Markets snap 6-day losing run; Sensex jumps 635 pts, Nifty nears 19,050

Closing Bell on October 27, 2023: Among sectors, the Nifty PSU Bank index jumped 4 per cent today

12:15 PM

Banks offering up to 9 per cent interest: Top fixed deposit rates right now

Unity Small Finance Bank offers 9.5 per cent interest rate on senior citizens fixed deposit for 1001 days tenure as of October 25, 2023. Read

12:00 PM

ALERT :: Shareholders approve appointment of Ambani scions

>> Shareholders approve Isha Ambani's appointment as non-ED with 98.21% votes

>> Shareholders approve Akash Ambani's appointment as non-ED with 98.06% votes

>> Shareholders approve Anant Ambani's appointment as non-ED with 92.75% votes

11:55 AM

Stock of this auto ancillary company has zoomed 142% in last five months

Shares of Talbros Automotive Components (TACL) were locked in the 20 per cent upper circuit on BSE and touched a fresh high of Rs 251.10 on Friday at 10:54 AM. The stock of the auto ancillary company has turned ex-date for a stock split in ratio of 1:5 i.e. 1 stock of face value of Rs 10 each into 5 shares of face value of Rs 2 per equity share. READ MORE

11:46 AM

Maruti Q2 preview: Focus on SUVs, lower costs to aid margins, say analysts

Motilal Oswal Financial Services

The brokerage expects MSIL’s PAT to swell 50.5 per cent YoY to Rs 3,101.5 crore from 2,061.5 crore reported in Q2FY23. Sequentially, the profit would increase from Rs 2,485.1 crore clocked in Q1FY24.  It pegs sales at 552,200 units with realization seen at Rs 68,115 per car. READ MORE
 

11:37 AM

Dues from willful defaulters rose by Rs 100 cr per day since Covid-19 struck

The outstanding amount due from willful defaulters has risen at a pace of over Rs 100 crore daily since March 2019. The amount due from willful defaulters has risen by at least Rs 1.2 trillion since March 2019, i.e. before the Covid-19 pandemic began to spread worldwide, starting with China around four years ago. READ MORE

11:24 AM

Nifty PSU Bank index soars 3% on strong Q2 earnings by PNB, Canara Bank

Shares of public sector banks (PSBs) were are trading higher by up to 6 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade after Punjab National Bank (PNB), Canara Bank and Indian Bank reported a healthy set of numbers for July-September quarter (Q2FY24), with improvement in assets quality. READ MORE

11:13 AM

India Mobile Congress 2023 | Airtel 5G will cover the entire country by March 2024, says Sunil Bharti Mittal

>> Airtel 5G is in 20,000 villages at present

>> Bharti Airtel to begin providing satellite broadband services in India from next month

11:10 AM

India Mobile Congress 2023 | Kumar Mangalam Birla talks about Vodafone Idea's 5G plans

>> Vodafone Idea will initiate significant investments in coming quarters on 5G rollout, 4G expansion

11:07 AM

India Mobile Congress 2023 | PM Modi will inaugurate 100 5G labs, says Ashwini Vaishnaw

>> Will be used in health, innovation, manufacturing sectors

>> India emerging as telecom technology developer, exporter, leader

>> India exporting telecom equipment to over 70 countries 

11:02 AM

India Mobile Congress 2023 | Jio launches Jio Space Fiber, India's 1st ever satellite-based giga fiber service

Reliance Industries’ telecom wing Reliance Jio Infocomm previewed its satellite-based broadband services, JioSpaceFiber, at the India Mobile Congress, which kicked off on October 27. With the service, Jio aims to provide high-speed broadband services to previously inaccessible geographies within India. Jio said the service will be available across the length and breadth of the country at highly affordable prices. READ MORE

11:00 AM

India Mobile Congress 2023 | Jio contributed 85% of 5G capacity, says Akash Ambani

>> Jio has had the fastest 5G rollout and deployed a 5G cell every 10 seconds

>> Jio has launched Air Fibre, which can provide 5G access to unconnected homes

>> India has over 125 million 5G users

10:57 AM

Markets may ignore West Asia events till there's no invasion: Chris Wood

Over the past few weeks, equity markets have reacted sharply to the developments in West Asia with most frontline indices across the globe slipping 1 per cent to 7 per cent. READ MORE

10:44 AM

Honasa Consumer IPO to open on Oct 31; sets price band at Rs 308-324/share

The total offer size comprises a fresh issue aggregating up to Rs 365 crore in equity shares and an Offer for Sale (OFS) of up to 41,248,162 equity shares by selling shareholders (the Total Offer Size). Those offering shares in the OFS include promoters and founders—Varun Alagh and Ghazal Alagh—and investors like Fireside Ventures Fund, Sofina, Stellaris, Kunal Bahl, Rohit Kumar Bansal, Rishabh Harsh Mariwala and Bollywood actor Shilpa Shetty Kundra. READ MORE

10:20 AM

Cipla Q2 result preview :: PAT seen rising 25% YoY; US sales may drop QoQ to $215 mn

Cipla may report 8 per cent YoY growth in domestic sales with US sales pegged at $214 mn, down 4 per cent QoQ. We expect US sales to be driven by lower Revlimid sales ($26 mn), being partially compensated by the gradual ramp-up of Lanreotide and Leuprolide, market share gains in Albuterol and Diclofenac gel.  READ MORE

10:05 AM

Comment :: 'Markets appear to be oversold'

After six continuous days of losses triggered by the elevated bond yields in the US and tensions in West Asia, the market appears to be oversold. Shorting in the FPI overweight segments like banking and IT have contributed significantly to the sharp market correction.
 

The US economy’s resilience is surprising. The Q3 GDP growth at 4.9% means the Fed will continue to be hawkish and the likely ‘higher for longer’ interest rate regime is negative from the stock market perspective.
 

On the positive side, valuations in India, which were high, have now turned fair and in sectors like banking valuations are attractive. This is the time for cherry picking for long-term investors. History tells us that corrections triggered by geopolitical events were opportunities to buy.

Views by: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services