Market at close: Benchmark indices ended the session on September 7 in the red after having recovered some loses in the afternoon session. Sensex was down 168.08 points or 0.28 percent at 59028.91, and the Nifty shed 31.20 points or 0.18 percent at 17624.40. About 2073 shares have advanced, 1289 shares declined, and 121 shares are unchanged.Among the sectors, the auto index shed a percent while buying was seen in FMCG, IT and pharma space. The midcap and smallcap indices added half a percent each.
Concor up 8%Cabinet allows long-term leasing of railway land for cargo related activities for up to 35 years at 1.5% of market value of land
Tapan Patel, Senior Analyst (Commodities), HDFC Securities
Spot gold prices at COMEX were trading marginally up near $1702 per ounce on Wednesday. October future contract at MCX were trading 0.02 percent lower near Rs 50,269 per 10 grams by noon session.
Gold held near $1700 per ounce on stronger dollar and better than expected US economic data boosting expectations of aggressive rate hike from US Fed. We expect gold prices to trade sideways to downwards for the day with COMEX spot gold support at $1680 and resistance at $1720 per ounce. MCX Gold October support lies at Rs 49,950 and resistance at Rs 50,600 per 10 grams
ICICI Pru August Update | New business sum assured up 47.8% YoY. New business premium up 11.3% YoY, APE down 2.3% YoY
Land licensing fee is not automatically being changed from 6% to 1.5%. Existing players will continue to pay 6% land licensing fee unless they decide to come in to the bidding process for the 1.5% new base rate: Govt sources on #CONCOR https://t.co/UpWiz9He3Q pic.twitter.com/pwNyANzjuN
— CNBC-TV18 (@CNBCTV18Live) September 7, 2022
Avinash Pathak, Research Analyst, LKP Securities
After two years of subdued demand due to the pandemic, positive tailwinds in the second half support a high consumption period. Good monsoons, better rural demand, easing supply constraints along with upcoming festive season and new product launches at varied price points are expected to boost demand ahead. Commodity costs showing some signs of stabilization is also a positive for the FMCG sector.
Market update at 2 PM: Sensex is down 123.72 points or 0.21% at 59073.27, and the Nifty shed 25.50 points or 0.14% at 17630.10.
Cipla gets US FDA nod for generic version of Revlimid used to treat various types of Cancers:
European markets open lower
The pan-European Stoxx 600 lost 1.1 percent in the first 30 minutes of trading, with all sectors seeing declines. FTSE 100 is down 78.76 points at 7,221.68
Concor sees a sharp spike. According to sources, LLF (Land Licencing Fees) has been slashed to 1.5% from 6%, a much needed step for the company’ privatisation
Coal India gains 2 percentCompany recorded highest ever coal production in the first five months of the fiscal. April 1 – September 4 production increased by 44.6 MT, crossing previous high of 44.5 MT registered in FY16.In an exchange filing, Coal India said, “At the current pace of production, if mining areas are not excessively affected by heavy seasonal deluge in September, the company is hopeful of reaching close to the apportioned H1 target of 306 MT.”
Tamilnad Mercantile Bank IPO Subscription update
The public issue of Tamilnad Mercantile Bank received a decent response, getting subscribed 1.91 times so far on September 7, the final day of bidding. Investors have bought 1.66 crore shares against the offer size of 87.12 lakh shares as per the data available with exchanges.
Retail investors remained at the fore by booking their quota 4.66 times, while the portions set aside for non-institutional investors and qualified institutional investors were subscribed 1.73 times and 1.09 times respectively.
