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Stocks to buy : Vinay Rajani of HDFC Securities suggests buying these stocks on October 09

Stocks to buy : Vinay Rajani of HDFC Securities suggests buying these stocks on October 09

by | Oct 9, 2024 | Share Market


2 min read Last Updated : Oct 09 2024 | 7:54 AM IST

After falling for almost 1600 points from the all time high of 26,277, Nifty turned north and closed on a strong wicket. Nifty has formed bullish “Harami” candlestick pattern on the daily chart. Nifty has retraced 23.6 per cent of the entire fall seen from its all time high. Nifty has also closed near its 50 DMA(25,045).

Above 25,070, Next resistance comes in at 25,299, which happens to be 38.2 per cent retracement of the downswing. Bullish formation will be negated if support of 25,755 is breached.


Buy Coforge (Rs 7,340) | Target: Rs 7,580 | Stop-loss: Rs 7,150

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Stock is trading at its all time high. Stock has remained resilient in the falling market. Stock is holding strongest technical setup as compared to other IT stocks. Stock is placed above all important moving averages. Stock has been forming higher tops and higher bottoms on the daily and weekly charts.


Buy Glenmark Pharma (Rs 1,737) | Target: Rs 1,790 | Stop-loss: Rs 1.690


Stock has broken out from the consolidation pattern which held for last four weeks. Stock price has reclaimed its level above its 20 days EMA. Stock is trading above all important moving averages, indicating bullish trend on all time frames. Indicators and oscillators have turned bullish on daily and weekly chart. Pharma sectorseems to have resumed its uptrend after small consolidation. 


(Disclaimer: Vinay Rajani, CMT is a senior technical and derivative analyst at HDFC securities. Views expressed are his own.)

First Published: Oct 09 2024 | 7:47 AM IST



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India, South Korea bonds to join FTSE Russell EMGB index starting Sept 2025

India, South Korea bonds to join FTSE Russell EMGB index starting Sept 2025

by | Oct 9, 2024 | Share Market


An estimated $4.6 trillion in assets under management track the index | Representative Picture

2 min read Last Updated : Oct 09 2024 | 7:00 AM IST


Global index provider FTSE Russell on Tuesday said it would include India’s sovereign bonds in its Emerging Markets Government Bond Index (EMGBI) starting September 2025, following index inclusion by JP Morgan and Bloomberg Index Services, potentially drawing billions of dollars into local bonds.


The London-based index provider also added South Korean government bonds to the FTSE World Government Bond Index (WGBI) after two years on its watch list.

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South Korean government bonds would represent2.22 per cent of the index on a market value-weighted basis and would be included in the FTSE’s WGBI beginning in November 2025, FTSE said in a statement.

 


Indian securities will be a part of FTSE’s EMGBI after being on the index provider’s watch list for the last three years. It would represent 9.35 per cent of the index on a market-value weighted basis, FTSE said.


An estimated $4.6 trillion in assets under management track the index, according to Radhika Rao, senior economist at DBS.


In a March review, FTSE had deferred inclusion of Indian bonds in its index due to taxation, registration and settlement issues but acknowledged India’s progress in the accessibility of the securities.


FTSE’s announcement follows inclusion of Indian government securities in JPMorgan’s Government Bond Index-Emerging Markets index starting in June 2024 and Bloomberg Index Services’ Emerging Market Local Currency starting in January 2025.


 

First Published: Oct 09 2024 | 6:55 AM IST



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Shopping spree: Domestic investors step up as foreign counterparts exit

Shopping spree: Domestic investors step up as foreign counterparts exit

by | Oct 8, 2024 | Share Market


2 min read Last Updated : Oct 08 2024 | 11:25 PM IST


Amid a massive selloff by foreign portfolio investors (FPIs), domestic institutional investors (DIIs) — comprising mutual funds (MFs) and insurance companies —have stepped up their purchases this month.

In a show of strength, DIIs have made their three largest single-day purchases in October, injecting liquidity into the market amidst FPIs’ exodus. On Monday, they pumped a record Rs 13,245 crore into the market as the Sensex and Nifty declined for the sixth consecutive day.

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This buying spree is not an isolated incident. Historically, DIIs, particularly MFs, have seized opportunities to buy during sharp selloffs by overseas funds. The sustained inflows through systematic investment plans (SIPs) and the Employees’ Provident Fund Organisation (EPFO) provide MFs with the necessary firepower to invest during market downturns. This domestic support has helped cushion the Indian market’s downside and kept volatility in check. Between October 2021 and June 2022, FPIs withdrew a staggering Rs 2.56 trillion ($30 billion) from domestic equities, leading to an 18 per cent market decline. However, strong DII buying helped the market recoup all the losses in a matter of months.   

 


An intense tug-of-war between FPIs and DIIs has resulted in the Sensex retreating 5 per cent from its peak on September 26. While domestic investors’ steadfast buying has cushioned the fall, the sheer scale of FPI holdings — exceeding $1 trillion in Indian assets — ensures their actions also remain a market-moving force.  

First Published: Oct 08 2024 | 11:25 PM IST



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After PAC, Parliament's finance panel set to review Sebi's functioning

After PAC, Parliament's finance panel set to review Sebi's functioning

by | Oct 8, 2024 | Share Market


SEBI(Photo: Shutterstock)

2 min read Last Updated : Oct 08 2024 | 11:09 PM IST


Newly-constituted parliamentary standing committee on finance on Tuesday said it will ask top officials of Securities and Exchange Board of India (Sebi) to appear before it as the panel, in its first meeting, decided to review the performance of regulatory bodies.


The Public Accounts Committee (PAC) is already slated to undertake such a review at its next meeting on October 24, and has asked finance ministry and Sebi officials to appear before the panel.

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The standing committee on finance, which is chaired by Bharatiya Janata Party (BJP)’s Bhartruhari Mahtab, and its members including Congress’ P Chidambaram and Manish Tewari, met on Tuesday for the consideration and adoption of subjects that it will examine in 2024-25.

 


Over the last few days, several other parliamentary panels have met to select issues that they will examine in the next one year. Some of the subjects that the panel on petroleum and natural gas has picked are pricing, marketing and supply of petroleum products and natural gas, review of oil PSUs, including their international operations and investments.


The panel on communications and IT has said it will review the “mechanism to curb fake news” and the emergence of OTT platforms and related issues. It will also examine the “emergence of new forms of currencies and its impact”.


The panel on external affairs will look at, among other issues, the “future of India-Bangladesh relationship” and evaluate India’s Indian Ocean strategy, facilitating external economic engagement of states and Union Territories. 




 

First Published: Oct 08 2024 | 11:09 PM IST



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Investors subscribe Garuda Construction IPO 1.9 times offer size on Day 1

Investors subscribe Garuda Construction IPO 1.9 times offer size on Day 1

by | Oct 8, 2024 | Share Market


Corpwis Advisors is the sole book running lead manager and Link Intime India is the registrar of the issue.

2 min read Last Updated : Oct 08 2024 | 10:02 PM IST


The initial public offer of Garuda Construction and Engineering got fully subscribed with 1.91 times subscriptions on the first day on Tuesday.


The initial share sale received bids for 3,80,15,666 shares against 1,99,04,862 shares on offer, according to data available with the NSE.

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The portion meant for Retail Individual Investors (RIIs) got subscribed 3.43 times while the quota for non-institutional investors received 1.10 times subscription. The category for Qualified Institutional Buyers (QIBs) attracted a mere 2 per cent subscription.


Garuda Construction and Engineering Ltd on Monday said it has raised Rs 75 crore from anchor investors.

 


The company has fixed a price band of Rs 92-95 per share for its Rs 264-crore initial public offering.


The initial share sale will conclude on October 10.


The IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.


The IPO size has been pegged at Rs 264 crore at the upper end of the price band.


Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes including unidentified inorganic acquisitions.


The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, with an order book of Rs 1,408.27 crore.


On financial front, the company’s revenue from operations rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a Compound Annual Growth Rate (CAGR) of 26 per cent. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, growing at a CAGR of 25 per cent.


Corpwis Advisors is the sole book running lead manager and Link Intime India is the registrar of the issue.


The company’s shares are proposed to be listed on the BSE and National Stock Exchange (NSE).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 08 2024 | 10:02 PM IST



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Crude futures decline a barrel on pause in Israel-Iran conflict

Crude futures decline $4 a barrel on pause in Israel-Iran conflict

by | Oct 8, 2024 | Share Market


3 min read Last Updated : Oct 08 2024 | 9:06 PM IST


Brent crude futures, the international oil benchmark, fell $4 a barrel on Tuesday as fears of supply interruptions from the conflict between Israel and Iran and a massive Gulf of Mexico hurricane eased.

 


Brent crude futures were down $3.57, or 4.41%, to $77.36 a barrel at 9:42 a.m. CDT (1442 GMT). U.S. West Texas Intermediate futures were down $3.68, or 4.77%, at $73.45 a barrel.

 

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Brent fell below $80 per barrel for the first time since August on Monday after more than a 3% day-on-day gain, following the largest weekly gain in over a year, of roughly 8%, in the week to Friday on rising concerns of a spreading war in the Middle East.

 

 


“The conflict in the Middle East is boiling over and ignites fears of escalation and oil supply disruptions. The most likely scenario is another soft shock, with oil prices rising and easing again before year-end,” said Norbert Ruecker of investment bank Julius Baer.

 


Hezbollah left the door open on Tuesday to a negotiated ceasefire with Israel after Israeli forces raised the stakes in the conflict with its Iran-backed enemy by making new incursions in the south of Lebanon.

 


Israeli defence minister Yoav Gallant said on Tuesday that it appeared that the replacement of slain Hezbollah leader Sayyed Hassan Nasrallah had also been eliminated.

 


The oil price rally began after Iran launched a missile barrage on Israel on Oct. 1. Israel has sworn to retaliate and said it was weighing its options, with Iran’s oil facilities considered a possible target.

 


Some analysts said an attack on Iranian oil infrastructure was unlikely and warned oil prices could face considerable downward pressure if Israel focuses on any other target.

 


“Although it would be irresponsible to claim that the dust has settled on Iran’s direct and ominous involvement in the conflict, for now the threats of Israeli assaults on Iranian oil infrastructure have not materialized yet,” said PVM analyst Tamas Varga.


In the United States, Hurricane Milton intensified into a Category 5 storm on its way to Florida after forcing at least one oil and gas platform in the Gulf of Mexico to shut on Monday.

 


Traders will also be looking out for the latest U.S. crude oil inventory data, with analysts expecting stocks to rise by 1.9 million barrels in the week ended Oct. 4, according to a preliminary Reuters poll.

 


The American Petroleum Institute is due to post its tally of U.S. stockpiles at 2030 GMT on Tuesday, followed by official data from the Energy Information Administration on Wednesday.

First Published: Oct 08 2024 | 8:56 PM IST



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