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Stock Markets at a Glance:
As Singapore based single judge arbitration panel passed an interim order to put the Reliance-Future group deal on-hold, it caused high-sell-off in RIL shares causing it to plunge by 3.7% and subsequently caused around 1.3% fall in Nifty and Sensex. Sell-off in Auto, Metal and Media sector stocks also deepened this fall further.
Nifty 50 declined by 162.6 points and settled around 11767.75, while 30-pack Sensex fell over 540 points and closed at 40145.5. All sectoral indices were in red. India VIX, which measures fear and volatility in the market, also surged by 4.6%.
Top Gainers/Losers:
HDFC Life Insurance, Nestle India, Kotak Bank, IndusInd Bank and SBI Life Insurance were among the top winners in today’s market session. On the other hand, Hero Mototcorp, Bajaj Auto, Hindalco, Mahindra & Mahindra and JSW Steel took the most beatings in today’s session.
DII/FII Data of today’s Stock market:
DII divested Rs.979.16 crore, while FII too divested Rs.119.42 crore in today’s market session.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 26-Oct-20 | 3,112.15 | 4,091.31 | -979.16 |
| FII/FPI | 26-Oct-20 | 5,323.21 | 5,442.63 | -119.42 |
Kotak Mahindra Bank Q2: net profit surges by 26.27% YoY:
Private sector, Kotak Mahindra Bank reported standalone net profit of Rs.2184.48 crore which is 26.27% higher than last year corresponding quarter’s profit of Rs.1724.48 crore.
Net Interest Income (NII) rose by 16.8% to Rs.3913 crore. Gross NPA and net NPA stood at 2.55% and 0.64% respectively. Consolidated PAT is up by 22% to Rs.2947 crore. Stock price of the bank closed 2% higher today at Rs.1410.55 on NSE.
Read our article on ‘How to Pick Bank Stocks in India?’
SBI Life net profit more than doubles over YoY basis:
SBI Life Insurance reported net profit of Rs.299.73 crore for the quarter ended on September. It reported a net profit of Rs.129.84 crore in Q2 last year. Total income rose 45% to Rs.18458.25 crore during July-September period of 2020-21 from Rs.12745.38 crore in the corresponding quarter of last FY.
Net premium income also increased by 22% to Rs.12857.95 crore on YoY basis. The company has kept additional reserve amounting to Rs.64.76 crore resulting from COVID-19 pandemic over and above the policy level liabilities. Insurer’s stock price went up by 1.34% and closed at Rs.781.
Quick Bytes:
- Promotors of IndusInd bank reaffirmed their support for their bank and also denied any merger talks with Kotak Mahindra Bank.
- India’s forex reserves again touch a new high of $555.12 billion in the week ended on Oct 16, as per RBI’s weekly data.
- RBI Governor Shaktikanta Das tested COVID positive.
- Interest-on-interest waiver scheme up to Rs.2 crore loan may cost government around Rs.7500 crore.
- Polycab India stock on bull run over strong Q2 results and buy rating from many brokerages, surged 7.41% in today’ session.
- Q2 Results today: Kotak Mahindra Bank, SBI Life Insurance, Max Ventures, Finolex Industries, Angel Broking and Torrent Pharma
- Q2 Results Tomorrow: Tata Motors and Bharti Airtel among others.