Rupee Opens:Indian rupee opened lower at 74.98 per dollar on Monday against Friday’s close of 74.89.Dollar pared its losses after Federal Reserve Chairman Powell said central bank was in track to start tapering its stimulus soon but should not yet raise interest rates, said ICICI Direct.Rupee future maturing on October 27 depreciated by 0.02% in Friday’s trading session on risk aversion in domestic markets, FII outflows and steady crude oil prices.
Buzzing:
The company reported sharply higher profit at Rs 34.3 crore in Q2CY21 against Rs 4.8 crore in Q3CY20, revenue fell to Rs 850.6 crore from Rs 946.3 crore YoY.
Order intake was at Rs 979 crore in Q3CY21, up from Rs 890.2 crore in Q3CY20.
ABB Power Products and Systems India was quoting at Rs 2,257.35, down Rs 183.35, or 7.51 percent on the BSE.
Market at 10 AMBenchmark indices erased all the opening gains and trading near the day’s low with Nifty below 18000.At 10:02 IST, the Sensex was down 312.25 points or 0.51% at 60509.37, and the Nifty was down 122.30 points or 0.68% at 17992.60. About 593 shares have advanced, 2202 shares declined, and 133 shares are unchanged.
BSE Realty index fell 5 percent dragged by the Sobha, Sunteck Realty, Oberoi Realty
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
After the 1.2% cut in Nifty last week, the market will try to stage a comeback on the back of the excellent numbers from ICICI Bank and reasonably good numbers from Reliance. A distinct trend in the market for many sessions now has been the outperformance of Bank Nifty which was up 2.5% last week when Nifty was down 1.2%. This outperformance is justified by the bank results so far and the trend may continue since there is valuation comfort in the banking segment in an otherwise overvalued market. So, even if the market turns weak, banking may show resilience.
The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers. The Q2 results, so far, look impressive particularly in energy, metals, mining, IT and banking. The resurgence of Covid cases in the Eastern parts, particularly West Bengal, has to be watched.
Nifty Bank index added 1 percent supported by the ICICI Bank, Axis Bank, RBL Bank
Gold flat after last session’s retreat from 1-1/2-month high
Gold prices held steady on Monday after cutting gains in the prior session on U.S. Federal Reserve chief Jerome Powell’s comment that inflation could ease next year and the central bank was on track to start tapering its stimulus.
The metal rallied to its highest since early September on Friday before trimming gains on Fed Chairman Jerome Powell’s comments on tapering.
Market Updates:
Benchmark indices erased all the opening gains and trading flat amid volatility.
At 09:21 IST, the Sensex was up 38.10 points or 0.06% at 60859.72, and the Nifty was up 9 points or 0.05% at 18123.90. About 1074 shares have advanced, 1213 shares declined, and 126 shares are unchanged.
Gainers and losers on the BSE Sensex:
Market Opens: Indian indices opened on positive note on October 25 amid mixed global cues.
At 09:17 IST, the Sensex was up 207.75 points or 0.34% at 61029.37, and the Nifty was up 32.20 points or 0.18% at 18147.10. About 1365 shares have advanced, 680 shares declined, and 124 shares are unchanged.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:
After the 1.2% cut in Nifty last week, the market will try to stage a comeback on the back of the excellent numbers from ICICI Bank and reasonably good numbers from Reliance. A distinct trend in the market for many sessions now has been the outperformance of Bank Nifty which was up 2.5% last week when Nifty was down 1.2%. This outperformance is justified by the bank results so far and the trend may continue since there is valuation comfort in the banking segment in an otherwise overvalued market. So, even if the market turns weak, banking may show resilience.
The threat to the bulls is likely to come from the FIIs who have turned into sustained sellers. The Q2 results, so far, look impressive particularly in energy, metals, mining, IT and banking. The resurgence of Covid cases in the Eastern parts, particularly West Bengal, has to be watched.
ICICI Direct
Indian markets are likely to open on a positive note on the back of mixed global cues as traders weighed inflation risks, a Covid-19 outbreak in China and earnings prospects of major technology firms.
US markets ended mixed on the back of losses in technology stocks amid a slew of fresh earnings reports from major companies.
