Stock Market: Trade Setup for Friday (Oct 23, 2020)
Top 10 things to know before Opening Bell
Global Indices
America’s Indices
Europe Indices
Asian Indices
- European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.16%, while the DAX led the CAC 40 lower. They fell 0.12% and 0.05% respectively.
- Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.13%, while the Nikkei 225 led the Shanghai Composite lower. They fell 0.70% and 0.38% respectively.
Indian Indices
- Indian equity indices snapped the four-day gaining streak to end lower on Thursday.
- The Sensex ended 148.82 points or 0.37% lower at 40,558.49 while the Nifty settled at 11,896.45, down 41.20 points or 0.35%.
Indian Sector View
- Nifty Metal, Nifty Media, Nifty FMCG and Nifty Realty ended in the green.
- Nifty Pharma, Nifty IT, Nifty Private Bank and Nifty Financial Services fell the most.
Top Gainers and Losers
Gainers
Losers
ADR’s and FII/DII data
ADR
Cash FII/DII
Futures and Options FII/DII (index)
Futures and Options FII/DII (stocks)
Ahead of Market
Wall Street rises as hopes rise for US fiscal stimulus
Shares on Wall Street gained on Thursday in choppy trading, as investors cheered the prospect of more fiscal stimulus to support a pandemic-damaged US economy, with more data pointing to a slowing labor market recovery.
US House Speaker Nancy Pelosi reported progress in talks with the Trump administration for another round of financial aid and said legislation could be hammered out “pretty soon”.
Asian Paints Q2 earnings beat estimates
Asian Paints has reported better performance than expected in the quarter ended September 2020, with double-digit volume growth in decorative business against 7–8% growth expectations.
Consolidated net profit grew by 1.2% year-on-year to Rs 851.9 crore, hit by higher tax cost, and revenue increased 5.9% YoY to Rs 5,350.2 crore in July-September period 2020.
Stock Market Highlights
Reliance Power net profit jumps over two-folds to Rs 105.67 in Sept quarter
Reliance Power on Thursday posted an over two-fold rise in its consolidated net profit at Rs 105.67 crore in the September 2020 quarter, mainly due to higher revenues.
Its consolidated net profit was Rs 45.06 crore in the corresponding quarter a year ago, a BSE filing said. Total income increased to Rs 2,626.49 crore in the July-September quarter from Rs 2,239.10 crore in the same period last fiscal.
Bajaj Auto Q2 profit falls 19% to Rs 1,138 crore
Bajaj Auto has reported an 18.8% year-on-year decline in September quarter standalone profit to Rs 1,138.2 crore.
Revenue from operations declined 7.2% year-on-year to Rs 7,156 crore in Q2 FY21, with sales volume declining 10.2% YoY to 10.53 lakh units and realization rising 3.4% YoY.
Domestic two-wheeler segment registered a strong turnaround in September quarter as volumes grew by 6%, but commercial vehicles volumes declined 78%, while total exports fell 12% during the quarter YoY.
Dr. Reddy’s Labs shares trade lower as data breach forces the company to shut plants
Dr. Reddy’s Laboratories share price was trading lower by a percent intraday on October 22 after data breach forces the pharma company to shut plants.
In a major data breach, drug maker Dr. Reddy’s Laboratories has temporarily shutdown production across its key plants.
The company is currently reviewing its IT network systems, and trying to find out how the breach took place.
