MARKET WRAP: Sensex ends 255 pts higher; financial, metal stocks advance

NSE's Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent
The domestic stock market regained some lost ground on Friday, a day after benchmark indices tumbled around 2.5 per cent. The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels, thanks to healthy buying in the financial counters. NSE's Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent. India VIX declined nearly 2 per cent to 21.64 levels. 

In the broader market, the S&P BSE MidCap index gained 1 per cent to 14,621 points while the S&P BSE SmallCap index settled nearly 1 per cent higher at 14,787 levels. 

Global markets

Financial markets remained shaky on Friday as hopes for a new round of US fiscal stimulus met fears that social restrictions to tackle the coronavirus pandemic would undermine the economic recovery.

Oil prices and Asian stocks slid, but European stocks recovered in morning trading after sharp losses the day before.

Germany’s 10-year bond yield was set for its biggest weekly drop since August as doubts grew about the economic recovery in the euro zone.

(With inputs from Reuters)


SECTOR WATCH | Nifty Metal surges 4%

MARKET AT CLOSE | Gainers and losers on the BSE Sensex


The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels while NSE's Nifty ended at 11,762, up 82 points, or 0.7 per cent. 

IDBI Bank surges 18% on government stake sale plan report

The government currently owns a 47.11 per cent stake in IDBI Bank. In January 2019, Life Insurance Corporation (LIC) completed the acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. READ MORE 

Centrum Broking on Mindtree


We expect Mindtree USD revenues to decline by 2.7% YoY for FY21E.  This is lower than peers ( We model LTI and Coforge USD revenues to grow by 6.3/4.7% for  FY21).While Mindtree has high top account concentration (Microsoft accounts to 29% of total revenues), recent deal wins and ramp ups can gradually lower top account concentration.  With limited options in diversified portfolio midcap IT Services companies (LT Infotech, Mindtree, Coforge) coupled with low float in these stocks there is  steeper movement in these stock. We value Mindtree at 21x Sep22E EPS (vs 20.5x earlier), which yields a target price of Rs1600/sh. Retain BUY

IDBI Bank advances 16.5%

Steel stocks in focus; JSW Steel hits 52-week high, Tata Steel surges 5%

Shares of steel companies were in demand on Friday, ralling by up to 6 per cent on the BSE on expectation of demand recovery. JSW Steel advanced 6 per cent to Rs 308, hitting a fresh 52-week high on the BSE. The stock surpassed its previous high of Rs 298 touched on October 9, 2020. Tata Steel, Jindal Steel and Power and Steel Authority of India (SAIL), on the other hand, were up 3 per cent to 6 per cent on the BSE. READ MORE

Heatmap: S&P BSE Sensex gainers and losers at this hour

Avadh Sugar surges 13%

Explained :: How Uttam Galva Steels lost its sheen amid mounting debts

The Mumbai-based Miglanis were known for eye-catching deals. In 2009, a stake in their flagship Uttam Galva Steels Ltd (UGSL) paved the way for the world’s largest steelmaker, ArcelorMittal, to gain a foothold in India after aborted attempts at setting up greenfield plants. READ MORE

SECTOR WATCH:: Metal stocks shine

VEDANTA 95.65 97.95 94.95 0.68
JINDAL STEEL 193.15 193.75 179.30 5.52
TATA STEEL 392.50 395.10 375.45 5.02
S A I L 33.65 33.75 32.80 2.59
Click here for the full list

Result Tomorrow :: Avenue Supermarts trades weak

This beaten-down stock has zoomed 306% in 6 weeks after restart of trading

The internet software & services company's stock was trading at its 52-week high level and has zoomed 306 per cent since September 7, 2020. It was last traded on May 26, 2020 and closed at Rs 23.70 on the BSE. The stock hit a record high of Rs 1,024 on November 29, 2017. READ MORE 

HDFC Banks trades 2% higher ahead of Q2 nos tomorrow

Edelweiss Securities on HCL Tech


The company delivered a robust set of numbers in this quarter, delivering both on the revenue and margin front. Deal pipeline is at all-time high. These numbers reinforce our belief that we are the beginning of a tech upcycle. Overall performance was broad based with all growth engines firing. All geographies/ segments/ verticals returned to positive sequential growth.

Rupee Closing

Rupee closes higher at 73.34 per US dollar vs Thursday's close of 73.38/$

European indices start strong

BROKERAGE VIEW :: ICICI Securities on Cyient

CMP: Rs 367 | Target price: Rs 530 | Reco: Buy

>> Cyient’s reported EBIT margin for Q2FY21 was 200bps ahead of our estimate led by strong margin expansion in both services (540bps QoQ) and DLM (-930bps
QoQ). Operational improvements and lower direct costs were the key margin tailwinds. Revenues werein line with our estimates. While A&D (-11.5% QoQ in USD terms, Services) continued to struggle, communications (+7.7% QoQ, USD) and transportation (+21.6% QoQ, USD) saved the day. For FY21, the company now expects low double-digit revenue decline. Margins are expected to be flat YoY.

>> Even as A&D (31.6% of revenues) should drag performance over the next 12-18 months, we expect its impact to be more than offset by strong growth acceleration in other verticals like communications (24% of revenues). Some of the impending structural changes in the organisation should augur well for improvement in both growth and profitability. Large room for margin expansion and undemanding valuations (10.5x FY22E EPS) are the key rationale behind our BUY rating.

BROKERAGE VIEW :: ICICI Securities on Mindtree

CMP: Rs 1,425 | Target price: Rs 1,810 | Reco: Buy

>> While revenue in this quarter is behind estimates, margin expansion and outlook surprised the street. Mindtree expects to keep its margins stable despite impending wage hikes, which would be an impressive achievement. We reckon steady state EBIT/PAT margins of 17.5%/14.3% by FY23E, by when cost structure should converge with that of LTI. (1) Increasing share of FPP, (2) focus on tail account rationalisation and (3) CMT-led growth should drive further margin expansion. Slight decline in top account (1% QoQ, USD) in Q2FY21 was understandable given the pandemic-led spike in Q1FY21.

>> Despite the relatively tepid deal wins (USD 303mn vs 391mn, in Q1FY21) and seasonality, growth outlook for H2FY21 remained strong. Multiples are undemanding (19x FY22E EPS) on our estimates as we already factor in the potential positive surprise. Maintain BUY with an unchanged target price of Rs 1,810.

BROKERAGE VIEW :: Anand Rathi on UltraTech Cements

CMP: Rs 4,374 | Target price: Rs 5,210 | Reco: Buy

>> It has a consolidated capacity of 116.75 Million Tonnes Per Annum (MTPA) of grey cement, 0.68 MTPA of white cement & 0.85 MTPA of wall care putty. The company has 100+ RMC plants in 39 cities.

>> The century cement division reported EBITDA per ton > Rs.900/ton and turned PBT accretive in the 3rd quarter of acquisition and achieved 70% capacity utilization. The division is expected to further benefit from brand transition & operational synergies.

>> We are positive on Ultratech due to its strong business model, high operating margins, improving balance sheet, growing retail market share and potential for further integration & synergy benefits from its mergers & acquisitions. We initiate our coverage on the company with a BUY rating and a target price of ₹ 5,210 per share.

Tata Steel up nearly 4%

Nifty IT index slips in the red

Top gainers on the BSE at this hour

Cyient gains 5% as Q2 consolidated Ebit margin grows 586 bps QoQ to 11%

Shares of Cyient were up 5 per cent to Rs 383 on the BSE on Friday after the company reported 586 basis points (bps) expansion in consolidated EBIT (earnings before interest tax) margin at 11.0 per cent in September quarter (Q2FY21) on a sequential basis. The improvement in margins was led by higher utilisation, lower subcontracting cost, and lower restructuring cost. Consolidated revenue grew 1.3 per cent quarter-on-quarter (QoQ) in constant currency terms. READ MORE  

NEWS ALERT :: European aviation regulator declares Boeing 737 Max safe to fly

Alert: B737 Max were grounded in 2018 after 2 fatal accidents

SpiceJet has maximum B737 Max in its fleet

Sept Quarter Result | Federal Bank reports profit of Rs 308 cr vs Rs 417 cr YoY

>> Gross NPA at 2.84% vs 2.96% QoQ

>> NNPA at 0.99% vs 1.22% QoQ

>> Provisions at Rs 592 cr vs Rs 252 cr

BPCL to cut dependence on Middle East LPG, seek bids from global suppliers

Bharat Petroleum Corp. is seeking bids from global suppliers for a fifth of its typical LPG needs in 2021, according to a tender seen by Bloomberg. Bidding is still open to Middle East producers, which already provide BPCL with the majority of its contracted needs. India’s second-biggest fuel retailer made an attempt to broaden its sources of supply earlier this year but the tender wasn’t awarded due to a lack of attractive offers, said traders. READ MORE

Top gainers on BSE at this hour

IDBI BANK 36.60 8.93
IFB INDUSTRIES 701.00 7.25
SUNTECK REALTY 269.00 6.85
AMBER ENTERP. 2132.50 6.80
» More on Top Gainers

Result Tomorrow :: Analysts see sub-20% growth in HDFC Bank's profit

Earlier this month, HDFC Bank said its loan book had expanded 16 per cent on a yearly basis to Rs 10.37 trillion as on September 30, 2020, compared to Rs 8.97 trillion in the year-ago period. Deposits, meanwhile, stood at Rs 12.29 trillion at the end of September, 2020 as against Rs 10.21 trillion in the year-ago period, it said. READ MORE

High tea prices could impact near term margins of Tata Consumer Products

After rising 83 per cent from mid-April to its highs in early September, the stock of Tata Consumer Products has shed some of its gains. While the long-term growth story remains intact, the near-term concern is about margins which could be hit on account of rising tea prices. READ MORE

Chart Check: IT stocks decline post Q2 nos. Do they still hold promise?

After a sharp run-up in the past few months, shares of information technology stocks are now witnessing a strong bout of profit booking by the investors. After slipping over 3 per cent on Thursday, the Nifty IT index was trading flat at 21,612 levels on Friday noon, with 4 constituents declining and 6 advancing. According to analysts, for the short-term, most positives for the IT stocks are priced in. READ MORE

NEWS ALERT :: RBI to conduct OMO in State Development Loans for Rs 10,000 cr

>> It has been decided to conduct a purchase auction of SDLs under Open Market Operations (OMOs) for an aggregate amount of Rs 10,000 crores on October 22, 2020, keeping in view that this is the first ever OMO purchase of SDLs. Depending on market response, the size of the auctions may be enhanced in the subsequent auctions.

Click here for more details

Angel Broking, Chemcon Speciality, Happiest Minds hit new lows since debut

Individually, Chemcon Speciality Chemicals slipped 5 per cent to Rs 398.65 on the BSE today. The stock of the speciality chemicals has slipped 46 per cent from its listing day's high of Rs 743.80 hit on October 1, 2020. The company had made a stellar debut and had listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE. READ MORE

Consumer electronics shares gain as import of ACs with refrigerants banned

Shares of consumer electronics companies rallied up to 15 per cent intra-day at the bourses on Friday after the government banned import of air conditioners with refrigerants. Amber Enterprises India surged 15 per cent to hit a 52-week high of Rs 2,300 on the BSE. At 10:38 am, the stock was trading 5 per cent higher at Rs 2,102, as compared to 0.44 per cent rise in the S&P BSE Sensex. READ MORE

Chris Wood hikes allocation to Indian equities; raises stake in HDFC

In his latest note to investors, GREED & fear, Christopher Wood, global head (equity strategy) at Jefferies said that he has hiked allocation to Indian equities in his Asia Pacific ex-Japan relative-return portfolio by one percentage point and added two percentage points to the existing investment in HDFC in the Asia ex-Japan long-only portfolio. At 2x 12-month forward adjusted book, compared with a five-year average forward price-to-book ratio (P/BV) of 2.6x, Wood feels HDFC’s valuation remains attractive READ MORE

Mindtree tumbles over 11% post September quarter result; brokerages mixed

Shares of Mindtree slumped as much as 11.43 per cent to Rs 1,264.25 apiece on the BSE on Friday as the company missed analysts' estimates on the revenue front. Further, softening trends in top clients, too, weighed on the investor sentiment. At 10:42 AM, the stock of the company was trading nearly 8 per cent lower at Rs 1315.15 on the BSE against Thursday's close of Rs 1427.55. READ MORE

Sector Watch :: Metals stocks shine

Dr Reddy's: Progress in Covid vaccine trials to boost firm's growth outlook

Dr Reddy’s Laboratories (DRL) continues to be in the limelight on product-specific news, further improving its business outlook. The settlement of a patent dispute for a large drug to be launched in the US had already lifted sentiment, pushing the stock to fresh highs in September. READ MORE

BUZZING STOCK:: IDBI Bank surges 12%

MARKET UPDATE:: Sensex regains momentum

Nifty P/B ratio edges above long-term average; analysts call sign worrying

“The P/B reaching its long-term average is proof that investors are not punishing the market for the economic fallout of the Covid-19 pandemic. The Reserve Bank of India itself is saying that the gross domestic product will shrink 9 per cent. The economic outlook is clear that we will take at least two years to reach the 2019-20 levels. But the market seems to be indifferent. The market has to correct at least 10 per cent for the P/B to price in the pandemic impact,” said G Chokkalingam, founder, Equinomics Research & Advisory. READ MORE

HCL Tech falls 4% on profit booking post September quarter results

Shares of HCL Technologies on Friday slipped 4 per cent to Rs 821 on the BSE as investors booked profit after the company reported better-than-expected earnings for the quarter ended September 2020 (Q2FY21). The stock has fallen 8 per cent in the past two trading days and corrected 10 per cent from its record high level of Rs 911, touched on October 14, 2020. READ MORE

Modi govt's enhanced market borrowing plan may roil the bond market

The government will sell 4.88 trillion rupees of bonds in rest of the financial year, up from its earlier target of 4.34 trillion rupees for October to March set just two weeks ago, the Reserve Bank of India said in a statement. The increase is due to additional borrowing needed to compensate states for meeting the shortfall in goods and services tax collection. READ MORE

Mindtree tumbles 8% post Q2 nos

Infosys' valuation gap with TCS set to narrow further after strong Q2 show

After a strong September quarter performance and higher revenue and margin guidance by Infosys, the valuation gap between India’s second-largest information technology (IT) services company and market leader Tata Consultancy Services (TCS) is expected to be bridged further. The valuation gap — at 30 per cent at the start of calendar year 2020 (CY20) — has come down to 15 per cent. READ MORE

Rupee opening

Rupee opens lower at 73.43/$ vs Thursday's close of 73.38 against the US dollar

HCL Tech Q2 net profit up 18.5% at Rs 3,142 cr; revenue rises 6.1%

IT firm HCL Technologies on Friday posted 18.5 per cent rise in September quarter net profit at Rs 3,142 crore. The IT major had registered a net profit of Rs 2,651 crore in the July-September 2019 quarter (as per US GAAP), HCL Technologies said in a regulatory filing. READ MORE 

UPL dips 9% post resignation of auditors of material arm based in Mauritius

Shares of UPL slipped 9 per cent to Rs 458.85 on the BSE in the early morning trade on Friday after KPMG resigned as the auditor with effect from October 8 for the company’s material arm in Mauritius - UPL Corporation, in order to re-organise the Audit Process to improve productivity, at the request of the company. “This is to inform you that the company has received the attached communication dated 14th October, 2020 from UPL Corporation Limited, Mauritius, a material subsidiary of the Company,” UPL said in an exchange filing on Thursday after market hours. READ MORE

MARKET UPDATE:: Sensex climbs off day's high

SECTOR WATCH:: AC makers gain as govt bans import of ACs with refrigerants

BLUE STAR 636.90 640.00 629.00 3.89
JOHNSON CON. HIT 2273.00 2278.60 2194.05 3.60

NEWS ALERT :: HCL Tech declares Interim Dividend of Rs 4 per equity share of Rs 2 each for FY21

>> The Record date of October 24, 2020 fixed for the payment of the aforesaid interim dividend has been confirmed by the Board of Directors. The Payment date of the said interim dividend shall be November 9, 2020

Sept Auto Data :: Domestic passenger vehicle sales up 26.45% YoY, says SIAM

>> Domestic passenger car sales improve 28.92% YoY

>>  2W sales jump 11.6% YoY to 18.49 lakh units

IDBI Bank leaps 9% on reports govt fast-tracks divestment plan

UPL cracks 9% on auditor's resignation

>> KPMG, Mauritius has resigned as the auditor of UPL Corporation Limited w.e.f. 8 th October, 2020

Voltas advances 3% on ban of AC imports

Cyient gains 3% post healthy Q2 nos

>> The company on Thursday reported a 14.8 per cent decline in its consolidated net profit at Rs 83.9 crore for September 2020 quarter. It had posted a net profit of Rs 98.5 crore in the year-ago period.

Amber Enterprises soars over 8% as Govt bans import of refrigerants

Result Impact | Mindtree up 1% on in-line nos

>> IT services firm Mindtree posted a net profit of Rs 253.7 crore, a jump of 87.9 per cent year-on-year (YoY) and 19.1 per cent sequentially, in the September quarter (Q2) of FY21. Its revenues remained flat YoY at Rs 1,926 crore and it witnessed a marginal 1 per cent gain sequentially.

HCL Technologies gains 1% post Q2 nos

Sectoral trends at Open

Sensex Heatmap at Open

Opening Bell

Opening Bell

NEWS ALERT :: HCL Tech gives Q3, Q4 CC revenue growth guidance of 1.5-2.5%

>> FY21 EBIT margin guidance increased to 20-21% from 19.5-20.5%

Alert: CC is constant currency

Sept Quarter Result | HCL Tech posts profit of Rs 3,142 crore

>> Revenue at Rs 18,594 crore

>> EBIT Margin at 21.6%

>> Q2 CC revenue growth at 4.5%

Markets at Pre-open

Markets at Pre-open

Weekly F&O Expiry :: IDBI Capital

Alert: Weekly F&O contracts expired on Thursday, October 15.

Derivative Strategies :: ICICI Securities

Index Outlook
Nifty Future
>> The Nifty is expected to trade between 11500 and 12000 amid high volatility. Sell Nifty 12000 Call (October 22 expiry) in the range of: 32-34, Target: 18-10, Stop loss: 48

Bank Nifty Future
>> The Bank Nifty opened higher and swiftly succumbed to a bout of selling following profit taking after the last session’s rally was seen in private and PSU banks. IVs rose along with significant OI addition in 24,000 and 24,500 strike Call indicating limited upside this week. However, on the downside, 23,000 Put strike has significant OI that should act as support. Sell Bank Nifty in the range of 23,300-23,350, Target: 23,100-23,000, Stop loss: 23,500

(Alert: Above mentioned strategies are for intra-day trade)

Stocks to watch out for

HCL Tech is slated to announce its financial results for the second quarter (July-September) of the current fiscal year (Q2FY21) today. Like its peers, Infosys and Tata Consultancy Services (TCS), HCL Tech is also expected to report healthy numbers for the quarter under review. 
Earnings today: Besides HCL Tech, 5 other companies, includingBajaj Consumer Care, and Federal Bank are scheduled to announce their quarterly earnings today. READ MORE 

BROKERAGE VIEW :: Kotak Institutional Equities on Mindtree

CMP: Rs 1,425 | Fair value: Rs 1,225 | Reco: Sell

Mindtree reported sequential revenue growth of 2.1% in c/c. EBIT margin expanded further driven by aggressive cost control and leverage from growth without any change in absolute costs. Mindtree trades at valuations of ~20X FY2023E earnings, unjustified for heavily concentrated business with a single client and gaps in offerings. Downgrade to SELL from REDUCE with Fair Value of Rs1,225, valuing the stock at 17X December 2022E earnings. Similar to other IT names, we raise sustainable EBIT margin by 100 bps resulting in 9-11% increase in EPS.

BROKERAGE VIEW :: Kotak Institutional Equities on HDFC AMC

CMP: Rs 2,276 | Fair value: Rs 1,950 | Reco: Reduce

We initiate coverage on HDFC AMC with REDUCE rating and FV of Rs1,950. Our rating reflects medium-term challenges to the Indian mutual fund industry viz. deceleration in financial savings, investors’ shifting preference to ETFs following weak performance of active fund managers and a rise in commission payouts. HDFC AMC remains a dominant player (~14% market share in actively- managed equity oriented AUMs) with superior growth and profitably (core profitability ratio of 38-39 bps), however, its current rich valuations ignore the aforesaid challenges.


CMP: Rs 366 | TP: Rs 400 (+9%) | Reco: Neutral

>> Cyient’s 2QFY21 revenue growth was in-line, although recovery was seen in pockets, with Transportation and Communications seeing sharper recovery. On the other hand, continued weakness in Aero & Defense remained a drag on overall performance.

>> Sharper recovery in margins (580bp QoQ) – on the back of operational efficiency in Services and improvement in DLM (design-led manufacturing) – is encouraging.

>> Deal wins (USD127m) have improved sequentially, but continue to be lower v/s last year (-23% YoY). This indicates recovery to pre-COVID levels is still a few quarters away. The growth outlook from 2HFY21 is marginally better than previously expected.

>> In our view, a stock re-rating would require the A&D vertical (30% of revenues) to pass its trough. However, it currently remains under pressure due to the continued negative effect of the COVID pandemic on underlying industries.

>> We upgrade our FY21/FY22E EPS estimates by 6%/8% on a better-thanexpected revenue and margin outlook. We await further evidence on execution/margin management before turning constructive on the stock. Maintain Neutral


Downgrades to 'Neutral' | Target price: Rs 1,550

>> Mindtree’s revenue growth (2.1% QoQ CC) was largely in-line. Margin expansion of 160bp QoQ was a surprise. Management commentary to sustain margin despite wage hikes, seasonal impact, and the possibility of transient tailwind factors (such as lower attrition and travel costs) gradually waning out are encouraging.

>> Deal wins (USD303m) were reasonably stable, and the deal pipeline remains healthy. The strategy refresh – involving a revamped GTM strategy, shift to annuity deals, operational efficiency, and tail account rationalization – has shown results in terms of margin expansion and increased annuity deals, which have been positives.

>> Persistent weakness in the Top 2–10 client bucket (-3.5% QoQ, 8 quarter CQGR of -2%) remains a concern given its 20% contribution to the topline. Additionally, unexpected decline in the Top client (-1% QoQ) also chips away at the bull case. High exposure to Travel, Transport, and Hospitality is expected to remain a drag on overall recovery.

>> We marginally upgrade our FY21/FY22 EPS estimates by 4%/3% as we adjust our revenue/margin trajectory with the margin surprise. The stock is trading
at 21x FY22 EPS. The stock has been one of the best performers in CY20 in the IT sector, with returns of 77% YTD. We believe the key positives are already captured and see limited upside hereafter. Our TP implies 22x FY22 EPS. Downgrade to Neutral

Two stocks that Anand Rathi is bearish on

The stock is facing resistance of its downward sloping trend line on the daily chart. It is also making a lower top and lower bottom formation, which hints that the stock may test its previous swing low of 160 levels in the short term. The immediate hurdle of 21-DMA is placed at 188 levels. Momentum indicator RSI has formed a double top formation on the weekly scale which is a negative sign and MACD oscillators have also provided a sell crossover which hints of further negative momentum in the counter. READ MORE

Derivative Strategies :: Bear Spread Strategy on Nifty

Buy Nifty 22 Oct Expiry 11700 Put at Rs 145 & simultaneously sell 22 Oct Expiry 11400 Put at Rs 54
Lot Size 75.
Cost of the strategy Rs 90 (Rs 6750 per strategy)
Maximum profit Rs 15750 If Nifty closes at or below 11400 till 22 October expiry.
Break-even Point: 11,610 READ MORE

Bulk deals on BSE as on Thursday

Bulk deals on NSE as on Thursday

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

Rupee check

Source: Bloomberg

Oil falls as possible OPEC+ supply boost, Covid-19 spike weigh on sentiment

>> Oil prices fell on Friday on concerns that major producers will move ahead with plans to ease their supply cuts even as a spike in Covid-19 cases in Europe and the United States is curtailing demand in two of the world’s biggest fuel consuming regions.

>> Brent crude futures for December LCOc1 dropped 22 cents, or 0.5%, to $42.94 a barrel, while US West Texas Intermediate (WTI) crude futures for November delivery CLc1 slid 16 cents, or 0.4%, to $40.8 a barrel.

(Source: Reuters)

SGX Nifty update

>> At 8:15 am, the index was at 11,765 level, up 70 points

Asian markets check

Source: Reuters

S&P 500 ends lower as investors eye stimulus impasse

Source: Reuters

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