Sensex ends above 60,000; Nifty at 17,853; Metal stocks slide, IT shines

Topics MARKET LIVE | Sensex | Nifty

The S&P BSE Sensex scripted history and ended above the 60,000-mark for the first time on Friday. The BSE barometer added 163 points to close at 60,048, after falling scaling a new peak of 60,333 in intra-day deals. It's NSE counterpart, Nifty50, too closed at fresh closing peak of 17,853, up 30 points. The index had hit a new lifetime high of 17,948 earlier today.

Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were the top gainers on the Nifty, while Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank were the top laggards.

In the broader markets, the BSE MidCap index fell 1 per cent, while SmallCap index slipped 0.3 per cent. Barring, Nifty IT, Auto and Realty all other sectoral indices, ended in the red.


TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index closed a week at 17853 zone with gains of one & half percent on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its support zone to 17750-17650 so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17650 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 17900-18000 zone where traders can lock some of their long gains.

VIEW :: Remain invested irrespective of market levels

Market levels are just incidental. All time highs (ATH) don’t mean much because every ATH is preceded by a series of ATHs and I am sure it will be succeded by many more to come. We continue to ask our clients to remain fully invested, irrespective of the levels as market timing is a futile exercise. 2010 to 2020 saw series of false starts in the markets coupled with multiple economic disruptions which has made 2021 hard to believe for most stock market participants but if globally supportive macro conditions persist and India continues to stand out on relative merit in light of our Government’s reform approach, one can believe this market has legs. The surge of FII inflows (US$ 38bn) into India since April 2020 suggests that foreign investors continue to place confidence in India’s diverse corporate universe with it’s alpha opportunities.

- Aashish Somaiyaa, Chief Executive Officer - White Oak Capital

'Mid & smallcap stocks could stay under pressure in short-term'

Weak global market did not affect the upside momentum of the domestic market to hit record highs boosted by realty and IT stocks. India is seizing a sweet spot in the global equity market with the increase in domestic investors. However, profit-booking was noticeable in mid & small-cap stocks, which were under pressure and it can continue in the short-term. Realty stocks continued to outperform other sectors owing to an increase in property registrations, and cut in stamp duty (Karnataka) and home loan rates.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

PVR slips over 3% on CRISIL rating downgrade

>> CRISIL downgraded its ratings on the bank facilities and debt programmes of the multiplex operator

IRCON International climbs 3% on winning bid to set up 500 MW solar power plant

>> Ircon International (IRCON) has won a bid to set-up 500 MW solar power plant through e-Reverse auction with a Viability Gap Funding (VGF) of Rs 224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs.2400 crore.

AB Capital gains 2% as Aditya Birla Sun Life AMC files for IPO

>> IPO will open on September 29 with a price band of Rs 695-712 per share

Airtel hits fresh high in intra-day deals, ends 2% higher

>> The stock traded higher ahead of ex-date for rights issue on Monday, September 27, 2021. The company’s Rs 21,000-crore rights issue will remain open for subscription between October 5 and October 21.

Listing Day Action:: Sansera Engineering ends above listing price

>> The stock had debuted at 9% premium over the issue price of Rs 744

Market bread favours sellers!

NIFTY METAL tanks over 2%, worst sectoral performer

>> Welspun Corp only gainer in the 15 pack index

Dream run in realty stocks continue; Nifty Realty index best sectoral performer

Sector Watch :: Realty, IT shine; metal slides the most

Broader markets underperform benchmark Nifty50

>> Nifty Midcap100 tumbles 1%

Sensex Heatmap | Only 11 of 30 Sensex stocks end in the green

>> TOP GAINERS: Asian Paints, M&M, HCL Tech

>> TOP LOSERS: Tata Steel, SBI, Axis Bank, NTPC

CLOSING ALERT :: Nifty50 holds 17,850 at close

CLOSING BELL :: Sensex scripts history, ends above 60K mark for first time

>> The index recorded its fastest 10,000-point jump 

Global oil and gas investment will be 30% below pre-Covid level: ONGC

Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at $350 billion, as operators focused predominantly on conserving cash flows and protecting their balance sheets by cutting their expenditures. While investments are expected to increase by 3-4 per cent this year, it would still be around 30 per cent lower than pre-pandemic levels.” READ MORE

Evergrande's billionaire boss Hui Ka Yan exudes calm amid crisis

But now Hui's highly leveraged business strategy is unravelling. Beijing's tightening of the rules around debt and speculation in the property sector have tipped Evergrande into a liquidity crisis and with liabilities equivalent to around 1.97 trillion yuan ($302 billion) - roughly the size of Finland's GDP - markets are on tenterhooks about contagion risk. READ MORE

MARKET VIEW :: Naveen Kulkarni, Chief Investment Officer, Axis Securities

Crossing the 60k mark is another milestone for the market.  We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. The overall market trajectory continues to be positive, and dips should be utilized to build long-term positions in quality companies for more sustainable returns. A quality theme is back in focus, and we continue to see the broader market doing well, as the visibility on broad-based earnings is still intact. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market.

Journey of Sensex by Ashish Chauhan, MD & CEO of BSE

PVR dips 4% on profit booking after CRISIL downgrades credit ratings

Shares of PVR were down 4 per cent ato Rs 1,505.90 on the BSE in Friday’s intra-day trade on profit booking after rating agency CRISIL downgraded its ratings on the bank facilities and debt programmes of the multiplex operator. In past four trading days, the stock had rallied 13 per cent till Thursday and had also registered a fresh 52-week high at Rs 1,631.85 during the period. READ MORE 

COMMENT :: Aditi Nayar, Chief Economist, ICRA

The upturn in the Government of India's tax revenues and the anticipated inflows from the National Monetisation Pipeline are likely to have triggered the welcome withdrawal of the extant cash management guidelines.  
The GoI's spending had contracted by 5% in April-July 2021 on a YoY basis, and stood at 29% of the Budget Estimates. With the withdrawal of the expenditure management guidelines, we anticipate that spending will gather pace in the second half of this year, which will be critical to unleash animal spirits and drive a faster recovery in economic activity.

NEWS ALERT :: Aditya Birla Sun Life AMC files for IPO

>> IPO to launch on September 29 with a price band of Rs 695-712 per share
Source: TV reports

Realty index zooms 25% in 4 days; DLF m-cap crosses Rs 1 trillion

Shares of real estate companies extended their gains into fourth straight day with the S&P BSE Realty index surging 25 per cent during the period on strong demand ahead of festive season. Among individual stocks, DLF, Godrej Properties and Oberoi Realty have rallied between 30 and 41 per cent during the period under study. READ MORE

Shilpa Medicare arm ties up with Cadila Healthcare Ltd for production-supply of 'ZyCoV-D' Covid-19 vaccine

>> The ZyCov-D vaccine drug substance from will be produced from its integrated Biologics R&D cum Manufacturing center at Dharwad, Karnataka
>> The targeted production of the ZyCoV-D vaccine from this facility will be mutually agreed upon by both parties

Sensex heatmap :: Asian Paints, HCL Tech, M&M top gainers; Tata Steel, Bajaj Finance, SBI top losers

Sector Watch :: Nifty Pharma nearly 1% down as barring Alkem Labs, all stocks trade in red

European stocks slide as Evergrande concerns resurface

European stocks slipped at the open on Friday on lingering worries about troubled property developer China Evergrande, with mining and retail stocks exposed to the Asian country among the biggest decliners.
The regionwide STOXX 600 index slipped 0.5% after a three-day run of gains. Miners, automakers and retailers fell more than 1% each. Broadly, Germany's DAX fell 0.7%, heading into the weekend when the country will vote to elect German chancellor Angela Merkel's successor.
Investors took some profits off the table after mid-week rally as a deadline for paying $83.5 million in bond interest passed without remark from Evergrande, concerns about which rocked financial markets earlier this week.
Source: Reuters

MARKET CHECK :: Sensex pares gains, holds above 60,000-mark

PSP Projects gets Letter Of Intent and work orders for new projects worth Rs 421.9 crore

>> The orders are for institutional, industrial, residential and precast segments from various clients
>> With the receipt of the above, the new projects received during the financial year 2021-22 till date amounts to Rs. 637.23 crores (excluding GST)

Sensex @ 60,000: Time to rejig portfolio and buy the dips, say analysts

The 30-share Sensex index scripted history on Friday as it breached the 60,000 mark for the first time. The BSE barometer hit an all-time high of 60,333 and took just 91 sessions to climb the latest 10,000-points rally. READ MORE

Hold tight! Dizzying bull run can push Sensex to 63,000

The benchmark BSE Sensex index crossed another milestone of 60,000-mark on Friday on the back of sustained FII inflows and decline in Covid-19 cases. The market momentum has been so strong that the BSE index gained its last 5,000 points in mere 28 trading sessions. READ MORE

Caplin Point's CRO Amaris Clinical completes US FDA auddit with nil observations

>> Chairman C. C. Paarthipan commented: It is an excellent milestone for our group, and shows our commitment to maintaining the highest standards of quality and compliance at all our units.
>> Amaris will facilitate cost effective and quicker foray into newer geographies we plan to expand, where BA/BE studies are required for product approvals. 

ALERT :: Finance Ministry removes expenditure restrictions

>> Finance Ministry removes restriction on spend at 20% of budget estimates

>> Central Ministries can now spend as per approved plans

>> Govt want central ministries to push capital expenditure

BSE Realty index rises over 2% supported by Oberoi Realty, Mahindra Lifespace, DLF and Prestige Estate

Sensex hitting 60k is a reminder of equity power, says Dhiraj Relli, MD & CEO of HDFC securities

Indus Towers rallies 10%, hits over 2-year high; Vodafone Idea up 9%

Shares of Indus Towers hit an over two-year high of Rs 305.65 as they rallied 10 per cent on the BSE in Friday’s intra-day trade. The stock of the tower infrastructure services provider was trading at its highest level since April 2019. In the past seven trading days, it has surged 25 per cent after the government announced reforms in the telecom sector, which have increased Vodafone Idea’s going concern visibility. READ MORE

'Market euphoria may extend till Jan-Feb'

The sentiment on D-street is bullish. A dip of a couple of per cent would be a good opportunity for traders and investors to enter. The euphoria in the market is likely to continue. It may extend till January-February 2022. Though the volatility is likely to witness an uptick.  I believe the stocks ranking higher in terms of outperformance will continue to shine. But traders and investors need to keep in mind the margin of safety in these stocks because their support levels are very deep.

-- Brijesh Bhatia-Senior Research Analyst of Equitymaster


ALERT :: IRCON International wins bid to set up 500 MW solar power plant

>> The approximate cost of the project is Rs 2,400 crore

MARKET VIEW | Rahul Sharma, Director, Head - Technical & Derivative Research at JM Financial Services

Nifty is expected to reach 50% of its Fibonacci extension (18,111) of the second leg of the rally which began from April 2021. Market Internals, Breadth & Thrust have been robust but expect some profit booking around the 18,100 mark. Buy the Dip is the mantra for fresh entry as supports are expected at 17,650 & 17,300. Banknifty can post another breakout above 38,100 for a possible target of 40,000 in October series. We remain positive on Telecom, Auto & Private Banks. 

BUZZING :: Asian Paints rises over 4% in trade

>> The stock hit 52-week high levels of 3,505

Structural bull-run in Indian stock market remains intact: Chris Wood

Even as local authorities rush to cushion the fall of Evergrande Group – China’s second largest property developer by sales – that can create a flutter across global financial markets, Christopher Wood, global head of equity strategy at Jefferies suggests that the structural bull-market in India remains intact. He has hiked stake in Bajaj Finance in his Asia ex-Japan long only portfolio by 1 percentage point (ppt). Wood had bought a stake in the company earlier this month. READ MORE

VIEW: Intermittent volatility likely but positive momentum to continue

Equity market today had a historical day with Sensex touching 60,000 for the first time driven by large caps with many index heavyweights touching new highs. The rally in domestic market is driven by positive global cues, strong inflows by FIIs/DIIs, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital. Amid the buoyant sentiment and increased activity, valuations has reached elevated levels and demand consistent delivery on earnings expectations. Given rich valuations, one cannot ignore intermittent volatility – however we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings.

-- Motilal Oswal, MD & CEO, Motilal Oswal Financial Services

Bharti Airtel up 3%, hits new high ahead of ex-date for rights issue

Shares of Bharti Airtel hit a new high of Rs 747.6, up 3 per cent on the BSE in Friday’s intra-day trade ahead of ex-date for rights issue on Monday, September 27, 2021. The company’s Rs 21,000-crore rights issue will remain open for subscription between October 5 and October 21. READ MORE

ALERT :: Zydus Cadila gets US FDA nod for psoriasis drug Apremilast tablets

>> Zydus’ Apremilast Tablets are indicated for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy
>> The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad

Sharp outperformance of Indian markets over EMs, world continues

Most global markets often march in lockstep. However, what has played out this year—more so since August—has stunned many on the Street. The Indian market has stolen a march over its emerging market (EM) and world peers. For a second straight month, the Nifty has outperformed the MSCI World index by more than 6 percentage point (ppt), while the MSCI EM for a fifth straight month. READ MORE

Sensex @ 60,000: Is a correction imminent?

Sensex opened gap up on Sept 24 and breached 60,000 in a run away rally. The time taken for the last 10,000 points was much less (246 days vs the previous 10,000 points taking 609 days). Also the time taken for the Sensex to gain the last 5000 points was just 42 days (vs 204 days for the previous 5000 points). This shows the impact of return of FPIs and local investors continuing to invest despite headwinds that cropped up time and again. The absence of a 10% correction in the indices over the last 18 months shows the maturity of the local investors but also throws up the possibility of that happening over the next few weeks/months.
-- Dhiraj Relli, MD & CEO, HDFC Securities

Sansera Engineering lists at 9% premium over issue price of Rs 744

Auto component maker Sansera Engineering made a decent stock market debut as its shares got listed at Rs 811.50, a premium of 9 per cent over its issue price of Rs 744 per share on the National Stock Exchange (NSE) on Friday. On the BSE, the stock opened at Rs 811.35, the exchange data shows. It moved higher to Rs 828, up 11 per cent on the BSE. READ MORE

CRISIL revises Minda Corp's long-term rating outlook to positive from stable

>> Rating maintained at 'A+' 

IT stocks rally on Accenture's FY22 guidance; Infosys, Wipro at new highs

Shares of information technology (IT) companies were on roll with most of the frontline stocks trading at fresh all-time highs on the bourses on strong revenue guidance by global IT firm Accenture for the financial year 2021-22 (FY22). Accenture forecasted 12-15 per cent revenue growth for FY22, on top of the $50.5 billion revenue it achieved in the current fiscal. READ MORE

Sensex @ 60,000; will it sustain?

Sensex mounted the 60k mark as risk appetite improved after fears surrounding Evergrande debt crisis eased. BSE found almost 60% of the stocks advancing in the first hour. But we remain watchful of markets weighing in rate hike prospects as US treasury yields have begun to firm up, following Fed's taper signals.

Views by: Anand James, Chief Market Strategist at Geojit Financial Services

LISTING :: Sansera Engineering extends gains after listing at 9% premium

Sensex @ 60,000 :: Key highlights of the index's journey

>> Sensex hits 60,000 for the first time on Sept 24

>> Index hit record peak of 60,333 today

>> It took 91 sessions to clmb 10,000 points

>> Sensex first hit 50,000-mark on May 18, 2021

>> Sensex has more than doubled since March 2020 low

VIEW :: Keep a diversified portfolio to face volatility

Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused. Also from global funds perspective, India remains an attractive destination, especially in the China+1 scenario. Having said that retail investors must have a diversified portfolio at this stage to face any kind of volatility.

-- Sandeep Bhardwaj, CEO- Retail,IIFL Securities

'Sensex @ 60,000 is a shot in the arms for bulls'

Sensex@60000 is quite an achievement in these Covid times and a shot in the arm for bulls who are in total control of this market.
The outperformance of India during September so far is stunning with MSCI World Index down 2.13 % and Nifty up by 4.03%. The poor performance of the Shanghai Composite due to regulatory crackdown and the China Plus One policy have again made India an attractive investment destination for FIIs. But the market exuberance has pushed valuations to very high levels. India's valuation premium to EM peers is above 80% now. This is difficult to sustain.
Investors may think of reducing portfolio risk by moving to the safety of high quality large-caps. Partial profit booking in the mid and  small-cap segment and moving some money to fixed income also may be considered.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

NEW LISTING :: Sansera Engineering settles 9% up above issue price in pre-open

>> Issue price at Rs 744

Crisil downgrades PVR's long-term ratings; stock slips 2%

CRISIL Ratings has downgraded the long-term rating of bank loan facilities of the company to A+/Negative from AA-/Negative and short-term rating to A1 from A1+.

Healthcare Global gains 2% on rating upgrade

ICRA has upgraded the rating of the long-term bank facilities of the company to A+/Stable from A-/Stable and short-term facilities to A1 from A2+.

Globus Spirits slips 2% on profit booking

 The National Company Law Tribunal has approved the scheme of amalgamation between Unibev and Globus Spirits.

Jubilant Foodworks slips in trade despite investment in Wellversed Health

The quick service restaurants operator and master franchise of brands such as Domino's Pizza and Dunkin' Donuts, on Thursday said it has acquired 25 per cent stake in Gurugram-based nutrition company Wellversed Health. The company would invest Rs 10 crore in Wellversed in two tranches.

YES Bank shareholders cheer lender's proposal to hold Dish TV EGM

Yes Bank, the largest shareholder of Dish TV India Ltd, has asked the satellite television service provider to hold an extraordinary general meeting (EGM) of shareholders and act on its recommendations to reconstitute the company's board. 

Vedanta slips 2% as co to delist ADR

Mining giant Vedanta on Thursday said it will delist its American depositary shares and concentrate all trading of its equity shares on the BSE and NSE.

IT stocks dazzle after Accenture's stellar earnings; LTI soars 6%

BSE SmallCap index gains around 1%

BSE MidCap index underperforms benchmarks in early deals

Sector Watch :: IT drives market rally, metals sole losers

Sensex Heatmap :: Only 3 of 30 constituents trade in the red



NEWS ALERT :: Govt notifies PLI scheme for automobile & auto component industry

NEWS ALERT :: Indiabulls Housing Finance in focus

Indiabulls Housing Fin repaid Rs 7,075.8 cr of NCDs to investors in September

Source: BSE filing

Commodity Heatmap

Sensex Heatmap in pre-open :: Bajaj Auto top gainer, DRL top laggard



Stocks to watch: Sansera Eng, Vedanta, Dish TV, Dilip Buildcon, IT stocks

New Listing: Sansera Engineerg will list its equity shares on the bourses today. The final issue price has been fixed at Rs 744 per share.
IT stocks: Accenture has forecast to grow 12-15 per cent in fiscal year 2022, on top of the $50.5 billion revenue it achieved in the current fiscal. Accenture closed the record $59.3 billion for the full year, a 20 per cent increase in US dollars over full-year fiscal 2020 new bookings, as clients step up investments in technology to transform their business. Accenture, which follows the September to August fiscal year, grew 14 per cent in the year. READ MORE

Here is a Bull Spread Strategy on Alkem Labs by Nandish Shah of HDFC Sec

Bull spread Strategy on ALKEM LAB
Buy ALKEM SEPT 4000 CALL at Rs 78 & simultaneously sell 4100 CALL at Rs 48
Lot Size 200
Cost of the strategy Rs 30 (Rs 6000 per strategy)
Maximum profit Rs 14000 If ALKEM closes at or above 4100 on 30 Sept expiry.
Breakeven Point Rs 4030

Osho Krishan of Anand Rathi recommends buying Datamatics, Berger Paints

Datamatics Global has been trading in a rising channel on a daily time-frame. The stock has seen a strong resurgence from the short-term exponential moving average in the recent past and this time the moving average is being accompanied by the supporting trend-line indicating a strong demand zone for the counter. Hence looking at the technical setup and the risk-reward ratio, it is advisable to go long in the stock from a short-term perspective. READ MORE

Market Ahead Podcast, Sept 24: Factors that will guide the markets today

All eyes will be on the Sensex today to see if the 30-pack index will claim the 60,000 milestone. On Thursday, the BSE barometer hit an all-time high level of 59,957 before settling 958 points higher at 59,885. The broader Nifty50, on the other hand, surpassed the 17,800-mark for the first time, touching a new peak of 17,844. It, however, ended at 17,827 levels, up 280 points. Listen to the podcast here

FIIs, DIIs were net buyers on Thursday

Bulk deals on BSE as on Thursday

Bulk deals on NSE as on Thursday

SGX Nifty hints at positive opening

>> At 8:30 am, the index was at 17,859 levels, up 17 points

Rupee rebounds 23 paise to close at 73.64 against US dollar

The rupee rebounded by 23 paise to close at 73.64 against the US dollar on Thursday following an improved risk appetite among investors triggered by positive global cues. At the interbank forex market, the local unit opened flat at 73.85 against the greenback. During the session, it witnessed an intra-day high of 73.61 and finally settled at 73.64. Meanwhile, the dollar index, which gauges the greenback''s strength against a basket of six currencies, fell 0.29 per cent to 93.19.
Source: PTI

Oil prices higher in trade

Oil prices were higher on Friday morning, with international benchmark Brent crude futures up 0.57% to $77.69 per barrel. U.S. crude futures climbed 0.41% to $73.60 per barrel.

Asian markets trade mixed as investors seek clarity on Evergrande situation

Stocks in Asia-Pacific were mixed in Friday morning trade, as investors continue to watch developments surrounding China Evergrande Group. The Nikkei 225 in Japan jumped 1.95 per cent in morning trade while the Topix index gained 2.1 per cent. South Korea’s Kospi edged 0.49% higher. Hong Kong’s Hang Seng index traded fractionally higher. 
However, Mainland Chinese stocks traded lower, with the Shanghai composite down about 0.1 per cent while the Shenzhen component shed 0.346 per cent. In Australia, the S&P/ASX 200 fell 0.17 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan traded around 0.1 per cent higher.
Source: CNBC

US indexes close up more than 1% as investors assess Fed news

U.S. stocks gained more than 1 per cent on Thursday as investors appeared relieved about the Federal Reserve's stance on tapering stimulus and raising interest rates. The Dow Jones Industrial Average rose 506.5 points to 34,764.82, the S&P 500 gained 53.34 points to 4,448.98 and the Nasdaq Composite added 155.40 points to 15,052.24. The Fed said on Wednesday it could begin reducing its monthly bond purchases by as soon as November, and that interest rates could rise quicker than expected by next year. The November deadline was largely priced in by markets.
Source: Reuters

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