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Will Nifty end the week with gains?

Good Morning, Everyone, Nifty opened with a gap up and closed higher than the day before, but not a big movement in the day as FIIs continued selling and DIIs bought more than Rs. 2000 Cr.

Being the last trading day of the week we could see some sell-off by end of the day, otherwise, things look positive for the day, however, major changes can depend on the RBI monetary policy announcement today.

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Global Markets:

The US markets continued their upward movement after the cash crunch in the US was avoided by raising the debt ceiling. The Dow Jones Industrial Average gained 0.98 percent, the S&P 500 rose 0.83 percent and the Nasdaq Composite moved up 1.05 percent.

The number of Americans applying for unemployment benefits fell last week, another sign that the US job market and economy continue their steady recovery from last year's coronavirus recession.

Unemployment claims fell by 38,000 to 326,000, the first drop in four weeks, the Labor Department said on October 7. Since surpassing 900,000 in early January, the weekly applications, a proxy for layoffs, had fallen more or less steadily all year. Still, they remain elevated from pre-pandemic levels: Before COVID-19 hammered the U.S. economy in March 2020, weekly claims were consistently coming in at around 220,000.

Asian shares this morning, tracking a global rally, while investors also eyed key US jobs data for fresh insight into the timing of Federal Reserve tapering. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent. Japan's Nikkei index advanced 1.8 percent. Chinese blue chips gained 0.56 percent as they resumed trading after being closed for the National Day holiday. And Hong Kong, which has been open all week, gained 1 percent. Elsewhere, Australian shares rose 0.84 percent.

Indian Market:

Trends on the SGX Nifty indicate a gap up opening close to 17850 (Up almost 50 points from yesterday's close). However, one major news we need to wait for today will be the monetary policy announcement by RBI by the second half of the day.

The Reserve Bank of India’s policy decision is due on Friday. RBI may indicate normalcy is returning by suitably amending the words “continue with the accommodative stance as long as necessary to revive and sustain growth on a durable basis.” It may not raise the reverse repo rate just yet, but give indication it plans to do so.

The US has huge investment surpluses that can be used in developing infrastructure in India and make it a manufacturing base to help the American economy grow and provide goods and services at affordable and competitive prices, Commerce and Industry Minister Piyush Goyal said on Thursday.

Fitch Ratings has cut India's economic growth forecast to 8.7 percent for the current fiscal but raised GDP growth projection for FY23 to 10 percent, saying the second COVID-19 wave delayed rather than derail the economic recovery.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,764.25 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,528.64 crore in the Indian equity market on October 7.

Stock Specific News:

TCS | Tata Consultancy Services will announce its September quarter earnings later today.

Oberoi Realty | The real estate company reported that 200 units were booked in Q2 FY22 as compared to 45 in Q2 FY21. The booking value in Q2 FY22 was Rs 828.52 crore against Rs 327.30 crore in Q2 FY21.

KPI Global Infrastructure | The company has signed long-term power purchase agreement with GHCL Ltd for the sale of 1.25 MW solar power for a period of 20 years under the independent power producer business vertical

Ratnamani Metals & Tubes | The company has bagged a new order worth Rs 98 crore for the supply of carbon steel pipes from the domestic oil and gas sector.

JSW Energy | The company has signed a contract with GE Renewable Energy for procurement of wind turbines and procurement of 810 MW of onshore wind turbines for an under-construction pipeline of renewable energy projects.

Piramal Enterprises | The company announced the demerger of its pharmaceuticals business from the financial services business, with an aim to simplify the corporate structure.

The Madhana Retail Ventures | Rakesh Jhunjhunwala sold 8.52 lakh shares of the company in the open market during October 5-7, thereby reducing shareholding to 2.4 percent from 6.26 percent earlier

Oil India | Moody’s has affirmed the company’s BAA3 long-term issuer rating and outlook has been changed to 'stable' from 'negative' in line with the change in sovereign outlook.

HUDCO | Moody’s has affirmed the ratings of HUDCO at BAA3 with a 'stable' outlook. The outlook on sovereign rating has also been changed to “stable” from “negative”.

Bank of Baroda | Moody’s has affirmed the BA1 long-term local and foreign currency deposit ratings of bank. The rating outlook has been changed to “stable” from “negative”.


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