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Markets at a Glance:
Riding over the gains in IT and Pharma sector stocks, benchmark indices were able to beat the resistance levels. Nifty rose by 95.75 points and settled at 11834.6, while Sensex grew by 303.72 points and closed at 40182.67.
FMCG and Media indices had marginal losses, while other sectoral indices ended in the green. Nifty IT and Pharma grew by 3.23% and 2.47% respectively. India VIX, which measures fear in the market also rose by 1.59% and closed at 20.38 level.
Top Gainers/Losers in today’s market:
IT majors like Wipro, TCS and Infosys along with CIPLA and UltraTech Cement were among the top gainers in today’s session. On the other hand, GAIL, ONGC, ITC, Eicher Motors and L&T were among the top losers.
DII/FII Data of today’s market:
DII and FII both invested Rs.19.85 crore and 978.37 crore respectively.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 08-Oct-20 | 4,992.59 | 4,972.74 | 19.85 |
| FII/FPI | 08-Oct-20 | 6,586.24 | 5,607.87 | 978.37 |
Wipro follows TCS suit, former’s board will meet on Oct 13 to consider buyback:
IT major, Wipro said on Wednesday that its board would consider a proposal to buyback equity shares at the meeting scheduled on October 13. No other details were provided. The share price of Wipro gained 7.34% and closed at Rs.359.9 on NSE.
The announcement comes on a day when its peer TCS decided to buyback shares of Rs.16000 crore.
TCS Q2 numbers beat street estimates; stock price rallied by 3%:
India’s largest IT service firm TCS reported better-than-expected numbers, as the company showed improvement over QoQ basis. Company’s PAT grew by 6.6% over QoQ and stood at Rs.7475 crore. Its board also approved buyback of 5.3 million shares comprising 1.42% stake at Rs.3000 per equity share for an amount not exceeding Rs.16000 crore. Company also declared a dividend of Rs.12 for each equity share of FV Re.1.
The share price of TCS grew by 3% and closed at Rs.2818.45. Its rival Infosys share price also rose by 2.62% as it decided to acquire Blue Acorn is a US-based data analytics firm for up to 125 million dollars.
See our yesterday TCS call here
M. Rajeshwar Rao named as new deputy governor of RBI:
The appointments committee of the cabinet has approved the appointment of M. Rajeshwar Rao, current Executive Director of RBI, to the post of Deputy Governor of RBI. He will succeed N.S. Vishwanathan, who stepped down in March, three months ahead of actual tenure citing health reasons.
Ongoing MPC meet will publish the key interest rates tomorrow.