Markets extend gains for 3rd session; Sensex up 214 pts, Nifty ends at 9859

All that happened in Tuesday's session

4:05 PM

Anand James, Chief Market Strategist, Geojit Financial Services  

 

Lacklustre show from the PSU banks forced the investors to be on the back foot ahead of the RBI policy meet, but positive auto sales numbers kept markets afloat. Few expect a rate cut given rising inflation expectations, which has increased the surprise potential of tomorrow’s call. Nevertheless, upcoming earnings season should mean that stock specific moves should take dominance over broad market sentiments.

3:46 PM

Sectoral trend

Source: NSE

3:41 PM

Sensex heatmap at close

Source: BSE

3:38 PM

Broader markets

 

The BSE Midcap and the BSE Smallcap indices mirrored the gains in the frontline indices, gaining 0.7% and 0.5%, respectively. 

3:38 PM

Markets at close

The S&P BSE Sensex ended at 31,497, up 214 points, while the broader Nifty50 closed at 9,859, up 71 points. 

3:30 PM

Buzzing stock

 

PNC Infratech rose 5% to Rs 142.80 on BSE after the company said it won a road contract worth Rs 2159 crore.

3:19 PM

GAIL, Adani Transmission, Avanti Feeds, Graphite India hit new highs

 

Adani Transmission, Avanti Feeds, GAIL (India), Graphite India, Bajaj Auto and Bombay Burmah Trading Corporation are among the 14 stocks from the S&P BSE500 and S&P BSE Smallcap index that hit their respective record highs on BSE in intra-day trade on Tuesday. READ MORE

3:14 PM

European markets

 

European shares hovered around three-month highs on Tuesday as a sell-off in Spanish stocks eased and financials gained following another record-breaking session on Wall Street.

 

The pan-European STOXX 600 index was flat, while Spain's blue chip index added 0.1 percent as Madrid and Catalonia appeared to carefully weigh their next steps following Sunday's independence referendum, which the central government has declared illegal.

3:12 PM

Broader markets

 

The BSE Midcap and the BSE Smallcap indices mirrored the gains in the frontline indices, gaining 0.7% and 0.6%, respectively. 

3:08 PM

Markets check

 

At 3:05 pm, the S&P BSE Sensex was ruling at 31,514, up 231 points, while the broader Nifty50 was trading at 9,862, up 74 points. 

3:01 PM

Nifty PSU Bank sole sectoral loser ahead of RBI policy outcome 

Source: NSE

2:42 PM

RIL buys 1 mn barrels of crude oil from the US

 

Reliance Industries Ltd , owner of the world's biggest refining complex, has bought its first ever crude oil cargoes from the United States, drawn by the oil's economics after the price spread between US crude futures and Brent futures widened, three trade sources said on Tuesday. 

Reliance bought 1 million barrels each of West Texas Intermediate (WTI) Midland and Eagle Ford crude which are expected to arrive in November, they said.

2:27 PM

Top five gainers on Nifty in noon deals 

Source: NSE

2:02 PM

One-year of RBI MPC and Urjit Patel's maiden policy

 

October 4 will mark the completion of one-year since RBI governor Urjit Patel announced his first monetary policy after taking charge. The day will also mark the anniversary of the inception of six-member Monetary Policy Committee (MPC) which did away with the earlier practice of RBI governor singlehandedly taking a call on interest rates. 

 

We take a look at various economic indicators from inflation to interest rates that may have influenced the RBI's policy decision all through last one year:

 

CLICK HERE FOR INFOGRAPHIC

1:46 PM

Buzzing stock 

Dr Reddy’s Laboratories jumped nearly 4% to Rs 2,415 after the drugmaker announced the launch of Sevelamer Carbonate tablets, which are used to treat kidney diseases, in the United States.

1:37 PM

Broader markets

 

The BSE Midcap and the BSE Smallcap indices were trading 0.5% and 0.3% higher, respectively after rising over 1% in early trade.

1:36 PM

Markets pare morning gains 

 

At 1:35 pm, the S&P BSE Sensex was trading at 31,459, up 175 points, while the broader Nifty50 was ruling at 9,838, up 50 points. 

1:24 PM

Buzzing stock

 

ICICI Prudential Life Insurance Company moved higher by 7% to Rs 415, extending Friday’s 2% gain on the National Stock Exchange (NSE) on value buying. READ MORE

1:03 PM

Hope alive for SAIL but no big gains soon

 

In contrast to its large peers, government-owned Steel Authority of India (SAIL) has been a laggard, both in financial performance and on the bourses (see charts). 

 

A key reason is that despite access to captive raw material sources for a large part of its requirement, its operating profit (profit before interest, depreciation and tax) margin has been far lower than peers Tata Steel’s domestic operations and JSW Steel.

 

Second, its capacity expansion plans have been delayed time and again. This not only dampened sentiment but also impacted its financials — high debt and low return ratios. While some of this is expected to change, the benefits are likely to take a longer time. READ MORE

12:44 PM

New Project

Realty firm Godrej Properties Ltd today said it has entered into a partnership agreement to develop a residential project in Pune.

 

The company, the real estate firm of the Godrej group, will develop a housing project on 59 acres at Mamurdi in West Pune. It did not disclose the name of the partner in question.

 

The project will offer about 4.5 million sq ft of saleable area in this project, the Mumbai-based developer said in a statement.

12:30 PM

MOIL gains

MOIL rallied 5% to Rs 200 on BSE after the company said it hiked prices of various grades of manganese ore with effect from October 1, 2017.

 

The company has fixed/revised prices of different grades of manganese ore and other products, effective from October 1, 2017.

 

“The prices of various grade of manganese ore have been increased by 7.25% on the existing prices prevailing since July 1, 2017,” MOIL said in a statement.

12:16 PM

Sept manufacturing PMI holds steady at Aug's 51.2 as demand stays wobbly

 

Manufacturing activity expanded for a second consecutive month in September although firms struggled to sustain demand, with the price of goods barely increasing, a business survey showed on Tuesday.

 

The Nikkei/Markit Manufacturing Purchasing Managers' Index, compiled by IHS Markit, held steady at August's 51.2 last month, its second month above the 50 mark that separates growth from contraction. READ MORE

12:02 PM

Nifty Auto gains post Sept sales numbers

Source: NSE

11:47 AM

Market Check

The benchmark indices continues trading higher ahead of the RBI policy due tomorrow. At 11:45 am, the S&P BSE Sensex was trading at 31,552, up 269 points, while the broader Nifty50 index was ruling at 9,867, up 78 points

11:33 AM

Bajaj Auto hits new high post September sales

 

Bajaj Auto hits a new high of Rs 3,208, up 3% on BSE after the company reported a highest ever total sales of 428,752 units in September against 376,765 units sold in the same month last year. The company recorded sales growth of 14% in September, its highest monthly sales growth rate since March 2016. READ MORE

Triumph Motorcycles India Managing Director Vimal Sumbly at the launch of the Bonneville in New Delhi

11:20 AM

MPC expected to hold rates tomorrow

 

The Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) will on Tuesday begin its two-day meeting to review the economic and monetary conditions and take a call on tweaking policy rates.

 

The MPC's decision on the repo rate, the rate at which RBI lends money to banks, will be announced on Wednesday (October 04, 2017).

 

There is wide expectation that the MPC will keep the repo rate unchanged given the gradual rise in retail inflation. The panel had cut the repo rate by 0.25 per cent to six per cent in the last monetary policy review held in August 2017. It had also maintained its neutral monetary stance. READ MORE

11:07 AM

Buzzing stock

 

PNC Infratech pared some gains after rising nearly 12% intraday on the back of contract win worth Rs 2159 crore. The stock was currently trading 6% higher

 

The company has declared the lowest bidder for the project of 145 km long six laning of Chakeri to Allahabad section of NH - 2 from in the state of Uttar Pradesh under NHDP Phase-V.

10:53 AM

RBI policy: No need to over react, slowdown could be temporary blip

 

The present downturn in the Indian economy has come at a time when global growth is recovering. If global growth continues to improve and the domestic growth continues to falter, that would be a serious concern. Present indications are that the growth slump is a temporary blip caused predominantly by the impact of demonetisation and GST-related disruptions. 

 

The market reaction to a cut or a hold by the RBI is likely to be muted. The recent market correction is healthy since valuations have been approaching bubble territory. More than the policy response of the RBI, the market will be influenced by economic data for September, particularly corporate sales figures, the trend in exchange rate, exports and capital flows into the market. 

 

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10:39 AM

SBI Life Insurance lists at 5% premium to IPO price of Rs 700

 

SBI Life Insurance Company made a quite debut by listing at Rs 735, a 5% premium against its initial public offer (IPO) price of Rs 700 per share on the National Stock Exchange (NSE).

 

The company’s Rs 8,400 crore IPO was subscribed 3.587 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 12.56 times, while that of non-institutional investors received 70% subscriptions and retail investors 85%, data available with the NSE showed. READ MORE

10:28 AM

FPI flows outlook for India turns dim

 

Foreign portfolio investors (FPIs) have pulled out over $3.2 billion from the domestic stock market in the September quarter (data till September 28). Other emerging markets (EMs), including South Korea ($2.8 billion), Indonesia and Taiwan (at $2.1 billion each) and South Africa ($1.4 billion), too, saw pull-back by foreign investors, lower pace, according to the Bloomberg data as on September 29. READ MORE