The market rally continued on Thursday too as the domestic benchmark indices once again ended at record closing high levels on the back of positive global cues with the benchmark Sensex nearing the 60,000-mark. Today, 30-pack index rallied as much as 958 points to end at 59,885. The Nifty50 was up 276.30 points or 1.57 per cent at 17,823.
Bajaj Finserv, Hindalco Industries, Tata Motors, Larsen and Toubro and Coal India were among major gainers on the Nifty, while losers included HDFC Life, Dr Reddy’s Labs, Nestle India, ITC and Tata Consumer Products.
The broader market outperformed the benchmarks, as BSE midcap and smallcap indices rose 1 percent each. On the sectoral front, realty index gained nearly 9 percent, while IT, metal, bank, capital goods, oil & gas indices rose 1 percent each.
Volatility index, India VIX, gained less than a per cent to end at 16.60 levels.
Markets will correct, perhaps soon, cautions VK Vijaykumar
This ferocious bull market continues to baffle both bears and bulls. Stock markets are all about ups and downs. But this bull market has been an almost one-way street for almost 18 months now. More importantly, this is almost a global phenomenon with China, Hong Kong and a few other countries being the exceptions. The mother market US is leading from the front, ignoring even tapering indications from the Fed. All previous bull markets in India - 1992-92, 1994, 1998-2000, 2003-07 - had big corrections of 5%, 10%, even 20%. But not now so far. But this will change and the market will correct, perhaps soon, since valuations are hard to justify.
Amateurish money of retail investors is now dominating over the smart money of institutional investors. This may change when FIIs turn into major sellers. We don't know now when and what might trigger that. Taking some money off the table may not be a bad idea even while riding this bull.
-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
View :: Anything negative news on Evergrande front could impact global sentiments
Nifty closed at another record high after a great day when it just kept rising hour by hour without any major corrections. Advance Decline ratio is sharply positive, though lower than that in the morning. Nifty is marching towards 18000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum. Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday. It's not clear yet whether the company will make that payment, and it had not commented by the close of trading in Hong Kong. Anything negative on this front could impact global sentiments.
-- Deepak Jasani, Head of Retail Research, HDFC Securities
TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities
Index witnessed a decisive breakout and closed a day at 17823 with good gains of one & a half percent forming a bullish candle on the daily chart. The index has witnessed a range breakout which hints if current levels are held then we may witness next quick move towards 18k mark, immediate supports for Nifty is shifted to 17770-17700 zone any dip near mentioned supports zone will be again buying opportunity with keeping immediate stop out level below 17700 zone and if said levels are held we may see the index to march towards 17900-18000 zone which is immediate hurdle zone on the higher side.
MARKET QUOTE :: Devang Mehta, Head – Equity Advisory, Centrum Broking
The market took the US Fed statement of starting tapering as soon as November in its stride. Encouraging news on Evergrande crisis also helped to clear some uncertainty on the global front. Indian markets have been on a roll & the rally today was symbolic of the prevailing strong sentiment locally on the back of reduction in covid cases & the strong vaccination numbers. With improvement in economic activity & the optimism around the capex cycle revival, the earnings trajectory for India Inc will naturally get a big boost. Most of the companies which are market leaders in their respective domains have seen operating efficiencies & productivity improve & also been able to reduce debt with prominent gain in market share as well. Liquidity remains extremely strong, be it Foreign portfolio investors, Local mutual funds, Insurance companies, Family offices, HNI’s or even the retail investors.
What drove D-Street to record highs today?
Amidst a strong start, bulls showed no signs of weakness to soar higher boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022. However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the property space.
-- Vinod Nair, Head of Research at Geojit Financial Services
IPO CHECK :: Paras Defense subscribed over 300 times
Bajaj Finserv hits new high in intra-day deals, crosses Rs 18,000 for first time
>> The company's market cap neared Rs 3 trillion mark
ZEEL erases gains, slips 5% on profit taking
JBM Auto surges 13% on bagging order for 500 buses
>> Company has received orders for supply of 500 (five hundred) CNG/ Electric Buses as follows:
1. BS VI CNG Buses for Delhi Integrated Multi-Modal Transit System Limited (DIMTS);
2. Electric Buses for Bengaluru Metropolitan Transport Corporation (BMTC);
3. Electric Buses for Jhansi - Smart City, Uttar Pradesh; and
4. Electric Buses for multiple corporate clients
GLOBAL NEWS ALERT
>> China asks local govt to prepare for downfall of Evergrande: Reports
>> Local developers may be asked to take over Evergrande projects
>> US futures & European markets pare gains
Market breadth in favours of buyers
Profit booking drags NIFTY MEDIA lower on Thursday
>> The index had jumped over 13 per cent on Wednesday
NIFTY REALTY surges over 8% amid strong demand outlook
>> All constituents from the Nifty Realty index end higher
Sector Watch :: Barring Media, all sectors end in the green on NSE
>> Nifty Realty lead sectoral gainer, up nearly 9%
BSE SMALLCAP gains 0.9%, underperforms Sensex
BSE MIDCAP index jumps 1.28%; index hit new high
Sensex Heatmap | Top gainers & losers at close
>> TOP GAINERS: Bajaj Finserv, HDFC, L&T
>> TOP LOSERS: DRL, Nestle, ITC
CLOSING BELL :: Sensex, Nifty end at a high! Broader markets too gain
>> The record breaking bull run on Dalal Street continued on Thursday, with benchmark indices clinching fresh record highs. The BSE Sensex jumped 958 points to close at 59,885, just 100 points shy of 60,000 milestone. Meanwhile, the NSE Nifty settled the day at 17,823, up 276 points. Sensex touched an all-time high of 59,957 in intra-day deals and Nifty of 17,844. The broader markets gained largely in line with the benchmarks. The BSE Midcap gained 1.28 per cent and Smallcap 0.91 per cent.
Tata Motors DVR hits over 3-yr high; gains 12% on the back of heavy volumes
Shares of Tata Motors DVR hit an over three-year high of Rs 172 after they surged 12 per cent on the BSE in the intra-day trade on Thursday, on the back of heavy volumes. The stock surpassed its previous high of Rs 169.75, touched on June 15, 2021 and was trading at its highest level since June 2018. READ MORE
Infosys reclaims $100 billion market cap
Sector Watch :: BSE FMCG index trades in the red in a firm market
ALERT :: Sensex just 100-pts shy of 60,000-mark
Sensex jumps 900 pts! Here're the top gainers and losers on the index
JBF Ind hits 5% upper circuit for 2nd straight day on RIL takeover buzz
Shares of JBF Industries were locked in the 5 per cent upper circuit for the second straight day at Rs 26.30 on the BSE in Thursday's session on reports that Reliance Industries (RIL) looks set to take over the company with CFM Asset Reconstruction Company (ARC). The stock of the polyester manufacturer has gained 15 per cent in the past three days. It hit a 52-week high of Rs 50.20 on July 6, 2021. READ MORE
Market Update :: Nifty above 17,800 level
DLF m-cap hits Rs 1-trillion mark
Sensex surges 800 points, hits new high: 3 factors behind the rally
The US Federal Reserve's comment that it may start tapering as soon as November failed to perturb the benchmark indices on Thursday, suggesting a strong bullish undercurrent. Further, receding concerns on Evengrande crisis also supported the sentiment. Amid this backdrop, the BSE barometer Sensex surged over 800 points to hit a new high of 59,765 in intra-day deals, with private lenders and Reliance Industries as top gainers. Meanwhile, the NSE's flagship index Nifty50 hovered within the kissing distance of an all-time high level at 17,785, up nearly 250 points. READ MORE
IPO Update :: Paras Defence IPO subscribed over 231 times on final day
Affle receives US Patent Grant, significantly strengthening its global tech IP portfolio
>> This patent is related to the technology of driving app installations and user interactions during podcasts
IPO frenzy can dent secondary market liquidity; cap market upside: Analysts
After staying away from a handful of initial public offers (IPOs), investors are flocking the primary markets again for listing pop. This primary market frenzy, analysts say, could veer the liquidity wave away from the secondary market, which may cap its upside – at least in the near-term. READ MORE
ALERT :: GR Infra gets letter of award for project worth Rs 927 cr from NHAI
RIL hits new record peak of 2,497 level
Nifty nears 18,000-mark, up 1.3% in afternoon trade
Housing financiers on a roll; Can Fin hits record high, Repco Home gains 8%
Shares of housing finance companies (HFCs) outperformed on the bourses on Thursday with stocks such as Can Fin Homes and Repco Home Finance ralling up to 6 per cent on the BSE inthe intra-day trade. Investors flocked the counters on expectations that a pick up in real estate demand will result in higher earnings growth for these companies this festive season. READ MORE
Adani Enterprises arm inks share purchase pact with Flemingo Travel Retail & Mumbai Travel Retail
>> The aim of the agreement is to operate duty free outlets in airports and seaports
TRAI JULY DATA
Bharti Airtel adds net 1.9 mn mobile users in July
Reliance Jio adds net 6.5 mn mobile users in July
Voda Idea loses net 1.4 mn mobile users in July
Source: Agencies, TV News
Sensex hits new all-time high level of 59,747.82
Sensex hits new all-time high level of 59,747.82
Realty boom! DLF, Godrej Properties can surge up to 15%, charts indicate
Shares of real estate companies have been on a roll off late with expectations soaring high of a strong demand this festive season. To add the festive mood, several lenders have already announced a rate cut on home loans. READ MORE
JM Financial appoints Vishal Kampani as Non-executive Vice Chairman w.e.f October 1
>> Atul Mehra & Adi Patel appointed Joint Managing Directors
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Sevices on Bharti Airtel rights issue
Bharti Airtel's rights issue at Rs 535 a share is attractively priced considering the current market price of around Rs 730. The recent telecom package declared by the government addresses most of the issues that the industry has been facing for some time now. India's telecom industry is now practically a duopoly with Ril Jio and Bharti Airtel dominating the industry. Bharti's 35 crore customers, growing steadily, and the launch of 5G shortly bode well for the company in the years ahead.
Nifty Bank up 1.7% led by Axis Bank, AU Small Finance Bank, RBL Bank
ALERT :: JBM Auto bags orders for supply of 500 CNG/Electric Buses
>> The company will deliver BS VI CNG Buses for Delhi Integrated Multi-Modal Transit System Limited
>> The company will also provide electric buses for Bengaluru Metropolitan Transport Corporation, Jhansi - Smart City, Uttar Pradesh and for multiple corporate clients
Finance Ministry to seek ratings upgrade for India in meeting with Moody's
Indian finance ministry officials plan to pitch for a sovereign rating upgrade from Moody’s Investors Service when it meets with the firm, scheduled for Sept. 28, according to people familiar with the matter. READ MORE
ALERT :: Dish TV says it has not received any communication from Yes Bank for holding an EGM
Coal India hits 52-week high; stock rallies 27% in one month
Shares of Coal India hit a 52-week high of Rs 170, up 5 per cent on the BSE in Thursday’s intra-day trade on improved outlook. The stock of the country’s largest coal producer surpassed its previous high of Rs 164.90 touched on June 11, 2021. In the past one month, the stock has rallied 27 per cent, as compared to a 7 per cent rise in the S&P BSE Sensex. READ MORE
ALERT :: Price Waterhouse resigns as statutory auditors of IDFC
>> Khimji Kunverji & Co LLP has been appointed as the Statutory Auditors of IDFC
Freshworks m-cap crosses $13 bn; over 10% employees turn 'crorepatis'
With the market capitalisation of Freshworks crossing over $13 billion on its debut day at Nasdaq Stock Exchange, around 500 employees or around 12 per cent of the company’s total staff strength of around 4,300 have become ‘crorepatis’ in India and more interestingly over 70 of them are below the age of 30 years. READ MORE
This Jhunjhunwala owned hotel stock has rallied 32% so far in September
Shares of Indian Hotels Company (IHCL) hit a fresh record high of Rs 185.05, on ralling 7 per cent on the BSE in Wednesday’s intra-day trade on hopes of business revival following unlocking of the economy and pick-up in travel. The stock is trading higher for the fourth straight day, surging 24 per cent during the period. READ MORE
ALERT :: Sensex extends gains, up 560 points
>> The benchmark is trading at the day's high
Tejas Networks selected by Bharti Airtel to enhance its optical network capacity in key metropolitan markets
>> Tejas will supply, install and support its products for extending Airtel’s optical networks towards the edge, supporting 5G backhaul, B2B services and broadband applications
>> The enhanced capacity will enable Airtel to deliver a superior experience to its customers as data consumption in India grows rapidly
Bajaj Finserv crosses Rs 18,000 mark; at new high
Nifty Realty rises nearly 6% led by DLF, Godrej Properties
MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The ferocity of the ongoing bull run is evident from the response of the US market to the Fed announcement. The Dow, Nasdaq and S&P 500 spiked around 1% when the Fed indicated that "moderation in the pace of asset purchases may soon be warranted". This bullish response to a mildly hawkish Fed is surprising but indicative of the strong bullish undercurrent. The Fed has not given any timeline for tapering but it can be expected to begin as soon as November this year and a rate hike in 2022 looks a clear possibility.
The confusion even among smart money is evident in the off and on nature of FII and DII investment with FIIs turning sellers ( Rs 1943 cr) and DIIs turning buyers (Rs 1850 cr) in the cash market yesterday - a reversal of their position a day ago.
Meanwhile, the Evergrande crisis appears to be receding as of now. This bull market has been easily climbing all walls of worries surprising even diehard bulls. Now, we don't know how long the party will go on.
Godrej Properties rallies further, hits new 52-week high
The company on Wednesday had said that it achieved sales of Rs 575 crore in a single day at the launch of the second phase of its project Godrej Woods in Noida
Jubilant Ingrevia rises 2% as subsidiary to divest stake in Safe Foods Corp
>> Its subsidiary Jubilant Life Sciences International Pte Ltd has divested its 10 per cent stake in Safe Foods Corporation for a consideration of USD 18.2 million (around Rs 134.2 crore).
Sarda Energy & Minerals jumps 4% on approval of provisional tariff
>> Chhattisgarh State Electricity Regulatory Commission has approved a provisional tariff for the 113 MW hydropower project of subsidiary Madhya Bharat Power Corporation, considering 85% of the cost of the project incurred as of March 2021 with return on equity of 15.5 per cent per annum.
Voda Idea rises 3% as firm to approach board for fundraising
>> The company will seek board approval afresh to raise funds after the government issues detailed guidelines on telecom reform measures, and its promoters will get a chance to participate in the fundraising round, a top company official said on Wednesday.
>> Vodafone Idea MD and CEO Ravinder Takkar told PTI that the company is gearing up to invest in the business and compete in the market.
Zee Entertainment extends gains, hits fresh 52-week high
>> The merger of Zee Entertainment Enterprises with Sony Pictures Network India (SPNI) will see the former's promoters get an additional 2 per cent stake as part of a non-compete agreement, while the appointment of Punit Goenka as MD and CEO of the merged entity was an "integral" part of the deal, Zee investors were informed on Wednesday.
Sector Watch :: All sectoral indices on NSE trade in the green
>> Media & realty indices continue to be lead gainers
BSE SMALLCAP gains 1%; here are the top gainers & losers from the space
BSE MIDCAP index gains 0.9%, nears all-time high
Sensex Heatmap | Top gainers & losers at opening tick
>> TOP GAINERS: Tata Steel, SBI, Kotak Bank
>> TOP LOSERS: Titan, TCS, Tech Mahindra
OPENING BELL :: Nifty tops 17,650
OPENING BELL :: Sensex jumps over 300 points
Nifty50 at 17,700 in pre-open trade
Pre-open Session :: Sensex rises 350 points
Market yet to respond to rate cuts on home loans, share prices unaffected
The housing finance majors are trying to create demand during the festive period by cutting interest rates. Mortgage major HDFC has cut its minimum mortgage rate to 6.7 per cent. The NBFC is responding after cuts from State Bank of India (SBI), Bank of Baroda, Kotak Mahindra Bank, and Punjab National Bank (PNB). READ MORE
Fed's Powell says taper could start in November, finish in mid-2022
Federal Reserve Chair Jerome Powell said the central bank could begin scaling back asset purchases as soon as November and complete the process by mid-2022, after officials revealed a growing inclination to raise interest rates next year. Powell, explaining the US central bank’s first steps toward withdrawing emergency pandemic support for the economy, told reporters Wednesday that tapering “could come as soon as the next meeting.” READ MORE
Stocks to watch: IDFC, Infosys, Zee Entertainment, Adani Ports, Airtel
IDFC: Shareholders of IDFC Ltd on Wednesday rejected the re-appointment of former CAG Vinod Rai as non-executive director of the company. Rai is currently non-executive chairman of the firm.
ZEEL: The merger of Zee Entertainment Enterprises with Sony Pictures Network India (SPNI) will see the former's promoters get an additional 2 per cent stake as part of a non-compete agreement, while the appointment of Punit Goenka as MD and CEO of the merged entity was an "integral" part of the deal, Zee investors were informed on Wednesday. READ MORE
Market Ahead Podcast, September 23: Factors that could guide markets today
US Fed chair Jerome Powell’s comments on the job market outlook, pullback on the bond-buying programme, and interest rate trajectory will dictate the market trends on Thursday. Investors had discounted an indication towards paring back of the $120-billion treasuries programme, with hints of a likely withdrawal in November or December. Therefore, bouts of volatility may put market participants on the edge today. Listen to the podcast here
>> At 8:30 am, the index was at 17,647 levels, up 80 points
Oil prices rise
Oil prices were higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.35% to $76.46 per barrel. U.S. crude futures edged 0.3% higher, trading at $72.45 per barrel.
Asian indices trade higher; Hong Kong’s Hang Seng jumps nearly 2%
Shares in Asia-Pacific were mostly higher in Thursday morning trade as investors in Asia-Pacific continue monitoring the situation surrounding China Evergrande Group. Hong Kong’s Hang Seng index jumped 1.86% after losses earlier in the week. It had returned to trade after a holiday on Wednesday.
Mainland Chinese stocks were also higher, with the Shanghai composite climbing 0.85% while the Shenzhen component advanced 0.577%. South Korea’s Kospi, returning to trade from holidays earlier in the week, slipped 0.51%. The S&P/ASX 200 in Australia edged 1.07% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.76% higher. Markets in Japan are closed on Thursday.
Wall St ends higher as Fed signals bond-buying taper soon
The three major U.S. stock indexes rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon. The S&P 500 registered its biggest daily percentage gain since July 23.
While trading was choppy following the Fed's latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where they were before the central bank news. The Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.
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