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Time for some consolidation after the big fall?

Good Morning, Everyone, Nifty opened at 18187 and then went on a continuous fall and broke the big support in 18000 and finally ended the day at 17857 yesterday mainly attributed to the huge selling in Banks yesterday.

Again the FIIs sold for more than 3000 crores yesterday, which led to the fall. But it could more be attributed to the monthly expiry that was yesterday.

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On the daily chart, Nifty has formed a strong bearish candle, which could be dangerous technically, but fundamentally, Nifty has already fallen too much, so there should not be another significant fall for this month.

Sector Watch:

Major profit booking was seen in Realty & Banks which rose last week, and every sector got sold along and none of the sectors was in red yesterday.

Top Gainers:

Indus Ind Bank was up 2.5% after the great results that it had and supported the PVT banks from falling. LT also was up after the good results.

Top Losers:

Adani ports & ITC went into big selling after their results came and were down more than 5%.

Global Markets:

Stocks closed broadly higher on Wall Street Thursday with indexes notching more record highs. The tech-heavy Nasdaq rose 1.4 percent, S&P 500 rose 1 percent. And the Dow Jones Industrial Average was shy of a record high but rose 0.7 percent. But the results of Apple & Amazon that came after the US market closed were not as per street estimate which could see them falling today.

The number of Americans applying for unemployment benefits fell to a pandemic low last week, another sign that the job market and economy continue to recover from last year's coronavirus recession.

Jobless claims dropped by 10,000 to 281,000, the lowest since mid-March 2020, the Labor Department said Thursday. Since topping 900,000 in early January, weekly applications have steadily dropped, moving ever closer to pre-pandemic levels just above 200,000.

Asian shares had a positive start but declined this morning following overnight gains on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.32 percent lower. Japan's Nikkei index lost 0.71 percent. Chinese blue chips were down 0.23 percent. And South Korea’s Kospi declined 0.75 percent. Elsewhere, Australian shares also lost over 0.65 percent.

Japan’s factory output shrank for the third straight month in September as production in the auto sector was hit by a global supply shortage, throwing the recovery in the world’s third-largest economy into doubt.

Factory production slumped 5.4% in September from the previous month, official data showed on Friday, hurt by the falling output of cars as well as general-purpose machinery.

Indian Market:

Trends on the SGX Nifty indicate a flat opening to Nifty. With Nifty breaking the 18000 level, the next level to watch up is 17600 as the support, and 18000 will act as a resistance for now. Nifty has already fallen too much, so there should not be another significant fall for this month.

Results today

BPCL, Adani Power, Dr Reddy's Labs, Shree Cement, UPL, Vedanta, Adani Transmission, Apollo Tyres, Bandhan Bank, Barbeque-Nation Hospitality, Bharat Electronics, Cadila Healthcare, CARE Ratings, Castrol India, Chemplast Sanmar, Cholamandalam Investment and Finance Company, LT Foods, Dalmia Bharat Sugar and Industries, Dixon Technologies (India), Elecon Engineering, Emami, Embassy Office Parks REIT, Equitas Small Finance Bank, Escorts, Exide Industries, GAIL (India), Glaxosmithkline Pharmaceuticals, Indigo Paints, JK Lakshmi Cement, JSW Energy, Kolte-Patil Developers, Neuland Laboratories, Oberoi Realty, REC, RPG Life Sciences, SAIL, Satin Creditcare Network, Sumitomo Chemical India, TTK Healthcare, Varun Beverages, VIP Industries, and Voltas.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 3,818.51 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 836.60 crore in the Indian equity market on October 28

Stock Specific News:

Infosys | Infosys, and BP intend to co-develop a digital platform that can collect data from multiple energy assets and use artificial intelligence to optimise the energy supply and demand for power, heat, cooling, and electric vehicle charging.

Wipro | Wipro, in partnership with Oracle, has launched Wipro Tollway Transportation and Billing solution to enhance commuters’ experience while improving profitability for tollway authorities.

KEC International | The company has won orders worth Rs 1,080 crore in the transmission and distribution segment.

Amara Raja Batteries | Andhra High Court extends stay on the closure order for the company's plants. The closure orders were from Andhra Pradesh Pollution Control Board for the company's plants situated at Karakambadi, Tirupati, and Nunegundlapalli Village, Chittoor District, Andhra Pradesh.

AU Small Finance Bank | The bank's Q2 profit and net interest income came in well above the Street's estimate. Its profit stood at Rs 278.5 crore and net interest income was at Rs 753 crore.

Tata Power | Sanjeev Churiwala is appointed as the Chief Financial Officer and Key Managerial Personnel of the company with effect from January 1, 2022. Tata Power's consolidated net profit rose 36 percent on-year to Rs 506 crore and revenue was up 13 percent at Rs 9,502 crore.

RBL Bank | The lender's profit for Q2 stood at Rs 30.8 crore and net interest income was at Rs 915.5 crore, both of which were below expectations.

NTPC | Even as the company's Q2 revenue of Rs 28,329 crore beat estimates, its profit of Rs 3,212 crore was below expectations.

Blue Star | The company's net profit jumped to Rs 31.4 crore in Q2 against Rs 15.4 crore in the year-ago period. Revenue rose nearly 37 percent on-year to Rs 1,239.7 crore as compared to Rs 902.1 crore in the corresponding period last year.

Reliance Industries | The company has fixed November 10 as the record date to determine holders of the partly paid-up equity shares for paying the second and final call. Holders of its partly paid shares will have to pay Rs 628.5 apiece during November 15-29, after which all the partly paid shares will get converted into regular stock of India's most valuable company.

NDTV | Eriska Investment Fund sold its entire holding of 28,51,894 equity shares in the company at Rs 79 per share, whereas Vikasa India EIF I Fund was the buyer for a same number of shares at the same price.

Adani Total Gas | The company approved raising up to $750 million via the Medium Term Note Programme. The company reported a higher consolidated profit at Rs 158.12 crore in Q2FY22 against Rs 134.31 crore in Q2FY21, revenue increased to Rs 686.80 crore from Rs 441.16 crore YoY.

Subex | The company reported lower profit at Rs 4.82 crore in Q2FY22 against Rs 12.25 crore in Q2FY21, revenue fell to Rs 86.3 crore from Rs 93.3 crore YoY.

InterGlobe Aviation | The company posted a loss of Rs 1,435.7 crore in Q2FY22 against a loss of Rs 1,194.8 crore in Q2FY21, revenue jumped to Rs 5,608 crore from Rs 2,741 crore YoY.

DLF | The company reported a sharply higher profit at Rs 378.1 crore in Q2FY22 against Rs 227.7 crore in Q2FY21, revenue fell to Rs 1,480.9 crore from Rs 1,609.8 crore YoY.

IRCTC | Railway Ministry asked the company to share the revenue earned from convenience fees collected by IRCTC in the ratio of 50 |50 with effect from November 1, 2021.

Welspun Corp | The company reported lower consolidated profit at Rs 84.2 crore in Q2FY22 against Rs 153.8 crore in Q2FY21, revenue rose to Rs 1,306.1 crore in Q2FY22 against Rs 1,157.7 crore YoY.

GHCL | The company reported a higher profit at Rs 109 crore in Q2FY22 against Rs 78 crore in the Q2FY21, revenue rose to Rs 987 crore from Rs 779 crore YoY. The board approved raising up to Rs 100 crore via non-convertible debentures.


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