Sensex, Nifty Highlights on September 29: Indian benchmark indices turned volatile and ended on a flat note with negative bias on Tuesday, amid mixed global equities. Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222. Yesterday, the 30-share BSE benchmark Sensex ended 592 points higher at 37,981, while Nifty gained 177 points to trade at 11,227
Here's a look at the updates of the market action on BSE and NSE today
3. 48 PM: Market at close
Indian benchmark indices turned volatile and ended on a flat note with negative bias on Tuesday, amid mixed global equities. Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222.
3. 37PM: Market outlook
-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We were unable to get past the 11300-11350 levels on a closing basis. It is only above these levels that the markets might turn bullish. Until then, there is scope for a reversal and for the Nifty to fall and endeavor the levels of 10700-10800."
3. 20 PM: UTI IPO outlook
Canara Bank Securities in its note said," UTI AMC's PE stands at 25.73x FY20 as com-pared to HDFC AMC's and Nippon Life AMC's PE of 35.43x and 37.06x FY20 respectively. Hence, we recommend to Subscribe UTI AMC IPO for listing as well as long term gains."
3. 12PM: Steel Strips Wheels share price jumps 4%
Steel Strips Wheels share price was trading 4% higher on Tuesday's early session after the company received export orders for 9,000 wheels for EU trailer market.
The Chandigarh-based wheel maker said in a stock exchange filing that it has won orders of nearly 9,000 wheels for EU trailer market, to be executed in the month of October & November from its Chennai plant.
Following the update, the share price of Steel Strips Wheels touched an intraday high of Rs 450, rising 3.91% on BSE.
3.06 PM: Market turns volatile
In a volatile tradng session, Indian benchmark indices turned negative on Tuesday, amid mixed global equities. Sensex was trading 22 points lower at 37,958 and Nifty was falling 6 points to 11,221.
2. 52 PM: Canara Bank update
Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking said,"Canara Bank board approved raising additional equity capital of up to Rs.2,000 crores through Qualified Institutional Placement (QIP). QIP issue shall be within the overall maximum limit of the Board-approved capital raising plan (FY21) of Rs.5000 Crore Equity Share Capital. Canara Bank CAR as of 1 April 2020 was at 12.96, and CET 1 stands at 8.4%. Whereas the regulatory requirement for CET1 is 7.375%. Current CET 1 is near the regulatory threshold. And ongoing economic slowdown would impact the asset quality of the bank, which will force the bank to take escalated provision. Hence, it was necessary to shore up the capital base. Currently, bank trade at below its book value, and raising capital at a lower valuation will dilute capital."
2. 46 PM: Brent crude
Brent crude, used to price international oils, shed 23 cents to 42.64 per barrel in London. Crude oil fell this week amid growing concerns that another wave of the coronavirus pandemic will spark tighter lockdown measures and further stifle crude demand.
2. 30 PM: US markets
US Congress still is arguing over the size of a new support package. Infusions of central bank credit into struggling economies and hopes for development of a coronavirus vaccine are supporting investor confidence. A monthly unemployment report due out Friday from the government could help to shed light on an economic recovery.
The Dow Jones Industrial Average gained 1.5% to 27,584.06. The Nasdaq composite climbed 1.9% to 11,117.53.
2. 24 PM: Shalby share price rises 12%
Share of Shalby Ltd grew over 12% intraday on Tuesday's early session after the company board approved reducing the promoters holding in the company and approved fundraising.
The company board in its meeting held on September 28, 2020, has passed a resolution to reduce the promoters' holding from the current 79.45% to 75%, as per the mandatory requirement by SEBI and to increase public shareholding to at least 25%, the company said in the regulatory release.
Following the news, Shalby stock gained 12.43% to the intraday high of Rs 90 against the earlier close of Rs 80.05 on BSE. The stock price of Shalby opened with a gain of 4.81% today at Rs 83.0 and also hit an intraday low of Rs 82 today.
2. 11 PM: Market update
Yash Gupta, Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex trade range bound, nifty down by 17 points (0.16%) and sensex down by 52 points (0.14%). Indian broader market not able to sustain its opening gain. Indian Indices open higher on the back of positive global market clues. Today S&P BSE Information Technology (up 1.0%), S&P BSE CONSUMER DURABLES (up 1.09%), while S&P BSE Telecom (down 2.0%),S&P BSE Utilities (down 1.53%) . We expect the market to trade range bound and we expect momentum in the pharma & IT sector to continue. Global Market update - DOW Jones up by 410 points (up 1.51%) and NASDAQ up by 203 points (up 1.87%)."
2.02 PM:Prakash Industries share update
Prakash Industries share held by ace investor Rakesh Jhunjhunwala has reduced investor wealth by 83% during the last 20 months. The share which closed at Rs 242.30 on January 19, 2018 trades at Rs 39.75 on NSE today. An investment of Rs 1 lakh in Prakash Industries share on January 19, 2018 would have shrunk to Rs 16,405 today, translating into wealth erosion of 83.59% during the period.
An investment of Rs 1 lakh in the share on January 19, 2018 would have shrunk to Rs 16,405 today, translating into wealth erosion of 83.59% during the period
1. 49 PM: Market update
Indian benchmark indices traded higher for the fourth session on Tuesday, amid mixed global equities. Sensex was rising 65 points higher at 38,046 and Nifty was rising 13 points to 11,241.
1. 32 PM: Rupee opens flat at Rs 73.78 per dollar
The Indian rupee, the local currency benchmark opened on a flat note at Rs 73.78 per dollar, tracking muted trend in domestic equities and continued foreign fund outflows and trade in a narrow range on Tuesday against the US dollar.
This was despite a weak dollar, as investors awaited fresh cues from the US Presidential debate and economic calendar this week.
1. 29 PM: Top losers and gainers
IndusInd Bank, ONGC, ICICI Bank and Axis Bank were among the laggards in the Sensex pack. On the other hand, TCS was the top gainer, followed by Asian Paints, Titan, UltraTech Cement, the HDFC duo, Tata Steel and Infosys.
1. 16 PM: Likhitha Infrastructure IPO opens today
The initial public offering (IPO) of Likhitha Infrastructure opens Tuesday. The Rs 61.2 crore IPO of oil and gas pipeline infrastructure service provider which closes on October 1 has a price band of Rs 117-120 per share. The IPO consists of fresh issue of up to 51 lakh equity shares, representing 25.86 per cent of the post-issue shareholding. The company will raise Rs 61.2 crore through the public issue at the upper end of the price band.
1.01 PM: Market turns red
Indian benchmark indices traded flat with negative bias after three sessions of gains on Tuesday, amid mixed global equities. Sensex was trading 22 points lower at 37,958 and Nifty was falling 6 points to 11,221.
12. 42 PM: Lupin outlook
Yash Gupta - Equity Research Associate, Angel Broking said,"Lupin Limited announced the launch of Fosaprepitant for Injection, 150 mg Single-Dose Vial, having received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. Fosaprepitant for Injection, 150 mg Single-Dose Vial, is the generic equivalent of Emend for Injection, 150 mg Single-Dose Vial, of Merck Sharp & Dohme Corp. (Merck), indicated for adults in combination with other antiemetic agents for the prevention of Acute and delayed nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy (HEC) including high-dose cisplatin and Delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy (MEC). This is a very positive development for the company. We continue with our Neutral outlook for Lupin limited."
12. 38 PM: Gold prices steady today
Gold price steadied after six days of straight fall and traded above the key psychological level of 50K in the Indian commodity market on Tuesday.
On the Multi Commodity Exchange, Gold October Futures traded a tad higher today, rising by Rs 20 to Rs 50,160, after hitting an intraday high of Rs 50,265 against the previous close of Rs 50,138 per 10 gm. The bullion, however, trades almost Rs 6,000 lower than its lifetime high of Rs 56,191 per 10 gm hit last month.
12. 22 PM: Dollar index
US dollar retreated from a two-month high of 94.745 reached last week. The dollar fell as investors turned cautious ahead of the US presidential debate between Donald Trump and his Democratic rival Joe Biden. Market participants were also awaiting developments on a new US coronavirus stimulus package.
12. 14 PM: UTI AMC IPO
In a move to divest the stake held by its five shareholders, the initial public offering (IPO) of UTI Asset Management Company (AMC) has opened for subscription today, on September 29 and will end on October 1. Price band for the issue stood at Rs 552 - Rs 554 per share
The IPO is an offer for sale of 3,89,87,081 equity shares, or 30.75 per cent stake by the company's existing investors to raise Rs 2,152-2,160 crore. Investors can bid for a minimum of 27 equity shares or in multiples thereof. This means that one will have to shell out at least Rs 14,904 to bid for the issue.
12.09 PM: UTI IPO outlook
HDFC Securities in its note said," Its Domestic Mutual Fund QAAUM was Rs1,336.3 billion as of June 30, 2020. UTI AMC has the highest proportion of its monthly average AUM as of June 30, 2020, attributable to B30 cities of the top ten asset management companies in India as of June 30, 2020. UTI AMC's size and diverse client base, coupled with its strong product portfolio and, particularly in B30 cities, extensive distribution network and widely recognized brand, position it to capitalise on future growth in the Indian mutual fund industry."
11. 54 AM: Mazagon Dock Shipbuilders IPO opens today
State-owned defence firm Mazagon Dock Shipbuilders will launch its initial public offering (IPO) today. The share sale through which the firm plans to raise Rs 444 crore will have a price band of Rs 135-145 per share.
The IPO comprises 3,05,99,017 shares through an offer for sale (OFS). The issue will close on October 1. At the lower range of price band the IPO is expected to raise about Rs 413 crore. Shares of the company will be listed on BSE and NSE.
11. 46 AM: Coronavirus toll
Worldwide, there were 335 lakh confirmed cases and 10.06 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 61-lakh mark and the death toll from COVID-19 infections rose to 0.96 lakh
11. 35 AM: Gold outlook
On yesterday's trend, Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking said," As expected yesterday gold prices increased by 0.98% and closed at 50,160 levels and silver increased by 2.32% and closed at 60,396 levels. Weakness in dollar supports the gold and silver prices as a safe haven investment. On Monday, Spot gold ended higher by 1.12 percent to close at $1880.9 per ounce as a weaker Dollar supported the yellow metal."
Expressing views on today's outlook for the safe haven assest, he added,"Falling Dollar after a solid rally in the earlier week might support Gold prices in today's session. On the MCX, gold prices are expected to trade higher in today's session. As for today traders can go for buy in gold at Rs 50,000 levels with the stop loss of Rs 49,600 levels for the target of 50,700 levels. They can also go for buy in Silver at Rs 60,500 levels, with the stop loss of 59,500 levels and for the target of 62,000 levels."
11. 27 AM: Key economic data
In upcoming domestic cues, RBI is set to begin its three-day monetary policy meeting on Tuesday. Overseas, the US will release its CB consumer confidence data on Tuesday, while Euro will take cues from ECB president's speech on Monday and Wednesday.
11. 13 AM: Gold outlook
Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said, " The dollar is also trading lower on lack of big moves ahead of the U.S. presidential debate on Tuesday and the release of U.S. economic data later in the week. Political uncertainty also pressurizes the dollar which supports the demand of Gold as a safe haven investment. Reinforcement of lockdown in the Euro-zone reflecting the alarming increase in Covid-19 cases and a slowdown in the business sector in US & Europe dampened hopes of a paced economic recovery."
11.04 AM:Persistent Systems outlook
Jyoti Roy- DVP- Equity Strategist, Angel Broking said, Persistent systems is going to be one of the biggest beneficiaries of greater spend on IT due to accelerated adoption of digital technologies post the Covid-19 outbreak, given the companys high exposure to BSSI, Hi tech and life science verticals. We raise our target multiple on the stock to 24x from 20x given greater visibility for the sector post HCL tech mid quarter guidance upgrade and strong performance of Accentures outsourcing division in the recently announced Q4FY2020 numbers. Therefore we raise our target price to Rs. 1,531 from Rs. 1,276."
10. 51 AM: Infosys outlook
Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Infosys is likely to be one of the biggest beneficiaries on account of increased spending on IT due to accelerated adoption of digital technologies post the covid-19 outbreak. The company had posted a better than expected set of numbers for Q1FY21 across all parameters while new deal wins remained strong at USD 1.74bn for the quarter. Infosys derived 44.5% of its revenue from digital services in Q1FY2021 which is amongst the highest for large cap IT companies. Going forward we expect growth to be driven by digital which we expect to increase to over 50% of revenues by FY2022 and more than offset any decline in legacy business for the company. Recent developments like the mid quarter guidance upgrade by HCL Tech and strong performance by Accentures outsourcing division in Q4FY2020 point to a strong demand outlook for the sector. We expect Infosys to post a 5.3%/16.7% revenue and PAT CAGR between FY2020-22 and maintain our positive outlook on the company."
10. 42 AM: Market outlook
Commenting on Markets today, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"The way market rebounded sharply on Friday, further bounce back was evident but honestly speaking, it has exceeded our expectations by a fair margin. Such moves at times can be a bit tricky and one can easily get carried away by the intraday momentum. We do not sustain above 11350-11400, its advisable not to get carried away in this rally as we can still see some selling pressure at higher levels. For the coming session, the support is visible at 11175-11100 levels."
10. 30 AM: Market update
Expressing views on yesterday's rally, S Ranganathan, Head of Research at LKP Securities said,," Yesterday, expectations of a Stimulus coupled with Capital Support to state run banks fuelled and postponement of the SC verdict by a couple of days provided a breather to the Bulls as Large Caps led the charge.
10. 20 AM: Nifty technical
On opening bell today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We are at a critical juncture - the resistance level range of 11300-11350 is not very far from the current price level. This could be a turning point for the Nifty; we could reverse from here to resume the downtrend we saw last week or we could break out of this level to see higher price points. On the upside the markets can rally to 11700-11800. On the downside we could go to 10700-10800."
10.09 AM: Market rises further
Indian benchmarks traded on Tuesday, amid mixed positive global equities. Extending gains for the third straight session, Sensex was rising 150 points higher at 38,126 and Nifty was rising 45 points to 11,271.
9. 58 AM: Global markets
Asian stocks are trading mixed on Tuesday, tracking rally in Wall Street. Stocks close sharply higher on Monday in the US after the U.S. House of Representatives Speaker Nancy Pelosi reportedly said that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue, suggesting a possible progress to end the stalemate.
9. 44 AM: Market erases early gains
Indian benchmarks erased opening bell gains and traded marginally higher by the first hour of session, on Tuesday, amid mixed positive global equities. Sensex was rising 50 points higher at 38,010 and Nifty was rising 18 points to 11,245.
9. 30 AM: Stocks to watch today on September 29
Alkem Labs, IIFL Finance, Shalby, Central Bank of India, Max Healthcare among others are the top stocks to watch out for in Tuesay's trading session
9. 21 AM: Opening session
Sensex and Nifty opened on a bullish note on Tuesday, backed by positive global equities. SGX Nifty was rising 11 points higher, indicating positive trend in domestic grounds today. Sensex was rising 245 points higher at 38,227 and Nifty was rising 67 points to 11,288.
9. 10 AM: Nifty outlook
As per Reliance Smart Money, NSE-NIFTY respected its 200-day SMA and continued its daily rising trend for straight second trading session in a row. Positive market breadth and buying across the board support the up-move for the index. Due to consecutive rise in the index, its major technical indicators turned in favour of bulls. Any stable move above its 50-day EMA (placed at 11,284 mark) will strengthen the index towards 11,450 and 11,600 levels. In case of any decline, the index will continue to find strong support around its 200-day SMA, which is placed at 10,754 mark.
As for the day, support is placed at around 11,138 and then at 11,049 levels, while resistance is observed at 11,278 and then at 11,328 level.
9.00 AM: Rupee closing
The Indian rupee, the local currency benchmark fell 18 paise lower to settle at 73.79 per US dollar on Monday as against the previous close of 73.61 against the US dollar.
On the domestic currency's outlook, Vaqarjaved Khan-Research Analyst, Angel Broking said," With easing monetary policy from US FED here to stay, USDINR (CMP: 73.7) is likely to move lower towards 72.5 in the coming week. (28th Sep-2nd Oct 2020)."
8. 50 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 28 September, provisional data showed.
8. 40 AM: Market outlook
According to Ajit Mishra, VP - Research, Religare Broking," The recovery was broad-based wherein noticeable rebound was seen in auto, banking and financial stocks after investors' hopes increased on the likely announcement of an additional stimulus package by the government. Market participants will be closely eyeing the outcome of Reserve Bank of India's monetary policy review meeting scheduled on October 1."
Aamar Deo Singh Head Advisory, Angel Broking said," Overall Nifty has technically, very strong support zone around 10800-11000 whereas resistance on the upside is seen around 11350-11400 zone."
8. 30 AM: Closing on Monday
Yesterday, the 30-share BSE benchmark Sensex ended 592 points higher at 37,981, while Nifty gained 177 points to trade at 11,227