Buzz | Ashoka Buildcon’s share price recovered more than 6 percent after the company reported a six-fold increase in consolidated net profit to Rs 70.42 crore for the quarter ended September 30, 2020. The company it had posted a net profit of Rs 11.45 crore in the quarter year.
Technical view | The Nifty seems to be taking a breather that is natural and healthy to keep up with a trend. If it exceeds yesterday’s high, it will resume its uptrend. The overall target of the index could be in the vicinity of 13,000 and therefore corrections can be used profitably to enter markets. We have good support at 12,000 and until it holds we can aim for higher targets, he says Manish Hathiramani, Technical Analyst and Owner Index Trader, Deen Dayal Investments.
FM will head to the media at 12:30 pm today, likely to announce a stimulus package
Union Finance Minister Nirmala Sitharaman will address the media at 12:30 pm on Thursday, where she is likely to announce a stimulus package. Meanwhile, the cabinet on Wednesday approved a proposal to provide production-linked incentives of roughly Rs 2 lakh crore ($ 27 billion) over five years to create jobs and boost manufacturing in the country. The incentives, as FM said, will be given to manufacturers in 10 sectors, including automobiles and auto parts, pharmaceuticals, textiles and food to attract investment and allow India to become part of the global supply chain. More here
Godrej Group will invest Rs 1,000-1,500 crore in flapper arm homes in the next 2-3 years
Godrej Properties has entered the home financing space. To talk more about that and future prospects, Pirojsha Godrej, CEO of Godrej Properties, spoke to CNBC-TV18. Pirojsha Godrej said: “We will start this venture with the launch of Godrej Housing Finance, which focuses entirely on the housing finance space. The reason was that the selection was, we believe that the housing finance market is very large and offers many opportunities. It’s also one where we think the risk is more mitigated given that the loans are backed by very strong assets that are home to the people. ”Watch the video for more
Opening bell: Sensex opens 150 points lower, Nifty around 10,700; finance drag
Indian stocks opened lower on Thursday, breaking 8 sessions of earnings dragged down by heavyweight finance and Reliance Industries. At 9:18 a.m., the Sensex was trading 152 points lower to 43,441 while the Nifty fell 34 points to 12,714. The broader markets, however, outperformed the benchmark indices with the Nifty Midcap and Nifty Smallcap indices rising half a percent each. Across sectors, Nifty Bank and Nifty Fin Servcies fell 0.8 percent each, while indices for consumer goods, IT, automobiles, metals and pharmaceuticals were green.
India Plans About $ 20 Billion In New Stimulus: Government Sources
India plans to announce a new round of stimulus totaling about $ 20 billion this week to help lift the economy out of its historic contraction, government officials told Reuters on Wednesday. The package would follow Wednesday’s previous announcement of production-linked incentives worth around $ 27 billion over five years for manufacturers in 10 sectors. Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman and other senior officials will finalize the plan on Thursday, said the sources, who asked not to be identified. The sources did not provide details of the package, in addition to saying that it would be aimed at stressed sectors with a focus on job creation.
GDP will contract 8.6% in the second quarter; India has entered recession for the first time: RBI official
GDP is likely to contract 8.6 percent for the July-September period, which means that India will enter a recession for the first time in history in the first half of this fiscal year with two consecutive quarters of negative growth due to to COVID-19. pandemic, according to an RBI official. Researchers have used the “immediate forecast” method to arrive at estimates before the data is officially released, and their views in an article in the RBI’s monthly bulletin published Wednesday do not constitute the views of the central bank.
The pandemic-induced lockdowns had led to a sharp 23.9 percent contraction in GDP for the April-June quarter compared to the same period a year ago. The RBI has estimated that the economy will contract by 9.5 percent for the entire fiscal year. “India has entered a technical recession in the first half of 2020-21 for the first time in its history and the second quarter of 2020-21 is likely to see the second consecutive quarter of GDP contraction,” according to the article titled ‘Index of economic activity ‘, written by Pankaj Kumar of the Department of Monetary Policy.
Goldman Sachs raises India to overweight, rises #Skilled target to 14 100 by the end of 2021. Says the market moved higher as investors gained confidence in improving economic momentum pic.twitter.com/cy2Nll95WH
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Asian stocks maintain vaccine-led gains after US defensive shift.
Stocks in Asia were due to continue their gains on Thursday, boosted again by continued global stimulus efforts and hopes for a coronavirus vaccine. Australian stocks S & P / ASX 200 were up 0.29 percent in early trading, while Japan’s Nikkei 225 futures were down 0.2 percent and Hong Kong’s Hang Seng index futures were up 0, 56 percent. MSCI’s broader Asia-Pacific equity index outside of Japan closed 0.01 percent higher. The gains in Asia came after a mixed performance for US stocks.
Oil continues to rise in hopes OPEC + will curb supply as COVID-19 cases rise
Oil prices rose in early trading Thursday, bringing the week’s gains to more than 12 am on rising hopes that the world’s top producers will delay a planned supply surge as COVID cases -19 make a dent in fuel demand. Algeria’s energy minister said on Wednesday that OPEC +, which brings together the Organization of the Petroleum Exporting Countries (OPEC) and other suppliers, including Russia, could extend current production cuts of 7.7 million barrels per day (bpd ) until 2021, or deepen them further if necessary.
The weakening outlook has put pressure on OPEC + to delay a 2 million bpd increase in supply scheduled for January, which the market is now fixing, analysts said. US West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.8, to $ 41.80 a barrel at 0130 GMT, while Brent crude futures rose 31 cents, or 0.7, to 44. , $ 11 a barrel. More here
First, here is a quick update on what happened in the markets on Wednesday
Benchmark Indian stock indices Sensex and Nifty extended gains for the eighth straight session to finish at a record high on Wednesday led by pharmaceutical and metals stocks amid strong global signals. The Sensex closed 316.02 points or 0.73 percent more at 43,593.67, while the Nifty gained 118.05 points or 0.93 percent to settle at 12,749.15. Nifty Bank advanced 239 points to 28,845. The broader indices supported gains with the Nifty Smallcap100 and Nifty Midcap100 indices rising 0.72% and 0.37%, respectively.
Welcome to the CNBC-TV18 Market Live blog
Good morning readers! This is Pranati Deva from the market desk of CNBC-TV18. Welcome to our market blog, where we provide live news coverage of the latest events in the stock market, business and the economy. We’ll also get instant reactions and guests from our stellar lineup of television guests and editors, researchers, and internal reporters. If you are an investor, we wish you a great trading day. Good luck!
