Stock Market: Trade Setup for Thursday (Oct 29, 2020)

Top 12 things to know before Opening Bell

Global Indices

America’s Indices

Europe Indices

Asian Indices

• U.S Stock market close near lows. Dow drops more than 900, Nasdaq sheds 3.7%.
• European markets finished sharply lower today with shares in Germany leading the region. The DAX is down 4.17% while France’s CAC 40 is off 3.37% and London’s FTSE 100 is lower by 2.55%.
• Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.46%, while the Hang Seng led the Nikkei 225 lower. They fell 0.32% and 0.29% respectively.

Indian Indices

• Indian shares ended around 1.5 percent lower on Wednesday following in selloff in the global markets dragged by losses in all key sectors.
• The Sensex ended 600 points lower at 39,922 while the Nifty fell 160 points lower at 11,730.

Indian Sector View

• All sectors ended in the red for the day.
• Nifty Bank and Nifty Fin Services dragged the most around 2 percent each.
• Nifty IT, Nifty Metal and Nifty Pharma indices were down between 1 percent and 1.8 percent.

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

Stocks Tumble as Efforts to Contain Pandemic Ramp Up

Stocks tumbled in the U.S. and Europe as rising coronavirus infections and tougher lockdowns added to worries about the economic hit from the pandemic.

The S&P 500 Index fell 3.5%, the biggest drop since June, amid a surge in Covid-19 hospitalizations.

The U.S. and European stock benchmarks are both down more than 5% this week as virus cases surge and after American lawmakers failed to agree on an economic aid package before the Nov. 3 election.

Wipro to acquire cloud firm Encore Theme Technologies

Wipro Ltd on Wednesday said it has signed a definitive agreement to acquire Encore Theme Technologies Pvt. Ltd, a specialist in providing software-as-a-service (SaaS) and cloud solutions in financial services.

The acquisition will close in the quarter ending 31 December, 2020. The acquisition is expected to combine Wipro’s global managed services capabilities with Encore Theme’s deep domain trade and cash management expertise.

Hero MotoCorp Q2 profit rises 9% to Rs 953 crore

Hero MotoCorp on October 28 reported a 9 percent year-on-year growth in standalone profit for the September quarter 2020, supported by revenue, but lower other income restricted growth.

Hero MotoCorp’s revenue in the September quarter grew by 23.7% y-o-y to Rs 9,367.34 crore, with 7.7 percent growth in volume.

Standalone profit increased to Rs 953.45 crore during the quarter, compared to Rs 874.8 crore in same period last fiscal.

Axis Bank posts Q2 profit at Rs 1,683 crore versus loss last year

Axis Bank on October 28 reported a net profit of Rs 1,683 crore for Q2FY21 as against a net loss of Rs 112 crore in Q2FY20.

The bank’s operating profit for the quarter grew 16 percent year-on-year and 18 percent quarter-on-quarter to Rs 6,898 crore.

The bank said its net interest income (NII) grew 20 percent YoY to Rs 7,326 crore in Q2FY21 from Rs 6,102 crore in Q2FY20.

Infosys completes acquisition of digital service provider Blue Acorn iCi

Infosys on Wednesday said it has completed the acquisition of Blue Acorn iCi. Infosys had, earlier this month, announced inking a pact to acquire Blue Acorn iCi for up to USD 125 million (about Rs 915 crore).

This acquisition further deepens Infosys’ capabilities in the Adobe, Magento, Salesforce Commerce and Shopify ecosystems

Stock Market Highlights

Titan reports Q2 standalone profit at Rs 199 crore

Titan on October 28 reported standalone net profit at Rs 199 crore for Q2FY21 against a loss of Rs 270 crore quarter-on-quarter and a profit of Rs 320 crore year-on-year.

The company’s standalone revenue came at Rs 4,318 crore against Rs 1,862 crore QoQ and Rs 4,435 crore YoY.

Dr. Reddy’s Labs share price trades lower after Q2 profit dips 30% YoY

Dr. Reddy’s Laboratories share price was trading lower by over a percent in the afternoon on October 28 after the pharma major reported a 30.2 percent year-on-year decline in consolidated profit in the September quarter.

The company’s consolidated profit declined to Rs 762 crore from Rs 1,092.5 crore in the year-ago period but increased 32 percent sequentially.