Sensex sprints 569 pts, ends at 61,306; Nifty atop 18,300; IRCTC gains 11%

CLOSING BELL

Market bulls reigned on the bourses for the sixth consecutive session on Thursday as strong Q2 show by Infosys and Wipro, along with hopes of a better-than-anticipated economic recovery, lifted sentiment. The benchmark BSE Sensex reached the 61,000-mark milestone for the first time while the Nifty50 index surpassed 18,300 today.

An across-the-board rally lifted the 30-share pack 569 points or 0.94 per cent on the bourses, helping the index to settle at 61,306 levels. The Nifty50, meanwhile, shut shop at 18,336 levels, up 174 points or 0.96 per cent. Both the indices hit fresh record peaks of 61,353 and 18,351 in the intra-day deals.

In the broader markets, the BSE MidCap index closed 0.54 per cent higher while the BSE SmallCap index added 0.46 per cent.

Overall, market breadth firmly favoured the bulls with 1,719 stocks advancing on the BSE compared with 1,637 stocks that declined. The BSE m-cap stood at Rs 272.8 trillion by close. 

Market at glance:

Top gainers on Nifty: Adani Ports (up 7%), Wipro (5.4%), Grasim (4.7%)

Top losers on Nifty: Coal India (down 3%), Tata Motors (2%), Eicher Motors (1.9%)

Top Sectoral gainer: Bank index (1.8%), Metal index (1.7%)

Top Sectoral loser: Auto index (0.66%)

India VIX at close: 15.77 (down 2%)

BSE m-cap at close: Rs 273 trillion

Record high levels: Sensex (61,353); Nifty (18,351); BSE MidCap (26,874); BSE SmallCap (30,035)

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MARKETS at 2:30 PM:

LIVE markets update: The domestic benchmark indices continued to trade near the day's high levels in the last hour. The BSE Sensex surged around 464 points to 61,201, and the Nifty was up 143 points at 18,305. The BSE 30-pack index had hit a new high of 61,268, while the NSE 50-pack index had reached a peak of 18,325 in intraday deals.

Meanwhile, The Nifty Auto and Media indices remained the only sectoral laggards. Earlier, the Society of Indian Automobile Manufacturers said India's total domestic passenger vehicle sales fell 41.2% in September from a year ago. Total domestic passenger vehicles fell 160,070 units from 272,027 units a year ago  as a semiconductor crunch and high commodity prices exacerbated problems for automakers. 

The top gaining sectoral indices included Nifty Metal (up 1.98 per cent), Nifty PSU Bank (up 1.93 per cent), Nifty IT (up 1.46 per cent), Nifty Bank (up 1.32 per cent), and Nifty Financial Services (up 1.20 per cent). That said, India VIX, which measures the implied volatility of Nifty 50 options, fell 2 per cent to 15.77-level.

The broader markets were also trading in the green. The BSE Midcap was trading 0.55 per cent higher, while the Smallcap index rose 0.51 per cent. About 1582 shares have advanced, 1500 shares declined, and 118 shares are unchanged on the BSE.

According to reports, Nykaa has received SEBI's  approval for its IPO with a size of nearly Rs 4,000 crore. Nykaa is expected to raise Rs 525 cr via fresh issuance of equity.

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) continued their upward movement in Thursday's session to scale a new high of Rs 5,593.85 on BSE, following a 13.5 per cent rally in the intra-day trade on the back of heavy volumes. READ MORE 
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MARKETS at lunch (Updated at 1:30 PM):

LIVE markets update: The Indian benchmark indices erased some of the intraday gains but are still trading higher with Sensex above 61,000. The 30-pack index was up 266 points at 61,003, and the Nifty was up 91 points at 18,253. Earlier, the Sensex had hit a record high of 61,216, while the 50-share index had touched 18,323 at its highest point. 

Meanwhile, the IT, metal and realty sectoral indices were trading with gains of over 1 per cent each. The only sectoral losers were Nifty Auto and Media, down 0.4 per cent and 0.1 per cent, respectively. Volatility index, India VIX, too eased 1.9 per cent to 15.79-level.

The broader markets were also off the day's high but trading firm in the afternoon session. The BSE Midcap index rose 0.62 per cent, while the Smallcap index was up 0.55 per cent. Earlier, the midcap index had hit a new high of 26,874. About 1651 shares have advanced, 1390 shares declined, and 134 shares are unchanged on the BSE.

Further, Century Textiles and Industries has posted consolidated net profit of Rs 44.7 crore in the quarter ended September against loss of Rs 14 crore in the same quarter last year. Its revenue was up 67 per cent at Rs 1,013 crore versus Rs 607 crore year-on-year. The company's stock was trading 3.8 per cent higher. 

Shares of HDFC Bank were also trading 2.3 per cent higher, touching a 52-week high of Rs 1,677 ahead of its earnings on Saturday, October 16. Supported by healthy loan growth, stable interest margins, and lower operating expenses, HDFC Bank is expected to report mid-teen growth in net profit for the July-September quarter. READ MORE

That said, India's annual wholesale price-based inflation in September eased to 10.66% from the previous month's 11.39%, remaining in double digits for the sixth month in a row. Fuel and power prices rose 24.81% in September year-on-year compared with 26.09% in August, while manufactured product prices rose 11.41% compared with 11.39% in the previous month. READ MORE

Further, Shares of India Cement rallied 11 per cent to Rs 221.80, hitting an over 13-year high on the BSE on Thursday, on the back of heavy volumes. The stock of the cement & cement products manufacturer was trading at its highest level since February 2008. READ MORE HERE

European stocks rise as tech rally rolls on
European stocks extended gains on Thursday, boosted by technology and mining stocks, on expectations of a strong earnings season even as investors fretted over higher inflation crimping an economic recovery. The pan-European STOXX 600 index rose 0.7%, with miners jumping 2.1% and tech stocks up 1.4%. London's FTSE and the DAX and CAC40 all rose by 0.49 per cent, 0.45 per cent and 0.40 per cent, respectively. 
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Markets at 12 NOON:

LIVE markets update: The equity benchmark Nifty was trading near the record high levels with the index around the 18,300 mark. After touching a record of 18,323 in the opening session, the 50-share Nifty was trading 147 points up at 18,309. Similarly, the Sensex surged 419 points to 61,156, after touching a new intra-day record of 61,216.

ITC was the top gainer in the Sensex pack, rising around 3.5 per cent, followed by Tech Mahindra, L&T, Infosys, NTPC, Bajaj Finserv, Tata Steel, HDFC Bank and SBI. On the other hand, IndusInd Bank, M&M, Bajaj Finance, TCS and HCL Technologies were among the laggards.

On the sectoral front, barring Nifty Auto (down 0.5 per cent) and Media (down 0.6 per cent) all indices were trading in the green. The IT, realty, metal and PSU Bank indices were the top gainers, rising by 1.5-2.8 per cent. The broader markets also continue to trade on a firm note, with the BSE Midcap and Smallcap indices up 1.11 per cent and 0.82 per cent, respectively.

Shares of ITC hit a fresh 52-week high of Rs 258 in intra-day trade on the back of heavy volumes. The stock has rallied 11 per cent in the past four trading days, on expectations of an improvement in the company’s businesses. READ MORE

Shares of Apollo Pipes were trading 1.6 per cent higher after the company said the board will consider issue of bonus shares, along with the results for the quarter ended September on October 22. 

GLOBAL MARKETS
Asian stock markets rose, the dollar eased and longer-dated bonds rallied on Thursday as investors reckoned on inflation bringing forward rate hikes around the world. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent. Japan's Nikkei climbed 1 per cent. The Shanghai Composite was marginally softer, while Hong Kong markets were closed for a holiday. Stock exchanges on Wall Street too ended on a positive note in the overnight session.

In commodities on Thursday oil futures steadied, hovering comfortably above $80 per barrel, with U.S. crude at $80.55 a barrel and Brent at $83.32.
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Markets at 11 AM

Live Market Update: The markets continue to trade on a firm note. The Sensex was up 396 points at 61,133, after touching a high of 61,161. The NSE Nifty edged past 18,300, to a high of 18,304, and was up 131 points at 18,293.

The BSE Midcap index is now up over a per cent at 26,832, and the Smallcap index has gained 0.7 per cent at 29,972.

IRCTC has zoomed 8.4 per cent to Rs 5,340. NLC India and MphasiS also have soared over 8 per cent each and are the top gainers in the Midcap space. Adani Power, Jindal Steel, Oil India and Naukri are the other major gainers, up over 4 per cent each. BHEL and Jubilant Foodworks are the major losers, down 2 per cent each.

In the Smallcap space, Mindtree has zoomed over 10 per cent to Rs 4,826 on the back of strong Q2 show. Jindal World, HBL Power, Power India, Laxmi Machine Works and Shakti Pumps  have rallied 8-10 per cent each. On the flip side, Arshiya International has slumped 10 per cent. Shivam Auto,  Srei Infra, Sintex and JP Infratech are the other prominent losers, down around 5 per cent each.

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Markets at 10 AM

LIVE market updates: The markets continue to trade on a firm note well supported by IT stocks following a good Q2 show. The BSE Sensex so far has registered a new high at 61,159, and was up 352 points at 61,089. The NSE Nifty touched a new summit at 18,295, and was up 111 points at 18,273.

The BSE IT index has pared considerable gains, but still up 1.2 per cent at 35,217. The index had touched a high of 35,794. The BSE Realty, Metal and Capital Goods indices are the other major gainers, up 1.3-2.7 per cent, each.

Infosys which touched a high of Rs 1,784, was up 1.4 per cent at Rs 1,733. Wipro touched a new high at Rs 723.65 on the BSE, and continues to trade firm, at Rs 705, up 4.8 per cent. Tech Mahindra has gained 1.4 per cent, while HCL Technologies has slipped into red, down 0.8 per cent at Rs 1,255 ahead of its results.

Meanwhile, Mindtree continues to trade on a firm note at Rs 4,619, up 5.9 per cent on the back of 57 per cent jump in Q2 net profit on a year-on-year basis. READ MORE

Among the Sensex 30 stocks, Larsen & Toubro has surged 2.7 per cent. SBI, ITC, HDFC Bank and Tata Steel are the other prominent gainers. Whereas, IndusInd Bank and TCS are the other notable losers.

The broader markets are also holding steady gains. The BSE Midcap and Smallcap indices were up 0.7 per cent and 0.7 per cent, respectively. The market breath too was fairly positive, with advancing shares out-numbering declining stocks in 2:1 ratio on the BSE.

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Opening Trades: (Updated at 09:25 AM)

LIVE market updates: The benchmark indices yet again opened with a positive gap on the back of supportive overseas cues and better-than-expected Q2 performance by leading IT firms.

The BSE Sensex opened with a positive gap of 352 points at 61,089, and was quoted at 61,090 at 09:25 AM. The NSE Nifty was up 105 points at 18,267.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, strong results from Infy, Wipro and Mindtree indicate that the market disappointing results from TCS was a one off. Even though high attrition is a challenge for the sector, strong deal wins and robust demand are clear positives. IT is likely to resume its leadership position since the prospects for the sector look bright for the next many years on the back of accelerating digitization by businesses globally. Strong performance of HDFC Bank indicates good Q2 results and the banking major joining the bull rally. Globally, inflation continues to be a worry and continuing disruption in global supply chains is an area of concern.

The FOMC minutes indicate that tapering is on course, possibly starting November and ending by mid-2022. Since this is a known event markets are likely to discount it before the actual announcement.

Since there are no known triggers for a sharp correction in the short run and the market momentum continues to be strong, the exuberant retail investors are likely to drive the markets further up even though seasoned investors are worried about the excessive valuations, Dr. V K Vijaykumar added.

Infosys raised its QFY22 guidance to 16.5-17.5 per cent, from the earlier 14-16 per cent, after reporting a net profit of Rs 5,428 crore, up 11.7 per cent on YoY basis. The stock was up 3.5 per cent at Rs 1,768.

Wipro reported 18.8 per cent YoY jump in Q2 net at Rs 2,930.70 crore. The stock soared nearly 7 per cent to Rs 719. MindTree Q2 net profit soared 57 per cent YoY to Rs 398.90 crore. The stock has zoomed 7.5 per cent to Rs 4,686. The BSE IT index has surged 2.4 per cent to 35,616.

Larsen & Toubro, ITC and Tech Mahindra are the prominent gainers in Sensex 30.

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(Updated at 09:04 AM)

Pre-open Session:

LIVE market updates:
The BSE Sensex scaled to 61,600-odd levels in pre-open trades, and then was quoted 243 points higher at 60,979. The NSE Nifty 50 was up 107 points at 18,269.

IT earnings reaction in pre-open: Infosys was up 0.4 per cent at Rs 1,715. Wipro up 1.1 per cent at Rs 680 and MindTree up 5.9 per cent at Rs 4,620.

Nestle India, Tata Steel, ONGC and PowerGrid Corporation were the top gainers in pre-open trades.

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(Updated at 08:10 AM)

LIVE market updates:
The benchmark BSE Sensex could claim 61,000-mark while the Nifty may vault past 18,200 levels on the bourses on Thursday, buoyed by robust guidance by IT majors Infosys and Wipro.

Besides, firm global cues, steady oil prices, and receding Covid-19 cases back home will support sentiment. That said, some volatility on account of weekly F&O expiry and WPI-inflation data cannot be ruled out.

Earnings today

A total of 21 companies, including HCL Technologies, Cyient, and Den Networks are scheduled to announce their results today. 

Analysts expect double-digit revenue growth for HCL Tech between 12 to 13 per cent for Q2FY22 on a Year-on-Year basis. The strong recovery, they say, will be led by the ramp-up of large deals won in the earlier quarters. 

Global cues

The S&P 500 gained 0.30 per cent, the Nasdaq Composite added 0.73 per cent and Dow Jones ended flat.

In Asia, Japan’s Topix index climbed 0.3 per cent, South Korea’s Kospi added 1.3 per cent and China’s Shanghai Composite Index was steady. S&P futures were up 0.3 per cent.



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