Stock Market Today: GIFT Nifty indicates a bearish start; Reliance Industries, TCS in focus

Stock Market Today: GIFT Nifty on the NSE IX down 90.5 points to 19679.50, indicating that Dalal Street will have a bad start on Monday. The Nifty ended 108 points higher on Friday, forming a bullish Doji candle on the daily chart and a Dragonfly Doji pattern on the weekly scale. On Friday, U.S. equities soared, powered by technology firms, to a substantially higher close as investors weighed a jobs data that showed U.S. hiring grew broadly in September despite slower pay growth.

Rupee slips; Oil falls

On Friday, the rupee fell 2 paise to 83.27 against the US dollar as the Reserve Bank left the repo rate constant in its fourth straight monetary policy review. Oil prices increased by more than $3 a barrel in early Asian trade on Monday, as dramatic military clashes between Israeli and Hamas forces over the weekend heightened political uncertainty throughout the Middle East.

Stock Market Today: Stocks in focus

Tata Consultancy Services

Tata Consultancy Services Ltd announced on Friday that its board of directors will examine a proposal for a share repurchase on October 11, when the firm reports its second-quarter earnings. TCS, headquartered in Mumbai, had a Rs 18,000-crore share repurchase programme last year, in which it purchased four crore shares at Rs 4,500 apiece. TCS distributed Rs 42,079 crore, or 108.2% of its free cash flow, to shareholders as dividends in FY23.

Reliance

Reliance Retail Ventures Ltd (RRVL) announced on Friday that the Abu Dhabi Investment Authority (ADIA) will invest an additional Rs. 4,966.80 crore in Reliance Industries Ltd's retail subsidiary, following a 1.18% stake purchase in the company in October 2020. The new investment values RRVL at Rs 8.38 trillion in pre-money equity, placing it among India's top four most valuable corporations.

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