Nifty futures were trading cautious on Monday, indicating a tepid start for BSE Sensex and Nifty 50. Apart from second-quarter earnings by IT companies, macroeconomic data and global trends would be keenly tracked. Indian equity markets would remain closed on Friday, 15 October 2021, for Dussehra. Also, the movement of other major market drivers such as foreign institutional investors, Brent crude oil prices, and rupee would also be tracked for further direction. “Nifty moved above the bear candle of Wednesday and in the process almost reached the earlier all-time high of 17948. A move above the all-time high could mean running into another resistance at 18000 for some time. However, if this is achieved, we could move even higher later on. The breadth of the market could deteriorate in the near term as the focus could now shift back to large caps,” Deepak Jasani, Head of Retail Research, HDFC Securities, said.
Stocks to watch
Reliance Industries Ltd: Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of RIL, executed definitive agreements with Shapoorji Pallonji and Company Private Ltd (SPCPL), Khurshed Daruvala and Sterling & Wilson Solar Ltd (SWSL) to acquire 40 per cent stake post-money in SWSL through a series of transactions. In another development, Relinace New Energy Solar announced the acquisition of 100% shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an enterprise value of $ 771 million.
Aditya Birla Sun Life AMC: Aditya Birla Sun Life AMC shares were set to make stock market debut on Monday. The Rs 2,768-crore public issue was subscribed 5.25 times during the bidding process. On listing, Aditya Birla Sun Life AMC would join peers such as HDFC AMC, Nippon India Asset Management Limited, and UTI AMC.
TCS: Tata Consultancy Services on Friday reported a consolidated net profit of Rs 9,624 crore during the July-September quarter, up 6.8% from the preceding quarter. The number was a tad below Street expectations.
Q2 results today: Delta Corp, HFCL, Krsnaa Diagnostics, Ramkrishna Forgings, Saregama India, Tata Metaliks, Tinplate Company of India, Lesha Industries, and Sri Lakshmi Saraswathi Textiles were set to announce their second-quarter earnings on 11 October 2021.
Nazara Technologies: WHV-EAM International Small Cap Equity Fund acquired 2.14 lakh equity shares in the Rakesh Jhunjhunwala-backed Nazara Technologies at Rs 3,011.27 per share on the NSE, the bulk deals data showed.
ZEEL: The National Company Law Tribunal (NCLT) on Friday directed Zee Entertainment Enterprises (ZEEL) to file its reply to a petition moved by Invesco Developing Markets Funds by October 22. Invesco can also decide to file a rejoinder to ZEEL’s reply on the same date, the Mumbai bench of NCLT said.
Srei Infrastructure Finance, Srei Equipment Finance: The RBI on Friday filed pleas before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against two Srei Group firms. The Reserve Bank of India filed two separate petitions before the Kolkata-bench of NCLT against two non-banking financial companies-Srei Infrastructure Finance and Srei Equipment Finance.