Sensex snaps 3-day winning run, slips 17 pts; Realty index sheds 2%, IT 1%

Investors looked to lock in gains after the recent rally but most dips were bought into, which left indices unchanged at close.

4:30 PM

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

After the formation of range bound action on Monday, Nifty shifted into a consolidation with weak bias on Tuesday and closed the day lower by 15 points. After opening on a positive note, the market showed intraday decline in the early to mid part of the session. A sharp intraday upside bounce has occurred from the lows in the mid part, but the market has failed to sustain the intraday gains and slipped into minor weakness again in the later part of the session. A new all time high was registered at 17436 levels.

 

Conclusion: The market seems to have shifted into a consolidation mode with range bound action. The present choppy movement with minor weakness could continue for the next 1 or 2 sessions before showing another round of upside bounce from the lows. Immediate support is placed at 17250 and the crucial overhead resistance to be watched around 17500 levels.

 

4:28 PM

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

The domestic market traded with high volatility as investors locked in gains from the recent rally & global factors. However, the broad market maintained its buoyancy in segments, which are bound to benefit from unlocking. European shares traded with cuts ahead of the European Central Bank’s policy meeting on Thursday, where talks regarding the tapering of asset purchase program are likely to take place in the backdrop of rising eurozone inflation. 

4:26 PM

ITC was among top index gainers today; CLSA sees the stock at Rs 265 levels in a year

>> CLSA believes ITC’s FMCG business is on path for a profitable scale-up 

 

>> The brokerage expects ITC's FMCG business to deliver around 31 per cent CAGR in EBITDA over FY20-24 

 

>> The EBITDA growth is likely to be on the back of industry tailwinds, margin levers and improving asset utilisation

4:20 PM

Dish TV surges 12% even as YES Bank looks to remove 4 directors from board

4:02 PM

Telecom stocks rise amid hopes of relief for the sector

3:52 PM

Broader markets end mostly in red; Nifty Smallcap 100 ends 0.1% lower

3:45 PM

SECTOR WATCH :: Nifty FMCG best sectoral performer; Realty and IT decline

3:41 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: Bharti Airtel, HDFC, IndusInd Bank, ITC

 

>> Top losers: Tech Mahindra, Sun Pharmaceuticals, Axis Bank

3:38 PM

CLOSING BELL :: Benchmark indices end largely flat on volatile trading day

The domestic benchmark indices ended largely flat in a volatile trading day. The 30-pack Sensex closed the day at 58,279, down 17.4 points and the NSE Nifty settled 15.7 points or 0.1% lower at 17,362. Among sectoral indices, only Nifty FMCG, Financial Services and Media ended in the green. On the other hand, Realty and IT were the worst hit sectors.

3:31 PM

NEWS ALERT :: RVNL, NHAI sign MoU for construction of Multi-Modal Logistics Park

Rail Vikas Nigam Limited (RVNL) has entered into a MoU with NHAI represented by National Highways Logistics Management Limited (NHLML), in connection with Construction of Multi Modal Logistics Parks across PAN India under Bharatmala Pariyojana. 
 

3:22 PM

Here's why CLSA is bullish on ITC; sees the stock Rs 265 levels in a year

The elephant may just have been prepping for a dance. ITC, the fast moving consumer goods (FMCG) stock that has relatively been comatose at a time when its peers and the overall markets delivered a healthy return, may be on the verge of changing the shape of its business, suggests a recent note by CLSA.  READ MORE

3:07 PM

HDFC hits 7-month high on realty boom, inches towards record high

Shares of Housing Development Finance Corporation Limited (HDFC) hit a seven-month high of Rs 2,852, up 3 per cent on the BSE in the intra-day trade on Tuesday, on anticipation of pick up in business growth. The upcoming festive season is expected to see a growth in real estate sales, analysts say.  READ MORE

 

2:58 PM

NEWS ALERT :: Thomas Cook India and SOTC introduce ‘Bike Trips’

Thomas Cook India and its Group Company SOTC, have introduced Bike Trips. The exciting 5-12 nights trips traverse rugged yet scenic terrains of Manali, Leh, Srinagar, Siliguri, Gangtok, Jaipur, Jodhpur, Jaisalmer, Udaipur, Bengaluru, Madikeri, Ooty, Sethumadai, Kodaikanal, Rameshwaram, Yercaud etc. with pricing starting from Rs 24,990 per person.
 

 

2:55 PM

Up, up, and away! IRCTC zooms 9%

2:46 PM

ALERT :: Profit-booking drags Sensex yet again

2:36 PM

Cairn accepts $1 bn refund offer, to drop cases against India: CEO

UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law. The firm, which gave India its biggest onland oil discovery, termed "bold" the legislation passed last month to cancel a 2012 policy that gave the tax department power to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. READ MORE

2:19 PM

Bank of India ties-up with MAS Financial Services for co-lending

State-owned Bank of India (BOI) on Tuesday said it has entered into a co-lending arrangement with MAS Financial Services for MSME loans. The tie-up comes on the occasion of the bank's 116th Foundation Day. READ MORE

 

1:58 PM

Voltas hits new high, soars 7% on hopes of demand recovery

Shares of Voltas hit a new high at Rs 1,199.95, soaring 7 per cent on the BSE in intra-day trade on Tuesday. The stock of Tata Group company was quoting higher for the eight straight day and has rallied 25 per cent during this period on expectation of demand recovery ahead of the festive season and short summer in West India.  READ MORE

1:45 PM

Ind-Ra retains 'stable' outlook on Indian banking sector in FY22

India Ratings and Research (Ind-Ra) has maintained a stable outlook on the overall banking sector for the rest of FY22, supported by the continuing systemic support. This support has helped manage the system-wide Coronavirus (Covid-19) pandemic linked stress.  READ MORE

 

1:33 PM

LIC IPO could result in job losses, social spending, trade union warns

The mega initial public offering of India’s biggest state-backed insurer could result in job losses and impact the company’s social infrastructure spending plans, according to one of its largest trade unions.  READ MORE

1:29 PM

ALERT :: Healthium Medtech files draft papers with SEBI to raise funds via IPO

>> Healthium Medtech is promoted by Apax Partners

 

Source: news reports

1:16 PM

IRCTC market cap crosses Rs 50,000 crore; stock surges 32% in one month

Shares of Indian Railway Catering and Tourism Corporation (IRCTC) continued their northward journey as the stock rallied another 9 per cent to register a new high at Rs 3,285 in Tuesday's intra-day session.  READ MORE

12:57 PM

CARE Ratings reaffirms IPCA Labs' rating, outlook revised to 'positive' from 'stable'

12:55 PM

5 stocks that can jump up to 25%

Multi Commodity Exchange of India Limited (MCX)
Likely Target: Rs 1,750 and Rs 1,800
Upside Potential: 7% to 10%

After conquering the resistance at Rs 1,650 level in July 2021, the shares of Muti Commodity Exchange of India managed to breakout on the upside. However, selling pressure thereafter forced the stock to retest the consolidation support placed around Rs 1,450 levels. READ MORE

12:48 PM

Edelweiss' IPO fund outperforms benchmarks in bumper year of listings

An Indian fund that invests only in recently listed stocks has outperformed the nation’s benchmark indexes in 2021 despite skipping a majority of the initial public offerings in what’s shaping up to be a record year. The fund run by Edelweiss Management Ltd. has returned 46% this year, according to the firm, beating gains of 24% for the NSE Nifty 50 Index and 22% by the S&P BSE Sensex Index, which still lead the Asia region among country benchmarks. READ MORE

12:24 PM

MARKET CHECK :: Sensex reverses losses, jumps 100 points to trade at day's high

12:15 PM

IRCTC market cap crosses Rs 50,000 crore

12:10 PM

ALERT :: ABB India ties up with Bharat Biotech

ABB drives enhance safety and energy efficiency at Bharat Biotech’s Covaxin manufacturing facility

>> ABB drives play a key role in the clean room infrastructure of Bharat Biotech

>> Inbuilt application functions of ABB’s ACS560 drives help in maintaining the right environmental condition

>> The drives are easy to commission, use and ensure higher energy efficiency

12:01 PM

Tata Communications, Telekom Malaysia collaborate for IP transit services in ASEAN region

READ MORE

11:52 AM

What to expect from Ami Organics listing?

Ami Organics Limited expect to get a listing on 14th September 2021 and allotment will be received by the investors in a couple of days. As overall IPO got subscribed 64.5 times and retail portion got subscribed by 13.36 times, so it is expected that one investor out of twelve will get the allotment. Ami Organics IPO was priced at Price to Earnings of 35.6 times and EV/EBITDA of 25.7 times at the upper price band of the IPO based on FY2021 numbers. Which is on the higher side, compared to the listed peer group. If we look at the current Grey Market Premium is at ₹145 i.e 23% at the upper price band of the IPO. We suggest short term investors to book profit on listing day if they receive the allotment.

-- Yash Gupta, Equity Research Analyst, Angel Broking