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Huge selling by DIIs set the Nifty rolling down from a record high! what next?

Good Morning Everyone, The Nifty formed a bearish candle on the daily chart yesterday with DIIs selling huge in the market and profit booking kicked in. But most of us were already prepared for the same and hence it really does not matter to us.

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Global Markets:

US market rose yesterday again followed by good quarterly earning results from multiple companies, majorly from tech and healthcare. The Dow Jones Industrial Average rose 198.7 points, or 0.56%, to 35,457.31, the S&P 500 gained 33.17 points, or 0.74%, to 4,519.63 and the Nasdaq Composite added 107.28 points, or 0.71%, to 15,129.09.

The Federal Reserve will wait until 2023 before raising interest rates, according to a majority of economists in a Reuters poll who nonetheless said the greater risk for the U.S. economy was persistently higher inflation over the coming year.

Asian shares rose mostly Tuesday following overnight gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.29 percent higher. Japan's Nikkei index rose 0.6 percent. Chinese blue chips declined 0.23 percent higher. And South Korea’s Kospi rose marginally. Elsewhere, Australian shares rose nearly 1 percent.

Japan’s export growth weakened to its slowest in seven months in September, while a surge in imports added to worries that pandemic-led global supply chain snags could derail a fragile economic recovery.

Indian Market:

Trends on the SGX Nifty suggest a small gap up today, but It looks like Nifty can sustain this high only if the market closes above today's open, so I will be watching this closely.

Results Today:

Jubilant FoodWorks, Havells India, L&T Finance Holdings, Angel Broking, Arihant Superstructures, Deep Polymers, Hathway Cable & Datacom, Just Dial, Menon Bearings, Moschip Technologies, Reliance Industrial Infrastructure, Rane (Madras), Shoppers Stop, Snowman Logistics, Supreme Petrochem, Suryalakshmi Cotton Mills, Syngene International, TajGVK Hotels & Resorts, Tata Communications, Tata Steel Long Products, Tejas Networks, and TT Ltd.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 505.79 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 2,578.22 crore in the Indian equity market on October 19.

Stock Specific News:

Nestle India | The fast-moving consumer goods company's revenue and margin were above estimates but its Q2 net profit fell short of expectations.

ACC | The cement manufacturer reported a higher-than-expected net profit and operating margin for the September quarter.

L&T Technology Services | The company's earnings for Q2 of FY22 beat estimates on all fronts.

Bajaj Auto | Bajaj Auto has temporarily stopped production at Pantnagar, Uttarakhand due to cloudburst and floods in Uttarakhand. Production stopped as a precautionary measure and should be on track soon, said company sources.

Reliance Industries | RIL's arm Reliance Retail Ventures acquires 52 percent equity stake in fashion designer Ritu Kumar's Ritika Pvt Ltd.

Hotel companies and quick-service restaurants | Maharashtra government has allowed all restaurants to function till 12 am and other establishments are allowed to function till 11 pm.

Deepak Fertilisers & Petrochemicals Corporation | The company launched a qualified institutional placement issue on October 19 and approved the floor price for the same at Rs 422.48 per share.

Astral | The company has decided to enter in the business verticals of faucets and sanitaryware as a part of its growth strategy.


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