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MARKETS News:
Trump holds the ‘trump card’ for the markets!
Indian indices started the week on a positive note following gains in Asian peers and US stock futures after on hopes that President Donald Trump could be discharged from hospital later in the day. Trump, 74, was flown to hospital for treatment for the corona virus on Friday, but his doctors say he has responded well and could return to the White House on Monday.
At 9:18 am, the Sensex was trading 341 points higher at 39,038 while the Nifty rose 67 pointa at 11,484 – a gap positive opening. Most key sectoral indices witnessed buying with IT, bank and auto indices leading the pack. Broader markets were also up with Nifty Midcap and Nifty Small cap indices up over half a percent. TCS, Tata Motors, Hero Moto, Tata Steel, and Wipro were the top gainers on the Nifty50 index while Nestle, HDFC, Asian Paints, Bharti Airtel, and UltraTech Cement led the losses.
TCS Board to consider share buyback on Oct 7: Now quotes @ Rs 2666/- per share today.
India’s largest IT services firm Tata Consultancy Services’ board will meet later this week to consider a share buyback proposal. ”…the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on October 7, 2020,” Tata Consultancy Services (TCS) said in a regulatory filing on Sunday night. No other details of the buyback plan were disclosed. The board is also slated to consider its financial results for the September quarter and declaration of a second interim dividend to the equity shareholders at that meeting. In 2018, the Mumbai-based company had undertaken a share buyback programme worth up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares. In 2017 too, TCS had undertaken a similar share purchase programme. TCS had announced the mega buyback offer as part of its long-term capital allocation policy of returning excess cash to shareholders.
Oil prices claw back 2% after upbeat signals from Trump doctors.
Oil prices rose about 2 percent on Monday, lifted by comments from doctors for US President Donald Trump suggesting he could be discharged from hospital as soon as Monday, just a few days after his positive test for COVID-19 sparked widespread alarm. Trump’s health update eased political uncertainty in global markets, pushing Brent up to USD 39.96 a barrel by 0232 GMT, gaining 69 cents or 1.8 percent. US West Texas Intermediate (WTI) crude was at USD 37.81 a barrel, up 76 cents, or 2.1 percent. Prices had slumped more than 4 percent on Friday amid uncertainty surrounding Trump’s health, adding to concern that rising corona virus case numbers that could dampen global economic recovery. But analysts said Monday’s rebound was driven by an easing of the worst fears about Trump’s health condition, albeit clouded by some mixed signals.
SEBI bars IIFL dealer, 5 others for front running trades using ‘mule’ accounts
Market regulator SEBI has barred Santosh B Singh, a dealer at broking firm IIFL, and five of his associates from any stock market transactions till further notice, for front running trades. The IIFL Group’s Mutual Fund schemes, Portfolio Management Services and Alternative Investment Funds were placing orders through IIFL dealer Santosh Singh. The SEBI probe found that during the period between December 2019 and August 2020, the trades placed by these funds were being ‘front run’.
Front running is the act of illegally buying or selling shares ahead of a substantial order by a client of a broking firm. If it is a large buy order, the front runner will buy the stock in his personal account and when the client’s order causes the stock price to rise, the front runner will sell out his position at a profit. Likewise, if it is a large sell order, the front runner will short sell the shares or its futures beforehand, and when the client’s order gets executed and causes the price to fall, the frontrunner will square up his short position at a profit.
IPO—Angel Broking lists with 10% discount at Rs 275 over the issue priceThe shares of Angel Broking debuted on the exchanges with 10 percent discount at Rs 275 apiece as against the issue price of Rs 306 on the BSE. The company had fixed its price band at Rs 305-Rs 306 per equity share. The Rs 600-crore public issue was subscribed 3.94 times during September 22-24., receiving bids for 5.4 crore equity shares as against the offer size of 1.37 crore equity shares, as per data available with the stock exchanges. The retail category was subscribed 4.31 times, qualified institutional buyers portion received 5.74 times subscription and non-institutional investors category, 69 percent.
Hatsun Agro board to consider QIP & bonus issue on October 19.
Yes Bank says outstanding deposits rose 15.7% in July-September quarter-shows signs of recovery.
The Investors will do well to carefully watch the market news and take appropriate decisions to protect their portfolio.
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