Sensex, Nifty Highlights on September 15: Sensex and Nifty closed on a bullish note on Tuesday, amid positive global equities and sustained foreign fund inflows. Tracking gains in index majors HDFC twins, ICICI Bank and Reliance Industries, the 30-scrip BSE benchmark Sensex ended 287points higher at 39,044 and NSE Nifty 50 closed 81 points to 11,521. Yesterday, Sensex fell 97 points to 39,756 and Nifty ended 43 points lower at 11,421.
Here's a look at the updates of the market action on BSE and NSE today
3.57 PM: Market at close
Sensex and Nifty closed on a bullish note on Tuesday, amid positive global equities and sustained foreign fund inflows. Tracking gains in index majors HDFC twins, ICICI Bank and Reliance Industries, the 30-scrip BSE benchmark Sensex ended 287points higher at 39,044 and NSE Nifty 50 closed 81 points to 11,521.
3.47 PM: Market outlook
Commenting on markets today, from S Ranganathan, Head of Research at LKP Securities said, "Market Breadth improved for the second consecutive day as several Midcap stocks across diverse sectors posted handsome gains. The Small-Cap Index rose more than 1.5% today on the back of a stellar 5% gain yesterday sending out a clear message that Investors are looking at a more broad market rally after having witnessed a polarised market for a considerable length of time".
3.32 PM: Monetary policy outcome
Commenting on monetary policy post CPI inflation numbers for August 2020, Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Though we expect the CPI inflation numbers to subside going forward as food inflation is expected to come off due to a bumper Kharif crop we believe that the core inflation will continue running high for some time to come which can keep inflation above the RBIs target rate of 4% in the near future. Therefore we believe that the RBI is unlikely to cut its policy rates in the next MPC meeting which starts from the 29th of Sep'20. However we believe that the RBI will continue to use unconventional policy measure like OMOs and special OMOs in order to bring down the rates at the longer end of the yield curve given that the spread between the overnight and the 10 year G-Sec is abnormally high at over 200bps and is hindering full transmission of the 250bps rate cut by the RBI so far."
3. 23 PM: Minda Industries raises Rs 242 crore via rights issue
Auto components maker Minda Industries on Tuesday said it has raised over Rs 242 crore by way of a rights issue to existing investors.
On June 29, the board of directors of Minda Industries approved issuance of equity shares by way of a rights issue to eligible equity shareholders of the company for an aggregate amount not exceeding Rs 250 crore.
3. 11PM: Route Mobile IPO
The initial public offer IPO of Route Mobile received bids 73.3 times the issue size on the final day on September 11. The Rs 600-crore public offer of Route Mobile, a cloud communications service provider, received bids for 89.2 crore shares against the total issue size of 1.21 crore shares.
2. 56PM: HUDCO Q1 update
Commenting on Hudco's Q1 earnings, Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said,"For Q1FY21 HUDCO reports a subdued set of numbers owing to elevated provision. GNPA sequentially remained stable and it has 86% provision coverage which is higher compared to peers and considering 96% loan outstanding is to the government agency. HUDCO currently trades at 0.56x of TTM net worth, which is lower compared to the historical average. We believe the stock price to consolidate until a clear picture emerges about asset quality in Q2 and Q3FY21."
2.43 PM:Mindspace Business Parks REIT update
Yash Gupta - Equity Research Associate, Angel Broking said,"Mindspace Business Parks REIT India's second listed REIT has approved the issuance of listed, rated, principal protected market linked secured, redeemable,nonconvertible rupee denominated debentures of upto Rs 500 crore, in one or more tranches. Grant of authority to the Executive Committee of the Manager to inter-alia decide and approve, from time-to time, any further borrowings as may be required to be made by Mindspace REIT upto 25% of the value of total assets of Mindspace REIT and for the matters incidental or related thereto. This is positive for the Mindspace REIT."
2. 36 PM: Pfizer outloook
Yash Gupta - Equity Research Associate, Angel Broking said,"Pfizer informed the coronavirus vaccine that its trials are in the last stage and results will come by the end of october. Pfizer submitted a proposal to USFDA to expand the last stage trials to include up to 44000 participants, which is a significant increase from the previous participant of 3000.If company got approval from USFDA then company is prepared to distribute Hundreds of thousands of doses by the end of the year. This is positive development for the company as well as global markets."
2.22 PM: Results today
Companies that are scheduled to release April-june quarter earnings are Cantabil Retail, Manpasand beverages, Max India, MTNL, Spicejet, Vedanta ltd, Va Tech Wabag among others.
2.09 PM: Sebi new margin rules
Turnover data available with stock exchanges suggests a mixed impact of Sebi's new margin rule so far, with daily cash market turnover falling up to 29 per cent since September 1 over August, but daily derivatives turnover rising 15 per cent during the same period. Broking industry said the true nature over the impact of the new rules would be visible only after September 15 when waive-off on penalties for any shortfall in margin collection will be lifted.
1.56 PM: Market update
Expressing views on markets, Yash Gupta - Equity Research Associate, Angel Broking said, "Indian Indices Nifty and Sensex up by 37 points (0.33%) and 117 points (0.30%) respectively. Indian broader market open higher on back of global clues, Nifty tested the important mark of 11500 but failed to surpass it. Today S&P BSE Healthcare (up 2.15%) and S&P BSE Telecom (up 1.17%) while S&P BSE REALTY (down 1.15%) S&P BSE AUTO (down 0.26%). We expect momentum in the defensive sector will continue along with mid cap and small cap and Indices to trade in range."
He added," Global Market up higher - DOW Jones up by 327 points (up 1.18%) and NASDAQ up by 203 points (up 1.87%)."
1. 43 PM: Top gainers and losers
Titan, followed by Sun Pharma, HDFC, ICICI Bank, Bajaj Finance, NTPC, HDFC Bank and M&M were among the major gainers on Sensex pack today. On the other hand, Tech Mahindra, HCL Tech, Kotak Bank, ITC and Bharti Airtel were among the laggards
1. 32 PM: Upcoming key announcemens and data release
Religare Broking in its note said," In the week ahead, investors will watch for Federal Reserve announcements on September 16 after the two-day FOMC meeting, where it is expected that the US Fed will adopt a dovish stance. Also, market participants would wait for the BOJ and the BOE's policy decisions, due on Thursday. In the US economic calendar, industrial data and retail sales data will be watched in the first half, while housing data, weekly jobless claims and consumer sentiments data will be on radar in later part of the week."
1.29 PM: PVR stock price falls 3%
On Monday, PVR reported a consolidated net loss of Rs 225.73 crore for the June quarter as against a net profit of Rs 17.53 crore in the April-June quarter last year.
Revenue from operations stood merely at Rs 12.7 crore for the June quarter, as compared to Rs 880.39 crore in the corresponding quarter a year ago.
Following the news, PVR stock today opened at Rs 1,296 and later touched an intraday low of Rs 1,273, falling 2.82% as against the previous close. The stock also hit an intraday high of Rs 1,328 during the session.
1. 12PM: Gold outlook
On gold prices, Religare Broking said," Gold jumped as the dollar weakened after the European Central Bank kept its policy unchanged and US jobless claims held at high levels, dimming hopes of a quick economic recovery from the effects of the coronavirus pandemic. Last week, gold prices gained 0.53% in international markets, whereas prices were up 1.26% on MCX."
1.07 PM: Market techicals
Nifty outlook, Geojit Financial in its note said,"The sudden drop yesterday was unexpected, but our downside marker of 11385 held true, staging a +90 bounce off the same. Yet, the 12000-12100 view is under threat, and favoured view expects 11470-11490 to find distribution again, and attempt a push lower again. To this end, 11380-11530 becomes our breakout points, putting 10800-10500 at one end of the spectrum, and 12100-12500 at the other end. A collapse is less expected, and we would look forward to a swing above 11530 in the coming days."
12. 46 PM: LIC IPO
The highly-anticipated IPO (initial public offering) of Life Insurance of India (LIC) is unlikely to happen this fiscal year owing to delay in its valuation process.
The much-awaited IPO is expected to lag on account of a growing realisation in the government and LIC that the designation of an asset valuer, which is considered to be the most critical aspect of the pre-IPO process, is still pending.
12. 34 PM: Global markets
Asian markets were trading mostly higher, barring Nikkei as investors were bouyed by Chinese IIP and retail sales data. Reserve Bank of Australia minutes was released yesterday noted that downturn was not severe as expected.
Markets in Wall street yesrterday closed higher on the back of a few corporate deals and optimism around coronavrius vaccine. Tech shares gained.
European markets had closed mostly lower.
12. 24 PM: Happiest Minds Technologies IPO
The allotment of shares for the applicants of Happiest Minds Technologies initial public offering (IPO) has been finalised. Investors can check status of their share allotment on the website of KFin Technologies. One needs to submit PAN number or IPO application number to check the allotment status. KFin Technologies Private Limited is the registrar of the Happiest Minds IPO. A registrar in an IPO is responsible for IPO allotment and refund processing. Meanwhile, website of KFin Technologies crashed today after investors rushed to check the allotment status.
12. 19 PM: Rupee rises to73.33
Indian rupee, the currency benchmark gained by 15 paise to 73.33 per dollar on Tuesday's opening trade as weak US currency and positive domestic equities strengthened investor sentiments. Forex traders said news related to coronavirus vaccine and sustained foreign fund inflows also aided to gains in the local unit.
12.03 AM: Market update
The 30-scrip BSE benchmark Sensex traded 162 points higher at 38,919 and NSE Nifty 50 gained 43 points to 11,483.
11. 59 AM: Rupee outlook
Commenting on Rupee's near term outlook, Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said,"Yesterday USD-INR appreciated by 0.09% and closed at73.47 levels. Rupee appreciated yesterday on the back of weakness in Dollar as US data shown slower growth in US. All major currencies appreciated yesterday. Chinese yuan hit a 16-month high of 6.8053 yuan per dollar on Monday and last traded at 6.8098 as China's retail sales and industrial output data for August due later in the day is its immediate focus. Indian Forex reserve stand at around US$542.013 Billion on 04 September 2020, the highest ever, with the Foreign Exchange Assets (FCA) component at around US$498.362 Billion.
On the outlook for the currency market, he added,"As of today, we are expecting more appreciation may be seen in Indian rupee.Traders can sell USDINR at 73.40 levels with the stoploss of 73.80 and for the target of 72.80 levels. Rupee may test 72.00 soon."
11. 43 AM: Gold, Silver prices in India on September 15
Gold price rose for the second straight session on Tuesday as the dollar weakened ahead of FOMC meeting on expectation that Fed policymakers would maintain a dovish policy.
Escalating tensions between US & China amid rising number of infections around the globe dented hopes of a fast economic recovery. Bleak global growth prospects and political and financial uncertainty has boosted the appeal for safe-haven assets.
11. 29 AM: Future Retail share slips 5%
Future Retail share slipped nearly 5% in early trade today after the firm reported a consolidated net loss of Rs 561.95 crore in Q1 against net profit of Rs 159.24 crore in the April-June quarter a year ago. The retail stock fell up to 4.9% to Rs 96.1 against previous close of Rs 101.05 on BSE.
11.10 AM: Market update
The 30-scrip BSE benchmark Sensex traded 74 points higher at 38,831 and NSE Nifty 50 gained 26 points to 11,466
11.04 AM: Covid-19 vaccine development by AstraZeneca
Yash Gupta-Equity Research Associate, Angel Broking said," AstraZeneca Covid 19 vaccine trials resumes-A vaccine in development by the British-Swedish company AstraZeneca and the University of Oxford a frontrunner in the race for a covid-19 vaccine. Vaccine is in phase 3 trials and Halted global trails 5 days ago, now the global trials resumes of the vaccine. The global trials were halted because one volunteer showed some illness but now indicated that the issue was particularly to the patient and not because of the vaccine. This is positive news for AstraZeneca and global markets."
10. 54 AM: Silver outlook
On Silver, Prathamesh Mallya, AVP-Research, Non-Agri Commodities and Currencies, Angel Broking said,"Silver has been shining relatively faster and brighter in comparison to gold in the international as well as domestic markets. Easy money policy of central banks, weakness in US dollar, rising investment demand, and the belief of investors in Silver as an asset class is resulting in optimism for price. 2020 will be remembered as the year of silver for investors across the globe."
10. 43 AM: Gold outlook
Cameron Alexander, Director of Precious Metals Research at GFMS, Refinitiv said,"The rally in gold has been powered by safe-haven appeal for the metal due to the worsening economic conditions resulting from an out of control pandemic. The central banks around the world continue to inject stimulus to resuscitate domestic economies, which has led in some cases to currency devaluation especially dollar and lower interest rates, further supporting the rally. Another factor that could disrupt the financial markets and support the gold rally are the political developments in the U.S."
"Looking ahead, the focus will continue to be on the corona virus developments worldwide and on fresh economic data coming out of the United States which will influence the price of gold in the short to medium term. Investors will be monitoring just how quickly the world's largest economy can return to expansion mode and how soon an economic relief bill will be finalised," he added.
10. 30 AM: Market outlook
Speaking on the upcoming market outlook, Ajit Mishra, VP - Research, Religare Broking said, "Among the major triggers, participants will first react to the IIP numbers next week, followed by the CPI and WPI inflation data in the coming sessions. Besides, further updates on disengagement between India and China at LAC would also remain on their radar"
10. 25 AM: IT stocks
Commenting on IT Sector, Jyoti Roy- DVP- Equity Strategist, Angel Broking said," The mid quarter guidance upgrade by HCL Tech led to a broad based rally in the IT sector led by HCL Tech which was up by 10.6% while Infosys and TCS were up by 2.9% and 4.85% respectively. However mid and small cap IT stocks performed better than their large cap counterparts as the new SEBI rule on multi-cap funds mandating minimum 25% investment in mid & small cap stocks coupled with the guidance upgrade by HCL Tech provided them with the much needed shot in the arm. Persistent Systems (+ 14.73%), Mphasis (+8.9%), Cyient (+7.26%) and L&T Infotech (up 6.0%) were amongst the biggest gainers in the mid & small cap IT space."
He added," The mid quarter guidance update by HCL Tech corroborates our view that demand for It services are expected to increase significantly in the aftermath of the Covid-19 crisis due to accelerated adoption of digital technologies. We continue to maintain our positive outlook on the IT sector with HCL Tech being our top pick in the large cap space while Persistent Systems and Zensar Technologies are our top picks in the mid & small cap IT space."
10. 18 AM: Asian markets
Asian markets were rose today following news of a potential COVID-19 vaccine as AstraZeneca resumed its phase-3 trial. Although gains were capped as traders also awaited the outcome from the US central bank's two-day policy meeting, scheduled on September 15-16.
10. 09 AM: Opening session outlook
Commenting on makets opening today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,'We are trading above the 11500 levels but I would still look out for the Nifty to trade in the 11550-11575 trading zone as that would signal that we are entering into a bullish zone. The support continues to be around the 11300 levels."
9. 51 AM: Market outlook
As per Reliance Research, NSE-NIFTY reversed from its 7-day high and breached daily rising trend. On the lower side, the index took support around its 20-day EMA and recovered intraday loss. As mentioned earlier, we believe the index will oscillate in the narrow range before a directional move, as its key technical indicators remained in neutral mode. On the higher side, the index will continue to face hurdle at 11,584 mark. However in case of decline, the index will find support at 11,111 and 10,790 levels, which coincides with its recent swing low and its 200-day SMA, respectively.
As for the day, support is placed at around 11,347 and then at 11,272 levels, while resistance is observed at 11,532 and then at 11,643 levels.
9. 48 AM: Coronavirus toll
Worldwide, there were 294.42 lakh confirmed cases and 9.32 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 80,808 and total coronavirus cases to 49.26 lakh as of Tuesday.
9. 34 AM: India's retail inflation
India's retail inflation for the month of August stood at 6.69%, data released by the National Statistical Office (NSO) on Monday showed. The consumer price index (CPI)-based inflation rate for July has been revised to 6.73% from 6.93%.
9. 24 AM: Global Markets
Overseas, Asian stocks are trading mostly higher today as investors weer bouyed from key economic data from China like retail sales and industrial production. In Wall Street, stocks ended sharply higher on Monday as signs of progress in developing a COVID-19 vaccine and lifted Tech sentiments.
9. 18 AM: Opening session
On Tuesday's opening session, Sensex traded 160 points higher at 38,917 and Nifty gained 42 points to 11,482.
9.10AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 298.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 120.35 crore in the Indian equity market on 14 September, provisional data showed.
9.00 AM: Stocks to watch today on September 15
PVR, SAIL, Future Retail, HDFC, Voltas among others are the top stocks to watch out for in Tuesday's trading session.
8. 50 AM: Nifty outlook
On Nifty's technicals, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"As far as levels are concerned, 11550-11650 are likely to act as immediate hurdles; whereas on the lower side, 11350-11200 would be seen as a key support zone."
8. 40 AM: Rupee closing
On the currency front, Indian rupee pared early gains and settled 5 paise higher at 73.48 per dollar, tracking muted trend from domestic equities.
8. 30 AM:Closing yesterday
Benchmark indices Sensex and Nifty turned bearish by the afternoon session on Monday and closed lower, tracking mixed cues from European and Asian markets. Sensex fell 97 points to 39,756 and Nifty ended 43 points lower at 11,421.