Buzzing Stocks: TCS, Infosys, McDowell Holdings and other stocks in news today
Market update: Sensex is down 85.97 points or 0.15% at 58164.29, and the Nifty shed 26.60 points or 0.15% at 17326.90. ONGC, Tata Motors and Nestle India are the top gainers while SBI Life Insurance and Axis Bank dragged the most.
Among the sectors, pharma and IT are trading in the red while FMCG and metals have edged higher.
The biggest impediment a trader or a investor has to cross is the acceptance that some trades will go wrong and that is OK !
— Alok Jain ⚡ (@WeekendInvestng) September 9, 2021
Stock market at record high; major FII outflow in 4 sectors in second fortnight of August
India’s stock market had a strong run in August with the S&P BSE Sensex consistently hitting record highs and gaining 9.4 percent, including almost 4 percent in the second fortnight, when foreign institutional investors sold a net Rs 6,063.76 crore of shares against net purchases of Rs 3,495.24 crore in the first fortnight.
“Initial selling in the previous month was primarily due to global factors turning negative like Chinese stance on metals price hike, increasing Covid third wave and uncertainty about US Fed’s taper roadmap,” said Narendra Solanki, head-equity research (fundamental) at Anand Rathi Shares & Stock Brokers. “All these factors led to a broad selloff in sectors and a larger selloff in sectors where we had already seen a sharp rally. So it appeared investors booked some profit.
TCS shares rise: Tata Consultancy Services share price was up half a percent at open on September 9 after Avianca, one of the leading airlines in South America, partnered with the IT firm to accelerate its journey to the cloud.
Tata Consultancy Services has been selected by Avianca, one of the leading airlines in South America, as a strategic partner in its cloud transformation journey. TCS will modernize Avianca’s IT infrastructure and build a new future-ready cloud-based digital core on Microsoft Azure, the company said in an exchange filing.
COVID-19 India Update: Active cases rise after falling for three days, up 2,358 in the last 24 hours. Increase in total cases back above 40,000, up at 43,263. Recoveries increase by 40,567 and deaths by 338. Positivity rate at 2.38%, recovery rate at 97.48% and mortality rate at 1.33%. Total cases at 3.31crore, active 3.93 lakh, recoveries 3.23 crore and deaths 4.42 lakh.
Market at open: Sensex is down 92.76 points or 0.16% at 58157.50, and the Nifty down 36.20 points or 0.21% at 17317.30.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: A major global trend post the Covid outbreak and the consequent crash in March 2020 and the incredible market recovery since April is the arrival and dominance of retail investors. This trend is robust and conspicuous in India. Retail investors have made money during this rally and continue to pour money into markets. A healthy development is the sustained increase in SIP inflows which have touched Rs 9923 crore during August. Retail investors in SIPs should stay put with a minimum investment horizon of 4 years since returns in the next couple of years may turn out to be below par due to high present valuations.
Globally markets have taken a breather from the risk-on mode. India too is likely to follow suit. FIIs are back to selling mode. An important trend is Bank Nifty gathering strength. Jio Phone Next launch tomorrow will be keenly watched by the market.
China’s factory inflation hits 13-year high as materials costs soar
China’s factory gate inflation hit a 13-year high in August driven by roaring raw materials prices despite Beijing’s attempts to cool them, putting more pressure on manufacturers in the world’s second-largest economy.
The producer price index (PPI) rose 9.5% from a year earlier in August, the National Bureau of Statistics (NBS) said on Thursday, faster than the 9.0% increase tipped in a Reuters poll and the 9.0% reported in July. That was the fastest pace since August 2008.
Abhilash Narayan of @StanChart (Singapore) says higher valuations will sustain as long as there is delivery on earnings. Here’s more pic.twitter.com/sspRG1Ku5o
— CNBC-TV18 (@CNBCTV18Live) September 9, 2021
Citi On Tata Consultancy Services: The brokerage firm has a sell rating with target at Rs 3,385 per share. The company is confident of double-digit growth in FY22. The management expects better growth for the next 3-5 years against last 5 years. Margin is expected to remain resilient in FY22 against FY21. High valuation/expectations keep us at a sell rating.
Banks Board Bureau recommends Atul Kumar Goel as MD, CEO of Punjab National Bank
The Banks Board Bureau on September 8 recommended Atul Kumar Goel for the position of Managing Director and Chief Operating Officer of Punjab National Bank. Apart from this, the Bureau chose Ajay Kumar Shrivastava as the candidate on the reserve list for the post. Prior to selecting the two candidates, the bureau interfaced with 11 candidates.
