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Share Market Highlights: Sensex closes at 58296, Nifty ends at 17377; HCL Tech, Infosys, RIL top index gainers – The Financial Express

India VIX ended with gains on Monday. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 closed Monday’s trading session with gains. S&P BSE Sensex closed the day at 58,296, gaining 0.29% while NSE Nifty 50 ended the day at 17,377 or up by 0.31%. Both Sensex and Nifty fresh all-time highs on Monday morning. Bank Nifty closed with losses, falling 0.50%. India VIX zoomed 3.92%. Nifty Midcap 50 and Nifty Smallcap 50 were up in the green. HCL Technologies jumped 2.67% today, followed by Infosys, and Reliance Industries as the top gainers. IndusInd Bank was down 1.13% as the top laggard, followed by Kotak Mahindra Bank, ITC, and HDFC Bank.

Domestic headline indices BSE Sensex and Nifty 50 closed the day with gains after hitting fresh all-time highs. Bank Nifty ended with losses. India VIX gained 4.2%.

Nifty Bank, Nifty Financial Services, Nifty PSU Bank, NIFTY Private Bank, Nifty Pharma, Nifty Healthcare, and Nifty Oil & gas index were trading with losses on Friday ahead of the closing bell. Bank Nifty was down 0.44% sitting above 36,500.

Among PSU Banks, SBIN remains the best play on a gradual recovery in the Indian economy, with a healthy PCR, Tier I of ~11.3%, strong liability franchise and improved core operating profit. While business trends were impacted by the lockdowns, loan growth is likely to recover gradually over FY22-23E. Even slippages are expected to moderate meaningfully over 2HFY22 as asset quality remains impeccable in the Retail book. We estimate credit costs of 1.6%/1.3% for FY22E/FY23E. We project RoA/RoE of 0.8%/14.6% by FY23E. Subsidiaries (SBI MF, SBILIFE, SBICARD, SBI Cap) have exhibited robust performances over last few years, supporting our SoTP valuation. Maintain BUY, with TP of INR600/share (1.3x FY23E ABV + INR190/share from subsidiaries).

~ Motilal Oswal Financial Services

Infosys was up 1.54% as the top Sensex gainer, followed by Tech Mahindra and HCL Technologies as the top Sensex gainers. 

India VIX, the volatility index, was up 4.88% on Monday while benchmark indices soared higher. The fear gauge of domestic markets was sitting around 15.25 levels. 

IRCTC share price surged 6 per cent to a new record high of Rs 3,041.20 on BSE in intraday deals. So far in September, Indian Railway Catering and Tourism Corporation shares have rallied 10.38 per cent, as compared to a 1.3 per cent rise in the BSE Sensex. Analysts say that IRCTC is forming higher high and higher low chart formation which is bullish in nature. With the reopening of the economy post COVID-19 the public transport set to increase to higher levels.

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AU Small Finance Bank is one of the leading small finance banks with AUM of ~Rs. 34,688 Cr. at the end of Q1FY22. AU SFB has a well diversified geographical presence across north, central and western India. Wheels (auto) and SBL-MSME segment accounting for 37% and 39% of the AUM respectively. AU is also looking to scale up its home loans and business banking segment which have good growth potential. Q4FY21 numbers were impacted due to interest reversals of Rs. 660mn and higher employee expenses due to one off ESOP charges. Despite the one offs AU had reported NII/PPOP/PAT growth of 18.2%/18.4%/38.1% respectively in Q4FY21 while GNPA/NNPA ratios stood at 4.3%/2.2% respectively. As per the business update for Q1FY22 gross advances for Q1FY22 has declined by 2% QoQ while deposits registered a growth of 3% QoQ. Collection efficiency remained strong during April/May/June at 95%/94%/114% respectively while GNPA remained stable at Rs. 1503 cr. sequentially. Restructured books also remained stable at 2.0% of books at the end of Q1FY22 (1.8% in Q4FY21). Given stable asset quality, we expect loan growth to pick up in Q2FY22 which should lead to a rerating for the bank. We are positive on Au small FInance Bank and recommend a BUY with a target price of Rs. 1375 (5xFY23 BVPs of Rs. 275).

Private-sector lender Tamilnad Mercantile Bank has filed preliminary papers with capital markets regulator Sebi to mop-up funds through an initial share-sale. The initial public offering (IPO) comprises fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).

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Indian benchmark hits an all-time high of 17429 and continues to trade in a range of 17300-17500. In the broader Asian market, shares edged higher as a disappointing U.S payrolls report. Our research suggests that If the market is able to sustain the level of 17300, we can witness higher levels of 17700 as the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. Gaurav Garg, Head of  Research  CapitalVia Global Research

We forecast CPI inflation will hold steady at 5.60% in August, the same as in July. Even within the drivers of the headline, there appears to be a holding pattern, with food prices experiencing a seasonal increase, and the surge in imported commodity prices starting to peak. Furthermore, there are signs of food prices declining across a diverse set of items, but it is still too early to call it a sustainable trend. Overall, we continue to forecast that CPI inflation will average 5.4% in FY2021-22, with risks biased modestly to the upside. Barclays

Reliance Industries and Infosys were the top Sensex gainers on Monday afternoon, pulling the index higher. S&P BSE Sensex is up 0.40% at this hour. 

Harley-Davidson and Hero MotoCorp have expanded the touchpoints for the former’s customers in India. In order to be precise, Hero MotoCorp now has an expanded network of 14 full-fledged dealerships along with 7 authorized service centers across the country, which are exclusively for Harley-Davidson customers. In addition, bookings for the next lot of the Pan America 1250 have now begun after the first batch of the ADV was sold out in India. The Harley-Davidson Pan America 1250 will be available at a starting price of Rs 16.90 lakh while the more premium Pan America 1250 Special will set you back by Rs 19.99 lakh. Prices are ex-showroom.

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RIL share price surged to a fresh record high at Rs 2,479.85 apiece yet again on BSE intraday, rising nearly 4 per cent. Post-market hours on Friday, the oil-to-telecom conglomerate’s subsidiary, Reliance Strategic Business Ventures (RSBVL), announced the acquisition of 57.06 per cent stake in Strand Life Sciences for Rs 393 crore in cash. In the previous session, RIL claimed a fresh high after consolidating in a range for nearly a year. Today, it surpassed its previous high of Rs 2,394.30.

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Sensex and Nifty gained 9.4% and 8.7% in the month of August as large-cap stocks rallied, outperforming broader markets. With the recent rally in domestic equities, it seems that investors are satisfied with the first quarter results of India Inc. Expectation of multi-year investment cycle and revival of economic activity have helped Indian stocks markets outperform other emerging markets, said analysts at Kotak Securities. The brokerage firm expects net profits of Nifty 50 constituents to grow 31% this fiscal year and by 14% in the next one. Although optimistic about Dalal street’s outlook, Kotak Securities is advocating for a stock-specific approach now.

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Bank Nifty was down, giving up initial gains to trade with losses. Bank Nifty fell 0.40% on Monday morning, sitting at 36,600 levels.

Nifty immediate support at 17200 then 17050 zones while resistance at 17500 then 17777. Buy Nifty with Stop-loss of 17200 for an up move towards the 17500-17777 zone.

~ Motilal Oswal 

“Some negative economic news is likely to turn out to be positive for markets in the very short-term. The US jobs data – only 2.35 lakh jobs added in August against the expectation of above 7 lakhs – support the Fed’s claim that “there is much more ground to cover” before rates are revised upwards. So, even tapering expected by this year-end is likely to be a ‘taper without tantrum’. The dollar index hovering around 92.16 is likely to support fresh FII inflows. This, along with sustained DII  investment and active retail buying can impart resilience to the market even at high valuations. Fresh highs are likely driven by the strong uptrend in RIL and renewed buying in banking stocks. The ideal strategy in this bull market is to remain invested with occasional partial profit bookings and moving some profits to fixed income,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. 

Ami Organics Rs 570-crore IPO, which was subscribed 64.54 times, will finalise the share allotment on Wednesday, 8 September 2021. Upon its stock market debut, Ami Organics will join the listed industry peers such as Aarti Industries, Hikal, Valiant Organics, Vinati Organics, Neuland Organics and Atul Ltd. In the primary market, Ami Organics shares were seen quoting at a premium of Rs 165 over the IPO price of Rs 610 per share. Ami Organics shares were trading at Rs 775, a premium of 27 per cent in the grey market, over the issue price, according to the people who deal in shares of unlisted companies.

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Commodity prices traded higher with most of the commodities in non-agro segment gained during the week supported by a weaker dollar. Bullion prices traded higher in last trading day over weak US job market report. Base metals gained on higher demand outlook and strong equity indices. Crude oil prices extended weekly gains on slower than expected output recovery over power outages from Hurricane Ida. 

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“Nifty and Sensex have been consistently hitting fresh highs. Some of India’s largest companies have seen an exponential rise in the market lap in the last 1 month. Regular foreign capital inflows on the back of strong global cues and domestic economic activity are expected to further accelerate the rise of India’s key stock indices in the coming future. On the technical front, 17400 may act as immediate resistance for Nifty 50 followed by 17,500 while 17,100 remains a crucial support for Nifty 50,” said Mohit Nigam, Head – PMS, Hem Securities.

Bank Nifty was up 0.40% on Monday morning, sitting above 36,900. Nifty PSU Bank index was up 0.73%. All Sectoral indices on NSE were trading with gains.

Domestic headline indices began the day’s trade in the positive territory. Broader markets were mirroring the up-move. Bank Nifty was above 36,900.

MCX gold October future may appreciate today although US market will experience a holiday on account of Labor day. The sentiment seems to be positive after US non-farm payrolls for August disappointed the street. Fed Chair Jerome Powell had hinted last month that reaching full employment was a pre-requisite for the central bank to start paring back its asset purchases. Meanwhile, The dollar index may rebound during the day session however, the trend may stay bearish as employment in the US has failed to lift the momentum. MCX Gold October futures may climb to Rs 47,750 per 10 gram. Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

Bulls were seen asserting control on Dalal Street ahead of the opening bell as Sensex and Nifty soared higher during the pre-open session.

On expected lines, broader market indices regained upward momentum as Nifty midcap index scaled to a fresh all-time high. However, Nifty small cap index is just 2% away from its all-time high. We believe, the small cap index has formed a higher base above 50 days EMA (which has been held since June 2020) and expect it witness catch up activity in coming weeks

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Sensex and Nifty were soaring higher during the pre-open session. Both the benchmark indices were trading in uncharted territory during the initial minutes of the pre-open session.

Nifty is trading above the 20 and 50 day SMA which is an important short-term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 17700-17100 with a positive bias.

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“Nifty is expected to open positive at 17390, up by 30 points. Nifty may see some resistance in the 17425 and 17450 range. Nifty has support in 17250 and 17300 range. Overall Nifty is very bullish and may see 17500 in the next few trading sessions,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Technically, Nifty has formed a strong bullish candle on the weekly chart which is broadly positive. This Bull run has more legs to go and it is just a matter of time when Sensex will cross the 60000 mark. The monthly chart of the benchmark index has given an 8.69 per cent return for the August series and has formed a tall green candle indicating bulls still have enough strength to trade higher. Nifty 50 is making new lifetime highs for the fifth consecutive session indicating a strong bull market trend is unfolding.

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Nifty is trading above the 20 and 50 day SMA which is an important short-term moving average, indicating positive bias in the short term. Nifty continues to remain in an uptrend in the medium term, so buying on dips continues to be our preferred strategy. For the week, we expect Nifty to trade in the range of 17700-17100 with a positive bias.

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged on Monday by oil marketing companies, a day after trimming rates. Today, petrol in the national capital costs Rs 101.19 per litre, while diesel in the capital city is retailing at Rs 88.62 per litre. The previous cut in Petrol and diesel prices came on September 5 when prices were cut by 15 paise. So far this month, prices have been reduced twice, cutting the price by 30 paise. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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We’re eyeing 17,500 in Nifty however it may see some pause or consolidation first. In case of any dip, the 17,200-17,050 zone would act as a cushion. The recent trend of rotational buying across sectors is likely to continue in the coming week too. Though the broader indices have also witnessed a decent surge of late, we recommend remain cautious as any profit taking in the market may again derail the momentum. In short, align your positions according to the trend and continuing with the “buy on dips” approach.

~ Ajit Mishra, VP Research. Religare Broking

Nifty futures were trading 39 points or 0.22 per cent up at 17,398.50 on Singaporean Exchange, suggesting a positive start for BSE Sensex and Nifty 50 on Monday. In the previous session, BSE Sensex surged 277 points or 0.48 per cent to 58,130, while the Nifty 50 index surged to end at 17,320. Technical analysts say that on daily and intraday charts, Nifty maintains a breakout continuation formation indicating further uptrend from current levels.

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SGX Nifty was up 30 points on Monday morning. Nifty futures surging higher hint at positive momentum ahead for domestic equities. 

With most parts of the country emerging from a lockdown, hiring in August was brisk, rising 26% year-on-year to 2.78 lakh. The numbers may have been a shade softer than in July — 4% lower — but HR consultants believe there’s no cause for concern given the recruitment trajectory remains positive.

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