Fag-end buying drives Sensex higher after two-day hiatus, up 55 points

Airtel, Nestle India, TCS and ITC contributed the most to gains for the benchmark indices

4:51 PM

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

A reasonable positive candle was formed on the daily chart, which indicate a continuation of range bound action in the market. There was no sharp weakness on the day of weekly F&O expiry of Thursday and a sustainable buying has emerged towards end. This could signal chances of an upside bounce in the coming sessions. The minor degree of higher tops and bottoms continued in Nifty as per daily timeframe chart. Wednesday's swing low of 17254 could now be considered as a new higher bottom of the sequence.

 

Nifty on the weekly chart formed a small negative candle with minor upper and lower shadow. Technically, this formation indicate a spinning top type candle pattern at the new highs. As happened in the past, the market could now shift into a broader high low range of around 17600-17200 levels by next week.

 

The short term trend of Nifty continues to be range bound. Having recovered in the later part of Thursday, there is a possibility of an upside bounce in the next early part of next week before encountering another resistance around 17500-17600 levels. Immediate support is placed at 17200.

4:07 PM

MARKET VIEW | Vinod Nair, Head of Research at Geojit Financial Services

Domestic markets were highly volatile tracking negative cues from global markets amidst selling seen in realty and pharma stocks. However, mid and small-cap stocks continued to attract buyers leading to its outperformance. Regulatory crackdown in China, global concerns over the looming reduction in asset purchases ahead of the European Central Bank meeting and slowdown in economic recovery pulled global markets lower.

4:05 PM

CLOSING COMMENTS :: Binod Modi, Head Strategy at Reliance Securities

Domestic benchmark indices traded in rangebound today and continued to oscillate between minor gains and losses. Metals, IT and FMCG witnessed rebound today, while financials (excluding PSU Banks), pharma and realty witnessed profit booking. Notably, buying momentum remained visible in midcap and smallcap stocks as sustained earnings growth visibility lifted sentiments in these counters. Volatility index softened today over 4%. Notably, benchmark Nifty recorded modest gain of around 0.2% during the week, while ~Rs1.3lakh crore was added in investors’ wealth in the week. Nestle, ONGC, Bharti Airtel and Hindalco were among top Nifty gainers, while SBI Life, Titan, HDFC Life and Divi’s Lab were laggards.

4:04 PM

SBI Life tanks 4% on Canada Pension Plan Investment Board's plan to offload 2 per cent stake

4:01 PM

Dish TV continued to surge on YES Bank's notice to change management

3:56 PM

UCO Bank ends nearly 11% higher after RBI lifts bank out of prompt corrective action

3:53 PM

Future Retail ends almost 10% higher after SC stayed proceedings in Future Group, Amazon dispute

>> SC stayed proceedings on Amazon's plea to enforce arbitrary award

3:46 PM

Broader markets outperform benchmarks; Nifty Smallcap 100 ends 0.6% higher

3:44 PM

SECTOR WATCH :: Nifty Media, FMCG, Metal and IT top gainers; Nifty Realty, fin services and Bank ended lower

3:40 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: Bharti Airtel, Nestle, Tata Steel, Bajaj Finserv

 

>> Top losers: Titan, Ultratech Cement, Bajaj Auto, Axis Bank

3:39 PM

CLOSING BELL :: Fag-end buying drives Sensex, Nifty higher after two-day hiatus

Buying towards the fag-end of the trading day drove benchmarks to the positive territory on a subdued trading day after a two-day hiatus. Today was also the weekly F&O expiry. Benchmarks had started the session on a flat note amid selling pressure in select IT and financial stocks. The 30-pack Sensex closed the day at 58,305, up 55 points and the NSE Nifty settled just 3.9 points higher at 17,357 level. Top losers on the benchmarks included SBI Life, HDFC Life, and Titan. Top gainers were ONGC, Bharti Airtel, and Nestle.

3:24 PM

AVIATION MINISTER :: To set up 5 new airports

>> To start 50 new routes under regional connectivity

>> Have sent letters to 29 states for airport expansion

>> Written to states to rationalise on ATF

 

3:21 PM

ALERT :: Ujiivan Financial Services appoints Sanjeev Barnwal as CEO

3:15 PM

ALERT :: Fag-end buying drives Sensex into the green

3:11 PM

V-shaped recovery in Q1 shows strong macroeconomic fundamentals: FinMin

The V-shaped recovery in the first quarter of 2021-22, despite the brutal second wave of the coronavirus pandemic, is a testimony to India's strong macroeconomic fundamentals, according to the Finance Ministry.  READ MORE

3:02 PM

IIAS asks shareholders to vote against directors of Zee Entertainment

Early this week, Dish TV announced that YES Bank had sent a communication to the company seeking the removal of the present managing director, Jawahar Goel and other independent directors over lapses in corporate governance. Dish was part of the Essel group and is run by Zee group patriach Subhash Chandra's brother. READ MORE

2:42 PM

Dish TV hits 52-week high, up 30% in 3 days as YES Bank seeks to sack board

Shares of Dish TV India were locked in the 20 per cent upper circuit of Rs 17.95 on the BSE in Thursday's session amid heavy volumes. In the past three trading days, the stock of the broadcasting and cable TV operator has zoomed 30 per cent after YES Bank sent a notice to the company to remove the top management, including the managing director Jawahar Lal Goel. READ MORE

 

2:35 PM

India's inclusion in global bond may attract $170 to $250 bn in inflows

Morgan Stanley said on Thursday it expects India to be included in global bond indices in early 2022 and the index inclusion will attract USD170 to 250 billion in bond inflows in the next decade in base/bull scenario. READ MORE

2:21 PM

Max Financial appoints Mandeep Mehta as Chief Financial Officer effective October 1

>> Mandeep Mehta is currently associated with Max Financial as EVP & Deputy Chief Financial Officer

2:08 PM

Sona BLW hits new high; stock up 96% over issue price on healthy outlook

Shares of Sona BLW Precision Forgings (Sona Comstar) hit a new high of Rs 570.75 after they rallied 5 per cent on the BSE in the intra-day trade on Thursday on healthy outlook. The stock of the auto parts & equipment company was trading at its highest level since its listing on June 24, 2021.  READ MORE

 

1:55 PM

Nifty realty top sectoral loser; most stocks in red

1:44 PM

ALERT :: CARE reaffirms Gujarat Gas' rating; outlook revised to positive from stable

1:37 PM

ONGC top performer on Nifty50; up almost 3% in trade

1:26 PM

Nifty Media index best sectoral gainer on NSE

1:08 PM

ALERT :: Relief for Future Group, SC stays all proceedings for attachment pending before Delhi HC

>> Supreme Court defers hearing on Future Group's plea for 4 weeks, will wait for arbitrator's order

 

>> SC issues notice to Amazon on Future Group's appeal against HC order

 

>> In March, Delhi HC directed attachment of Future Retail, Kishore Biyani's assets

Source: TV channels

12:54 PM

BPL hits upper circuit for 10th straight trading session, zooms 86%

Shares of consumer electronics company BPL were locked in the upper circuit for the tenth straight trading day, up 5 per cent at Rs 60.75 on the BSE on Thursday. The stock is quoting at its 52-week high level, having rallied 86 per cent in the past two weeks. In comparison, the S&P BSE Sensex was down 0.02 per cent at 58,237 points at 12:10 pm.  READ MORE

12:35 PM

Mid-market view | Gaurav Garg, Head of Research at CapitalVia Global Research

Indian benchmark had start today with flat note trading around level of 17350. The market gets support from the US Federal Reserve Chairs’s commentary about increased in pace of vaccination and controlled Covid-19 infections in the second half of the month. There will be some cautiousness with a report by India Ratings and Research stating that India Inc resorted to salary cuts to protect their profits in the June quarter. Our research suggests that if markets breach the level of 17450, we could expect the market to gain momentum, leading to an upside projection till 17500-17700.

 

12:19 PM

Sansera IPO to open on Sep 14; price band set at Rs 734-744/share

The initial public offering (IPO) is entirely an offer for sale (OFS) of 17,244,328 equity shares by promoters and investors.

 

Those offering shares in the OFS are existing investors -- Client Ebene, CVCIGP II Employees Ebene and promoters -- S Sekhar Vasan, Unni Rajagopal K, F R Singhvi and D Devaraj. READ MORE

12:07 PM

Select textiles stocks can rally up to 26%

More upside likely for these textile stocks - Raymond, Arvind Limited, Bombay Dyeing and Manufacturing Company, Welspun India and K.P.R. Mill on the back of PLI incentive scheme, Here's what the charts have to say... READ MORE

Technical Analysis

12:05 PM

Equity markets can't sustain growth, stronger debt markets needed: Sanyal

Principal Economic Advisor Sanjeev Sanyal said banks have been cleaned up now and need to expand on credit rapidly to support the economy, stressing that the country needs lenders of bigger sizes. READ MORE