

In terms of day one subscription,this is highest-ever said investment bankers. READ MORE

8:37 AM

Oil Check

US oil prices extended declines on Thursday after government data showed a surprise climb in US crude inventories.

 

NYMEX crude for December delivery CLc1 was down 2 cents at $52.16 a barrel, after ending the last session down 29 cents, or 0.6%. Brent hit an intraday high of $58.74 on Wednesday, moving back towards a 26-month peak marked in late September.

8:35 AM

SGX Nifty

 

The Nifty futures on the Singaporean stock exchange were trading lower by around 25.50 points at 10268, a fall of around 0.25% indicating a flat to negative start for the Indian markets

8:35 AM

Asian stocks stall on Wall Street pullback

 

Asian stocks stalled on Thursday, weighed as Wall Street shares pulled back from record highs, while the euro stretched gains ahead of a European Central Bank policy meeting at which it could take a major step away from accommodative policy

 

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.05%. Australian stocks dipped 0.2% while South Korea's KOSPI lost 0.1%.

 

Japan's Nikkei, which had snapped a 16-day winning run the previous day, rose 0.35%.

8:34 AM

Wall Street ends lower

US stocks fell on Wednesday on a batch of soft quarterly earnings, with the Dow Jones Industrial Average suffering its worst day in seven weeks after rising to a record peak the previous session.

The Dow Jones Industrial Average fell 112.3 points, or 0.48%, to end at 23,329.46, the S&P 500 lost 11.98 points, or 0.47%, to 2,557.15 and the Nasdaq Composite dropped 34.54 points, or 0.52%, to 6,563.89.

8:32 AM

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