Sensex rises 176 pts to end above 56K for first time; BSE Midcap jumps 1%

The broader markets, meanwhile, outperformed, rising for the fourth straight session

3:43 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a swift recovery after the initial fall. Going ahead, 16500 will be an important support level in the short-term fpr the Nifty. If the index breaches the level of 16720-16740 and is able to sustain above this, it may gain momentum and hit 16950-17000 levels. The momentum indicators, such as RSI and MACD , need to stay positive and market breadth has to improve for the indices to gain further ground.

3:41 PM

Mid-, smallcaps charge ahead

3:39 PM

Metals, pharma steal the show

3:38 PM

Sensex heat map :: More green than red

3:37 PM

Nifty ends above 16,700 levels

3:36 PM

Fri-YAY! Indices end firm

3:34 PM

CLOSING BELL: Sensex hits record closing high; Nifty ends above 16,700

Led by gains in L&T, TCS and HDFC, BSE Sensex ended the day at 56,125, up 176 points or 0.31%. It is for the first time that the index has settled above the 56,000 mark. Meanwhile, NSE Nifty after hitting a new record peak in intra-day session closed 68 points or 0.41% higher at 16,705. It touched a new peak of 16,722.05 in trade earlier.

3:19 PM

Tech View | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a swift recovery after the initial fall in the market. The market suggests 16500 will be an important support level in the short-term perspective. If the market breaches the level of 16720-16740 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16950-17000 levels. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening the short-term bullish outlook.

 

3:01 PM

Moody's assigns Ba3 rating to Adani Green Energy's proposed USD notes

Moody's Investors Service has assigned a Ba3 rating to Adani Green Energy's proposed USD senior secured notes. According to Moody's scale of ratings, obligations rated Ba are judged to be speculative and subject to substantial credit risk. It has assigned a Ba3 rating to the proposed USD senior secured notes to be issued by Adani Green Energy Ltd (AGEL), a statement by Moody's said adding that the outlook is stable. READ MORE

2:43 PM

Billionaire-backed stock picker says tech bubble talk is for boomers

The co-founder of London-based Blue Whale Capital, which has made big consistent gains from Silicon Valley bets, has some advice for market veterans warning of another tech bubble: calm down and buy the dip. READ THE STORY HERE

Computer. Photo: iStock

2:40 PM

Hindustan Aeronautics surges 9%

Shares of select companies rallied upto nearly 9 per cent in intra-day trade on Friday, after being included in the derivatives segment (Futures & Options contracts) on the National Stock Exchange (NSE) with effect from today. READ THE FULL STORY HERE

Illustration: Ajay Mohanty

2:38 PM

Nifty crosses 16,700 mark

2:37 PM

Last hour of trade on Friday

Sensex jumps over 200 points

2:26 PM

Should you apply for Ami Organic IPO?

Gujarat based specialty chemical manufacturer, open for subscription from 1st September to 3rd September 2021, with a total IPO size of Rs.570 crores consists of fresh issues of 200 crores and an offer for sale of Rs.370 crores (60.6 Lk shares). Investors can apply in multiples of 24 shares. The company has fixed the IPO price at price to earning of 35.5 times of FY2021 earning, which is in line with the peers. we believe that all the short-term positives have been priced in. 

 

Ami organic reported revenue growth of 41% in FY2021 at Rs 342 crore and profit after tax growth of 96% in FY2021 at Rs 54 crore. The company has a good return ratio, return on capital employed 25.25% and return on net worth at 32.35%.We have a neutral outlook for Ami organics IPO.

-- Yash Gupta, Equity Research Analyst, Angel Broking Ltd   

2:03 PM

IPO ALERT :: Ami Organics IPO to open on Sept 1

>> Price Band: Rs 603- 610

>> Minimum Bid Lot: 24 & in multiples

>> Offer Size: Fresh issue of Rs 200 crore & OFS for 6,059,600 (amounting to ~ Rs 370 crore at upper end of price band)

>> Purpose of IPO: The net proceeds of fresh Issue are proposed to be utilised towards (i) Repayment / prepayment of certain financial facilities availed by the company amounting to Rs. 140 crores; (ii) Funding working capital requirements of the company amounting to Rs. 90 crores and (iii) General corporate purpose

1:53 PM

Sudarshan Chemical soars 23% in 3 days after Axis MF buys stake in company

Shares of Sudarshan Chemical Industries edged higher by 18 per cent to Rs 698 on the BSE in intra-day trade on Friday, up 23 per cent in the past three trading days, after Axis Mutual Fund bought nearly 1 per cent stake in the company via the open market. On August 24, 2021, Axis Mutual Fund A/c Axis Smallcap Fund purchased 589,498 equity shares, representing a 0.85 per cent stake of Sudarshan Chemical at a price of Rs 565 per share on the BSE, the exchange data shows. READ MORE

1:42 PM

Cloud over capex plans: Capacity utilisation of India Inc hits new low

India Inc’s asset-turnover ratio declined to a new low of around 70 per cent in FY21, indicating a further decline in capacity utilisation across sectors last financial year owing to the pandemic. This raises a question on the companies’ ability to kick-start a fresh round of capacity expansion. The ratio was 78 per cent in FY20 and a record high of 116 per cent in FY06. Analysts expect a rise in the asset-turnover ratio and capacity utilisation in FY22 but say companies go for capacity expansion only when the figure approaches around 100 per cent. READ MORE

1:18 PM

Sector watch

1:17 PM

Stock watch

(Source: Jeferies)

1:16 PM

GDP preview :: Morgan Stanley

We expect GDP to have grown by 21% YoY in the quarter ending June from 1.6% in March, led by low base effect, while contracting by 4.4% in the June quarter (vs +2.3% in March) on a 2Y-CAGR basis (to adjust for base). We expect both consumption and investment to contract on a 2Y CAGR basis reflecting the impact of the second wave on activity. We expect net exports to contribute positively to growth as imports slowed at a faster pace than exports. As per incoming high-frequency data, most indicators such as power demand, E-Way Bills and GST collections exhibited signs of revival in July/August, which bodes well for a cyclical recovery to follow in the subsequent quarters.

1:15 PM

WATCH VIDEO

How to pick stocks amid crash in mid- & small-caps? Here's a lowdown

Since July 1, the BSE MidCap and SmallCap indices have gained 2 per cent and 2.5 per cent, respectively. Individually, stocks such as Sadbhav Engineering and Ujjivan Small Finance Bank have tumbled up to 45 per cent. So is the multi-bagger phase of mid- and small-caps over? Watch to know this and more

12:49 PM

Should you subscribe to Vijaya Diagnostic Center IPO?

>> South India based diagnostic chain Vijaya Diagnostic, open for subscription from 1st September to 3rd September 2021. Investors can apply in this IPO with a lot size of 28 shares. The company has fixed the price band of Rs 522-531 which seems to be a higher side of the recently listed diagnostic company. Company's majority revenue comes from Hyderabad. The total IPO issue size is Rs1894 crores, which consists of an offer for sale of 3.56 crores shares from promoters and investors. 

>> Vijaya Diagnostic provides integrated services of pathology and radiology, company offers around 740 routine tests, 870 specialize pathology tests, 220 basic tests, and 320 advanced radiology tests. IPO has been priced at price to earning of 64 times of FY2021 earning which is near around the listed players in India. We have a neutral outlook on Vijaya Diagnostic center IPO.

-- Yash Gupta, Equity Research Analyst, Angel Broking

12:15 PM

Top gainers in trade today

COMPANY	LATEST	GAIN(%)	VOLUME
Sudarshan Chem.	662.85	11.90	173238
G M D C	68.00	8.37	103764
Cams Services	3475.55	7.24	29080
SKF India	3000.00	6.88	7981
Alkyl Amines	4210.00	6.39	14943

12:14 PM

Top losers in trade today

COMPANY	LATEST	LOSS(%)	VOLUME
Wockhardt	399.55	-3.83	412232
Venky's (India)	2848.20	-3.31	5417
GE Shipping Co	337.00	-2.90	14507
Swan Energy	142.85	-2.72	35996
ABB Power Produc	2110.00	-2.26	3918

12:13 PM

India VIX dips over 3%

INDEX	LATEST	CHANGE	CHANGE(%)
	16683.00	46.10	0.28
	14165.60	58.65	0.42
	27582.20	166.20	0.61
	10045.75	82.70	0.83
	13.07	-0.47	-3.47

12:13 PM

Index watch

INDEX	LATEST	CHANGE	CHANGE(%)
	56062.79	113.69	0.20
	22554.78	97.10	0.43
	23160.57	145.27	0.63
	26207.71	165.17	0.63
	6409.94	23.01	0.36

12:12 PM

Markets at Noon

12:11 PM

Stock watch :: Carborundum Universal up 5%

Shares of Carborundum Universal (CUMI) rallied 5 per cent to hit a new high of Rs 800 on the BSE in intra-day trade on Friday after the company said it has entered into a definitive agreement for acquiring a controlling stake in PLUSS Advanced Technologies Private Limited (PLUSS) at an initial investment of Rs 115 crore. READ MORE HERE

11:58 AM

ALERT :: Sensex gains over 100 points, trades at day's high

11:42 AM

L&T gains 4% as brokerage Motilal Oswal raises target price to Rs 1,950

Shares of Larsen & Toubro (L&T) moved higher by 4 per cent to Rs 1,664.75 on the BSE in intra-day trade on Friday after brokerage firm Motilal Oswal Financial Services increased the target price of the stock to Rs 1,950, largely driven by mark-to-market (MTM) of listed information technology (IT) subsidiaries. The stock of the engineering & construction (E&C) company had hit a record high of Rs 1,676.70 on August 16, 2021. READ MORE