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Dollar Strengthens on Strong US Data, Q2 Results, ITC, Natco Pharma & Yes Bank among Top Stocks in Action Today
Mon, 6 Nov Pre-Open | Rini Mehta, TM Team

Indian share markets ended at fresh record closing high on Friday, driven by bank stocks after PNB earnings. The BSE Sensex was up 112 points and the NSE Nifty rose 29 points.

The gains were also driven by a rebound in the rupee, partly helped by India jumping 30 notches into the top 100 on the World Bank's Ease of Doing Business index.

On Friday, SBI was the leader of the Sensex gainers' pack, rising 3.2% followed by Tata Motors 2.8%. L&T, Axis Bank, ONGC and Cipla too chipped in. PowerGrid, Sun Pharma, Coal India, Hero MotoCorp and Lupin, however, ended in the red.

Top Cues in Action Today

Union Bank of India on Friday reported a loss of Rs 15.3 billion in the September quarter of FY18, owing to a more than doubling of its provisions to Rs 35.6 billion.

Asset management company Brookfield Infrastructure has called off its earlier pact with Reliance Communications (RCom) worth US $200 million since the deal banked on RCom's merger with Aircel which was called off last month.

ITC plans to invest Rs 100 billion to set up food processing facilities across the country. The Kolkata-based company is looking to have around 20 such units pan India. The stock will hog limelight today.

Godrej Properties share price will be in focus after it reported a 91% jump in its consolidated net profit at Rs 440 million for the quarter to September.

Natco Pharma announced that its marketing partner Alvogen has received final approval to market oseltamivir phosphate powder used for the treatment of influenza in the US.

Torrent Pharma share price will be in focus on the reports that it has entered into a definitive binding agreement with Unichem Laboratories to acquire its branded business of India and Nepal for a consideration of Rs 36 billion.

Yes Bank has signed Memorandum of Understanding (MoU) with the government to provide Rs 10 billion financing for food processing projects.

Earnings Today

Those scheduled to announce their second-quarter results include Welspun Corp, NRB Bearings, Indian Bank, Just Dial, Astrazeneca, Fortis Malar, GTPL Hathaway, Hudco, Thomas Cook & Torrent Power among others.

Global Stock Market Drivers

World stock markets advanced for a seventh straight session and the dollar strengthened on Friday, buoyed by a round of US economic data highlighted by the monthly payrolls report.

Wall Street also received a boost from a 2.6% gain in shares of Apple Inc.

Further, US job growth accelerated in October after hurricane-related disruptions in the prior month, but a sharp slowdown in annual wage gains and surge in the number of people dropping out of the work force cast a cloud over the labor market.

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Oil Prices Continue to Gain

Oil prices advanced to a fresh two-year high Friday, buoyed by expectations for OPEC to extend its deal to cut production and the steady reduction of excess US supply.

Brent, the global benchmark, rose to another two-year high, settling up US $1.45, or 2.4%, to $62.07 a barrel. The oil market has rallied as investors have been reassured by a decline in crude inventories and strong rhetoric from Saudi Arabia supporting the deal among the Organization of the Petroleum Exporting Countries and other major producers to stick with supply cuts.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunte team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

New India Assurance IPO subscribed 1.2 times on concluding day

The initial public offering (IPO) of New India Assurance (NIA) was on Friday, the concluding day of the offer, subscribed by 1.2 times with investors bidding for 143.2 million shares against 120 million shares on offer.

The New India Assurance, India's largest general insurance company had set a price band of Rs 770-800 for its initial public offering (IPO).

With the stock markets buzzing, insurance companies are also making a beeline to capitalise on the IPO frenzy. After ICICI Prudential got listed last year, a number of both life and non-life insurance companies have lined up their IPOs this year.

But insurance protection in India remains grossly inadequate. This explains the huge protection gap of US$ 8.5 trillion for the country as of 2014. As per a Swiss Re report, India's protection gap stood at a staggering 92% and was the highest among all countries in the Asia Pacific.

Our big-picture editor, Vivek Kaul, recently penned a pertinent report on entire insurance industry. We strongly recommend you go through the full report on what's really happening in the insurance industry in India...and how it affects you. If you have not accessed Vivek Kaul's Letter yet, sign up here.

By the way, we have also prepared a guide to help you understand the valuation of insurance businesses.

To know more about the company, you can access our IPO note on the same in our IPO section.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

Sensex Ends 441 Points Lower; Nifty Settles Below 15,000-Mark (Today's Market)

Mar 5, 2021 Closing

Indian share markets end lower with the Sensex down by 441 points and the Nifty ending down by 143 points.

GRINDWELL NORTON Share Price Down by 5%; BSE CAPITAL GOODS Index Down 1.5% (Today's Market)

Mar 5, 2021 03:30 PM

GRINDWELL NORTON share price is trading down by 5% and its current market price is Rs 950. The BSE CAPITAL GOODS is down by 1.5%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 3.3%) and AIA ENGINEERING (up 0.3%). The top losers is GRINDWELL NORTON (down 5.1%).

ADITYA BIRLA CAPITAL Share Price Down by 5%; BSE 500 Index Down 1.1% (Today's Market)

Mar 5, 2021 03:28 PM

ADITYA BIRLA CAPITAL share price is trading down by 5% and its current market price is Rs 131. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 7.3%) and MOTILAL OSWAL (up 5.9%). The top losers are ADITYA BIRLA CAPITAL (down 5.0%) and APOLLO HOSPITALS (down 5.2%).

HAVELLS INDIA Share Price Down by 5%; BSE CONSUMER DURABLES Index Down 0.7% (Today's Market)

Mar 5, 2021 03:20 PM

HAVELLS INDIA share price is trading down by 5% and its current market price is Rs 1,163. The BSE CONSUMER DURABLES is down by 0.7%. The top gainers in the BSE CONSUMER DURABLES Index are BLUE STAR (up 1.7%) and CROMPTON GREAVES CONSUMER ELEC. (up 1.3%). The top losers is HAVELLS INDIA (down 5.1%).

BALMER LAWRIE Share Price Down by 5%; BSE 500 Index Down 1.1% (Today's Market)

Mar 5, 2021 03:18 PM

BALMER LAWRIE share price is trading down by 5% and its current market price is Rs 148. The BSE 500 is down by 1.1%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.8%) and MOTILAL OSWAL (up 6.1%). The top losers are BALMER LAWRIE (down 5.0%) and APOLLO HOSPITALS (down 5.5%).

TRENT Share Price Down by 5%; BSE 500 Index Down 1.3% (Today's Market)

Mar 5, 2021 03:16 PM

TRENT share price is trading down by 5% and its current market price is Rs 936. The BSE 500 is down by 1.3%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 6.6%) and MOTILAL OSWAL (up 6.1%). The top losers are TRENT (down 5.4%) and APOLLO HOSPITALS (down 5.5%).

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