MARKET WRAP: Indices end flat, Sensex slips 66 pts; Bharti Airtel falls 8%

Topics Markets | MARKET WRAP

In the broader market, the S&P BSE MidCap index fell 0.33 per cent to 14,238 levels.
The Indian stock market ended Wednesday's volatile session on a flat note ahead of the monthly derivative contracts expiry due tomorrow.

The S&P BSE Sensex slipped 66 points, or 0.17 per cent lower at 37,668 levels. The index had hit an intra-day high and low of 38,140 and 37,313.09, respectively. The broader Nifty50 index, meanwhile, settled above 11,100 levels at 11,132, down 22 points, or 0.2 per cent. 

Bharti Airtel tumbled nearly 8 per cent and was the top Sensex loser, followed by Tata Steel and IndusInd Bank (both down over 3 per cent). On the other hand, Axis Bank (up nearly 2 per cent) ended as the top gainer on the index. Shares of Reliance Industries (RIL) settled around 1 per cent higher at Rs 2,229.5 on the BSE after the company announced that global investment firm KKR will invest Rs 5,500 crore in Reliance Retail for 1.28 per cent equity share. READ MORE

In the broader market, the S&P BSE MidCap index fell 0.33 per cent to 14,238 levels and the S&P BSE SmallCap index settled 0.07 per cent lower at 14,500 levels.   

Among sectoral indices on the NSE, Nifty Media declined the most - down 2.47 per cent to 1,481.50 levels. Nifty Pharma slipped 1.6 per cent to 11,686 levels and Nifty PSU Bank index dipped 1.5 per cent to 1,290 levels. On the other hand, Nifty Realty gained 0.79 per cent to 212 levels. 

Global markets

World shares stabilised and the dollar rose on Wednesday after US stocks gained in overnight trade led by tech shares. The rally in US shares helped balance concerns that new restrictions to counter resurging coronavirus infections will hurt economic recovery.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent for its first gain this week, but the mood was hardly bullish. Japan's Nikkei returned from a two-day holiday to slip 0.1 per cent.

European stocks, too, gained in trade following a jump in Adidas post an upbeat forecast from US rival Nike and better-than-expected euro zone manufacturing data. The pan-European STOXX 600 rose 1.3 per cent, with Germany's DAX, London's FTSE 100 and France's CAC 40 gaining between 1.6 per cent and 2 per cent. 

In commodities, oil edged lower trading below $42 a barrel, pressured by a report that US crude inventories unexpectedly rose and as growing numbers of coronavirus cases around the world raised concern of stalling demand. 

(With inputs from Reuters)


4:14 PM IST "Indian benchmark indices traded in a tight range before finally ending the day with a negative bias. The uncertainty and lack of direction were clear in the market trend, which was actually supported by gains in RIL and HDFC Bank. The banking index ended the day slightly positive. Global cues were mostly positive. But the re-emergence of virus infections around the world has put doubts on the global economic recovery, and the positivity in the global markets was led by technology shares. Tomorrow being an expiry day and with uncertainty ruling the markets, traders are advised to be cautious."

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex ended 66 points or 0.17 per cent lower at 37,668 levels while NSE's Nifty ended at 11,132, down 22 points, or 0.2 per cent.

3:29 PM IST

3:22 PM IST

3:17 PM IST

3:07 PM IST On Wednesday the company announced a $755.1 million investment from KKR & Co Inc in its retail arm, giving it a pre-money valuation of 4.21 trillion rupees ($57.28 billion) READ MORE Photo: Reuters

3:00 PM IST Private equity investment in Indian real estate plunged 85 per cent during January-August period of this year at USD 866 million (around Rs 6,500 crore) as investors remained cautious due to the COVID-19 pandemic, according to Colliers International and FICCI report. The private equity (PE) inflow stood at USD 5,795 million in the corresponding period of the previous year. READ MORE

2:55 PM IST

2:47 PM IST The stock of India’s largest plastic pipes company Supreme Industries is up 17 per cent since the lows in August on hopes that demand from the rural segment, higher realisations and market share gains will support its revenue growth.   Weak volume growth due to falling demand from construction and plumbing segments had dented the financial performance of pipe companies in the June quarter; Supreme Industries reported a 27 per cent dip in revenues on the back of a 19 per cent drop in volumes. READ MORE

2:37 PM IST >> The Nifty weakened further and closed at the lowest levels of the month. The prevailing positive bias in the technology space helped it to remain largely range bound whereas most stocks came under selling pressure. The Call writing continued at OTM 11,300 and 11,500 strikes suggesting expectations of limited upsides in the current settlement. At the same time, the Put base at the 11,000 strike is likely to remain a strong support in the current series. >> The banking index has also remained under pressure and tested its highest Put base of 21000 strike, which has been a strong support since June. However, continued Call writing was observed at 21500 strike, which is likely to remain a hurdle for the settlement. Short covering should be expected above these levels >> Highest rollover was seen in Adani Enterprises, Havells, Jindal Steel, IDFC First Bank and Balkrishna Industries. Rollover activity was relatively low in Idea, Vedanta, SAIL, Pidilite and United Breweries >> Among index stocks, Grasim (82%), HCL Tech (75%) and Cipla (74%) are witnessing high rolls into the next series while Hindustan Unilever (30%), TCS (37%) and Asian Paints (40%) are seeing relatively low rollover into the October series. (Data as of Tuesday, Sept 22)  

LIVE UPDATES

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"Indian benchmark indices traded in a tight range before finally ending the day with a negative bias. The uncertainty and lack of direction were clear in the market trend, which was actually supported by gains in RIL and HDFC Bank. The banking index ended the day slightly positive. Global cues were mostly positive. But the re-emergence of virus infections around the world has put doubts on the global economic recovery, and the positivity in the global markets was led by technology shares. Tomorrow being an expiry day and with uncertainty ruling the markets, traders are advised to be cautious."

SECTOR WATCH | Nifty Pharma index slips 1.6%


MARKET AT CLOSE | Losers and gainers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex ended 66 points or 0.17 per cent lower at 37,668 levels while NSE's Nifty ended at 11,132, down 22 points, or 0.2 per cent.

MARKET CHECK


HUL trades over 1% higher


MARKET CHECK | Top gainers on the BSE at this hour


Factbox: Reliance raises $22.43 bn from stake sales at retail, digital arms

On Wednesday the company announced a $755.1 million investment from KKR & Co Inc in its retail arm, giving it a pre-money valuation of 4.21 trillion rupees ($57.28 billion) READ MORE
Photo: Reuters

Private equity inflow in real estate down 85% to $866 mn in Jan-Aug: Report

Private equity investment in Indian real estate plunged 85 per cent during January-August period of this year at USD 866 million (around Rs 6,500 crore) as investors remained cautious due to the COVID-19 pandemic, according to Colliers International and FICCI report. The private equity (PE) inflow stood at USD 5,795 million in the corresponding period of the previous year. READ MORE

Sectoral trends at this hour


Strong rural demand cushions volume weakness for Supreme Industries

The stock of India’s largest plastic pipes company Supreme Industries is up 17 per cent since the lows in August on hopes that demand from the rural segment, higher realisations and market share gains will support its revenue growth.
 
Weak volume growth due to falling demand from construction and plumbing segments had dented the financial performance of pipe companies in the June quarter; Supreme Industries reported a 27 per cent dip in revenues on the back of a 19 per cent drop in volumes. READ MORE

Rollover Analysis :: ICICI Securities

>> The Nifty weakened further and closed at the lowest levels of the month. The prevailing positive bias in the technology space helped it to remain largely range bound whereas most stocks came under selling pressure. The Call writing continued at OTM 11,300 and 11,500 strikes suggesting expectations of limited upsides in the current settlement. At the same time, the Put base at the 11,000 strike is likely to remain a strong support in the current series.

>> The banking index has also remained under pressure and tested its highest Put base of 21000 strike, which has been a strong support since June. However, continued Call writing was observed at 21500 strike, which is likely to remain a hurdle for the settlement. Short covering should be expected above these levels

>> Highest rollover was seen in Adani Enterprises, Havells, Jindal Steel, IDFC First Bank and Balkrishna Industries. Rollover activity was relatively low in Idea, Vedanta, SAIL, Pidilite and United Breweries

>> Among index stocks, Grasim (82%), HCL Tech (75%) and Cipla (74%) are witnessing high rolls into the next series while Hindustan Unilever (30%), TCS (37%) and Asian Paints (40%) are seeing relatively low rollover into the October series.

(Data as of Tuesday, Sept 22)
 

BSE Midcap index slips 0.9%


Rupee Closing

Rupee settles at 73.57 per US dollar vs Tuesday's close of 73.58/$

US election, Q2 results of India Inc to keep markets volatile: Analysts

Markets have been volatile since the past few sessions and have been unable to hold on at the higher levels – and if experts are to be believed, they will remain so for the next few weeks. At the global level, the upcoming US presidential election and the monetary policies of major central banks, fear of sporadic lockdowns across cities given the rise in Covid-19 cases and oil prices could keep investors on edge. READ MORE

IPO Alert :: Angel Broking offer subscribed 100% on Day 2 till 1:45 pm


Nifty hovers around 11,050


Market at day's low


Q&A :: We expect equity returns to be muted in next 12 months: CIO, HDFC Life

Some of the discretionary sectors like auto have shown a smart recovery. Sectors like hotels have improved but have some way to go. Multiplexes are yet to open. So it is a different story for each of these sectors. READ FULL INTERVIEW HERE

Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(rs) CHG(%)
FIRSTSOUR.SOLU. 75.75 78.35 3.75 5.21
HEXAWARE TECH. 468.15 468.95 7.50 1.63
INFOSYS 1018.95 1037.10 11.75 1.17
MINDTREE 1268.45 1342.05 -40.50 -3.09
MPHASIS 1394.95 1418.00 22.60 1.65
» More on 52 Week High

European indices trade higher in early deals


NEWS ALERT :: Bharti Airtel picks strategic stake in tech startup Waybeo

>> Waybeo, a Trivandrum headquartered startup focused on deep Al based analytics for cloud telephony, is the fifth startup to join the fast growing Airtel Startup Accelerator Program, which helps promising startups unlock their potential.

Click here for more details



Route Mobile surges 18%; stock zooms 134% against issue price in 3 days

Shares of Route Mobile surged 18 per cent to Rs 818 on the BSE in the intra-day trade on Wednesday after making a stellar debut earlier this week. On Monday, the stock made a strong debut and ended at Rs 650, clocking a gain of 86 per cent against the issue price of Rs 350 per share. With today's rally, the stock has zoomed 134 per cent against the issue price. READ MORE

Growth signs visible for road infrastructure players

Road infrastructure players are in the spotlight with improving order flows, better labour availability, and construction activities gaining pace as the monsoon season comes to an end. For toll road operators, the improving traffic, too, bodes well. Overall, analysts expect a much better second half of FY21 after a significant impact from the lockdown during the first half. READ MORE

Sun TV slips 4%


MARKETCHECK | Top 5 losers on the BSE at this hour


BROKERAGE VIEW :: ICICI Securities on Hexaware delisting price

>> HT Global Holding BV (Acquirer) along with HT Global Holdings Ltd (promoter) of Hexaware Technologies (Hexaware) have accepted Rs 475/share as the final price for delisting offer. We believe that through this offer price the acquirer and promoters along with other members of the promoter group would have minimum 91.16% shareholding through the reverse book building process, which would exceed the minimum number of equity shares required for delisting of shares. Hence, we believe this will lead to delisting of company shares (subject to regulatory approvals).

>> All public shareholders who have tendered their equity shares at or below the exit price will be paid a consideration of Rs 475/share. The last date for payment to all public shareholders whose bid have been accepted is September 30, 2020. Those public shareholders whose bids have been rejected will have their shares returned.

>> We believe those shareholders who have not tendered their shares or whose bids have been rejected will be given an opportunity to tender their shares at delisted price however the modalities of the same will be announced in due course. We would recommend that shareholders (who have not tendered their shares or whose bids have been rejected) exit at the current price, which is closer to the delisting price. This is since we believe post delisting of shares, the process of getting the delisted price (Rs 475/share) will be through the off market route over the next year. This may become a tedious process. Hence, we recommend that investors exit the stock at the current market price, which is closer to the delisting price.

Nifty below 11,100


UPDATE :: Sensex sinks 190 pts


NEWS ALERT :: Govt proposes to formulate national retail trade policy, Piyush Goyal tells Rajya Sabha

>> Stakeholder consultations are being held on the same

NEWS ALERT :: Tech Mahindra's US arm divests stake in Altiostar Networks


MARKET CHECK :: Indices erase gains, turns flat


Telecom shares under pressure; Bharti Airtel, Vodafone Idea slip over 6%

Shares of telecom service providers, mainly Bharti Airtel and Vodafone Idea (VIL), dipped than 6 per cent on the BSE on Wednesday after rival Reliance Jio (RJio) announced a range of postpaid plans, including many firsts, such as in-flight mobile connectivity. Bharti Airtel declined 7 per cent to Rs 437, while Vodafone Idea slipped 8 per cent to Rs 9.47. In comparison, the S&P BSE Sensex was up 0.5 per cent at 37,926 points, at 11:45 am. READ MORE

BROKERAGE VIEW | IDBI Capital on Rail Vikas Nigam

RATING: BUY | TARGET PRICE: Rs 25

We like RVNL for order book with near and long term execution visibility (capex plan of Indian Railways), pass though business model, experienced management, and valuation 5x FY22E EPS.

BROKERAGE VIEW | ICICI Securities on Supreme Industries

RATING: BUY | TARGET PRICE: Rs 1,640 

Healthy balance sheet (driven by strict working capital management and high FCF generation), expected improvement in its asset turns (recent capex going into production over the next 2-3 quarters), incremental capex in higher RoCE generating (plastic piping and cross plastic film) segments and likely traction in earnings is expected to drive its overall RoCEs to 26.6% in FY22E and ~30% in FY23E. This, we believe, would lead to further rerating in the stock going forward.

BROKERAGE VIEW | ICICI Securities on Titan Company

RATING: ADD | TARGET PRICE: Rs 1,250

We increase our FY22 earnings estimates by ~2%; modelling revenue / EBITDA / PAT CAGR of 14 / 13 / 16 (%) over FY20-22E. Upgrade to ADD (from Hold) with a DCF-based revised target price of Rs1,250 (was Rs1,100). At our target price, the stock will trade at 49x P/E multiple Sep-22E. Key downside risk is potential shift to fixed making charges that could limit long-term benefits from operating leverage.

BROKERAGE VIEW | Motilal Oswal Financial Services on gold financiers

We have upgraded Muthoot Finance to ‘Buy’ with TP of Rs 1,300 (3.0x FY22E BVPS). Our target multiple is based on consistent performance on profitability over the past decade (lowest RoE of 15% and average RoE of 27% over the past decade). We are also initiating coverage on Manappuram Finance with a ‘Buy’ rating and TP of Rs 185 (1.8x FY22E BVPS). Our lower multiple for MGFL is on account of lower average RoA of 5.4% (v/s 6.8% for MUTH), and higher share of its business coming from non-gold lending at 33% (v/s 11% for MUTH in FY20), which is facing headwinds due to the pandemic.

BROKERAGE VIEW | Emkay Global Financial Services on Telecommunications

Jio’s aggressive efforts should add to Bharti’s recent underperformance as it would raise questions on a potential tariff hike in the near term. As highlighted in our recent note, any postponement in tariff hike to FY22 will have an 8% negative impact on Bharti’s FY21 EBITDA. A lack of tariff hike visibility in the near term, the success of Jio’s renewed post-paid push, delayed reaction from Bharti to counter Jio and the ability of VIL to raise funds will be key factors for Bharti’s stock price performance. A lack of a tariff hike in FY21 or even beyond will have a meaningful negative impact on Jio’s operating performance as well. This is getting ignored now due to its strong balance sheet after a series of fundraising. Based on our calculations, the absence of a tariff hike will lead to a nearly 18 per cent cut in EBITDA estimates for Jio in FY21E.

RIL, TV18 Broadcast: How to trade Reliance group stocks post 2nd KKR deal

Shares of Reliance Industries (RIL) soared 3 per cent to Rs 2,276.50 on the BSE on Wednesday in intra-day trade, after the company announced that global investment firm KKR will invest Rs 5,550 crore in Reliance Retail Ventures (RRVL) for 1.28 per cent equity share. This marks the second investment by KKR in a Reliance subsidiary, following a Rs 11,367 crore investment in Jio Platforms announced earlier in 2020. READ MORE

HDFC Bank: Class action suits may prove to be an interim dampener

Just when the HDFC Bank stock was beginning to regain momentum, three US-based law firms filing class-action suits against the lender dragged its share price down by over 5 per cent in a week. On a year-to-date (YTD) basis, the stock has shed 18 per cent. READ MORE

Infosys hits fresh record high; market cap nears Rs 4.5-trillion mark

Shares of Infosys rose 3 per cent to hit a fresh record high of Rs 1,037 on the BSE on Wednesday, which saw the company's market capitalisation (market-cap) near Rs 4.5 trillion mark. The stock surpassed its previous high of Rs 1,030.80, touched on September 21, 2020. Since September 1, the information technology (IT) bellwether's stock outperformed the market by surging 13 per cent, as compared to 2.4 per cent decline in the S&P BSE Sensex. READ MORE

NEWS ALERT :: PM Modi to hold Covid-19 review meeting with CMs of seven states today

>> Prime Minister Narendra Modi will chair a high-level virtual meeting with chief ministers and health ministers of seven most-affected states on Wednesday to review the coronavirus (Covid-19) situation.

>> The states with highest Covid-19 case-load are Maharashtra, Andhra Pradesh, Karnataka, Uttar Pradesh, Tamil Nadu, Delhi and Punjab

RBI to intervene to prevent Rupee gains despite signs of leniency: ICICI

India’s central bank will continue to intervene to prevent any sharp appreciation in the rupee, even after signs of leniency toward currency gains in recent weeks, according to ICICI Bank Ltd. The Reserve Bank of India’s forex strategy has been in sharp focus after it stepped away from dogged dollar buying amid large inflows. The perception that the RBI was easing back on greenback purchases was accentuated by a rare comment from policy makers in late August that the appreciating rupee had helped tackle imported inflation. READ MORE

Sterling and Wilson Solar surges 20% on heavy volumes

According to analysts the proceeds received by SP group after exiting Tata group could be used to repay debt the former owes to Sterling and Wilson Solar. Last week, Shapoorji Pallonji group missed a deadline to repay dues to Sterling and Wilson Solar Ltd. READ MORE

Hindustan Zinc surges 7% as Co to raise up to Rs 4,000 crore through NCDs

Shares of Hindustan Zinc (HZL) rallied nearly 7 per cent to Rs 222.75 apiece on the BSE on Wednesday, a day after the company said its board-constituted panel has approved raising up to Rs 4,000 crore through debentures. "The duly authorised committee of directors...considered and approved offering for subscription on a private placement basis, up to 40,000 unsecured, rated, listed, redeemable, non-convertible debentures (NCDs) of a face value Rs 10,00,000 each," the filing said. READ MORE  


Most active stocks by volume

COMPANY PRICE(rs) CHG(%)
VODAFONE IDEA 9.72 -5.17
ALOK INDUSTRIES 24.65 -4.46
PUNJAB NATL.BANK 29.90 -0.66
NATL. ALUMINIUM 31.90 -0.31
IDFC FIRST BANK 29.00 1.05
» More on Most Active Volume

Hexaware hits fresh 52-week high as promoter accepts delisting price

Shares of Hexaware Technologies hit a fresh 52-week high of Rs 468.95 on the BSE on Wednesday after the company's promoter accepted discovered delisting price of Rs 475 per share.
 
“The acquirer and promoter have accepted the discovered price of Rs 475 per equity share as the final/exit price for delisting offer,” mid-size information technology (IT) services firm Hexaware Technologies said in a public announcement. READ MORE

Economy is down, but markets have defied fears

The government is hopeful of a V-shape recovery in the coming quarters, but the Reserve Bank of India (RBI) is not. Lead indicators lend credence to RBI's theory of gradual recovery.
 
In contrast, equity markets, which crashed over 40 per cent even before the lockdown came into effect on March 24, have defied fears, staging a dramatic recovery fuelled by aggressive stimulus measures by global central banks and support from the Centre and the RBI. READ MORE

Rupee Opening

Rupee opens unchanged vs Tuesday's close at 73.58 per US dollar

Tata Group stks mixed after Shapoorji Pallonji Group agrees to exit Tata Sons

Shares of Tata Group companies were trading mixed in the morning deals on Wednesday, a day after Shapoorji Pallonji Group, owned by the billionaire Mistry family, told the Supreme Court (SC) that it would exit Tata Sons, provided an early, fair, and equitable solution was reached. At 09:25 AM, Tata Motors was trading over 1 per cent higher at Rs 134.55, Tata Consumer Products was up over 0.5 per cent at Rs 507, Tata Communications traded nearly 2 per cent higher while Tata Metaliks quoted around 1.4 per cent higher at Rs 512 on the BSE. READ MORE

MARKET CHECK :: Indices off morning highs


RIL soars 3% as KKR to pick 1.28% stake in Reliance Retail for Rs 5,550 cr

Shares of Reliance Industries (RIL) surged 3 per cent to Rs 2,276.50 on the BSE in the early morning deal on Wednesday after the company announced that global investment firm KKR will invest Rs 5,550 crore in Reliance Retail Ventures (RRVL) for 1.28 per cent equity share. The stock hit a record high of Rs 2,368.80 on September 16, 2020. READ MORE

Nifty IT index leads the list of sectoral gainers


Bharti Airtel dips 3% in an otherwise firm market


HCC soars nearly 9%

>> Hindustan Construction Co (HCC) on Tuesday said the company has closed the sale of its Farakka Raiganj Highway project to Cube Highways at an enterprise value of Rs 1508 crore. The company also looks to raise another Rs 1,000 crore from various sources by next year


Tata Group stocks largely positive

COMPANY NAME LATEST HIGH LOW CHG
(rs)
CHG(%) VALUE
(rs CR)
VOLUME
TATA MOTORS 136.60 136.60 134.95 3.50 2.63 2.37 173558
TATA POWER CO. 52.15 52.35 51.75 0.60 1.16 0.16 29770
TATA STEEL 374.50 377.55 372.15 0.30 0.08 0.69 18366
TATA MOTORS-DVR 60.55 60.55 59.10 1.80 3.06 0.10 15824
TCS 2485.80 2517.00 2484.00 -37.75 -1.50 2.30 9250

Sun Pharma up nearly a per cent

>> Sun Pharma on Wednesday announced that its wholly-owned Japanese subsidiary has launched ILUMYA (tildrakizumab) in Japan for the treatment of plaque psoriasis in adult patients who have an inadequate response to conventional therapies.


Tata-SP group split :: Sterling & Wilson leaps 20%


TCS dips 1% on Tata-SP group split


Reliance Industries Partly Paid shares rally over 4%


Reliance Industries surges 3%


Sectoral trends at Open


Sensex Heatmap at Open


Opening Bell


Opening Bell


Commodity Heatmap


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


Markets at Pre-Open


Markets at Pre-Open


Stocks to watch out for

RIL: Reliance Industries and Reliance Retail Ventures announced on Wednesday that global investment firm KKR will invest Rs 5,550 crore into RRVL, a subsidiary of Reliance Industries. This investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. KKR’s investment will translate into a 1.28 per cent equity stake in RRVL on a fully diluted basis. 
 
Sun Pharma on Wednesday announced that its wholly-owned Japanese subsidiary has launched ILUMYA (tildrakizumab) in Japan for the treatment of plaque psoriasis in adult patients who have an inadequate response to conventional therapies.
 
Tata and Shapoorji Pallonji Group stocks are expected to be in focus in today's session after the SP group, owned by the billionaire Mistry family, yesterday told the Supreme Court that it would exit Tata Sons, provided an early, fair, and equitable solution was reached. The Mistry family owns 18.37 per cent in Tata Sons and is its largest minority shareholder. READ MORE  


Momentum Picks :: ICICI Securities


Dow Jones Futures up 60 pts


BROKERAGE VIEW :: Kotak Institutional Equities on RIL

CMP: Rs 2,211 | Fair value: Rs 2,150 | Reco: Add

Jio’s aggression in the telecom sector seems to be back post RIL’s significant capital raise, perhaps with an endeavor to fill the gaps in FTTH, postpaid and low-end prepaid customer segments. We anticipate a possible aggressive push in the retail business as well under JioMart in the upcoming festive season as RIL may seek to enhance its competitive positioning. We will watch out for acceleration in addition to Jio’s subscriber base as well as JioMart’s order fulfillment/revenues in the medium term, as both of these are crucial to strengthen RIL’s digital ecosystem offering.

'Support for Nifty is seen at 10,882'

Rallies should be utilized to Exit trading longs
 
Nifty fell for the fourth consecutive day to close at 11,174. In these four sessions, many stocks have witnessed huge selling and turned oversold on the short term charts. IT and Pharma sector helped the Nifty a lot to limit the losses. Nifty has violated the support of its 50 days EMA. The trend would be considered bearish unless Nifty closes above 11,450. Support for the Nifty is seen at 10,882. READ MORE

Henry Kravis, Co-Founder and Co-CEO of KKR on RRVL-KKR deal

Reliance Retail's new commerce platform is filling an important need for both consumers and small businesses as more Indian consumers move to shopping online and the company offers tools for Kiranas to be a critical part of the value chain. We are thrilled to support Reliance Retail in its mission to become India’s leading omnichannel retailer and ultimately to build a more inclusive Indian retail economy

Mukesh Ambani on Reliance-Retail-KKR deal

KKR has a proven track record of being a valuable partner to industry-leading franchises and has been committed to India for many years. We look forward to working with KKR’s global platform, industry knowledge and operational expertise across our digital services and retail businesses. 

Bulk deals on BSE as on Tuesday

Bulk deals on NSE as on Tuesday

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


Rupee check

Source: Bloomberg


Oil check


SGX Nifty update

>> At 8:24 am, the index was at 11,176.50 level,  down 0.50 points.

BREAKING :: KKR TO INVEST RS 5,550 CR IN RELIANCE RETAIL


Asian market check

Source: Reuters


Wall Street check

Source: Reuters


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