MARKET WRAP: Sensex tanks 540 pts in broad-based sell-off, India VIX up 5%

In the broader market, the S&P BSE MidCap index tumbled 1.77 per cent while the S&P BSE SmallCap index fell 0.88 per cent.
The domestic equity market slipped over 1 per cent on Monday amid across-the-board sell-off and weak global cues. 

The S&P BSE Sensex tumbled 540 points, or 1.3 per cent to settle at 40,145.50 levels and the Nifty50 index ended at 11,768, down 163 points, or 1.36 per cent. Bajaj Auto (down 6 per cent), M&M (down 4.5 per cent), and RIL (down nearly 4 per cent) were the top losers on Sensex. 

 
On the other hand, IndusInd Bank gained over 1 per cent on a report that Kotak Mahindra Bank was exploring an all-stock takeover of the bank. Nestle (up around 2.5 per cent) ended as the biggest gainer on the index.

In the broader market, the S&P BSE MidCap index tumbled 1.77 per cent while the S&P BSE SmallCap index fell 0.88 per cent. 

On the NSE, all the sectoral indices ended in the red. 

Global markets

European stocks sank on Monday, as Italy and Spain imposed fresh restrictions to control a resurgence in coronavirus cases, while shares in German heavyweight SAP slumped 20 per cent after it cut its 2020 outlook.

The pan-European STOXX 600 index tumbled over 1 per cent, with risk appetite globally sapped by worries over US stimulus progress and the presidential election.

China stocks, too, ended lower, dragged down by the consumer sector.

In commodities, oil prices fell 3 per cent on Monday, extending last week’s losses as growing cases of Covid-19 in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment.

(With inputs from Reuters)

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex tumbled 540 points, or 1.33 per cent to settle at 40,145.50 levels while the NSE's Nifty ended at 11,768, down 163 points, or 1.36 per cent. 

3:26 PM IST

3:20 PM IST RATING: BUY | TARGET PRICE: Rs 261 We have valued ACEM on the basis of SOTP valuation (based on EV/EBITDA), valuing the standalone business at a EV/EBITDA of 10x and arrive at a target price of Rs 261/sh.  At our TP the stock trades at a replacement cost of Rs9bn/mnt CY22 capacities (SA). ACEM’s clinker capacity addition will address its current clinker shortage issues. Additionally, improvement in capacity utilization will aide cost savings (~Rs50/tonne). Additionally, cost savings measures with new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). Healthy balance sheet (cash of Rs80bn CY20E) and debt free status only adds comfort. Maintain BUY.

3:14 PM IST

3:10 PM IST

3:03 PM IST Shares of Biocon slipped 6.5 per cent to Rs 390 on the BSE on Monday, falling 11 per cent in the past three trading days, after the company reported lower-than-expected performance for the quarter, largely weighed by operational challenges for the quarter ended September 2020 (Q2FY21). Biocon reported 22 per cent year on year (YoY) decline in its consolidated net profit at Rs 169 crore in Q2FY21 against Rs 216 crore in Q2FY20. Revenue from operations grew 11 per cent at Rs 1,745 crore on YoY basis. READ MORE

3:00 PM IST A vaccine that works is seen as a game-changer in the battle against the novel coronavirus, which has killed more than 1.15 million people, hammered the global economy and shuttered normal life across the world.   The Financial Times reported that the vaccine, being developed by Oxford and AstraZeneca, triggers protective antibodies and T-cells in older age groups. It cited two people familiar with the finding. READ MORE  

2:55 PM IST Ambani and Jeff Bezos, two of the world’s wealthiest men, want the stores and warehouses of Future Retail Ltd., which has penetrated Indian cities and small towns with sales of everything from grocery to fashion and electronics. Amazon, which owns stake in a Future unit, and Reliance have in recent months made pacts with the Future Group, which they say are now being violated. READ MORE 

2:46 PM IST

2:41 PM IST >> Premium income comes in at Rs 12,585 cr vs Rs 10,112 cr YoY

LIVE UPDATES

SECTOR WATCH | Nifty Metal index cracks 3.5%


MARKET AT CLOSE | Gainers and losers on the BSE Sensex


CLOSING BELL

The S&P BSE Sensex tumbled 540 points, or 1.33 per cent to settle at 40,145.50 levels while the NSE's Nifty ended at 11,768, down 163 points, or 1.36 per cent. 

BUZZING STOCK | Syngene rises nearly 6%


BROKERAGE VIEW | Centrum Broking on Ambuja Cement

RATING: BUY | TARGET PRICE: Rs 261

We have valued ACEM on the basis of SOTP valuation (based on EV/EBITDA), valuing the standalone business at a EV/EBITDA of 10x and arrive at a target price of Rs 261/sh.  At our TP the stock trades at a replacement cost of Rs9bn/mnt CY22 capacities (SA). ACEM’s clinker capacity addition will address its current clinker shortage issues. Additionally, improvement in capacity utilization will aide cost savings (~Rs50/tonne). Additionally, cost savings measures with new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). Healthy balance sheet (cash of Rs80bn CY20E) and debt free status only adds comfort. Maintain BUY.

Bajaj Auto trades 6% lower


Power Grid gains over 1%


Biocon dips 11% in three days on disappointing September quarter results

Shares of Biocon slipped 6.5 per cent to Rs 390 on the BSE on Monday, falling 11 per cent in the past three trading days, after the company reported lower-than-expected performance for the quarter, largely weighed by operational challenges for the quarter ended September 2020 (Q2FY21). Biocon reported 22 per cent year on year (YoY) decline in its consolidated net profit at Rs 169 crore in Q2FY21 against Rs 216 crore in Q2FY20. Revenue from operations grew 11 per cent at Rs 1,745 crore on YoY basis. READ MORE

Oxford Covid-19 vaccine prompts immune response among adults: AstraZeneca

A vaccine that works is seen as a game-changer in the battle against the novel coronavirus, which has killed more than 1.15 million people, hammered the global economy and shuttered normal life across the world.
 
The Financial Times reported that the vaccine, being developed by Oxford and AstraZeneca, triggers protective antibodies and T-cells in older age groups. It cited two people familiar with the finding. READ MORE
 

Future battle: Amazon set for face-off with Reliance for retail dominance

Ambani and Jeff Bezos, two of the world’s wealthiest men, want the stores and warehouses of Future Retail Ltd., which has penetrated Indian cities and small towns with sales of everything from grocery to fashion and electronics. Amazon, which owns stake in a Future unit, and Reliance have in recent months made pacts with the Future Group, which they say are now being violated. READ MORE 


RIL, HDFC Bank contribute the most to Sensex's 600-point fall today


Sept Quarter Result | SBI Life Q2 profit jumps from Rs 130 cr to Rs 290 cr

>> Premium income comes in at Rs 12,585 cr vs Rs 10,112 cr YoY


Jindal Steel declines over 6%


Stocks that hit 52-week high on BSE today in an otherwise feeble market

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
APL APOLLO TUBES 3000.00 3087.00 -0.43
CEAT 1111.10 1146.95 -1.05
CENTURY PLYBOARD 194.50 195.65 3.40
DR LAL PATHLABS 2260.00 2395.00 -1.76
HAVELLS INDIA 725.50 732.85 -0.03
» More on 52 Week High

BSE Midcap index drops around 2%


CDSL reports 68% jump in profit after tax at Rs 48.87 cr for Sept quarter

Leading depository CDSL on Monday reported a 68 per cent jump in profit after tax at Rs 48.87 crore for the three months ended September 30, 2020. In comparison, the depository had posted a profit after tax (PAT) of Rs 29.06 crore in the same quarter preceding fiscal, Central Depository Services (India) Limited or CDSL said in a statement. READ MORE

Nestle gains over 2%


Rupee closing

Rupee ends weaker at 73.85/$ vs Friday's close of 73.62 against the US dollar

Weak start for European indices

(Source: Reuters)

Muthoot Finance to raise upto Rs 2,000 cr via debentures

The proposed debenture issue will have a base issue size of Rs 100 crore with an option to retain oversubscription upto Rs 1,900 crores aggregating upto tranche limit of Rs 2,000 crore.
 
The issue opens on October 27, 2020 and closes on November 20, 2020 with an option to close at an early date or extend the date to be decided by the Board of Directors or NCD committee. READ MORE

BROKERAGE VIEW | Emkay Global on JSW Steel

RATING: SELL | TARGET PRICE: Rs 256

We raise FY21 EBITDA estimate by 29% but leave FY22E largely unchanged. We believe strong cash flows will result in higher capex as JSW completes pending projects. High leverage with impending BPSL acquisition remains our key concern. Maintain Sell with a revised TP of Rs 256 (up from Rs161), driven by higher multiple (6.5x vs. 5.5x earlier) as steel remains strong but substantial price hikes are now difficult.

Top losers on BSE at this hour

COMPANY PRICE(rs) CHG(%)
JINDAL STEEL 190.20 -7.94
COFORGE 2199.20 -7.65
HERO MOTOCORP 2922.20 -6.01
BIOCON 393.20 -5.75
BAJAJ AUTO 2906.95 -5.71
» More on Top Losers

Nifty Auto index falls 3%


Top gainers on the BSE at this hour


Result Tomorrow :: Tata Motors may report up to Rs 3,212 crore loss in Q2 amid JLR's struggles

Tata Motors is scheduled to release its September quarter results on Tuesday and most analysts expect it to report muted numbers in year-on-year (YoY) terms, largely due to fall in JLR volume. On the other hand, sequential improvement is expected to be 'substantial' while standalone margins may turn positive. READ MORE

Market in a free fall; Sensex nosedives 560 pts


BROKERAGE VIEW | Anand Rathi Shares on Polycab India

RATING: BUY | TARGET PRICE: Rs 1,228

Faster traction in the high margin B2C segments (wires/FMEG) and exports, premiumisation and cost-saving measures led to Polycab’s strong Q2 performance. Controlled WC and a healthy net-cash position (~Rs6.3bn) were other positives. On the faster recovery, we now expect 8%/13% CAGRs in revenue/PAT over FY20-22 with a 14%+ EBITDA margin. Strategic moves (inventory reduction, channel financing, etc) will aid in long-term sustainable growth. Thus, we are positive on Polycab and retain a Buy with a target of Rs 1,228 (18x/22x FY22e P/Es for C&W/ FMEG), earlier Rs 945. Profitable growth in FMEG will support a re-rating.

JSW Steel: Strong operational performance lifts future prospects

JSW Steel's (JSW) better-than-expected performance for the September quarter (Q2) instigates confidence on its future prospects.
 
The steel major not only posted a good 9.6 per cent year-on-year (63.5 per cent sequentially) growth in its consolidated revenue to Rs 19,264 crore led by improving volumes and realisations, but operational performance also beat estimates. READ MORE

Analysts hopeful of Rallis' growth prospects amid robust domestic revenues

The sharp fall in international revenues dented the September quarter performance of Rallis India. The segment, which accounted for 24 per cent of the company’s revenues (H1FY20 revenue share at 34 per cent) in the quarter, fell 29 per cent year-on-year (YoY).
 
The reason for the steep fall was a 30-40 per cent decline in volumes and realisations of herbicide metribuzin on the back of excess global inventory. READ MORE

Emerging markets' eurobonds sizzle, on track to better last year's show

Emerging markets’ eurobond volumes are on track to surpass last year’s $590 billion amid unprecedented liquidity conditions for high-rated issuers. High-grade issuers are benefitting from robust investor demand, although improvement in financing conditions is losing momentum. READ MORE

MARKET CHECK :: Indices at day's low


Thyrocare rallies 10%, hits record high on expectation of strong Q2 results

At 11:37 am, Thyrocare Technologies was trading 6 per cent higher at Rs 1,121, as compared to 0.60 per cent decline in the S&P BSE Sensex. Trading volumes on the counter doubled with a combined 920,000 equity shares changing hands on the NSE and BSE till the time of writing of this report. READ MORE

Future Group may challenge arbitration award putting RIL deal on hold

Kishore Biyani-led Future Retail on Monday hinted that it may challenge the arbitration award from the Singapore-based arbitration center before Indian legal forums, to ensure that its Rs 24,713 crore deal proceeds unhindered and without any delay.
 
Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single-judge arbitration panel put the deal on hold. READ MORE

Future Retail, IndusInd Bank, L&T: How to trade these news-driven stocks?

Larsen & Toubro Ltd (LT): After facing resistance at 100-day moving average (DMA), placed at Rs 925, since the last one month, the counter has now managed to conquer the level decisively. This demonstrates the potential upside towards Rs 975, which is its 200-DMA. The immediate support comes in at Rs 940 levels and it needs to be held on the closing basis. Furthermore, the technical indicator, the Moving Average Convergence Divergence (MACD) is at healthy levels, as it is likely to conquer the zero line upward. READ MORE 


RIL extends losses, slides over 2%


Foreign investors a bit wary of on-ground situation: Kenneth Andrade

Despite uncertainty, investors will look at the long-term core fundamentals while investing in equities, says the founder & chief investment officer, Old Bridge Capital Management READ FULL INTERVIEW HERE

MARKET CHECK | Sensex slips over 200 pts


MARKET UPDATE | Sensex slips over 170 pts


Q2 Earnings | CDSL posts 68% YoY rise in consolidated PAT at Rs 48.87 crore

>>  Total Income increased by Rs. 31.81 crore (46%) to Rs.101.16 crore;

Standalone figures

>> Total PAT increased by Rs16.11 crore (73%) to Rs. 38.06 crore;
>> Total Income for the quarter increased by Rs. 26.57 crore (51%) to Rs. 79.15 crore

BROKERAGE VIEW | LKP Securities on Polycab India

RATING: BUY | TARGET PRICE: Rs 1,178

Polycab has rebounded strongly in this quarter with overall margin expansion on back of improved demand. The company through its strong distribution network has been able to restrict the losses in the first quarter itself and quickly recovered with improvement in the overall business environment. Each and every business segment of the company has performed well in this quarter with strong revenue growth and margin expansion. The company expects the second half of FY21 to be much better than the first. Also, apart from the external factors, the company has been proactive in improving its business operations and financial health by adopting various measures. We expect the company to end the year with a flat revenue growth and PAT margin of around 6.8%. 

Future group stocks under pressure as deal with Reliance put on hold

Shares of Future Group companies were under pressure and fell by up to 9 per cent on the BSE in intra-day trade on Monday after Amazon won a favourable ruling for its plea in Singapore against the Kishore Biyani-headed group striking a deal with Mukesh Ambani-led Reliance Industries Ltd (RIL). READ MORE  


BROKERAGE VIEW | ICICI Securities on Coforge

RATING: HOLD | TARGET PRICE: Rs 2,690

Coforge is expected to benefit from increased investment in Cloud, AI and data. Further, the company is winning healthy deals in the BFS & insurance sector. This, coupled with wallet share gain in transport & improving growth trajectory in healthcare will lead to healthy growth in revenues in coming years. This, coupled with improving margins, prompt us to have a positive view on the stock from a long term perspective. However, the recent run up in stock price factors in most positives. Hence, we downgrade the stock from BUY to HOLD with a revised target price of Rs 2,690 (24x FY23E EPS).

Early Q2 results better than expected but market rally may lose steam

The early-bird results have been better than expected with companies showing gains from the unlock. But they have done little to shore up the Nifty50 index’s underlying earnings per share.
 
In the first two weeks of the earnings season since Tata Consultancy Services (TCS) declared its results on October 7, the Nifty earnings per share (EPS), on a trailing 12-month basis, is up just around 1 per cent from about Rs 344 at the beginning of the current month to Rs 347 at the end of Friday READ MORE

Top losers on the BSE at this hour


Polycab shares rally 6% on strong operational performance in Q2

The management remains optimistic about robust economic potential over mid to long term, government initiatives and reviving consumer sentiment should support demand in months to come. READ MORE

Rupee opening

Rupee opens lower at 73.78/$ vs Friday's close of 73.62 against the US dollar

Tech Mahindra slips over 2% after Q2 result; should you buy the stock?

Shares of Tech Mahindra, the Pune-headquartered information technology (IT) services company, declined as much as 2.6 per cent to Rs 825.70 apiece on the BSE in the early trade on Monday as investors booked profit after the company posted better-than-expected quarterly numbers for the second quarter of the current fiscal year (Q2FY21). READ MORE

IndusInd Bank soars 4% on takeover buzz; promoters call rumor 'baseless'

Shares of IndusInd Bank advanced 4.2 per cent to hit an early morning high of Rs 633 on the BSE on Monday on report that Uday Kotak, founder and chief executive officer (CEO) of Kotak Mahindra Bank, is looking at the possibility of an all-stock acquisition of the private lender. "Uday Kotak and the Hinduja family have held initial talks over the proposal in which the founders of IndusInd Bank could retain a stake in the lender after a deal," said a report by news agency Bloomberg. READ MORE

YES Bank extends gain after reporting net profit of Rs 129 crore in Q2

Shares of YES Bank rose 5 per cent at Rs 14.01 on the BSE on Monday, extending its Friday’s 5 per cent gain, after the lender returned to profit in the quarter ended September (Q2FY21). However, the stock erased its early morning rally and was up 1.4 per cent higher at Rs 13.54 on the BSE at 09:30 am. In comparison, the S&P BSE Sensex was down 0.26 per cent at 40,579 points. A combined around 89 million equity shares had changed hands on the counter on the NSE and BSE. READ MORE

Larsen & Toubro gains 2% as board to consider special dividend on Wednesday

Shares of Larsen & Toubro (L&T) gained 2 per cent at Rs 957 on the BSE on Monday, after the engineering conglomerate said its board will consider special dividend on Wednesday. The stock was quoting higher for the seventh straight day, and has gained 8 per cent during the period. READ MORE

Nestle India adds around 2% post Q2 nos

>> Beating street estimates, fast-moving consumer goods (FMGC) major Nestle India reported a 12.4 per cent growth in its profit before tax (PBT) for the July-September quarter. The Gurgaon-headquartered firm posted Rs 787 crore PBT, compared to Rs 700 crore in the corresponding quarter last year.


Result Reaction | Tech Mahindra dips 2%

>> Tech Mahindra on Friday reported a 5.27 per cent year-on-year (YoY) decline in its consolidated net profit at Rs 1,064.6 crore for the quarter ended September 2020 (Q2FY21). The IT services company had posted a profit of Rs 1,123.9 crore in the year-ago period.


Reliance Industries slips over 1% in early trade


Kotak Mahindra Bank mildly in red


IndusInd Bank advances 3%

>> According to a Bloomberg report, Kotak Mahindra Bank is exploring a takeover of smaller rival IndusInd Bank, a move that would create the nation’s eighth-largest financial firm by assets. 


Sectoral trends at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Commodity Heatmap


NEWS ALERT :: Alembic Pharma gets US FDA nod for Timolol Maleate Ophthalmic Gel

>> It is used to treat increased pressure inside the eye

Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: MOFSL on Tech Mahindra

CMP: Rs 848 | TP: Rs 940 (+11%) | Reco: Neutral

>> TechM’s high exposure to Communications vertical remains a potential opportunity as the broader 5G rollout can lead to a new spending cycle in the space. But, the segment continues to deliver tepid growth (flat growth in 2QFY21), which has resulted in overall growth being stuck in single digits.

>> Also, while the company has delivered robust improvement in EBITDA margin, it has maintained the 15% guidance band (although with upside bias). In our view, there is limited room for EBITDA margin expansion (v/s FY21 guidance) as the company needs to invest back into the business (utilization, employee wage
hikes, etc.) after keeping a tight leash on them during 1HFY21.

>> We expect TechM to deliver single-digit growth in FY22 (unlike double-digit growth from its peers), which would lead to a lower P/E multiple. Hence, we value the stock at 20x FY22E EPS, at 25% discount to our target P/E for TCS. Remain Neutral. 

BROKERAGE VIEW :: MOFSL on Nestle

CMP: Rs 15,863 | TP: Rs 16,440 (+4%) | Reco: Neutral

>> Despite the good results, there is a 3-4% reduction in erstwhile EPS forecasts for the next two years. This is attributable to the incremental capex announced, which has led to higher depreciation forecasts and lower other income forecasts.

>> The capex (INR26b over the next 3–4 years) would boost longer term growth prospects. However, it also signifies an end to the sweet spot that the company enjoyed until CY19, when it was able to take advantage of erstwhile significantly underutilized capacity. It benefited particularly after the resumption of strong sales growth, driven by a change in leadership post the Maggi crisis in 2015. Gross FATR increased to 3.4x in CY19 from 1.9x in CY14 (the year before the Maggi crisis). Similarly, Net FATR increased to 5.1x from 2.8x over this period. Sales/EBITDA grew at a 10.6%/12.5% CAGR over CY16 (the year after the Maggi crisis) to CY19. Meanwhile, PBT grew 15.8% as depreciation actually reduced and corporate tax cuts meant PAT was even better at 18.7% CAGR during this period.

>> The longer term narrative for NEST’s topline and earnings growth remains extremely attractive. Not only is the successful implementation of its growth strategy in recent years a positive, but the Packaged Foods segment in India also offers immense growth opportunities. This is particularly true for a company with a strong pedigree and distribution strength. In the near term, the stock offers better resilience at the top line v/s peers owing to the nature of its portfolio and its superior efficiency.

>> However, current valuations of 64.9x CY21E EPS and 55.9x CY22E EPS appear to completely factor in upside for the next year. We value the company at 60xSep’22E EPS to arrive at TP of INR16,440. Maintain Neutral.

BROKERAGE VIEW :: MOFSL on JSW Steel

CMP: Rs 321 | TP: Rs 372 (+16%) | Reco: Buy

>> JSW Steel (JSTL)’s 2QFY21 results were impressive as consol EBITDA grew 85% YoY to INR42.5b, beating our estimates by 24%. The beat was led by lower costs, leading to standalone EBITDA/t of INR10,136 (est. INR8,754).

>> We expect 3QFY21 margins to be even stronger as higher steel prices (HRC price currently is INR4,000/t higher than 2Q) and upward revision in fixed price contracts should lead to higher realization. We raise our FY21E/FY22E EBITDA by 25%/5% to factor in higher realization. Maintain Buy

Stocks in focus today

Kotak Mahindra Bank, IndusInd Bank: According to a Bloomberg report, Kotak Mahindra Bank is exploring a takeover of smaller rival IndusInd Bank, a move that would create the nation’s eighth-largest financial firm by assets. 
 
Nestle: Beating street estimates, fast-moving consumer goods (FMGC) major Nestle India reported a 12.4 per cent growth in its profit before tax (PBT) for the July-September quarter. The Gurgaon-headquartered firm posted Rs 787 crore PBT, compared to Rs 700 crore in the corresponding quarter last year.
 
JSW Steel: Sajjan Jindal-led JSW Steel reported a consolidated net profit of Rs 1,595 crore in the September quarter, down 37 per cent from same period last year as tax expenses ate into the profits despite higher sales. READ MORE  


'Nifty needs to hold 11,800 for further upside'

As per weekly option data, handful of put writing on lower strikes ranging from 11,700 to 11,900 is witnessed which shows Nifty would face firm support in the sub 11,800 zone. The level of 11,800 will act as support as maximum put open interest (OI) is placed here. We can witness short-covering move along with addition of fresh position only if Nifty breaches 12,000. Therefore, traders should try to create long position keeping close eye on 11,800. READ MORE

Stock recommendation by Prabhudas Lilladher

BUY MOTHERSON SUMI | CMP: Rs 110.45 | Target: Rs 130-135 | Stop Loss: Rs 100
 
The stock has formed a decent base near 102 levels, almost making a double bottom pattern, and has currently given a spurt to indicate strength. The improved bias suggests for further upside movement in the coming days. The RSI has also indicated a trend reversal to signal a buy and with the chart looking attractive. We suggest to buy and accumulate the stock for an upside target of Rs 130-135, keeping the stop loss near Rs 100 levels. READ MORE

Bulk deals on BSE as on Friday

Bulk deals on NSE as on Friday

FII/FPI & DII trading activity on NSE, BSE and MSEI


Rupee check

Source: Reuters


Oil falls more than 1% as surging Covid-19 cases stoke demand fears

>> Oil prices fell on Monday, extending last week's losses, as a jump in Covid-19 infections in the United States and Europe raised alarms over crude demand, while the prospect of increased supply also hurt sentiment.
 
>> Brent crude was down by 53 cents, or 1.3%, at $41.24. US West Texas Intermediate (WTI) dropped 53 cents, or 1.3%, to $39.32, having fallen more than a dollar shortly after the start of trading.

(Source: Reuters)

SGX Nifty update

>> At 8:38 am, the index was at 11,934 level, down 1 point

Asian markets check

Source: Reuters


Wall Street on Friday

Source: Reuters


Good morning, readers!

Welcome to the Business Standard live blog.

Catch all the live market updates here.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel