Sensex rises 246 pts, Nifty holds 20,050 in broad rally; PSB index zooms 4%

Closing Bell on September 13, 2023:The gains were led by Bharti Airtel (up 2.7 per cent), Titan, Axis Bank, SBI, IndusInd Bank, Power Grid, NTPC, Tata Motors, Ultratech Cement, and Bajaj Finance

4:08 PM

Tech View :: 'Banks, financials, IT hold prominence for up move'

We reiterate our positive view on markets and suggest continuing with stock-specific approach, with a focus on index majors and other heavyweights. Among the sectoral pack, banking, financials and IT hold prominence for further up move so align positions accordingly.

Views by:Ajit Mishra, SVP - Technical Research, Religare Broking

4:06 PM

Tech View :: 'Nifty PSU Bank index will hit 6,000-mark if...'

The Nifty PSU Bank index has broken out to multi-year highs, gaining more than 10% in September alone. The chart pattern suggests that this is just the beginning of a rally, but intermediate corrections cannot be ruled out.

 

Investors can add the top three PSU banks -- State Bank of India (SBI), Bank of Baroda (BoB), and Punjab National Bank (PNB) -- to their portfolios.

They can also allocate a small portion of their portfolio to smaller PSU banks, as these stocks are high-beta and have the potential to generate higher returns.
 

The 4,600-4,450 range has become a strong support zone for the Nifty PSU Bank index. If the index sustains above this level, it could move up to the 5,800-6,000 range.

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

4:04 PM

Tech View :: 'Nifty consolidation to continue in near-term'

On the daily charts, we can observe that the Nifty consolidated within the range 20,110 – 19,914 of the previous trading session. The daily and hourly momentum indicator are providing divergent signals and hence a consolidation is likely in the near term. Moreover, after witnessing a sharp run-up during the last few trading sessions, a consolidation is likely. During this consolidation, we can expect sector rotation and stock specific moves. Overall, the short-term outlook is positive, and this consolidation is likely to be used as a buying opportunity. In terms of levels, 19,865 – 19,810 is the crucial support zone while 20200 – 20250 shall act as an immediate hurdle zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

 

 

4:02 PM

Tech View :: 'There's potential reversal of previous bearish sentiment in Bank Nifty'

The bulls took charge and dominated the market, resulting in the formation of a bullish engulfing candlestick pattern on the Bank Nifty index. This pattern signifies a potential reversal of the previous bearish sentiment.The lower-end support for the index is now established in the range of 45,700-45,600, serving as a strong cushion for the bulls and providing a crucial level of defense against any downward pressure.Looking ahead, the immediate hurdle on the upside is situated at the 46,000 mark. A successful breach above this level would likely pave the way for further upward momentum, with potential targets at 46,300 and 46,600 levels.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

4:00 PM

Comment :: 'Contraction in UK economy, rise in oil prices creating uncertainty in global markets'

The domestic indices resumed its upward trajectory despite weak global cues. The cooling of domestic CPI inflation to 6.83% in August and the rise in industrial production data reaffirmed the robustness of the Indian economy. The contraction in the UK economy and rise in oil prices have created a level of uncertainty in the global market. Also, investors await US inflation data today, which holds global significance as it will provide insights into the Fed's policy outlook

Views by: Vinod Nair, Head of Research at Geojit Financial Services.

3:58 PM

Currency check :: Rupee ends at 82.99/$ against Tuesday’s close of 82.92/$

3:55 PM

Buzzing stock :: Coffee Day Enterprises surges 20% as IndusInd Bank withdraws insolvency plea

>> The NCLAT, Chennai, on 13th September 2023, passed an order terminating CIRP Proceedings against CDGL and set aside NCLT order

3:53 PM

Buzzing stock :: NIIT zooms 20% amid heavy volumes

3:50 PM

Broader market update :: SmallCap index outperforms peers, rises 0.8% after steep sell off Tuesday

>> BSE SmallCap index fell 4% yesterday, clocking worst one-day slide of CY23

3:48 PM

Broader market update :: MidCap index ekes out 0.2% gain after 3% slide Tuesday

3:46 PM

Sector check :: Auto index extends slide into second day

3:44 PM

Sector check :: 10 of 12 Nifty Bank constituents rally

3:43 PM

Sector check :: PSBs rally in fag-end; PNB, IOB rally up to 8.5%

3:42 PM

Sectoral trends :: Auto, IT stocks buck the firm market trend

3:41 PM

Sensex Heatmap :: Airtel, Titan, IndusInd Bank lead index winners

3:38 PM

CLOSING BELL :: Nifty holds 20,050

3:37 PM

CLOSING BELL :: Sensex gains over 200 pts despite weak global mood

3:30 PM

ALERT :: RIL stock up 0.5%

3:27 PM

ALERT :: Adani Group in focus

3:15 PM

Allcargo's Gati expects 1820% increase in festive season demand this year

The company will help SMEs in those regions build more geographically diversified markets during the festive season, Gati Express and Supply Chain Pvt Ltd (GESCPL) said.
 

"We are fully prepared with our enhanced delivery capabilities to meet the festive demand surge and uptick in the order volume. We expect an 1820 per cent increase in festive demand this year," said Rajesh Gowrinath, senior Vice President for sales at Gati Ltd. READ MORE
 

3:02 PM

FDs should not be used for wealth creation: What investors should do instead

Fixed deposits won't make you rich. There's no doubt that they are a safe investment, but bank FDs can actually negatively affect your savings in the long term. READ MORE

2:48 PM

IOL Chemicals hits 17-month high, zooms 19% on heavy volumes

Till 01:49 PM, a combined 9.3 million equity shares, representing 15.85 per cent of total equity of IOL Chemicals, had changed hands on the NSE and BSE. READ MORE

2:36 PM

Sugar output in Maharashtra set to fall to lowest in 4 years after dry Aug

The reduced output could add to food inflation and discourage New Delhi from allowing sugar exports, supporting global prices which are already near their highest in more than a decade. READ MORE

2:24 PM

Sector Alert:: Nifty PSU Bank soars 3.5%, hits new 52-week high

PNB soared 7%; Central BAnk, IOB and PSB other major gainers

2:10 PM

RR Kabel IPO off to slow start on Day 1; Should you subscribe?

The company plans to raise up to Rs 1.964 crore from its maiden share sale in the price band of Rs 983 - Rs 1,035. Offer closes on Friday. READ MORE

1:57 PM

Asian Market Update:: A mixed trend seen

Source: Yahoo Finance

1:43 PM

Rupee bond curve steepens as RBI changes rules for bank investing

The revised rules require the Reserve Bank of India’s approval for any change in classification of bond holdings out of the held-to-maturity book. This reduces volume in bond-market trading, making it harder to sell longer tenor debt in the secondary market and boosting demand for shorter bonds, according to traders. READ MORE

1:30 PM

Cipla on the block: Who's a better fit and what it means for shareholders?

The two pharma majors are reported to be eyeing the entire 33.47 per cent promoter stake in Cipla, held by the Hamied family. A successful buyout will further trigger an open offer of 26 per cent. At the CMP, the deal is pegged at around $7 billion.

 

While both companies are in a position to pull off the deal via a combination of equity infusion (by promoters, PE funds ) and debt accretion, analysts believe Torrent pips DRL given its strong track record of past acquisitions and the complementary nature of its portfolio to that of Cipla. READ MORE

1:21 PM

ALERT :: Aeroflex leaps 5% amid report of foray into aerospace

>> According to a Reuters report,  India's Aeroflex Industries, whose metal hoses are used in utilities, refineries and fire fighting equipment, is in talks to enter the aerospace sector, a top company executive said, aiming to capitalise on the country's burgeoning space program.

1:05 PM

GMR Power wins new contract for smart meters; stock hits 10% upper limit

In an exchange filing, GMR Power said its subsidiary GMR Smart Electricity Distribution Private Limited (GSEDPL) has received LOA from Dakshinanchal Vidyut Vitran Nigam Limited to implement smart metering project in the Dakshinanchal (Agra, and Aligarh zone) area of Uttar Pradesh. READ MORE