Opening Bell: Here’s what you need to know before the market opens on October 11, 2021.
Earnings take centre stage today as market participants will react to the quarterly report of IT bellwether TCS.
After closing on a record high in the previous trading session, an early indication from the SGX Nifty shows that Indian markets are likely to witness a lacklustre start for the week as SGX Nifty is trading down by 6 points or 0.03% on Monday morning. Also, at the start of this new week, markets would first react to Q2 earnings of IT bellwether TCS, which was announced on Friday post market hours.
To give you a brief, TCS reported a growth of 16.8% YoY in its consolidated revenue and all verticals grew 15%+ YoY.
Cues from Asian markets: Asian markets were seen trading in positive terrain on the first trading session of the week with Hong Kong’s Hang Seng surging by 1.88% followed by Japan’s Nikkei 225 at 1.65% and China’s Shanghai Composite, which was up by 0.33%.
Overnight cues from US markets: US stocks ended with a negative bias on Friday. The tech-heavy Nasdaq underperformed its counterpart as it slipped 0.5%, while the S&P 500 and the Dow slipped 0.2% and 0.03%, respectively. All eyes on Wall Street were glued to the monthly jobs report for September. According to reports, the US added just 1,94,000 to its non-farm payroll in September. In spite of a weaker than anticipated job growth, the unemployment rate dropped to 4.8% in September from 5.2% which was seen in August.
Last session summary: On Friday, RBI kept key policy interest rates unchanged for the eighth consecutive time. As a result, the Indian benchmark indices ended the day with gains of over 0.50%. Meanwhile, the broader markets too witnessed buying interest with Nifty Midcap 100 adding 0.43%, while Nifty Smallcap 100 jumped over 1%. Among the sectoral indices, Nifty IT and Nifty PSU Bank were top gainers, on other hand, Nifty Realty and Nifty FMCG were top losers.
For the week, Nifty gained 2.07% and with this, it recorded its highest weekly close. While the broader markets were seen outperforming the benchmark indices with Nifty Midcap and Smallcap jumping over 3%, both indices hit a fresh all-time high last week. On the sectoral front, Nifty IT, Nifty Media and Nifty Auto soared over 4%, on other hand, Nifty FMCG and Nifty Pharma dipped 1% and 0.5%, respectively.
FII’s and DII’s activity on Friday: FIIs and DIIs were net sellers to the tune of Rs 64.01 crore and Rs 168.19 crore, respectively.
Important quarterly earnings to watch out for: Delta Corp, HFCL, RKForge, Saregama, Tata Metaliks, Tinplate.
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