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Investors will focus on major central bank events, with the European Central Bank widely expected to raise rates by 75 basis points this week. Policymakers at the Federal Reserve and the Bank of England meet early next month.
Nifty FMCG worst hit among sectoral indices
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Nykaa parent falls below IPO issue price
Shares of FSN E-Commerce Ventures, parent of cosmetics-to-fashion retailer Nykaa, fell as much 2% on Tuesday, to drop below their initial public offering issue price of 1,125 rupees.
Top gainers/losers on Nifty at this hour
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Infosys extends ecosystem of Living Labs to enterprise-ready startups in Australia
IT major Infosys Lud. on Tuesday said it would be extending its Living Labs ecosystem to help Australian startups to advance their go-to market. The launch event was hosted in the Infosys Living Lab in Melbourne in collaboration with its partner Telstra Ventures, a venture capital firm with over A$1.3 billion in assets under management that invests in market-leading, high growth technology companies globally.
At the Startup Day, startups from the Infosys Innovation Network (IIN) with a presence in Australia had the opportunity to pitch their products and services to Infosys’ enterprise customers from private sector, public sector and academia.
Nifty broader markets largely under pressure
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HSBC taps former investment bank chief as CFO; Q3 profits fall 42%: Reuters
HSBC named Georges Elhedery, a former chief of its investment bank, as its new chief financial officer in a surprise move as it reported profits slid 42% in the third quarter from rising loan losses and asset sales.
Elhedery’s sudden elevation to pole position to become the London-headquartered bank’s next chief executive comes after he took a six-month sabbatical from the bank in January, citing a desire to travel with his family and explore personal interests.
The bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank.
The results included a $2.4 billion hit from the sale of the bank’s business in France, part of a wider strategy by HSBC to excise parts of its once globe-spanning empire to boost profits.
Sensex falls 100 points; Nestle, Kotak Mahindra Bank drive losses
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ICICI Bank hits fresh high of robust Q2 performance
ICICI Bank on Saturday reported a standalone net profit of ₹7,558 crore in the September quarter of FY23, up 37.1% from the same period last year, owing to higher net interest income (NII) and lower provisions.
Net interest income (NII), the difference between interest earned and interest expended, rose 26.5% year-on-year (y-o-y) to ₹14,787 crore in the Q2 of FY23. Net interest margin (NIM), a key measure of profitability, expanded 30 basis points (bps) sequentially to 4.31%. On the other hand, the bank’s net provisions were down 39.4% y-o-y to ₹1,644 crore. (Read here)
Tech Mahindra top gainer, rises over 2%
Tech Mahindra has entered into share subscription agreement to acquire 26% equity shares in Upendra Singh Multi Transmission Private Limited.
India bond yields down tracking easing U.S. peers; state debt sale in focus: Reuters
Indian government bond yields were down in early trading on Tuesday, amid value buying from investors after yields on the U.S. peers eased.
Trading volume is expected to remain lower in a holiday-shortened week, with focus on state debt sale.
The benchmark Indian 10-year government bond yield was at 7.4673%, after ending at 7.5121% on Friday. It rose four basis points last week, after advancing an aggregate 30 bps in the previous five weeks.
Meanwhile, states aim to raise at least ₹272 billion ($3.29 billion), slightly more than the ₹245 billion scheduled previously, through sale of bonds maturing in three to 29 years.
Rupee gains 26 paise to 82.62 against US dollar: PTI
The rupee appreciated 26 paise to 82.62 against the US dollar in early trade on Tuesday tracking a positive trend in domestic equities.
At the interbank foreign exchange, the domestic unit opened at 82.71 against the dollar, then gained some ground to quote at 82.62, a gain of 26 paise over its previous close.
On Friday, the rupee had slipped 9 paise to close at 82.88 against the dollar.
The forex market was closed on Monday on account of Diwali.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.12% to 111.85.
Alembic Pharmaceuticals says completed USFDA inspection for Vadodara facility without any observations: BSE filing
Rupee rises 25 paise to 82.63 against US dollar in early trade: PTI
Nifty Auto surges over 1%; banks, FMCG fall
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Sensex stocks in opening deals
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Sensex was higher in opening deals
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Sensex hits 60K in pre-open
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Nifty holds above 17500 in pre-open
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Sensex was marginally higher in pre-open, tracking strength in global peers
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Rishi Sunak to take charge as UK Prime Minister after meeting King Charles: PTI
Rishi Sunak will take charge as Britain’s first Indian-origin prime minister after an audience with King Charles III on Tuesday, a day after he was elected the new leader of the Conservative Party in a historic leadership run.
Outgoing PM Liz Truss will chair her final Cabinet meeting at 10 Downing Street on Tuesday morning before she makes her way to Buckingham Palace to formally tender her resignation to the 73-year-old monarch.
Sunak, 42, will then arrive at the palace for his meeting with the King, who will formally anoint him as the UK’s new prime minister.
Yes Bank Q2 profit slips 32% on higher provisions
Yes Bank on Saturday reported a 32% year-on-year decline in its September quarter net profit to ₹153 crore, as legacy bad assets come to haunt the private sector lender resulting in higher provisions.
The bank, which had to undergo an unprecedented bailout because of the high quantum of bad loans and is now on the way to normalization, had reported a post-tax profit of ₹225 crore in the year-ago period.
Core net interest income jumped 31.7% on year to ₹1,991 crore during the quarter, led by 11% growth in loans and 0.4% expansion in net interest margin at 2.6%.
Delhi’s air quality ‘very poor’ on morning after Diwali but relatively better than previous years: PTI
The air quality in Delhi on the morning after Diwali was recorded in the ‘very poor’ category but the situation was relatively better than previous years due to favourable meteorological conditions which prevented rapid accumulation of pollutants.
The capital’s air quality index (AQI) stood at 326 at 7am on Tuesday.
The neighbouring cities of Ghaziabad (285), Noida (320), Greater Noida (294), Gurugram (315) and Faridabad (310) reported ‘poor’ to ‘very poor’ air quality.
RIL to demerge and list financial services biz as Jio Financial Services Ltd
Mukesh Ambani’s Reliance Industries Ltd (RIL) on Friday said that it will demerge its financial services business and list it separately on the stock exchanges under Jio Financial Services Ltd, in a move to tap the growing demand for new age financial services for retail and small-business customers.
Meanwhile, the oil-to-telecom conglomerate reported a consolidated net profit of ₹13,656 crore for the quarter ended September, up from ₹13,680 crore a year ago.
Revenues surged 33.7% on year to ₹2.32 trillion, led by strong performance of the oil-to-chemical, telecom and retail operations in the quarter.
Oil prices edge higher as US dollar eases
Oil steadied as traders assessed near-term supply tightness in the crude market and broad appetite for risk assets including commodities.
West Texas Intermediate held above $84 a barrel after dropping in the prior two sessions. The Organization of Petroleum Exporting Countries and its allies have agreed to curb supplies from November, ahead of European Union sanctions on Russian oil flows the next month. Key market time spreads — a gauge of tightness — remain in backwardation, a bullish pattern.
Stocks to Watch
RIL, ICICI Bank, HUL, Kotak Mahindra Bank, SpiceJet are among the top stocks in focus today.
Chennai Petroleum Corporation and Nandani Creation will announce their quarterly result today. Nifty 50 and Sensex ended the special one-hour muhurat trading session on Monday with gains of 0.9% each.
China stocks slide again as investors fret over Xi’s new term: Bloomberg
Chinese equities fell again on Tuesday following a dramatic selloff, as traders remained unsettled by the prospect of market-unfriendly policies under President Xi Jinping’s third term.
The Hang Seng China Enterprises Index, a gauge of Chinese stocks listed in Hong Kong, fell 0.7% in Tuesday’s trade, extending Monday’s 7.3% plunge that pushed the gauge to the lowest since 2008. China’s benchmark CSI 300 Index also slipped. The weakness contrasts with solid performance in global stocks, with the US and European stocks ending Monday higher.
The moves underscore investor jitters following the nation’s twice-a-decade Communist Party congress, where Xi loyalists dominated key posts. Xi’s unfettered control over the nation’s power structure suggests policies like Covid Zero and the state’s curbs over private enterprise will likely continue, dimming the outlook for the nation’s financial assets.
SGX Nifty inches lower
Nifty futures on the Singapore Exchange were down 0.29% at 17,792.50, indicating a weak start for Indian indices on Tuesday.
Stock Market LIVE: Asian shares tick higher; investors shift focus to earnings
Asian share markets beyond China showed signs of strength on Tuesday following a rally in US stocks buoyed by optimism from early corporate earnings reports.
Australian and Japanese stocks opened higher, drawing further distance between Chinese equity futures, which fell on concerns about President Xi Jinping’s tightening grip on government. US equity futures were little changed. Chinese stocks traded in Hong Kong swung between gains and losses in early trade, while the mainland CSI 300 Index fell as much as 0.3%.
On the Wall Street, U.S. stock indexes climbed as shrinking business activity lifted hopes of a less aggressive approach by the Federal Reserve, even though the gains on the Nasdaq were capped by a slump in Tesla and some Chinese firms.
The S&P 500 rose 1.2%, the Nasdaq 100 rose 1.1%, and the Dow Jones Industrial Average climbed 1.3%.
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