MARKET WRAP: Sensex jumps 629 pts on broad-based buying; Nifty Bank up 3.7%

All that happened in the markets today

4:08 PM

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

"The announcement of Unlock 5.0 guidelines gave the markets a temporary boost, and benchmark indices closed up by more than 1.5 per cent. Positive factory output data also supported the markets. Global indices were also positive on renewed hopes of a US stimulus package which can also ensure continued liquidity for emerging markets like India. Rising cases of infections, seemingly high valuations, and geopolitical tensions are still causing worry for the markets. Next week cues will again mainly depend on how global markets close out this week."

3:43 PM

SECTOR WATCH | Nifty Bank jumps 3.7%

3:42 PM

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

3:36 PM

CLOSING BELL

The S&P BSE Sensex surged 629 points, or 1.65 per cent to settle at 38,697 while NSE's Nifty ended at 11,417, up 169 points, or 1.51 per cent.

3:28 PM

MARKET CHECK

3:22 PM

IndusInd Bank sees biggest intra-day rally in 5 months; stock surges 13%

Shares of IndusInd Bank recorded its sharpest intra-day rally in over five months after the stock rallied 13 per cent to Rs 598 on the BSE on Thursday on the back of heavy volumes. Earlier, on April 28, 2020, the stock of the private sector lender had zoomed 18 per cent in the intra-day trade. READ MORE

3:08 PM

ALERT :: The Tokyo Stock Exchange witnessed worst-ever outage for the world’s third-largest bourse

>> The trading was halted for the entire day Thursday, freezing buying and selling in thousands of companies. 

3:06 PM

Sept Auto Sales :: Ashok Leyland posts total domestic sales at 7,847 vs 7,850 in Sept 2019

3:03 PM

Global economic recovery slowing from a bounce to a grind: Economists

The best is already over for a global economic recovery that started off at a sprint and is turning into a slog. That’s the warning from Wall Street economists heading into the final months of a traumatic year. Some $20 trillion of stimulus from governments and central banks has pulled the world’s economies most of the way back to pre-pandemic levels. But for multiple reasons, the last stretch is set to be the hardest. READ MORE

3:02 PM

ALERT :: Markets to remain shut tomorrow on account of Gandhi Jayanti

2:58 PM

SBI, HUL tie up for providing easy access to credit to small retailers

Under the partnership, HUL's retailers who use the company's Shikhar app will be able to avail of credit facility for payments to distributors through an integration with State Bank of India's (SBI) Yono app.

 

Hindustan Unilever (HUL) Chairman and Managing Director Sanjiv Mehta said while there are around ten million retailers in India, they have faced constraints in access to credit as they have always operated in an informal environment, while they have also been reluctant to adopt digital technology. READ MORE

2:50 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADANI GREEN	741.50	755.00	0.49
ADVANCED ENZYME	332.00	344.25	0.50
APL APOLLO TUBES	2975.40	3003.00	1.98
APOLLO HOSPITALS	2085.00	2177.30	-3.00
BLISS GVS PHARMA	177.80	181.15	4.25

2:50 PM

BUZZING STOCK:: IndusInd Bank at day's high, up 12%

2:45 PM

Q&A :: We are converting crisis into opportunity, says FM Nirmala Sitharaman

The impact on the economy in the first quarter is there for everyone to see. There is no denying that it was an intense impact. And, even as we are talking, at the end of the second quarter there’s still only patchy revival happening and patchy revivals are very difficult to document in terms of measurability. So, we’ll have to see how it goes. READ INTERVIEW HERE

2:38 PM

Airlines will have to pay interest to passengers on credit shell amount: SC

The Supreme Court on Wednesday ordered airlines to pay a 0.5 percent interest per month on delayed refunds of tickets which were cancelled due to restrictions imposed to counter Covid-19 pandemic.

 

The court said that the credit shell will be valid till 31 March 2021 and if the passenger hasn’t used the amount after that, airlines have to refund the amount with additional interest. READ MORE

2:30 PM

BROKERAGE VIEW | Nirmal Bang Securities on IndiGrid InvIT Fund

CMP: Rs 106 | Annualised Return Expectation: 11.3% | Reco: BUY

Investment Rationale

• Steady cash flow generating business model with minimal counter-party risk;
• KKR & GIC reinforce IndiGrid platform’s credibility; KKR’s induction as co-sponsor to improve robustness of corporate governance;
• Strong focus on growth via acquisitions;
• No negative impact of Covid-19

2:23 PM

BSE Midcap index up around 1%

2:14 PM

Tech Mahindra trades 4% higher

2:11 PM

Rupee Closing

Rupee ends stronger at 73.15 per US dollar vs Wednesday's close of 73.77/$

2:07 PM

TVS Motor gains 5%, hits over 8-month high ahead of September sales data

TVS Motor Company's sales in August 2020 grew by 14 per cent over July 2020 and flat on year-on-year basis. The company sold 287,398 units in August as against 252,744 units in July 2020. It had sold 290,455 units in the month of August 2019. READ MORE

2:00 PM

Analysts remain cautious on PVR, Inox Leisure despite Unlock 5.0 relief

Despite the rise, analysts remain watchful on the road ahead for these stocks. G Chokkalingam, founder and managing director of Equinomics Research and Advisory, for instance, says the steady rise in Covid-19 infections, weak balance sheet, and shift to (over-the-top) OTT preference is likely to continue to cap the upside in these stocks. READ MORE

1:51 PM

Steel producers see retail strengthening despite spiking Covid-19 cases

While Covid-19 pandemic is setting a new normal for most industries across sectors, domestic primary steel producers too are adopting different ways to enhance focus on their retail business. At Tata Steel, the company’s Agrico retail business division which caters to agricultural implements generates almost 60 new products every year. READ MORE

1:40 PM

Angel Broking IPO: Here's how to check share allotment status

The IPO comprised Rs 300 crore in fresh fund raising and another Rs 300 crore secondary share sale by existing shareholders, including International Finance Corporation (IFC), a World Bank arm. Angel Broking is the country’s fifth largest broker in terms of the number of active clients. At the IPO price, Angel Broking will be valued at Rs 2,503 crore. READ MORE 

1:30 PM

From low prices to weak competition, how Titan hit gold during pandemic

India’s biggest gold jeweller is emerging stronger from the coronavirus pandemic. Shares of Titan Co. posted the best quarter in nearly three years as investors bet on a recovery in demand ahead of the key festive season and as an economic slump weakens its competitors.

 

The stock jumped nearly 27% in the quarter ending Sept. 30, the most since the three months ended December 2017. That compares with a 9% increase in the benchmark S&P BSE Sensex. READ MORE

1:18 PM

MARKET CHECK

1:09 PM

Gujarat Ambuja Exports turns ex-split, zooms 20%; up 87% in three months

Shares of Gujarat Ambuja Exports zoomed 20 per cent to Rs 129.90, also its 52-week high on the BSE in intra-day trade on Thursday, as the stock split and was trading at a face value of Re 1. The company has fixed Monday, October 5, 2020, as the record date for the purpose of sub-division of equity shares of the company having face value of Rs 2 each to Re 1 each. The board of directors of the company at its meeting held on July 25, 2020 had approved the sub-division of equity shares of the company. READ MORE 

1:01 PM

Here's how you can tell if a stock is under consolidation

Consolidation is a phase in the markets in which a stock or an index trades within a specific range, between the 'support' and resistance' levels. The price reverses from specific lower levels -- the support -- and faces selling pressure at higher levels -- the resistance. This scenario, by and large, defines consolidation. READ MORE  

12:54 PM

IndusInd Bank surges over 7%

12:43 PM

BROKERAGE VIEW | Centrum Broking on cement sector

We retain our BUY rating on Ambuja Cement, Orient Cement and Star Cement, Add rating on ACC, Ultratech Cement and Heidelberg Cement. We maintain our Reduce rating on Ramco Cements and have downgraded JK Cement (JKCE) to Reduce (due to valuation concerns). We maintain our Sell rating on JK Lakhsmi Cement, Shree Cement and India Cements.

12:33 PM

BROKERAGE VIEW | Emkay Global on Speciality Chemicals

Recovery in the Auto sector boosted demand for Acrylonitrile (ACN) (up 13% QoQ), which consequently eases supply for by-product Acetonitrile (down 4% QoQ). However, with Europe stepping up curbs on fears of Covid-19’s resurgence, global market pressures linger on economic revival. For our coverage universe, we expect margins of SRF/NFIL to remain healthy in the specialty segment on low Fluorspar prices. CFIN could benefit from correction in key raw materials, while improved realization for VO should aid revenue growth. In sector EAP, we remain OW on SRF, NFIL, VO and CFIN.