Market Commentary, Yes Bank Top Gainer: Today the market opened higher as compared to the Friday closing. Equity benchmarks Sensex and Nifty opened flat on October 7 even as most global markets were in the green after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. Trends on SGX Nifty indicate a positive opening for the broader index in India, the Nifty futures were trading at 11,216-level, up 10 points on the Singaporean Exchange.
Global oil prices fell down on Monday. Today the gold opens at 38410, Silver at 45549, Aluminum at 134.45, Crude oil at 3746, Zinc at 182.1 and Nickel at 1273. Asian markets were trading firm after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy.
Stock in News:
- Shares of BEML rose almost 2 percent after the heavy equipment manufacturer bagged more orders from the Delhi Metro Rail Corporation. The company has bagged orders for ‘RS15’ — design, manufacture, supply, testing and commissioning of 80 Broad Gauge Intermediate Cars compatible with existing ‘RS1’ type trains for the conversion of the six-car train set to the eight-coach train set valuing Rs 729 crore approximately.
- Shares of Edelweiss Financial Services touched their 4-year low level of Rs 76.30, falling almost 10 percent, on BSE after rating agency CRISIL downgraded the rating of long-term debt instruments of ECL Finance AA- from AA. However, CRISIL has reaffirmed the credit rating of CRISIL A1+ assigned to the short-term borrowing programmes of ECL Finance, which is a wholly-owned subsidiary of Edelweiss Financial Services.
- YES Bank is looking at raising $1-1.2 billion by December through a fully underwritten rights issue. According to an investment banker, the bank has received an interest from both global private equity players and Indian family offices. The potential investors may be picking up stake in the bank ahead of the rights issue in the open market. It is learnt that investor interest garnered by the bank is over $2 billion, which is nearly twice as much capital as what it plans to raise.
Meanwhile, the shares of tata motors slipped 3% intraday, after the JLR UK sales dropped during month of September.Yes bank and Axis bank were the most active stock today. Yes bank top gainer followed by Axis bank, while BPCL and JSW steel were the top losers. Among the indices, except the bank and media all other indices were in red. Nifty closed 48 points down at 11126.