Stock Market Live Updates: Sensex, Nifty Continue To Face Bullish Trend, All Eyes On TCS Results

Indian markets held onto the bulls tracking positive trends in global cues after Fed officials gave dovish remarks for forthcoming policy. IT stocks are in focus ahead of their Q2 earnings for FY24, with TCS results scheduled later today. Experts believe the geopolitical tension between Israel and Hamas is like to have a major impact on the world economy, which also boosted sentiments.

Sensex gained to an intraday high of 66,592.16, while Nifty 50 crossed 19,800 mark to hit the day's high of 19,839.20. Bank Nifty was also nearly 155 points. Meanwhile, India's volatility index dipped 2%.

Except PSU banks, all other sectoral indices traded higher. Realty, media, and auto were top performing stocks.

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Oct 11, 2023, 3:52 pm IST

Sensex, Nifty Close Higher; Wipro, Hero MotoCorp, RIL Post Gains

The Indian stock market ended in the green on Wednesday. At market close, Sensex was up 0.60% at 66,473.05 points, while Nifty settled 0.62% higher at 19,811.35 points. Most sectors closed higher today, with PSU Bank and IT index being the exception.

Oct 11, 2023, 3:35 pm IST

SEBI Probing Ties Between Adani Group And Gulf Asia Fund

India's market regulator SEBI is investigating ties between the Adani Group and a fund incorporated in the British Virgin Islands to know if any share ownership rules were flouted, according to a Reuters report.

Oct 11, 2023, 3:26 pm IST

LIC Reduces Stake In Shipping Corp of India From 6.032% To 3.991%

LIC informed on Wednesday that Corporation’s shareholding in "SHIPPING CORPORATION OF INDIA LTD.” has diluted from 2,80,98,197 to 1,85,92,050 Equity Shares, decreasing its shareholding from 6.032% to 3.991% of the paid-up capital of the said Company.

Oct 11, 2023, 2:29 pm IST

IT Stocks Lose Momentum, Coforge Down Over 1%

IT stocks fall from intra-day highs as street awaits US inflation reading today. Coforge slides nearly 3% from its days high. TCS reported a decline of nearly 1% from highs as the company sets to kickstart big pack eanings today.

Oct 11, 2023, 2:16 pm IST

BSE Sensex Rises Nearly 400 Points, Nifty Hovers Around 19,800

Sensex and Nity climb more than 0.5% each ahead of September CPI inflation reading today. Hero MotoCorp stages a sharp upmove to be amongst top Nifty Gainers, Wipro continues with momentum. Auto and auto ancilliary stocks surge with Nifty Auto index rising more than 1%.

Oct 11, 2023, 1:30 pm IST

MCX Shares Soar To Record High On New Platform Launch

The shares of Multi Commodity Exchange surge to hit a life-time high after the company on Octover 10 announced to go live on the new web-based commodity derivatives platform (CDP) from October 16, with a mock session scheduled on October 15.

Oct 11, 2023, 1:17 pm IST

Infosys Shares Down 1% Ahead Of Earnings On October 12

Ahead of its earnings, Infosys shares are trading in red on Wednesday. The stock performed at Rs 1,483.35 apiece, down by 0.8% on BSE, which was also near its intraday low of Rs 1,481.60 apiece. Currently, its market cap is over Rs 6.16 lakh crore. On October 12th, the Infosys board of directors will meet to approve and take on record the audited consolidated and standalone financial results for the quarter and half year ending September 30, 2023, in both Indian Accounting Standards (INDAS) and IFRS. Further, the company informed earlier that it will also consider the declaration of interim dividend, if any on Thursday.

Oct 11, 2023, 12:51 pm IST

TCS Near 52-week High Ahead Of Q2 Results

Indian IT giant TCS is all set report its second quarter earnings today. The stocks is trading near its 52-week high of Rs 3,680 per share. The company is also expected to consider a share buyback proposal and declare an interim dividend. If approved, this will be fifth share buyback in the last six years for the company.

Oct 11, 2023, 12:47 pm IST

L&T Bags Order Worth Over Rs 7,000 Crores

L&T surges nearly 1% after L&T Energy Hydrocarbon secures order worth more than Rs 7,000 crores in the Middle East. Work involves engineering, procurement and construction of Gas Compression Plants consisting of Gas Inlet Facilities, Gas Compression System, Produced Water Handling, etc.

Oct 11, 2023, 12:34 pm IST

BSE Sensex Climbs Above 66,400, Nifty Reclaims 19,800

Sensex rises more than 350 points intra-day to surge above 66,400 mark, while Nifty hovers around 19,800 with Wipro and Grasim gaining the most. All sectoral indices trade with gains, metals and realty jump up to 1.5%. Broadrer markets outperform, Vodafone Idea and Ramco Cement lead gains.

Oct 11, 2023, 12:20 pm IST

Gold Shines!

Yellow Metal extended its rally for the fourth day in a row due to a dovish stance from Fed officials and Israel-Hamas war entering its fifth day which has boosted demand for safe haven. At MCX, gold futures expiring in December traded at Rs 57,662 per 10 gram, marginally up from the previous session's print. This bullion ranged from Rs 57,695 to Rs 57,600. On the global front, the spot gold rose as high as ,863.30 an ounce in the intraday-trade, while US gold futures also expiring in December climbed to the day's high of ,876.75 an ounce. Both traded higher.

Oct 11, 2023, 11:04 am IST

Top 5 Gainers and Losers Today

Source:NSE

Oct 11, 2023, 10:41 am IST

Laxmi Organic Soars 10%, Raises Rs 259 Crore via QIP

Laxmi Organic shares soared over 10% in the early trade on October 11 after it raised Rs 259 crore through qualified institutional placement (QIP). The company’s board considered and approved the allocation of 96.25 lakh equity shares at an issue price of Rs 269.20, a discount of 4.97% to the floor price of Rs 283.27. Current market price of Laxmi Organic Industries shares on BSE is Rs 299.35 per share with intraday gain of 10.40% on BSE.

Oct 11, 2023, 10:40 am IST

Fine Organic Industries Incorporates Wholly-Owned Subsidiary Fine Organic Industries (SEZ, Shares Zoom

Fine Organic Industries incorporated wholly owned subsidiary company namely Fine Organic Industries (SEZ), in India. The new subsidiary is expected to do the business of manufacturing specialty chemical products. Meanwhile, Fine Organic Industries shares cheered the move and jumped 1.36% intraday on BSE to 4905.40.

Oct 11, 2023, 9:08 am IST

USD-INR Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, Lacklustre trades continue to persist. As maintained yesterday, we would continue to persist with the 83.4-83.49 objectives initially and 83.73-84.5 thereafter. Downside marker may remain at 83.07 or 82.98.

Oct 11, 2023, 9:07 am IST

Nifty Derivative Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, Nifty weekly contract has highest open interest at 20000 for Calls and 19600 for Puts while monthly contracts have highest open interest at 20000 for Calls and 19500 for Puts. Highest new OI addition was seen at 20100 for Calls and 19600 for Puts in weekly and at 20100 for Calls and 19700 for Puts in monthly contracts. FIIs decreased their future index long position holdings by 5.44%, decreased future index shorts by 3.53% and in index options by -15.71% in Call longs, 2.70% in Call short, -8.11% in Put longs and 38.98% in Put shorts.

Oct 11, 2023, 9:07 am IST

Nifty Outlook Today

Anand James, Chief Market Strategist at Geojit Financial Services said, An up gapped opening above our pivot of 19545 ended up with a close above the upper extremity of the broadening wedge which had kept the price in a bearish channel so far. Ideally this sets up environment for a strong push to 19900 and much beyond, but we see the prospects of bears regrouping, if 19780 holds. With this in perspective, dips may be bought today, but expect upside attempts to lose strength, if unable to float above 19656.

Oct 11, 2023, 9:06 am IST

Gold - seen range-bound ahead of the US CPI data

Praveen Singh – Associate VP, Fundamental Currencies and Commodities, Sharekhan by BNP Paribas said, Yesterday, spot gold closed steady at 60 as the US Dollar Index slipped and the US yields slumped. Fed's Kashkari said that inflation is headed down and high yields leave less for the Federal Reserve to do, though they might have to raise rates should the US economy continue to be strong. The Federal Reserve's Governor Waller, who has been a vocal hawk, said that they are at the job to bring down inflation rate to 2%. He didn't offer much clue to the forward path of the Federal Reserve's monetary policy. The US Dollar Index fell for the fifth consecutive day as the Index closed with a loss of 0.18% at 105.77. The ten-year US yields slumped nearly 3% from Friday's closing to 4.65%, whereas the two-year yields at 4.96% were down over 2% from Friday's closing. Today's major macroeconomic releases include Germany's CPI, China's new loans, US PPI inflation and FOMC minutes of the September FOMC meet. Risk sentiments remaining healthy despite the ongoing war between Hamas and Israel indicate contained geopolitical concerns. Gold is expected to be range-bound ahead of the US CPI inflation data, though there is not much of safe haven demand currently. Support is coming from soft US Dollar Index and subdued US yields. Support is at 50/30. Resistance is at 85.

Oct 11, 2023, 9:05 am IST

Morning Market View By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Stock market has a unique ability to climb many walls of worries. If the undertone of the market is bullish the market will climb worrying walls which may appear formidable. It is important to appreciate the fact that even in the midst of the West Asian crisis, markets are resilient, globally. The fundamental support to the market comes from the resilience of the US economy, the declining US bond yields and the hope that the Israel-Hamas conflict will remain a localised crisis which will not impact crude prices. However, investors should remain cautious since the situation taking a turn for the worse cannot be ruled out. The fact that Nifty is just 2.5% away from the all-time high indicates the strength and resilience of the market. Even though FIIs are sustained sellers in the market, buying by DIIs, HNIs and retail are counterbalancing the selling and supporting the market. Safety is in large-caps.

Oct 11, 2023, 9:04 am IST

Bank of Baroda In Focus

In response to several supervisory issues it had found with the bank's procedures for onboarding mobile banking users, the Reserve Bank of India on Tuesday directed Bank of Baroda to immediately cease onboarding any new customers to its "bob World" mobile application. “While the Bank has already carried out corrective measures to address the concerns of the RBI, we have initiated further steps to plug any remaining gaps identified and we will work closely with the RBI to address their concerns at the earliest to their satisfaction,” said BoB in a stock exchange filing on Tueday. “We would also like to assure all our existing customers that they will not face any disruption whatsoever and will continue to enjoy uninterrupted services on the Bank’s bob World mobile app. Further, this order does not impact any of the Bank’s other Digital Banking channels such as Net Banking, WhatsApp Banking, Debit Cards, ATMs, etc. for servicing its existing customers as well as for onboarding of new customers,” informed Bank of Baroda to the stock exchanges. “We would like to reassure all our customers that our Bank’s Mobile Banking application is fully secure with robust security controls and features. The Bank has always endeavoured to provide seamless digital banking services to its customers and over the last few years, the Bank has made significant investments in technology, which provides customers with a seamless and secure banking experience, with robust controls and security features,” the bank stated.

Oct 11, 2023, 8:58 am IST

All eyes on TCS

Despite its volatility, Tata Consultancy Services (TCS) moved close to its 52-week highs on Tuesday ahead of the release of its September quarter results for FY24. TCS in the current tighter macroeconomic environment will be closely watched.