MARKET: Sensex ends 646 pts higher as RIL jumps 7%; Nifty settles at 11,449

All that happened in the markets today

4:10 PM

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

"Indian indices again had a strong showing today backed by strong gains in the shares of RIL, which alone contributed to more than half of the gains seen on Nifty. Suitors lining up for potential stake sale in Reliance Retail drove its gains today. Positive global cues also played a part in the broader positivity seen in the markets. European markets have turned cautious ahead of the ECB policy meeting happening today. Investors seem to have kept the simmering border tensions on the back burner for now and, in the absence of fresh triggers, will look at global markets and stock-specific news for direction".

3:44 PM

SECTOR WATCH:: Nifty Metal cracks over 1%

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 646 points or 1.69 per cent higher at 38,840 while NSE's Nifty settled at 11,449, up 171 points, or 1.52 per cent.

3:28 PM

INDEX GAINER:: Asian Paints up 4%

3:22 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

3:12 PM

BROKERAGE VIEW:: HDFC Securities on auto and auto financiers

Autos: We believe this scheme would benefit the auto sector where CV sales have been impacted by the increase in axle load norms (which resulted in system capacity rising by ~15%), the introduction of BSVI vehicles (which are 10-15% more expensive than the earlier variants) and the COVID-related downturn. We currently have an ADD rating on Tata Motors and a REDUCE on Ashok Leyland.

Auto financiers: The extent of up-trading and improvement in auto financiers’ prospects will depend upon the scope, incentives and timelines of the scheme. At the same time, asset quality risks seem unlikely, as companies within our coverage rarely finance vehicles which are older than 13 years at termination. Overall, the scheme is likely to be sentimentally positive for the sector. CIFC (BUY) remains our top pick in the vehicle financing space. Amongst banks engaged in vehicle financing, we prefer AUBANK (ADD).

3:07 PM

Granules India hits fresh record high of Rs 384; rallies 24% in 2 weeks

Shares of Granules India hit a fresh record high of Rs 383.70, up 5 per cent on the BSE, in the intra-day trade on Thursday, gaining 24 per cent in the past two weeks on expectation of strong earnings going-ahead. In comparison, the S&P BSE Sensex was down 0.94 per cent during the same period. The first quarter (April-June) of FY21 turned out to be the best-ever quarter for the company as it posted highest ever GPM (gross profit margin) and EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in the company’s history. READ MORE

3:02 PM

RIL and Axis Bank top contributors to Sensex's 500-point rally today

2:56 PM

ITI Ltd jumps over 12%

2:52 PM

Buzzing Stock :: Info Edge sees sharp upmove

2:43 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:43 PM

Indians investing in US equities should avoid bubbles, fads: Rob Arnott

FANMAG-like stocks are in a clear bubble. Many trades at valuations as rich as the peak of the tech bubble, and require implausible future success to justify current prices. We’re also seeing an enormous surge in retail money, chasing the market darlings. READ FULL INTERVIEW HERE

2:34 PM

Indiabulls Housing sells part of its stake in OakNorth for Rs 440 crore

"The company plans to conclude few other transactions on the partial stake sale in OakNorth Bank over the next few days. The divestment in OakNorth bank will result in boosting CRAR and shall free up capital to grow the loan book of the company,” said Indiabulls Housing Finance. READ MORE

2:25 PM

MARKET CHECK

2:22 PM

BROKERAGE VIEW :: Anand Rathi on RIL

The stock has provided breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has reversed from oversold territory and MACD has provided a buy crossover on the daily chart which hints that the upside momentum is likely to continue. It is also trading well above its short term and long term moving averages. Traders can accumulate the stock between 2160-2210 with a stop loss of 2040(Closing basis) for an upside target of 2500.

2:19 PM

Expert View :: Jyoti Roy - DVP- Equity Strategist, Angel Broking on RIL

Reliance Industries stock has been on a tear and hit an all time high today ever since the announcement of investment of Rs 7,500 crore by Silver Lake in Reliance Retail Ventures Ltd. yesterday, valuing the retail business at Rs 4.21 lakh crore which is at the higher end of market expectations. This investment by Silver Lake comes on the back of the company announcing the acquisition of the Retail, Wholesale, Logistics and Warehousing Business from the Future Group on a slump sale basis for a total consideration of Rs 24,713 crore which helps the company to consolidate its leadership position in the retail business.

 

We expect the company to attract further investments in the retail business from other investors which is leading to another round of rerating for the company. We remain positive on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. Further investments in the retail business and scaling up of Jio Mart business will be key triggers for the company in the near future. Listing of the digital and retail business over the next few years would also lead to significant value unlocking for shareholders in the long run. We continue to maintain our buy rating on reliance Industries with a target of Rs 2,366.

2:15 PM

BROKERAGE VIEW:: MOFSL on Essel Propack

RATING: BUY | TARGET PRICE: Rs 314

Despite the recent rally in the stock, we still believe there is room for further upside. The stock currently trades at 24x/20x FY22/FY23 P/E. Over the last 3 years, ESEL has traded at an average P/E of 19x. We expect revenue/EBITDA/PAT CAGR of 11%/15%/24% over FY20-23E and value the stock at 26x Sept’22 EPS. Our TP of Rs 314 implies 20% upside. Maintain Buy.

2:11 PM

Rupee Closing

Rupee settles higher at 73.46 per US dollar vs Wednesday's close of 73.53/$

1:59 PM

Paint stocks in focus; Asian Paints hits record high, Berger Paints up 2%

Shares of paint companies were in focus with sector giant Asian Paints hitting an all-time high of Rs 2,028, up 2.5 per cent on the BSE in the intra-day trade on Thursday, on expectation of higher demand. The stock surpassed its previous high of Rs 2,016 touched on August 25, 2020. That apart, Berger Paints India, Kansai Nerolac Paints and Shalimar Paints were up 2 per cent each, as compared to 1.4 per cent rise in the S&P BSE Sensex at 01:08 pm. READ MORE

1:48 PM

Nifty Bank index dips 300 points off day's high

1:39 PM

European markets trade lower

Source: Reuters

1:25 PM

Parag Milk gains over 5%

1:22 PM

MARKET UPDATE:: India VIX cools off 4%

1:21 PM

Bata India re-rating hinges on strong show by revenue spinning premium biz

Analysts believe the premium footwear segment would see a delayed recovery with muted demand, which in turn would keep a tight lid on earnings. Therefore, after gaining 9.4 per cent over a month until September 3, the stock of Bata, which has higher share of premium portfolio, shed about 7 per cent in the last 4 trading sessions. READ MORE

1:12 PM

Analysts positive on retail sector post Reliance Retail-Silver Lake deal

Covid-19 and Reliance Industries (RIL) – seem to be the only two names that now command the power to move the markets in either direction. The latter with investment in its telecom venture (Jio Platforms) and now the retail business vertical have put the spotlight back on retail space in India. With RIL’s retail arm, Reliance Retail, sealing its first stake sale deal with Silver Lake, analysts see the sector consolidating yet growing going forward and if reports are to be believed, the Mukesh Ambani-owned company could be in talks to offer $20 billion stake to Amazon. READ MORE

1:02 PM

NEWS ALERT | Maruti Suzuki Promoter Suzuki Motor Corp buys additional 2.84 lakh shares via open market on Sept 8: CNBC TV18

12:54 PM

Reliance offers Amazon $20-billion stake in retail arm: Report

Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries Ltd (RIL) is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon, BloombergQuint reported on Thursday, citing Bloomberg News. Amazon has held talks about investing in Reliance Retail and expressed interest in negotiating potential deals, according to the report. READ MORE

12:42 PM

Top gainers on BSE at this hour

COMPANY	PRICE(rs)	CHG(%)
NAVA BHARAT VENT	61.45	8.47
ITI	128.50	7.22
IIFL FINANCE	87.85	6.81
SYNGENE INTL.	484.50	6.78
ESSEL PROPACK	280.25	6.64

12:26 PM

NEWS ALERT :: Time Cap Overseas to buy 6.10% stake in Natco Pharma

>> Purchase of equity shares in Time Cap Overseas Limited, Mauritius, a Subsidiary of the Company from the other shareholder Sri Venkatachari Madhusudhan who holds 6.10% of shares i.e.72,710 Equity Shares of USO 10 face value amounting to USD 727,100.

>> After this acquisition the said subsidiary will be a Wholly Owned Subsidiary (WOS) of the Company.

Click here to read the exchange filing