Sensex jumps 514 pts, ends above 59k; Nifty Realty up 4%, auto worst loser

Topics MARKET LIVE | Markets | Sensex

After trading on a volatile note for most part of the trading session, the benchmark indices stabilised in the afternoon trade, logging a smart rebound post two-days of selling. Improved sentiments in the European markets and strength in US equity futures lent confidence to markets back home, while investors looked ahead to the US Federal Reserve policy meeting that will kick off later today.  

The BSE Sensex rose 514 points to end at 59,005 after swinging 786 points in intra-day session. Meanwhile, the 50-pack Nifty closed the day at 17,563, up 166 points. According to tech analyst Ashis Biswas of CapitalVia Global Research, 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is able to sustain the level of 17450-17500, market can witness higher levels of 17850, Biswas added.

JSW Steel, ONGC, Bajaj Finance and IndusInd Bank as the top gainers in the Nifty kitty of stocks, up between 4-5 per cent. Only 10 stocks from the Nifty basket closed in the red. Maruti was the worst performer, down 2 per cent, followed by BPCL, Hero Moto, Bajaj Auto and Nestle India.

Sectorally, auto emerged to be the top losers, down 0.46 per cent. The Nifty PSU Bank index followed suit as it ended flat with a negative bais. On the other hand, Nifty Realty with a gain of 3.57 per cent was the best gainer. Nifty Metal (up 2.55 per cent), Nifty IT (up 1.94 per cent) and Nifty Pharma (up 1.29 per cent) were among other gainers.

In the broader markets, the trend was mixed as Nifty Midcap 100 gained 0.64 per cent and the Nifty Smallcap 100 declined 0.14 per cent.


MARKET CLOSE :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic indices staggered during the early trading session however positive trends in the global markets comforted Indian equities to rebound during the second half. Global stocks recovered from the fears sparked by troubles in the Chinese economy, ahead of the FOMC meeting that will start later in the day. All major sectors traded in the green zone while the auto sector remained under pressure due to rising input costs and the semiconductor shortage faced by the global auto industry.

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

Sharp recovery has been witnessed from good support zone as mentioned and closed a day at 17562 with gains of one percent and formed a bullish candle on daily chart after two bearish candles. Now going forwards 17600-17660 will act as resistance zone also one can lock their long gains around said levels and supports are placed at 17500-17430 zone any dip near said levels will be again buying opportunity with keeping immediate stop out level below 17500 zone and overall range is coming in between 17300-17800 zone

Tata Motors ends up 2% after company decided to increase commercial vehicle prices from 1st October 2021

>> The effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle

SBI Cards falls as 4% equity changes hands on Exchanges via block deal

>> Carlyle Group proposed to divest 3.4 per cent stake in the company through a block trade

IPO Update :: Paras Defence IPO subscribed 13.91 times on Day 1 so far

Nifty Realty top sectoral gainer; closes 3.6% higher

Broader markets underperform benchmarks; Nifty Smallcap 100 slips 0.14%

Sector watch :: Most sectors end in green; Nifty Auto and PSU Bank only losers

Sensex Heatmap :: Top gainers & losers at close

>> Out of the 30 stocks in the BSE Sensex index, 24 ended in the green

CLOSING BELL :: Nifty climbs 1% to end at 17,562

CLOSING BELL :: Sensex jumps 500 points to end over 59,000-level

Bulls roar on Street! Sensex jumps over 550 pts

Adani takes on Mukesh Ambani, to invest $20 bn in renewable energy

Unveiling his infrastructure conglomerate's green vision, billionaire Gautam Adani on Tuesday said his group will invest USD 20 billion over the next 10 years in renewable energy generation and component manufacturing and will produce the world's cheapest green electron. READ MORE


CarTrade, Aptus Value, Krsnaa Diagnostics, Rolex Rings hit new lows

Shares of the four recently listed companies, CarTrade Tech, Aptus Value Housing Finance India, Krshna Diagnostics and Rolex Rings, hit fresh lows since their listings on the bourses on Tuesday. These stocks were down between 2 per cent and 4 per cent on the BSE in intra-day trade. CarTrade Tech, a company that operates online platforms for buying and selling of vehicles, hit a new low of Rs 1,365, down 4 per cent on the BSE. The company had debuted on August 20, 2021, and hs fallen 16 per cent below its issue price of Rs 1,618 per share. READ MORE

ALERT :: Sensex rises over 400 points

Volatility Alert :: India VIX falls over 4%

Lincoln Pharma plans to launch Cephalosporin products soon

>> Company has acquired a facility in Mehsana, Gujarat
>> Company expects commercial operations from March 2022
>> The plant is expected to contribute sales of around Rs 150 crore in the next 3 years
>> The plant will cater to all the Cephalosporin products, including Tablet, Capsule, Dry syrup and Injectable

U.S. Index Futures gain as stock selloff moderates

U.S. futures gained, suggesting some improvement in sentiment after concerns about fallout from China Evergrande Group’s debt woes roiled markets Monday. Dip-buyers in the last hour of trading Monday helped the S&P 500 pare some losses, though the index still posted the biggest drop since May. Futures on the S&P 500 rose 1%, while those on the Nasdaq 100 rose 0.9%. Futures on the Dow Jones Industrial Average rose 1.1%. 
Source: Bloomberg

ALERT :: HAL defers decision on share split

HCL Tech signs pact with Lendico to help the ING Germany Company brand build solutions for SMEs

>> HCL will establish a tech lab in Berlin that will combine fintech mindset, agile culture and customer focus with engineering expertise, global delivery capabilities, and deep domain knowledge of financial services and risk management
>> Lendico will be the first to leverage the lab to bring innovative approaches for processes, such as credit decisioning, loans collections and KYC


>> Over 75% of Adani planned capital expenditure until 2025 is in green tech
>> Adani will triple its renewable power generation capcity from 21% to 63% in next 4 years 
>> By 2023, will be India's first company to power all its data centre with renewable energy

ONGC surges 6%, hits 22-month high on improved outlook; Oil India up 7%

Shares of Oil and Natural Gas Corporation (ONGC) hit a 22-month high of Rs 135.80, surging 6 per cent on the BSE in Tuesday’s intra-day trade on improved outlook. The stock of the state-owned oil exploration and production company was trading at its highest level since November 2019. The stock of other state-owned oil exploration & production firm, Oil India, rallied 7 per cent to Rs 209.05 on the BSE. It had hit a 52-week high of Rs 214.75 on September 17, 2021. In comparison, the S&P BSE Sensex was up 0.18 per cent at 58,598 points at 12:57 pm. READ MORE

Metal stocks recover in afternoon trade; Nifty Metal rises by 1.6%

RPG Life Sciences hits record high, zooms 51% so far in September

Shares of RPG Life Sciences continued at their northward movement, hitting a fresh record high of Rs 751.80, up 8 per cent on the BSE in intra-day trade on Tuesday. So far in the month of September, the stock of the pharmaceutical company has zoomed 51 per cent on expectation of a promising outlook for the domestic formulation industry. READ MORE 

L&T Hydrocarbon Engineering bags two "significant" orders in the Construction Services segment

>> The company classifies orders valued in the range of Rs 1,000 Cr to Rs 2,500 Cr as "significant"
>> The company has bagged one order from GAIL India and the other from Air Products Middle East Industrial Gases

Broader markets continue to languish in mid-day trade; Nifty Smallcap 100 down over 1%

HDFC launches festive offer with home loan at 6.7% rates

>> This Offer will be applicable to all new loan applications irrespective of the loan amount or employment category
>> This is a close ended scheme and will be valid till October 31


Losing sheen! Don't lap up metal stocks yet, hint tech charts; here's why

Metal shares witnessed their biggest meltdown in recent times on Monday as a debt crisis at one of China’s biggest property developers, Evergrande, led to a global decline in industrial metals and ore prices. The BSE Metal index tumbled nearly 7 per cent in trade in the last session. READ MORE

ALERT :: Tata Motors will increase commercial vehicle prices from 1st October 2021

>> The effective price hike, in the range of 2%, will be implemented basis the model and the variant of the vehicle
>> The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products

Should you subscribe to Paras Defense IPO despite weak financials?

The three-day initial public offer (IPO) by Paras Defense and Space Technologies kicked off on Tuesday and sailed through within minutes of opening. Despite a weak financial position and high valuations, investors lapped up the issue, banking on the future growth prospects of the company. The hefty grey market premium of Rs 195 per share or 114-118 per cent also added to the allure, especially for investors looking to make a quick buck. The IPO is priced at Rs 165-175 per share. READ MORE

BUZZING :: HUL hit a new 52-week high; now up 1.3%

World's richest 500 lose $135 bn as Evergrande concerns spark market rout

A global rout in stock markets sparked by concerns over China Evergrande Group hit the world’s biggest fortunes Monday, with the richest 500 people losing a combined $135 billion. Tesla Inc.’s Elon Musk led the declines as his world-leading net worth fell $7.2 billion to $198 billion, according to the Bloomberg Billionaires Index. No. 2 Jeff Bezos, the founder of Seattle-based Inc., lost $5.6 billion, paring his fortune to $194.2 billion. READ MORE

HCL Tech hits new high on 5-year deal with US-based MKS Instruments

“HCL will drive digital and cloud-enabled transformation for MKS Instruments through AI/ML-led automation, enhanced user experience with end-to-end Infrastructure services, digital workplace services and IT transformation,” the company said in a statement on Monday after market hours. READ MORE

Sterling and Wilson Solar commissions 66 MWp solar energy project in Jordan

>> The project is located on an area of 1.3 sq. kms in Ma’an Governorate, 200 km south of Amman
>> The Al Husainiyah project will save around 50,000 tonnes of carbon emissions annually

BUZZING :: Bharti Airtel shares hit new high; up nearly 2% in morning trade

KEC International rallies 12% in 2 days on acquisition of Spur Infra

Shares of KEC International were up 7 per cent to Rs 467.95 on the BSE in the intra-day trade on Tuesday, surging 12 per cent in past two trading days, after the company entered into a definitive agreement to acquire 100 per cent equity in Spur Infrastructure for an enterprise value of Rs 62 crore. The acquisition is expected to be completed within 60 days from the date of agreement. READ MORE

NDTV freezes at 10% upper circuit for 2nd straight day; hits 52-week high

Shares of New Delhi Television Limited (NDTV) were locked in the 10 per cent upper circuit band for the second straight day, at Rs 87.60 on the BSE on Tuesday, amid rumours of buyout by Adani Group. The stock is trading at its 52-week high level, surpassing its previous high of Rs 85.85 touched on May 25, 2021. In the past two trading days, it has rallied 21 per cent, as compared to a 0.61 per cent decline in the S&P BSE Sensex. Till 10:02 am, around 444,000 equity shares had changed hands and there were pending buy orders for 210,000 shares on the NSE and BSE, data shows. READ MORE

IPO Update :: Paras Defence IPO sails through on Day 1

>> Total shares on offer subscribed 1.62 times so far

SBI Cards plunges 6% as 4% equity changes hands on Exchanges via block deal

Shares of SBI Cards and Payment Services (SBI Cards) plunged 6 per cent to Rs 1,012 on the National Stock Exchange (NSE) and BSE in intra-day trade on Tuesday as private equity (PE) firm Carlyle Group’s proposed to divest 3.4 per cent stake in the company through a block trade. As of 10:07 am; a combined 37.18 million equity shares representing 4 per cent equity of SBI Cards changed hands on the NSE (36.84 million shares) and BSE (1.31 million shares), the data shows. The names of the buyers were not ascertained immediately. READ MORE

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The Evergrande crisis has caused a minor sell-off in markets with the Dow and S&P falling by around 1.7 percent each and Nasdaq and Russel 2000 correcting by above 2 percent each. Concerns are being expressed whether this might turn out to be China's Lehman moment. This appears far-fetched now since Evergrande's debt is not widely held and, therefore, is unlikely to lead to a contagion with systemic  risks. The recovery in Dow which was down 972 points at the lows to close with a loss of 614 points  is an indication of market's confidence that a contagion is unlikely. However, investors have to be cautious since markets are richly valued and , therefore, vulnerable to corrections. The ultimate impact of the Evergrande crisis is yet to be seen and known.
There is another view that the Chinese crisis- the regulatory crackdown earlier and the Evergrande crisis now- bode well for India, facilitating increasing capital flows to India. This may play out in the medium to long-term. The FOMC meet starting today may give a timeline on tapering. This will be watched closely by markets, globally. This is likely to be a 'taper without tantrum'. 

ALERT :: SpiceJet gets shareholders nod to raise Rs 2500 crore via QIP

Source: TV News, Agencies

Nifty Realty top sectoral gainer in morning session; rises over 3%

BUZZING :: The Mandhana Retail Ventures up over 6% in early trade

>> Rakesh Jhunjhunwala sold additional 98,094 equity shares in the company on September 17 and September 20, reducing shareholding to 10.32 percent from 10.77 percent earlier

Action Construction Equipment down 8% after company launched its QIP on Monday

>> The floor price of Rs 254.55 per equity share is at a premium of 2.62 per cent to Monday closing price
>> The board will meet on September 23 to approve issue price

HCL Tech rises after announcing a five-year, digital transformation deal with MKS Instruments Inc

>> The deal is for advanced manufacturing processes, to improve performance, productivity, and speed to market

Kitex Garments up nearly 2% after signing MoU with Telangana government to invest Rs 2,406 crore in the state

Yes Bank up after announcing a partnership with Visa for credit card issuances

SBI Card falls over 4% as Carlyle Group is looking to divest 3.4 per cent stake through a block trade

>> According to a term sheet reviewed by Business Standard , CA Rover Holdings, a subsidiary of Carlyle, has put on the block 32 million shares in the price band of Rs 1,021–Rs 1,072.3 per share

Sector Watch :: Top gainers include Nifty IT, Media, but Nifty Metal, Auto fell in early trade

Broader markets open negative; Nifty Midcap 100 down 0.26%

Sensex Heatmap :: Top gainers & losers at opening trade

>> TOP GAINERS: HCL Tech, Tech Mahindra, TCS
>> TOP LOSERS: Nestle, Maruti Suzuki, UltraTech Cement

FIRST TRADE :: Nifty50 opens in green; up 0.3% at 17,450

OPENING BELL :: Sensex opens up 138 points

Commodity Check

Sensex Heatmap :: Top gainers & losers in pre-open trade

Nifty50 cautious in pre-open; trades up 0.4% at 17,460

Pre-open session :: Sensex trades down just under 10 points

Osho Krishan of Anand Rathi recommends buying Tata Motors DVR, Birlasoft

TATAMTRDVR has re-tested the breakout zone and has seen an early sign of reversal in the last trading session. On the daily chart, the stock has been able to sustain above all its exponential moving averages and is even hovering above the mean of the Bollinger band (20, 2) indicating inherent strength in the counter. The stock has formed a strong base around the zone of Rs 135-137 and sustenance above the same could be seen as a positive sign for the counter in the coming future. READ MORE 

Stocks to watch: SBI Card, Adani Ports, Cadila Healthcare, HCL Tech, AU SFB

SBI Card: Private equity firm Carlyle Group will divest 3.4 per cent stake in SBI Cards and Payment Services on Tuesday through a block trade. According to a term sheet reviewed by Business Standard , CA Rover Holdings, a subsidiary of Carlyle, has put on the block 32 million shares in the price band of Rs 1,021–Rs 1,072.3 per share.
State Bank of India (SBI): India’s largest PSU bank said that it will support Tata group’s bid for soon-to-be-privatised Air India by subscribing to Tata Sons debentures or some other alternative. READ MORE

Market Ahead Podcast, Sep 21: Top factors that could guide markets today

A global rout wiped off Rs 3.5 trillion in investor wealth on Dalal Street on Monday. The S&P BSE Sensex dropped 525 points to 58,491 levels while the Nifty50 fell 188 points to 17,397 as investors turned cautious ahead of a series of central banks’ meetings. The US Federal Reserve's policy meeting will be one of the widely tracked meetings today, to gauge if the central bank will lay the groundwork for a tapering. Listen to the podcast here

FII/DII data

BSE bulk deal data for Monday

Bulk deal on NSE on Monday

SGX Nifty indicates flat-to-positive start

>> At 8:35 AM, the SGX Nifty was at 17,438 levels, up 82 points

Rupee slumps 26 paise to close at 73.74 against US dollar

The Indian rupee dived 26 paise to close at a near four-week low of 73.74 against the US dollar on Monday as weaker Asian peers and massive sell-offs in domestic equities weighed on investor sentiment.
At the interbank foreign exchange market, the local currency opened at 73.82 and finally settled for the day at 73.74 a dollar, down 26 paise over its previous close. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.27 per cent higher at 93.44.
Source: PTI

Crude sinks with broader market on china crackdown fears

Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities. U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude. A stronger U.S. dollar is also making commodities priced in the currency less attractive.
Source: Bloomberg

Asian indices trade lower tracking weak US markets

Shares in Asia-Pacific declined in Tuesday morning trade as investors continue to monitor the situation surrounding embattled developer China Evergrande Group. Japanese stocks declined as they returned to trade following a Monday holiday. The Nikkei 225 dropped 1.84% while the Topix index shed 1.74%.
Hong Kong’s Hang Seng index, which was dragged down by more than 3% on Monday amid investor fears around Evergrande, fell 0.79% in Tuesday morning trade. In Australia, the S&P/ASX 200 dipped 0.27%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.5% lower.
Markets in mainland China and South Korea are closed on Tuesday for a holiday.
Source: CNBC

US stocks tumble on Monday

The major averages tumbled on Monday due to a confluence of concerns including the imminent Federal Reserve meeting, the lingering delta variant, potential economic disruption in China and the debt ceiling deadline. However, stocks closed well off their lows of the day.
The S&P 500 slid 1.7% for its worst day since May 12 of this year. At it’s low of the day, the 500-stock average pulled back 5% on an intraday basis from its high. It currently sits 4.1% from its record. The Dow Jones Industrial Average plummeted 614 points, or 1.8%, for its biggest one-day drop since July 19. The Nasdaq Composite dropped 2.2% as growth pockets of the market were some of the hardest hit.
Source: CNBC

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