Sensex, Nifty Highlights on September 2: After a volatile trading session, Sensex and Nifty reversed trend and ended on a bullsih note on Wednesday, led by positive global cues. Sensex ended 185 points higher at 39,086 and Nifty gained by 64 points to 11,535. Yesterday, Sensex ended 272 points higher at 38,900 and Nifty gained 82 points to close at 11,470. Meanwhile, April-June quarterly earnings announcements by Coal India, Arvind Fashions, Bannari Amman Sugars, Dish TV India, Infibeam Avenues, Jubilant FoodWorks also kept the tone for the stock market bullish today.
Here's a look at the updates of the market action on BSE and NSE today:
3. 45 PM: Closing
After a volatile trading session, Sensex and Nifty reversed trend and ended on a bullsih note on Wednesday, led by positive global cues. Sensex ended 185 points higher at 39,086 and Nifty gained by 64 points to 11,535. Yesterday, Sensex ended 272 points higher at 38,900 and Nifty gained 82 points to close at 11,470.
3. 30 PM: Top gainers and losers
UltraTech Cement, Adani Ports, Coal India, RIL, ONGC, Tech Mahindra, Tata Steel, ITC, Reliance Industries and Infosys were among the top gainers. On the other hand, SBI, Bajaj Auto, HDFC, Kotak Bank and Titan were the top laggards today.
3. 23 PM: Sectors update
On the sectoral front, except PSU Banks and financials, all the other indices closed bullish, with over 3.5% gains in media and over 1% gain in metals and IT scrips.
3. 13 PM: PMI data
Commenting on PMI data, Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"Indian manufacturing PMI for August came in at 52 up from a reading of 46 in July. The manufacturing PMI numbers continue to point to improvement in the economy. This is also corroborated by the Auto sales numbers for the month of August as most OEMs have continued to report sequential improvement in sales numbers. We expect the economic recovery to continue given pent up demand, inventory push prior to the festive season coupled with further opening of the services sector."
3.08 PM: Market turns green
In a volatile trading session, Sensex and Nifty reversed trend and traded on a bullsih note on Wednesday, led by positive global cues. Sensex was trading 173 points higher at 39,075 and Nifty gained by 73 points to 11,544.
2. 56 PM: Nifty outlook
Geojit Finanicial in its note said," Nifty successfully managed to defend the crucial support of 11325. Since, Monday's correction is the profit booking move of a strong Bull Run, markets have still not distorted their structure. So, as long as 11325 is defended, the momentum traders would still have some hopes of a recovery. If any weakness has to trigger, it will happen only after breaking this crucial point. However on the higher side, we do not expect Nifty surpassing Monday's high soon. Meanwhile, it would be a daunting task for the Nifty to surpass the sturdy wall of 11550-11650. "
2. 45 PM: Bajaj Auto sales update
Commenting on Bajaj Auto sales figures,Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"Bajaj Auto reported better than expected monthly sales numbers for the month of August 2020. We expect the domestic two wheeler segment will continue to do well driven by pent up demand and inventory push while exports are also expected to improve from current levels. In the commercial vehicles space we expect exports to normalize very soon while domestic sales will improve only gradually as restrictions are eased in India."
2. 34 PM: NMDC result update
Commenting on NMDC quarter results, Jyoti Roy, DVP- Equity Strategist, Angel Broking said," NMDC reported strong growth in production and sales for the month of August 2020 driven by increased demand from steel companies as domestic steel production continues to improve. Production was up 14.9% YoY to 1.62mn tonne while sales was up by 20.1% YoY to 1.79mn tonnes. We believe that this will be sentimentally positive for NMDC in the short term though international iron ore prices are key monitorable as they rallied above USD 100 /tonne due to increased demand from chinese millers along with reduced supply from Brazil due outbreak of Covid-19. Any fall in Iron ore prices could be negative for NMDC."
2. 28 PM: TVS Motor sales update
Commenting on TVS Motor sales figures,Jyoti Roy, DVP- Equity Strategist, Angel Broking said,"TVS Motor Company reported total sales of 287,398 units in August 2020 down by 1.0% YoY. We expect the two wheeler segment will continue to do well going forward driven by pent up demand and inventory push prior to the festive season though the three wheeler segment may take longer to recover."
2. 16 PM: ONGC share jumps 3%
Shares of state-owned Oil and Natural Gas Corp (ONGC) was trading nearly 3% higher in Tuesday's session a day after the company announced its April-June quarter earnings. Consolidated net profit of Rs 1,090 crore in April-June quarter was 84.7% lower than Rs 1,090 crore net profit in the corresponding quarter previous year.
Following Q1 earnings, shares of ONGC opened at Rs 81 and later touched an intraday high of Rs 81.70, rising 2.97% on BSE against previous close of Rs 79.35.
1.58 PM: Coal India share rises 3%
Coal India share price rose 3% in trade today after government said the state-owned miner would pump in over Rs 1.22 lakh crore on projects related to coal evacuation, exploration and clean coal technologies by 2023-24, to achieve 1 billion tonne of fuel output target. The firm will also report its earnings for quarter ended June today.
1. 36 PM: Market turns muted
In a volatile trading session, Sensex and Nifty were trading marginally lower on Wednesday,led by weak global cues. Heightened tensions at India's disputed border with China also kept market muted today. Sensex was trading 73 points lower at 38,826 and Nifty fell by 1 point to 11,469.
1. 21 PM: ONGC Q1 results
Expressing views on ONGC Q1 results, Jyoti Roy DVP- Equity Strategist, Angel Broking said,"
During the quarter while there was no major loss of production numbers were adversely impacted due to sharp drop in realizations. However the refining and marketing division did well for the company, largely on the back of inventory gains. We expect the E&P business to report improved profitability in Q2 though we expect refining & marketing margins to come under pressure due to lack of inventory gains."
1. 11 PM: Coal India sales
Expressing views on Coal India sales, Jyoti Roy DVP- Equity Strategist, Angel Broking said," Coal India reported strong growth in production and sales for the month of August 2020 driven by pent up demand. Production was up 7.1% YoY to 37.17mn tonne while offtake was up by 9.3% YoY to 44.34mn tonnes. We believe that this will be sentimentally positive for Cola india in the short term though key to rerating for the stock will be sustained increase in production along with increase in global coal prices which have been under pressure over past few years."
12. 43 PM: Rupee slips 25 paise to 73.12per dollar
Indian rupee, the domestic currency depreciated 25 paise to 73.12 against the US dollar in opening trade on Wednesday tracking muted domestic equities and strengthening American currency.
The rupee opened on a weak note at 73.10 at the interbank forex market, then fell further to 73.12, registering a fall of 25 paise over its last close of 72.86 per dollar.
On Tuesday, rupee had rallied 73 paise to breach the 72-mark per dollar, supported by liquidity-boosting measures announced by the RBI.
12. 34 PM: Oil prices today
Brent crude futures, the global oil benchmark, rose 0.72 per cent to USD 45.91 per barrel. Oil price moved higher on the back of better US manufacturing activity data giving hopes for an economic recovery.
12. 22 PM: Global markets
Asian markets were trading mixed despite gains made in US markets overnight, aid rising uS- Chian tensions.Stocks in Wall Street closed higher led by technology shares and as investors turned optimistic on better than expected manufacturing data in the US. European markets had closed mixed as investors digested economic data coming out of Euro zone and China.
12. 16 PM: Top losers and gainers
SBI, Bajaj Auto, HDFC, Kotak Bank and Titan were the top laggards today. On the other hand, UltraTech Cement, followed by ONGC, Tech Mahindra, Tata Steel, ITC, Reliance Industries and Infosys were among the top gainers.
12.08 PM: Market turns muted
Sensex and Nifty were trading marginally lower on Wednesday, amid high volatility led by weak global cues. Heightened tensions at India's disputed border with China also kept market muted today. Sensex was trading 17 points lower at 38,883 and Nifty fell by 13 points to 11,456.
11. 59 AM: Gold, Silver prices in India on September 2
Gold price fell after three straight sessions of gains in Indian as well as international commodity markets on Wednesday. Prices of gold and silver fell as solid economic data in the US helped lifting the dollar.
On the Multi-Commodity Exchange, Gold October Futures fell by Rs 250 at Rs 51,250, after hitting an intraday low of Rs 51,220 against the previous close of Rs 51,502 per 10 gm. MCX gold futures currently trade almost Rs 4,976 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.
11. 43 AM: Advance-decline ratio improves in August
The advance-decline ratio (ADR) which compares the number of shares that advanced to those that ended lower over their previous day's close has inched up to 1.3 in August compared to 1.03 in July. The Sensex delivered returns of 2.7 per cent and 7.7 per cent, respectively, during the period. The market capitalisation of all BSE-listed stocks jumped 4.3 per cent from Rs 147.4 lakh crore to Rs 153.8 lakh crore last month against a 6 per cent gain in July.
11. 34 AM: Vodafone share gains 13%
Vodafone Idea share rose 13% in early trade today after the telco said its board would hold a meeting on September 4 to finalise plan to raise funds. Bharti Airtel and Vodafone Idea are likely to hike tariffs for voice and data services after the Supreme Court asked telcos to pay 10 percent of their AGR dues within the next seven months. This also led to positive sentiment around the stock.
11. 20 AM: Bajaj Auto share slips nearly 2%
Bajaj Auto share slipped in early trade today after the automaker said sales in August fell 9%. The stock has lost 5.11% in the last 5 days. The large cap share slipped 1.62% to Rs 2,910 against previous close of Rs 2,958 on BSE. Total 8188 shares changed hands amounting to turnover of Rs 2.41 crore.
11. 12 AM: Coronavirus Toll
Worldwide, there were 259 lakh confirmed cases and 8.61 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 66,460 and total coronavirus cases to 37.69 lakh as of Wednesday
11. 01 AM: Dollar index
The dollar rose from two-year lows as investors were optimistic about better-than-expected data of US manufacturing sector.
10. 54 AM: Rising US-China tensions
The US Trade Representative's office said it has reportedly extended China tariff exclusions for a wide range of goods through the end of 2020, rather than renewing the previous one-year extension. In a Federal Register notice, USTR said the extensions were applied to products excluded from its 7.5% "Section 301" tariffs imposed a year ago on some $300 billion worth of Chinese goods.
10. 46 AM: Gold outlook
Anuj Gupta, DVP, Commodities and currency, Angel Broking," The US Dollar recovered as US factory activities strengthened in August'20 which might weigh on the gold prices. As of today, traders can go for sell in gold at Rs 51,700 levels with the stop loss of Rs 52,150 levels for the target of 51,000 levels. They can also go for sell in Silver at Rs 71,000 levels, with the stop loss of 72,500 levels and for the target of 67,000 levels. In the Bullion index 'Bulldex' traders can also go for sell at 16300 with the stop loss of 16550 and for the target of 16000."
10. 35 AM: Market update
Sensex and Nifty were trading lower on Wednesday, amid high volatility led by weak global cues. Heightened tensions at India's disputed border with China also kept market muted today. Sensex was trading 150 points lower at 38,746 and Nifty fell by 36 points to 11,434.
10. 17 AM: Market outlook
On opening session today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have respected the 11300 support and run up to test 11500. The important level to watch out for is 11600 - we need to close above that level. Thereafter we could target 11800. On the flip side until 11300 does not break, we have no reason to worry."
10. 09 AM: Global markets
Overseas, Asian stocks that opened higher encouraged by buoyant US moves gave up early gains and turned red on rising US china tensions.
In US, the S&P500 and the Nasdaq hit new highs yesterday on better-than-expected data on US manufacturing sector data gave optimism about economic recovery.
9. 59 AM: Nifty technical
As per geojit Financials, 11550 held the upside attempts yesterday on anticipated lines. The repeated downside attacks has forced the immediate downside consolidation range to shift lower to 11400-11300. While a close above 11630 is still awaited before the playing the upmove again, it will not be a surprise if Nifty edges lower systematically, over the next few days to 11060 or 10800s, before attempting the 12100 move.
9.47 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 486.09 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 775.23 crore in the Indian equity market on 1 September, provisional data showed.
9. 34 AM: GST Collections
Goods and Services tax (GST) collection for the month of August stood at Rs 86,449 crore, slightly less than Rs 87,422 crore collected in July, the government said on September 1. GST collection for the month of August last year stood at Rs 98,202 crore.
9. 23 AM: Opening session
Sensex and Nifty were trading marginally lower on Wednesday, amid high volatility led by weak global cues. Sensex was trading 17 points lower at 38,883 and Nifty fell by 13 points to 11,456.
9. 15 AM: Earnings Today
Coal India, Arvind Fashions, Bannari Amman Sugars, Dish TV India, Infibeam Avenues, Jubilant FoodWorks, Kernex Microsystems, Navkar Corporation, Sadbhav Engineering, Sandur Manganese, Satin Creditcare Network among others will report Q1 results today.
9. 10 AM: Technical Insights
Yesterday, the 50 stock barometer Nifty crossed major resistance placed near 11,400 mark and closed at 11,470, while Sensex, the 30 scrip index on BSE ended at 38,900, after hitting 39,226 earlier in the session.
9.00 AM: Stocks to watch today on September 2
ONGC, Infosys, Yes Bank, Adani Green, Indian Oil among others are the top stocks to watch out for in Wednesday's trading session.
8. 50 AM: Nifty outlook for today
AS per RSL Research, NSE-NIFTY respected its 20-day EMA for straight second trading session in a row and formed bullish harami cross pattern on the daily chart. Due to recent pullback in the index, its key technical indicators on the near-term timeframe chart turned neutral. We believe the index will oscillate between 11,326 and 11,794 levels before a directional move. In case of breakdown, the index will initially find support at 11,111 mark and then at 10,815 level, which coincides with its recent swing low and its 200-day SMA, respectively.
As for the day, support is placed at around 11,380 and then at 11,290 levels, while resistance is observed at 11,547 and then at 11,623 levels.
8. 40 AM: Nifty outlook
Commenting on Nifty near term technicals, Aamar Deo Singh, Head Advisory, Angel Broking said, "Nifty has crucial support seen around 11,300 levels whereas immediate resistance for the Index is seen around 11,600 levels. Sustaining above that is every essential for any meaningful upside to materialize in the coming days."
8. 30 Closing on Tuesday
After a volatile trading session, domestic equity benchmarks - Sensex and Nifty - ended on a bullish note on Tuesday, amid mixed global cues. Recovering from a 2% fall on Monday, Sensex ended 272 points higher at 38,900 and Nifty gained 82 points to close at 11,470.
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