RIL, IT stocks drive Sensex to fresh closing high, up 167 pts; VIX jumps 4%

The domestic benchmark indices extended their gains to the third day in a row on Monday

4:35 PM

MARKET VIEW: If Nifty holds 17300-17200, it can rally to 17,500

Index opened a day with a good gap but showed a range-bound session and closed a day at 17378 with gains of half a per cent. Index again shifted its support to 17300-17200 zone any dip around mentioned level will be fresh buying opportunity and if managed to hold above-said levels we may see the extension in the current up move towards 17500 zone where traders can lock their gains as 17500 will act as strong hurdle also if sustain above 17500 zone then fresh doors will open for 18k mark. 

 

Views by: Rohit Singre, Senior Technical Analyst at LKP Securities

4:25 PM

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

Positive global markets and strong support from IT and realty stocks, aided domestic markets to trade modestly higher. Hopes of continued economic support by the Fed Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global markets. Economic normalisation attracted buyers in realty stocks while safe haven IT stocks continued to lead the upbeat market.

4:21 PM

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

Indian markets started on a positive note following positive Asian markets cues as US Fed's tightening fears cool off following disappointing jobs data and Fed Chairman comments emphasizing the need for stronger jobs data before the central bank would start to unwind its massive bond-buying program. During the afternoon session, markets continued to trade in positive zone as traders continue to get encouragement with regular foreign capital inflows on the back of strong global cues and domestic economic activity. Buying in realty and energy counters too helped markets to edge higher, though some selling was witnessed in oil & gas and power stocks. Adding to the positive sentiments, a private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to Rs 3.7 lakh crore till September of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds. 

 

4:21 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

Nifty has formed a small negative candle with minor upper and lower shadow. Technically this formation indicate a spinning top type pattern at the highs. Normally, such patterns at the highs/crucial hurdles more often act as a reversal after the confirmations of decline in subsequent sessions. Therefore, any reasonable decline on Tuesday could signal minor downward correction in the market.

 

But, on the other side, the Nifty has been in a sharp uptrended move with minimal decline in between. Minor negative patterns or consolidation movements recently have eventually taken out on the upside in the short span of time. Hence, there is a higher possibility of follow-through upmove in the market in the next session. The long term charts like weekly is intact and suggest more upside in rest of the week, as we observe a decisive upside breakout of the narrow range movement in the last week, as per weekly timeframe chart.

 

Conclusion: The short term trend of Nifty continues to be positive. Though, Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets to be watched around 17500-17600 levels in the next few sessions. Immediate support is placed at 17300 levels.

 

4:20 PM

IRCTC surges over 5%, stock ends above Rs 3000

4:17 PM

Political turmoil in Guinea drives Nalco higher

4:10 PM

Reliance Industries surges to record high with the market cap rising up to Rs 16.75 lakh cr

>> RIL a market cap of more than Rs 1 lakh cr in the last two trading sessions

 

Source: CNBC-TV18

4:05 PM

Broader markets end mixed; Nifty Smallcap 100 jumps over 1%

3:56 PM

SECTOR WATCH :: Nifty Realty best sectoral performer; banks & financials decline

3:43 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: HCL Technologies, Infosys, Reliance Industries, Tech Mahindra

 

>> Top losers: IndusInd Bank, Kotak Mahindra Bank, HDFC Bank

3:34 PM

CLOSING BELL :: Sensex, Nifty 50 end off record highs as market trims day's gains

The domestic benchmark indices ended largely positive with the 30-pack Sensex closing the day at 58,296.91, up 166.96 points or 0.3% and the NSE Nifty settling the day 54.20 points or 0.3% higher at 17,377.80. today, Nifty Realty and IT sectoral indices were among the top gainers while banks, financials were the top drags.

3:29 PM

Gold firms near 2-1/2-month high as early US Fed taper fears ebb

Gold prices inched up on Monday, hovering close to a 2-1/2-month peak after disappointing U.S. jobs data raised hopes the Federal Reserve could wait a bit longer to pare its stimulus measures. Spot gold rose 0.1% to $1,827.82 per ounce by 0646 GMT. In the previous session, prices hit their highest since June 16 at $1,833.80. READ MORE

3:23 PM

Indiabulls' bond sale will test investor confidence in shadow banks

Indiabulls Housing is seeking to raise as much as 10 billion rupees ($137 million) through the sale of notes that open for subscription on Monday. Yields on the company’s local-currency bonds surged to more than 40% in 2019, stock exchange data show, as investors soured on debt of the company and other Indian shadow lenders following the surprise collapse of a major non-bank financier. READ MORE

3:15 PM

Quality of rated debt dips in August 2021: CARE Ratings

The reading on CARE Ratings Debt Quality Index (CDQI) dipped to 89.57 in August 2021 from 89.85 in July 2021 due to downgrades in rated debt of some entities. This was a second consecutive decline as CDQI print in June was 90.01.  READ MORE

3:06 PM

IT stocks move higher in last hour of trade

3:02 PM

NEWS ALERT :: Welspun India becomes first Indian company to receive US FDA approval for 3 Ply Surgical Masks

>> Welspun India Limited has now become the first Indian company to receive one of the stringent and most recognized quality approval i.e. US Food and Drug Administration (FDA) 510 (k) clearance for its 3 Ply Surgical Masks.

>> Certified by BIS and CE already, this product from Welspun India Ltd has got all required certifications to supply to global markets including critical medical uses. 
 

 

2:55 PM

WATCH :: Some tips to help you protect your stock market investment

The BSE Sensex and NSE Nifty50 have been hitting record highs. But is this rally sustainable? Is it fundamentals or just misplaced exuberance? Market experts advise how to safeguard your portfolio amid correction

2:47 PM

Top banker tells wealthy Indians to load up on foreign stocks

“The returns offered by some overseas markets are higher than what investors can get from Indian equities,” said Srikanth Subramanian, chief executive officer for private wealth at Kotak Investment Advisors Ltd. “This is not a short-term call, but a deeper, structural call, and as our conviction has increased, our model portfolio has seen a four-fold jump in allocation to overseas equities over the last 15-18 months.” READ MORE

2:35 PM

Shares of this textile company soar 44% in 2 days as Kacholia buys stake

Shares of Faze Three were locked in the upper circuit for the second straight day on Monday, up 20 per cent at Rs 272.55 on the BSE, also its fresh record high level. In the past two sessions, the stock has rallied 44 per cent after investor Ashish Kacholia bought nearly 3 per cent stake in the firm for Rs 13.87 crore. READ MORE

2:13 PM

ALERT :: Tata Motors subsidiary Jaguar Land Rover's UK sales slip 39.6% in August

>> Jaguar Land Rover posted sales of 1,871 units in the UK last month

2:05 PM

Alphageo (India) freezes at 20% upper circuit on strong growth outlook

Share of Alphageo (India) were locked in the 20 per cent upper circuit band at Rs 409.50, also its 52-week high, on the BSE on Monday on expectation of strong earnings growth during the financial year 2021-22 (FY22). Till 01:36 pm, a combined 914,000 equity shares had changed hands and there were a combined buy orders for 89,000 shares on the NSE and BSE.  READ MORE

1:59 PM

ALERT :: Petronet LNG, ONGC Videsh said to weigh Arctic LNG 2 stake

1:50 PM

MARKET STRATEGY :: How should investors ride the current bull market

Markets are touching new highs daily, driven by a rally in Blue-chips. Post such rally, markets need some cool down as they cannot keep on going up. Hence, investors can book their gains partially at current levels. 

 

In long term, we are bullish but expect consolidation for some time. We advise traders & short-term investors to keep strict stop loss to their position and keep booking profits at certain levels.

 

Key levels:

Nifty has strong support at 17,300 levels, if breached then the next support is placed at 17,225 and 17,100 levels. 

 

On the upside, 17,500 is a hurdle and if we get closing above 17,500 then 17,800 will act as resistance.

 

Bank Nifty, on the other side, is underperforming and has strong support at 36,500 - 36,200. 

 

On the upside, 37,200 will act as a hurdle. Once we get closing above 37,200 then another stretch is expected to take Nifty Bank at all-time high levels of 38,000.

 

Views by: Rahul Sharma, Co-Founder, Equity99

1:41 PM

ALERT :: NMDC sets lump ore price at Rs 6,150/tn, fines at Rs 5,160/tn

1:25 PM

ALERT :: Supreme Court dismisses plea by 63 Moons against sale of DHFL

>> SC refuses to stay implementation of DHFL resolution plan

>> SC directs NCLAT to hear, decide the issue expeditiously

>> SC directs NCLAT to decide the case within 2 weeks

Source: TV report

1:01 PM

IRCTC's stock rally has more steam left; buy on every dip, suggest analysts

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) jumped 6 per cent and hit an all-time high of Rs 3,041 apiece on the BSE in the intra-day trade on Monday, extending its gravity-defying rally on the bourses. On a year-to-date basis, the stock has soared 100 per cent till September 3 on the BSE, while over the past 2 months, it has surged 39 per cent.  READ MORE

12:40 PM

India's August gold imports nearly double on price correction: Report

India's gold imports in August nearly doubled from a year ago to their highest level in five months on an improvement in demand and as a correction in prices prompted jewellers to ramp up purchases for the festive season, a government source said.  READ MORE

 

12:29 PM

IRCTC now among 100 most valuable firms on BSE; zooms 97% from April low

Indian Railway Catering and Tourism Corporation (IRCTC) entered the top 100 most valuable listed companies' club after the stock of the transport support services firm hit a new high of Rs 3,041.20, up 6 per cent on the BSE in intra-day trade on Monday. The stock has rallied 97 per cent from its low of Rs 1,541 touched on April 19, 2021.  READ MORE

12:26 PM

ALERT :: Ahluwalia Contracts gets Rs 890 cr order for construction of Animal Science University in Patna

12:13 PM

ALERT :: Alembic Pharma JV gets USFDA approval for Metronidazole Gel USP