Weekly Trading Diary: 21st October to 25th October 2024

[Tradingqna]

Welcome to the weekly trading diary, a thread for discussing your trades, strategies, ideas, news, stories, etc.

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Benchmark indices reversed early gains and closed lower in a volatile session, driven by selling in midcap stocks. Dow and Nasdaq futures are trading lower.

Brent Crude: 74.46 1.9%
USD INR Spot: 84.076 0.01%.
India 10Y Bond yield: 6.946 2.01%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Tata Chemicals was the top gainer.

IndiaMART InterMESH was the top loser.

News

Kotak Mahindra Bank will acquire Standard Chartered Bank India’s personal loan book, which had an outstanding amount of approximately ₹4,100 crore as of September 30, 2024, according to an exchange filing.

LTIMindtree is rationalizing smaller clients while securing a larger share of vendor consolidation deals involving artificial intelligence (AI), including the largest deal in the company’s history, according to a top executive.

Flipkart-backed Shadowfax is close to securing ₹350-400 crore ($45-50 million) in funding, potentially doubling its valuation to ₹5,500-6,000 crore ($700 million). The round will include domestic family offices, mutual funds, and high-net-worth individuals.

The FMCG distributors’ association has flagged predatory pricing and unfair practices by quick commerce firms to the Competition Commission of India. They also raised concerns about compliance with FDI regulations.

SEBI has granted in-principle approval for Jio Financial Services and BlackRock Financial Management Inc. to co-sponsor a new mutual fund. This was disclosed in a recent stock exchange filing by the company.

[Tradingqna]

Nifty and Sensex fell over 1% amid continued weakness, driven by broad-based selling across sectors and foreign selling pressure. US futures are trading lower.

Brent Crude: 74.89 0.81%
USD INR Spot: 84.079 0.00%.
India 10Y Bond yield: 6.938 1.48%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

City Union Bank was the top gainer.

Punjab National Bank was the top loser.

News

Gold prices rose by ₹750 to a record high of ₹80,650 per 10 grams, while silver surged by ₹5,000 to reach ₹99,500 per kg, marking four consecutive days of gains, as reported by Business Standard.

Vedanta Resources Finance II raised $300 million by tapping its existing $900 million bonds at 9.998%, below the initial price guidance of 10.07%. The funds will partially refinance $606 million of its outstanding 13.875% notes maturing in 2028.

Paytm parent One 97 Communications reported a 34% year-on-year decline in second-quarter operational revenue to ₹1,660 crore but posted a net profit of ₹930 crore due to the sale of its ticketing platform to Zomato, which generated a one-time gain of ₹1,345 crore.

PB Fintech, the parent company of Policybazaar and Paisabazaar, has received a non-banking finance company account aggregator (NBFC-AA) license from the Reserve Bank of India (RBI) for its wholly-owned subsidiary.

Power Grid Corporation’s board approved a proposal to raise up to ₹5,000 crore through the issuance of bonds via private placement, with a base issue size of ₹1,000 crore and an additional ‘Green Shoe Option’ of ₹4,000 crore.

[Tradingqna]

Nifty and Sensex fell for the fourth consecutive day, driven by selling in FMCG and auto shares, along with ongoing foreign selling. US futures are showing mixed trends.

Brent Crude: 75.47 0.69%
USD INR Spot: 84.071 -0.01%.
India 10Y Bond yield: 6.938 1.76%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Syngene International was the top gainer.

Hindustan Unilever was the top loser.

News

The Union Cabinet has approved the establishment of a Rs. 1,000 crore venture capital fund for the space sector under IN-SPACe. The fund’s deployment period is planned for up to five years from the start of its operations.

GMR Infra Enterprises has secured ₹6,300 crore ($750 million) in funding from the Abu Dhabi Investment Authority, allowing promoters to free up pledged shares of GMR Airports, with redemption set over eight years.

Mahindra & Mahindra inaugurated two testing facilities in Kanchipuram, Tamil Nadu, including a passive safety lab and a battery and cell research laboratory for testing SUV safety and researching cell technologies, according to a regulatory filing by the company.

Mankind Pharma has acquired Bharat Serums and Vaccines Ltd (BSV) for ₹13,768 crore, enhancing its presence in the women’s health and fertility drug market and gaining access to critical care products.

Coca-Cola reported a 1% decline in volumes for the September quarter, largely due to heavy monsoons in several Indian states and a global slowdown in emerging markets. CEO James Quincey stated that the monsoon significantly impacted volume growth in India.

Nvidia Corp has partnered with Reliance Industries to develop artificial intelligence (AI) computing infrastructure and an innovation centre in India, announced CEO Jensen Huang.

[Tradingqna]

Nifty and Sensex fell nearly 1% due to continued selling by foreign investors and weak quarterly earnings in the second quarter. US futures indicate a positive opening.

Brent Crude: 74.78 0.54%
USD INR Spot: 84.082 0.02%.
India 10Y Bond yield: 6.961 2.04%

Nifty 50 heat map.

More stats at: technicals.zerodha.com

Amongst the F&O stocks

Laurus Labs was the top gainer.

Indusind Bank was the top loser.

News

IndusInd Bank shares fell 18% to Rs. 1,047 after a 39% year-on-year drop in net profit to Rs. 1,325 crore for the second quarter.

Mutual fund investors have added Rs. 17,100 crore to key equity schemes despite a nearly 7% decline in the Sensex and Nifty 50 since September 26.

Power Finance Corporation and Rural Electrification Corporation have declined Vodafone Idea’s request for a long-term loan, as reported by the Economic Times. The lenders require additional corporate guarantees from Vodafone Idea as collateral against default for any loan proposal.

Ashok Leyland’s OHM Global Mobility has received an order for 500 ultra-low floor electric buses from the Metropolitan Transport Corporation (MTC) in Chennai.

ICRA (Investment Information and Credit Rating Agency) stated that unsecured loans, including microfinance and personal loans, will remain a source of stress for NBFCs this fiscal year due to borrowers’ reduced repayment capacities from higher interest rates.

Foxconn has acquired equipment worth $31.8 million (approximately ₹267 crore) for its India factory as it prepares to manufacture the iPhone 16 Pro Series at its Tamil Nadu unit, according to a regulatory filing.