Sensex ends at record high, up 476 pts; Voda Idea gains 3% on govt relief

Both Sensex and Nifty hit fresh record highs in intra-day deals on Wednesday

4:25 PM

TECH VIEW :: Further upside in Nifty towards 17600-17700 levels likely

After showing a range bound movement in the last 5-6 sessions, Nifty picked up upside momentum and witnessed upside breakout of the range on Wednesday and closed higher. A long bull candle was formed on the daily chart, which indicate an upside breakout of the narrow range movement of the last one week. This is positive indication and one may expect further upside in the short term.

 

The positive chart pattern like higher tops and bottoms is intact and the recent swing low of 17254 could now be considered as a new higher bottom of the sequence. The immediate support of 10 day EMA is intact and has offered support for the Nifty during recent sideways range movement. Nifty on the weekly chart continued with uptrend after a pause of last week. This action signifies an uptrend strength of the market as per larger timeframe chart.

 

Conclusion: The upside breakout of range movement could be a cheering factor for bulls to make a comeback. One may expect further upside towards 17600-17700 levels in the next few sessions. Immediate support is placed at 17420 levels.

-- Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

4:15 PM

MARKET VIEW ON TELECOM & AUTO MEASURES :: Bold Reforms!

The measures announced for the telecom and auto industry are sweeping with potential for far-reaching beneficial impact. A four-year moratorium on dues of the telecom sector which covers AGR,  spectrum dues and interest payment will bring big relief to the cash-strapped sector. This is positive for banks, too, since banks' exposure too will decline significantly. 100% FDI in telecom and redefinition of AGR excluding non-core revenue are welcome steps that can stimulate investment in the industry.

 

The Rs 26058 cr PLI scheme for autos, auto components and drones is a major initiative to attract advanced auto technology and supply chains into India. This is a timely policy when global supply chains are looking for markets outside China for shifting supply chains. The PLI scheme's goal of investment of Rs 42500 cr in 5 years is ambitious but achievable. In brief, bold reforms.

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

4:14 PM

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

Index managed to close a day on fresh highs at 17518 with gains of nearly one percent and formed a bullish candle on the daily chart. it seems the index has given a bullish flag breakout on the daily chart which consider to be a bullish continuation pattern by nature so one can expect more upside if 17400-17300 levels are held which are immediate & good support zone on the downside, on the higher side immediate hurdle is at 15600-15700 zone also any dip near mentioned support zone can be again fresh buying opportunity.

4:13 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

The Indian market continued to add investor wealth as the broad market traded to record highs. Auto and telecom were the key sectors in anticipation of reforms to be announced by the government in the cabinet meeting. Cabinet cleared Rs.26,000cr PLI scheme for the auto sector in order to boost production of electric vehicles and hydrogen fuel vehicles. Reports of approval of a relief package for the telecom sector including a likely moratorium of AGR payment will provide relief to the debt-laden sector. On the global front, the much-awaited US inflation data indicated a slower than expected rise in prices, which is positive for the global market because of the likely fall in tapering risk.

 

4:09 PM

Varroc Engineering hits 20% upper circuit on approval to Auto PLI scheme

>> Cabinet today approved Production Linked Incentive scheme for auto industry, auto component industry & drone industry to enhance India's manufacturing capabilities, with a budgetary outlay of Rs 26,058 crore

4:06 PM

Buying interest remains strong in Ami Organics as stock jumps 20%

>> The stock had debuted on the bourses on Tuesday. With today’s rally, it has now gained a solid 84 per cent in just two trading sessions from its issue price of Rs 610 per share.

4:04 PM

ZEEL declines 15% from 52-week high, ends 3% lower

>> The stock witnessed profit taking following a sharp rally

>> The stock had rallied in morning session after ace investor Rakesh Jhunjhunwala's Rare Enterprises Ltd and BofA Securities Europe SA bought shares of the company worth over Rs 225 crore through open market transactions on Tuesday

4:01 PM

Telecom stocks rally on govt's relief to the sector

>> The index rose over 3 per cent

>> Airtel, Tata Comm, Voda Idea top contributors

3:59 PM

Top gainers from the Nifty PSU Bank index

>> The index was the best performing sector on NSE today

3:52 PM

NIFTY MEDIA tumbles 1.55%, sole sectoral loser on NSE

>> Here are the top gainers & losers from the Nifty Media index

3:48 PM

Sector Watch :: Barring Media, all sectors end in the green on NSE

>> PSU Bank and IT lead sectoral gainers

3:46 PM

Broader market trend mixed; smallcap stocks outperform, midcaps lag

3:37 PM

Sensex Heatmap :: NTPC, Bharti Airtel settle as top gainers

3:36 PM

CLOSING BELL :: Nifty ends at fresh closing peak

3:35 PM

CLOSING BELL :: Sensex ends above 58,700

3:31 PM

Telecom Relief Package :: Key Highlights

>> Rationalised definition of AGR (Non-telecom revenue won't be included in AGR definition)
 

>> Rationalised interest rates for telcos (annual compounding approved)
 

>> Future auctions will be done for 30 yrs vs 20 yrs now
 

>> Telcos can be surrendered after a 10-yr lock-in period if there is a change in technology
 

>> Approval to spectrum sharing
 

>>Approval to 100% FDI via automatic route vs 49% currently
 

>> Cabinet approves digitisation of customer data (KYC from here on)
 

>> Cabinet approves rationalisation of auction calendar (likely at the end of the year)
 

>> Simplification of KYC norms if one switches from pre-paid to post-paid and vice versa
 

>> Amend custom duty on telecom equipment imports
 

>> 4G/5G to be deployed via indigenous tech
 

>> Cabinet approves 4-yr moratorium for all dues owed by Telcos.. However, they will have to pay interest @ MCLR+2% if they take morat

3:27 PM

Cabinet has approved nine structural reforms for telecom sector today

>> Govt approves 100% FDI via automatic route in telecom sector

Source: TV Channels

3:23 PM

ALERT :: Govt rationalises definition of AGR as part of incentives for telecom industry

>> Non-telecom revenue won't be included in AGR definition says Telecom Minister

3:20 PM

ALERT :: Cabinet has approved big reforms for the telecom sector today, says Telecom Minister

 

3:16 PM

NEWS ALERT :: Outlay for auto sector incentives will be Rs 25,938 Crore

>> Govt has given incentives to the tune of Rs 120 cr for drone industry

>> Expect tier-one companies to qualify for auto PLI scheme, says Anurag Thakur
 

>> New non-automotive investors with net worth of Rs 1,000 cr will qualify for the scheme

 

 

3:08 PM

NEWS ALERT :: Cabinet approves PLI Scheme for automotive sector

>> Cabinet also approves PLI scheme for auto-component industry

2:57 PM

Coal India surges 5%, trades near 52-week high on price hike report

Shares of Coal India gained 5 per cent at Rs 161.90 on the BSE in the intra-day trade on Wednesday, having gained 9 per cent in the past three trading days, on report that the company might raise prices of the dry fuel by at least 10-11 per cent to mitigate the impact of increased costs and an impending wage revision. READ MORE

2:43 PM

PE/VC investments rise to $10.7 bn in Aug; IPOs drive surge in exits

Investments by private equity and venture capital funds surged to USD 10.7 billion in August from USD 2.2 billion in the same month last year, and USD 9.7 billion in July this year, a report said on Wednesday. In terms of volume as well, the numbers were up with August recording 137 transactions as against 83 in the year-ago period and 77 in July, the report by industry lobby IVCA and EY, a consultancy, said. READ MORE

2:36 PM

Sensex Heatmap at this hour

2:27 PM

Decade-high Aluminium price can spark up to 25% rally in these metal stocks

Base metal stocks including Hindalco, Vedanta and National Aluminium were in focus on Wednesday as a spike in Aluminum prices brighten earnings prospects. Early this week, aluminium reached $3,000 a ton in London for the first time in 13 years amid expectations that supply disruptions are here to stay, while demand keeps rising. The metal kept climbing even after a 15 per cent surge over the last three weeks. READ MORE

2:20 PM

IPO Update :: Sansera Engineering subscribed 0.79 times so far on Day 2

2:03 PM

New Milestone :: Airtel market cap crosses Rs 4 trillion for the first time

1:59 PM

Top gainers among IT stocks

1:46 PM

Sensex Heatmap | Top gainers & losers at this hour

1:42 PM

This Ashish Dhawan-owned stock has zoomed 114% in four months

Shares of Zensar Technologies hit a new high of Rs 572.25, surging 17 per cent on the BSE in intra-day trades on Wednesday on the back of heavy volume. The stock of information technology (IT) consulting & software company has soared 31 per cent in past five trading days, after the company on September 9, 2021 announced that they have partnered with FRISS, the most widely adopted provider of AI-powered end-to-end fraud prevention and detection solutions for P&C insurers worldwide. This global, strategic partnership will enable Zensar’s clients to access the latest market-ready AI, a multitude of data sources and unparalleled customer service directly through FRISS. READ MORE