MARKET WRAP: Sensex jumps 629 pts on broad-based buying; Nifty Bank up 3.7%

The volatility index, India VIX, slipped nearly 6.5 per cent to 18.27 levels.
The benchmark indices ended over 1.5 per cent higher on Thursday amid across-the-board buying. 

Among headline indices, the S&P BSE Sensex ended 629 points, or 1.65 per cent higher at 38,697 levels while the Nifty50 index topped the 11,400-mark to settle at 11,417, up 1.5 per cent. The volatility index, India VIX, slipped nearly 6.5 per cent to 18.27 levels. 

IndusInd Bank (up over 12 per cent) and Bajaj Finance (up over 5 per cent) were the top Sensex gainers, followed by Axis Bank, ICICI Bank, and Tech Mahindra (all up 4 per cent).

On a weekly basis, Sensex gained 3.4 per cent while Nifty added 3.3 per cent. The markets will remain closed on Friday (October 2) on account of Gandhi Jayanti.

The trend among Nifty sectoral indices was positive, led by Nifty Private Bank index, up over 4 per cent. The Nifty Bank index rallied 3.7 per cent to 22,246 levels. 

In the broader market, the S&P BSE MidCap index ended 0.73 per cent higher at 14,813 levels while the S&P BSE SmallCap index ended at 14,970, up 0.69 per cent.

Global markets 

European stocks rose on Thursday as Swedish retailer H&M and French-Italian chipmaker STMicroelectronics jumped after reporting forecast-beating results, while hopes of more US stimulus aided global sentiment.

In Japan, a hardware failure shut down trading on the Tokyo Stock Exchange in the worst outage ever suffered by the world’s third-largest stock market, which said it aimed to reopen on Friday.

In commodities, oil prices fell as rising coronavirus cases dampened the demand outlook. Gold, on the other hand, rose on Thursday as an easing dollar and signs of progress in talks for fresh US stimulus measures bolstered the metal’s appeal.

(With inputs from Reuters)


4:08 PM IST "The announcement of Unlock 5.0 guidelines gave the markets a temporary boost, and benchmark indices closed up by more than 1.5 per cent. Positive factory output data also supported the markets. Global indices were also positive on renewed hopes of a US stimulus package which can also ensure continued liquidity for emerging markets like India. Rising cases of infections, seemingly high valuations, and geopolitical tensions are still causing worry for the markets. Next week cues will again mainly depend on how global markets close out this week."

3:43 PM IST

3:42 PM IST

3:36 PM IST The S&P BSE Sensex surged 629 points, or 1.65 per cent to settle at 38,697 while NSE's Nifty ended at 11,417, up 169 points, or 1.51 per cent.

3:28 PM IST

3:22 PM IST Shares of IndusInd Bank recorded its sharpest intra-day rally in over five months after the stock rallied 13 per cent to Rs 598 on the BSE on Thursday on the back of heavy volumes. Earlier, on April 28, 2020, the stock of the private sector lender had zoomed 18 per cent in the intra-day trade. READ MORE

3:08 PM IST >> The trading was halted for the entire day Thursday, freezing buying and selling in thousands of companies. 

3:06 PM IST

3:03 PM IST The best is already over for a global economic recovery that started off at a sprint and is turning into a slog. That’s the warning from Wall Street economists heading into the final months of a traumatic year. Some $20 trillion of stimulus from governments and central banks has pulled the world’s economies most of the way back to pre-pandemic levels. But for multiple reasons, the last stretch is set to be the hardest. READ MORE

2:58 PM IST Under the partnership, HUL's retailers who use the company's Shikhar app will be able to avail of credit facility for payments to distributors through an integration with State Bank of India's (SBI) Yono app.   Hindustan Unilever (HUL) Chairman and Managing Director Sanjiv Mehta said while there are around ten million retailers in India, they have faced constraints in access to credit as they have always operated in an informal environment, while they have also been reluctant to adopt digital technology. READ MORE

2:50 PM IST COMPANY PRICE(rs) 52 WK HIGH CHG(%) ADANI GREEN 741.50 755.00 0.49 ADVANCED ENZYME 332.00 344.25 0.50 APL APOLLO TUBES 2975.40 3003.00 1.98 APOLLO HOSPITALS 2085.00 2177.30 -3.00 BLISS GVS PHARMA 177.80 181.15 4.25 » More on 52 Week High

LIVE UPDATES

MARKET COMMENT | Vinod Nair, Head of Research at Geojit Financial Services

"The announcement of Unlock 5.0 guidelines gave the markets a temporary boost, and benchmark indices closed up by more than 1.5 per cent. Positive factory output data also supported the markets. Global indices were also positive on renewed hopes of a US stimulus package which can also ensure continued liquidity for emerging markets like India. Rising cases of infections, seemingly high valuations, and geopolitical tensions are still causing worry for the markets. Next week cues will again mainly depend on how global markets close out this week."

SECTOR WATCH | Nifty Bank jumps 3.7%


MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex


CLOSING BELL

The S&P BSE Sensex surged 629 points, or 1.65 per cent to settle at 38,697 while NSE's Nifty ended at 11,417, up 169 points, or 1.51 per cent.

MARKET CHECK


IndusInd Bank sees biggest intra-day rally in 5 months; stock surges 13%

Shares of IndusInd Bank recorded its sharpest intra-day rally in over five months after the stock rallied 13 per cent to Rs 598 on the BSE on Thursday on the back of heavy volumes. Earlier, on April 28, 2020, the stock of the private sector lender had zoomed 18 per cent in the intra-day trade. READ MORE

ALERT :: The Tokyo Stock Exchange witnessed worst-ever outage for the world’s third-largest bourse

>> The trading was halted for the entire day Thursday, freezing buying and selling in thousands of companies. 

Sept Auto Sales :: Ashok Leyland posts total domestic sales at 7,847 vs 7,850 in Sept 2019


Global economic recovery slowing from a bounce to a grind: Economists

The best is already over for a global economic recovery that started off at a sprint and is turning into a slog. That’s the warning from Wall Street economists heading into the final months of a traumatic year. Some $20 trillion of stimulus from governments and central banks has pulled the world’s economies most of the way back to pre-pandemic levels. But for multiple reasons, the last stretch is set to be the hardest. READ MORE

SBI, HUL tie up for providing easy access to credit to small retailers

Under the partnership, HUL's retailers who use the company's Shikhar app will be able to avail of credit facility for payments to distributors through an integration with State Bank of India's (SBI) Yono app.
 
Hindustan Unilever (HUL) Chairman and Managing Director Sanjiv Mehta said while there are around ten million retailers in India, they have faced constraints in access to credit as they have always operated in an informal environment, while they have also been reluctant to adopt digital technology. READ MORE

Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
ADANI GREEN 741.50 755.00 0.49
ADVANCED ENZYME 332.00 344.25 0.50
APL APOLLO TUBES 2975.40 3003.00 1.98
APOLLO HOSPITALS 2085.00 2177.30 -3.00
BLISS GVS PHARMA 177.80 181.15 4.25
» More on 52 Week High

BUZZING STOCK:: IndusInd Bank at day's high, up 12%


Q&A :: We are converting crisis into opportunity, says FM Nirmala Sitharaman

The impact on the economy in the first quarter is there for everyone to see. There is no denying that it was an intense impact. And, even as we are talking, at the end of the second quarter there’s still only patchy revival happening and patchy revivals are very difficult to document in terms of measurability. So, we’ll have to see how it goes. READ INTERVIEW HERE

Airlines will have to pay interest to passengers on credit shell amount: SC

The Supreme Court on Wednesday ordered airlines to pay a 0.5 percent interest per month on delayed refunds of tickets which were cancelled due to restrictions imposed to counter Covid-19 pandemic.
 
The court said that the credit shell will be valid till 31 March 2021 and if the passenger hasn’t used the amount after that, airlines have to refund the amount with additional interest. READ MORE

BROKERAGE VIEW | Nirmal Bang Securities on IndiGrid InvIT Fund

CMP: Rs 106 | Annualised Return Expectation: 11.3% | Reco: BUY

Investment Rationale
  • Steady cash flow generating business model with minimal counter-party risk;
  • KKR & GIC reinforce IndiGrid platform’s credibility; KKR’s induction as co-sponsor to improve robustness of corporate governance;
  • Strong focus on growth via acquisitions;
  • No negative impact of Covid-19

BSE Midcap index up around 1%


Tech Mahindra trades 4% higher


Rupee Closing

Rupee ends stronger at 73.15 per US dollar vs Wednesday's close of 73.77/$

TVS Motor gains 5%, hits over 8-month high ahead of September sales data

TVS Motor Company's sales in August 2020 grew by 14 per cent over July 2020 and flat on year-on-year basis. The company sold 287,398 units in August as against 252,744 units in July 2020. It had sold 290,455 units in the month of August 2019. READ MORE

Analysts remain cautious on PVR, Inox Leisure despite Unlock 5.0 relief

Despite the rise, analysts remain watchful on the road ahead for these stocks. G Chokkalingam, founder and managing director of Equinomics Research and Advisory, for instance, says the steady rise in Covid-19 infections, weak balance sheet, and shift to (over-the-top) OTT preference is likely to continue to cap the upside in these stocks. READ MORE

Steel producers see retail strengthening despite spiking Covid-19 cases

While Covid-19 pandemic is setting a new normal for most industries across sectors, domestic primary steel producers too are adopting different ways to enhance focus on their retail business. At Tata Steel, the company’s Agrico retail business division which caters to agricultural implements generates almost 60 new products every year. READ MORE

Angel Broking IPO: Here's how to check share allotment status

The IPO comprised Rs 300 crore in fresh fund raising and another Rs 300 crore secondary share sale by existing shareholders, including International Finance Corporation (IFC), a World Bank arm. Angel Broking is the country’s fifth largest broker in terms of the number of active clients. At the IPO price, Angel Broking will be valued at Rs 2,503 crore. READ MORE 

From low prices to weak competition, how Titan hit gold during pandemic

India’s biggest gold jeweller is emerging stronger from the coronavirus pandemic. Shares of Titan Co. posted the best quarter in nearly three years as investors bet on a recovery in demand ahead of the key festive season and as an economic slump weakens its competitors.
 
The stock jumped nearly 27% in the quarter ending Sept. 30, the most since the three months ended December 2017. That compares with a 9% increase in the benchmark S&P BSE Sensex. READ MORE

MARKET CHECK


Gujarat Ambuja Exports turns ex-split, zooms 20%; up 87% in three months

Shares of Gujarat Ambuja Exports zoomed 20 per cent to Rs 129.90, also its 52-week high on the BSE in intra-day trade on Thursday, as the stock split and was trading at a face value of Re 1. The company has fixed Monday, October 5, 2020, as the record date for the purpose of sub-division of equity shares of the company having face value of Rs 2 each to Re 1 each. The board of directors of the company at its meeting held on July 25, 2020 had approved the sub-division of equity shares of the company. READ MORE 

Here's how you can tell if a stock is under consolidation

Consolidation is a phase in the markets in which a stock or an index trades within a specific range, between the 'support' and resistance' levels. The price reverses from specific lower levels -- the support -- and faces selling pressure at higher levels -- the resistance. This scenario, by and large, defines consolidation. READ MORE  


IndusInd Bank surges over 7%


BROKERAGE VIEW | Centrum Broking on cement sector

We retain our BUY rating on Ambuja Cement, Orient Cement and Star Cement, Add rating on ACC, Ultratech Cement and Heidelberg Cement. We maintain our Reduce rating on Ramco Cements and have downgraded JK Cement (JKCE) to Reduce (due to valuation concerns). We maintain our Sell rating on JK Lakhsmi Cement, Shree Cement and India Cements.

BROKERAGE VIEW | Emkay Global on Speciality Chemicals

Recovery in the Auto sector boosted demand for Acrylonitrile (ACN) (up 13% QoQ), which consequently eases supply for by-product Acetonitrile (down 4% QoQ). However, with Europe stepping up curbs on fears of Covid-19’s resurgence, global market pressures linger on economic revival. For our coverage universe, we expect margins of SRF/NFIL to remain healthy in the specialty segment on low Fluorspar prices. CFIN could benefit from correction in key raw materials, while improved realization for VO should aid revenue growth. In sector EAP, we remain OW on SRF, NFIL, VO and CFIN.

BROKERAGE VIEW | Edelweiss Securities on Battery industry

We remain positive on the battery industry in light of: i) healthy auto replacement sales; and ii) emerging segments within industrials. Given their strong market shares, balance sheets and healthy cash flows, we maintain ‘BUY’ on both Exide (TP: Rs 184) and AMRJ (TP: Rs 842), valuing them at 18x and 21x core business, respectively—a huge valuation gap vis-a-vis global lithium-ion battery players.

PNB nears 52-week low on Rs 1,230 crore fraud by Sintex Industries

Shares of Punjab National Bank (PNB) slipped 3 per cent to Rs 27.65 on the BSE in intra-day trade on Thursday in otherwise firm market, after the bank reported a fraud worth Rs 1,203 crore by Sintex Industries. The stock of state-owned lender was trading lower for the third straight day. It is close to its 52-week low price of Rs 26.30 touched on May 20, 2020. READ MORE


6 auto, cement stocks you can bet on as they unveil their September sales

Escorts Ltd (ESCORTS): The recent upside clearly indicates the strength that absorbed selling pressure above the resistance zone of Rs 1,280 levels. A high of Rs 1,342 on September 30 reflects the positive momentum staying strong above Rs 1,300 levels. The stock is trading above the support of 50-days moving average (DMA), currently placed at Rs 1,169 levels. The overall trend suggests that the counter is moving in the direction of Rs 1,400 and Rs 1,550 levels in the days ahead. READ MORE

Expect no gains for Nifty over next year as stocks get expensive: Citi

India’s major stocks are unlikely to gain much over the next year as the inflow of funds amid global coronavirus-related stimulus and easy money policies has made them too expensive for now, according to Citigroup Inc. “Foreign flows are supportive but on the domestic side, we have seen things slowing down a bit,” Surendra Goyal, Citi’s head of India research, said in an interview this week. “Liquidity does act as a support to the market but valuations are on the higher side, particularly in the backdrop of the pandemic.” READ MORE

BROKERAGE VIEW | Prabhudas Lilladher on Lupin

Rating: BUY | CMP: Rs 1,007 | TP: Rs 1,085

We believe LPC would have an advantage with the first gTykerb launch which could lead them to sustain 60% market share. With 60/40 profit share for gTykerb, we expect an EPS contribution of Rs 0.40 and Rs1.10 for FY21E and FY22E. We remain upbeat of LPC on regulatory revival theme and new launches in the US market. We have a BUY rating and our TP is Rs 1,085 based on 24x (PE) on FY22E.

Top gainers on the BSE at this hour


BROKERAGE VIEW | ICICI Securities on 3M India

RECO: ADD | TARGET PRICE: Rs 20,000

We model 3M India to report revenue and PAT CAGRs of 4.8% and 8.2% respectively over FY20-FY23E. RoE is also expected to remain above the cost of capital over the same timeframe. We initiate coverage on the stock with an ADD rating and DCF-based target price of Rs 20,000 (55x FY23E).

MARKET UPDATE:: Sensex holds early gains


Bajaj Auto rallies 8% on better-than-expected September sales

Shares of Bajaj Auto rallied 8 per cent to Rs 3,112 on the BSE on Thursday after reporting a better-than-expected 10 per cent year on year (YoY) increase in its total September sales at 441,306 units, on the back of its highest-ever export sales. The two- and three-wheeler manufacturer had sold 402,035 units in the year-ago period. READ MORE

Sept Auto Sales :: Maruti Suzuki India posted total sales of 160,442 units


Computer Age Management Services lists at 23% premium over issue price

Shares of Computer Age Management Services (CAMS) were listed at Rs 1,518, a 23 per cent premium against the issue price of Rs 1,230 per share on the BSE. At 10:04 am, the stock was trading at Rs 1,493, 21 per cent higher against the issue price. It touched a low of Rs 1,480 and a high of Rs 1,550 on the BSE so far. As many as 4.9 million equity shares changed hands on the counter on the BSE. READ MORE  


Chemcon Speciality makes strong debut, lists at 115% premium to issue price

Shares of Chemcon Speciality Chemicals, on Thursday, made a stellar debut at the bourses, listing at Rs 731, a 115 per cent premium against issue price of Rs 340 per share on the BSE. At 10:01 am, the stock was trading at Rs 669, up 97 per cent against its issue price. The stock has touched a high of Rs 743.80 and low of Rs 650, so far. Around 299,000 million shares have changed hands on the counter on the BSE. READ MORE

NEW LISTING :: Chemcon Speciality slumps after debut at Rs 731


Chemcon Speciality Chemicals lists at 115% premium over issue price at Rs 730.95


NEW LISTING :: CAMS dips 2% after getting listed at Rs 1,518


Inox Leisure, PVR surge up to 17% on reopening of cinemas from October 15

The central government has permitted reopening of cinemas from October 15 with up to 50 per cent of seating capacity outside containment zones adhering to the Standard Operating Procedure (SOP), which will be issued by the I&B Ministry. Among individual stocks, Inox Leisure surged 17 per cent to Rs 318 on the BSE on the back of over four-fold jump in trading volumes. READ MORE 


NEW LISTING :: CAMS surges over 23% in Pre-open


NEW LISTING :: Chemcon Speciality Chemicals settles at Rs 731 in Pre-open


NEWS ALERT :: Jet fuel price hiked by Rs 719.25/kL to Rs 40,211.78 in Delhi

(via CNBC TV18)

Nifty Private Bank Index advances over 2%; all 10 constituents trade in the green


KEC International up 2.5% on new order


PVR zooms 13% as cinema halls to re-open from Oct 15


ONGC sinks over 2.5% as govt slashes natural gas prices


Bajaj Auto jumps 4% on Sept sales figures


HDFC Bank up 2% as management says ops have reached pre-covid levels


RIL adds around a per cent

>> US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in the retail arm of Reliance Industries, the Indian firm said in a statement on Wednesday. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 per cent equity stake in RRVL.


Financials trade as top gainers on NSE


Sensex Heatmap :: Broad-based buying lifts markets


First Trade


First Trade


Sept Auto Sales :: Bajaj Auto's total sales rise 10% YoY


Sept Auto Sales :: Escorts Agri Machinery Segment (EAM) sold 11,851 tractors, highest ever Sept sales


Commodity Heatmap


Top gainers and losers on the S&P BSE Sensex at Pre-open


Markets at Pre-open


Markets at Pre-open


BROKERAGE VIEW :: Spark Capital on Tata Consumer

Target price: Rs 540 | Reco: Add

>> Merger of Tata Chemical’s (TCL) Foods business has tilted the geographic mix in favour of India [India Revenues 56% of consolidated] Growth/RoCE are becoming the operating words for TCPL’s overseas strategy as well. Though these are still early days, from the Parent to TCPL to on-field execution, the change is very much palpable and encouraging.

>> Obviously, there are challenges, a highly penetrated portfolio (Tea & Salt), huge competition pressure in Pulses & Spices (Sampann) and RTD space (Nourishco). But then there are multiple near-term growth levers as well in scope for distribution expansion, leveraging technology in the supply chain, NPD pipeline, improving terms of trade, capital efficiency, etc. As against the conventional investment thesis, we wear our reliable ‘ANTI-THESIS/THINK INVERT’ lens to evaluate the company. We forecast 10% and 23% revenue and PAT growth respectively for FY20-23E period, initiating coverage with an ADD rating, with TP of Rs. 540, valuing it on SOTP basis

BROKERAGE VIEW :: HDFC Securities on Zydus Wellness

Target price: Rs 1,907 | Reco: HOLD

>> While Q1FY21 performance was impacted by Covid-19 related disruptions, sharp improvement seen towards the end of the quarter for some of the brands was encouraging. Moreover, Zydus’ recent launches targeted towards capitalizing on the health and hygiene trend is also likely to support revenue performance in near term.

>> In addition, the company’s recent fund raising is also a step in the right direction as it would help in reducing interest expense in current challenging times and also improve profitability significantly once demand scenario improves going ahead. We believe increasing penetration level, new product extension in old brands as well as in recently acquired brands would also augur well for the overall performance of the company over the long term.

>> We are positive on the stock given the structural growth drivers of the health & wellness industry and its strong market share across product categories.

>> Currently, we maintain our Hold rating on the stock from a portfolio perspective with the target price of Rs.1907 (earlier Rs.1611) at a target PE multiple of 38x (maintaining earlier PE multiple) on FY22E EPS of Rs.50.2 (earlier Rs.42.4). Any earning revision would depend on the performance of key brands and of Heinz brands, accrual of synergy benefits, rollover to next financial year and changes in general business momentum.

NEWS ALERT :: KEC International bags order worth Rs 1,033 cr


Stocks to watch today

RIL: US private equity firm Silver Lake Partners will invest an additional Rs 1,875 crore in the retail arm of Reliance Industries, the Indian firm said in a statement on Wednesday. This brings the aggregate investment by Silver Lake and its co-investors in RRVL to Rs 9,375 crore, which will translate into a 2.13 per cent equity stake in RRVL.
 
PNB: Public sector Punjab National Bank (PNB) on Wednesday declared its Rs 1,203.26 crore exposure to Sintex Industries Ltd as fraud. The fraud reporting pertains to the large corporate branch at Ahmedabad zonal office, it added. READ MORE

BROKERAGE VIEW :: Morgan Stanley on RIL

Maintains 'Overweight' | Target Price: Rs 2,247

>> Co has monetised $26 bn in assets YTD in telecom, retail energy biz

>> Capital allocation, energy margin recovery, and execution on retail key positives 

BROKERAGE VIEW :: Citi on Tech Mahindra

Maintains 'Buy' | Target price: Rs 950

>> Rasie FY21-23 estimate by 2% to incorporate cross currency benefit

>> Raise target multiple to 17x given broader re-rating in the sector

BROKERAGE VIEW :: CLSA on Financials

>> Private Bank's CASA share gains accelerated materially in the last 2 yrs

>> Smaller private banks saw their cost of funds expand

>> Smaller private banks need to imprive the quality and granularity of deposit franchise

>> Remain positive on top 3 private banks and SBI

>> Out targets imply 35-70% upside for SBI< ICICI, Axis and HDFC Bank

BROKERAGE VIEW :: MOFSL on Financials

>> Systemic loan growth moderated to 5.3% YoY for the fortnight ended 11th Sep’20. The outstanding credit base has now reached INR102.2t. Retail credit growth moderated to 10.6% YoY (2.8% QoQ improvement) v/s 17% YoY in Jan’20. Among retail segments, housing loan growth moderated to 11% YoY (v/s 17% YoY in Jan’20) while vehicle loan growth moderated to ~8% YoY and credit cards grew 13% QoQ (7% YoY growth).

>> Industry growth remained muted while that in the Services segment moderated to ~8.6% YoY. Agri growth too remained subdued at 5% YoY.

>> Overall, we believe recovery in high ticket retail loans, CVs and corporate demand would be much slower. In the near term, banks would remain cautious in their loan growth strategy with higher focus on collections. Overall, loan growth of Private Banks should moderate to ~10% v/s ~18 projected earlier (pre-COVID) for FY21E. We expect systemic loan growth for FY21E at 4.3% YoY

Bulk deals on BSE as on Wednesday

Bulk deals on NSE as on Wednesday

FIIs/FPIs remain net sellers on Wednesday


Rupee check

Source: Bloomberg


Oil holds steady on hopes for US stimulus agreement

>> Oil prices were little changed in early trade on Thursday after US lawmakers postponed a vote on a $2.2 trillion coronavirus relief package in hopes of reaching a bipartisan deal, while rising infections fuelled demand fears.

>> US West Texas Intermediate (WTI) crude futures slipped 1 cent to $40.21 a barrel, after jumping 2.4% on Wednesday.
 
>> Brent crude futures rose 3 cents to $42.33 a barrel, after falling 0.2% overnight.

(Source: Reuters)
 

NEWS ALERT :: Tokyo trade to be halted all day due to glitch: exchange

(Via AFP News Agency)

SGX Nifty up over 1%

>> At 8:25 am, the index was at 11,362.50 level, up 118 points or 1.05 per cent.

Asian markets check :: Tech glitch halts trading in Japan

Source: Reuters


US market check

Source: Reuters


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