Sensex tanks 720 pts from day's high, ends 125 pts down; Nifty PSB drops 3%

On the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week

4:03 PM

MARKET VIEW :: Cut in small & midcap indices weakened market breadth

While the pace of vaccinations and encouraging export data helped Bulls get closer to the 60K mark amidst the FTSE & MSCI rebalancing of flows, profit taking took away all the gains ahead of the GST Council Meet. Even as the BFSI biggies held fort today, the cut in the Small & Midcap indices weakened market breadth as was evident in the Advance-Decline ratio at close today.

-- S Ranganathan, Head of Research at LKP securities

4:02 PM

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

Index closed a week at 17586 with gains of more than one percent and formed a bullish candle on the weekly chart. On Friday session index witnessed good profit booking resulting formed dark cloud cover sort of candle pattern on daily chart which considers to be a bearish reversal pattern by nature so any break below 17530 zone we may see more drag down the index, immediate support is still placed at 17500 followed by 17430 zone & resistance is coming near 17650-17750 zone also profit booking is suggested around mention hurdle zones.

 

4:00 PM

What dragged D-Street lower today?

Despite a strong opening, domestic indices gave up early gains to trade flat driven by profit booking and mixed global sentiments. PSU Banks were heavily wounded by profit booking although the government approved a guarantee of Rs.30,600 crores to the National Asset Reconstruction Company Ltd with an aim to clean stressed assets from the banking sector. Global markets traded cautiously bracing for the Fed Reserve and Bank of England policy meetings next week.

-- Vinod Nair, Head of Research at Geojit Financial Services

3:59 PM

IDFC slips over 1% after board approves divestment of MF business

>> The Board of Directors of IDFC Limited and IDFC Financial Holding Company Limited at their meetings held today i.e. September 17, 2021, have inter alia, considered and approved to initiate steps to divest its mutual fund business subject to requisite regulatory approvals, as applicable. 

3:56 PM

eClerx gains 4% on buyback approval

>> eClerx board approves up to Rs 303 cr buyback at Rs 2,850/sh

>> eClerx revises Buyback price to Rs 2,850/sh from Rs 3,200/sh approved in August 13 board meet

3:54 PM

IndiGo surges 10% on strong aviation data for August

>> Aug domestic air passenger traffic up 136% YoY at 6.7 mn

3:51 PM

Poonawalla Fincorp reverses losses, ends 3% higher

>> The stock had hit 5% lower circuit in morning deals after the company's MD stepped down on Thursday

3:47 PM

Market bread favours sellers

>> Advance-decline ratio at nearly 1:2, suggesting that for every one share that rose, two declined

3:46 PM

Volatility on the rise

>> India VIX jumps 5.68% to 15.23

3:45 PM

Broader markets underperform benchmark; Nifty Midcap tanks over 1%

3:43 PM

Nifty Media index best sectoral gainer on NSE

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

3:42 PM

Nifty PSU Bank index worst sectoral performer on NSE

>> Index tumbled 3%; here are the top losers from the pack

3:38 PM

Sector Watch :: Nifty PSB index falls 3%; Media up 1%

3:37 PM

Sensex Heatmap

Top gainers: Kotak Bank, HDFC Bank, Airtel, Mruti Suzuki

Top losers: Tata Steel, SBI, TCS, RIL

3:35 PM

CLOSING BELL :: Nifty50 gives up 17,600

3:34 PM

CLOSING BELL :: Sensex slips 125 pts, holds 59K

3:26 PM

Gold prices rebound but set for weekly loss as dollar holds ground

Gold prices rebounded on Friday after sliding to an over one-month low in the previous session, though a firm dollar set the metal on course for a weekly decline as investors awaited next week's U.S. Federal Reserve policy meeting. Spot gold rose 0.5% to $1,762.55 per ounce by 0716 GMT, while U.S. gold futures GCv1 gained 0.4% to $1,762.80. The precious metal has declined 1.6% this week. READ MORE

 

3:12 PM

Global markets :: European shares set for weekly gains as travel stocks soar

European stocks were on track for weekly gains on Friday as news that Britain was mulling easing travel restrictions boosted airlines and hotel groups, while a rebound in luxury stocks also supported the main indexes.

The pan-European STOXX 600 index rose 0.5%, reversing losses earlier this week on worries about slowing global growth and tighter regulation of Chinese firms.

France’s CAC 40 and Spain’s IBEX outperformed regional peers with a 1.0% and 1.2% gain, respectively.

Source: Reuters

2:59 PM

Vaccination in fast lane :: India administers 1 cr jabs till 1.30 PM

2:53 PM

Indian defense supplier Data Patterns nears $100-mn IPO filing: Report

The Chennai-based company, backed by former Blackstone Inc. senior fund manager Mathew Cyriac, plans to lodge the listing documents with the Indian securities regulator as soon as next week, the people said. The firm intends to list in Mumbai this year, said one of the people, who asked not to be identified as the information is private. READ MORE

2:41 PM

Sensex Heatmap at this hour

2:32 PM

ALERT :: Profit-booking deepens! Sensex gives up 59, 000

2:22 PM

Surya Roshni soars 11%, hits new high on strong growth outlook

Shares of Surya Roshni edged higher by 11 per cent to Rs 731.20, also their new high on the BSE, in intra-day trade on Friday on the back of heavy volumes and amid a strong growth outlook. In the past seven trading days, the stock has zoomed 43 per cent, as compared to a 1.7 per cent rise in the S&P BSE Sensex. READ MORE

2:15 PM

ALERT :: eClerx Services approves share buyback worth Rs 303 crore

>> The buy back price is of Rs 2,850 per share and the size is of upto 3.05% stake

2:00 PM

Collection recovery in securitisation yet to reach March 2021 levels

The performance of 143 rated securitisation deals showed the recovery has improved sentiments and supported the loan performance in June-July 2021. Overdue loans in softer delinquency buckets started performing with the gradual lifting of Covid-19 pandemic-related restrictions and this trend was prominent in secured asset classes. READ MORE

2:00 PM

Nifty Realty stocks tank in afternoon trade

1:50 PM

China's oil consumption seen peaking around 2026: Sinopec exec

Sinopec's oil peak forecast echoes a prediction by consultancy Rystad Energy in April that cited rapid adoption of electric vehicles as the main cause for global oil demand to peak over the next five years. READ MORE

1:41 PM

Focus now on faster NPA resolution to ensure NARCL's success: Analysts

Finance Minister Nirmala Sitharaman has announced setting up of a National Asset Reconstruction Company Ltd (NACRL), or a ‘Bad Bank’, with an intent to resolve bad loans within a period of five years. While the move is a 'structurally positive development' as the focus remains on faster resolution of stressed assets, analysts believe the move is a little “late in the cycle.” READ MORE

1:28 PM

CESC registers new high post 1:10 stock split, surges 10%

Shares of CESC rallied 10 per cent to Rs 96.75 on the BSE in intra-day trade on Friday after the 1:10 stock split came into effect. The company's board had fixed 17 September, 2021, as the record date for the stock split in the ratio of 1:10, i.e. a equity share with the face value of Rs 10 to be sub-divided into 10 equity shares with a face value of Re 1 each. The stock of electric utilities company surpassed its previous high of Rs 92.61 (adjusted to stock split) touched on 11 January, 2018. READ MORE

 

1:13 PM

Nifty PSU Bank index worst sectoral performer on NSE

>> All constituents in the red