Sensex ends above 58K for the first time; Nifty climbs 17,300; RIL zooms 4%

The BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals

4:15 PM

What could influence markets next week?

Sensex has gone past 58000 to close the day at 58128, and the Nifty too comfortably rose to 17323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets. The developments around the US economy, the revival of activity in Europe - both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week.

-- Dr. Joseph Thomas, Head of Research, Emkay Wealth Management

4:14 PM

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

 Despite mixed global cues, domestic equities continued to raise its bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales.

4:13 PM

Mazagon Dock jumps 5% after PM Modi says firm will partner Zvezda for construction of commercial ships

4:11 PM

Zomato surges 9%, hits new high

4:04 PM

Exide Industries zooms 6% on insurance subsidiary sale

>> Shares of Exide Industries rose on the divestment of the company's entire stake in Exide Life Insurance Company, by way of sale to HDFC Life Insurance Company for a total consideration of Rs 6,687 crore. Exide Life Insurance Company is a material wholly owned subsidiary of the Exide Industries.

3:59 PM

RIL surges 4%, market cap crosses Rs 15 trillion

>> The stock surged ahead of the launch of JioPhone Next. JioPhone Next will be packed with features like Google Assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters, and more. It will be available in the market from the auspicious date of Ganesh Chaturthi, September 10, 2021 -- Mukesh Ambani, Chairman and Managing Director, RIL had said in his address at the company’s AGM 2021 held on June 24, 2021.

3:56 PM

Sector Watch :: Nifty Media & Metal lead sectoral gainers

>> Auto & Realty too gain over 1% each

3:44 PM

BSE MIDCAP index gains 0.35% but underperforms Sensex

>> The index had hit a fresh peak of 24,453.88 in trade today

3:42 PM

BSE SMALLCAP index rises 0.41%, moves in tandem with benchmark

>> The index hit a new high of 27,388.48 in trade today

3:40 PM

RIL singlehandedly drives Sensex to new high

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: RIL, Titan, Bajaj Auto

>> TOP LOSERS: Bharti Airtel, HUL, HDFC Bank

3:34 PM

CLOSING BELL :: Sensex jumps 282 points, ends above 58K; Nifty tops 17,300

>> The bull run on domestic market further gathered pace as both benchmarks along with the broader markets surged to record high levels in today's session. The BSE barometer Sensex hit the 58,000 mark for the first time while Nifty crossed the 17,300 level. For the day, BSE Sensex closed at 277, up 58,130 points. It touched all-time high of 58,194.79 in intra-day deals. Nifty50 meanwhile settled at 17,320, up 86 points. It touched new peak of 17,340 today.

3:28 PM

Zomato hits new high of Rs 150, zooms 98% over issue price of Rs 76

Shares of Zomata hit a new high of Rs 150.50 as they 9 per cent on the BSE in intra-day trade on the back of heavy volumes. The stock of the online food delivery company surpassed its previous high of Rs 147.80 touched on July 27, 2021. Till 03:05 pm, a combined 102 million equity shares had changed hands on the NSE and BSE so far. READ MORE

3:20 PM

Fed likely to announce taper in November, says former Fed official

The U.S. Federal Reserve is likely to announce the tapering of its asset purchases in November and begin the process a month later, former Federal Reserve official Dennis Lockhart said on Thursday. READ MORE 

3:04 PM

Sebi tweaks investor grievance redressal mechanism framework

Capital markets regulator Sebi on Friday tweaked the framework on investor grievance redressal mechanism after receiving representation from stock exchanges.

 

The regulator has modified framework pertaining to speeding up grievance redressal mechanism and threshold limit for interim relief paid out of investor protection fund (IPF) of the stock exchange among others. READ MORE

2:56 PM

NEWS ALERT :: Commerce Minister says mega textile parks scheme & PLI scheme will be approved soon

>> Scheme for 7 Textile Parks in advanced stages of approval

2:54 PM

Sensex @ 60,000 :: These are the immediate support and resistance levels

Sensex achieved another milestone of 58k and it is surprising the street by its ferocious move and creating new history almost every day. This bull run has more legs to go and it is just a matter of time when Sensex will cross the 60000 marks because we are in a roaring bull market that may continue for the next 2-3 years.

 

Technically, 58,700 is an immediate target level while 57,500 is immediate support. Moreover, 56,300-56,000 will be a strong demand zone at any correction.

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

2:44 PM

Mazagon Dock will partner Zvezda for construction of commercial ships, says PM Modi

2:39 PM

IPO Update :: Ami Organics subscribed 30.6 times

2:31 PM

NEWS ALERT :: RIL gives Aramco real-time access to petrochem plant data

>> Aramco due deligence team inspected RIL petchem units

Source: Informist

2:23 PM

NIFTY FINANCIAL SERVICES worst performing sectoral index at this hour

2:08 PM

IPO UPDATE :: Vijaya Diagnostics sails through on final day

1:53 PM

ALERT :: SpiceJet employees go on a strike at Delhi airport

>> Section of employees met senior officials & issue is being resolved

>> Co says operations at Delhi airport functioning normally

1:40 PM

Reliance Industries hits record high of Rs 2,382; rallies 14% in one month

Shares of Reliance Industries (RIL) hit a fresh record high of Rs 2,382, up 3.8 per cent on the BSE in the intra-day trade on Friday, surpassing its previous high of Rs 2,368.80, touched on September 16, 2020, ahead of JioPhone Next smartphone launch.  READ MORE

Reliance Industries

1:23 PM

ALERT :: Jindal Power stake sale in Worldone approved by shareholders at EGM

1:15 PM

NEWS ALERT :: Maruti Suzuki to recall 181,754 units of Ciaz, Ertiga, Vitara Brezza, S-Cross and XL6

1:02 PM

STOCK ALERT :: RIL hits record high; m-cap surpasses Rs 15-trillion mark

>> RIL hits record peak of Rs 2,374

>> Surpassed previous high of Rs 2,369, touched on Sept 16, 2020

12:45 PM

Corporate Action :: Steel Strips Wheels Board approves share split in 1:2 ratio

Steel Strips Wheels Board has approved the Sub-division of equity shares of the Company from the existing 1 equity share of face value of Rs. 10/- each into 2 equity shares of face value of Rs. 5/- each
 

12:29 PM

YES Securities on HDFC Life post Exide Life acquisition

HDFC Life Insurance: Maintain ADD

 

CMP: Rs 733; TP: Rs 783, Upside: 7%

 

Our view – The rationale for Exide Life acquisition seems to make reasonable sense

 

We participated in the Conference Call hosted by HDFC Life Insurance’s (HDFL) top management and gleaned several takeaways. Some of the key takeaways include (1) Rationale for the acquisition seems largely sensible and includes the following key reasons (a) HDFC Life is focused on diversifying sourcing mix, especially agency force and the acquisition of Exide Life will add about 40% to agency-driven topline about 35% to the agent base. (b) There is significant complementarity in geographical presence as Exide Life has significant presence in the Tier 2 and 3 centres, which contribute more than 60% to their business. They also have significant presence in the South. (c) The combined entity stands to gain significantly from post-merger synergies on account of cost benefits from operating leverage, product mix changes, productivity and persistency enhancement. The total consideration of Rs 66.87bn for Exide Life, of which Rs 7.26bn is cash, values Exide Life at 2.46x current EV, given Exide Life June 2021 EV of Rs 27.11bn. We maintain ADD Rating for HDFL with a revised price target of Rs 783. We most prefer IPRU in the life insurance space.

12:25 PM

Biscuit maker Britannia's stock rally to continue on demand revival

Biscuit maker Britannia Industries’ stock has been one of the top performers in recent weeks. The price of its shares has risen up 20 per cent since the beginning of August, outperforming the benchmark BSE Sensex and the BSE FMCG index, which have risen 10 per each.

 

Britannia was an outperformer on Thursday, too, closing the day with gains of 1.8 per cent, against a 0.9 per cent rise in the Sensex. READ MORE