Sensex wins 400 points; Clever around 18,500; banks, metallic lead

Covid update: India registers 13,596 new cases

India recorded 13,596 new covid-19 infections in one day, the smallest daily increase in 230 days, while active cases fell further to 1,89,694, the lowest in 221 days, according to data from the Union Health Ministry Monday.

The death toll climbed to 4,52,290 with 166 more deaths. The country has so far reported 3,40,81,315 cases of covid, he said.

Sunteck Realty acquires 110 acres to enter second home market

The real estate company said on Monday it had acquired around 110 acres on Pen-Khopoli Road in the Mumbai metropolitan area (MMR) to enter the second home segment. The acquisition was made with a light joint development agreement strategy.

Avenue Supermarts zooms in 7%

Avenue Supermarts Ltd’s stock is on fire. The company’s shares jumped more than 7% on the NSE at Monday’s opening, reacting to its strong September quarter, announced on Saturday last week. With this latest bullish move, the stock hit a new 52-week high of ??5,900 on the NSE intraday.

HDFC banking up 1.5%

The bank’s profit rose 18% in the quarter ended September, supported by strong loan growth. The net result amounts to ??88.3 billion rupees ($ 1.17 billion), up from 75.1 billion rupees a year ago. This exceeds the average estimate of 86.50 billion rupees.

Nifty Bank jumps 1.3%

Clever actions at the opening

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Sensex exceeds 500 points

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Markets open at record highs

Sensex at pre-opening

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Markets in the green pre-opening

Growth helps HDFC Bank, but stress remains a concern

HDFC Bank’s optimism about balance sheet growth in the coming quarters, bolstered by a good performance for the September quarter, should be reason enough to encourage investors.

India’s Most Valuable Lender Reported Net Profit of ??8,834 crore, an increase of 17.5% year-on-year, for the September quarter. This figure was slightly higher than Street’s estimate. But more than the pace of earnings, the growth in the bank’s activity and outlook appears to have contributed to optimism about its valuations. (Read More)

China’s economic growth weakens

China’s economic growth weakened in the last quarter as slower construction and reduced energy use weighed on its recovery from the coronavirus pandemic.

The world’s second-largest economy grew 4.9% more than a year ago in the three months ending September, down from 7.9% in the previous quarter, government data showed on Monday.

Factory production, retail sales, and investment in construction and other fixed assets have all declined.

Indian markets should be stable

Indian markets are expected to be flat on Monday as traders return from a three-day break. SGX Nifty trends suggest a positive opening for domestic indices.

On Thursday, BSE Sensex finished at 61,305.95, up 568.90 points or 0.94%. The Nifty was at 18,338.55, up 176.80 points or 0.97%.

Collapse of Carlyle deal thwarts PNB’s housing finance plans

The collapse of a ??The 4,000 crore investment plan led by Carlyle Group has muddied the fundraising plans of PNB Housing Finance Ltd, with the private equity firm now seen as unlikely to increase its stake in the mortgage lender.

Carlyle Group, PNB Housing Finance’s second shareholder, agreed on May 31 to invest up to ??3,185 crore in the company thanks to a preferential allocation to ??390 per share. The investment was to be channeled through Pluto Investments Sarl, a subsidiary of Carlyle Asia Partners IV, LP (Read more)

High unemployment rates in northern India pose new challenges

Unemployment in at least 12 states and union territories stubbornly defies a national downward trend, with eight of them reporting double-digit unemployment rates in September, reflecting parts of the economy that have been left for account by the covid pandemic.

In Delhi, the unemployment rate is at a four-month high of 16.8%. Rajasthan has an unemployment rate of 17.9%, Haryana 20.3%, Jammu and Kashmir 21.6% and Bihar, Tripura, Jharkhand and Puducherry between 10% and 15.3%. (Full report)

Stocks to watch: HDFC Bank, Adani Enterprises, HCL Tech

HDFC Bank, Adani Enterprises, HCL Tech, Coal India are among the top 10 stocks today. Major companies that will report their September quarter results on Monday include UltraTech Cement, Alok Industries, Larsen & Toubro Infotech Ltd and Tata Coffee.

Oil is still rising

Oil rose in Asian trade after an eighth weekly gain as the market faced a global energy crisis before winter. Futures in New York topped $ 83 a barrel after rising 3.7% last week, capping the longest streak of weekly gains since 2015. A shortage of natural gas and coal from the Asia to Europe leads to additional demand for petroleum products in power generation. This coincided with the rebound in key economies after the pandemic, causing the market to tighten significantly.

Mixed Asian Equities

Asian stocks were mixed on Monday ahead of China’s third-quarter economic data release, as investors worried about the health of the world’s second-largest economy even as U.S. companies report strong quarterly earnings.

The MSCI’s largest Asia-Pacific stock index outside of Japan was little changed early in Monday, down 0.07%, while Japan’s Nikkei lost 0.12%. US equity futures, the S&P 500 e-minis, were down 0.13%.

US stocks gain on Friday

Stocks surged globally on Friday at their best in five months on strong U.S. corporate earnings reports, although oil prices at three-year highs kept inflation risks alive.

The Dow Jones Industrial Average jumped 1.1% in its best weekly performance since June 25. The S&P 500 climbed 0.75% to mark its best week in 2.5 months, and the Nasdaq Composite added 0.5%.