Sensex rises 514 pts, Nifty ends above 17,200; RIL, TCS top contributors

TCS, HUL, Titan Company, UltraTech Cement, and Bharti Airtel hit their respective record highs on the BSE today

4:17 PM

Tech View :: We may see Nifty moving towards its next resistances of 17270 & 17330

The bulls continue with their relentless run and with a broad market participation, Nifty has ended comfortably above 17200. The index heavyweights have seen a good buying interest this week which has led to the acceleration of the momentum. Yesterday, we highlighted that the RSI oscillator on lower time frame charts is overbought and next couple of sessions could be crucial to determine whether there’s any pause in the ongoing trend. As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17270 and 17330. The near term support zone is now placed around 17100-17050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels one should look to book timely profits on their trading positions. 

-- Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

 

4:03 PM

What are tech charts signalling?

The market witnessed the continuation of a positive trend, after sustaining above the level of 17100. If the market sustains above the level of 17200-17250, it is expected that the market to gain momentum, leading to an upside projection till 17400-17450 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

 

-- Ashis Biswas, Head of Technical Research at CapitalVia Global Research

4:03 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

Bulls took complete control today as Indices rose by almost a percentage to hit record highs on the back of IT, Cement & FMCG biggies. The broader markets were buzzing as the formalisation of the economy is enabling organised branded players to gain share. High-Frequency Indicators are pointing towards an uptick in rail freight, consumer durables and appliances ahead of the festive season. 

4:00 PM

IPO CHECK :: Vijaya Diagnostic struggles to hit halfway mark

>> IPO closes for subscription on Friday

3:58 PM

IPO CHECK :: Ami Organics subscribed over 3 times so far on Day 2

3:57 PM

HDFC Life rallies 6% ahead of board meet to mull fund raising

>> The stock hit a new high in trade today

3:55 PM

TCS jumps over 3% amid positive outlook

>> The stock hit a new high today & its market cap surpasses Rs 14 trillion

3:53 PM

M&M declines 2% as firm warns of 20% dip in production due to chip shortage

>> Indian car maker Mahindra and Mahindra said on Thursday it expects a 20%-25% drop in September vehicle production at its automotive division due to semiconductor shortages. Car makers across the world have been hit by semiconductor shortages and warned of further pain due to stiff competition from the sprawling consumer electronics industry for chip deliveries.

3:51 PM

Kitex Garments surges 10% as Telegana government approves expansion plan

Shares of Kitex Garments hit the 10% upper circuit at Rs 164.10 on the BSE this morning after the company announced that Telegana government has approved its expansion plan. “The proposal submitted by Kitex Garments before Government of Telegana towards expansion plan has been approved,” the company said in exchange filing. The Government order will be issued within a few days, it added.

3:50 PM

Nifty IT index best sectoral performer

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

3:45 PM

Sector Watch :: All sectoral indices on NSE except Auto, PSU Bank gain

3:41 PM

BSE MIDCAP index rises 0.93%, moves in tandem with benchmark

3:39 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: TCS, HUL, Kotak Bank

>> TOP LOSERS: M&M, Bajaj Auto, Bajaj Finserv

3:34 PM

CLOSING BELL: Sensex rises 514 points, ends at record high; Nifty tops 17,200

>> Led by gains in IT, private lenders, FMCG and RIL, the benchmark indices resumed their rally after a one-day hiatus, ending at record close. Sensex rose 514 points to end at 57,853. Meanhile, Nifty settled at 17,234, up 157 points. It had hit a new high of 17,245.50 in trade today.

 

3:29 PM

MARKET VIEW :: What's giving ammunition to bulls?

Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye U.S. jobs data. During the afternoon session markets added to the gains on the back of sustained buying activities by traders. Adding to the already positive sentiments a private report penning that the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Investors also cheered with RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion

Views by: Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

3:21 PM

These 5 Sensex stocks hit new highs; TCS, HUL soar 20% in one month

The stock of HUL too hit a new high of Rs 2,808.85, up 3 per cent on the BSE. In the past one month, it has rallied 20 per cent on the expectation that the company will deliver sustained recovery in the discretionary portfolio and accelerate growth in the nutrition portfolio. READ MORE

3:11 PM

India's gasoline demand seen hitting record as Covid-19 curbs ease

Shunning trains, buses and planes, safety-conscious Indians are buying more cars and increasingly using personal vehicles to commute as they embark on 'revenge travel' - flocking to tourist destinations after months of restrictions, despite record high fuel prices.

 

Annual passenger vehicle sales in India rose by 45% to 264,442 units in July, driven by pent-up demand, according to data from the Society of Indian Automobile Manufacturers. READ MORE
 

2:58 PM

Sensex Heatmap at this hour

2:49 PM

Vijaya Diagnostic IPO subscribed 40% so far on Day 2

2:38 PM

WHO warns new Mu variant of Covid-19 could be more vaccine-resistant

Mu - also known by its scientific name as B.1.621 - was first identified in Colombia in January 2021, and since then, there have been "sporadic reports" of cases and some larger outbreaks in South America and Europe, the UN health agency said in its weekly bulletin on the pandemic on Tuesday. READ MORE

2:21 PM

Reliance Industries hits 11-month high; stock inches towards record high

The stock was trading at its highest level since October 2020 and is 3 per cent away from its record high level of Rs 2,369, touched on September 16, 2020. In the past one month, RIL has outperformed the market by gaining 11 per cent as compared to a 9 per cent rise in the S&P BSE Sensex. READ MORE

2:09 PM

ALERT :: Nifty tops 17,200

1:50 PM

Currency check

1:37 PM

Chemplast Sanmar rises for 6th day in row after weak debut, up 21% from low

The stock of the specialty chemicals firm was trading at its highest level since listing on August 24, 2021. It has rallied 21 per cent from its low of Rs 510.30 touched on the listing day. With continued upward movement, the stock is now trading 15 per cent higher against its issue price of Rs 541 per share. READ MORE

1:20 PM

Sensex extends gains, trades at day's high

1:14 PM

Walton Street Blacksoil fund gets commitments of Rs 360 cr for its new fund

The debt fund plans to invest the generated funds in self-liquidating senior secured debt instruments, with a target security cover of more than two times, focusing on middle-income residential real estate projects across key tier-I cities of Bangalore, Hyderabad, Chennai, Mumbai, Pune and Delhi/NCR. The debt fund is registered with the Securities and Exchange Board of India (SEBI) as a category II Alternative Investment Fund (AIF).

 

Recently, BlackSoil and the former India-based management team of US real  READ MORE

12:58 PM

Sebi may dilute certain clauses in controversial MF compensation circular

The Securities and Exchange Board of India (Sebi) could dilute certain clauses in the controversial compensation circular introduced for the mutual fund (MF) industry that required fund houses to invest a fifth of fund managers’ and other senior officials’ salaries in their own schemes.

 

Sources said Sebi and industry representatives have got into a huddle to ensure smooth implementation of the new norms ahead of the October 1 deadline. READ MORE

12:44 PM

Realty Check: Stocks from the real estate index can rally up to 25%

NIFTY REALTY INDEX

Likely target: 460 and 515

Upside potential: 11% to 25%
 

The Nifty Realty index could see a breakout rally towards 460 and 515 levels from a medium-term perspective, monthly charts suggest. This uptrend is well supported by Moving Average Convergence Divergence (MACD), which stands comfortably above the zero line. In addition, the Relative Strength Index (RSI), currently trading in the overbought category, is showing no signs of weakness. The immediate support comes at 380 and 360 levels. READ MORE

12:30 PM

HDFC Life rallies 5%, hits record high ahead of board meet for fund raising

The company’s management believes that life insurance in India is a structural long term growth opportunity given the under-penetration. "In addition, pandemic-induced awareness, shift in consumer behaviour and robust demographic trends indicate that we are well placed to capture these multi decade opportunities," the management had said in the financial year 2020-21 annual report. READ MORE

12:18 PM

Brace for production cuts, shipment delay due to chip shortage: Analysts

As a result, shortage of raw material, port congestion and unavailability of containers have lengthened lead times – the time taken between ordering a chip and its delivery, especially in countries that are a part of manufacturing supply chains, like Vietnam, South Korea and China in August. READ MORE