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Markets at a Glance:
Indian stock markets today recovered partly from yesterday’s crash. Nifty moved upward by 82.1 points and closed around 11762, while Sensex soared by 254.57 points and settled around 39983.
Metal, Realty, Pharma and Bank sector stocks were responsible for boosting the market, on the other hand, IT and Media sectoral indices closed in red. Small caps and Mid caps outperformed the overall market.
Top Gainers/Losers in today’s market:
JSW Steel, Tata Steel, BPCL, Hindalco and Divi’s Labs were among the top gainers in stock market today. On the other hand, UPL, HCL Technologies, Mahindra & Mahindra, Asian Paints and Reliance Industries took the most beatings.
DII/FII Data of today’s market:
DIIs and FIIs both divested Rs.429.81 crore and Rs.479.59 crore respectively from Indian markets in today’s session.
| CATEGORY | DATE | BUY VALUE (₹ Crores) | SELL VALUE (₹ Crores) | NET VALUE (₹ Crores) |
| DII | 16-Oct-20 | 2,545.89 | 2,975.70 | -429.81 |
| FII/FPI | 16-Oct-20 | 4,605.47 | 5,085.06 | -479.59 |
HCL’s Q2 net profit stood at Rs.3142 crore, announces Rs.4 as interim dividend:
HCL Tech reported 18.5% jump in its Q2 net profit on YoY basis. Its Q2 profit stands at Rs.3142 crore as compared to Rs.2651 crore profit during same quarter last year. Revenue for September quarter also grew by 6.1% to Rs.18594 crore on YoY basis.
Company announced that it will roll out hikes for its employees starting October. It also announced an interim dividend of Rs.4 per share. Company’s stock plunged by 3.48% today and settled at Rs.830.05 in stock market today.
Finally Center takes falling side, will borrow Rs.1.1 Lakh crore on behalf of states:
On October 15, center changed its earlier stance of states should borrow from market for GST shortfall and decided that Government of India will do borrowings on behalf of states and will pass it on to states as ‘back-to-back loan’. Loan will be reflected on state’s balance sheet, thus not exceeding deficit target for center.
As center is borrowing, states will get funds at lower interest rates. Earlier, 21 states accepted the option of borrowing by themselves, but opposition-ruled states denied options given by center and asked center to raise capital from markets.
Stock Market Today: Quick Bytes:
- Q2 Results today: Federal Bank, HCL Technologies, Bajaj Consumer Care, LKP Securities, Shoppers Stop, Tata Communications and Uniply.
- Govt seeking an approval from the Cabinet Committee on Economic Affairs (CCEA) on reducing its 47.11% stake in IDBI Bank. The stock rallied over by 14.46% over the news.
- Government will dilute its stake in IRFC and RailTel, says DIPAM secretary.
Read our special article explaining reasons behind yesterday’s market crash here.