Markets closed in green today, solid debut by IRCTC

Markets closed in green today after mid volatility, a solid debut by IRCTC raises more than 125 percent. It was a positive start for the Indian equity market today. The Asian Markets were also trading in green in the morning indicating far positive opening for Indian markets. 

Markets closed in green today

At close, Nifty gained 36.20 points and closed at 11341.20, Sensex up 87.39 points and closed at 38214.47. Bank Nifty also gained 139.50 points during the day and closed 28182. Almost all the Nifty indices closed in green today except Nifty IT, PSU Bank, and Service sector.

The top five Nifty50 gainers of the day are Tata Motors, ONGC, Bharti Airtel, Ultratech Cement, and IndusInd Bank. The top five losers in Nifty50 are Infosys, Bajaj Finance, Power Grid, Bajaj Finserv, and UPL. 

Among sectors, Auto, Banks, Metal, Construction, Healthcare, Real estate are the major gainers. Whereas IT, manufacturing and Consumer durables are the losers. Infosys, Yes Bank and Tata Motors were the most active stocks today.

The Nifty midcap 100 index gained 34.45 points and closed at 15593.30. The Nifty smallcap 100 index almost closed flat gained only 2.95 points and closed at 5401.55. The top gainer in Nifty midcap are DHFL and Edelweiss and losers are R capital and R Infra. The top gainer in Nifty smallcap are India Tourism and Vakrangee and losers are Jain Irrigation and RITES.

The WPI number was announced at 12 pm today and then the market extended its morning gains after the announcement. The September WPI number was 0.33% versus 1.08%. The lower WPI number helped markets to closed in green today.

The Finance minister Nirmala Sitharaman had a review meeting with PSU Bank today. The big companies have Rs 40000 crores outstanding, need to pay to MSMEs. She has asked those companies to pay off their dues. She has also said that the Banks have disbursed Rs 81,700 crores between 1-9 October. FM said there is enough liquidity in the system as per PSU Banks

Stocks in News

After the Infosys in line  Q2 result, Credit Suisse has downgrades the Infosys with a target price of Rs 690 per share. It is due to the expectation of the weaker second half and high valuation of the company. The share price of Infosys today fell 3.52% and closed at Rs 786.10 per share.

Birlasoft (BSOFT) signs a multi-year agreement with Invacare Corp. to deliver IT solutions. Invacare is the world’s leading manufacturer of wheelchairs, disability scooters, respiratory and other homecare products. The share price of Birlasoft gained 7.40% and closed at Rs 63.15 per share

IRCTC listed today, the issue price of IRCTC was fixed at Rs 315-320 and it was subscribed 112 times. It debuts at Rs 626 in NSE and rallied more than 125 % during the and closed at Rs 727.75  per share

DLF’s sold flats worth Rs 700 crores at Gurugram in its new housing projects. The share price of DLF gained 6.35% after the media reports the news and closed at Rs 154.85 per share.

The credit rating agency Moody has downgrades Indiabulls Housing from Ba2 to B2. The share price of Indiabulls housing fell 5.76% and closed at Rs 197.80 per share.

Crude and Rupee Update:

The brent crude oil future is trading below $60 per barrel. The current trading price of Brent crude is $59.11 per barrel almost 2.40% down from last days’ closing. Indian rupee is trading at Rs 71.17 against the US dollar, Indian rupee has got depreciated compared to last closing.

Conclusions:

Market opened in positive, afternoon after WPI it extended its gains but in the last hour some profit booking was seen today. In the end, Indian markets closed in green today.  China wants more talks before signing Trump’s ‘Phase One Deal” as per the news flashed in media in the last few minutes. The news may create volatility in the market. Tomorrow Indian markets will open as per global cues. 

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