Trade Setup: Top 15 things to know before market opens on October 10, 2022

Indian Benchmark indices recovered
from their initial losses and ended flat on Friday. Markets started and stayed in the red for the whole day as the
World Bank’s projected growth rate of 6.5% for the Indian economy for
the fiscal year 2022-23, with a drop of 1% from its previous one of
June 2022, feared the investors. Anxiety levels surged when a private report
stated that the Indian rupee will trade near its record low this year, influenced
by rising oil prices and a hawkish U.S. Federal Reserve rate-hiking campaign.

The Nifty50 has formed a small positive candle on
the daily chart with upper and lower shadows, according to Nagaraj Shetti,
Technical Research Analyst at HDFC Securities. Its occurrence after weakness at
17,425 suggests an attempt to retest the hurdle in the near term, he said.

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Indian Indices

The Sensex fell 30.81 points or 0.05%
to 58,191.29 while the Nifty was down by 17.15 points or 0.01% to 17,314.65 at the close of
trading on Friday. The Sensex moved in a high and low band of 58,269.34 and 57,851.15. There were 13
stocks advancing against 17 stocks declining on the index. The Nifty traded in
a range of 17,216.95 and 17,337.35. There were 21 stocks advancing against 29 stocks
declining on the index.

Broader Indices

The broader indices ended in green with the BSE
mid-cap index down by 0.15% and the Small cap index up by 0.30%. The top
gaining sectoral indices on the BSE were Consumer Durables up by 2.13%, Telecom by 0.91%, Industrials
by 0.52%, Capital Goods by 0.35% and Realty by 0.27%, while on the downside Oil
& Gas by 0.78%, Energy by 0.72%, Metal by 0.63%, IT by 0.57% and FMCG by
0.52% were the top losing indices on BSE.

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SGX Nifty

The trends on SGX Nifty indicate a negative opening for the index in India with a 275.5-point loss. The Nifty futures were trading at 17,038.5 on the Singaporean Exchange at around 07:50 hours IST.

India VIX Index

Nifty or India VIX, a gauge of the
market’s expectation of volatility over the near term, fell 2.60% to 18.81 on
Friday.

Support and Resistance levels

The key support for
the Nifty is at 17,242 followed by 17,169. If the index moves up, the key
resistance levels to watch out for are 17,362 and 17,410, according to pivot charts.

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US Markets

The S&P 500 fell 104.86 points,
or 2.80%, to 3,639.36 on Friday.

The Dow Jones Industrial Average fell
630.15 points, or 12.11%, to 29,296.79.

The Nasdaq composite fell 420.91 points,
or 3.80%, to 10,652.40.

The Russell 2000 index of smaller
companies fell 50.63 points, or 2.87%, to 1,702.15.

Asian Markets

Asian markets ended lower on Friday.
The KOSPI Composite fell 0.22%, the Nikkei 225 rose 0.71% and the Hang Seng
fell 1.51%.

European Markets

European markets ended mostly in green
on Friday, France’s CAC 40 was up by 0.08% and London’s FTSE was up by 0.14%,
whereas Germany’s DAX was down by 9.18%.

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Major Headlines

Ambuja to raise Rs 20,000 Crore from Adani firm

Ambuja Cements Ltd shareholders
approved all proposals in its Extraordinary General Meeting (EGM) on Saturday. The
approvals included a resolution to raise Rs 20,000 crore from an Adani
group firm and appointment of Gautam Adani and others on the board of the
company.

The Extraordinary General Meeting (EGM)
has passed the special resolution proposing to raise Rs 20,000 crore funds by
issuing securities on a preferential basis to Harmonia Trade and Investment
Ltd, an Adani group entity, with 91.37% votes, said the Ambuja
Cements in a regulatory update.

Bandhan Bank loans, deposits grew 22% to Rs 99,374
crore in Q2 FY23

Bandhan Bank on Saturday reported a 22% increase in
loans and advances at Rs 99,374 crore for at end of September quarter 2022. The
private sector lender’s loans and advances stood Rs 81,661 crore in the same
quarter of previous financial year. Total deposits of the bank surged 21% to Rs
99,365 crore for the July-September quarter 2022, compared to Rs 81,898 crore a
year ago. Retail deposits came in at Rs 73,660 crore, up by 7% Rs 68,787 crore
in year-ago period. Bank’s retail deposit accounted for 74% of the total
deposits.

However, the bank said the numbers mentioned as on
September 30, 2022, are provisional unaudited numbers and are subject to
review/examination by the Audit Committee and board of directors.

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Infosys faces legal action for age and gender bias
in US

Infosys, a Bengaluru-based IT major, is facing a bias suit in a
US court after a former executive, in a complaint, last year, accused the
company of discrimination in its hiring process, based on age, gender and
nationality.

According to reports, Jill Prejean, a former Vice President
of Talent Acquisition with Infosys, said she was asked to avoid hiring
candidates of Indian origin, women with children and candidates above 50 years
of age. She was admitted before the United States District Court for the southern
district of New York.

Infosys filed a motion to dismiss the suit on the grounds
that Prejean did not submit proof for the allegations.

However, the court rejected the motion and asked the company
to file a response within 21 days from the date of the order (September 30).

IDBI Privatisation: Govt, LIC invites bids for 60.72% stake

The government is planning
to sell a 60.72% stake in IDBI Bank and has invited expressions of interest, it
said in a notification on Friday. LIC of India will also be diluting its
holding in the bank as part of the state’s divestment process. The total 60.72%
stake sale comprises 30.48% from the government and 30.24% from LIC. At the
end of June, the government held 45.48% of IDBI bank while LIC held 49.24%.

Banks, foreign
lenders, shadow banks, alternate investment funds and offshore funds have been invited
to place bids. Whereas, large industrial and corporate houses and individuals are
not eligible to bid.

In the three months
to June 30, IDBI Bank made a net profit of 7.56 billion rupees, up from 6.03
billion rupees a year earlier.

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Bulk Deal data

DAMAN ISHWARDAS GUPTA sold 8,76,635
shares in Shalimar Paints Ltd at Rs 173.4 per share on the NSE.

Radhika Dubash sold 3,21,241 shares
in Debock Industries Limited at Rs 27.35 per share on the NSE.

AVIRAT ENTERPRISE sold 2,40,000
shares in Globesecure Techno Ltd at Rs 76.97 per share on the NSE.

PANKAJ DHANJI CHHEDA HUF bought 1,08,000
shares in GlobesecureTechno Ltd at Rs 76.57 per share on the NSE.

CHHEDA DEEPTI PANKAJ bought 72,000
shares in GlobesecureTechno Ltd at Rs 77.25 per share on the NSE.

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DII and FII data

Foreign institutional investors
(FIIs) have sold shares worth a net of Rs 2,250.77 crore, whereas domestic
institutional investors (DIIs) purchased shares worth a net of Rs 545.25 crore on
October 7, as per provisional data available on the NSE.

NSE F&O Ban

No/Stocks have been placed under the
F&O ban for October 10. Securities in the ban period under the F&O
segment include companies in which the security has crossed 95% of the
market-wide position limit.