Sensex ends 580 pts lower amid weak global cues, Nifty settles at 12,772

All that happened in the markets today

4:10 PM

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

"The increasing virus infections raised fears of additional restrictions and considering its impact on global economic activity, global market sentiments turned negative. This was in spite of the optimism surrounding the advanced stages of vaccine development. Indian markets also witnessed profit booking from recent highs, as investors turned cautious. Financials led the losses while defensive sectors such as FMCG and Pharma fared better. The positivity in auto sales numbers continued and could be an indicator of economic recovery. However, increasing virus infections, which are again being reported in some parts of India, can offset this nascent recovery. We can expect short-term volatility in the markets and investors are advised to remain cautious."

3:43 PM

MARKET AT CLOSE | Losers and gainers on the S&P BSE Sensex

3:42 PM

Nifty PSU Bank slips over 3%

3:36 PM

CLOSING BELL

The S&P BSE Sensex slipped 580 points, or 1.31 per cent to settle at 43,600 while NSE's Nifty ended at 12,772, down 167 points, or 1.29 per cent. 

3:23 PM

BROKERAGE VIEW | ICICI Securities on Mahindra Lifespace Developers

RATING: HOLD | TARGET PRICE: Rs 300

We like MLD given its strong parentage, the management’s focus on expanding its overall scale of operation and a comfortable balance sheet. The new land purchases could enable it to scale up its residential business, which otherwise saw lethargic movement. However, we would await fructification of such deals and traction thereof, before turning constructive. Hence, we maintain our HOLD rating on MLD with a target price of Rs 300.

3:13 PM

MARKET CHECK | Sensex slips nearly 600 pts

3:03 PM

Stressed debt across sectors falls 37% in Q2 to Rs 15 trn: Credit Suisse

The share of debt with loss-making companies was also down to 23 per cent as compared to 28 – 30 per cent pre-Covid-19. A large part of this has been on account of the fall in the stressed debt levels in the metal (Tata Steel & SAIL) and telecom (Bharti Airtel) sectors, Credit Suisse said. READ MORE 

2:53 PM

Snowman Logistics zooms 77% in 8 days on healthy demand prospects

At 02:30 pm, Snowman Logistics was trading 7 per cent higher at Rs 61.50 as compared to a 1.3 per cent-decline in the S&P BSE Sensex. Trading volumes on the counter more-than-doubled with a combined 8.04 million shares changing hands on the NSE and BSE till the time of writing of this report. READ MORE

2:40 PM

Dow Jones Futures slip over 100 pts

2:34 PM

Nifty Bank index tumbles over 850 pts

2:22 PM

Interest Waiver Case :: SC defers hearing till next week

>> SC directs for Power Gencos, other petitioners to submit suggestions before RBI counsels. 

 

>> SC directs Centre, RBI to reply to suggestions put forth before the SC & directs for case to be listed next week

2:11 PM

NEWS ALERT :: Esker, Birlasoft tie-up to automate Procure-to-Pay and Order-to-Cash with Artificial Intelligence

Source: BSE filing

2:05 PM

SpiceJet, IndiGo: Aviation stocks look set for a further rally, charts show

Investors have turned to the beaten-down aviation stocks ever since Pfizer and then Moderna Inc said their Covid-19 vaccine candidates have shown over 90 per cent efficacy. Shares of SpiceJet and IndiGo have outperformed the markets this month as investors were seen rotating out of 2020 winners such as IT and pharma and buying into sectors that were badly bruised because of the Covid-19 pandemic. READ MORE 

1:54 PM

Sensex at day's low

1:46 PM

DHFL hits 5% upper circuit for third straight day; stock nears 52-week high

In the past one month, stock of the housing finance company has gained 46 per cent as against a 9 per cent-rise in the S&P BSE Sensex. It was quoting close to its 52-week high level of Rs 23.30 touched on November 25, 2019. The stock had hit a record high of Rs 680 in September 2018 and had touched a multi-year low of Rs 8.40 on April 2020. READ MORE

1:28 PM

BROKERAGE VIEW | Emkay Global Financial Services on Wipro

RATING: HOLD | TARGET PRICE: Rs 360 

We prefer to wait to see any signs of sustainable operating performance improvement before taking any constructive view on the stock, particularly as in the past, the company went through multiple restructurings but failed to solve client mining and revenue leakage issues. We maintain Hold on the stock with a TP of Rs 360 at 18x Sept’22E earnings. 

1:13 PM

BSE Utilities up over 2.5%

1:03 PM

BUZZING STOCK | BEL surges over 9%

12:53 PM

Q&A :: We continue to prefer medium-to-long end bonds, says Saurabh Bhatia, DSP Inv Mgr

Over the past few months bond markets have been trading in a relatively narrow range. Shorter end of the yield curve has immensely benefited courtesy sustenance of the liquidity surplus. Super surplus liquidity coupled with held to maturity (HTM)-enabled Targeted Long-Term Repo Operations (TLTRO) has enabled the credit spreads to remain compressed, especially in the shorter-end of the curve. READ MORE

12:42 PM

Sensex Heatmap at this hour

12:29 PM

Bollinger Band shows 37 mid, small-cap stocks may surge over 25%

One of the momentum indicators used in technical analysis of stocks is Bollinger Band. Bollinger Band (BB) helps to ascertain the volatility with the support of standard deviation.

 

Herein, the upper band defines the higher range that a stock can deviate from the mean and vice versa. Besides ascertaining the price range and volatility, Bollinger Band also reflects the breakout in the form of “Expansion” and “Contraction” formation. READ MORE

12:18 PM

Titan gains 4%, nears 52-wk high on healthy business in the festive season

"The jewellery business witnessed a mid-teens growth (around 15 per cent) for the 30-day festive season starting from Dussehra till Diwali over the corresponding period last year, with a decent recovery in studded jewellery sales," Titan said in the business update.

 

The watches and wearables business also did quite well in the festive season with recovery close to last year's levels. Eyewear business has also witnessed good traction, it said. READ MORE

12:04 PM

Tata Chemicals rallies 9%, hits record high in a range-bound market

Shares of Tata Chemicals hit a record high of Rs 357, up 9 per cent on the BSE in the intra-day trade on Thursday in an otherwise range-bound market. The stock of the Tata Group commodity chemicals company surpassed its previous high of Rs 345.80, touched on August 25, 2020. In comparison, the S&P BSE Sensex was down 0.05 per cent at 44,159 points. The counter has seen huge activities with trading volumes surging more than four-fold today. A combined 7.16 million shares had changed hands on the counter on the NSE and BSE till 11:33 am. READ MORE 

 

11:54 AM

MARKET CHECK

11:43 AM

BROKERAGE VIEW | HDFC Securities on Ahluwalia Contracts

RATING: BUY | TARGET PRICE: Rs 382 

Gross debt increased marginally to Rs 440mn from Rs 430mnQoQ. With cash balance at Rs 2.2bn, AHLU remains a net cash company. We have tweaked our FY21/FY22 estimates and maintain BUY on AHLU with a slightly increased target price of Rs 382 (13x Sep-22E EPS), given its robust order book, strong balance sheet, and better RoE/RoCE than peers.

11:33 AM

BROKERAGE VIEW | Prabhudas Lilladher on Wipro

RATING: BUY | TARGET PRICE: Rs 415 

New CEO believes in sustainable margin led growth driven by structural margin levers and pricing power derived from investing in next gen capabilities. We value Wipro on Sep-22 earnings of 20X to arrive at unchanged TP of INR 415. Wipro is currently trading at 17.5X/15.9X for FY22/23E earnings of Rs 19.8/21.7 respectively with EPS CAGR of ~14% for FY21-23 respectively. Maintain Buy.

11:23 AM

Top gainers on the BSE at this hour

11:09 AM

Nifty Realty index surges nearly 3%; DLF, Prestige Estates advance 5% each

Shares of real estate companies were in focus with the Nifty Realty index gaining nearly 3 per cent on the National Stock Exchange (NSE) on Thursday on the expectation of revival of the real estate sector. DLF and Prestige Estates Projects rallied 5 per cent each and Godrej Properties gained 4 per cent, while Sobha, Indiabulls Real Estate and Brigade Enterprises were up in the range of 2 per cent to 3 per cent on the NSE. READ MORE 

11:03 AM

TECH VIEW | Here's why pivot points are a must for any profitable trading model

Pivot points are the price levels that help traders determine directional movement and potential support/resistance levels of a stock/index. These are calculated considering the open, high, low, and close of the previous sessions. Market participants consider pivot levels as turning points, besides looking at support and resistance. READ MORE 

10:59 AM

NEWS ALERT :: Moody's increases India FY22 GDP growth forecast to 10.8%

>> Recent fiscal package positive for India's growth

>> Medium-term growth could remain around 6%