In the week gone by, global markets witnessed a see- saw movement as stronger monthly non-farm payrolls data has shifted investor focus to the prospect of another jumbo-sized rate hike next month will lead to a recession. Even the report that U.S CPI gained 8.2%, has fueled bets for a big Fed rate hike next month. Meanwhile, BOE Governor Andrew Bailey urged investors to finish winding up positions that they can’t maintain, saying the central bank will halt intervention in the market as planned at the end of this week. In another development, U.S. Treasury Secretary Janet Yellen on Wednesday said the global economy was facing "significant headwinds" and the United States was working to shore up its supply chains and guard against "geopolitical coercion" by Russia, China and others. Recently, a report from IMF’s World Economic Outlook says central banks should ignore the demand for a pivot and instead focus on getting inflation under control.
Back at home, the festival season has given the strong boost for the wide range of sectors including Bank, consumer durables and Auto giving a fillip to growth prospects despite economic gloom elsewhere in the world. The earnings season has begun on a rather positive note in India. Infosys and HCL Tech’s robust performance lifted sentiments. Both the companies also raised their revenue forecasts. India's inflation based on the Wholesale Price Index (WPI) fell to an 18-month low of 10.7 percent in September whereas retail inflation came at a five-month high of 7.4 per cent. The suborning high retail inflation above the desired levels has been a major cause of concern for the Indian economy. This, coupled with declining industrial production in August is a matter of concern. Meanwhile, in a scenario of aggressive rate hike by the US Federal Reserve, the rupee will continue to have weakening bias against USD. Going forward, there are uncertainties around US inflation, Fed’s action on interest rates, recession in large economies and commodity prices. So, developments around these factors will keep markets volatile besides other domestic factors.
On the commodity market front, Commodities were in pressure owing to negative data amid Fed signal for further rate hike, which stimulated buying in dollar index; with which commodities have negative correlation. Oil may come under more pressure as the U.S. released more supply from its Strategic Petroleum Reserve- a move the Biden administration threatened after the OPEC supply cut. It can trade in a range of 6800-7600 levels with bearish bias. Gold may trade with bearish bias after higher CPI data of US, which is raising concern of aggressive rate hike by Fed, can touch 49500 on lower side. Base metals may continue their upside. 20th National Congress of the Chinese Communist Party, GDP Growth Rate of China, Inflation Rate and ZEW Economic Sentiment Index of New Zealand, ZEW Economic Sentiment Index of Germany, Inflation data of UK, Euro Area, Canada and Japan, Employment Change and Unemployment Rate of Australia etc. are some of the very important data and events scheduled this week, especially 20th National Congress of the Chinese Communist Party which will keep market on toes.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001862. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
According to the management of the company, Q1FY23 reported healthy performance across key parameters - improvement in CASA ratio and retail deposits mix, reduction in GNPA ratio supported by collections, growth in each of the asset businesses, stable spreads, and asset quality, and overall healthy profitability. Moreover, it is expanding its distribution and continues to invest in digital initiatives, branding and distribution to capture the significant opportunities available to be future-ready. The management is focusing on margin improvement and looking for business growth without diluting the margin. So far the retail loan growth has been driving the business and margins of the bank. Thus, it is expected that the stock will see a price target of Rs.686 in 8 to 10 months’ time frame on a target P/Bv of 4.50x and FY23 BVPS of Rs.152.37.
The company operates with zero net debt. Strong market positioning and brand recognition is expected to benefit the company going forward. Company`s drive towards BharatNet is expected to benefit the company to secure more such orders as India gets ready to implement 5G in business operation. The company expects growth momentum in FMEG segment to continue in FY-23 driven by aggressive market reach expansion and building the right product portfolio across price spectrums. Thus, it is expected that the stock will see a price target of Rs. 3047 in 8 to 10 months’ time frame on target P/Ex of 36x and FY24 EPS of Rs.84.63.
The stock closed at Rs 800.50 on 14th October, 2022. It made a 52-week low at Rs 618.25 on 23rd June, 2022 and a 52-week high of Rs. 866.90 on 25th October, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 728.78
Short term, medium term and long term bias are looking positive for the stock as it is trading in higher highs and higher lows. Apart from this, it has formed an “Inverse Head and Shoulder” pattern on weekly chart and has given the neckline breakout of pattern along with high volumes. So further upside is anticipated in the stock in coming days. Therefore, one can buy in the range of 790-795 levels for the upside target of 940-970 levels with SL below 740 levels.
The stock closed at Rs 1688.30 on 14th October, 2022. It made a 52-week low at Rs 1072.72 on 01st July, 2022 and a 52-week high of Rs. 1932.50 on 19th October, 2021. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at Rs 1512.66
As we can see on chart that stock is trading in higher highs and higher lows, sort of rising channel which is bullish in nature. Apart from this, the stock is forming an “Bullish Pennant” pattern and is likely to give the breakout of same. On the technical indicators front such as RSI and MACD are also suggesting buying for the stock. Therefore, one can buy in the range of 1675-1680 levels for the upside target of 1880-1920 levels with SL below 1600 levels.
Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
SOURCE: RELIABLE SOFTWARE
Charts by Reliable software
Indian markets remained highly volatile in the week gone by as Nifty was seen taking a roller coaster ride in broader range of 16950 to17350 while Bank Nifty also traded in a broader range of 38450 to 39550 levels. As result season has started, support is seen in Nifty IT index whereas profit booking was seen in most of the sectors. Most of the volatile moves were seen on the back of global factors. Implied volatility (IV) of calls closed at 19.34% while that for put option, it closed at 20.37%. The Nifty VIX for the week closed at 20.29%. PCR OI for the week closed at 1.73. From the derivative front, a lot of open interest was seen added by call writers at higher strikes. 17300, 17400, & 17500 strikes hold most of the open interest in calls while put writers were seen adding marginal open interest at 17200 & 17000 strike comparatively. For upcoming sessions, we expect markets to remain volatile and likely to trade with negative bias in broader range of 17400-17000.
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**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric NCDEX (Nov) futures are likely to trade higher on bleak supply outlook in upcoming season. Reports of lower acreages in southern states and tighter pipe line stocks are likely to support firmness in prices. Sowing activity has reached its last stage and overall area under turmeric has been lower by 13% Y-o-Y till Oct’22 in Andhra Pradesh reported at 16921 Hec compared to 19376 Hectares of the previous year. Festive as well as the wedding season demand is likely to remain active that keep the market sentiments up for turmeric. Arrivals are likely to remain lower due to lean arrival season. Considering the above fundamentals, Prices are likely to hold the support of 7200 and likely to move up gradually towards the 7900 level in coming week.
Jeera NCDEX Nov may correct downside further due to surging selling pressure. As Jeera prices are still ruling much higher to the last year as well as normal prices that have kept marginal buyers and stockists away from heavy buying wherein spice makers have no choice other than to buy jeera at inflated prices. In the wake of rise in festive as well as wedding season demand ahead, losses is Jeera is likely to be limited. Export from China and other countries is likely to improve due to global supply shortage. China accounted for 45% of total Indian export of jeera in Aug’22. Out of the total export of 23.47 thousand tonnes in Aug’22, about 10.62 thousand tonnes of jeera were imported by China. Jeera Nov futures prices are likely to slip further towards support of 23200 with resistance of 26300.
Dhaniya NCDEX Nov Prices are expected to trade mixed to higher in near term mainly due to active festive buying amid emerging fear of disruption in imports. Geopolitical tension between Ukraine and Russia has resurfaced again that result in to fall in imports from Russia and impact of same is likely to be seen on domestic dhaniya prices. India has imported about 15 thousand tonnes of dhaniya from Russiaso far in year 2022. However, excessive gains in dhaniya will prompt stockists to release their stocks as dhaniya prices are already ruling much higher compared to last year. Prices are likely to hold support of 10800 and will honor the resistance of 11700.
Bullion prices slipped as a higher-than-expected rise in U.S. September inflation cemented bets the Federal Reserve will persist with aggressive interest rate hikes. Gold prices slipped near 2% and silver posted over 6.67% bearish rally. Data released on Thursday showed U.S. consumer prices increased more than expected in September, as rents surged by the most since 1990 and the cost of food also rose, with core CPI jumping 6.6% on an annual basis. The data signals the Fed will be more aggressive in fighting inflation by raising interest rates at a faster pace, pressuring gold. Following the data, benchmark U.S. 10-year Treasury yields climbed. Higher interest rates and bond yields lower the appeal of non-yielding gold. Traders of U.S. interestrate futures had all but priced in a fourth straight 75-basis-point hike at the close of the Fed’s Nov. 1-2 meeting, after the inflation data they began pricing about a one-in-10 chance of a full percentage-point rate hike next month. Holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.12% to 944.31 tonnes. Barrick Gold Corp, the world’s secondlargest gold miner, said that they expected full-year gold production to be at the lower end of its earlier forecast range. Ahead in the week, COMEX gold prices have been stuck in the wider range of $1648-$1710, break on either side will define the next trend for the commodity. Silver on COMEX may trade with a bearish bias and may take support near $17.900 and could face resistance near $19.900. On MCX, Gold prices are getting support near 50280 level breaks below the levels may push prices to 49400 and resistance remains at 51500 level. Silver may trade in the range of 54000-60000 levels.
Crude oil prices struggled throughout the week on the weakening global demand outlook. Both OPEC and the U.S. Energy Department have cut their demand outlooks, while a flare-up in COVID-19 cases in China has sparked fresh concerns over fuel consumption in the world's top crude-importing country. Growth risk for the oil market remains in the spotlight, as the initial enthusiasm over OPEC+ production cuts has proved to be short-lived and gains are seen fading off. Worsening demand for crude oil is contributing to inventory builds. The energy market is under pressure as well from the U.S. dollar, which has rallied broadly, including against low-yielding currencies like the yen. The Federal Reserve's commitment to keeping raising interest rates to stem high inflation has boosted yields, making the U.S. currency more attractive to foreign investors. US Labor Department Summary said that the energy index declined 2.1 percent in September after falling 5.0 percent in August. Ahead in the week, prices are likely to witness huge volatility and the possible trading range would be 7080-7780, where buying near support and selling near resistance would be a strategy. Natural gas prices have been trading in the tighter range of 525-570 levels on mixed views. Despite record output prices are getting support on the forecasts for colder weather and higher heating demand over the next two weeks than previously expected. U.S. futures are up about 81% so far this year as soaring global gas prices feed demand for U.S. exports due to supply disruptions and sanctions linked to Russia's Feb. 24 invasion of Ukraine. Ahead in the week, prices are likely to witness some upside movement where 520 would be the important level on the downside and on the higher side; it may approach 570/600.
Base metals may trade with high volatility as the prices may get support by hopes of improved demand from top consumer China after the expectations of some government stimulus in upcoming key political meeting. However, with red hot inflation, the prospect of further U.S. rate hikes and a stronger dollar and amid shortage of energy supply in Europe that could hurt economic activities, the outlook for metals prices remains volatile. Copper may trade in the range 640-685 levels. Solid Chinese demand for copper amid tight supply and an open import arbitrage, has helped Yangshan import copper premium surge to $137.50 a tonne, a one-year high and edging towards its highest since 2014. Chile, the world's top producer of the metal, announced the permanent closure of copper mining in the northern part of the country. Zinc can trade in the range of 260-290 levels. South American zinc producer Nexa Resources expects tight supplies of zinc metals globally due to smelter closures in Europe as energy prices skyrocket, a situation that is boosting overall price premiums. Lead can move in the range of 178-188 levels. Ecobat Technologies the world's biggest lead recycler, has this month suspended production at its Paderno and Marcianise plants in Italy, taking out 80,000 tonnes of annual supply. Aluminum may trade in the range of 202-225 levels. The premium of LME cash aluminium over the three-month contract leaped to $14.50 a tonne, a level unseen since Aug. 23, indicating tightness in immediately available supply. Steel long is likely to trade in the range of 48000-50500 on NCDEX. The prices may get support on production cuts, which have resulted in falling inventory levels.
Cotton MCX Oct prices are expected to trade down in short term due to demand concerns. Millers are going to hand to mouth buying due to limited availability of quality produce in the market as arrivals which are coming now having higher moisture content. Moreover, bleak export prospects of cotton to China and easy availability of cotton yarn in India will also add pressure on prices in near term. Arrival volume is likely to surge up in the wake of drier weather condition in central as well as in northern part of India that will facilitate the harvesting activities. Losses are likely to be capped by depreciating Indian rupee that is support export prospects of textile products. Seasonal trend of export shows that about 30-40% of total cotton export from India is realized in Oct- Dec. Expected rise in export demand from Bangladesh and other SEA nations will restrict the major losses. Prices are likely to find support 30700 and will face the resistance of 35500.
Cotton seed oil cake NCDEX (Dec) futures are likely to trade higher due to emerging buying in domestic market. Firmness is relative meal prices and emerging seasonal demand is likely to support gains in prices. However, supplies will improve in line with advancement of harvesting activities of cotton in central part of India that will restrict the major upward moves. Prices are likely to hold the support of 2300 and will move towards 2600 in coming week.
Guar seed (Nov)Oct futures are likely to trade sideways as prices are trying to consolidate after continuous fall. Surging arrival pressure and ongoing harvesting is restricting the upward move in guar seed. Millers are going for hand to mouth buying in wake of bumper crop ahead. However, there are reports of yield losses in Rajasthan that may lead to downward revision in production numbers. Guar seed prices may hold the support of 4650 and is likely to honor resistance of 5100.
Mentha oil (Oct) is likely to trade on sideways to higher on improved buying in local market. Prices are holding the support of 980 and likely to move towards 1030 on improved industrial buying. Overall production of mentha oil has been down in year 2022 that will also support firmness in prices
Castor seed (Nov) prices are expected to remain under pressure on better production outlook in Gujarat. Sluggish export demand of castor oil will also weigh on prices In result of rising fear of recession and prevailing economic slowdown China has cut its imports of castor oil from India. Going forward, castor seed prices are likely to slip toward 7000 level in near term with resistance of 7320 levels.
It closed at Rs. 50884.00 on 13th Oct 2022. The 18-day Exponential Moving Average of the commodity is currently at Rs 50883.95. On the daily chart, the commodity has Relative Strength Index (14-day) value of 47.164. Based on both indicators, it is giving a sell signal.
One can sell near Rs. 50800 for a target of Rs. 49300 with the stop loss of 51600.
It closed at Rs. 577.70 on 13th Oct 2022. The 18-day Exponential Moving Average of the commodity is currently at Rs 587.56. On the daily chart, the commodity has Relative Strength Index (14-day) value of 36.697. Based on both indicators, it is giving a buy signal.
One can buy near Rs. 570 for a target of Rs. 620 with the stop loss of 548.
It closed at Rs. 9350.00 on 13th Oct 2022. The 18-day Exponential Moving Average of the commodity is currently at Rs 9463.14. On the daily chart, the commodity has Relative Strength Index (14-day) value of 41.897. Based on both indicators, it is giving a sell signal.
One can sell near Rs. 9300 for a target of Rs. 8900 with the stop loss of 9500.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
Commodities were in pressure owing to negative data’s amid Fed signal for further rate hike, which stimulated buying in dollar index; with which commodities have negative correlation. Gold and silver ratio rose again as gold outperformed silver. Additionally, MCX gold traded on premium because of depreciation in INR. COMEX Bullion prices sank amid more hawkish signals from the Federal Reserve, as well as growing safe haven demand for the dollar. Data released on Thursday showed U.S. consumer prices increased more than expected in September, as rents surged by the most since 1990 and the cost of food also rose, with core CPI jumping 6.6% on an annual basis. The Fed is seen delivering another large rate hike in three weeks’ time and ultimately lifting rates to 4.75%-5% by early next year, if not further, after the inflation report. It was a bearish week for energy counter; both natural gas and crude oil prices slipped. Fears of weakening demand chipped away at prices, as resurgence in Chinese COVID infections saw investors fearing new lockdowns in the world’s largest crude importer. Oil prices have fallen sharply this year on concerns that rising inflation and interest rates will dent economic activity and weigh on crude demand- a trend that is expected to continue in the near-term. All base metals moved up except zinc. Chile’s Codelco, the world’s largest copper miner, is reportedly selling copper to European buyers at a record-high premium, citing tightening supply conditions. Aluminum saw sharp rally. London-traded aluminium closed over 5% higher on Wednesday after Reuters reported that the Biden administration is considering the stoppage of Russian aluminum imports in response to Moscow’s military escalation in Ukraine.
Cotton tried to move up on lower level buying but profit vanished in later part of the week. Cotton oil seeds and kapas traded bearish. Mentha again fell from the higher side as market is flooded with synthetic mentha imported from Germany and Malaysia. Castor saw razor sharp fall on expectation of higher production amid weak export demand. Guarseed witnessed fall for nonstop fourth week whereas gum saw pause in the fall. In spices jeera was weak but turmeric saw surprise jump in the prices. Dhaniya too traded up. Buying activities are likely to improve due to rising festive as well wedding season demand of spices. Turmeric added more color following supply tightness in the market. Bleak production outlook for upcoming season will support firmness in prices as turmeric acreages has dropped in Andhra Pradesh and Maharashtra.
Copper is often viewed as a barometer of economic demand given its use in a broad number of industrial applications. Alongside the world’s growing commitment to efforts in sustainability and efficiencies in multiple industries, copper is leading the charge in finding new ways to do old things.
After touching the Rs 886 mark in the first quarter on MCX, prices have been unable to return to that level, pressured by global economic uncertainty related to inflation and weak demand from China. But the long-term picture for copper, which has high electrical conductivity, is still bright—the green energy transition is expected to see demand for the base metal increase. Many factors impacting the copper market:
Rising interest rates along with Inflation & slowing global growth
Currently, inflation has affected the entire global economy with the Consumer Price Index in the United States at 8.3%, and in the Eurozone at 10%. As central banks across the world are simultaneously hiking interest rates in response to inflation, the world may be moving toward a global recession and creating a string of financial crises in emerging market and developing economies that has been hitting the outlook for metals including copper.
Continuous Covid-19 outbreak in China
Continuous Covid-19 outbreak and containment measures in China are putting a stop on the metal’s rally earlier this year. The Asian nation is the main consumer of the metal. Fresh Covid-19 outbreak pushed the government to impose fresh containment measures, which slowed down the recovery in demand for metals.
The faltering property sector in China also raises concerns about risks that could broaden and spill over into banks and the macro-economy. Risks to housing markets are growing because of rising mortgage rates and tightening lending standards.
The green energy transition
As the world moves away from fossil fuels, the use of copper to electrify the world will become essential. Most analysts agree that the base metal is bound to be a winner of the green energy transition. In fact, electric vehicles use three times more copper than internal combustion engine cars — add to that the use of copper in electric vehicle charging stations and energy storage systems, and the demand keeps on growing.
Lower inventory and underinvestment in copper projects
Inventories tracked by trading exchanges are near historical lows. And the latest price volatility means that new mine output — already projected to start petering out in 2024 — could become even tighter in the near future. Just days ago, mining giant Newmont Corp. shelved plans for a $2 billion gold and copper project in Peru. Freeport-McMoRan Inc., the world's biggest publicly traded copper supplier, has warned that prices are now “insufficient” to support new investments.
Peru’s copper production fell 1.5% year-on-year in August, the second consecutive monthly drop, due largely to lower activity from several mines controlled by Freeport-McMoRan Corp and Grupo Mexico, according to government data.
Copper is essential to economic activity and the modern technological society. Additionally, infrastructure developments in major countries and the global trend towards cleaner energy and electric cars will continue to support copper demand in the longer term. However, continued COVID-19 restrictions in top consumer China, continuous military conflict and rising inflation due to soaring crude and other commodities prices would put not only Europe’s economic recovery but also global recovery at risk. Manufacturing activity contracted in China, grew at its slowest pace in more than 1-1/2 years in the United States and stalled in the euro zone also.
The dollar fell against most currencies in volatile trading week, after spiking early following a hotterthan- expected U.S. inflation report, as some investors thought the market's initial response to the data was excessive. Data showed U.S consumer prices increased more than expected in September and underlying inflation pressures continued to escalate; cementing expectations the Federal Reserve will deliver another 75-basis-point (bps) rate increase at next month's policy meeting. The consumer price index rose 0.4% last month after gaining 0.1% in August. Economists polled by Reuters had forecast the CPI climbing 0.2%. In the 12 months through September, the CPI increased 8.2% after rising 8.3% in August. We are now pricing in approximately a 95% chance of a further 75bp hike. All recent SoundBits from the Fed speakers are pointing in that direction too and it would take a monumental downside miss to overturn that magnitude of hike. On the top of that India’s domestic headline inflation in September climbed to five months high of 7.41% which may prompt RBI to start packing-up to deliver another halfa- percent hike in December. Already RBI raised repo rate by 190 bps on year-to-date basis and further expectations of hawkish move by RBI may give an interim support for rupee.
USDINR (OCT)is trading above its major Exponential Moving Average indicating upward trend for short term view. The Pair has major support placed around 81.70 levels while on higher side resistance is seen around 82.90 levels. The 21-day Exponential Moving Average of the USD/INR is currently around 81.65 Levels. On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 69.72.
One can buy at 82.00 for the target of 83.00 with the stop loss of 81.50.
GBPINR (OCT)is trading between its major Exponential Moving Average indicating sideways trends for short term view. The pair has major support placed around 91.55 levels while on higher side resistance is seen around 94.00 levels. The 21-day Exponential Moving Average of the GBP/INR is currently around 91.58. On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 57.83.
One can sell at 93.50 for the target of 92.50 with the stop loss of 94.00.
EURINR (OCT) is trading above its major Exponential Moving Average indicating upward trend for short term view. The pair has major support placed around 79.90 levels while on higher side resistance is seen around 81.55 levels. The 21-day Exponential Moving Average of the EUR/INR is currently around 80.17. On the daily chart, the EUR/INR has Relative Strength Index (14-day) value of 54.85.
One can buy at 80.40 for the target of 81.40 with the stop loss of 79.90.
JPYINR (OCT) is trading below its major Exponential Moving Average indicating downward trends for short term view. The pair has major support placed around 55.40 levels while on higher side resistance is seen around 56.73 levels. The 21-day Exponential Moving Average of the JPY/INR is currently around 56.62. On the daily chart, the USD/INR has Relative Strength Index (14-day) value of 38.09.
One can sell at 56.30 for the target of 55.30 with the stop loss of 56.80.
Kaynes Technology India Limited (KTIL) has received capital markets regulator Sebi's go ahead to raise funds through an Initial Public Offering (IPO). The IPOvconsists of a fresh issue of equity shares aggregating to Rs 650 crore, and an Offer For Sale (OFS) of up to 72 lakh equity shares by a promoter and an existing shareholder, according to the Draft Red Herring Prospectus (DRHP). The OFS comprises sale of up to 37 lakh equity shares by promoter Ramesh Kunhikannan and up to 35 lakh equity shares by existing shareholder Freny Firoze Irani. In Sebi's parlance, the observation implies its go ahead to launch IPO. Going by the draft papers, proceeds from the fresh issue worth Rs 130 crore will be used to repay debt and Rs 98.93 crore will be utilised for funding capital expenditure for its manufacturing facilities at Mysore and Manesar. Also, the company plans to use Rs 149.30 crore towards investment in its arm Kaynes Electronics Manufacturing Pvt Ltd for setting up a new facility at Chamarajanagar in Karnataka. It will use up to Rs 114.74 crore for funding working capital requirement and general corporate proposes.
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Equity mutual fund inflows stabalised in September with net inflows worth Rs 14,099.73 crore. All equity mutual fund categories saw net inflows in September, with thematic and sectoral funds topping the charts with Rs 4,418 crore. Debt mutual funds saw a net outflow of Rs 65,372.40 crore in September with money market funds and liquid funds seeing the most outflows. ETFs and passive funds continued to see big inflows even in September. The passive fund categories saw a cumulative inflow of Rs 13,623.34 crore with ETFs gaining Rs 10,807.60 crore in September. Among equity categories, sectoral funds, mid cap funds and flexi cap funds saw inflows more than Rs 2,000 crore. Dividend yield funds and ELSS funds saw the least amount of inflows in September. Five new active equity schemes were launched in September which mobilized Rs 5,836 crore.
Mirae Asset Mutual Fund has launched two new funds: Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund and Mirae Asset Nifty AAA PSU Bond Plus SDL Apr 2026 50:50 Index Fund. Mirae Asset Nifty AAA PSU Bond Plus SDL Apr 2026 50:50 Index Fund is an open-ended target maturity Index Fund that will invest in the constituents of Nifty AAA PSU Bond Plus SDL Apr 2026 50:50 Index Fund. A scheme with relatively high interest rate risk and relatively low credit risk. The second scheme, Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund, is an open-ended target maturity Index Fund investing in the constituents of CRISIL IBX Gilt Index – April 2033. Both New Fund Offers (NFOs) will open on October 10 and close on October 18. According to the press release, Mirae Asset Nifty AAA PSU Bond Plus SDL Apr 206 50:50 Index fund will track Nifty AAA PSU Bond Plus SDL Apr 2026 50:50 Index by investing in AAA rated Public Sector Undertaking (PSU) Bonds and State Development Loans (SDL), maturing on or before April 30, 2026. It is a fixed maturity index fund with relatively lower credit risk and has no lock-in like fixed maturity plans which means investors have the option to subscribe or redeem anytime during the lifecycle of the fund. The fund is tax efficient compared to traditional investment avenues, as Long Term Capital Gain (LTCG) is taxed at 20% post indexation benefit. Mirae Asset CRISIL IBX Gilt Index – April 2033 Index Fund is to track the CRISIL IBX Gilt Index – April 2033 will invest in dated Government Securities (G-Sec), maturing on or before April 29, 2033.
ICICI Prudential Mutual Fund has announced the launch of two target maturity funds: ICICI Prudential Nifty SDL Dec 2028 Index Fund and ICICI Prudential Nifty G-Sec Dec 2030 Index Fund. Target Maturity Index Funds are open-ended passively managed funds that replicate the underlying debt index having a specific maturity date. The constituents of the index are generally hold-till-maturity. According to the press release, ICICI Prudential Nifty SDL Dec 2028 Index Fund invests in the constituents of Nifty SDL Dec 2028 index while ICICI Prudential Nifty G-Sec Dec 2030 Index Fund invests in the constituents of Nifty G-Sec Dec 2030 Index. Both the offering aims to provide returns that closely correspond to the total return of the underlying index, subject to tracking errors. ICICI Prudential Nifty SDL Dec 2028 Index Fund will open for subscription on October 4 and closes on October 11. ICICI Prudential Nifty G-Sec Dec 2030 Index Fund will open on October 4 and close on October 10.
HDFC Mutual Fund has launched HDFC Silver ETF Fund of Fund. HDFC Silver ETF FOF is an open-ended Fund of Fund scheme investing in HDFC Silver ETF . The NFO will close on October 21. Investment options like SIP, STP are available. According to the press release, the investment objective is to seek capital appreciation by investing in units of HDFC Silver ETF. Investing in physical silver and storing it in a safe manner could be difficult for an individual, hence HDFC’s Silver ETF FOF NFO gives an opportunity to the investors to get exposure to silver through mutual funds, thereby eliminating the need to store silver physically. “HDFC AMC believes in understanding the consumers’ needs and aims to offer them easy and effective solutions for investments. The HDFC Silver ETF FOF will provide investors the opportunity to invest in silver which serves dual utilities of being a precious metal and an industrial commodity,” Navneet Munot, Managing Director and Chief Executive Officer, HDFC Asset Management Co.
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