In a session marked by high volatility, the benchmark indices managed to eke out gains, amid buying in index heavyweight RIL, bank and auto stocks. Even as the global market setup remained firm, investors were jittery with the markets hovering at all-time high levels and amid steep valuations.
Overall, the BSE Sensex gyrated 525 points and settled the day 29 points higher at 60,078. Meanwhile, the NSE Nifty shut shop at 17,855, up only 2 points. During the day, the BSE Sensex managed to log fresh record high of 60,412.
In the 30-pack index, Maruti, M&M, Bajaj Auto and NTPC were the top gainers, up between 2-6 per cent while HCL Tech, Tech Mahindra, Bajaj Finserv and Infosys were the top losers, down up to 4 per cent.
The broader markets underperformed the benchmark Sensex as the BSE Midcap closed flat and BSE Smallcap down 0.13 per cent. Consequently, the advance-decline ratio marginally favoured sellers. The market volatility, meanwhile, remained high as India VIX surged 6.67 per cent to 18.05.
On the sectoral front, defensives fell out of favour as Nifty IT tumbled 2.88 per cent, followed by Nifty Pharma that lost 0.93 per cent and Nifty FMCG that declined 0.90 per cent. On the other hand, auto stocks buzzed the most, with the Nifty Auto pack closing 3.22 per cent higher. Nifty Realty and Media were among other top gainers. While real estate stocks continued to gain traction amid increased demand, the media stocks rallied as Maharashtra allowed opening of cinema halls. Read More
Bulls can make a comeback: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Another small negative candle was formed on the daily chart with minor upper and lower shadow. Technically this pattern indicate a consolidation movement in the market for the last two sessions post sharp upmove of Thursday. This market action signal a lack of sharp selling participation in the market at the new highs. Nifty on the intraday timeframe like 60 min signal a range bound action with minor weak bias in the last two sessions. Minor intraday higher highs and lows pattern is observed and intraday support of 10 and 20 period moving average has been respected around 17815-17860 levels. This is positive indication for bulls to make a comeback.
The negative divergence pattern in Nifty/RSI as per daily timeframe is still not confirmed and the broad market indices like midcap and small cap segments of NSE exchange have sustained with minor positive note on Monday despite negative divergence and bearish candle formation in previous session as per daily timeframe charts.
Conclusion: The short term trend of Nifty continues to be range bound. This consolidation movement could continue for the next 1-2 sessions before showing upside breakout of the range movement. A decisive move above 17950 is likely to open the next upside of 18200 levels in the near term. Important lower support is placed at 17650.
Tech View :: 17,800 level to act as intraday support for Nifty50
In last couple of sessions, Nifty has seen some consolidation and is trading around the ‘20 EMA’ on the hourly charts which is the immediate support for coming session. The level around 17800 would be the intraday support below which, we can see some profit booking towards 17700 mark. On the flipside, 17950 would be the level to watch out on the higher side which is where we are witnessing some resistance since last two days. Above 17950, the index would resume the momentum to march towards the 18000 mark and beyond that 18080 would be the immediate level to watch out for. Keeping the above mentioned levels in mind, one should trade with proper risk management and look for stock specific opportunities for better trade set ups.
-- Ruchit Jain Senior Analyst - Technical and Derivatives, Angel One
'Hopes of Nifty scaling 18K remain alive'
Nifty could not breach the highs of Friday on Sept 27 and ended almost flat. Advance decline ratio deteriorated during the day to end at below 1:1. Broader market is seeing lack of buying/participation while the largecaps are seeing rotational buying with Auto coming back in favour while IT going out. However large scale sell-off is not yet seen in the markets and hence hopes of Nifty touching 18000 level over the next few days still remains alive.
-- Deepak Jasani, Head of Retail Research, HDFC Securities
What's behind auto stocks outperformance today?
Domestic equites traded in rangebound amid positive cues from global equities. However, heavy profit booking in IT and pharma nullified the impact of sharp recovery in Auto stocks. Further, financials and realty indices extended gains today. Nifty IT fell over 2.5% today as investors preferred to book some amount of profit ahead of September quarter earnings. Auto stocks witnessed strong rebound as continued underperformance for last couple of months, expectations of improvement in demand scenario from October and positive commentary from select companies about semiconductor issue made investors to buy quality names in OEMs. Volatility index surged over 6% today, while profit booking was seen in midcap and smallcap stocks also.
-- Binod Modi, Head Strategy at Reliance Securities
MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services
Due to profit booking in IT, Pharma and FMCG, domestic markets failed to uphold its winning streak to close flat in a volatile session. Realty stocks continued its rally on positive developments in the sector while the sentiments in the auto sector were lifted on expectation of better sales numbers for September. The market is also awaiting the release of August’s core sector output data and September’s manufacturing PMI data this week.
Hotel stocks gain up to 12% on hopes of business revival
Patel Engineering rallies 9% on new order win
>> Patel Engineering bags new order worth Rs 1,251 cr for Teesta-VI hydroelectric project
PSP Projects soars over 11% on Rs 422 crore order win
>> We are pleased to inform that our company is in receipt of Letter of Intent(s) and Work Orders (WO) for new projects worth Rs. 421.87 crore (excluding GST) towards Institutional, Industrial, Residential and precast segments from various clients. Further, with the receipt of the above, the new LOIs/ WOs received duringthe financial year 2021-22 till date amounts to Rs. 637.23 crore, the company said in a filing.
Easy Trip planner gains 4% on $10 mn agreement with InterGlobe Technology Quotient
>> InterGlobe Technology Quotient announced its agreement with EaseMyTrip, India’s secondlargest online travel platform, to provide seamless access to ITQ’s travel commerce platform – Travelport (1G). The agreement is worth $10 million as advance revenue from ITQ.
All stocks in the NIFTY IT pack settled in the red
Media pack rises, led by gains in multiplex stocks
>> PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22
Auto stocks rally ahead of monthly sales data this week
>> Nifty Auto best sectoral performer, up over 3%
Sector Watch :: Nifty Auto, Realty, Media top gainers; IT, pharma stocks lag
Broader indices end mixed; Nifty Smallcap 100 closes 0.12% lower
Sensex Heatmap | Top gainers & losers at close
>> TOP GAINERS: Maruti Suzuki, M&M, Bajaj Auto, NTPC
>> TOP LOSERS: HCL Tech, Tech Mahindra, Bajaj Finserv
CLOSING BELL :: Nifty ends above 17,800-level, up 1.90 points
CLOSING BELL :: Sensex holds 60,000-mark; ends 29 points higher
Market breadth marginally favours sellers
Icra revises up India's fiscal 2022 GDP growth forecast to 9%
A ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending were the factors which led to the revision, the agency said in a statement.
It can be noted that after the 7.3 per cent contraction in 2020-21, there were expectations of a higher growth number in 2021-22. READ MORE
Oil shares lead charge as crude hits new 3-year highs
World shares rose on Monday, led by sharp gains in energy shares as crude oil prices soared to three-year highs of almost $80 a barrel while European stocks firmed after Germany's election results ruled out chances of a purely left-wing coalition.Increasing focus is on energy markets where oil futures have climbed around $9 a barrel over September. Brent crude traded on Monday at $79.07 a barrel, while U.S. crude rose 97 cents to $74.95.
Stock markets benefited too from an ostensible easing in Sino-U.S. tensions and Chinese authorities' decision to pump more cash into financial markets to potentially offset the fallout from embattled real estate firm China Evergrande Group. German shares jumped 1.1 per cent, while a pan-European equity index was up half a percent. Gains were led by the energy sector, which rose almost 2 per cent while Wall Street too was tipped for a firmer session, with S&P 500 futures up 0.3 per cent.
- China's economic recovery not solid, unbalanced
- To push real lending rates to further fall
- Vows to ensure legal rights of Chinese home buyers
- Reiterates prudent monetary policy will be flexible
Tata Motors DVR surges 28%, Tata Motors 16% thus far in September
Shares of Tata Motors DVR hit an over three-year high of Rs 174.4 after they surged 8 per cent on the BSE in the intra-day trade on Monday, extending its 10 per cent gain in the past week. The stock was trading at its highest level since June 2018. READ MORE
ALERT :: 52.9 lakh Equitas SFB shares traded in a block
Source: ET NOW
Auto, Realty, Metal indices outshine benchmark indices
Sectoral indices such as Nifty Auto, Realty and Metal indices are up 2-3.5 per cent each in an otherwise range-bound markets.
InterGlobe Technology Quotient and EaseMyTrip announce agreement worth $10 mn
>> InterGlobe Technology Quotient, a leading travel technology provider today announce its agreement with EaseMyTrip, India’s secondlargest online travel platform, to provide seamless access to ITQ’s travel commerce platform – Travelport (1G). The agreement is worth $10 million as advance revenue from ITQ.
Flaring crude oil price, entry of new players to hit IndiGo: Analysts
InterGlobe Aviation (IndiGo) shares dropped nearly 4 per cent in Monday’s intra-day trade after flaring Brent crude oil prices and over-supply situation in the aviation industry worried Street. In the last one week alone, Brent crude oil prices have surged over 6 per cent to around $79 per barrel mark. That apart, the stock's outperformance over the past few weeks also dented sentiment. Over the past six months, IndiGo has surged over 31 per cent on the BSE as against a 20 per cent rise in the S&P BSE Sensex. READ MORE
ALERT :: PharmEasy may file DRHP for IPO by Oct-end
>> All 5 PharmEasy founders also selling shares in pre-IPO round
>> Co looks to raise $340 mn in pre-IPO round
>> Bankers advising to value IPO at $6-7 bn vs $9-10 bn fair valie
>> RBI has also stated in its exit letter that PaySe may be considered viable for wider adoption for rural masses
>> PaySe is currently working with state rural livelihood missions to digitize the existing process of loan disbursement and collection in order to increase financial inclusion for rural masses
China could be heading for power supply crisis after Evergrande shock
China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system. The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as strict targets from Beijing to cut emissions. It’s coming first to the country’s mammoth manufacturing industries: from aluminum smelters to textiles producers and soybean processing plants, factories are being ordered to curb activity or -- in some instances -- shut altogether. READ MORE
Hotel stocks on a roll; Indian Hotels, Chalet, EIH surge over 10%
Shares of hotels companies were on a roll and rallied by up to 15 per cent on the BSE in Tuesday’s intra-day trade on hopes of business revival on pent-up vacation plans, as travel related restrictions ease. READ MORE
RIL hits record high; market cap crosses Rs 17 trillion
IndusInd Bank partners with Vistara to launch a co-branded credit card
>> The card offers a host of travel and lifestyle led privileges including complimentary access to over 600 airport lounges across the globe, Zero foreign currency mark-up, milestone rewards as well as dining and entertainment related benefits
Sensex heatmap :: Top gainers & losers at this hour
Sector watch :: Nifty Realty up nearly 3% led by Phoenix Mills, DLF, Oberoi Realty
Maruti, Bajaj Auto: 5 auto stocks that can rally up to 9% from here
NIFTY AUTO INDEX Likely target: 10,800 and 11,000 Upside potential: 2% to 4% The breakout of “Inverse Head and Shoulder” can be easily seen on the daily chart. This exhibits a rally in the direction of 10,800 and 11,000 levels. READ MORE
Volatility Alert :: India VIX spikes over 4% to 17.70
Patel Engineering bags new order worth Rs 1,251 cr for Teesta-VI hydroelectric project
>> The project is located at South Sikkim District in Sikkim, India
CCI levies Rs 752-cr penalty on United Breweries; stock declines 4%
CCI found that the company was engaged in price co-ordination in contravention of the provisions of Sections 3(3) (a) & (b) of the Competition Act, 2002 in certain states & indulging in cartelization
Most active stocks on BSE so far
Tata Motors, Vodafone Idea, Zee Entertaiment, IRCTC and Maruti Suzuki are the top traded on stocks on the BSE by trunover in intraday trades so far on Monday.
KPR Mill rallies post stock split, gains 20% in 2 trading sessions
Shares of KPR Mill hit a fresh all-time high at Rs 503.60, on rallying 9 per cent on the BSE in intra-day trade on Monday. The stock of the company engaged in textiles and sugar segments has surged 20 per cent after it turned ex-stock split for 1:5 on Friday. READ MORE
ALERT :: NBCC India bags work order worth Rs 968.50 crore
>> The work order is for construction of 2000 social housing at Hulhumale, Maldives on EPC basis
Nifty IT top sectoral loser; down 2% led by L&T Infotech, Mindtree
PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22
Shares of multiplex operators PVR and Inox Leisure hit their respective 52-week highs and rallied up to 18 per cent on the BSE in intra-day trade on Monday after the Maharashtra government announced the opening of cinema halls and multiplexes in the state from October 22. READ MORE
MARKET VIEW :: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The relentless Bull Run which began in April 2020 has taken the Sensex beyond 60000 and is now poised to push Nifty to 18000 level today. The incredible return of above 130 % from the lows of March 2020 and above 60 % for the last 12 months has created phenomenal wealth for all kinds of investors -FIIs, DIIs and retail. After 60000 for Sensex and18000 for Nifty, markets may consolidate for a while. After massive selling in July (Rs11308 cr) and tepid buying in August (Rs 2083 cr) FIIs have turned aggressive buyers in September with a buy figure of Rs 13536 cr up to 27th September. This change in strategy of FIIs is likely to impart resilience to the market. On the macro front, rising tax collections and progressive reopening in economically significant states like Maharashtra are positives while brent crude at $ 79 is a clear negative.
Biocon falls as US FDA issues 6 observation at Malaysian subsidiary
>> Biotechnology major Biocon on Saturday said the US health regulator has issued six observations after the inspection of the manufacturing facility of its Malaysian subsidiary Biocon Sdn Bhd.
United Breweries down 3% on CCI penalty imposition
>> Competition Commission on Friday imposed penalties totalling over Rs 873 crore on United Breweries Ltd, Carlsberg India, All India Brewers' Association (AIBA) and 11 individuals for cartelisation in the sale and supply of beer.
SJVN gains nearly 3% on Rs 5,500 crore project win
>> State-run SJVN on Friday said it has won 1,000 MW grid-connected solar project worth Rs 5,500 crore in a bidding conducted by Indian Renewable Energy Development Agency Ltd (IREDA).
NBCC jumps over 3% on bagging Rs 968 crore contract
>> State-owned NBCC on Friday said it has bagged a Rs 968 crore contract, its biggest order in the overseas market, for the construction of 2,000 social housing in Maldives. In a regulatory filing, NBCC informed that it has secured the work order of construction of 2000 Social Housing at Hulhumale, Maldives on EPC basis.
ZEEL slips 3% as Invesco seeks EGM to oust Puneet Goenka
>> Invesco is insisting on the extraordinary general meeting (EGM) requisition which sought a newly reconstituted board and the removal of MD & CEO Punit Goenka. The demands of Invesco in the EGM are in contrast to the terms of the Zee-Sony non-binding merger announcement which leaves Goenka in charge as MD & CEO.
Multiplex stocks hits fresh 52-week highs
>> Theatres, auditoriums will be reopened in Maharashtra from October 22, 2021.
>> PVR soars to fresh 52-week high of Rs 1662.20
Sector Watch :: Defensives decline; Nifty Bank at record high
BROADER MARKETS trade largely in tandem with benchmark
Sensex Heatmap :: Top gainers & losers at opening tick
>> TOP GAINERS: M&M, HDFC, SBI
>> TOP LOSERS: HCL Tech, TechM, Nestle India
FIRST TRADE :: Nifty50 trades above 17,900
OPENING BELL :: Sensex gains 200 points, hover near record high
Sensex Heatmap :: Top gainers & losers in pre-open session
Nifty50 tops 17,950 in pre-open session
Pre-open Session :: Sensex adds 400 points
Move to contain damage from freak trades takes effect from Monday
A change in order type expected to help limit the damage from freak trades is effective from Monday. The National Stock Exchange (NSE) will no longer allow stop-loss orders, which traders used to exit market positions at whatever price was available in the market if their bets went wrong. READ MORE
Stocks to watch: ZEEL, Info Edge, NBCC, Biocon, United Breweries, SJVN
Zee Entertainment: Invesco is insisting on the extraordinary general meeting (EGM) requisition which sought a newly reconstituted board and the removal of MD & CEO Punit Goenka. The demands of Invesco in the EGM are in contrast to the terms of the Zee-Sony non-binding merger announcement which leaves Goenka in charge as MD & CEO.
Reliance Power: It has appointed Subrajit Bhowmick as Chief Financial Officer (CFO) of the company. Incumbent CFO Sandeep Khosla has been elevated to the CFO of Reliance Infrastructure Limited, the promoter of Reliance Power Limited, a BSE filing said. READ MORE
Two stock recommendations by Vaishali Parekh of Prabhudas Lilladher
BUY PTC INDIA
CMP: Rs 98.30
TARGET: Rs 110-114
STOP LOSS: Rs 94
The stock has corrected well from Rs 112, bottoming out near the trendline support zone of Rs 94 level, and is indicating a positive candle with improved bias. Basis on the development, one can anticipate further upside move in the coming days. The RSI also has indicated a trend reversal, signaling a 'Buy'. We suggest to buy and accumulate the stock for an upside target of Rs 110-114 levels keeping the stop loss at Rs 94. READ MORE
Last Monday, the global screen was looking extremely terrible and, thus, domestic markets too started the week around 17,450 mark. Surprisingly, after the initial hiccup, we witnessed a v-shaped recovery, not only to erase losses but also to trade in the green, above 17,600. However, it could not decouple itself from the global peers for a long time as the markets took a U-turn post the mid-session, to finally sneak below 17,400 on a closing basis. READ MORE
FII/FPI & DII trading activity on NSE, BSE and MSEI on Friday
>> At 8:30 am, the index was at 18,012 levels, up 163 points
Rupee slips 4 paise to close at 73.68 against US dollar
The Indian rupee slipped 4 paise to close at 73.68 (provisional) against the US dollar on Friday, following weaker Asian peers against the American currency. At the interbank foreign exchange market, the local currency opened at 73.77. It touched an intra-day high of 73.61 and a low of 73.78 during the day.
The rupee finally settled at 73.68 against the American currency, down 4 paise over its previous close. In the previous session on Thursday, the rupee had closed at 73.64 against the US dollar.
Oil prices jump more than 1%
Oil prices were higher on Monday morning with international benchmark Brent crude futures up 1.61 per cent to $79.35 per barrel. U.S. crude futures gained 1.64 per cent to $75.19 per barrel.
Asia shares rise; Evergrande stocks in Hong Kong slide
Shares in Asia-Pacific were higher in Monday morning trade, with investors monitoring stocks related to embattled developer China Evergrande Group. Evergrande Group shares in Hong Kong also declined 0.85 per cent.
The broader Hang Seng index in Hong Kong gained 0.29%. Mainland Chinese stocks were mixed, with the Shanghai composite fractionally lower while the Shenzhen component rose 0.43%.In Japan, the Nikkei 225 rose 0.31% while the Topix index advanced 0.39%. South Korea’s Kospi gained 0.56%. The S&P/ASX 200 in Australia gained 0.85%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.28% higher.
S&P 500 rises for a third straight day to end a wild week of trading
The S&P 500 and the Dow Jones Industrial Average eked out gains on Friday, wrapping up a volatile week on Wall Street. A move by China to ban cryptocurrencies weighed on the technology sector and Nike shares fell as supply chain issues stemming from the pandemic hit the sneaker giant.
The Dow Jones Industrial Average gained 33.18 points, or 0.10 per cent, to 34,798.00. The S&P 500 edged 0.15 per cent higher to 4,455.48 and the Nasdaq Composite ticked down 0.03 per cent to 15,047.70. The Nasdaq trailed the other major averages on a week-to-date basis, and the tech-heavy index added 0.02 per cent for the week. The Dow finished the week 0.6 per cent higher, while the S&P 500 ended it 0.5 per cent higher.
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