Post market Analysis 06-10-2021

Benchmark Indian indices closed lower, weighed by losses in metal, PSU bank, pharma, IT, auto as spike in energy prices fuelled inflation concerns. The Sensex closed 0.93% lower at 59,189.73 and Nifty fell 0.99% to 17,646.

All Nifty sectoral indices closed in the red. Top Nifty sectoral index losers were metal (-2.98%), PSU bank (-1.94%), pharma (-1.87%), IT (-1.32%) and auto (-1.16%).

Indian rupee plunged 54 paise to 74.98 agaisnt the US dollar.

Stock in News Today

Computer Age Management Services Ltd: The company has been given the green signal by PFRDA to be the Central Record Keeping Agency. The company will use Aadhaar-based eKYC services as Authentication User Agency, for National Pension Scheme (NPS) by Pension Fund Regulatory & Development authority, according to its exchange filing.

Tata Consultancy Services and State Bank of India: The IT services company has extended its partnership with State Bank of India for another five years. As part of the new contract, TCS will continue to maintain and enhance SBI’s application ecosystem around core banking, trade finance, financial reporting, and financial inclusion with new features.

ICICI Lombard General Insurance: Shares of the company were sold by Societe Beaujon, an affiliate of Axa Group and sale proceeds were about Rs 2,700 crore. The French insurance company sold 1.752 crore shares, which is about 3.85% stake in ICICI Lombard, at Rs 1,540 per equity share, according to data from the block deal.

Tata Steel: The company’s shares fell more than 3% after the company reported that its crude steel production grew 3% year-on-year in the quarter-ended September. Overall deliveries rose by 12% quarter-on-quarter helped by post-pandemic economic recovery. The company achieved deliveries volume growth across its target segments such as ‘automotive and special products’ segment, branded products and retail segment, industrial products and projects segment.

RBL Bank: Shares of the lender fell more than 4% after the bank’s business update report showed a tepid growth. The banks total deposits grew 17% year-on-year to Rs 64506 crore as of September-end 2021. On a quarter-on-quarter basis, total deposit inched up by only 1%. Gross advances was up only by 1% year-on-year to Rs 57298 crore as of September 2021. On a quarterly basis, total deposits growth was flat.