Rupee opens flat at 75.25 per dollar

Nifty Metal up 2.6%; Hindustan Zinc jumps 10%

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Covid update: India records 13,596 fresh cases

India recorded 13,596 fresh covid-19 infections in a day, the lowest daily rise in 230 days, while active cases dropped further to 1,89,694, the lowest in 221 days, according to the Union Health Ministry’s data on Monday.

The death toll climbed to 4,52,290 with 166 more fatalities. The country has so far reported 3,40,81,315 covid cases, it said.

Sunteck Realty acquires 110 acres to enter second-home market

The real estate firm on Monday said it has acquired about 110 acres on Pen-Khopoli Road, in Mumbai Metropolitan Region (MMR), to enter the second home segment. The acquisition has been done with an asset light joint development agreement strategy.

Avenue Supermarts zooms 7%

The Avenue Supermarts Ltd stock is on fire. Shares of the company surged more than 7% on the NSE in Monday’s opening reacting to its solid September quarter, which were announced on Saturday last week. With this latest up move, the stock hit a new 52-week high of ₹5,900 on the NSE intraday.

HDFC Bank up 1.5%

The bank’s profit rose 18% in the quarter ended September, buoyed by strong loan growth. Net income stood at ₹88.3 billion rupees ($1.17 billion), compared to 75.1 billion rupees a year ago. That beat the average estimate of 86.50 billion rupees.

Nifty Bank jumps 1.3%

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Nifty stocks at open 

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Sensex surges over 500 points

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Markets open at record high

Sensex at pre-open

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Markets in the green at pre-open

Growth helps HDFC Bank, but stress remains a worry

HDFC Bank’s bullishness on balance sheet growth in the coming quarters, buttressed by a healthy performance for the September quarter, should be reason enough for investors to cheer.

India’s most valuable lender reported a net profit of ₹8,834 crore, a 17.5% year-on-year growth, for the September quarter. This was marginally higher than Street estimates. But more than the beat on profit, the bank’s business growth and the outlook on the same seem to have aided optimism over its valuations.(Read more)

China’s economic growth weakens

China’s economic growth sank in the latest quarter as a slowdown in construction and curbs on energy use weighed on its recovery from the coronavirus pandemic.

The world’s second-largest economy grew by 4.9% over a year ago in the three months ending in September, down from the previous quarter’s 7.9%, government data showed Monday.

Factory production, retail sales and investment in construction and other fixed assets all weakened.

Indian markets likely to be steady

Indian markets are likely to be steady on Monday as traders return from a three-day holiday. Trends in SGX Nifty suggest a positive opening for domestic indices.

On Thursday, the BSE Sensex ended at 61,305.95, up 568.90 points or 0.94%. The Nifty was at 18,338.55, up 176.80 points or 0.97%.

Collapse of Carlyle deal foils PNB Housing Finance plans

The collapse of a ₹4,000-crore investment plan led by Carlyle Group has muddied the fundraising plans of PNB Housing Finance Ltd, with the private equity firm now seen as unlikely to increase its stake in the mortgage lender.

Carlyle Group, the second-biggest shareholder in PNB Housing Finance, on 31 May agreed to invest up to ₹3,185 crore in the company through a preferential allotment at ₹390 per share. The investment was to be routed through Pluto Investments S.a.r.l., an affiliate of Carlyle Asia Partners IV, L.P. (Read more)

High jobless rates in north India pose new challenges

Joblessness in at least 12 states and Union territories has been stubbornly defying a declining national trend, with eight of them reporting double-digit unemployment rate in September, reflecting parts of the economy that have been left sputtering by the covid pandemic.

In Delhi, the unemployment rate is at a four-month high of 16.8%. Rajasthan has an unemployment rate of 17.9%, Haryana 20.3%, Jammu and Kashmir 21.6% and Bihar, Tripura, Jharkhand and Puducherry between 10% and 15.3%. (Full report)

Stocks to watch: HDFC Bank, Adani Enterprises, HCL Tech

HDFC Bank, Adani Enterprises, HCL Tech, Coal India are among the top 10 stocks in focus today. Among major companies that will declare September quarter earnings on Monday are UltraTech Cement, Alok Industries, Larsen & Toubro Infotech Ltd, and Tata Coffee.

Oil climbs further

Oil advanced in Asian trading after an eighth weekly gain with the market facing a global energy crunch ahead of winter. Futures in New York climbed above $83 a barrel after adding 3.7% last week, capping the longest run of weekly gains since 2015. A shortage of natural gas and coal from Asia to Europe is driving additional demand for oil products in power generation. That’s coincided with key economies rebounding from the pandemic, leading to a significant tightening of the market.

Asian shares mixed

Asian shares were mixed on Monday ahead of the release of Chinese economic data for the third quarter, as investors fret about the health of the world’s second-largest economy even as US companies report strong quarterly earnings.

MSCI’s broadest index of Asia-Pacific shares outside Japan was little changed in early trading on Monday, off 0.07%, while Japan’s Nikkei lost 0.12%. U.S. stock futures, the S&P 500 e-minis, were down 0.13%.

US stocks gain Friday

Stocks surged globally on Friday in their best day in five months on strong US corporate earnings reports though three-year-high oil prices kept inflation risks alive.

The Dow Jones Industrial Average jumped 1.1% in its best weekly performance since June 25. The S&P 500 climbed 0.75% to notch its best week in 2-1/2 months, and the Nasdaq Composite added 0.5%.