Stock Market LIVE: Indices trim gains, Nifty above 17,700; Metal shines; IT lags

Share Market LIVE Updates: Indices are trading higher on Thursday with Sensex and Nifty gaining 200 and 70 points, respectively. Metal stocks are leading the rally with most indices in green. JSW Steel and Hindalco shine, while Bajaj twins shed.

Major US tech companies including Meta, Google and Microsoft posted disappointing quarterly results and/or provided discouraging forecasts which weighed heavily on the session on Wednesday. Earnings remain in focus this week but inflation and future rate hike concerns are still playing in investors' minds.

Angel One outlook on Commodities: Gold, Crude and Base Metals

Gold: We expect gold to trade higher towards 50970 levels, a break of which could prompt the price to move higher to 51200 levels.

Crude: We expect crude to trade higher towards 7370 levels, a break of which could prompt the price to move higher to 7480 levels.

Base Metals: We expect copper to trade higher towards 672 levels, a break of which could prompt the price to move higher to 683 levels.

ECB to Double Rates to Highest in Over a Decade: Decision Guide

The European Central Bank is set to look past intensifying recession fears by lifting its main interest rate to the highest in more than a decade to tackle record euro-zone inflation.

Despite displeasure at rising borrowing costs from politicians including new Italian Prime Minister Giorgia Meloni, almost all economists surveyed by Bloomberg predict a second straight 75 basis-point hike on Thursday.

Money-market investors concur, suggesting the deposit rate will double to 1.5%.

The motivation is inflation that, at almost 10%, is five times the ECB’s medium-term target. Wresting it back toward that level is so far taking precedence over shielding the economy from an energy-driven downturn this winter. After a retreat in the euro, the ECB is also under pressure to match the Federal Reserve’s aggressive ramping-up of rates.

Gland Pharma shares today crash to record low. Should you buy post Q2?

Shares of Gland Pharma tumbled more than 12% to hit an all-time low of ₹1,942 apiece on the BSE in Thursday's opening deals after the company reported a 20% decline in consolidated net profit at ₹241 crore for the second quarter ended September (Q2 FY23), on lower sales and higher expenses. Meanwhile, its revenue and margin also reported a dip from the year-ago quarter.

Jeffries has downgraded its rating to Hold on Gland Pharma shares with a target price of ₹2,241 apiece. “Given the near-term top-line growth and margin headwinds, we downgrade the stock to Hold from Buy rating."

India's JSW Steel says U.S. unit secures $182 million financing

JSW Steel said on Thursday its unit JSW Steel USA has tied up $182 million of long term financing with Italian banking firms Intesa Sanpaolo and Banco BPM for its plate mill modernization project in Baytown, Texas.

Tech Mahindra fixes dividend record date. Shares at 40% below 52-weeh high

India's multinational IT company Tech Mahindra Ltd has announced record date for interim dividend payment. The board of directors of the company has fixed 10th November 2022 as record date for dividend payment. The IT major also informed Indian exchanges that the company board will consider interim dividend payment in its meeting scheduled on 1st November 2022. So, Tech Mahindra shareholders are advised to keep an eye on the outcome of scheduled board meeting outcome on 1st November 2022.

Indian rupee jumps against US dollar, bonds rally

Indian rupee jumped sharply against while sovereign bonds also rose after the US currency plunged on speculation that the Federal Reserve may slow the pace of its interest rate hikes. The rupee rose to 82.20 against the US dollar compared to its close on Tuesday of 82.7250 while 10-year bond yields fell to 7.376. Bond prices are inversely related to yields. The yield fell seven basis points to end at 7.4424% on Tuesday.

Japan's Nikkei falls as attention turns to earnings

Japan's Nikkei share average edged lower on Thursday, with investors focused on the outlook for individual stocks as earnings season hits full swing.

The Nikkei was down 0.19% at 27,379.40 by the midday break. It occasionally traded in positive territory but may now snap a three-day winning streak.

The broader Topix index fell 0.52%.

"In my opinion, the Nikkei was unusually strong yesterday," Nomura Securities strategist Kazuo Kamitani told reporters in a briefing. "The fact that it closed above 27,400 gave me the impression Japanese stocks are strong."

India's growth resilient despite exogenous threats: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said that despite exogenous threats, India's well-targeted policy mix, accompanied by major structural reforms and a sound external balance sheet, have aided its growth to remain resilient.

The minister of finance and corporate affairs was speaking during the seventh Annual Meeting of the Board of Governors of Asian Infrastructure Investment Bank (AIIB) via video conference, in New Delhi on Wednesday, an official statement said.

Housing sales in India to touch new heights in 2022: Anarock

Going by the momentum in housing sales this festive season and that of the first three quarters of 2022, it is very likely the total numbers across the top 7 cities will breach the previous peak of 2014.

Real estate services provider Anarock projects total sales in the top 7 cities to exceed 3.6 lakh units in 2022.

In the previous peak year of 2014, the top 7 cities saw 3.43 lakh units sold.

The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 by approximately 2.73 lakh units sold and new launches at 2.65 lakh units. Notably, 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units, Anarock said in a statement on Wednesday.

Tata Steel inks pact with Ford to supply green steel from IJmuiden unit in Netherlands

Tata Steel has inked an agreement with American carmaker Ford to supply "zeremis green steel" from its Netherlands-based IJmuiden plant after the unit shifts to hydrogen-based steel making.

In Europe, Tata Steel is working to switch to low-carbon technologies to manufacture steel in the UK and the Netherlands.

The company's both businesses Tata Steel UK and Tata Steel Nederland have been developing detailed plans for transition to low CO2 technologies in line with the company's goal to produce CO2-neutral steel by 2050 in Europe, company's CEO & MD T V Narendran and Executive Director and CFO Koushik Chatterjee earlier said.

DCX Systems IPO to be launched next week. Latest GMP, key points you need to know

The three-day initial public offering (IPO) of DCX Systems, manufacturer of cables and wire harness assemblies, will open for public subscription next week on Monday, October 31, 2022 and and conclude on Wednesday, November 2, 2022. The company has fixed a price band of ₹197 to ₹207 per share for its initial share sale. Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares thereafter.

The company has cut the size of its fresh issue of equity shares to ₹400 crore from ₹500 crore planned earlier, reported news agency PTI. Apart from the fresh issue, the IPO comprises an offer for sale (OFS) of equity shares to the tune of up to ₹100 crore by promoters, NCBG Holdings Inc and VNG Technology.

Medanta Hospital Chain IPO's date announced, issue to open next week.

The three-day initial public offering (IPO) of Global Health Limited, which operates and manages hospitals under the Medanta brand, will open for public subscription next week on Thursday, November 3, 2022 and the issue will conclude on Monday, November 7, 2022.

The initial share sale consists of a fresh issue of equity shares aggregating to ₹500 crore and an offer for sale (OFS) of up to 5.08 crore equity shares by the company's shareholders and promoters.

Stocks to Watch: Dabur, Zee, Century Textile, Crompton, Gland Pharma, IIFL Finance, J&K Bank, Hero MotoCorp, Tech Mahindra, and Hindustan Copper

Indus Towers, PNB Housing Finance, Tata Chemicals, SBI Cards, Balaji Amines will be in focus as they declare their September quarter earnings today.

Cryptocurrency prices' rally continues as dogecoin surges 17%; Bitcoin above $20,000

Bitcoin gained for a second day, spurring optimism among the almost always bullish advocates of the bellwether cryptocurrency for an end to the months-long decline known as crypto winter. The world's largest and most popular digital token Bitcoin was trading more than 2% higher at $20,780.

Bitcoin broke above $20,000 for the first time in more than two weeks on Tuesday, ending its longest run below that price level since the token first breached the threshold in late 2020.

Hero MotoCorp to debut in Philippines' market after pact with Terrafirma Motors

One of the world's largest motorcycle manufacturers, Hero MotoCorp, on Wednesday said it is set to commence its operations in the Philippines. The company said it was partnering with Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, to bring motorcycles to the country.

As part of the partnership, TMC will be the exclusive assembler and distributor of Hero MotoCorp motorcycles in the Philippines. The company will set up an assembly facility of 29,000 sq m in its existing latest principal manufacturing facility situated in Laguna City and start its operations in the second half of fiscal year 2024.

Sanjay Bhan, Head of Global Business, Hero MotoCorp, said "In keeping with our R4 (recalibrate, revitalise, revolutionise and revive) strategy, we are always keenly exploring new opportunities in global markets. Our partnership with Terrafirma Motors Corporation (TMC) to enter the Southeast Asian region is an integral part of this expansion strategy."

India, China trade crosses USD 100 billion during Jan-Sept; trade deficit climbs to over USD 75 billion

India and China bilateral trade continued to boom, crossing USD 100 billion for the second year in the first nine months of 2022 while India's trade deficit climbed to over USD 75 billion, according to trade data released by Chinese customs.

The total bilateral trade, amidst the military standoff in eastern Ladakh, went up to USD 103.63 billion, registering a 14.6 per cent increase compared to last year during the same period.

China's exports to India climbed to USD 89.66 billion, registering an increase of 31 per cent, data released by China’s General Administration of Customs (GAC) said.

However, India’s exports in the past nine months stood at USD 13.97 billion, registering a decline of 36.4 per cent.

IT stock Infosys to trade ex-dividend today

Indian IT major Infosys Ltd is going to trade ex-dividend today. The board of directors of the company has fixed 28th October 2022 as record date for interim dividend payment for the financial year 2022-23. The company board of the dividend paying stock has already announced ₹16.50 per equity share interim dividend for its shareholders. As the interim dividend will be paid on ex-date basis, the stock is going to trade ex-dividend on 27th October 2022 i.e. today.

Informing Indian stock market indices about interim dividend record date, Infosys Ltd said, "We wish to inform you that the Board of Directors (“Board") of Infosys Limited ( “Company") at its meeting declared an interim dividend of ₹16.50/- per equity share. Fixed October 28, 2022 as record date for interim dividend and November 10, 2022 as payout date."

HUL says it does not manufacture or sell 'dry shampoos' in India as as Unilever United States decides to recall some of the dry shampoos

FMCG major Hindustan Unilever Ltd (HUL) has issued a statement as Unilever United States decided to recall some of the dry shampoos due to the presence of benzene in the products. Benzene is classified as a human carcinogen. It can result in cancers including leukemia and blood cancer of the bone marrow and blood disorders which can be life-threatening.

HUL has mentioned it doesn't manufacture or sell dry shampoos in India. "HUL doesn't manufacture or sell dry shampoos in India".

Unilever US and Canada voluntarily recalled select lot codes of dry shampoos produced prior to October 2021 out of abundant caution, after an internal investigation identified elevated levels of benzene.

BHEL, PNB stocks under F&O ban on NSE today

A total of two stocks have been put under the ban for trade on Thursday, October 27, 2022 under the futures and options (F&O) segment by the National Stock Exchange (NSE). The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE.

Bharat Heavy Electricals Ltd (BHEL) and Punjab National Bank (PNB) are the two stocks that are a part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade everyday.

Zee-Sony merger: Groups agree to sell 3 Hindi channels to address anti-competition concerns

Media groups Sony and Zee have voluntarily agreed to sell three Hindi channels -- Big Magic, Zee Action and Zee Classic -- to address possible anti-competition concerns arising out of their proposed mega-merger deal.

They submitted their proposal to the Competition Commission of India (CCI), which cleared the deal, subject to certain modifications on October 4.

More than three weeks after giving its nod for the transaction, the regulator on Wednesday made public its detailed 58-page order.

The two groups have agreed to divest Big Magic, which is a Hindi general entertainment channel, as well as Zee Action and Zee Classic, which are Hindi film channels, according to the order.

Facebook parent Meta Q3 revenue, profit decline

Facebook parent Meta on Wednesday reported that its revenue declined for a second consecutive quarter, hurt by falling advertising revenue amid competition from the wildly popular video app TikTok.

The quarter's weak results raised fresh questions about whether Meta's plans to spend $10 billion a year on the metaverse — a concept that doesn't quite exist yet and possibly never will — is prudent.

Meta's disappointing results followed weak earnings reports from Google parent Alphabet Inc. and Microsoft this week.

The Menlo Park, California, company earned $4.4 billion, or $1.64 per share, in the three month period that ended Sept. 30.

That's down 52% from, $9.19 billion, or $3.22 per share, in the same period a year earlier. 

Festivals fail to lift air travel in October above pre-covid level

Average daily air passenger traffic in October, the month when both Dussehra and Diwali were celebrated this year, remained at around 360,000 air passengers, as against the pre-covid level of nearly 400,000 passengers.

This is also lower than the average number of daily air passengers recorded in the festival month of October 2019, when the average number of daily air traffic was around 397,000 passengers. Dussehra and Diwali were also celebrated in October 2019.

Dabur India picks up 51% stake in Badshah Masala

Packaged consumer goods company Dabur India Ltd on Wednesday bought a 51% stake in Badshah Masala Pvt. Ltd for ₹587.52 crore, entering the branded spices market through its first acquisition in the packaged foods space.

The company said the acquisition aligns with its strategic intent to expand its foods business to ₹500 crore in three years and enter adjacent categories. 

Rising deposit rates to hurt bank profits in coming quarters

The September quarter could be the final quarter of extraordinary profits for banks in the near term, as the ongoing repricing of deposits promises a coming squeeze in net interest margins.

Most banks reported better profit numbers and stronger margins in the September quarter, aided by the combination of front-loaded loan rate hikes and delayed deposit rate increases.

Analysts expect the repricing to happen gradually over the next year as existing deposits get renewed over time, and fresh deposits come at a higher cost.

Until now, banks have been reluctant to raise deposit rates, but the change from liquidity abundance to near-deficit has worked in favour of savers.

Stocks end mixed on Wall Street amid weak tech earnings

Weak quarterly results from several big technology companies weighed on stocks Wednesday, leaving major indexes mixed on Wall Street.

The S&P 500 fell 0.7% after shedding an early gain, while the tech-heavy Nasdaq composite dropped 2%. The lower finish ended a three-day winning streak for both indexes.

The Dow Jones Industrial Average ended just barely in the green after having been up 1.1%, thanks in part to a big jump in Visa.

Smaller company stocks far outpaced the broader market, lifting the Russell 2000 index by 0.5%.

“A handful of very large companies are weighing on the indexes," said Willie Delwiche, investment strategist at All Star Charts. “The more exposed you are to those mega-cap tech stocks the more you’re down today, and the less exposed you are the less you’re down."

Google's parent company, Alphabet, slumped 9.6% after it reported disappointing third-quarter financial results as advertising sales weakened. Weak ad sales are threatening other tech and communications companies. Music streaming service Spotify fell 13% after it reported a bigger third-quarter loss than Wall Street expected.

Microsoft slid 7.7% after it reported disappointing growth for its cloud computing company, while profits fell along with PC sales. Chipmaker Texas Instruments fell 2.6% after giving investors a discouraging forecast for the current quarter.

Facebook’s parent company, Meta, fell 10.8% in after-hours trading following the release of its third-quarter earnings, which fell short of analysts’ forecasts, according to FactSet. The stock fell 5.6% in regular trading. 

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