Sensex, Nifty to surge for 11th day or will bears return to haunt stock markets? Key things to know

Participants should keep a close watch on earnings announcements as well as global markets for cues

Following a rally of up to 7.4 per cent in 10 days, BSE Sensex and Nifty 50 look set to carry this momentum for the 11th trading session on Thursday. In the previous session, headline indices recouped all the intraday losses and ended nearly half a per cent higher, maintaining the pre-covid-19 levels. Investors will react to stock-specific developments induced from corporate earnings, trends in COVID-19 cases, index heavyweight Infosys’ earnings, oil prices, rupee trajectory and other global cues. “Participants should keep a close watch on earnings announcements as well as global markets for cues. We reiterate our view to maintain extra caution in the selection of trades due to limited participation and prevailing volatility,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SGX Nifty firm: In the early trade, SGX Nifty was trading higher, suggesting a positive opening for Sensex and Nifty on Thursday. Nifty futures were trading 37 points up at 11,999 on Singaporean Exchange.

Likhitha Infrastructure debuts today: Likhitha Infrastructure’s initial public offer (IPO), which was subscribed 9.51 times during 3-day bidding process, is set to debut on the stock exchange today. IPO of the oil and gas pipeline infrastructure service provider was extended and the price band was also revised lower to Rs 116-120 per share. Qualified institutional buyers (QIB) category was subscribed 21.99 times, non-institutional investors category 1.54 times, and that for retail individual investors was subscribed 23.71 times.

Infosys Q2 net profit surges: IT bellwether posted 20.5 per cent rise in September quarter net profit to Rs 4,845 crore, mainly helped by large deals, prompting the IT services major to raise its revenue growth forecast to 2-3 per cent for FY21.

New IPO next week: Equitas Small Finance Bank (ESFB) will raise fresh capital up to Rs 280 crore. The bid opening date is October 20, while the closing is set for October 22. The expected date of the listing has been fixed for November 2, 2020.

Results today: A total of 16 companies including Mindtree, South Indian Bank, Cyient, Trident, Hathway Cable & Datacom, Rane Brake Lining, Boston Leasing and Finance, Dolat Investments, Systematix Securities and Vimta Labs are scheduled to announce their quarterly earnings today.

FII and DII data: On Wednesday, foreign institutional investors (FIIs) lapped up shares worth Rs 821.86 crore, whereas domestic institutional investors (DIIs) offloaded shares worth Rs 1,276.14 crore in the capital market on a net basis, according to the provisional data available on the NSE.

Global market: Asian stocks markets were trading lower on Thursday, following the speech from Chinese President Xi Jinping. Shanghai Composite down 0.56 per cent while the Shenzhen component declined 0.77 per cent. While Japan’s Nikkei rose 0.11 per cent. In overnight trade on Wall Street, US stocks ended weaker. The Dow Jones Industrial Average fell 0.58 per cent while the S&P 500 lost 0.66 per cent. The Nasdaq Composite dropped 0.8 per cent.

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