Indian markets mirrored the sharp rebound in world equities as short covering propelled the benchmark Sensex to close above the psychological 66,000 mark, said Shrikant Chouhan, Head of Research (Retail) at Kotak Securities. Investors feel that the ongoing war between Israel and Hamas may not have a cascading effect on the world economy and the focus would again shift to global macro-economic concerns, Chouhan added.
On the stock-specific front, Tata Consultancy Services (TCS), Delta Corp, Bank of Baroda, PVR Inox, Steel Exchange India, Zuari Industries and some other counters will be in focus today.
Shares of Tata Consultancy Services (TCS) fell 0.22% to close at Rs 3,629.20 in the last trading session. The software giant will report its second-quarter (Q2) earnings for the financial year 2023-24 today. In a separate development, TCS said it has been recognized as a leader in 5G engineering services by Everest Group.
Shares of Delta Corp rose 0.60% to end at Rs 142.20. The company will declare its Q2 FY24 on October 11 (Wednesday). The company's share price has been in focus lately after the Centre imposed 28% GST on online gaming, which came into effect from October 1. Earlier, online gaming platforms paid 18% GST on the platform fees.
Other companies such as Dipna Pharmachem, Justride Enterprises, National Standard (India), Plastiblends India, Samhi Hotels, Sanathnagar Enterprises, Signatureglobal (India) and Zaggle Prepaid Ocean Services will announce their respective quarterly results today.
Shares of Bank of Baroda (BoB) settled with 1.16% gains at Rs 214.20. Reserve Bank of India (RBI) has directed the lender to suspend further onboarding of its customers onto the 'bob World' mobile application with immediate effect.
PVR Inox shares rose 0.95% to close at Rs 1,688.90 on October 10. The company said National Company Law Tribunal's (NCLT's) Mumbai Bench has allowed the scheme of amalgamation of Shouri Properties Pvt Ltd with PVR under the Companies Act, 2013.
Shares of Steel Exchange India jumped 6.39% to end at Rs 8.49. The company said it has approved the material modification on structure of 3,828 secured, rated, listed, redeemable, non-convertible debentures bearing a face value of Rs 7,15,557 each, through acquisition by Neo Asset Management Pvt Ltd along with its co-investors (Neo) by investing Rs 275,00,00,000. In addition, Steel Exchange said it has issued and allotted of 1,000 NCDs with a face value of Rs 10,00,000 each, aggregating up to Rs 100,00,00,000.
Shares of Zuari Industries rose 0.97% to settle at Rs 146.45. The company said it has approved Series-2 allotment of 1,000 non-convertible debentures of Rs 10,00,000 each aggregating to Rs 100 crore to 360 One Prime Ltd
"Nifty remained robust throughout the day as the bulls regained control. On hourly charts, the index has broken out of an inverted head and shoulders pattern. In the short-term, Nifty is expected to maintain its strength. A decisive move above 19,700 could potentially propel the index towards the range of 19,850 to 19,900. The support level is situated at 19,600," said Rupak De, Senior Technical analyst at LKP Securities.
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