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MARKETS News :
Sensex opens 300 points higher, Nifty above 11,700; all sectors in the green:
US Futures turn higher after cash market suffers three days’ of straight loss.
European stocks close 2 % lower as stimulus hopes fade & virus surges.
Concern over fresh lock-down in London.
Dollar retreats from yesterday’s high as Dow Futures recover this morning.
Asian shares perk up on China gains, virus woes linger.
Asian stocks edged higher on Friday, buoyed by gains in China, but the mood was cautious due to a resurgence of coronavirus infections in Europe and the United States. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.27 percent. U.S. stock futures also gained 0.32 percent. Shares in China rose 0.39 percent as investors snapped up banking shares due to an improving earnings outlook. Australian stocks erased early losses to trade flat. Japanese stocks edged 0.05 percent higher, but South Korean shares lost 0.32 percent.
Indian indices opened higher on Friday tracking positive cues by Asian peers, led by gains in major key indices in early deals. At 9:18 am, the Sensex was up 324 points at 40,052, while the Nifty rose 54 points to 11,735. Broader markets were also positive with the midcap and smallcap indices up over half a percent each. All sectors were in the green at opening with Nifty IT and Nifty Bank leading, up 1.3 percent and 1 percent, respectively. The Financial Servcies, Auto, and FMCG indices also rose around hald a percent each. Tata Motors, IndusInd Bank, ICICI Bank, Infosys, and Bharti Airtel were the top gainers while UPL, HCL Tech, Cipla and Asian Paints were the only stocks in the red.
Gross inflows in equities at 6-month high.
The month of September remained muted for the Indian benchmark indices extreme amidst volatility, however, H1FY21 turned out to be the best first-half for Nifty over the last decade. With the economy gradually opening up, the equities saw gross inflows at a six-month high and a slowdown in the outflows, says a report. According to the report, equity schemes saw a surge of sales in September, up 17.5 percent MoM. But, equity AUM (assets under management) of domestic mutual funds (MFs) declined 0.6 percent, MoM, due to the fall in market indices. One important trend noticed in September was that the proportion of outflows in the multi-cap category remained higher as compared to others, due to the Sebi’s circular to direct multi-cap funds to keep at least 25 percent of their assets in large-cap, mid-cap, and small-cap stocks.
IT firm HCL Technologies on Friday (October 16) is expected to report a strong numbers for the second quarter of the financial year 2021 (Q2FY21). The company had guided for 3.5 percent constant currency revenue growth and since then, the expectations are fairly elevated. The dollar revenue is expected to be at about 5.7 percent and a constant currency growth closer to around 3.7-3.8 percent. EBIT margins are likely to be stable but with a positive bias at 20.8 percent. The key thing to watch out for is whether the company will change its guidance for the second half. The company had guided for a quarterly growth rate of 1.5-2.5 percent and margins between 19.5 percent and 20.5 percent.
Investors are advised to keep a track of the market news which would eventually influence the local bourses and take appropriate decisions.
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