MARKET: Sensex slips 323 pts amid weak global cues, Nifty ends at 11,516

All that happened in the markets today

4:23 PM

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

"Indian markets reacted in sync with global markets, after the US Fed Reserve failed to keep up with the expectations of the investors. In spite of pledging to keep interest rates low, markets were disappointed with the lack of further inputs or immediate stimulus measures. Continued border tensions with China, also worried Indian markets. Markets are expected to remain uncertain and investors are advised to remain cautious."

3:43 PM

SECTOR WATCH | Nifty Metal index drops nearly 1.4%

3:42 PM

MARKET AT CLOSE | Bajaj Finserv ends as the biggest loser on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 323 points or 0.82 per cent to settle at 38,980 while NSE's Nifty ended at 11,516, down 88 points, or 0.76 per cent.

3:20 PM

HCL Tech gains over 2%

3:06 PM

Ashapura Minechem hits upper circuit for 3rd day; stock zooms 100% in 7 wks

Shares of Ashapura Minechem (AML) were frozen at the upper circuit limit for the third straight day on the BSE on Thursday. The stock was up 5 per cent at Rs 82.75, also its 52-week high, in an otherwise weak market. In the past seven weeks, the stock of the mining company has seen its share price more than double after it reported strong operational performance for the June quarter of the current fiscal (Q1FY21). READ MORE   

3:00 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	CHG(%)
J B CHEM & PHARM	1132.00	16.76
DHANUKA AGRITECH	817.60	6.42
I T D C	270.70	5.74
NESCO	588.05	5.56
SONATA SOFTWARE	336.40	5.16

2:52 PM

Stocks exerting pressure on Sensex at this hour

2:44 PM

SC rejects SBI plea to vacate stay on invoking Anil Ambani's personal guarantees

In late August, the Delhi High Court had put on hold the insolvency resolution process (IRP) proceedings against Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel (RITL), respectively, in August 2016. READ MORE

2:35 PM

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

2:29 PM

No easing GST rate, automakers should cut royalty payments: FinMin sources

Finance ministry sources have indicated that there may not be any cut in the goods and services tax (GST) rates on automobiles despite a demand to this effect by the Covid-19 hit sector. The sources said the rates payable by auto firms under the new indirect tax system are lower than those under the old regime of excise duty and value added tax. READ MORE

2:19 PM

Mindtree trades higher for sixth straight day, hits new high in a weak mkt

Shares of Mindtree extended their gains into sixth straight trading day, up 1 per cent to hit a fresh record high of Rs 1,277 on the BSE on Thursday. Thus far in the current week, the stock of the leading digital transformation and technology services company has soared 8 per cent after former promoters Krishnakumar Natarajan and Subroto Bagchi sold equity shares worth more than Rs 200 crore via open market. READ MORE

2:11 PM

Rupee closing

Rupee ends weaker at 73.65/$ vs Wednesday's close of 73.52 against the US dollar

1:58 PM

European indices dip in early deals

1:53 PM

VC investments from China down by 66% in 2020, startups to feel the heat

A major chunk of the investments falls under venture capital, which is defined as investments in companies less than 10 years old. According to Venture Intelligence data, of the 30 deals reported from January to September 2020, 24 of them fall under VC amounting to $216 million. During the same period last year, 30 of 35 deals were in VCs worth $446 million. READ MORE

1:44 PM

BROKERAGE VIEW:: Edelweiss Securities on SAIL

RATING: BUY | TARGET PRICE: Rs 52

We expect SAIL’s performance to improve due to volume uptick and higher realisation. Besides, lower inventory and net debt reduction lend additional comfort. While there are certain risks with payout and receivables, we remain optimistic overall. Maintain ‘BUY/SP’ with TP of Rs 52. The stock is trading at 0.4x FY22E P/BV.

1:41 PM

BROKERAGE VIEW:: Edelweiss Securities on HUL

RATING: BUY | TARGET PRICE: Rs 2,665

HUL is a proxy for India’s FMCG (per capita consumption half of Indonesia and one-fourth of China).  We expect the company to be a key beneficiary of recovery in rural demand. Cost savings and mix improvement are bound to spur margin structurally. Although the lockdown will affect near-term margin, we expect cost-saving initiatives such as zero-based budgeting, efficiency in ad spends, and changes in route-to-market to support margin expansion. The acquisition of GSK’s portfolio will also aid overall margin expansion.

 

Localised lockdowns may affect near-term volumes, but we expect volumes and earnings to bounce back once the situation normalises. We expect premiumisation to sustain (albeit delayed) and hence expect better earnings growth. We retain ‘BUY/SO’ with TP of Rs 2,665. The stock is trading at 51.9x FY22E EPS.

1:39 PM

BROKERAGE VIEW:: ICICI Securities on Brigade Enterprises

RATING: BUY | TARGET PRICE: Rs 272 

The company’s focus on affordable/mid-income housing projects in South India and expected recovery in hotel business in FY22E will enable the company to get its growth story back on track. We reiterate our BUY rating with a revised target price of Rs 272/share (earlier Rs 220) as we roll forward our DCF based NAV to March 2022 and include the recently launched Twin Towers office project in Bengaluru in our estimates.

1:37 PM

BROKERAGE VIEW:: Samco Securities on Mphasis

Outlook: Long term Strong Upside | Investment Period: 5 years | Recommendation: Buy on dips

 

Strong P/E Backing: From a 52.2% stake in 2018, the Blackstone Group recently increased their stake in Mphasis to 56.21%. Covid-19 led to a market sell-off in March and this private equity wasted no me to increase their stake in Mphasis by 4.01%. The rise in stake is an indication of Blackstone's rising conviction in the company's growth which further boosts investor confidence. Also, with Blackstone's backing, Mphasis can access Blackstone's portfolio companies and accelerate its Direct core revenue growth.

1:33 PM

BROKERAGE VIEW:: Emkay Global Financial Services on NBFCs

We have been highlighting our cautious view on the sector considering demand recovery would be a gradual and time-consuming process. We choose to maintain our cautious stance until we see an improvement in macros and remain watchful of any developments. HDFC Ltd. (Buy, TP Rs 2,000) remains our top pick in the sector, along with Cholamandalam Investment and Finance (Buy, TP Rs 230) and Shriram Transport (Buy, TP Rs 730). 

1:28 PM

OPEC+ panel to meet to discuss output cuts, oil price decline amid Covid-19

 OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook. READ MORE

1:21 PM

Here's how to gauge support and resistance reversals for consistent profits

Support and resistance are two distinct aspects of price, but together they represent the importance of significant levels that have a major impact on the trend. Support is the area that facilitates buying momentum, whereas resistance is the roof level that the price is unable to conquer or go beyond. A number of market participants trade only on the basis of support and resistance zones. This seems risky, but over the years, this theory has proven to be a reliable trading model. READ MORE  

1:15 PM

INTERVIEW:: Alex Tedder, CIO, Head of Global & Thematic Equities, Schroders Investment Management

"There are three distinct pockets of investment opportunities arising from the crisis. First, and perhaps most surprisingly, the crisis has served to re-enforce the growth in a number of industries for companies that were already benefiting from structural tailwinds. Most visibly perhaps, our reliance on technology has been amplified by the crisis, with strong growth in demand for enterprise software and cloud-based applications."

1:09 PM

NEWS ALERT :: China continues to be in illegal occupation of approx 38,000 sq km in the UT of Ladakh, says Defence Minister Rajnath Singh

>> The situation this year is very different both in terms of scale of troops involved & no. of friction points

>> We do remain committed to peaceful resolution of the current situation

>>  At the same time, we remain prepared to deal with all contingencies

1:01 PM

NEWS ALERT :: IRCON International bags order worth Rs 1,900 cr

>>  lrcon International Limited has secured Railway Electrification Works for various routes of 2251 Route Kilo meter (RKM) worth approx. Rs.1900 Crore on competitive bidding basis among PSUs from the Ministry of Railways, Government of India.

>> The tenure for execution of the projects varies from 15 to 20 months from the date of signing of Agreement with the Zonal Railways
 

12:49 PM

SpiceJet: Seasonally weak Q2 could add to company's accumulated losses

The reduction in aviation turbine fuel (ATF) prices, for the second time in September, came as a breather. Yet, InterGlobe Aviation (IndiGo) and SpiceJet closed 0.3-1.6 per cent down in trade on Wednesday. Given that the cut in ATF prices followed price hikes in June, July, and August, gains remained limited. READ MORE

12:40 PM

INTERVIEW:: Naveen Kulkarni, chief investment officer (CIO) at Axis Securities

"The market is at an interesting juncture where it is building a healthy recovery. However, it has been quite sceptical about the recovery in the banking sector as the challenges of collections continue to persist. Q2FY21 will provide a better picture of the state of corporate earnings and recovery. Q1FY21 indicated that the Indian corporates have managed to cope with Covid-19 challenges better than expectations." READ MORE

12:27 PM

NEWS ALERT | SC dismisses plea by SBI seeking vacation of stay on personal Insolvency and Bankruptcy Proceedings against Anil Ambani: CNBC TV18

-- SC directs for HC to consider the issue on October 6, says SBI at liberty to seek modification of stay order.

12:23 PM

Laurus Labs hits fresh record high on expectation of strong earnings

Shares of Laurus Labs hit a fresh record high of Rs 1,387.50, up 3 per cent on the BSE on Thursday on expectation of strong earnings in July-September quarter (Q2FY21). The stock of the pharmaceutical company was trading higher for the ninth straight day, ralling 17 per cent during the period. In the past three months, it has surged 171 per cent, as against 16.6 per cent gain in the S&P BSE Sensex. READ MORE

12:15 PM

Dr Reddy's, Biocon, Torrent Pharma: What charts indicate for these stocks

Most pharma stocks have witnessed a huge upside so far in the calendar year 2020 (CY20). On a year-to-date (YTD) basis, the Nifty Pharma index has rallied over 45 per cent (as of Wednesday's close) as against nearly 5 per cent drop in the benchmark Nifty50 index, ACE Equity data show. READ MORE