Four F&O stocks saw a sharp rise in futures open interest, led by Anand Rathi Wealth, which recorded a 141.73% jump as of October 1.
As Indian IT firms gear up for their Q2 earnings report, the landscape appears mixed. Strong deal activity persists, yet clients are pushing for higher efficiency, leading to a notable decline in revenue growth. Large IT companies may witness their weakest growth in three years, primarily due to acquisitions rather than organic expansion. Infosys is under a microscope for possible downward adjustments to its revenue guidance.
Four SME IPOs, including Bench Mark Infotech Services, Himalayan Solar, Dudani Retail, and Sai Urja Indo Ventures, will list on the BSE and NSE SME platforms today after collectively raising Rs 146 crore. Bench Mark Infotech Services saw the highest demand, achieving over 100 times total subscription.
On October 1, three stocks valued above Rs 10,000 crore appeared on StockEdge’s White Marubozu bullish scanner, signaling strong upward price momentum with little or no intraday reversal.
Three Nifty 500 stocks closed more than 2% above their VWAP on October 1, signaling stronger-than-average price performance amid volume-weighted trading activity, according to StockEdge’s technical scan data.
Nifty has dipped significantly, nearing a critical support range of 22,000 to 22,600, catching the attention of traders looking for a potential technical rebound in the oversold market. Analysts recommend buying Indian Hotel and Mankind Pharma stocks, highlighting ambitious targets and stop-loss settings. Conversely, caution is warranted for IOC and Torrent Pharma, which display signs of decline. The market strategy appears optimistic for October, tapping into seasonal recovery prospects.
As inflation concerns rise, investors are putting their faith in the Reserve Bank of India to implement an interest rate hike. A survey reveals that nearly 60% of economists believe a 25-basis-point increase is likely at the coming policy meeting. With an eye on foreign investment, expectations are growing for a tightening cycle to kick off in October, setting the stage for how future capital flows will be managed.
Brent crude futures fell 70 cents, or 0.69%, to $101.60 a barrel, while US West Texas Intermediate crude was at $90.15 a barrel, down 90 cents, or 1.07%.
Only 12% of NSE 500 stocks are trading above their 20-day moving averages, while just 16% are above their 50-day averages, conditions similar to those seen near the end of the March correction. Yet medium- and long-term breadth is not as depressed, suggesting that any rebound may be a short-covering rally within a broader corrective phase rather than the start of a durable market bottom.
In the grey market, the IPO is currently commanding a premium of Rs 20, or 9.09%, over the upper end of its price band, indicating expectations of a premium listing.
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