Daily market commentary - 10th October 2019 - Bonanza Portfolio

By Mr Jaipal Shetty, Fundamental Analyst, BONANZA PORTFOLIO LTD

- The markets corrected today with NIFTY 50 down by 0.7% closing at 11,234 and SENSEX closing lower by 0.8% to 37,880. Edelweiss Asset Management approached the Bombay High Court to recover its dues from DHFL. This gave rise to fresh concerns regarding the lack of an institutional mechanism to resolve defaults on loans by financial companies. Bank Nifty closed lower by 2.7% today leading to a correction in Indian benchmarks.

- Global markets were trading flat as weak global data, US-China trade talks and Turkeys military venture into Syria were the major concerns for global investors today.

- Reliance Jio announced that it will charge 6 paise per minute for voice calls made by its users to other mobile phones networks, on back of this news Bharti Airtel, Vodafone Idea and Reliance Industries stocks closed up by 4%, 5% and 3% today.

- The Reserve Bank of India has rejected the proposed merger between Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance (IHF), both the stocks (LVB and IHF) closed lower by 5% and 19% today.

- Indusind Bank Ltd corrected by 6% today as it reported higher than expected slippages in its 2QFY20 result.

Source : Equity Bulls

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