Morning Notes
23rd Oct, 2019

Trading Range:

Nifty opened flat at 11657 on Tuesday and made a high and low of 11714 and 11574 respectively before closing negative at 11588.


For the day, support for Nifty exists at 11540 and 11480 levels whereas resistance for Nifty stands at 11660 and 11730 levels.


Bank Nifty opened gap up at 29416, made a high of 29690, low of 29231, and closed positive at 29416. For the day, support for Bank Nifty exists at 29100 and 28900 levels, whereas resistance for Bank Nifty stands at 29700 and 29900 levels.

Market Scan
Benchmark Indices
Index Clsg Chg%
Sensex 38,964 -0.85
Nifty 11,588 -0.63
BSE 200 4,857 -0.45
BSE Midcap 14,407 -0.09
BSE Smallcap 13,190 +0.48
Dow Jones 26,788 -0.15
NASDAQ 8,104 -0.72


NIFTY 11588.35 (-73.50) (-0.63%)
NIFTY OCT FUTURE 11624.35 (36.00 Points Premium)
NIFTY PCR - OI 1.20(-0.24)
NIFTY OPEN INTEREST 1.67Cr. (+9.28%)
INDIA VIX 16.81 (+5.54%)


CALL 11700 CE +4.39 lac Shares
CALL 11800 CE +5.56 lac Shares
PUT 11400 PE -3.97 lac Shares
PUT 11500 PE -1.61 lac Shares
Sectoral Indices (BSE)
Index Clsg Chg%
Auto 17,809 -0.41
Bankex 33,248 +1.05
PSU 6,889 +0.42
Healthcare 12,832 +1.56
IT 14,370 -7.01
Market Turn Over (`cr)
Index 22/10 18/10
BSE Cash 3,606 2,910
NSE Cash 49,319 42,533
NSE F&O 1,027,370 745,110
BSE Delivery % 41.27 38.94
Advances / Decines BSE Cash
Adv(%) Dec(%)
BSE 100 50.50 49.50
BSE 200 49.25 50.75
BSE 500 54.09 45.71
Total BSE 44.87 47.59
Commodities, Forex & Debt
Clsg Chg%
Crude Oil NYMEX $ bl 54.16 +1.59
Gold Rs./ 10 Gms 37881.00 -0.02
Silver Rs./ Kg 45176.00 -0.56
Rs.- US $ 70.88 -0.04
Rs.- Euro0 78.88 -0.23
FII (Rs cr )
22/10* 18/10*
FIIs +107.75 +1274.38
MFs - -

*Date refers to the day of activity and not the day on which it is reported.

Details Buy Sell Open interest at the
end of the day
Net Position
No. of
(Rs. Cr)
No. of
(Rs. Cr)
No. of
(Rs. Cr)
(Rs. Cr)
Index Futures       68,834.00       5,250.68       55,735.00       3,922.47    1,62,829.00     13,272.78  1,328.21
Index Options  28,35,169.00  1,98,149.96  28,33,023.00  1,97,952.10    7,46,585.00     59,832.27     197.86
Stock Futures    3,04,263.00     17,109.31    3,00,790.00     16,791.66  15,31,514.00     92,327.37     317.65
Stock Options    1,57,469.00       9,436.19    1,61,215.00       9,752.05    1,11,152.00       6,299.83    (315.86)
Total  33,65,735.00  2,29,946.14  33,50,763.00  2,28,418.28  25,52,080.00  1,71,732.25  1,527.86
Corporate News
Debt-laden Bharat Sanchar Nigam Ltd’s (BSNL) revival plans will not be tabled at the Cabinet meeting on Wednesday, as the Finance Ministry is yet to respond to the earlier submitted plans. (BL).
Grasim Industries Limited has formed a joint venture in India with Maschinenfabrik Reinhausen GmbH (“MR”) of Germany for manufacturing and sale of composite hollow core insulators used by the power transmission & distribution industry globally. (ET).
Ahmedabad-based blue pigments maker Asahi Songwon Colors Limited has formed a joint venture with Britain’s Tennants Textile Colours Limited (TTC) to build a Red and Yellow pigment plant. The plant will be located at Dahej, Gujarat for which land has been acquired and the production is slated to start by March, 2021. (BL).
JMC Projects India, a civil engineering and EPC company, has secured new orders of Rs.1,059 crores. This includes residential and commercial building projects in south and north India totalling Rs.782 crores. It has also won a water supply project in Jharkhand for Rs.277 crores. JMC is a subsidiary of Kalpataru Power Transmission Limited. (ET).
Fabelle Exquisite Chocolates, the home-grown luxury chocolate brand of ITC Ltd, on Tuesday launched the most expensive chocolate listed under Guinness World Records, Fabelle Trinity - Truffles Extraordinaire, at a price of Rs.4.3 lakh approximately for a kilogram. (ET).
Toyota has reiterated its commitment to a joint electrification strategy with Suzuki for India following the announcement made to this effect in March. (BL).
Lincoln Pharmaceuticals Ltd on Tuesday announced that the company was awarded a patent for its liquid Diclofenac Metered-Dose Rectal Spray (Diclofenac Rectal Spray). The solution will offer better absorption of the drug resulting in quick relief and faster recovery to patients suffering from pre- and post-operative pain, gynaecological surgery and musculoskeletal disorders. (ET).
The Bombay High Court had directed former Finance Minister P Chidambaram, former Forward Markets Commission Chairman Ramesh Abhishek and bureaucrat KP Krishnan to file a written submission within eight weeks in the Rs.10,000-crore damage suit filed by 63 Moons. (ET).
Tata Steel is looking to cut 2,500 jobs across its European operations in a bid to cut costs. According to a report in Dutch media outlet, NH Niuews, this is being done to save around Euro 830 million, and a large part of the cuts may come from the company's Netherlands operations. (BL).
Quarterly Earnings
Coromandel Ltd posted consolidated net profit after tax of Rs.503 crore for the quarter ended September 30, against Rs.366 crore in the comparable quarter last year, showing a growth of 37 per cent. The company reported consolidated income of Rs.4,867 crore in the reporting quarter against Rs.5,018 crore in the same quarter last year. (BL).
Sagar Cements posted a consolidated net profit of Rs 4.52 crore in the second quarter ended September 30, 2019. In the same quarter last year, the Hyderabad-based cement maker had incurred a loss of Rs 8 crore. The total revenue has increased by 14 per cent to Rs 265 crore, as against Rs 258 crore in the year-ago period. (BS).
ICICI Prudential Life Insurance Company on Tuesday reported almost flat standalone net profit at Rs 301 crore for the second quarter ended September 30. However, the company's total income during July-September fell to Rs 8,027 crore from Rs 8,990 crore a year ago, the company said in a statement. The board has approved an interim dividend of Rs 0.80 per equity share for the first half of the current financial year. ICICI Prudential Life said its value of new business increased 20.2 per cent to Rs 709 crore in the second half of 2019-20 from Rs 590 crore in the first half of previous financial year. (BL).
Despite a near three-fold jump in revenues, realty player Mahindra Lifespace Developers on Tuesday reported 63 per cent decline in the net profit at Rs 15.04 crore for the second quarter ended September of the current fiscal mainly on the back of higher expenses. The company had reported a net profit of Rs 40.34 crore in Q2 FY19. Its total income for the July-September quarter increased nearly seven-fold to Rs 329.84 crore as against Rs 93.87 crore in the corresponding period last fiscal. (ET).
Kotak Mahindra Bank on Tuesday reported a 51 per cent jump in year-on-year (YoY) net profit at Rs 1,724 crore for the September quarter compared with Rs 1,142 crore in the corresonding quarter last year. Net Interest Income (NII) for the private lender came in at Rs 3,350 crore, up 25 per cent over Rs 2,676 crore in the same quarter last year. Net Interest Margin (NIM) for quarter expanded to 4.61 per cent from 4.19 per cent in the year-ago quarter. CASA ratio rose to 53.6 per cent from 50.2 per cent in the year-ago quarter. Cost of saving account for the quarter was 5.37 per cent. (BL).
Tyre major Ceat on Tuesday reported a 30.81 per cent decline in its consolidated net profit at Rs 43.64 crore for the second quarter ended September 30, hit by lower sales. The company had posted a net profit of Rs 63.08 crore during the same period of the previous fiscal. Total income declined to Rs 1,695.80 crore for the July-September period as compared with Rs 1,775.53 crore in the same period of 2018-19, Ceat Ltd said in a regulatory filing. (ET).
Oriental Bank of Commerce (OBC) on Tuesday reported a 23.5 per cent rise in net profit at Rs 126 crore in the second quarter ended September of the current fiscal year. The state-owned bank had posted a net profit of Rs 102 crore in the corresponding July-September period last fiscal. The bank's total income rose 15 per cent to Rs 5,702 crore in July-September as compared with Rs 4,967 crore in the year-ago period. Net interest income also rose 15 per cent to Rs 1,456 crore in the quarter under review, while the non-interest income was up 35 per cent to Rs 824 crore. The net interest margin (NIM), difference of interest gained and expended, also increased 0.06 percentage points to 2.62 per cent during the quarter ended September. (BL).
Axis Bank on Tuesday reported a net loss of Rs 112 crore in the September quarter, hurt by one-off DTA (deferred tax assets) adjustment of Rs Rs 2,138 crore.Profit before tax for Q2FY20 stood at Rs 2,433 crore, up 109 per cent year-on-year (YoY). The operating profit for Q2FY20 grew 45 per cent YoY to Rs 5,952 crore. (BL).
GlaxoSmithKline Pharmaceuticals (GSK Pharma) on Tuesday reported a consolidated net profit of Rs 502.75 crore for the quarter ended September 30, 2019, mainly on account of exceptional items. The company had posted a profit of Rs 100.83 crore for the year-ago period. Revenue from operations stood at Rs 882.02 crore for the quarter under review as against Rs 816.31 crore in the same period a year ago. The company had recognised exceptional items of Rs 401.14 crore for the September quarter of 2019-20. These include gain on sale of land of Rs 545.19 crore; charge on account of impairment of assets of Rs 26.31 crore; Rs 110.74 crore relating to product recall and others of Rs 7 crore, the company said. (BL).
Asian Paints on Tuesday reported a 67.5 per cent year-on-year (YoY) rise in consolidated net profit at Rs 823.41 crore for the September quarter. The company had reported profit of Rs 491.58 crore in the same quarter last year. Consolidated revenue for the quarter rose 9.4 per cent to Rs 5,050.66 crore compared with Rs 4,615.49 crore in the corresponding quarter last year. PBIDT for the quarter jumped 13 per cent to Rs 954.82 crore, the paints company said in a BSE filing. (BL).
Jubilant FoodWorks Ltd, which operates fast-food chains Domino's Pizza and Dunkin' Donuts, Tuesday reported a decline of 3.40 per cent in its consolidated net profit to Rs 72.98 crore for the second quarter ended September 30. The company had posted a net profit of Rs 75.55 crore in the July-September quarter a year ago. However, its revenue from operations was up 12.16 per cent to Rs 998.05 crore during the quarter, compared to Rs 889.78 crore in the corresponding quarter of the previous financial year. (BL).
Bajaj Finserv on Tuesday said its consolidated net profit for the quarter ended September 2019 rose 71 per cent year-on-year (YoY) to Rs 1,204 crore on the back of robust growth in revenues. The firm had posted a net profit of Rs 923 crore in the same quarter last year. Its consolidated total income for the quarter rose 47 per cent YoY to Rs 14,224 crore. Of the total income, premium and other operating income from insurance business for September qaurter rose to Rs 6,609.34 crore from Rs 4,632.81 crore a year ago. Interest income rose 37.62 per cent YoY to Rs 6,145.97 crore from Rs 4,465.61 crore. (BL).
Economy and Sector News
Bengaluru-based Crediwatch, a techfin company that builds artificial intelligence (AI) and machine learning (ML) tools to help the financial services industry reduce credit risk, has raised $3.2 million (about ₹23 crore) in Series A funding. This is the fourth round of funding for the company, said Meghna Suryakumar, founder and CEO. (BL).
The government has been able to recover just 15 per cent of the total outstanding arrears of corporate tax of Rs 20,78,267 crores in the last five years. The data presented by the Ministry of Corporate Affairs to the Lok Sabha while replying to a written question in July this year, reveals that arrears of Rs 3,19,248 crore have been recovered from defaulters. Data shows that in the last three fiscals, the government was unable to collect even 20 per cent of the corporate tax arrears annually. (ET).
Steel prices dropped below the anti-dumping duty of Rs 34,719 a tonne due to weak demand in the country. In fact, the domestic hot rolled coil (HRC) prices fell to 34-month low of Rs 34,250 a tonne in second week of October raising huge concern to the industry, which was expecting a demand revival in the festival season. The anti-dumping duty is considered as the floor for domestic prices as steel imports cannot be done below that price level. (BL).
Tea Board Coonoor has served a suspension order on Paramount Tea Marketing (SI) Pvt Ltd for breaching the provisions of the Tea Marketing Control Order, 2003. Per the order served on Friday, the tea brokering company cannot sell teas at any of the registered auction centres in South India for a period of three months. According to the order, on June 12, 2019, officials of the Board on inspection at Nilgiri MG Tea Industry, Sholur Village in Ooty, came across four barrels of food colour (Tartrazine) and other adulterant materials stored in a room apart from some new sandwich bags with Swamy & Swamy Plantations Pvt Ltd (High Field Tea – CTC) imprinted on them. (ET).
* ET - Economic Times, BS - Business Standard, BL - Business Line, TOI - Times of India, Mint, IE - Indian Express, BT - Business Today, IE - Indian Express
Global Markets

DJIA and NASDAQ Composite

US markets ended lower on Tuesday, giving up early gains after British lawmakers rejected the government’s proposed timetable for passing legislation to ratify its deal to exit the European Union. The Dow Jones Index closed at 26,788, down 39.54 points by 0.15%. The Standard & Poors 500 index closed at 2,996, down 10.73 points by 0.36%. The Nasdaq Composite Index closed at 8,104, down 58.69 points by 0.72%.

FTSE 100

UK markets were pushed higher on Tuesday with optimism over Sino-US trade relations also lending a hand, but the second-tier index was weighed down as Prime Minister Boris Johnson's Brexit deal faced its first parliamentary hurdle. The FTSE 100 index closed at 7,212, up 48.85 points by 0.68%.

Global Indices
22/10/2019 Clsg Chg%
Dow Jones 26,788 -0.15
NASDAQ 8,104 -0.72
FTSE 100 7,212 +0.68
Bovespa 107,381 +1.28
23/10/2019 Latest
(6:14AM IST)
Nikkei 22,503 -0.20
Hang Seng 26,786 +0.23


Asian shares were mixed on Wednesday after developments on Brexit sapped risk appetite, dragging U.S. shares lower with Treasury yields. The pound retained its slide. Nikkei is currently trading at 22,503, down 45.03 points by 0.20%.

Precious Metals

Gold was at $1,488.95 an ounce, up 0.1% on Wednesday.

Base Metals

The benchmark London Metal Exchange cash/three-month spread is once more trading in a contango of around $20 per tonne on Tuesday October 22 following a period of deep and sustained backwardation up until yesterday when the spread was in a $108 per tonne backwardation.

Crude Oil

West Texas Intermediate crude dropped 0.5% to $54.21 a barrel on Wednesday.


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