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Closing Bell | Sensex jumps 443 points, Nifty closes above 17,650; metal, banking names shine – Moneycontrol

September 05, 2022 / 04:05 PM IST

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Benchmark indices outperformed their Asian peers and also shrugged off the weak European market sentiment as investors bet on metals, banking & capital goods stocks. Cautious optimism prevailed as there are enough indications that markets may remain volatile in coming sessions on global slowdown fears. Technically, the Nifty has formed a bullish candle on daily charts. Currently, the market is witnessing positive consolidation formation near the 20-day SMA (Simple Moving Average). The Nifty would see a key support level of 17,550 and above the same it could move till 17,750-17,800. On the flip side, below 17,550 a fresh round of selling could be seen and the index could slip till 17,450-17,400.

September 05, 2022 / 03:57 PM IST

Vinod Nair, Head of Research, Geojit Financial Services

Concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the U.S. and a worsening energy situation in Europe. Strong employment in the U.S. will give Fed the confidence to raise interest rates by another 50–75 bps in the forthcoming policy meetings. In anticipation of decrease in output, oil prices increased prior to the OPEC+ summit. Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand.

September 05, 2022 / 03:39 PM IST

Indian markets shrug off global weakness

Domestic benchmark indices opened higher and built on the gains throughout the day. Buying was seen across sectors and segments, which reflected in main indices as well. At close, the 30-pack Sensex was up 443 points, or 0.75 percent, at 59,246 and the Nifty ended the day with a gain of 126 points, or 0.72 percent, at 17,666.

Nifty Metal climbed over 1.5 percent closely following Nifty Media that was up 2 percent. Bank stocks also attracted buying as Nifty Bank hit multi-month high and close to breaching 40,000 level. In the Nifty 50 index, the biggest gainers were Hindalco Industries, JSW Steel, ITC, NTPC and Sun Pharma. Among the biggest losers were Bajaj Auto, Nestle India, Britannia Industries and Apollo Hospitals. 

September 05, 2022 / 03:25 PM IST

Tamilnad Mercantile Bank IPO Day 1 | Issue subscribed 61%, retail portion fully booked

The initial public offering (IPO) of Tamilnad Mercantile Bank was off to a good start on September 5, with all categories of investors putting in bids on the opening day.

The public issue was subscribed 61 percent by afternoon, getting bids for 53.41 lakh equity shares against an offer size of 87.12 lakh shares data available with exchanges showed.

The issue size was reduced to 87.12 lakh equity shares from 1.58 crore after the closing of the anchor book on September 2. The company raised Rs 363.5 crore through the anchor book.

Retail investors bought 102 percent shares of the portion set aside for them, while qualified institutional investors put in bids for 73 percent of shares reserved for them. The reserved portion of non-institutional investors was subscribed 12 percent.

September 05, 2022 / 03:15 PM IST

HNIs are putting big bucks in these funds. Here’s why

AIFs have higher investment floors and are generally considered riskier than regular mutual funds because they are allowed to invest in unlisted securities and most can use borrowed funds.

September 05, 2022 / 03:00 PM IST

Nifty Bank trades at 9-month high

Nifty Bank, building in the gains, is trading near 9-month high. The index traded at 39,791.60 – close to the milestone 40,000 level. 

September 05, 2022 / 02:41 PM IST

Aurionpro acquires US-based Hello Patients Solutions 

Aurionpro Fintech Inc., an Aurionpro subsidiary based in USA, announces acquisition of Real Patient Solutions Inc. d.b.a. Hello Patients Solutions Inc (Hello Patients), a startup registered in the State of Delaware, USA. Hello Patients provides a healthcare billing and patients’ management solution that leverages Aurionpro’s technology for payments processing. Aurionpro Fintech Inc. provides technology platform to payments service providers in USA. 

September 05, 2022 / 02:31 PM IST

Skipper’s engineering biz bags order worth Rs 225 crores 

Skipper Limited, a leading manufacturers for Power Transmission & Distribution structure, in a regulatory filing said it has secured fresh new order of Rs 225 crores for several Domestic & International T&D projects including Telecom. They include export orders of Rs 125 crores for several T&D projects across Latin America, Middle East and South Asia markets and orders worth Rs 100 crore from Power Grid Corporation of India Ltd (PGCIL), Domestic SEB’s & Telecom Companies. 

September 05, 2022 / 02:20 PM IST

Euro slides to lowest in two decades as Russia shuts off gas

Euro slides to lowest in two decades as Russia shuts off gas

European nations led by Germany announced measures over the weekend to tackle a cost-of-living crisis and spiraling energy prices after Russian state gas producer Gazprom PJSC Friday said it would…

September 05, 2022 / 02:07 PM IST

How silver ETFs can add diversity to your investment portfolio

How silver ETFs can add diversity to your investment portfolio

Silver prices come with higher price volatility, and are influenced by industrial and economic growth

September 05, 2022 / 01:59 PM IST


BUY PVR| TARGET: Rs 2110| SL: Rs 1830  

The stock has overall maintained an uptrend indicated by the ascending channel pattern on the daily chart recently taking support near 1800 levels and with improving bias has witnessed a decent pullback. The RSI indicator has indicated a trend reversal from the oversold zone and signaled a buy with immense upside potential visible. With the chart looking attractive, we suggest to buy and accumulate this stock for an upside target of 2110 keeping the stop loss of 1830.

September 05, 2022 / 01:41 PM IST

Jaguar Land Rover Sales

Tata Motors said JLR UK sales fell 68.2% on month-on-month basis & up 3.4% YoY.

JLR sold 1,935 vehicles in the UK in August month against 6,089 units in July 2022 and 1,871 units in August 2021.