Sensex ends above 59K, up 418 points; Nifty tops 17,600; ITC rallies 7%

RIL, ITC and bank stocks contributed to the gains on benchmarks while metals and IT names languished

4:18 PM

EXPERT TAKE :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed at record highs for the third consecutive session on Sept 16 aided by Banks & FMCG shares. On a day when volumes on the NSE were higher than recent average, Banks, Telecom, FMCG and Energy shares gained the most, while Metals and IT fell the most. The broader indices underperformed larger peers with the S&P BSE MidCap adding 0.5% and S&P BSE SmallCap closing little changed. While Nifty continued to march upwards on Sept 16, advance decline ratio has fallen below 1:1 denoting profit taking across the broader markets. Sector and stock rotation among the largecaps is witnessed. 17700 is the next target for the Nifty while 17519 could be the support for the near term.   

4:16 PM

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

The market witnessed another day of positive movement after the market was able to sustain the Nifty 50 Index level of 17500. It shows Sustaining above 17500, the market to gain momentum, leading to an upside projection till 17850 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

4:16 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

It is generally seen that when an underperformer makes a much awaited upmove, it creates a feel good effect on others. Ahead of the operationalisation of the NARCL, banks provided the much needed ammunition to the Bulls to notch up record highs of 59K on the Sensex. The charge of the energised Bulls took India's market capitalisation ahead of France as PSU banks lent the firepower.

4:12 PM

MARKET VIEW :: Banking sector expected to perform well in coming days

Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today’s market rally was driven by strong buying in Banking stocks especially in PSBs. The banking sector is expected to perform well in the coming days as the sector which failed to fairly participate in the ongoing rally due to fear over asset quality is gaining traction. Asian markets traded with cuts as the fall in Chinese property stocks pushed Asian stocks down while European markets traded with positive sentiments.

-- Vinod Nair, Head of Research at Geojit Financial Services

4:11 PM

IPO CHECK :: Sansera Engineering subscribed over 11 times so far

>> The issue closes at 5 pm today

>> QIB portion subscribed the most

4:09 PM

Easy Trip surges 19% on expanding international presence

>> The stock hit a new high in trade today

>> EaseMyTrip has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America as part of its second phase of the global expansion strategy. The company has forayed into these new countries anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.

4:07 PM

Shalby ends in the red even as ICRA upgrades rating

>> ICRA upgraded the long-term ratings as ICRA A+ (pronounced as ICRA A Plus) from ICRA A (pronounced as ICRA A) on the term loans and fund based facilities aggregating to Rs 103.02 crore of Line of credit of the Company. 

4:00 PM

BUZZING :: ITC rallies 7%, nears 52-week high level

3:59 PM

Ami Organics rallies for the 3rd straight session

>> The stock listed on bourses on Tuesday

3:50 PM

Hindustan Copper tumbles 7% on Day 1 of OFS

>> Government plans to sell 10 per cent of the company's equity through an Offer for Sale. The initial plan is for the sale of 4.83 crore shares or 5 per cent of the total equity, with a green shoe option to sell another 4.83 crore shares or 5 per cent of the total equity. The floor price of Rs 116 per share is at a 6.82 per cent discount to Wednesday's closing price.

3:49 PM

Vodafone Idea vaults 26% on govt relief for telecom sector

>> The Cabinet on Wednesday cleared a proposal giving telcos a moratorium on their adjusted gross revenue (AGR) dues as well as spectrum payments prospectively for the next four years.

 

3:44 PM

Sensex Contributors :: RIL, ITC account for most gains

3:41 PM

Broader Market :: BSE SmallCap index adds 0.8%

3:40 PM

Broader Market :: BSE MidCap index underperforms benchmarks, ends 0.48% up

3:38 PM

Sector Watch :: PSU Bank index shines on NSE

3:35 PM

Sensex Heatmap :: IndusInd Bank, ITC, SBI steal the show

 In the 30-pack index, 15 stocks closed in the red and 15 in the green. RIL, ITC and bank stocks contributed to the gains while metals and IT names languished

3:33 PM

CLOSING BELL :: Nifty50 vaults over 17,600

The Nifty gained 107 points to 17,626. It hit a new peak of 17,645 during the session.

3:32 PM

CLOSING BELL :: Sensex ends above 59,000 for the first time

The BSE barometer Sensex jumped 418 points to end above 59,000 mark for the first time at 59,141. It touched a new high of 59,204 in intra-day deals. 

3:27 PM

Nifty Bank touches all time high of 37710 level

3:20 PM

RBI deputy governor Patra sees FY22 inflation at 5.7% or lower

The fall in retail inflation to 5.3% in August, which stayed within the Reserve Bank of India’s target range for two successive months, could lead the central bank to revise the inflation projection for the current financial year. In the August review of monetary policy, RBI revised its inflation projection for the current financial year upward to 5.7% from 5.1% projected in the June policy review. READ MORE

3:18 PM

Volatility Alert

India VIX climbs 4.7% to 14.4 level

3:12 PM

Global markets :: European stocks rise on Wall Street support, travel shares jump 3%

European stocks rose on Thursday as a rebound in travel stocks and overnight strength in Wall Street helped offset concerns about China's slowing economy that dragged down miners.

 

The pan-European STOXX 600 index rose 0.7%, bouncing off a six-week closing low hit in the previous session. Travel & leisure jumped 3.1% to break a four-day  READ MORE

2:57 PM

PFC issues 300 million euro bonds for 7-year period in European market

"PFC successfully issued its maiden 300 million euros 7 year euro bond issuance on 13.09.2021. The pricing of 1.841 per cent achieved is the lowest yield locked in by an Indian issuer in the euro markets," the statement said. READ MORE

2:47 PM

Nifty @ 20,000 soon; avoid fresh buying

Markets have made new all-time high with Sensex touching the 59,000 marks for the first time. The rally is driven by various PLI schemes introduced by the government. Further, we expect the bank to perform well as they have not yet participated in the rally. Other than that, we don’t recommend any fresh buying at this level as markets have made a huge move in a short time.

We advise investors to keep strict stop loss to their positions. Some correction is required to get a good valuation to enter fresh in the market, but scenarios which we are witnessing along with the developments from Govt. shall surely keep us in a bull run, except if any global scenario changes take place.

 

Nifty short term target 18,000 and long term target 20,000. Sensex short-term target 60,500 and long term target 66,000

Views by: Rahul Sharma, Co-Founder, Equity99.

2:37 PM

SBI cuts home loan interest rate to 6.7%, waives processing fees

Country’s largest lender, State Bank of India, has launched a bouquet of festive offers on Thursday for prospective home loan customers. The offers are aimed to make home loans more affordable in the festive season. In a first-of-its-kind initiative, SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount. Earlier a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%. READ MORE

2:30 PM

'October could be a month of correction'

We are in a roaring and classical bull market where Nifty and Sensex continue to achieve new milestones and I believe this bull run may continue for the next 2-3 years even as intermediate correction or shakeout phases can't be ruled out. If we talk about the near-term outlook, then bullish momentum may continue in September month where Sensex can cross the psychological mark of 60,000. That said, I think we may see a correction thereafter, therefore, October could be a month of correction. Investors should remain invested in this bull run while they can come out of those stocks which have quality concerns. Those who are not comfortable after a massive rally can go through the SIP route to ride this bull run.

Views by: Santosh Meena, Head of Research, Swastika Investmart

2:19 PM

9.5% growth projection for whole year seems on track: RBI Dy Governor Patra

“The analysis of inflation dynamics indicates that the easing of headline inflation from current levels is likely to be grudging and uneven”, Patra said. He said, currently, contribution to inflation is emanating from a narrow group of goods –items constituting around 20 per cent of the CPI are responsible for more than 50 per cent of inflation. But, the measures taken by the central government to mitigate the supply shock issues should provide some comfort. READ MORE

2:12 PM

EaseMyTrip expands international presence to Philippines, Thailand, and US

>> The company will operate through localized search engines and national subsidiaries which would also enhance the offerings and experience of customers from other countries

2:03 PM

Gold dips as dollar firms, investors eye clues on US Fed move

Gold prices eased on Thursday as a firmer dollar dented the metal's allure for holders of other currencies, while investors awaited the U.S. Federal Reserve's meeting for guidance on its timeline for stimulus withdrawal and interest rate hikes. READ MORE

1:57 PM

Nifty50 tops 17,600 level