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Global markets rebound after the fall! What's in store for Nifty today?

Good Morning Everyone, Yesterday, the Nifty opened with a fap up and then could not sustain the high and went into major selling with volatility post noon. Metal stocks dragged the most, while, all other sectors also closed in the red. There was major selling by both FIIs and DIIs which brought the market down.

Today being the weekly expiry, There might be some volatility in the market, but not as much as the previous days is what I feel.

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Global Markets:

The Dow Jones Industrial Average rose 0.3%, the S&P 500 gained 0.41% and the Nasdaq Composite added 0.47%.

The global markets rebounded from the fall yesterday after the US govt approved to increase the debt ceiling and Russia came in as a saviour for the energy crisis by announcing to start increasing the supply of Natural gas.

Russia is ready to supply more natural gas to head off a growing energy crisis, President Vladimir Putin said Wednesday, on a day when U.K. and continental spot prices again hit all-time highs.

"I would like to hear your suggestions as to what more we can do to stabilize global energy markets," Putin told ministers in a carefully stage-managed broadcast of his introductory statement at the start of a videoconferenced cabinet meeting. "We are ready to work on this, and we would like such work to be based on an absolutely commercial basis."

Russia is the one country capable of increasing gas flows substantially to European markets, where the shortage of gas is greatest, at short notice. However, the newly-completed Nord Stream 2 pipeline, which gas monopoly Gazprom would use for such additional flows, is still awaiting certification from German regulators before it can ship gas.

The Hang Seng index in Hong Kong jumped 2.2 per cent. The Nikkei 225 in Japan rose 1.43 per cent. South Korea’s Kospi advanced 1.09 per cent. Elsewhere, shares in Australia also rose, with the S&P/ASX 200 up 0.69 per cent. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.17 per cent higher.

Indian Market:

Trends on the SGX Nifty indicates a big gap-up start to the day with almost 100+ points gain, however, we need to wait and see how to European markets react in the noon to decide if the levels can be sustained.

The RBI policy announcement tomorrow will be something I will keep a close watch on tomorrow, though there are chances that RBI may continue with the accommodative stance till the economy completely reopens. And if that happens, we could see some power in banks tomorrow.

Global rating agency Moody's on October 6 changed the rating outlook of nine Indian banks to stable "stable" from "negative". These lenders include Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, Export-Import Bank of India, State Bank of India (SBI) and Union Bank of India.

Also, the list includes Hero Fincorp, Housing and Urban Development Corp, Indian Railway Finance Corporation Limited, Indian Renewable Energy Development Agency Ltd., Power Finance Corporation Limited (PFC) and REC Limited (REC).

Power Minister RK Singh has said India’s coal production has seen pickup and the power crunch is easing.

Department of Telecommunications (DoT) has issued a notification allowing 100 per cent foreign direct investment (FDI) in telecom under the automatic route.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 802.81 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 998.69 crore in the Indian equity market on October 6.

Stock Specific News:

Sobha | The company has achieved the best-ever sales volume at sustainable price realisation. Sobha achieved its best-ever quarterly sales volume of 1,348,864 square feet of super built-up area valued at Rs 10.30 billion and also clocked its best-ever share of the sale value of Rs 8.54 billion.

NIIT | US-based Sutherland and StackRoute, an NIIT venture, has entered into a partnership to launch an immersive training program designed to identify the right talent and develop them as high-quality full-stack IT professionals.

Textile companies | The Union Cabinet approved the setting up of 7 Mega Integrated Textile Region and Apparel parks with a total outlay of Rs 4,445 crore for five years.

Zee Entertainment Enterprises | The company has moved the National Company Law Appellate Tribunal challenging the National Company Law Tribunal order seeking reply over the requisition of minority shareholders Invesco and OFI Global China Fund to convene an Extraordinary General Meeting.

Rail Vikas Nigam | The company has entered into an agreement with Braithwaite & Co to explore numerous projects for railway cables and transmission lines among others.

Hindustan Zinc | The company will invest $1 billion over the next five years to make its mining operations environment-friendly, chief executive Arun Misra said. Hindustan Zinc is planning to expand its zinc, lead and silver mining capacity from 1.2 million tonnes to 1.5 million tonnes, as per a report.

Nazara Technologies | The company raised Rs 315 crore from marquee institutional investors. The funds will be utilised to invest in growth initiatives of the company as well as pursue strategic acquisitions in the various business verticles of Nazara Technologies including gamified learning, freemium, skill-based real money gaming and esports.

Titan Company | The company witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions. Titan also accelerated its retail network expansion during Q2 FY22.

Ambuja Cements | LIC acquired 3.99 crore equity shares of the cement maker, thereby increasing its stake in Ambuja Cements to 6.12 per cent from 4.1 per cent.

Orissa Minerals Development Company | Life Insurance Corporation of India (LIC) sold 1.24 lakh equity shares in the company through open market transactions, reducing its shareholding to 9.08 per cent from 11.16 per cent.


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