Investors richer by Rs 4 trn as Sensex zooms 765 pts, ends near 56,900

Investor wealth rose by Rs 3.6 trillion on the BSE today, taking m-cap of all listed BSE companies to Rs 247.34 trillion

3:57 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Strong move has been witnessed on the first day of the week and the index closed a day on fresh highs at 16931 with gains of nearly one & a half per cent forming a strong bullish candle on the daily chart. The index reached its immediate targets of the 17k mark so traders are suggested to lock some gains near the 17k mark also fresh buying will be suggested on a dip near 16850 zone not here as risk rewards will not be in favour, immediate support for nifty is coming near 16850-16770 zone if managed to hold above-said levels we may see the index to breach 17k mark and resistance is coming near 17k mark.

3:57 PM

MARKET QUOTE :: Narendra Solanki, Head- Equity Research, Anand Rathi

Indian markets started on a positive note following positive Asian market cues on back of U.S. Fed chairman statement indicating that the central bank is likely to begin tapering before the end of the year, though there is still much ground to cover before rate hikes. During the afternoon session markets continued to trade positive and scaled new highs with broad based buying in blue chip counters. Most of the sectoral indices were trading in green. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices trading up by over 1.50% each. In another positive development, Niti Aayog Vice-Chairman has said a strong economic growth rebound is expected on the back of rapid vaccinations, a recovering monsoon boosting agricultural output, thrust on infrastructure investments by the government, and growth in export, which have performed remarkably during April June registering a growth of 18% over the same period in the pre-pandemic year of 2019-20.

 

3:56 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

Following a strong gap-up opening, equity benchmark indices maintained the trend throughout the day in line with the strength in global markets. Global markets strengthened as the anxiety over the Jackson Hole symposium subsided following the dovish tone of the Fed Chair. Jerome Powell stated to stick with the wait-and-see approach giving reassurance that the easy money policy will continue this year with a smaller rate of tapering.

3:55 PM

Zomato rallies 7% as Goldman Sachs initiates coverage with BUY

3:50 PM

Axis Bank up 4% as lender begins issuing debt securities under Rs 35,000 cr-debt raise plan

>> Axis Bank on Monday said it has started issuing debt securities under its Rs 35,000 crore-debt raise plan announced earlier this year.

3:49 PM

Maruti Suzuki jumps 3% as firm announces price hike for all models from Sept

>> The country's largest carmaker Maruti Suzuki India on Monday said it will hike prices across models from next month amid rising input costs. In a regulatory filing, the company said, ".... over the past year the cost of company's vehicles continue to be adversely impacted due to increase in various input costs."

 

3:48 PM

Airtel jumps over 4% on Rs 21,000 crore fund raising plan, chairman's comments

>> The telecom services provider announced Rs 21,000-crore rights issue on Sunday

>> Further, the company's chairman Sunil Mittal on Monday said that it was time to raise tariffs and the company eyes ARPU of Rs 200 by the end of this fiscal & Rs 300 eventually

3:43 PM

NIFTY IT falls amid profit taking in IT names

3:43 PM

NIFTY METAL :: Tata Steel, Coal India top gainers in the metals pack

3:42 PM

SECTOR WATCH :: Barring Nifty IT, all sectors in the green

>> Metals & banking sectors rise over 2% each

3:41 PM

BSE SMALLCAP index gains 1.55%

>> Here are the top gainers & losers from the pack

3:39 PM

BSE MIDCAP :: Top gainers & losers

3:38 PM

BSE Midcap hits new high; outperforms benchmark Sensex

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: Bharti Airtel, Axis Bank, Tata Steel

>> TOP LOSERS: Nestle India, TechM, Infosys

3:36 PM

CLOSING BELL :: Sensex, Nifty end at record highs

>> The BSE Sensex and NSE Nifty closed at new record highs on Monday. The former rose 765 points to end at 56,890 and the latter at 16,931, up 226 points. During the day, Sensex touched new record high at 56,958. Meanwhile, Nifty50 vaulted past 16,800 and 16,900 levels to hit a new peak of 16,952.

3:29 PM

Bharti Airtel investor call :: Eye ARPU of Rs 200 by the end of this fiscal, says Sunil Mittal

>> No plans to sell more promoter stake'

>> Bharti Airtel will not use rights issue fund to increase stake in Indus Towers

>> Postpaid price hike shows we ran out of patience & took the first step

>> Important for the industry to have 3 players

3:21 PM

Top Sensex contributors at this hour

3:02 PM

Bharti Airtel investor call :: It is time to raise tariffs, says Sunil Bharti Mittal

>> Stock at day's high

2:52 PM

Bharti Airtel investor call :: Co's debt is at an 'extraordinary' level, says Sunil Bharti Mittal

>>  Leverage is bothering investors & the company

>> We needed access to growth capital

>> Hope pricing of 5G spectrum will be made attractive equally by the govt

>> It would be a grave error if we stayed with business as usual at this time

2:42 PM

Mark Mobius says :: Hold 10% of portfolio in gold as currencies will be devalued

Veteran investor Mark Mobius said investors should have 10% of a portfolio in gold as currencies will be devalued following the unprecedented stimulus rolled out to fight the coronavirus pandemic.

 

At this stage, “10% should be put into physical gold,” said Mobius, who set up Mobius Capital Partners after more than three decades at Franklin Templeton Investments. “Currency devaluation globally is going to be quite significant next year given the incredible amount of money supply that has been printed.” READ MORE

2:24 PM

ALERT :: NIFTY50 JUST 83-PTS AWAY FROM 17,000

2:23 PM

ALERT :: SENSEX HITS FRESH RECORD PEAK OF 56,821

2:19 PM

BSE Midcap index hits record high; Adani Transmission zooms 67% in 1 month

The S&P BSE MidCap index hit a record high of 23,655.61, up 1.7 per cent on the BSE in the intra-day trade on Monday, on the back of a sharp rally in stocks of Adani Group, auto ancillary, non-banking finance companies (NBFCs) and broking companies. The index was trading higher for the fourth straight day, after correcting 4 per cent from its previous high of 23,478 touched on August 4, 2021. READ MORE

2:02 PM

Payment firm PhonePe receives broking licence from insurance regulator

Walmart-backed payment firm PhonePe on Monday said it has received a broking licence from the insurance regulator, which will enable it to distribute insurance products from all insurance companies in the country. In a statement, the company said, the new broking licence will allow it to start offering personalised product recommendations to its more than 300 million users, and offer a much more diverse portfolio of insurance products for Indian consumers. READ MORE

2:00 PM

NEWS ALERT :: India Business Resumption Index above pre-pandemic levels for 3 consecutive weeks

>> NBRI rises to 102.7 for week ended Aug 29, up from 101.3 clocked at the end of the previous week

>> NBRI rises 5.6 percentage points in Aug after a 15 ppts rise in June and 17.1 ppts in July

(Source: TV reports)

1:50 PM

Sector Watch :: Nifty IT only sectoral loser

1:50 PM

Axis Bank begins issuing debt securities under Rs 35,000 cr-debt raise plan

The shareholders of the bank had approved the proposal in bank's annual general meeting in July.

 

"The bank has initiated the process of issuing of the debt instruments, in the form of the additional tier 1 notes (notes) in foreign currency, subject to market conditions," Axis Bank said in a regulatory filing. READ MORE

1:35 PM

Angel Broking on Burger King India

>> Burger King India (BKIL) has entered into a non-binding understanding to acquire 85% stake in PT Sari Burger Indonesia (“BK Indonesia”) from F&B Asia ventures (65.8%) and Mitra Adiperkasa (19.2%). The transaction values BK Indonesia at USD183mn and it will fund through equity. On EV/Sales (FY20 - Sales) basis valuation work out around 1.8x which is discount compare to burger king India (8.0x). Considering, strong QSR brand in Indonesia and 60% population age under 30 (millennials), we believe this is positive development for BKIL. Hence we are positive on stock with buy rating.

-- Amarjeet Maurya - AVP - Mid Caps, Angel Broking

1:27 PM

INDEX CHECK :: Nifty Futures surpass 16,900-mark

1:23 PM

This chemical stock has crashed 15% in one month; is reversal on cards?

Clean Science had made a solid debut on Dalal Street on July 19 as the stock had listed at Rs 1,784.40 on BSE, a 98.26 per cent premium to its issue price of Rs 900. On NSE, the scrip listed at Rs 1,755, up 95 per cent. The company's IPO was subscribed 93.41 times, receiving total bids for 1,14,92,30,160 shares against 1,23,02,672 shares on offer. The quota reserved for qualified institutional buyers (QIBs) was subscribed 156.37 times, non-institutional investors 206.43 times, and the retail individual investors (RIIs) quota 9 times. READ MORE