Sensex surges 418 pts, ends above 60K; Bajaj twins, RIL top contributors

CLOSING BELL: Bajaj Finserv (up nearly 6 per cent), Bajaj Finance, HDFC Life, Hero MotoCorp, Hindalco, Tech M, Bharti Airtel, BPCL, and HCL Tech were the top large-cap gainers

4:07 PM

Expert view: Reversal in FII trend is the backbone of the current rally

"Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets. Declining commodity and oil prices also instilled confidence in foreign investors. Western markets were weak ahead of the release of the US FOMC meeting minutes"

 

- Vinod Nair, Head of Research at Geojit Financial Services

4:05 PM

Trent hits new all-time high, enters top-100 most-valued firms' club

Trent, on Wednesday, entered the elite club of top-100 most valued companies in terms of market captialisation as the share price hit a new high of Rs 1,482.90, up almost 5 per cent, on the BSE in intra-day trades. The market capitalisation (m-cap) of the Tata Group Company engaged in retail business crossed the Rs 50,000 crore-mark. READ MORE

4:01 PM

Nifty tech view: Resistance seen around 18,000 - 18,100

"The Nifty has remained above the falling trend line, confirming the continuation of the ongoing bull run. The up trend remains intact as the barometer index has not shown any weakness. The popular momentum oscillator is in a deep overbought zone but has no bearish crossover, suggesting a continuation of bullish momentum. On the higher end, resistance is seen at 18,000-18,100. On the lower end, support is visible at 17,700."

 

- Rupak De, Senior Technical Analyst at LKP Securities

 

3:59 PM

SBI Cards gains nearly 4%; charts indicate more upside for the stock

SBI Cards and Payment Services gained 3.8 per cent to Rs 998 amid reports of that Reserve Bank of India (RBI) was against unregulated firms issuing credit cards. Technically, the stock seems poised to rally to a new high. READ MORE

3:56 PM

Singer India zooms 14% after promoter offloads 22% stake via block deals

Rare Investments, the investment arm of late Rakesh Jhunjhunwala acquired 4.25 million equity shares or 7.91 per cent stake in Singer India on Tuesday, showed block deal data. READ MORE

3:54 PM

Techno Electric soars 6.5% on Rs 1,455-crore order win from RRVUN

The company received Rs 666-crore order from Rajasthan Rajya Vidyut Utpadan Nigam, Kota, and Rs 789-crore from the Rajasthan Rajya Vidyut Utpadan Nigam, Jhalawar. 

3:51 PM

Jayant Infratech hits 5% upper limit, stock gains 200% in one month

Shares of Jayant Infratech were locked in the 5 per cent upper circuit at Rs 280.55 on Wednesday. In the past one month, the engineering, designing & construction company has zoomed 219 per cent from a July 15 level of Rs 87.90. READ MORE

3:48 PM

UTI AMC sheds 5% as co denies reports of stake sale to Tata Group

Shares of UTI Asset Management Company (UTI AMC) shed 5.1 per cent to Rs 819 on the NSE after the company denied reports of it being in talks with Tata group for a 45 per cent stake sale. READ MORE

3:44 PM

Sectorally, Nifty PSU Bank index soared over 2%; Financials, IT and Media also shine

3:42 PM

Broader markets rally in sync with the Nifty 50

3:39 PM

Nifty 50:: Top FIVE gainers and losers on Wednesday

3:38 PM

Sensex 30 Heatmap:: Bajaj twins, Airtel, IT shares shine; Auto stocks slip

3:36 PM

NSE Nifty 50 index gains 119 points to close at 17,944

3:33 PM

Closing Bell:: S&P BSE Sensex ends 418 points higher at 60,260

3:25 PM

BSE 500:: Volume Shockers

Aptus Value Housing has witnessed unusually high volume of around 14.53 lakh shares so far on the BSE as against its five-day average volume of around 10,600 odd shares. Similarly, CESC, Aarti Drugs, Sundaram Fasteners and ICICI Lombard also witnessed a significant spike in volume on Wednesday.

3:15 PM

UTI AMC falls 5% as co denies reports of stake sale to Tata Group

Shares of UTI Asset Management Company (UTI AMC) fell 4.9 per cent to Rs 819 on the BSE in Wednesday's intra-day trade after the company denied reports of it being in talks with Tata group for a 45 per cent stake sale. READ MORE

3:06 PM

Global Check:: US, UK stock futures mildly in red

Source: Investing.com

2:56 PM

SBI Cards eyes record high on Golden Cross breakout, may rally up to 16%

SBI Cards has conquered the 200-DMA, a prime indicator of the trend for market participants, and hints of a likely 'Golden Cross' breakout with 50-DMA and 100-DMA likely to cross the 200-DMA. READ MORE

2:46 PM

Expert view:: Sentiment along with liquidity are supportive for a long term rally

Markets are just 3 to 4 percent off their life time highs. I think, clearly the sentiment along with liquidity & macro plus micro fundamentals are supportive for a long term rally but yes it will have its share of speed breakers & volatility.

 

Clearly the day when US inflation came in at 9.1 percent, a lot more than expectations, markets factored in an aggressive rate hike and moved forward. While inflation & interest rates can still come & haunt the economies & markets, but a confluence of factors including low valuations be it P/E, P/BV, Mcap to GDP, oversold markets, the fall in commodity prices etc helped markets to move northwards.

 

Add to it, crude from $130 to $93, is a huge tailwind for our own economy & hence markets. The return of Foreign institutional investors, Credit growth in mid teens for the banking sector, decent monsoon, commentary on impending capex & above all the first quarter earnings season, which did not disappoint the street, were catalysts for this up move.

 

With festive season in India for the next few months, revenge shopping, eating out & revenge travel, a lot of consumption oriented sectors would find favour & with credit growth and capex coming back, BFSI would also be a beneficiary.

 

- Devang Mehta, Head- Equity Advisory, Centrum Wealth

2:39 PM

Investment demand to lift India's silver imports to record high level

India's silver imports are set to triple in 2022 from a year ago to record highs after a dip in prices to 2-year lows spurred investors to bet that the metal was primed for a rebound and could outperform gold in the coming years. READ MORE

2:31 PM

Airtel clears 4-year instalment for 5G in advance, pays Rs 8,312.4 cr to DoT

Telecom operator Bharti Airtel has paid Rs 8,312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions. READ MORE 

 

2:22 PM

BSE 500:: Top losers so far

Sona BLW Precision has slipped nearly 6 per cent and was the top loser among the BSE 500 stocks so far. It was followed by Aegis Logistics, UTI AMC, Uno Minda and Chalet Hotels.

2:14 PM

Expert view:: We remain cautious at current levels

Despite uncertain economic outlook, the global equity markets staged a smart comeback driven by better-than-expected Q2CY22 earnings in US stocks and buying from set of investors positioning for an economic recovery rather than worrying about the potential for a recession.

 

The US benchmark S&P 500 has rebounded about 15 per cent since mid-June, halving its year-to-date loss, and the tech-heavy Nasdaq Composite is up more than 20 per cent. 

Following these positive global cues domestic equity markets too staged a strong come back, with benchmark Nifty-50 gaining more than 15 per cent from the lows in June 2022.

 

The return of FII buying, flattening of inflation, softening commodity prices and good monsoon boosted investors sentiments. The encouraging macro readings (IIP up ~20 per cent, GST collection, Rs 1.44 lakh crore up 55.8 per cent, moderating inflation 6.7 per cent) and sound fundamentals are giving markets new-found hope despite fluctuations.

 

The benchmark Nifty-50 has added over 2,500 points since lows in June. This sharp rally has pushed the valuation multiples near LT averages (20x+) which in our view makes risk reward less attractive amid uncertain global economic outlook and rising geopolitical tensions.

 

While the domestic economy & earnings have showcased strong resilience, we remain caution at current valuations & suggest a staggered buying approach. Our stance is driven by A) Indian economy cannot stay fully immune to any global economic/ geopolitical shocks B) Inflation trajectory continue to remain elevated C) Global & domestic monetary policy tightening to continue D) The trend in domestic demand recovery not yet broad-based E) In case of a recession reality, the earnings in select sectors could take a major hit.

 

- Kedar Kadam, Director – Listed Investments, Waterfield Advisors.

2:06 PM

Asian Markets Update:: Steady gains seen; Kospi bucks trend

1:56 PM

Sensex 30 Heatmap:: Bajaj twins shine; auto stocks down on profit-taking

1:48 PM

Most economists see GDP growing at slower pace in Q1 than MPC projection

At the MPC's estimate of 16.2 per cent, the economy would have grown 6.1 per cent over the corresponding quarter of 2019-20. READ MORE

1:38 PM

BSE 500:: Top gainers so far

Aarti Drugs has zoomed over 12 per cent and was the top gainer among the BSE 500 stocks so far on Wednesday. Hikal, Happiest Minds, ICICI Securities and Mahindra Life were some of the other major gainers, up over 7 per cent each.

1:30 PM

MARKET COMMENT: Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The ferocity of this rally has proved wrong the majority of experts who believed that this is a bear market rally. It appears that the market may remain resilient. There is global support to this rally since Nasdaq and S&P 500 have rebounded by 24% and 18% from the June lows. Nifty, too, has rebounded 18% from the June lows. The decline in inflation has increased the possibility of a soft landing for the US economy. In India, the decline in inflation, declining crude, strong growth momentum, good monsoon and above all FIIs turning consistent buyers have turned the sentiments in favour of the bulls. However, high valuation is a concern.

1:25 PM

Investors lap up media stocks: Zee Entertainment up 6%

1:17 PM

EV charging start-up Exponent Energy raises $13mn in series A funding

Exponent Energy, an electric vehicle charging start-up, said has raised $13 million in a Series A funding round led by Lightspeed and attended by institutional investors. Read here