The Indian markets made a solid start to Samvat 2077, with benchmark indices scaling their fresh closing highs in Saturday's Muhurat trading session.
Among headline indices, the S&P BSE Sensex ended the session 195 points, or 0.45 per cent, higher at 43,638. Intra-day, the index hit an all-time high of 43,830.93. The broader Nifty50 index closed at 12,771, up 51 points. Bharti Airtel, Tata Steel, and Sun Pharma (all up 1%) were the top Sensex gainers. Overall, 26 of the 30 Sensex constituents ended the session in the green.
On the NSE, a total of 1,391 stocks ended with gains while 397 stocks declined.
Shares of Tata Steel rose 3 per cent to Rs 499 on the BSE after delivering strong results in India with broad based, market leading volume growth and strong cash flow generation during the September quarter (Q2FY21). READ MORE
All the Nifty sectoral indices closed with gains, led by Nifty IT index, up half a per cent.
The broader market outperformed the benchmarks, with the S&P BSE MidCap and SmallCap indices rising 0.6 per cent and 0.8 per cent, respectively. Intra-day, the S&P BSE Midcap index hit a 52-week high of 16,028, up 1 per cent on the BSE, surpassing its previous high of 15,931, touched on February 12, 2020. READ MORE
Markets will remain closed on Monday on account of Diwali-Balipratipada.
MARKET COMMENT :: Jitendra Gohil, head of India equity research at Credit Suisse Wealth Management
We recommend investors should increase exposure to private banks with a 12-18-month horizon. The economic growth momentum has picked up pace and the upcoming results season will provide more color on the strength of the broad-based rally in the market.
While the valuation is very expensive – 12-month forward P/E of 21.2 at all time high levels – hopes of further fiscal stimulus in the US, development on vaccine and revival in economic activities in India may keep investor’s interest high.
JItendra Gohil, India equity research head at Credit Suisse
BSE Midcap index hits 52-week high; Balkrishna, PI Ind at record levels
The S&P BSE Midcap index hit a 52-week high of 16,028 in Muhurat trades on Saturday evening, up 1 per cent on the BSE, surpassing its previous high of 15,931 touched on February 12, 2020. Among stocks, Adani Green Energy, Ashok Leyland, Balkrishna Industries, Info Edge (India) and PI Industries from the index hit their respective record highs. READ MORE
We expect further consolidation in the Nifty after the recent surge and also due to the existence of a hurdle at 12,800. In the case of any dip, it would find support around the 12,400-12,500 zone. Meanwhile, we suggest focusing on the broader markets as we’re seeing fresh traction but stick to the quality midcap and smallcap names
Nomura on markets
We think capital flows resulting from improved risk sentiment will drive stocks in the near term. Improvement in sentiment around the pandemic and improving high-frequency growth indicators and corporate earnings as the economy opens up could lead to market overlooking potential growth concerns that can emerge over time. Our Dec ’21 Nifty target of 13,640 is based on 19x Dec-22 earnings, assuming 4-5% risk to current consensus estimates.
Top picks of brokerages for Samvat 2077
Sectorally, PSU index has a fair chance of returning in favour, HDFC Securities said in a note. According to the brokerage, banks seem to be headed higher but with intermittent corrections while metals could be a surprise performer. Information Technology (IT) and healthcare have some more upside, but repeating 2020’s performance will be difficult for them, it said. READ MORE
Goldman Sachs ups Nifty target for 2021
Valiant Organics falls 10% on disappointing Q2 nos; Co announces 1:1 bonus
Shares of Valiant Organics dipped 10 per cent to Rs 3,085 on the BSE in an otherwise strong market on Saturday after the company reported 5 per cent year-on-year (YoY) jump in consolidated net profit at Rs 32.29 crore for the September quarter (Q2FY21). Revenue from operations grew 1.7 per cent YoY at Rs 167 crore. With today’s fall, the stock of the company engaged in manufacturing of chemicals business has declined 15 per cent in the past two trading days. At 06:28 pm, it was trading 8 per cent lower at Rs 3,168 on the BSE, as compared to 0.61 per cent rise in the S&P BSE Sensex. READ MORE
Kalpataru Power Transmission zooms 9%
Tata Steel shares gain 3% on strong September quarter results
Shares of Tata Steel rose 3 per cent to Rs 499 on the BSE on Saturday after delivering strong results in India with broad based, market leading volume growth and strong cash flow generation during the September quarter (Q2FY21). The company’s Ebitda (earnings before interest, taxes, depreciation, and amortization) from India operations surged 4.1 times quarter-on-quarter (QoQ) and 49 per cent year-on-year (YoY) to Rs 6,025 crore, driven by higher volumes, improved realizations and cost efficiencies. READ MORE
BUZZING STOCK:: Kansai Nerolac Paints zooms 3% in early deals
Q2 RESULTS IMPACT | Tata Steel rises 3%
Heatmap: S&P BSE Sensex gainers and losers at open
Nifty sectoral indices at open
MARKET AT OPEN | Sensex opens at record high
Diwali picks: HDFC Securities
Top gainers and losers at S&P BSE Sensex during Pre-Open
FII/FPI & DII trading activity on NSE, BSE and MSEI
Samvat 2076 recap: Adani Green Energy, Laurus Labs among top value creators
Shares of pharmaceuticals, information technology (IT), automobiles, telecom services providers, consumer durables and chemicals companies were among the top value creators for investors during Samvat 2076. Laurus Labs, Alkyl Amines Chemicals, Granules India, JB Chemicals and Pharmaceuticals, Dixon Technologies, Tata Communications, Vodafone Idea, Deepak Nitrite, Amber Enterprises, and Escorts were among 24 stocks from the S&P BSE500 index have seen their market values more-than-double during Samvat 2076. READ MORE
Samvat 2077: Here are the sectors that are expected to do well
The stock market had a roller-coaster ride during Samvat 2076, as it rose till January 2020, then witnessed a sharp fall and later made an equally smart recovery. On Monday, the equity market hit a fresh record high on firm global cues after Democrat candidate Joe Biden emerged winner in the 2020 US Presidential elections. The significant feature of equity market performance in Samvat 2076 has been the sharp divergences both across and within sectors and companies - highlighting the differentiated impact of Covid on various sectors. READ MORE
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Hello and welcome to Business Standard’s special coverage of Muhurat trading for Samvat 2077