India conducts surgical strike

The Cabinet Committee on Security (CCS) - chaired by Prime Minister Narendra Modi was attended by Home Minister Rajnath Singh, External Affairs Minister Sushma Swaraj, Defence Minister Manohar Parrikar and National Security Advisor Ajit Doval - met in New Delhi on Thursday morning to take stock of the emerging situation. Top sources told.

 

Ripples Advisory that the mood within the govt was now to retaliate to ceasefire violations by Pakistan with "little more than diplomatic offensive." A crucial meeting to review the Most Favoured Nation (MFN) status allotted to Pakistan had been postponed earlier. This happened shortly after two soldiers of Pakistan Army were reportedly killed in an exchange of fire between Indian and Pakistani troops across the Line of Control (LoC) in Bhimber, Hotspring Kel and Lipa Sectors in the Kashmir Valley. Indian Army sources confirmed ceasefire violation by Pakistan forces and said the violations followed a meeting that Pakistan Army chief Raheel Sharif had with top civil and military leadership.

 

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OPEC to cut output by 750,000 barrels per day

The Organisation of Petroleum Exporting Countries (OPEC) has agreed to cut production by 750,000 barrels a day, citing a delegation member. The surprise news triggered an immediate spike of more than 5 percent in crude prices, as markets had expected the Algiers meeting to end without agreement. 

 

In London benchmark Brent North Sea crude for November delivery rose USD 2.72 to USD 48.69, while in New York a barrel of West Texas Intermediate (WTI) was up USD 2.38 to USD 47.05. OPEC members, whose countries produce 40 percent of the world's crude oil, agreed to cut their output to 32.5 million barrels per day, Bloomberg said citing a delegation source who requested anonymity.  

 

Ripples Advisory says,  that informal OPEC meeting opened in Algiers earlier today to discuss a possible freeze in output by the cartel, with the aim of raising prices which have fallen by more than half since mid-2014. 

 

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Equity Markets rise on Positive Global cues

Positive global indices on the back of higher crude oil prices lifted the Indian equity markets during the early morning trade session on Thursday. Both the key indices traded with gains of almost half a per cent each, as healthy buying was witnessed in stocks of automobile, banking, and oil and gas. 

 

In the openion of  Ripples Advisory, the wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 42.95 points or 0.49 per cent, to 8,788.10 points. The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 28,423.14 points, traded at 28,436.33 points (at 9.30 a.m.) -- up 143.52 points or 0.51 per cent from the previous close at 28,292.81 points. The Sensex has so far touched a high of 28,475.57 points and a low of 28,418.32 points during the intra-day trade.

 

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L&T Construction Secures orders worth Rs 2,046 cr

Country’s leading multinational conglomerate Larsen & Toubro Ltd on Thursday said its construction arm has bagged orders worth Rs 2,046 crore across heavy civil infrastructure, building & factories, transportation infrastructure and power transmission & distribution business segments. 

 

As Ripples Advisory says, “The construction arm of L&T has won orders worth Rs 2,046 crores across various business segments,” Larsen & Toubro Ltd said in a filing to the Bombay Stock Exchange on September 29, 2016. 

 

The power transmission & distribution business of the company has bagged engineering, procurement and construction orders worth Rs 826 crore. Further, the company’s heavy civil infrastructure business has earned an order worth Rs 675 crore in the metro sector.

 

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ING Selling $300 Million Kotak Mahindra Stake

Dutch financial services company ING Group is selling a $300 million stake in Indian lender Kotak Mahindra Bank Ltd in a block trade on Thursday, according to a deal term sheet seen by Reuters. The deal has an upsize option of up to $550 million, according to the term sheet, an informal paper with the deal terms for market participants. 

 

The contents of the term sheet were separately confirmed by a source with direct knowledge. An ING spokeswoman confirmed the company was selling part of its stake in Kotak Mahindra. 

 

"We will disclose further details at closing," the spokeswoman said. ING is selling the shares in a price range of 774.50 rupees to 782.30 rupees apiece. Ahead of the news, Kotak Mahindra shares closed at 782.30 rupees in Mumbai trading on Wednesday.

 

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Air India signs code Share Agreement with Air Austral

National passenger carrier Air India on Wednesday said it has signed a free-flow code share agreement with Reunion Island-based airline Air Austral. "This agreement will enable Air India to code share on Air Austral operated flights on the Chennai-Reunion-Chennai sector as well as beyond Reunion to/from Johannesburg, Seychelles, Mauritius and Madagascar," the airline said in a statement. 

 

"Reciprocally, Air Austral will put its marketing code on Air India operated flights beyond Chennai to/from Mumbai, Delhi and Kochi." According to the airline, the code share will initially be implemented on the Reunion-Chennai-Reunion sector. 

 

"This agreement will enable Air India to reach out to destinations in the Indian Ocean and Africa. We look forward to expand our relationship with Air Austral in future," Seema Srivastava, Executive Director - Strategy and Planning, Air India, was quoted in the statement as saying.

 

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Today Indian Market Open Up

The Sensex is up 144.05 points or 0.5 percent at 28436.86, and the Nifty up 45.65 points or 0.5 percent at 8790.80. 

 

Ripples Advisory says about 393 shares have advanced, 51 shares declined, and 36 shares are unchanged. 

 

Bajaj Auto, ONGC, Axis Bank, ICICI Bank and Maruti are top gainers in the Sensex. 

 

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Today Nifty Expiry Day

F&O cues: 

 

Nifty 8700 Put added 15.2 lakh shares in Open Interest on September 28 

 

Nifty 8750 Put added 9.5 lakh shares in Open Interest 

 

Nifty 8650 Put added 4 lakh shares in Open Interest 

 

Nifty 8850 Call added 4.5 lakh shares in Open Interest 

 

Nifty 8800 Call shed 6.5 lakh shares in Open Interest 

 

Nifty 8700 Call shed 5.9 lakh shares in Open Interest 

 

FIIs in F&O on September 28

 

FIIs net buy Rs 135 crore in Index Future 

 

FIIs net buy 1430 crore in Index Options 

 

FIIs net sell Rs 356 crore in Stock Future

 

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Indian ADRs: Tata Motors, ICICI Bank gain; Wipro Down

Indian ADRs ended mixed on Wednesday. In the banking space, ICICI Bank rose 0.77 percent at USD 7.87 and HDFC Bank declined 1.15 percent at USD 72.26. 

 

In the IT space, Infosys was down 0.13 percent at USD 15.89 and Wipro shed 0.51 percent at USD 9.78. 

 

In the other sectors, Tata Motors gained 1.53 percent at USD 40.59 and Dr Reddy's Laboratories was down 0.13 percent at USD 47.89.

 

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Today's Indian Rupees Open High

The Indian rupee opened marginally higher at 66.44 per dollar on Thursday against previous close 66.46. 

 

According to Ripples Advisory

Global currency markets are rangebound in the absence of any major triggers. Rupee is resilient within a broad range of 66-67/dollar. 

 

"We expect the USD-INR pair to trade in a range of 66.25-66.50/dollar for the day," he said.

 

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