Sensex, NiftyHighlights on September 17: Sensex and Nifty ended on a bearish note on Thursday, backed by weak global equities amid rising concerns about economic recovery from the COVID-19 pandemic. The 30-share benchmark BSE Sensex closed 323 points lower at 38,979 and NSE Nifty 50 fell 85 points to 11,519. Yesterday, Sensex ended 258 points higher at 39,302 and Nifty 50 closed 82 points higher at 11,604. Markets fell globally after the central bank kept a dovish policy, although hinted to be reluctant in adding stimulus in one of the world's largest economy, hit severly by the pandemic.
Here's a look at the updates of the market action on BSE and NSE today
3. 49 PM: Markets at close
Sensex and Nifty ended on a bearish note on Thursday, backed by weak global equities amid rising concerns about economic recovery from the COVID-19 pandemic. The 30-share benchmark BSE Sensex closed 323 points lower at 38,979 and NSE Nifty 50 fell 85 points to 11,519.
3. 33 PM: IRCON Intl rises
Shares of engineering and construction firm, IRCON International rose 2.52% to Rs 85.35 after the company said it secured orders worth about Rs 1900 crore for railway electrification works from the Ministry of Railways, Government of India.
3. 12 PM:L&T Construction update
L&T Construction on Thursday announced that it is awarded significant contracts for its metallurgical and material handling business.
The company recived a significant contract, the order ranging between Rs 1,000-Rs 2,500 crore.
"This is a positive development for the company, although order size is quite small compared to its order book ~Rs. 3 lakh crore. Considering the small size of the order, stock has not reacted to this news. Market would be keenly watching Government spends on the infrastructure sector in the environment of muted private capex. Things are in an improving trend for the Company as labourers count are increasing and the economy is on the path of recovery."
3. 04 PM: Market outlook
"Indian markets reacted in sync with global markets, after the US Fed reserve failed to keep up with the expectations of the investors. In spite of pledging to keep interest rates low, markets were disappointed on the lack of further inputs or immediate stimulus measures. Continued border tensions with China, also worried Indian markets. Markets expected to remain uncertain and investors advised to remain cautious".
2. 49 PM: Vodafone Idea stock update
Commenting on Vodafone Idea stock, Keshav Lahoti, Associate Equity Analyst, Angel Broking said," In the last four trading sessions from the close price of September 1, 2020 Vodafone Idea has rallied ~39% as market participants believe Vodafone Idea will survive after analysing AGR verdict and action taken by management post the verdict. There is also news that Amazon and Verizon will invest in the Company have also led to a rally in the stock.
"The stock has also rallied due to the board's quick approval to raise up to Rs.25,000 crore from the market. The Company also announced a new brand identity for itself Vi (read as We) shows commitment of management towards reviving the Company. Raising the desired quantum of funds from the market can lead to further rally in the stock."
2. 27 PM: Happiest Minds: Third best performer in 4 years after stellar listing gains of 111%
Happiest Minds Technologies' listing on BSE and NSE today has emerged as the third-best market debut in four years . After making it to the list of top 10 successful initial public (IPO) offers in a decade, Happiest Minds managed to gain the third spot with a stellar market debut today.
The Ashok Soota-promoted IT services firm's share listed at a premium of 111 per cent to its issue price on BSE. The share opened at Rs 351 delivering returns of Rs 185 compared to the IPO price of Rs 166 per equity share.
2. 15 PM: JMC Projects share rises 6%
Shares of engineering firm JMC Projects (India) Ltd rose over 6% to Rs 56.65 apiece, in an otherwise weak market on Thursday after the company said it has secured new orders of Rs 1,342 crore in the domestic and international markets.
2.00 PM:Happiest Minds IPO
Commenting on the IPO, Yash Gupta- Equity Research Associate, Angel Broking said,"Happiest Minds Technologies Ltd. - We had recommended a SUBSCRIBE to Happiest Minds IPO. Post listing as the stock is trading 120% above the issue price, we would recommend to book profits. At current levels, the stock is trading at 54x FY2020 EPS, which is significantly higher than industry peers. From a long-term perspective digital business will be the key growth driver for the IT sector and Happiest Minds is positioned to take full benefit of the same as the company derives 97% of its revenues from digital services. While we expect Happiest Minds to grow ahead of the Industry current valuations are demanding."
1. 50 PM:Dr. Reddy's Lab stock update
Dr. Reddy's Lab stock, Yash Gupta - Equity Research Associate, Angel Broking said,"Dr Reddy's Laboratories along with its subsidiaries together announces the launch of over-the-counter Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1%, the storebrand equivalents of Pataday Once Daily Relief and Pataday Twice Daily Relief, in the U.S. market, as approved by the U.S. Food and Drug Administration (USFDA). This is one of the important additions to its OTC product portfolio in the USA for the company. This will be a positive development for the Dr. Reddy's laboratories."
1. 32 PM: Market update
Sensex and Nifty fell to bearish territory after 2 days of straight gains on Thursday, backed by weak global equities amid rising concerns about economic recovery from the COVID-19 pandemic. The 30-share benchmark BSE Sensex traded 245 points lower at 39,056 and NSE Nifty 50 fell 71 points to 11,532.
1. 28 PM: Real estate sector update
Speaking on the outlook for real estate sector, Yogesh Mudras, Managing Director, Informa Markets in India said, "The construction and real estate sector are the backbone of development and growth .And in the post-pandemic scenario, automation technology and advanced solutions that were adopted during this period will aid in the advancement of the sector.
Real estate, along with infra, construction equipment and associated industries will look at maximizing the reach. This is best done with the help of platforms designed to make the industry evangelists come together to collaborate. Realtors and allied industries are more likely to leverage trade expos to ensure that they are in sync with the developments and adopt the latest technology on offer."
1. 13 PM: Why HCL Technologies share hit all-time high today
HCL Technologies share touched its all-time high today after the IT firm said it expanded partnership with Google Cloud to bring HCL's Actian portfolio, starting with ActianAvalanche, to Google Cloud. HCL Tech stock has gained after 2 days of consecutive fall.
Earlier, the stock opened at Rs 796.90 against previous close of Rs 789.35 on BSE. The IT stock touched an all-time high of Rs 817.8, rising up to 3.56%.
1. 06 PM: Sebi allows REITs, InvITs to list on stock exchanges operating in IFSC
The markets regulator Securities and Exchange Board of India (Sebi) on Wednesday allowed emerging investment vehicles -REITs and InvITs - to list on stock exchanges operating in the International Financial Services Centre (IFSC).
In a circular, Sebi said units of InvITs and REITs meeting certain conditions may be permitted to list on stock exchanges operating in the IFSC.
12. 54 PM: Happiest Minds Technologies share makes stellar debut
Happiest Minds Technologies share listed at a premium of 111% to its issue price on BSE today. The share opened at Rs 351 delivering investors return of Rs 185 or 111% compared to IPO price band of Rs 165-Rs 166 per equity share. The technology firm stock further rose 12.53% to intra day high of Rs 395 on BSE. Total 50.98 lakh shares of the firm changed hands amounting to turnover of Rs 192.95 crore on BSE.
Market cap of the firm rose to Rs 5409 crore.
12. 45 PM: Rupee tumbles 24 paise to 73.76
Indian rupee, the domestic currency benchmark depreciated 24 paise to 73.76 per dollar on Thursday, tracking muted equities and strengthening US currency.
The local unit opened on a weak note at 73.70 at the interbank forex market, then fell further to 73.76, registering a fall of 24 paise over its last close. On Wednesday, the rupee settled 12 paise higher at 73.52 per dollar.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.32 per cent to 93.51.
12. 20 PM: Top losers and gainers
ICICI Bank, HDFC Bank, PowerGrid, Bajaj Auto, Kotak Bank, Axis Bank and L&T were among the top losers today on the Sensex pack. On the other hand, HCL Tech, Tech Mahindra, Asian Paints, ONGC and Infosys were among the gainers.
12. 11 PM: Gold, Silver prices in India on September 17
Prices of gold and silver were trading lower in Indian as well as international commodity markets on Thursday after three sessions of gains as the dollar strengthened overseas.
On the Multi-Commodity Exchange, Gold October Futures traded Rs 344 lower at Rs 51,480, after hitting an intraday low of Rs 51,279 against the previous close of Rs 51,824 per 10 gm. MCX gold futures currently trade almost Rs 4,912 lower than the lifetime high of Rs 56,191 per 10 gm, hit on August 7. On MCX, the yellow metal has risen 41.5% to life-time high since the beginning of the year.
12. 03 PM: Dollar index
The dollar advanced after the Federal Reserve vowed to keep interest rates near zero for a prolonged period, at least until 2023. It however, stopped short of offering further on stimulus to shore up a battered US economy. The US central bank continued with its policy shift towards more inflation tolerance, earlier announced in August and said it would keep interest rates ultra-low to support the economy.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.32 per cent to 93.51.
11. 50 AM: Oil prices today
Oil price fell after rising sharply in the earlier session on back of drawdown in US crude inventories and as Hurricane Sally forced many production units to shut down. Brent Crude futures, the global oil benchmark, fell 1.07% today to USD 41.77 per barrel.
11. 40 AM: Technical outlook
Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"Since last 2-3 days, we have been sounding a bit optimistic ever since we spotted a 'Bullish Wolfe wave' pattern on hourly chart around 11250-11200. The said pattern has proved its significance but we are now observing the similar structure but unfortunately this time it is 'Bearish Wolfe Wave' and 11620-11650 is the 'Potential Reversal Zone', exactly where we are standing now. Hence, during the day, we were a bit skeptical and avoided participating on the long side."
"With a broader view also, we are a bit unsure whether the Nifty has enough strength to go pass the sturdy wall of 11650-11680. For the coming session, 11620-11650-11680 continues to be a strong resistance zone and we advise traders not get carried away by last 2-3 days' upmove. As far as supports are concerned, 11570-11540 would be seen as intraday supports and a move below 11540 would give early signs of weakness.
11. 34 AM: Gold outlook
Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said, "Federal Reserve pledged to keep interest rates low for a long time but stopped short of offering further on stimulus to shore up a battered U.S. economy and they are also hold interest rates till 2023 with inflation never breaching 2% over the period. "
Angel Broking in its note said,"Yesterday gold and silver prices were closed on a flat note. MCX Gold closed 0.11% higher at 51824 levels and silver prices closed 0.27% lower at 68781 levels. In international market gold is trading at $1938 per ounce and silver is trading at $26.75 per ounce."
11. 22 AM: Coronavirus toll
Worldwide, total confirmed cases crossed a major threshold of 300.36 lakh and 9.45 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.83 lakh and total coronavirus cases to 51.18 lakh as of Thursday.
11. 18 AM: Market update
On the equity front, Sensex and Nifty traded on a negative note on Thursday, amid weak global equities amid rising concerns about the strength of the recovery from the COVID-19 pandemic. Sensex traded 185 points lower at 39,120 and Nifty fell 65 points to 11,539.
11.07 AM: FOMC outcome
The Federal Reserve concluded its two-day policy meeting on Wednesday. Markets fell globally after the US central bank kept a dovish policy, although hinted to be reluctant in adding stimulus in one of the world's largest economy, hit severly by the pandemic.
The central bank continued with its policy shift towards more inflation tolerance, earlier announced in August and said it would keep interest rates ultra-low to support the economy.
10. 56 AM: Global markets
Asian markets are trading slightly down as investors react to US Fed outcome. Australia's employment data and BoJ's policy outcome in focus.
U.S. markets closed mostly lower after FOMC said it would likely hold rates near zero until 2023 given the current inflation and employment situation.
European markets had closed higher ahead of the Federal Reserve announcement. Mining stocks gained while Auto stocks lost ground.
10. 43 AM: Nifty outlook
As per Geojit Financial Services, Nifty is about 2 standard deviations above 20 day average, after being 2 sd down just a week back. That is a recovery that is quick enough to warrant a pause. While this doesnt necessitate a collapse, it does provide room for a pull back towards the 20d avg of 11450, before resuming uptrend towards 12000. Penetration of 11450 could call for 11170, while also bringing 10800-10500 in the radar.
10. 14 AM: FOMC meet
The Federal Reserve on Wednesday vowed to keep interest rates near zero until inflation is on track to overshoot the U.S. central bank's 2% target. The new economic projections showed policymakers now see the economy shrinking 3.7% this year, far less than the 6.5% decline they forecast in June. They see unemployment, which registered 8.4% in August, dropping to 7.6% by the end of the year. The recovery 'is here, and it's well along,'Powell said.
Overseas, the Bank of Japan and the Bank of England will announce their respective policy decisions on Thursday.
10. 05 AM: Global markets
Asian stocks mostly traded lower Thursday as investors react to overnight developments from the U.S. Federal Reserve.
In US, the S&P 500 and Nasdaq Composite ended lower on Wednesday, reversing gains late in the day as losses in technology shares outweighed a Federal Reserve statement that stoked optimism it would keep U.S. interest rates near zero for a prolonged period. The Dow Jones Industrial Average eked out a small gain.
The Dow Jones Industrial Average rose 36.78 points, or 0.13%, to 28,032.38, the S&P 500 lost 15.71 points, or 0.46%, to 3,385.49 and the Nasdaq Composite dropped 139.86 points, or 1.25%, to 11,050.47.
9. 51 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 264.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 212.21 crore in the Indian equity market on 16 September, provisional data showed.
9. 43 AM: Stocks to watch today on September 17
Happiest Minds Tech, Jindal Stainless, HCL Tech, P&G Health, Oil India among others are the top stocks to watch out for in Thursday's trading session
9. 30 AM: Market outlook
In terms of technical indicators, NSE Nifty 50 has crossed the range of 11500-11600 in the last 2 sessions and can look forward to the levels 11800 and then 12000. The index closed above its 20-day EMA for a straight fifth trading session in a row.
Rohit Singre, Senior Technical Analyst at LKP Securities said," Nifty formed a bullish candle for the second consecutive day. Nifty has witnessed fresh breakouts on intra time frames which suggest current pullback can extend up to 11650-11700 zone which is a strong hurdle on the higher side, support is shifted to 11550-11500 zone."
9. 25 AM: Opening session
Sensex and Nifty opened on a negative note on Thursday, amid weak global equities. Sensex traded 185 points lower at 39,120 and Nifty fell 65 points t011,539.
9. 11 AM: Nifty technical
As per Reliance Smartmoney Research, NSE-NIFTY surpassed its near-term hurdle point (11,584 level) convincingly and rose to 12-day high continuing its daily rising trend. Due to further rise in the index, its key technical indicators turned in favour of bulls. As mentioned earlier, a sustainable move above its near-term hurdle point will strength the index towards 11,794 mark. However in case of decline, the index will initially find support at 11,419 mark and then at 11,185 level, which coincides with its 20-day EMA and recent swing low, respectively.
As for the day, support is placed at around 11,542 and then at 11,478 levels, while resistance is observed at 11,643 and then at 11,681 levels.
9.00 AM: FOMC meet outcome
The Federal Open Market Committee (FOMC) on Wednesday announced that it left the benchmark interest rate, the target range for federal funds, unchanged at 0%-0.25% as widely expected.
In its updated Economic Projections, the FOMC said it expects the gross domestic product (GDP) to contract at a softer pace than the previous forecast of 6.5% in 2020 and sees unemployment at 7.6% at year's end.
8. 50 AM: Rupee outlook
On the currency front, Indian rupee gained by 12 paise and settled at 73.52 per dollar over its previous closing price of 73.64, supported by positive domestic equities and weak American currency. As per Geojit Financial Services, For USDINR, 73.83 and 74.05 may act as crucial levels in the upside while 73.48 and 73.25 will act as support levels.
8. 40 AM: Market outlook
"Benchmark indices ended the day with gains, with most sectoral indices contributing to the gains. However, the continued border tensions and unabated virus infections limited the gains. Global cues were also positive as participants awaited policy statement from US FOMC meeting," said Vinod Nair, Head of Research at Geojit Financial Services.
"Any indication of increased bond-buying will be a positive trigger for the markets. Markets are expected to be in sync with global cues tomorrow. Upsides seem to be limited, considering the lack of fresh domestic triggers for the market," Nair added.
8. 30 AM: Closing yesterday
Sensex and Nifty closed on a bullish note on Wednesday amid positive global cues. Extending gains for the second straight session, the 30-scrip BSE benchmark Sensex ended 258 points higher at 39,302 and NSE Nifty 50 closed 82 points higher at 11,604.