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Share Market HIGHLIGHTS: Nifty ends just shy of 18000, Sensex settles nears 60300, indices make record closing – The Financial Express

On sectoral front, Nifty Bank index was ruling in green, Nifty Auto gained nearly one per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 posted record closing highs on Tuesday. The 30-stock index Sensex gained 149 points 0.25 per cent to end at 60,284, while the NSE Nifty 50 index settled just shy of 18,000, at 17,992. Titan Company, Bajaj-Auto, Bajaj Finserv, State Bank of India (SBI), Nestle India, ITC, Axis Bank, Tata Steel, RIL, HUL were top Sensex gainers. On the flip side, HCL Tech, Tech Mahindra, UltraTech Cement, Tata Consultancy Services (TCS), Mahindra & Mahindra, Bharti Airtel, ICICI Bank and Infosys were among top index draggers. On the sectoral front, barring Nifty IT, all the sectoral indices ended in the positive territory. Nifty PSU Bank was the top gainer, rising over 3 per cent, and the Nifty Consumer Durables index added nearly 3 per cent.

BSE Sensex and Nifty 50 posted record closing highs on Tuesday, helped by buying in index heavyweights such as Reliance Industries Ltd (RIL), and State Bank of India (SBI), among others

Ratan Tata, chairman emeritus of Tata Sons, celebrated as the company won the bid for acquiring the debt-laden Air India. Tata shared an image, which showed a flight-shaped cookie, colored in the red and white colors of Air India. In his Instagram story, shared on Monday, he tagged Sir Ratan Tata Institute (RTI), saying “Thank you Sir Ratan Tata Institute for these adorable cookies”. Sir Ratan Tata Institute wrote ‘Welcome back Air India” on the flight-shaped cookie packet.

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Sensex and Nifty were witnessing range-bound action on Tuesday, a day after both the benchmark indices soared to fresh all-time highs. Broader markets were outperforming the benchmark with all midcap and smallcap indices on the NSE soaring higher. On the other hand, India VIX, the volatility index was down in the red, slipping 0.94%, giving up 16 levels. The outperformance in broader markets showed investors were focusing on stock-specific action on Dalal Street. High action was seen in Vodafone Idea stock that saw over 25 crore shares exchange hands on the NSE. 

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Our research suggests that 59600-59800 will be an important support level in the market. If the market sustains above 59600-59800. We can expect the market to trade in the range of 59600-60300. Technical indicators also support positivity in the market. Gaurav Garg, Head of  Research, Capitalvia Global Research

We upgrade RIL to ‘BUY’ and increase TP to Rs2,955 as we incorporate higher value for Hydrocarbon (improved GRMs), Retail (higher multiple for grocery, electronics and fashion) and Telecom businesses (higher ARPU). RIL made its first move of foraying into green energy, through twin acquisition of 100% stake in REC Group for USD771mn (Rs57.4bn) and 40% stake in Sterling and Wilson Solar (SWSL) for Rs36.3bn. While revenue impact of this acquisition will be back ended, RIL has laid first steps in setting the new business and we will incorporate its value going forward. It has also added platform companies like Just Dial, Netmeds and Urban Ladder by creating a strong ecosystem of future growth to better compete with leaders like Amazon, Walmart and Tata (post acquisition of Big basket and 1mg). We believe entry into futuristic technology and new platforms will continue to power growth in coming years. Prabhudas Lilladher

In the coming days, the key focus shall be on the September quarter earnings. More than 50 companies will declare their quarterly numbers including Infosys, Wipro, HCL Technologies, HDFC Bank etc. The possibility of local equities trading in green remains high. With respect to Rupee, USDINR (CMP 75.35) is expected to continue with its bullish trend towards 75.80 levels; break of which could push it towards 76.00 mark. Combination of higher US treasury yields and persistent worries over oil prices could make it difficult for the Indian Rupee in the coming days. In fact, the US Dollar Index is expected to move higher on expectations that the Federal Reserve will announce a reduction in the pace of bond purchases at the next month’s FOMC meeting (3rd Nov’21) which could further hamper Rupee. On the lower side, 74.70 and 74.40 remains strong support. Heena Naik, Research Analyst – Currency, Angel One

India’s cable and wire manufacturing industry is being seen as an interesting play on India’s Capex revival story as well as an export opportunity by analysts at HSBC. The global brokerage and research firm has initiated coverage of Polycab India and KEI Industries, expecting as much as 30% upside in the stock price, backed by their industry-leading position. Analysts at HSBC further said that they prefer cable and wire companies for their significantly higher revenue growth when compared to capital goods companies. Both KIE Industries and Polycab India stocks have zoomed more than 100% so far this year.

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BSE Sensex and Nifty 50 were trading in red on Tuesday afternoon on the back of weak Asian cues as oil prices soared. Earlier yesterday, the headline indices scaled their respective lifetime highs intraday. Even as equity benchmarks were trading in red today, three stocks — State Bank of India (SBI), Sun Pharmaceuticals, Titan Company — hit 52-week highs on the 30-stock BSE Sensex. SBI shares topped yesterday’s high of Rs 475 apiece, and rose to Rs 478.45 apiece. Similarly, Sun Pharma stock hit Rs 842.05, and Titan Rs 2464.15 apiece.

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Zomato’s majority revenue comes from its food delivery business. It witnessed robust growth of 32.5% CAGR in Monthly Active Users (MAU), 96.2% CAGR in Monthly Transacting Users (MTU), 92.3% CAGR in Gross Order Value (GOV) over FY18-FY21. However, on account of pandemic led lockdown, FY21 saw a dip in revenue led by fall in GOV. According to our estimates, Zomato’s GOV is expected to grow at 31.8% CAGR over FY21-FY25E, on the back of increased household penetration, monthly transacting users and order frequencies. Average order value is likely to remain in the range of Rs. 400-450 during the period. Choice Broking

Bank Holidays in October: As the festive season has started, banks in India will remain closed for up to 14 days, starting from today in October 2021, including second and fourth Saturdays, and Sundays. Apart from the weekly offs, banks will not be closed for all 14 days for all states as these are state-specific holidays for different occasions. The Reserve Bank of India (RBI) has categorised holidays under three categories — Holiday under Negotiable Instruments Act; Holiday under Negotiable Instruments Act and Real-Time Gross Settlement Holiday; and Banks’ Closing of Accounts. The list of holidays given below has been notified by RBI.

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Shriram City Union Finance is part of the Shriram group and is in the high margin business of lending to small businesses which account for 57.3% of the loan book as of end FY20. The company posted a good set of number s for the quarter due to positive surprise on the asset quality front. It reported a strong 50% sequential growth in disbursement for the quarter which led to a 3.7% qoq growth in AUM to ~ Rs. 28,500 crore. We are positive on the company as we believe that the worst is over in terms of asset quality which along with positive growth momentum should lead to a rerating for the company.

Target price – Rs 3,002

Midcap and smallcaps were outperforming benchmark indices on Tuesday. on NSE, Nifty Midcap 50 was up 0.08% while the Smallcap 50 was up 0.15%. The benchmark Nifty 50 was down 0.22%.

The markets failed to close above the 17950 level yesterday which was not an encouraging sign. Although we triggered the 18000 mark, we were unable to maintain the momentum. In the current scenario if we get past 18050, we should scale higher to 18200. A good support for this market lies at 17800 and as long as that holds, the overall trend is positive. Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading firm in India on Tuesday, even as the yellow metal traded flat in the international market. On the Multi Commodity Exchange, gold December futures were up Rs 96 or 0.20 per cent at Rs 47,147 per 10 gram. In the previous session, gold ended at Rs 47,051. Silver December futures fell Rs 141 or 0.23 per cent to Rs 61,603 per kg. In the previous session, silver ended at Rs 61,744. 

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Nifty has support at 17650-17700 and resistance in 17950-18000 range. Traders can consider buy on dips with strict stoploss for targets of 18050 for the next few trading sessions. Gaurav Udani, CEO & Founder, ThincRedBlu Securities

On the technical front; 17,700 is a key support level in Nifty 50 while 18,100 is an immediate resistance in Nifty 50. Mohit Nigam, Head – Hem Securities

Investors shall key an eye on India’s September CPI Inflation numbers and the Industrial Output for August due today for further drive in rupee. The only positive for rupee remains the upcoming IPO by nearly 35 companies looking to raise approximately Rs 800 bn from Oct-Dec. On flip side, the roof of 75.50-75.60 is acting as a stiff resistance, if broken then we could see a move towards 75.80 to 76.00 levels over the near term. It will be watchful to see whether RBI intervenes to protect rupee beyond these levels or not. Amit Pabari, managing director, CR Forex Advisors

On the sectoral front, Nifty Bank index was ruling in green, Nifty Auto gained nearly one per cent. While Nifty IT, Nifty Realty fell in the trade

HCL Tech, Infosys, M&M, Power Grid Corporation of India, ICICI Bank, NTPC were top Sensex losers

ITC, Bajaj-Auto, Bharti Airtel, Tata Steel, State Bank of India (SBI), Axis Bank, Dr Reddy’s, Sun Pharma, Reliance Industries Ltd (RIL), Titan were top Sensex gainers

Sensex was trading flat with a negative bias, while NSE’s Nifty 50 was ruling in green but still shy of 18,000 level in pre-opening session

Technically, the market has formed a shooting star pattern at the top of the rally, which is an indication of uncertainty in the market. There should be a strategy to reduce the weak long positions in the market to the resistance levels that exist at 17980, 18040, and 18080. If the Nifty forms a positive reversal after hitting the major supports that exist at 17850 or 17810, a buy call is advised. In case, the Nifty closes below the 17800 level, it could weaken further to the 17600 level. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Nifty futures tanked 92.50 points or 0.52 per cent to 17,868.50 on Singaporean Exchange, hinting at a negative opening on Tuesday. Investors will closely watch the September CPI Inflation and the Industrial Output for August. A total of six BSE-listed companies such as Bhansali Engineering Polymers, GM Breweries, Indbank Merchant Banking Services, Ind Bank Housing, JTL Infra, and DRC Systems India are scheduled to announce its quarterly earnings on 12 October 2021.

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Zooming into the Nifty 60 min charts, we can observe that although the index has corrected from the highs, it continues to trade above the 20 and 50 period MA on the 60 min charts and is consolidating in a range. This is a healthy sign as a consolidation just below the lifetime highs indicates that the market is building strength before an eventual breakout to new life highs. We expect this consolidation to happen for a few more sessions before a breakout to the next upside targets of 18100-18200. Crucial supports to watch for weakness are at 17839. Immediate resistance is now at 18042. Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities

With crude oil prices inching closer to the $85 mark and the greenback strengthening, the rupee on Monday depreciated sharply against the dollar, losing 37 paise to close at a 15-month low of 75.36. This is the first time the Indian currency has closed below the 75 level this year. Bonds sold off for the second straight session on Monday, driving up the yield on the benchmark to 6.345%, up 3 bps over Friday’s close and to the highest levels since April 17 2020.

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Tata Sons will hold its board meeting on Tuesday, which coincides with the group winning the bid for State-run carrier Air India. The board is expected to discuss the winning of the Air India bid and the group’s plans for the carrier, while other matters on the agenda include the group’s digital foray and progress on the super app, sources close to the development said.

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In overnight trade on Wall Street, US ended lower. The Dow Jones Industrial Average fell 250.19 points, or 0.72%, to 34,496.06, the S&P 500 lost 30.15 points, or 0.69%, to 4,361.19 and the Nasdaq Composite dropped 93.34 points, or 0.64%, to 14,486.20.

On the back of rising oil prices, Asian stock markets fell in early trade. The Hang Seng index in Hong Kong plunged 1.27%. Japan’s Nikkei slipped over a per cent, while the Topix index shed 0.73%

Domestic equity markets witnessed selling in the dying hour of trade on Monday but headline indices managed to close with gains. S&P BSE Sensex settled at 60,135 points while Nifty 50 closed at 17,945 — after having touched their respective new all-time highs. Broader markets outperformed benchmarks and soared higher. Bank Nifty closed 1.37% higher. On Tuesday morning, SGX Nifty was trading with losses, hinting at a gap-down start to the day’s trade. Global cues were negative after Wall Street equity indices closed with losses on Monday and Asian stock markets mirrored the fall during the early hours of trade today.

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