Sensex, Nifty Highlights on October 5: Market indices ended on a bullish note on Monday, powered by financial and technology stocks amid positive cues from Global markets. Extending gains for the third straight session, the 30-share benchmark ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503. On Friday, Sensex gained 629 points to 38,697 and Nifty ended 169 points higher to 11,416.
Here's a look at the updates of the market action on BSE and NSE today
3. 45 PM: Closing
Market indices ended on a bullish note on Monday, powered by financial and technology stocks amid positive cues from Global markets. Extending gains for the third straight session, the 30-share benchmark ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503.
3. 38 PM: Secctor update
On the sectoral front, almost all indices closed in the green territory, barring media, auto and PSU Bank index that ended marginally bearish. IT index gained the most, rising over 3.5%, followed by over 2.5% rise in metal and almost 2% gain in pharma.
3. 22PM: Brent crude futures
Brent crude futures, the global oil benchmark, rose 2.14 per cent to USD 40.11 per barrel. Oil price fell in the earlier session after news that Trump tested positive for COVID-19 and as rising global crude output raised fears of price decline.
3. 14 PM: Mazagon Dock Shipbuilders IPO: Check allotment status
The Rs 444-crore public issue of Mazagon Dock Shipbuilders was subscribed 157.4 times subscription between September 29-October 1. At a price range of Rs 135-145 per share, the public issue has received bids for 481.6 crore equity shares against offer size of 3.06 crore equity shares, subscription data available on the exchanges showed.
Shares of the company are proposed to be listed on BSE and NSE on October 12. The allotment for the shares is expected to be known by October 7, as per the red herring prospectus. Those who had bid for the issue can check the subscription status on the online portal of Alankit Assignments, the registrar to the issue.
3. 02 PM: Rupee ends lower
On the currency front, the Indian rupee depreciated by 16 paise to close at 73.29 per US dollar on Monday even as the domestic equity market was trading with significant gains.
2. 56 PM: UTI AMC IPO: How to check allotment status
The Rs 2,160-crore initial public offering of UTI Asset Management Company was subscribed around 2.3 times till the final day of bidding. The IPO of UTI AMC opened for subscription on September 29 and ended on October 1 in a price range of Rs 552-554 per share. The issue received bids for 6.31 crore equity shares compared to the size of 2.73 crore shares.
Shares of the company are proposed to be listed on BSE and NSE on October 12. The unblocking of funds from ASBA account will start around October 8 and the shares will be credited to the account of eligible investors by October 9. This will be the third AMC to get listed on the stock exchanges after Nippon Life India Asset Management and HDFC AMC. The allotment for the shares is expected to be known by October 7/ October 8. Those who had bid for the issue can check the subscription status on the online portal of KFin Technologies, the registrar to the issue.
2. 44 PM: Global markets
Asian markets are trading positive taking cues from US futures which have turned positive. Australian markets gained. Chinese markets are closed for holiday.
U.S. markets closed lower on Friday after news of US President testing positive for COVID-19 adding uncertainties about the upcoming elections. European markets opened slightly higher on Friday recovering from earlier decline towards the end. Weakness persisted post news of Trump testing positive for Covid-19.
2. 24 PM: CAMS share price gains over 4%
Share price of Computer Age Management Services (CAMS) gained over 4% percent intraday after foreign investors bought shares of the registrar and transfer agent for mutual funds that recently listed on the bourses.
CAMS share rose up to 4.13% to Rs 1,459 against previous close of Rs 1,401 on BSE.
2. 18 PM: Real estate sector update
Speaking on outlook for real estate sector, Gulshan's Director Yukti Nagpal says, "The pandemic has turned out to be a blessing in disguise for the sector that caters to the most basic need of humans - housing. The sector has seen unprecedented changes that will redefine the way real estate serves the general masses. Since the announcement of Unlock, the buyers have started swarming the project sites; we have witnessed a 150 percent increase in the footfall which bodes well for the recovery of the sector. The buyers are explicitly looking for projects that meet health and safety needs. From now on, projects that meet the requirements of the new norm will sell like hotcakes. The market has already evolved, and the coming quarter will be a game-changer for the sector as people have realised the importance of choosing quality over price consideration."
2.01 PM: Rupee slips 8 paise to 73.21 per US dollar
Indian rupee, the currency benchmark depreciated 8 paise to 73.21 per dollar in the Indian commodity market on Monday even as the domestic equity market was trading with significant gains.
The local unit opened at 73.16 at the interbank forex market and later fell by 8 paise to 73.21 against the US dollar.
On Thursday, rupee had closed 63 paise higher at 73.13 per dollar.
1. 57 PM: Nifty Outlook
As per Geoiji tfinancial Services, the 11400-500 region looks to be a volatile zone, but favoured view expects Nifty to spend very little time inside this region. 11800 appears fairly achievable, as long as dips do not slip beyond 11327.
1. 43 PM: Market outlook
On mid day market commentary, Yash Gupta - Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex, up by 100 points (0.88%) and 347 points (0.92%) respectively. Indian Indices open higher on back of stock specific positive news. Today S&P BSE Information Technology (up 3.09%), S&P BSE METAL (up 1.66%) while S&P BSE Utilities (down 0.55%), S&P BSE AUTO (down 0.47%). Today heavyweights like TCS (up 5.61%) announced that the company will consider a buyback on 7th October. We expect Indices to trade range bound and some volatile on back of global market clues. Global Market update - DOW Jones down by 134 points (down 0.48%) and NASDAQ down by 251 points (down 2.22%)."
1. 32 PM: Top gainers
IndusInd Bank, TCS, Tata Steel, ICICI Bank, Infosys and Axis Bank were among the top gainers on the Sensex chart, surging as much as 5%
1. 25 PM: Gold price falls on weak global cues
Gold price slipped in the Indian commodity market on Monday tracking weakness from overseas and traded near the key psychological level of Rs 50K.
In a volatile trading session, Gold October Futures on the Multi Commodity Exchange fell by Rs 470 to Rs 50,100, after hitting an intraday high and low of Rs 50,230 and Rs 50,030, respectively. Yesterday, gold futures on MCX closed at Rs 50,570 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.
1. 16 PM: TCS share hits all-time high
Tata Consultancy Services (TCS) share hit a fresh all-time high today after the firm said its board would consider a share buyback in meeting to be held on October 7. Share of TCS gained 5.70% to Rs 2,666 against previous close of Rs 2,522 on BSE. The IT stock has gained 12.8% in the last six days. The stock opened with a gain of 3.46% at Rs 2,610 on BSE.
1.02 PM: TCS update
Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"TCS has announced that the board of directors will consider a proposal for buyback of equity shares of the Company, at its meeting to be held on the 7th of October, 2020. We believe that while this is a positive development for the company it is also a positive development for the sector given that it could be a precursor for other IT companies to follow suit. Most IT companies have large surplus cash on books which can be used to reward shareholders either in the form of dividends or buybacks."
12. 54 PM: Angel Broking share makes weak market debut
Angel Broking share made a weak debut on BSE and NSE today. The stock listed at a discount of 10.13% to its issue price of Rs 306 per equity share on BSE today. The share opened at Rs 275 causing investors loss of Rs 31 or 10.13% compared to IPO price band of Rs 338 to Rs 340 per share. The stock fell 16.33% to intra day low of Rs 256 on BSE.
12. 40 AM: Market update
Market indices traded on a bullish note on Monday, amid positive global equities. SGX Nifty was rising 190 points higher, indicating positive trend in domestic grounds today. The 30-share benchmark rose 390 points higher to 39,086 and Nifty gained by 96 points to 11,515.
12. 39 AM: Dollar index
The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 93.72. The dollar index was down 0.1% against the basket of six currencies amid negotiations over a new US coronavirus relief aid bill and post news of Trump testing positive for Covid-19.
12. 25 PM: Hero MotoCorp update
Amarjeet Maurya- AVP - Mid Caps, Angel Broking said,"Hero MotoCorp has ~66% market share in 75-125CC motorcycle, which contributes 89% of company's revenue. In the month of September 20, the company reported strong ~17% volume growth and the company's products having good traction in rural pockets. Further, expected reduction in the GST rate would boost the revenue for the company. Going forward, we expect healthy growth on the back of a strong brand, wide distribution network and new product launches. We are positive on stock with a buy rating."
12. 10 PM: Coronavirus toll
Worldwide, there were 354 lakh confirmed cases and 10.41 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 66-lakh mark and the death toll from COVID-19 infections rose to 10.2 lakh, as of today.
11.53 AM: Cement Industry
Keshav Lahoti - Associate Equity Analyst, Angel Broking said,"As per core industries data, cement production declined by 14.6% in August, 2020 over August, 2019. Its cumulative index declined by 29.1% during April to August, 2020-21 over the corresponding period of previous year. The cement industry demand is slowly improving from the disruption created from covid-19 due to pent up demand and improved rural demand. In the coming days due to relaxation of lockdown measures, we expect improved demand of cement from the urban market and infrastructure. Although sales volume of cement is declining, margins are not a worry due to pricing discipline and reduction in cost. We prefer UltraTech Cement in large cap space and JK Lakshmi Cement in midcap cement space."
11. 39 AM: Global markets
Global markets, including US stock futures were gaining momentum fllowing news that from White House on Trump's improving healthand rose on expectations that Trump will leave hospital soon.
11. 25 AM: Metropolis Healthcare results
Keshav Lahoti - Associate Equity Analyst, Angel Broking said,"Metropolis Healthcare has achieved the highest ever quarterly revenue in Q2FY21. The revenue for Q2FY21 has nearly doubled from Q1FY21 and has grown by 25% from Q2FY20 levels. In September 2020, revenue growth stood at 40% as compared to September 2019 due to an increase in COVID testing month over month and improving non-COVID business performance. The Company has reached 85% of last year levels in Q2FY21 for non-COVID business and in comparison to 71% in Q1FY21. In September 2020, the Company has achieved normalcy in non-Covid business compared to September 2019. With scale-up of non-COVID business, sustained cost management measures as well as operating leverage on-account of significant uptick in revenue, the EBITDA margins in Q2FY21 have improved over Q2FY20. We are positive on the long term prospects of the sector as well as on the Company, we have a buy recommendation on the stock with a target price of Rs.2156."
11. 12PM: Tata Motors sales
. Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"Tata Motors has reported a 37% YoY increase in domestic sales for the month of September 2020 to 44,444 units. PV sales for the month of August was up by 163% YoY to 21,199 units largely due to low base of last year as the company had cut production significantly post the NBFC crisis. CV sales were down by 11% YoY to 24,910 units with domestic sales down by 4% YoY to 23,245 units while exports contracted by 56.0% YoY to 1,665 units. In the CV segment SUV cargo and pickup remained the bright spot and reported a growth of 7% YoY to 14,522 units. The numbers for September reflect strong sequential growth MoM for the company due to improvement in supply chains and normalization of the economy as lockdowns were eased further post unlock 4.0."
10. 57 AM:Likhitha Infrastructure IPO:
Keshav Lahoti - Associate Equity Analyst, Angel Broking said,"Likhitha Infrastructure IPO issue date has been extended and it will now close on October 7. According to an update in NSE, price band has also been revised from 117/- to Rs. 120/- To Rs. 116/- to Rs. 120/- per share. There is a reduction of Rs. 1 on the lower price band. Till now, the issue has been subscribed by 8.43 times. Retail portion received an overwhelming response by getting subscribed by 21.13 times. NII also is subscribed by 8.43 times. Although QIB is not fully subscribed, it is subscribed by j0.45 times. Considering the small issue size, investors can miss this IPO."
10. 45 AM: UTI AMC IPO
Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said," UTI AMC IPO got a subdued response, investor might have concerned about the recent outflow of AUM and subdued response for SIP of the Mutual fund Industry. UTI AMC subscribed 2.31 times on the third day. The retail portion subscribed 2.32 times, QIB 3.34times. However, UTI AMC has the potential to regain its market share and increase return ratio. FY20 profitability was a bit compressed largely owing to a) Decline in management fees of about Rs 52cr due to issues in the debt mutual fund business. b) In some of the high-yield fixed-income funds, fresh subscriptions were stopped and exit load was reduced. C)Marked-to-market (MTM) loss on treasury investments. Board has approved a higher dividend polity which will also help to some extent improve the return ratio. UTI AMC has a well-diversified and strong presence in b 30 cities, where SEBI has allowed to charge additional 30 bps and these inflows are sticky. The company has penetrated well into in the B30 cities as its 250+ development officers and Chief Agents are based in B30 cities. The 24% of its overall AUM in B30 geographies, UTI has the highest concentration in B30 markets among the Top 10 AMCs. UTI AMC has launched its IPO at discount compared to listed peers."
10. 34 AM: Market outlook
At markets opening session today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"On Thursday, we went past 11350 and even closed above it - this was an important juncture for the markets. It now signals that we are in bullish territory and should be headed to higher levels of 11600 and then 11800. The support for the Nifty is at 11300. Until that does not break, we can accumulate on every dip.
10. 26 AM: Unlock 5.0
Domestic markets also traded buoyed today backed by announcement that by the Ministry of Home Affairs (MHA), on Unlock 5.0 guidelines, further relaxing curbs on activities outside of containment zones. Under this set of guidelines, cinemas, theatres, multiplexes have been permitted to open with 50% seating from October 15
10. 12AM: Stocks to watch today on October 5
Angel Broking, RIL, TCS, NMDC, Dr Reddy's among others are the top stocks to watch out for in Monday's trading session
10.08 AM:Covid-19 vaccine
Moderna's experimental Covid-19 vaccine appears safe and shows signs of working in older adults, according to study results published in the New England Journal of Medicine. However, as per reports Moderna's vaccine won't be ready before the November election.
9. 54 AM: Angel Broking listing todau
Angel Broking shares are expected to be listed on Monday at a discount of 6-7 per cent to the issue price of Rs 306 on exchanges. The initial public offering (IPO) of the brokerage was sold from September 22 to 24. The issue received bids for 5,42,64,854 shares against 1,37,70,491 shares on offer, translating into 3.94 times subscription. Category meant for qualified institutional buyers was subscribed 5.74 times, non institutional institutional investors 69 and retail individual investors 4.31 times. The IPO was of a fresh issue of Rs 300 crore and an offer for sale of Rs 300 crore.
9. 43 AM: Nifty technical
A per Reliance Smart money, NSE-NIFTY ended holiday truncated week on a positive note, where the index managed to recover partial loss of previous week. In the last week, the index lost once out of four trading sessions and reported rise of 3.3%. On Thursday, the index jumped above its short-term resistance zone on back of positive global cues and regained 11,400 mark. Its key technical indicators are positively poised. The index has potential to test 11,618 and 11,794 levels in the short-term. In case of decline, the index will initially find support at 11,073 level and then at 10,743 mark, which coincides with its recent positive gap and with its long-term moving average 200-day SMA, respectively.
As for the day, support is placed at around 11,366 and then at 11,316 levels, while resistance is observed at 11,448 and then at 11,479 levels.
9.34 AM: Global markets
Overseas, Asian stocks were trading higher on Monday as investors watched for developments on US President Donald Trump's health after he tested positive for the coronavirus last week. In US, stocks closed lower on Friday following news that US President Donald Trump tested positive for COVID-19.
Markets in China are closedwitn negative nias Monday due to holiday.
9. 20 AM: Opening session
Sensex and Nifty opened on a bullish note on Monday, amid positive global equities. SGX Nifty was rising 120 points higher, indicating positive trend in domestic grounds today. The 30-share benchmark rose 390 points higher to 39,086 and Nifty gained by 96 points to 11,515.
9. 14 AM: Rupee outlook
Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said, "We are expecting the rupee to trade with a slight appreciation bias in the near-term, given the persistent dollar inflows in the domestic market and a healthy current account surplus. The market will be watching developments around the next round of U.S. fiscal stimulus packages, without which the upbeat risk appetite may not be able to sustain for very long."
9. 09 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 1,632.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 259.46 crore in the Indian equity market on 1 October 2020, provisional data showed.
8. 54 AM: Market outlook
Vinod Nair, Head of Research at Geojit Financial Services said,"The announcement of Unlock 5.0 guidelines gave the markets a temporary boost, and benchmark indices closed up by more than 1.5%. Positive data indicating resumption and expansion in the pace of the country's factory output also supported the markets. Global indices were also positive on renewed hopes of a US stimulus package which can also ensure continued liquidity for emerging markets like India."
He added, "Rising cases of infections, seemingly high valuations and geopolitical tensions are still causes for worry for the markets. Next week cues will again mainly depend on how global markets close out this week."
8. 40 AM: Rupee closing
On the currency front, the Indian rupee strengthened by 63 paise and closed for the day at 73.13 per dollar on Thursday, as positive domestic equities and weak American currency buoyed investor sentiments. Earlier the currency index opened at 73.60 per dollar at the interbank forex market, over its previous close of 73.76 per dollar.
8. 30 AM: Closing on Friday
Market indices extended gains for the second consecutive day and closed higher amid positive global equities. Sensex gained 629 points to 38,697 and Nifty ended 169 points higher to 11,416.
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