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Nifty to open positive again today, can it sustain?

Good Morning Everyone, As discussed in the weekly meet, we are all getting ready for a correction which can be expected soon after major results come in in the next few weeks. However, things are looking bullish for this week as both Indian and US market has some good quarterly results coming in from major companies.

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Global Markets:

US stocks rose on Friday and the Dow scored its biggest weekly percentage gain since June, as Goldman Sachs rounded out a week of strong quarterly earnings for the big banks. Goldman Sachs Group shares jumped 3.8% and gave the Dow its biggest boost, as a record wave of dealmaking activity drove a surge in the bank’s quarterly profit.

The Dow Jones Industrial Average rose 382.2 points, or 1.09%, to 35,294.76, the S&P 500 gained 33.11 points, or 0.75%, to 4,471.37 and the Nasdaq Composite added 73.91 points, or 0.5%, to 14,897.34.

Asia mostly traded lower Monday ahead of the release of China’s key economic data. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.35 percent higher. Japan's Nikkei index declined 0.3 percent. Chinese blue chips were trading lower. And South Korea’s Kospi declined marginally. Elsewhere, Australian shares rose over 0.3 percent.

Indian Market:

Trends on the SGX Nifty indicate a gap up opening to Nifty. However, 18300 is a really high level and looks slightly difficult to sustain for the longer term. I am expecting some correction in the market soon.

Oil prices hit their highest in years on Monday as demand continues its recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

Results today

UltraTech Cement, Larsen & Toubro Infotech, Route Mobile, Alok Industries, Concord Drugs, Craftsman Automation, Gujarat Hotels, Hathway Bhawani Cabletel & Datacom, Hatsun Agro Product, International Travel House, Lloyds Steels Industries, Navigant Corporate Advisors, Sunedison Infrastructure, SVP Global Ventures, Tanfac Industries, Tata Coffee, and Uniply Decor among others.

FII and DII data

Foreign institutional investors (FIIs) net bought shares worth Rs 1,681.60 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 1,750.59 crore in the Indian equity market on October 14

Stock Specific News:

HDFC Bank | The lender reported a 17.6 percent jump in net profit to Rs 8,834.3 crore during the quarter ended September, which is higher than the estimated Rs 8,796.8 crore.

HCL Technologies | The IT major reported a 4 percent on-year rise in consolidated net profit to Rs 3,259 crore for the September quarter which topped expectations of Rs 3,219 crore.

Avenue Supermarts | The company posted a 110 percent jump in net profit to Rs 417.8 crore during July-September and its revenue came in at Rs 7,789 crore, up nearly 47 percent from the year-ago quarter.

Aviation companies | From today onwards, the Ministry of Civil Aviation has allowed airlines to operate at 100 percent capacity.

Reliance Industries | Reliance Brands Ltd, a wholly-owned subsidiary of Mukesh Ambani-led Reliance Retail, has signed a definitive agreement to acquire a 40 percent stake in MM Styles owned by Manish Malhotra.

Lupin | The company's US-based arm is voluntarily recalling all batches of two hypertension drugs due to the potential presence of a substance that could cause cancer.

M&M Forgings | MM Forgings has acquired CAFOMA Autoparts for a sum of 28 crores in cash and 5 crores of debt.

Metropolis Healthcare | The company has approved the amendment to the terms and conditions of the agreement signed between Metropolis Healthcare and Dr Ganesan’s Hitech Diagnostic Centre Private Ltd for acquiring Dr Ganesan’s Hitech Diagnostic Centre Private Ltd along with its subsidiary Centralab Healthcare Services Private Ltd.

Shilpa Medicare | The company will issue 52.75 lakh shares on a preferential basis to various marquee investors aggregating to Rs 297.5 crore at Rs 564 per share. Further, the company's board approved the transfer of API Business to a wholly-owned subsidiary by way of a slump sale.


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