Buzzing Stocks: Delta Corp, HFCL, Tata Motors and other stocks in news today
Gainers and Losers on the BSE Sensex in the early trade:
Market Opens: Indian indices opened on negative note on October 12 amid weak global cues.
At 09:15 IST, the Sensex was down 117.08 points or 0.19% at 60018.70, and the Nifty was down 11.70 points or 0.07% at 17934.30. About 1086 shares have advanced, 531 shares declined, and 133 shares are unchanged.
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Indian markets are likely to open on a negative note on the back of negative Asian cues on concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry. US markets ended lower on the back of concerns on the inflation outlook with more data on corporate earnings awaited.
Market at pre-open: Benchmark indices are trading flat in the pre-opening session amid weak global cues.
At 09:01 IST, the Sensex was down 42.51 points or 0.07% at 60093.27, and the Nifty was up 17.80 points or 0.10% at 17963.80.
RBI may hike rates in March quarter of 2022: Report
The Reserve Bank is likely to change the stance of its monetary policy and hike rates from the first quarter of 2022, a Japanese brokerage said on Monday. The central bank will start with liquidity normalisation moves this month, narrowing the difference between the rate at which it funds the system and at which it absorbs excess liquidity in December, Nomura said.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 1,303.22 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 373.28 crore in the Indian equity market on October 11, as per provisional data available on the NSE.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services:
Given the sharp rally in markets, valuations have turned expensive and demand consistent earnings delivery v/s expectations. Rising energy and commodity prices, disruptions in global supply chains, US Fed taper talks and US government debt ceiling are some of the factors which can also led to higher global market volatility.
In this environment of global uncertainty as well as elevated valuations, we expect stock / sector specific action to continue. With the opening up of the economy and improved demand environment offers several bottom-up opportunities. Hence investors should make use of any dips in the market to accumulate fundamentally strong stocks.
Asian Markets Update:
Asian shares dropped and the safe-haven dollar held firm on Tuesday, as a global energy crunch fuelled inflation fears, clouding investor sentiment before the U.S. corporate earnings season.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9% in early trade, after U.S. stocks ended the previous session with mild losses. U.S. stock futures, the S&P 500 e-minis, fell 0.43%.
Australian shares slipped 0.29% while Japan’s Nikkei stock index slid 1.03%.
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Short-term trend is expected to remain positive for both Nifty and Bank Nifty. Next upside target for Nifty is seen around 18,200 and 18,450, said Nandish Shah of HDFC Securities.
Japan wholesale inflation spikes, squeezing corporate profits
Japan’s wholesale prices surged 6.3% in September from a year earlier as raw material costs continued to rise, data showed on Tuesday, a sign that global commodity inflation is squeezing the bottom line for corporates.