MARKET WRAP: Indices rise for 2nd day, Sensex up 185 pts; auto stocks rally
All that happened in the markets today
 "Markets continue to rally on RBI policy fillip; Sensex rises 164 points")
In the broader market, the S&P BSE MidCap index gained over 1 per cent to settle at 15,019 levels.
The Indian stock market ended in the green for the second consecutive day on Wednesday, led by buying in Reliance Industries (RIL), Mahindra & Mahindra (M&M), Infosys, and TCS.
Auto stocks traded actively in the trade after data showed automobile sales for most companies in India rose at a brisk pace in August over the same month last year. The Nifty Auto index rallied over 1 per cent to 7,976.95 levels, with 10 out of 15 constituents advancing.
The benchmark S&P BSE Sensex ended 185 points, or 0.48 per cent higher at 39,086 levels, with M&M (up nearly 6 per cent) being the top gainer. NSE's Nifty ended at 11,535, up 65 points, or 0.56 per cent. India VIX dropped 4 per cent to 20.93 levels.
Buzzing stocks
Shares of IndiaMART InterMESH continued their northward movement, hitting a new high of Rs 4,596 on the BSE in the intra-day trade on the expectation of strong earnings outlook. The stock settled at Rs 4,575, up around 19.5 per cent. READ MORE
Shares of Gautam Adani-led Adani Group companies were in focus with Adani Green Energy, Adani Gas and Adani Enterprises rallying up to 10 per cent on the BSE in the intra-day trade. Adani Green Energy was locked in the upper circuit limit of 10 per cent at Rs 546, also its record high on the BSE. It rallied 20 per cent in the past two trading days from the level of Rs 454 on Monday, August 31. READ MORE
In the broader market, the S&P BSE MidCap index gained over 1 per cent to settle at 15,019 levels while the S&P BSE SmallCap index ended at 14,652, up 1.66 per cent.
Global markets
Shares of Gautam Adani-led Adani Group companies were in focus with Adani Green Energy, Adani Gas and Adani Enterprises rallying up to 10 per cent on the BSE in the intra-day trade. Adani Green Energy was locked in the upper circuit limit of 10 per cent at Rs 546, also its record high on the BSE. It rallied 20 per cent in the past two trading days from the level of Rs 454 on Monday, August 31. READ MORE
In the broader market, the S&P BSE MidCap index gained over 1 per cent to settle at 15,019 levels while the S&P BSE SmallCap index ended at 14,652, up 1.66 per cent.
Global markets
China stocks closed mixed on Wednesday as tech shares gained but material and energy shares gained. At the close, the Shanghai Composite index was down 0.17 per cent at 3,404.80, while the blue-chip CSI300 index was up 0.04 per cent.
In commodities, oil prices rose towards $46 a barrel, gaining for a third day on a report that US crude inventories fell.
(With inputs from Reuters)
(With inputs from Reuters)
4:20 PM
MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services
"After initially trading with uncertainty, the markets gained strength, in sync with positive global cues. European and Asian markets gained from encouraging economic data which could be assumed as an indicator of economic recovery in most of the major economies. Encouraging US, Chinese, and European manufacturing data and also the expectation that the US would bring in additional stimulus kept up the buoyancy in the markets. Domestically, investors chose to ignore the border tensions with China which led to the volatility in the opening trades. With markets reacting to stock-specific news and with heightened volatility, Investors are advised to remain alert, trade cautiously, and keep booking profits".
3:44 PM
SECTOR WATCH:: Nifty Media jumps nearly 3.5%
3:42 PM
MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex
3:36 PM
CLOSING BELL
The S&P BSE Sensex gained 185 points or 0.48 per cent to settle at 39,086 levels while NSE's Nifty ended at 11,535, up up 65 points, or 0.56 per cent.
3:23 PM
MARKET CHECK:: Top 5 gainers on the BSE at this hour
3:10 PM
Escorts hits all-time high after recording best-ever August tractor sales
Shares of Escorts zoomed 10 per cent to its fresh all-time high of Rs 1,221 on the BSE on Wednesday. It has rallied 12 per cent in the past two trading days after the company’s Agri Machinery Segment (EAM) reported an 80 per cent year-on-year growth in tractor sales at 7,268 units in the month of August. The stock surpassed its previous high of Rs 1,211, touched on July 22, 2020. READ MORE
3:05 PM
Why Premjis, Ambanis and Nadars beat professionally run companies
Family-owned companies, the Credit Suisse findings suggest, tend to be more profitable. Since 2006, revenue growth generated by such companies has been over 200 bps higher than that of non-family-owned companies for both smaller and larger companies. That apart, they, on average, tend to have slightly better ESG scores than non-family-owned companies. READ MORE
2:52 PM
Interest Waiver Case | Sibal, representing an association of the construction companies, to SC
>> Says, as on before the pandemic in March, 57% of the insolvency cases resulted in insolvency.
>> The August 6 circular makes only some accounts eligible to be given benefit of the resolution plan.
>> The resolution plan has to be approved by 70% of the lenders. The accounts need to continue to remain "standard" for this benefit.
>> Our submission is we want the extension of the moratorium
>> In this context I want a complete waiver of interest, no question of interest on interest, we want a complete waiver of interest.
>> The August 6 circular makes only some accounts eligible to be given benefit of the resolution plan.
>> The resolution plan has to be approved by 70% of the lenders. The accounts need to continue to remain "standard" for this benefit.
>> Our submission is we want the extension of the moratorium
>> In this context I want a complete waiver of interest, no question of interest on interest, we want a complete waiver of interest.
2:52 PM
» More on Top Gainers
Top gainers on BSE at this hour
| COMPANY | PRICE(rs) | CHG(%) |
|---|---|---|
| ADANI GREEN | 546.00 | 9.99 |
| ADANI GAS | 193.05 | 8.88 |
| INDIAMART INTER. | 4167.45 | 8.81 |
| UNITED BREWERIES | 1090.65 | 8.48 |
| VODAFONE IDEA | 9.62 | 8.21 |
2:42 PM
Interest Waiver Case | Kapil Sibal presents arguments on the behalf of one of the petitioners
>> The recommendations of the NDMA were sought for the first time on August 28.
>> Decisions under section 13 in the context of the NDM Act will have an overriding effect. That is the extent of the power of the NDMA and what we see here is the absolute absence of exercise of this power.
>> The decisions (under August 6 circular) have been left completely on the Banks and this is arbitrary
>> Decisions under section 13 in the context of the NDM Act will have an overriding effect. That is the extent of the power of the NDMA and what we see here is the absolute absence of exercise of this power.
>> The decisions (under August 6 circular) have been left completely on the Banks and this is arbitrary
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First Published: Sep 02 2020 | 7:36 AM IST