Holding ground

Nifty50: 17,512 ▲ 25 (+0.1%)
Sensex: 59,107 ▲ 146 (+0.2%)

Hola, folks!

You may have heard of people fighting over land, but have you ever heard of monkeys owning land? Yes, you read that right. A village in Maharashtra's Osmanabad district has registered 32 acres of land to monkeys! And not just this, the villagers also feed them whenever they arrive at their doorstep and at times, even honour them at weddings.

• Indian markets rose for the fourth consecutive day amid positive global cues.
• In all, 18 of the Nifty50 stocks closed in the green.
• Meanwhile, the rupee breached the 83 mark against the US dollar to hit another record low.

Among the Nifty sectoral indices, Oil and Gas (+0.5%) and Realty (+0.4%) saw the most gains, while IT (-0.9%) and Metal (-0.6%) were the top losers.

What’s trending

⭐ Jio’s user base grows in August

BHARTIARTL (NSE): 784 ▲ 1.3 (+0.1%), IDEA (NSE): 8.5 ▲ 0.05 (+0.5%)

Reliance Jio added 3.2 million mobile phone users in August, taking its subscription base to 419 million subscribers. Meanwhile, Bharti Airtel added 0.32 million subscribers, taking its total user base to 363.8 million. However, Vodafone Idea's customer losses continued. The operator lost 1.95 million mobile customers in August, shrinking its user base to 253 million.

⭐ Nestle reports robust earnings

NESTLEIND (NSE): 19,800 ▲ 412 (+2.1%)

Shares of Nestle India rose by over 2%, following its result announcement for the September quarter. The company reported an 18.2% year-on-year (YoY) rise in revenue to ₹4,567 crore, while its net profit grew by 8.3% YoY to ₹668 crore. The company witnessed strong sales growth across brands like Maggi, Milkmaid and Nescafe Classic. It also declared a second interim dividend of ₹120 per share.

⭐ UltraTech Cement’s profit dips

ULTRACEMCO (NSE): 6,410 ▲ 63 (+1.0%)

UltraTech Cement reported a 42% YoY fall in its net profit at ₹756 crore. This comes on the back of high power and fuel costs as well as lower demand. Meanwhile, revenue from operations rose by 16% YoY to ₹13,893 crore. Capacity utilisation stood at 76% against 71% in Q2FY22. The management said demand revival is imminent, especially during the festive season.

⭐ Domestic air passenger traffic rises

INDIGO (NSE): 1,784 ▲ 3 (+0.1%), SPICEJET (NSE): 39 ▲ 0.3 (+0.7%)

The domestic air passenger traffic witnessed a strong rise in September 2022. Around 10.3 million passengers travelled on domestic air routes, a rise of nearly 65% YoY, as per data released by industry regulator DGCA. IndiGo continues to be the leader with a market share of 57% of the total domestic traffic. The market share of SpiceJet share stood at 7.3%. Meanwhile, the collective market share of Tata Group owned Vistara, Air India and AirAsia India stood at 24.7%. 

In Focus

Indian markets extend gains

Indian markets seem to be in a festive mood ahead of Diwali. The benchmark Nifty50 index is trading at a 3-week highs, closing above the crucial 17,500 level today. But what’s driving this market rally? Let’s explore. 

Benchmark indices have risen by 1.9% this week, riding on the positive rally in global markets, including Dow Jones and S&P 500, which saw a rise of 3% and 3.8%, respectively. Elsewhere, Asian peers have also witnessed gains. 

Strong corporate earnings by Indian and US companies are the main factors that have helped boost the market sentiments. Besides this, the rollback of the fiscal stimulus by the UK government on Monday, which created significant volatility in financial markets since its first announcement on 23 September, has also reassured the markets.

Furthermore, the recent decline in crude oil prices (7.6% in last 2 weeks) despite production cuts by OPEC nations has also triggered positive sentiments in the global stocks market, including India, which is one of the largest oil importers. 

Despite this optimism, some challenges like rate hike concerns and rising inflation still continue to worry investors.

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Good to know

What is loan evergreening?

Loan evergreening is a method used by some lenders to prevent a rise in non-performing assets (NPAs). A bank tries to revive a loan account that is likely to default by lending it more money. This means the lender doesn’t have to recognise the loan as an NPA in the near term. However, this can hurt the lender’s balance sheet in the long run as defaults could sharply rise in the future. 

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