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Will Nifty hold up higher levels today when TCS results did not meet street expectations?

Good Morning Everyone, to yet another brand new week. On Friday the Nifty went up by 104.9 to close at 17895 and formed an indecisive candle on the daily chart with a positive bias, but As discussed in the weekly meet, TCS came out with good results, but missed street expectation, so we could see the IT sector little weak today. Any dip can be considered as a good opportunity to buy IT stocks.

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Global Markets:

The Dow Jones Industrial Average dipped 0.03% to end at 34,746.25 points, while the S&P 500 lost 0.19% to 4,391.35. The Nasdaq Composite dropped 0.51% to 14,579.54.

The United States added 194,000 jobs last month and the unemployment rate fell to 4.8 percent, government data released Friday showed, a mixed result as the world's largest economy recovers from the pandemic.

The Chinese market reopened today after a week-long vacation, let's see how that goes, however, Asian markets were trading higher with Hang Seng and Nikkei up 1 percent each, while Shanghai Composite up 0.5 percent.

Indian Market:

Trends on the SGX Nifty indicate a flat to slightly gap up opening to Nifty today, however, 17900 can act as resistance for now. We also need to see how markets react to TCS results today.

The Indian job market maintained its record-breaking run for the third consecutive month in a row, clocking 57 percent year-on-year growth in September, according to the latest Naukri JobSpeak report. At 2,753 job postings, the index hit an all-time high in September surpassing pre-COVID levels in September 2019 by 21 percent.

It said sectors like hospitality (82 percent) and retail (+70 percent) which were most impacted by the pandemic, also witnessed significant YoY growth in September with several hotels and physical store outlets across the country gradually reopening.

Driven by record inflows into Systematic Investment Plans (SIPs), the overall mutual funds industry's assets under management jumped to nearly Rs 37 lakh crore in September, registering an over 33 per cent growth compared to the year-ago period, according to Amfi data. The overall Assets Under Management (AUM) touched Rs 36.74 lakh crore last month, up from Rs 27.6 lakh crore in September 2020, the data from the Association of Mutual Funds (Amfi) showed on Friday.

Results on October 11

Delta Corp, HFCL, Krsnaa Diagnostics, Ramkrishna Forgings, Saregama India, Tata Metaliks, Tinplate Company of India, Lesha Industries, and Sri Lakshmi Saraswathi Textiles will release their quarterly earnings today.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 64.01 crore, while domestic institutional investors (DIIs) net sold shares worth Rs 168.19 crore in the Indian equity market on October 8

Stock Specific News:

TCS | The company’s net profit for Q2 came in at Rs 9,624 which is up 6.8 percent on quarter and posted a revenue of Rs 46,867 crore. Both the net profit and revenue missed market expectations.

Aditya Birla Sun Life AMC | Shares of the company are likely to be listed on the bourses today. The issue price for the Rs 2,768 crore-IPO is set at Rs 712.

Reliance Industries | A wholly-owned subsidiary Reliance New Solar Energy Ltd has acquired the entire stake in REC Solar Holdings from China National Bluestar (Group) Co Ltd for an enterprise value of $771 million.

Tata Motors | JLR sales during the September quarter stood at 92,710 units, over 18 percent lower on year. Retail sales continued to be constrained due to the semiconductor shortage on production but the underlying demand for JLR products remains strong with order books at record levels.

Bandhan Bank | The bank’s collection efficiency was at 90 percent in Q2 as compared to percent in June. Bandhan Bank’s loans and advances rose 7 percent on year and 2 percent on quarter while total deposits surged 24 percent on year and 6 percent on quarter.

Equitas Small Finance Bank | The lender’s disbursements surged 65 percent on year and 148 percent on quarter during Q2, while gross advances were up 13 percent on year and 6 percent on quarter.

Route Mobile | The company’s UK subsidiary will acquire 100 percent stake in Masivian SAS, Colombia, South America for $4.75 crore.

Vakrangee | The company’s consolidated net profit jumped over 100 percent to Rs 26.74 crore while revenue soared 195 percent to Rs 207.19 crore in Q2.

GOCL Corporation | The company’s subsidiary, IDL Explosives, bagged an order from Coal India.

Solar Industries | The company received an order worth Rs 1,471 crore from Coal India to supply bulk explosives over two years.


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