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Markets at a Glance:
Trump’s sudden announcement of ending negotiations over COVID-19 stimulus package couldn’t hold the bulls of Indian markets. Markets extended their gains consecutively for 5th session with Nifty rising by 76 points and getting settled at 11738, while Sensex grew by 304 points and closed at 39878.95.
Nifty Media, metal, realty, PSU Bank and pharma sectors took a hit, while other sectors ended in green. India VIX also rose by 2.16% and ended above 20 levels.
Top Gainers/Losers in today’s market:
Titan, Bajaj Auto, Hero Motocorp, Maruti and Reliance Industries were among the top gainers in today’s session. On the other hand, Bajaj Finance, BPCL, Hindalco, Tata Motors and Power Grid took the most beatings.
DII/FII Data:
DII kept their sell-off strategy and divested Rs.1129.49 crore, while FII showed their confidence in Indian markets by investing Rs.1093.81 crore.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 07-Oct-20 | 2,970.15 | 4,099.64 | -1,129.49 |
| FII/FPI | 07-Oct-20 | 6,044.21 | 4,950.40 | 1,093.81 |
Titan grabs the top gainer spot over its Q2 results:
Shares of Titan closed 4.5% higher at Rs.1253.9 after the company said it saw a recovery rate of 98% [excluding the sale of raw gold] in Jewellery business in September quarter. The company also managed to sale raw gold of Rs.390 crore.
Company’s sale in September month was decent despite the inauspicious period of ‘Shraddha’. Company’s other business segments like watches & wearables had a recovery rate of 55%, while eyewear business saw a recovery rate of 58%.
RRVL gets another investment, ADIA to invest Rs.5512 crore for 1.2% stake:
Stars of Reliance Retail Ventures Ltd (RRVL) couldn’t stop shining, as the company receives another funding from Abu Dhabi Investment Authority (ADIA), a sovereign fund of Abu Dhabi. ADIA will invest Rs.5512 crore for 1.2% stake in RRVL. This investment values Reliance Retail at a pre-market equity value of Rs.4.285 lakh crore.
Reliance Industries’ stock rose by 2.22% over the news. On the other hand, Amazon has sent a legal notice to promotors of Future group for breaching the non-compete agreement, by making a deal with RRVL.
Dinesh Kumar Khara Appointed as new chairman of SBI:
The union government has appointed Mr Dinesh Kumar Khara as the new chairman of SBI for a period of three years starting from October 7. He will replace Mr Rajnish Kumar whose tenure ended on October 6.
Before taking the chairman position, Mr Khara was managing director at SBI and was looking after the global markets & various subsidiaries of SBI. He said that Quality of the loan book would be one of the key priorities of him. He also said that amid pandemic SBI is witnessing credit growth of around 6-7% and bank’s business is 70-80% back to pre-COVID levels.