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Market LIVE Updates: Nifty around 17,900, Sensex holds 60K; realty, IT stocks gain –

September 24, 2021 / 11:39 AM IST

Vishal Wagh, Research head, Bonanza portfolio:

Market is consistently posting new highs throughout the year. Post economic shock of Covid-19, economy is also started a recovery. Many stocks has become multi-bagger in last 18 months. It is suggested that one should continue to hold the outperforming stock in portfolios and exit form loss making positions. 

At the same time maintain meaningful stop losses to the holding position and ride the rally. This rally may continue for 10-15% up from here also.

September 24, 2021 / 11:36 AM IST

More than 200 stocks hit their fresh 52-week highs on BSE

More than 200 stocks, including Reliance Industries, Asian Paints, Bharti Airtel, Tech Mahindra, HCL Tech, Infosys, Bajaj Finserv, Kotak Mahindra Bank, IndusInd Bank, Larsen & Toubro and ONGC, hit their fresh 52-week highs in intraday trade on BSE.

September 24, 2021 / 11:32 AM IST

Rahul Sharma, Co-Founder, Equity99:

Market touches new high as Sensex crosses 60k mark in early trades today. Realty & IT leading the rally today. As markets are making new highs every day and reached new highs in a short duration, we advise investors to ride the rally but at the same time keep strict stop losses to their positions considering dicey global clues driven by likely Evergrande crises.

17,800 will act as support for Nifty on crossing which we might see 17,750 levels and on upper side 17,950 & 18,000 will act as a crucial resistance. For the Bank Nifty, support at 37500-37250 and resistance at 38300-38500.

September 24, 2021 / 11:29 AM IST

Ircon International wins bid to set up 500 MW solar power plant

Ircon International has won a bid to set-up 500 MW solar power plant through e-Reverse auction with a Viability Gap Funding (VGF) of Rs 224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2400 crore.

Ircon International was quoting at Rs 46.10, up Rs 1.55, or 3.48 percent on the BSE.

September 24, 2021 / 11:23 AM IST

Sandeep Bharadwaj, CEO, Retail, IIFL Securities:

Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused. Also from global funds perspective, India remains an attractive destination, especially in the China+1 scenario. Having said that, retail investors must have a diversified portfolio at this stage to face any kind of volatility.

September 24, 2021 / 11:19 AM IST

Zydus Cadila gets US FDA nod for Psoriasis drug Apremilast tablets: Zydus Cadila’s US subsidiary Zydus Pharmaceuticals (USA) Inc. has received final approval from the USFDA to market Apremilast Tablets in the strengths of 10 mg, 20 mg, 30 mg for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. The stock was trading at Rs 562.05, down Rs 4.85, or 0.86 percent. It has touched an intraday high of Rs 569.20 and an intraday low of Rs 561.65.

September 24, 2021 / 11:15 AM IST

Small & Midcap Mantra | This Stock Broking Company Clocked 4-fold Gains In One Year, Could Add 20-30% By FY22-end

The stock has gained because of a significant increase in new investors, lower brokerage charges, and a focus on artificial intelligence and machine learning to drive business

September 24, 2021 / 11:07 AM IST

Rahul Sharma, Director, Head – Technical & Derivative Research, JM Financial Services: Nifty is expected to reach 50% of its Fibonacci extension (18,111) of the second leg of the rally which began from April 2021. Market internals, breadth & thrust have been robust but expect some profit booking around the 18,100 mark. Buy the dip is the mantra for fresh entry as supports are expected at 17,650 and 17,300. Bank Nifty can post another breakout above 38,100 for a possible target of 40,000 in October series. We remain positive on telecom, auto and private banks.

September 24, 2021 / 11:02 AM IST

Market update at 11 AM: Sensex is up 402.01 points or 0.67% at 60287.37, and the Nifty added 110.80 points or 0.62% at 17933.80.

Market update at 11 AM: Sensex is up 402.01 points or 0.67% at 60287.37, and the Nifty added 110.80 points or 0.62% at 17933.80.

September 24, 2021 / 10:49 AM IST

Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors 

USDINR opens at 73.77 as Evergrande issue continues to hit the market. Good buying was seen yesterday around 73.60 levels. 

Exporters to sell near at 73.85 and above, while importers to buy for upt o 30th Sept near to 73.65. The range for the day is 73.50-73.90

September 24, 2021 / 10:41 AM IST

Aditya Birla Sun Life AMC IPO opens on September 29:

Aditya Birla Sun Life AMC, promoted by Aditya Birla Capital and Sun Life (India) AMC Investments Inc, has decided to launch its maiden public offer for subscription on September 29. The price band for the offer has been fixed at Rs 695-712 per equity share. Click to Read More

September 24, 2021 / 10:33 AM IST

Santosh Meena, Head of Research, Swastika Investmart:

The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60000. We are in a classical bull market like the 2003-2007 phase where this bull-run is likely to continue for the next 2-3 years, however I will put the word of caution after a parabolic move in last few days because short term correction can’t be ruled out in coming days. 

Global indices like Dow Jones and Dax are near to their critical resistance and may witness a correction from here. We are in a strong uptrend and outperforming global markets, while some mean reversion can be seen in the coming days where rising crude oil prices and surge in US bond yield could cause near-term volatility.

Since the overall view is bullish and Sensex can march towards the 1,00,000 mark in this bull run, therefore, investors are advised to remain invested where any 10-20% correction will be a great buying opportunity. SIP is the best way to ride the current bull-run.