MARKET WRAP: Sensex surges 835 pts, Nifty reclaims 11K; Nifty IT up over 3%

All that happened in the markets today

4:12 PM

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

Indian benchmark indices showcased steady gains throughout the course of the trading day, before finally ending up by more than 2 per cent; almost entirely recouping the losses in yesterday’s trade. This relief rally was in spite of mostly negative global cues and seemed to be based on the hope of more stimulus measures by the government. On a weekly basis, the recovery today enabled the benchmark indices to limit to around 3.8 per cent loss for the week. FPIs have net sold close to Rs 2,000 crore so far this month, which indicated the uncertain trend in the markets, after a huge month of inflows in August.

 

WEEK AHEAD

 

In spite of the rally seen today, the market is expected to remain volatile and directionless in the absence of solid triggers. Global cues will continue to be in focus as a resurgence in virus cases around the world, leads to more restrictions and more pressure on economic recovery. Traders are advised limiting overnight positions and Investors are advised to only accumulate quality stocks for the time being.

3:43 PM

SECTOR WATCH | Nifty IT ends nearly 3.5% higher

3:42 PM

MARKET AT CLOSE | All 30 constituents of S&P BSE Sensex end in the green

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 835 points, or 2.28 per cent to settle at 37,389 while NSE's Nifty ended at 11,050, up 245 points, or 2.26 per cent.

3:26 PM

MARKET CHECK

3:18 PM

Vakrangee hits 10% upper circuit on RBI's in-principle nod to set up BBPOU

The trading volumes jumped 1.5 times, with a combined 1.7 million equity shares were changing hands till 02:58 pm. There were pending buy orders for 802,000 shares on the BSE and NSE, the exchange data show. READ MORE 

3:11 PM

MARKET CHECK | ITC rises 2.5%

3:04 PM

NEWS ALERT :: Vodafone wins arbitration against India over retro tax demand of Rs 20,000 cr

>> Permanent Court of Arbitration in Hague rules that conduct of I-T Dept is in breach of 'fair and equitable' treatment. 

(Source: CNBC TV18)

2:58 PM

Global GDP shrinks 7.2% in April-June 2020 due to Covid-19: Motilal Oswal

The global real private final consumption expenditure (PFCE) declined at record 11 per cent YoY last quarter while global real gross capital formation (GCF) fell 6per cent, and global real government final consumption expenditure (GFCE) remained stagnant in 2QCY20. READ MORE

2:56 PM

Stocks that hit 52-week high on BSE today

COMPANY	PRICE(rs)	52 WK HIGH	CHG(%)
ADVANCED ENZYME	294.60	317.20	7.99
APOLLO HOSPITALS	2024.40	2038.25	3.89
COFORGE	2286.75	2304.50	8.21
GRANULES INDIA	376.60	395.00	4.44
SUVEN PHARMA	384.00	416.20	3.90

2:47 PM

MARKET CHECK :: Sensex soars over 850 pts, recovers most of Thursday's losses

2:41 PM

HEATMAP:: All Sensex constituents trade in green, led by Bajaj Finserv, up 7%

2:35 PM

Loan moratorium case: Adverse SC verdict could heavily affect banks in Q2

News reports suggest that the Mehrishi Committee has recommended the government to bear the brunt of this liability and a relief be provided to the most affected segment of borrowers. While this does bode well for banks, going by precedence, analysts say they would be surprised if the government offers any support. “As per our observation, unless it is a government announced scheme like a farm waiver, it is unlikely that such costs are borne by the government,” says an analyst with a foreign brokerage. Some are also of the view that if the government extends any relief it could turn counter-productive at this juncture. “There could be an uproar that this money could have been used for recapitalising government-owned banks or serving the public directly; why help the banks instead,” head of research at domestic brokerage points out. READ MORE

2:25 PM

MARKET CHECK :: Nifty reclaims 11,000-mark

2:24 PM

MARKET CHECK :: Sensex leaps 800 pts

2:22 PM

Camlin Fine surges 11% in one week after it starts production at Dahej unit

Trading volumes on the counter more-than-doubled with a combined 733,000 equity shares changing hands on the NSE and BSE till the time of writing of this report. There were combined pending buy orders for 180,000 shares at 01:47 pm, exchange data show. READ MORE

2:15 PM

Rupee Closing

Rupee ends higher at 73.61 per US dollar vs Thursday's close of 73.90/$

2:08 PM

Q&A | Financial sector is in the middle of a perfect storm: Pankaj Murarka

Globally, we are witnessing a pullback in risk assets across the board after a ferocious rally in the last six months. After the sharp rally, equity markets are ahead of the real economy and we are witnessing profit-taking. It is a healthy correction in the bull-market and investors with a long-term view should use this pullback as an opportunity to invest in equities. As economies unlock and get back to their normalised level of activity, equities should do well over the next two-three years. READ MORE 

2:02 PM

BUZZING STOCK :: Nestle extends gains

1:54 PM

MARKET CHECK | Top gainers on the BSE at this hour

1:45 PM

Q&A | Automobile sales growth would sustain going ahead: Kansai Nerolac MD

The overall recovery in the entire economy is faster than expected. People have accepted that Covid-19 is going to be there like normal flu. You can see, barring a few segment, all other people are working, all shops are now opened. So, to that extent recovery is better than the what people had thought. Definitely for the paint industry, it is better than what we had also thought and better than other sectors/industries. We are back to our normal growth level which again, I would say is a pleasant surprise for us. Fear psychosis amongst consumers amid Covid-19 has also now lowered compared to a few months back. READ INTERVIEW HERE

1:34 PM

SECTOR WATCH :: Nifty Metal Index up over 2.5%

1:24 PM

Cipla surges 5% on USFDA approval for dimethyl fumarate DR capsules

Shares of Cipla surged 5 per cent to Rs 772 on the BSE in the intra-day trade on Friday after the company said it has received US Food & Drug Administration (USFDA) approval for the generic version of Biogens Tecfidera (Dimethyl Fumarate) DR capsules in the US. The drug, indicated for the treatment of relapsing forms of multiple sclerosis, had annual US sales of US$3.8 billion as per IQVIA MAT July 2020. READ MORE

1:15 PM

European indices sluggish at open

1:14 PM

Bihar Elections 2020 :: Results on Nov 10

>> Phase 1: Oct 28

>> Phase 2: Nov 3

>> Phase 3: Nov 7

1:13 PM

Bihar Elections 2020 :: Bihar polls in three phases from Oct 28

>> Maximum number of electors at one polling station reduced to 1000 from 1500

>> Polling time has been increased by an hour (7 am to 6 pm)

1:10 PM

Even as Covid-19 rages, Indian economy's animal spirits are stabilising

Five of the eight high-frequency indicators compiled by Bloomberg News gained last month, while two were unchanged and one deteriorated. That kept the needle on a dial measuring so-called animal spirits steady at 4 -- a level arrived at by using the three-month weighted average to smooth out volatility in the single-month readings. READ MORE

1:01 PM

NEWS ALERT :: RBI grants in-principle nod to set-up and operate Bharat Bill Payment Operating Unit to Vakrangee

Click here for details

12:57 PM

ICICI Securities on Suven Pharma

Suven Pharma has turned ex-bonus from September 25, 2020, pursuant to the board approval granted for the issue of bonus shares in its meeting held on September 16, 2020. The record date for the same has been fixed as September 28, 2020. The board has recommended the issue of bonus shares in proportion of one bonus share (face value of Re 1 each) for every equity share held (i.e. 1:1). Consequently, the share price has changed to Rs 369/share from Rs 738/share. Accordingly, our target price has also been revised to Rs 385/share from Rs 770/share earlier. After the recent run-up, the stock offers limited upside from here on. We change the recommendation from BUY to HOLD. Our target price is based on 22x FY22E EPS (revised) of Rs 17.5. We will revisit the target price for a possible change in the next update.

12:52 PM

Zydus Cadila gets USFDA nod for multiple sclerosis treatment drug

Zydus Cadila has received final approval from the United States Food and Drug Administration (USFDA) to market Dimethyl Fumarate delayed release capsules, (Tecfidera)in the strengths of 120 mg and 240 mg, Zydus Cadila, part of Cadila Healthcare group, said in a regulatory filing. READ MORE