Last minute buying helped benchmark indices eke out gains and close in the green after a gap of two days, with Airtel, Nestle India, TCS and ITC contributing the most to gains. Meanwhile, privtae banks, RIL and Infosys were among the top drags.
The BSE Sensex settled the volatile session on the day of weekly F&O expiry at 58,305, up 55 points while Nifty closed 4 points higher at 17,357. Overall, the benchmark indices ended the truncated week with a gain of 0.3 per cent. The domestic markets will be shut for trading on Friday on account of Ganesh Chaturthi.
Buying momentum remained high in midcap and smallcap stocks as the BSE Midcap ended up 0.56 per cent and the BSE smallcap 0.52 per cent. Both indices also hit their respective all-time highs in today's session.
In sectoral space, Nifty Realty followed by Financial Services, Pharma and Bank were the top losers. On the other hand, Nifty Media, with a gain of 2.97 per cent was the best performing index. Nearly 20 per cent rally in Dish TV helped the media index put up a strong show. Other sectoral gainers were Metal, FMCG, IT and PSU Bank.
TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities
A reasonable positive candle was formed on the daily chart, which indicate a continuation of range bound action in the market. There was no sharp weakness on the day of weekly F&O expiry of Thursday and a sustainable buying has emerged towards end. This could signal chances of an upside bounce in the coming sessions. The minor degree of higher tops and bottoms continued in Nifty as per daily timeframe chart. Wednesday's swing low of 17254 could now be considered as a new higher bottom of the sequence.
Nifty on the weekly chart formed a small negative candle with minor upper and lower shadow. Technically, this formation indicate a spinning top type candle pattern at the new highs. As happened in the past, the market could now shift into a broader high low range of around 17600-17200 levels by next week.
The short term trend of Nifty continues to be range bound. Having recovered in the later part of Thursday, there is a possibility of an upside bounce in the next early part of next week before encountering another resistance around 17500-17600 levels. Immediate support is placed at 17200.
MARKET VIEW | Vinod Nair, Head of Research at Geojit Financial Services
Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.
CLOSING COMMENTS :: Binod Modi, Head Strategy at Reliance Securities
Domestic benchmark indices traded in rangebound today and continued to oscillate between minor gains and losses. Metals, IT and FMCG witnessed rebound today, while financials (excluding PSU Banks), pharma and realty witnessed profit booking. Notably, buying momentum remained visible in midcap and smallcap stocks as sustained earnings growth visibility lifted sentiments in these counters. Volatility index softened today over 4%. Notably, benchmark Nifty recorded modest gain of around 0.2% during the week, while ~Rs1.3lakh crore was added in investors’ wealth in the week. Nestle, ONGC, Bharti Airtel and Hindalco were among top Nifty gainers, while SBI Life, Titan, HDFC Life and Divi’s Lab were laggards.
SBI Life tanks 4% on Canada Pension Plan Investment Board's plan to offload 2 per cent stake
Dish TV continued to surge on YES Bank's notice to change management
UCO Bank ends nearly 11% higher after RBI lifts bank out of prompt corrective action
Future Retail ends almost 10% higher after SC stayed proceedings in Future Group, Amazon dispute
>> SC stayed proceedings on Amazon's plea to enforce arbitrary award
SECTOR WATCH :: Nifty Media, FMCG, Metal and IT top gainers; Nifty Realty, fin services and Bank ended lower
Sensex Heatmap | Top gainers & losers at close
>> Top gainers: Bharti Airtel, Nestle, Tata Steel, Bajaj Finserv
>> Top losers: Titan, Ultratech Cement, Bajaj Auto, Axis Bank
CLOSING BELL :: Fag-end buying drives Sensex, Nifty higher after two-day hiatus
Buying towards the fag-end of the trading day drove benchmarks to the positive territory on a subdued trading day after a two-day hiatus. Today was also the weekly F&O expiry. Benchmarks had started the session on a flat note amid selling pressure in select IT and financial stocks. The 30-pack Sensex closed the day at 58,305, up 55 points and the NSE Nifty settled just 3.9 points higher at 17,357 level. Top losers on the benchmarks included SBI Life, HDFC Life, and Titan. Top gainers were ONGC, Bharti Airtel, and Nestle.
AVIATION MINISTER :: To set up 5 new airports
>> To start 50 new routes under regional connectivity
>> Have sent letters to 29 states for airport expansion
>> Written to states to rationalise on ATF
ALERT :: Ujiivan Financial Services appoints Sanjeev Barnwal as CEO
ALERT :: Fag-end buying drives Sensex into the green
V-shaped recovery in Q1 shows strong macroeconomic fundamentals: FinMin
The V-shaped recovery in the first quarter of 2021-22, despite the brutal second wave of the coronavirus pandemic, is a testimony to India's strong macroeconomic fundamentals, according to the Finance Ministry. READ MORE
IIAS asks shareholders to vote against directors of Zee Entertainment
Early this week, Dish TV announced that YES Bank had sent a communication to the company seeking the removal of the present managing director, Jawahar Goel and other independent directors over lapses in corporate governance. Dish was part of the Essel group and is run by Zee group patriach Subhash Chandra's brother. READ MORE
Dish TV hits 52-week high, up 30% in 3 days as YES Bank seeks to sack board
Shares of Dish TV India were locked in the 20 per cent upper circuit of Rs 17.95 on the BSE in Thursday's session amid heavy volumes. In the past three trading days, the stock of the broadcasting and cable TV operator has zoomed 30 per cent after YES Bank sent a notice to the company to remove the top management, including the managing director Jawahar Lal Goel. READ MORE
India's inclusion in global bond may attract $170 to $250 bn in inflows
Morgan Stanley said on Thursday it expects India to be included in global bond indices in early 2022 and the index inclusion will attract USD170 to 250 billion in bond inflows in the next decade in base/bull scenario. READ MORE
Max Financial appoints Mandeep Mehta as Chief Financial Officer effective October 1
>> Mandeep Mehta is currently associated with Max Financial as EVP & Deputy Chief Financial Officer
Sona BLW hits new high; stock up 96% over issue price on healthy outlook
Shares of Sona BLW Precision Forgings (Sona Comstar) hit a new high of Rs 570.75 after they rallied 5 per cent on the BSE in the intra-day trade on Thursday on healthy outlook. The stock of the auto parts & equipment company was trading at its highest level since its listing on June 24, 2021. READ MORE
Nifty realty top sectoral loser; most stocks in red
ALERT :: CARE reaffirms Gujarat Gas' rating; outlook revised to positive from stable
ONGC top performer on Nifty50; up almost 3% in trade
Nifty Media index best sectoral gainer on NSE
ALERT :: Relief for Future Group, SC stays all proceedings for attachment pending before Delhi HC
>> Supreme Court defers hearing on Future Group's plea for 4 weeks, will wait for arbitrator's order
>> SC issues notice to Amazon on Future Group's appeal against HC order
>> In March, Delhi HC directed attachment of Future Retail, Kishore Biyani's assets
Shares of consumer electronics company BPL were locked in the upper circuit for the tenth straight trading day, up 5 per cent at Rs 60.75 on the BSE on Thursday. The stock is quoting at its 52-week high level, having rallied 86 per cent in the past two weeks. In comparison, the S&P BSE Sensex was down 0.02 per cent at 58,237 points at 12:10 pm. READ MORE
Mid-market view | Gaurav Garg, Head of Research at CapitalVia Global Research
Indian benchmark had start today with flat note trading around level of 17350. The market gets support from the US Federal Reserve Chairs’s commentary about increased in pace of vaccination and controlled Covid-19 infections in the second half of the month. There will be some cautiousness with a report by India Ratings and Research stating that India Inc resorted to salary cuts to protect their profits in the June quarter. Our research suggests that if markets breach the level of 17450, we could expect the market to gain momentum, leading to an upside projection till 17500-17700.
Sansera IPO to open on Sep 14; price band set at Rs 734-744/share
The initial public offering (IPO) is entirely an offer for sale (OFS) of 17,244,328 equity shares by promoters and investors.
Those offering shares in the OFS are existing investors -- Client Ebene, CVCIGP II Employees Ebene and promoters -- S Sekhar Vasan, Unni Rajagopal K, F R Singhvi and D Devaraj. READ MORE
Select textiles stocks can rally up to 26%
More upside likely for these textile stocks - Raymond, Arvind Limited, Bombay Dyeing and Manufacturing Company, Welspun India and K.P.R. Mill on the back of PLI incentive scheme, Here's what the charts have to say... READ MORE
Principal Economic Advisor Sanjeev Sanyal said banks have been cleaned up now and need to expand on credit rapidly to support the economy, stressing that the country needs lenders of bigger sizes. READ MORE
Zydus Cadila gets tentative approval from US FDA for Brexpiprazole Tablets
>> The drug is used as adjunctive therapy to antidepressants for the treatment of schizophrenia
Stock of this travel support services company has zoomed 75% in 2 weeks
Shares of BLS International Services hit a 52-week high of Rs 251.50 as they rallied 6 per cent on the BSE in intra-day trade on Thursday, surging 15 per cent in the past two trading days in an otherwise subdued market. In comparison, the S&P BSE Sensex was up 0.06 per cent at 58,285 points at 10:50 am. In the past two weeks, the stock has zoomed 75 per cent as against a 5.3 per cent rise in the benchmark index. READ MORE
TCS inks 10-year contract with Transport for London
TCS signs 10-year contract with Transport for London (TFL). According to a BSE release, during the course of the contract, TCS will digitally transform taxi and private hire licensing and administration, as well as implement continuous improvements and innovation, responding to evolving industry trends and customer demands.
The contract can be extended by another five years, the release added. Meanwhile, TCS is trading on a flat note at Rs 3,778 in line with the broader market.
SECTOR WATCH :: Hotel stocks zoom; ITDC, Chalet Hotels rally up to 7%
Concerns loom as regulator bites the bullet on T+1 settlement cycle
Market participants believe that the move to a shorter T+1 settlement cycle from 2022 will not be easy and require a coordinated effort among exchanges, depositories, and clearing corporations.
Two different settlement cycles on different exchanges for the same scrip can cause liquidity to fragment, which may hamper price discovery and lead to other inefficiencies. READ MORE
Sensex trades around flatline, reverses opening losses
CDSL subsidiary receives approval as CA from CCA for providing eSign Services
>> The Controller of Certifying Authorities (CCA) has accorded its approval to CDSL Ventures Limited (“CVL”), the wholly owned subsidiary of CDSL, to provide eSign services. Further, CCA has empanelled CVL as an eSign Service Provider (ESP) to provide eSign services to Application Service Providers (ASP) based on online Aadhaar eKYC.
ALERT :: Reliance Infra wins case for $630 mn from Delhi Metro
>> SC upholds arbitration award in favour of Reliance Infra
(Source: TV News, Agencie)
Oil & Gas shares in focus; Oil India hits 52-week high, ONGC up 3%
Shares of oil and gas companies were in focus as Oil India hit a 52-week high while Oil and Natural Gas Corporation (ONGC) was up 3 per cent on a healthy outlook.
On Thursday, the market price of Oil India rose to Rs 198.70 as the stock rallied 5 per cent on the BSE. In the past one month, the stock has jumped 15 per cent, as compared to a 7 per cent rise in the S&P BSE Sensex. Meanwhile, ONGC was up 3.5 per cent at Rs 123.10, trading close to its 52-week high level of Rs 128.45 touched on June 15, 2021. In comparison, the S&P BSE Sensex was down 0.12 per cent at 58,180 points at 10:09 am. READ MORE
UCO Bank zooms 16% on heavy volume after RBI lifts PCA curbs
The stock witnessed massive volume of 2.87 million shares in just first 15 minutes of trade, as against the 2-week daily average volume of 0.4 million shares on the BSE. READ MORE
Illustration by Binay Sinha
Greaves Cotton enters into multi-brand EV retail segment
SBI Life dips 4% as Canada Pension Plan offloads partial stake
Shares of SBI Life Insurance Company slipped 4 per cent at Rs 1,171 on the BSE in the intra-day trade on Thursday after the Canada Pension Plan Investment Board (CPPIB) offloaded 2 per cent stake in the life insurance company via open market today. READ MORE
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
A major global trend post the Covid outbreak and the consequent crash in March 2020 and the incredible market recovery since April is the arrival and dominance of retail investors. This trend is robust and conspicuous in India. Importantly, retail investors have made money during this rally and continue to pour money into markets. A healthy development is the sustained increase in SIP inflows which have touched Rs 9923 cr during August. Retail investors in SIPs should stay put with a minimum investment horizon of 4 years since returns in the next couple of years may turn out to be below par due to high present valuations. Globally markets have taken a breather from the risk-on mode. India too is likely to follow suit. FIIs are back to selling mode. An important trend is Bank Nifty gathering strength. Jio Phone Next launch tomorrow will be keenly watched by the market.
Blue Dart rises 1.5% as company plans to flag off its first drone flight for vaccine delivery for Telangana
>> The delivery will be in association with Skye Air, which is part of Tenlangana government's ambitious plan ‘Medicine from the Sky’.
Vodafone Idea extends decline, down 3%
>> The stock fell as the Union Cabinet in its meeting on Wednesday did not take up a possible relief proposal for the beleaguered telecom sector. The stock had slipped 15% from its high in the previous session to end over 2% down.
Rain Industries rallies 7% as subsidiary resumes production at US plant
Rain Carbon Inc, a subsidiary of Rain Industries announced that it has resumed calcined petroleum coke production at three of its U.S. facilities and that the restart process has begun at a fourth plant that was impacted by Hurricane Ida, which hit the Gulf Coast on August 29.
2.4 cr shares of SBI Life (2.4% equity) trade in multiple blocks
>> Average price Rs 1,175/sh.
>> Canada Pension Fund a seller in the block deal
UCO Bank surges as RBI removes bank from Prompt Corrective Action
The Reserve Bank on Wednesday removed UCO Bank from its Prompt Corrective Action Framework (PCAF) following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms.
Sector Watch :: Nifty PSU Bank, Media lead sectoral gainers on NSE
>> IT stocks under pressure
Broader market trend mixed; smallcap stocks gain traction
Sensex Heatmap | Top gainers & losers in opening session
>> TOP GAINERS: Kotak Mahindra Bank, Bharti Airtel, Bajaj Finserv
>> TOP LOSERS: Tech Mahindra, Axis Bank, Titan
Nifty50 in red; below 17,350 level in opening trade
OPENING BELL :: Sensex turns flat after negative start
Sensex Heatmap | Top gainers & losers in pre-open trade
Nifty in negative in pre-open, below 17,300 levels
Pre-open Session :: Sensex rises over 145 points
Market Ahead Podcast, Sep 9: Top factors that could guide markets today
Thursday could be yet another choppy session for the markets as traders will adjust their positions ahead of the weekly expiry of F&O contracts, due later today. That apart, investors will also react to global economic data points which could further fuel the volatility. READ MORE
Top stocks to watch today
UCO Bank: The Reserve Bank on Wednesday removed UCO Bank from its Prompt Corrective Action Framework (PCAF) following improvement in various parameters and a written commitment that the state-owned lender will comply with the minimum capital norms.
SBI Life: The Canada Pension Plan Investment Board (CPPIB) plans to offload 2 per cent stake in SBI Life Insurance Company on Thursday, according to terms of the deal obtained by Bloomberg. The shares will be offered in the range between Rs 1,159 and Rs 1,220 per share. READ MORE
SGX Nifty in red, suggests negative opening of Indian benchmarks
>> At 8:35 AM, the SGX Nifty was at 17,331 levels, down 55.25 points.
Oil price rises
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures rising 0.34% to $72.85 per barrel. US crude futures gained 0.22% to $69.45 per barrel.
Asian shares fall on growth and tapering fears
Asian shares dropped Thursday in line with a cautious global mood as investors worried about the combination of slowing global growth and the potential tapering of central bank stimulus.
MSCI’s broadest index of Asia-Pacific shares outside Japan lost 1.04% while Japan’s Nikkei dropped 0.38%. There were losses in Australia down 1.01%, Korea off 0.74%, and in Hong Kong which shed 1.17%, with tech names leading the declines there.
US stocks end lower
US stocks extended Tuesday's losses to Wednesday, finishing in the red as the country's economic growth moderates. The losses were led by the energy, communication, and technology sectors. The Dow Jones Industrial Average and S&P 500 slipped 0.2% and 0.13%, respectively, while the Nasdaq Composite index fell 0.57%.
Good morning, readers!
Welcome to Business Standard's LIVE market blog
Track all the latest, markets-related updates here.