Morning Notes
24th Oct, 2019

Trading Range:

Nifty opened flat at 11596 on Wednesday and made a high and low of 11652 and 11554 respectively before closing positive at 11604.


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 29479, made a high of 29644, low of 29214, and closed positive at 29460. For the day, support for Bank Nifty exists at 29200 and 28900 levels whereas resistance for Bank Nifty stands at 29700 and 29900 levels.

Market Scan
Benchmark Indices
Index Clsg Chg%
Sensex 39,059 +0.24
Nifty 11,604 +0.14
BSE 200 4,863 +0.14
BSE Midcap 14,396 -0.08
BSE Smallcap 13,223 +0.25
Dow Jones 26,833 +0.17
NASDAQ 8,120 +0.19


NIFTY 11604.10 (+15.75) (+0.14%)
NIFTY OCT FUTURE 11624.70 (20.60 Points Premium)
NIFTY PCR - OI 1.19(-0.01)
NIFTY OPEN INTEREST 1.64Cr. (-1.48%)
INDIA VIX 16.53 (-1.64%)


CALL 11700 CE +1.35 lac Shares
CALL 11650 CE +1.28 lac Shares
PUT 11600 PE +1.65 lac Shares
PUT 11500 PE +1.92 lac Shares
Sectoral Indices (BSE)
Index Clsg Chg%
Auto 18,020 +1.18
Bankex 33,304 +0.17
PSU 6,896 +0.10
Healthcare 12,861 +0.22
IT 14,535 +1.15
Market Turn Over (`cr)
Index 23/10 22/10
BSE Cash 2,675 3,606
NSE Cash 40,684 49,319
NSE F&O 1,278,289 1,027,370
BSE Delivery % 43.31 41.27
Advances / Decines BSE Cash
Adv(%) Dec(%)
BSE 100 54.46 45.54
BSE 200 50.25 49.75
BSE 500 46.71 52.89
Total BSE 44.99 47.45
Commodities, Forex & Debt
Clsg Chg%
Crude Oil NYMEX $ bl 55.65 -0.57
Gold Rs./ 10 Gms 38003.00 +0.32
Silver Rs./ Kg 45311.00 +0.30
Rs.- US $ 70.76 -0.17
Rs.- Euro 78.78 -0.13
FII (Rs cr )
23/10* 22/10*
FIIs -1073.90 +107.75
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       49,835.00       3,625.74       54,670.00       3,972.12    1,65,358.00     13,432.27  (346.38)
Index Options  37,89,629.00  2,57,649.89  37,81,647.00  2,57,076.80    7,66,643.00     61,173.42   573.09
Stock Futures    2,46,950.00     14,034.97    2,41,370.00     13,778.07  15,36,830.00     92,918.16   256.90
Stock Options    1,33,405.00       8,163.43    1,33,207.00       8,228.41    1,18,612.00       6,778.03    (64.98)
Total  42,19,819.00  2,83,474.03  42,10,894.00  2,83,055.40  25,87,443.00  1,74,301.88   418.63
Corporate News
Mid-range brand Lemon Tree Hotels is looking to complete the acquisition of Keys Hotels in India by December this year. Sumant Jaidka, Senior Vice President – Operations, Lemon Tree Hotels, said that the company will initially continue with the ‘Keys’ brand. The brand, he said, is a strategic fit with Lemon Tree’s portfolio. (BL).
Pharma major Dr Reddy’s Laboratories Ltd has initiated a voluntary nationwide recall of all its ranitidine medications sold in US due to confirmed contamination with N-Nitrosodimethylamine (NDMA) above levels established by the US Food and Drug Administration (USFDA). The recall, at the retail level for over-the-counter (OTC) products and at the consumer level for prescription products, had commenced on October 1, 2019, the Hyderabad-based company announced on Wednesday. (ET).
Gujarat Poly Electronics has said the company earlier had informed about the sale of surplus land at Industrial Plot B-17/P of Gandhinagar Electronics Estate, Gandhinagar, subject to receipt of all statutory and regulatory approvals from the concerned authorities and signing of the definitive documents. (BL).
Leading air compressor maker Elgi Equipments has launched an oil-free range of piston compressors for the railways at the 13th International Railway Equipment Exhibition (IREE), New Delhi. (ET).
If the Modi Government reduces the equity in the NTPC below 51 per cent, then the company  officers association along with workers unions will go on a strike by mid December affecting 40,000 MW of power production per day, said Chairman of NTPC Executive Federation of India (NEFI), VK Sharma. (ET).
Jubilant FoodWorks (JFL), operator of Domino’s Pizza and Dunkin’ Donuts, said it would open more stores than originally planned this year even as India’s largest restaurant chain company acknowledged the dine-in business had underperformed in favour of home delivery. (BL).
The Union Cabinet on Wednesday approved a revival plan for state-owned troubled telecom utilities BSNL and MTNL. It has given an in-principle nod to the merger of the two companies. Further, attractive VRS packages will be offered to employees, Telecom Minister Ravi Shankar Prased. If a BSNL/MTNL employee opts for VRS, he will be provided 125 percent as VRS at the age of compensation provided he opts for it. (ET).
Bharti Airtel and Vodafone Idea, will be in focus as the long pending judgement related to the AGR case is expected to pronounce verdict today at around 1 p.m. If the judgement is against the telecom operators then Airtel would have to pay dues worth Rs 21,682 crore, while Vodafone Idea would have to pay around Rs 28,309 crore. (BQ).
Quarterly Earnings
Hero MotoCorp, the country’s largest two-wheeler company, on Wednesday reported a standalone net profit of Rs.875 crore for the second quarter ended September 30, down 10 per cent on a year-on-year (YoY) basis compared with Rs.976 crore in the corresponding previous period. The company's revenue from operations for the quarter also declined 17 per cent y-o-y and stood at Rs.7,571 crore as against Rs.9,091 crore in the same period last year. (BL).
Granules India Limited’s consolidated net profit doubled at Rs.96 crore, excluding joint venture profit, in the second quarter ended September 30, against Rs.47 crore in the corresponding quarter of the previous year. The total revenue of the Hyderabad-based company increased 20 per cent at Rs.700 crore (Rs.581 crore). (BS).
Auto parts firm Rane Engine Valves Ltd (REVL) reported a net loss of Rs.3.7 crore for the quarter ended September 30, compared with a net loss of of Rs.4.1 crore in the year-ago period. (BL).
Torrent Pharmaceuticals on Wednesday registered a standalone net profit of Rs.328 crore year-on-year (YoY) for the quarter ended September 2019, up 18 per cent against Rs.277 crore reported in the corresponding quarter a year ago. Company’s standalone total revenues stood at Rs.1,603 crore for the quarter as against Rs.1,472 crore in the same quarter last year. (ET).
IRB Infrastructure has reported a 16 per cent increase in its net profits, led by a rise in road construction and toll revenue collection income. In the September ended quarter, profits were at Rs.200 crore, when compared to Rs.173 crore in the same period last year. Revenues came in at Rs.1801 crore, a 21 per cent increase when compared to Rs.1,485 crore it posted in the year-ago period. (BL).
Consumer electrical goods maker Havells India on Wednesday reported almost flat consolidated net profit at Rs 179.51 crore for the second quarter ended September 2019 due to sluggish demand. The company had reported a net profit of Rs 179.70 crore in July-September period a year ago, Havells said in a regulatory filing. Its revenue from operations rose 1.75 per cent to Rs 2,232.65 crore during the quarter from Rs 2,194.13 crore in the corresponding quarter of the previous year. (ET).
Bajaj Auto on Wednesday posted a consolidated net profit of Rs 1,523.3 crore for the second quarter of the fiscal year, up by 21.22 per cent from the year-ago quarter’s Rs 1,256.57 crore. The total revenue from operations during the quarter stood at Rs 7,707.32 crore, compared to last year’s second quarter’s Rs 8,036.34 crore, registering a dip of 4.09 per cent. (BL).
Retail chain Shoppers Stop Ltd on Wednesday reported a consolidated net loss of Rs 8.17 crore in the second quarter ended September 30. The company had posted a net profit of Rs 11.84 crore in the corresponding period of the previous financial year, Shoppers Stop said in a BSE filing. Total income was down 0.85 per cent to Rs 884.50 crore during the period under review as against Rs 892.14 crore of the corresponding quarter of the previous fiscal. (BL).
Biotechnology major Biocon on Wednesday reported a net profit of Rs 215.7 crore for the quarter ended September 30, 2019. The company had posted a net profit of Rs 354.7 crore for the corresponding period of the previous fiscal, including a one-time gain of Rs 171 crore as company fair valued its investment in US-based Equillium, Biocon said in a BSE filing. Consolidated total income of the company stood at Rs 1,610.6 crore for the quarter under consideration as against Rs 1,375.4 crore for the same period year ago. (BL).
Public sector lender Indian Bank's September quarter profit grew 139 per cent to Rs 359 crore while the total income rose 18 per cent. The Board of Directors of Indian Bank approved the balance sheet and profit and loss for the second quarter of 2019-20 (Q2 FY2020) and for the six months period ended September 30, 2019 at a meeting held on Wednesday in Chennai. Gross non-performing assets were at 7.20 per cent of gross advances as on September 30, 2019. It increased by 4 bps from 7.16 per cent as on September 30, 2018. Total income of the bank for the quarter ended September 30, 2019 was Rs 6045 crore, up 18 per cent over Rs 5129 crore for the quarter ended September 30, 2018. (BL).
NIIT Technologies’ net profit increased 12.2 per cent to Rs 119.5 crore for the quarter ended September 30. Revenue for the period was up 19 per cent at Rs 1,038.5 crore. EBITDA margin expanded to 18.3 per cent, up 118 basis points quarter-on-quarter (QoQ). Digital revenue grew 56 per cent year-on-year (YoY) and 18 per cent QoQ, contributing to 38 per cent of the total revenue in the quarter. (BL).
HDFC Life Insurance Company on Wednesday posted 7.5 per cent rise in standalone net profit to Rs 308.69 crore for the second quarter ended September 30. The company's net profit in the year-ago period stood at Rs 286.98 crore. Total income of the insurance firm rose to Rs 8,661.56 crore from Rs 7,902.10 in the same quarter a year ago, HDFC Life said in a regulatory filing. The asset under the management of insurance firm rose to Rs 1.3 lakh crore. (BL).
JK Paper Ltd on Wednesday reported a 14.27 per cent increase in consolidated net profit at Rs 120.39 crore for the second quarter ended September 2019. The company had posted a net profit of Rs 105.35 crore in July-September quarter a year ago, JK Paper said in a BSE filing. Its total income rose 2.78 per cent to Rs 815.81 crore during the quarter under review as against Rs 793.67 crore in the corresponding quarter last year. (BL).
Hexaware Technologies’ net profit rose 6.7% to Rs 1,837 crore in the third quarter, while revenue was up 22.5% at Rs 14,813 crore. In dollar terms, profit was up 7.4% at $76.1 million and revenue climbed 23.1% to $210 million, 24.4% higher on a constant currency basis. (BL).
Non-banking financial company Muthoot Capital Services has reported 34.6 per cent decline in standalone net profit to Rs 14.02 crore for the second quarter ended September. The company had profit of Rs 21.42 crore in July-September quarter of 2018-19, Muthoot Capital Services said in a statement. However, the total income rose to Rs 145.02 crore for the second quarter this fiscal as against Rs 132.14 crore in the year-ago quarter. The company disbursed two-wheeler loans amounting to Rs 463.2 crore and had a total disbursement of Rs 487.8 crore during the quarter, it said. (BL).
Engineering and construction major Larsen & Toubro (L&T) on Wednesday posted a 6.83 per cent year-on-year (YoY) rise in net profit at Rs 2,770.43 crore for the quarter ended September 2019. It had posted a net profit of Rs 2,593.41 crore in the corresponding quarter last year. Consolidated revenue of the company increased 15.16 per cent YoY to Rs 35328.45 crore during the quarter under review. (BL).
JSW Steel on Wednesday reported a 29.6 per cent year-on-year (YoY) rise in net profit at Rs 2,917 crore for the September quarter. The steelmaker had reported Rs 2,251 crore profit in the same quarter last year. The company has recognised an investment-linked incentive of Rs 512 crore during the quarter. (BL).
ICICI Securities has reported a one per cent rise in profit after tax (PAT) at Rs 135.12 crore for the September quarter. The company had posted a PAT of Rs 134.22 crore in July-September quarter of 2018-19, ICICI Securities said in a regulatory filing. The company. which is a part of the ICICI Group, posted a revenue of Rs 418.22 crore for the second quarter of 2019-20 as against Rs 458.10 crore in the year-ago quarter, down 9 per cent. (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 Rs.23 crore) in Series A funding. (BL).
Taking a rather political decision, the Union Cabinet on Wednesday approved the norms for regularising land and house ownership in over 1,700 unauthorised colonies in Delhi. Addressing a press conference after the Cabinet meeting, Minister of State (Independent Charge) for Housing and Urban Affairs, Hardeep S Puri said that a Bill for the same will be brought in the next session of Parliament. (ET).
The International Monetary Fund (IMF) sees Indian economic growth rebounding to around 7 per cent in the next financial year, supported by measures like monetary policy stimulus and corporate income tax cuts. (BL).
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday decided to increase to the minimum support price for winter crops for the forthcoming rabi marketing season (2020-21) and the floor price of wheat, the major rabi crop, went up by 4.6 per cent to Rs 1925 a quintal from Rs 1840 in the previous season. The highest increase in MSP witnessed by lentil (masur) whose floor price saw a 7.3 per cent increase to Rs 4800 a quintal as compared to last year, according to an official statement. This was followed by barley whose MSP went by 5.9 per cent to Rs 1525 a quintal as compared to the last season. (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 closed higher on Thursday as shares in bellwether Caterpillar sank on the back of a significant earnings miss and a downgrade to its full-year outlook were offset by some positive headlines regarding Boeing's 737 Max aircraft. The Dow Jones Index closed at 26,834, up 45.85 points by 0.17%. The Standard & Poors 500 index closed at 3,005, up 8.53 points by 0.28%. The Nasdaq Composite Index closed at 8,120, up 15.50 points by 0.19%.

FTSE 100

UK markets were mostly higher on Thursday, despite the pound's resilience as investors waited on the European Union's response to the UK's request for an extension to the date for its leaving the bloc. The FTSE 100 index closed at 7,261, up 48.25 points by 0.67%.

Global Indices
23/10/2019 Clsg Chg%
Dow Jones 26,834 +0.17
NASDAQ 8,120 +0.19
FTSE 100 7,261 +0.67
Bovespa 107,543 0.15
24/10/2019 Latest
(6:48AM IST)
Nikkei 22,762 +0.60
Hang Seng 26,567 -0.82


Asian shares pulled ahead on Friday with corporate earnings buffeting trading as investors remained anxious about the business impact of the Sino-U.S. trade war while Brexit uncertainties kept overall sentiment in check. Nikkei is currently trading at 22,762, up 136.77 points by 0.60%.

Precious Metals

Gold XAU= was treading water at $1,492.5 an ounce on Thursday.

Base Metals

The three-month copper price on the London Metal Exchange rose to its highest level in more than a month at the close of trading on Wednesday October 23 amid positive forward spreads, while tin futures underperformed in a 2% decline over the afternoon.

Crude Oil

U.S. crude CLcv1 eased 30 cents to $55.67 while Brent LCOcv1 slipped 28 cents to $60.89 on Friday.


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ACMIIL/its associates and its Research analysts have no financial interest in the companies covered on the report. ACMIIL/ its associates and Research analysts did not have actual/beneficial ownership of one per cent or more in the companies being covered at the end of month immediately preceding the date of publication of the research report. ACMIIL/its associates or Research analysts have no material conflict of interest, have not received any compensation/benefits for any reason (including investment banking/merchant banking or brokerage services) from either the companies concerned/third parties with respect to the companies covered in the past 12 months. ACMIIL/its associates and research analysts have neither managed or co-managed any public offering of securities of the companies covered nor engaged in market making activity for the companies being covered. Further, the companies covered neither are/nor were a client during the 12 months preceding the date of the research report. Further, the Research analyst/s covering the companies covered herein have not served as an officer/director or employee of the companies being covered.

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