12th October 2020 : Market Outlook, US markets closed in green on hope of additional stimulus announcement which is expected before elections. Asian markets too were up by half a percent. SGX Nifty is trading above 12000 after RBI policy announcement and decline in cases of Covid. Autos and financials have shown good traction in last couple of trading session. We expect the markets to remain upside with a strong support level of 11800.
Actionble: Buy ICICI Bank, Hero Moto corp, JK cement
IPO Listing : Mazagon Dock shipbuilders shares to start trading in exchanges today after oversubscribed by 157 times. UTI AMC shares to start trading in exchanges today after oversubscribed by 2.3 times.
SGX NIFTY: +35 (prev.close 11961)
NIFTY 50 : 11914
Sensex : 40509
FII: -39 Cr
DII: +127 Cr
Advances: 1202 / Declines: 1490
Dollar: $ 73.13
Gold: $1930 per ounce
Crude: $42.45 per barrel
10 year US bond rate: 0.78
10 year Indian Bond rate: 5.94
Shilpa Medicare: USFDA issued a warning letter to the only formulations plant of the company at Jadcherla. Formulations contribute approx 20 % of the total revenue, also majority of the ANDA’s filling pending from this facility.
Vedanta: Vedanta had failed to complete delisting process due to unable to get requisite number of shares in reverse book building.
Wipro: Board to meet today to consider proposal for buyback of the shares.
Securities in Ban: IDEA, ADANI ENT, BHEL, JINDALSTEL.