Sensex Today: Indices end flat as market witnesses profit-booking post 2 days of rally

Sensex Today: Equity markets are expected to open on a positive note on account strong domestic and global cues. A slew of factors like corporate tax cut, stable oil price, FIIs buying and fall in USDINR will boost the sentiments.

Sensex Today: Equity markets  are expected to open marginally higher on Tuesday, ahead of September expiry, positive global equities and strong domestic cues. The benchmark indices started the day's trade on a flat to positive note, with Sensex reclaiming its ground above 39,000 mark and Nifty50 back above 11,000 level. The bullish rally has continued for the third consecutive session owing to a slew of factors like corporate tax cut, stable oil price, FII buying and fall in USDINR.

 

In Singaporean Exchange, SGX Nifty is up 85 points or 0.8%. Elsewhere in Asia, markets opened on a positive note. Nikkei, Hong Kong Index gained on the hope of reduced trade tensions between US-China.

On the Wall Street, US Dow Futures is up 100 points or 0.4%. US stocks closed flat with global equities on a cautious footing.

European stocks closed lower as Germany reported 11-month low August manufacturing data. For domestic markets, there expectations of further short-covering ahead of September F&O expiry on Thursday.

Sensex Today: Sensex has started the day 100 points higher at 39,190 and Nifty opened on Tuesday's trading session at 11,620 level, trading 22 points higher to its previous close. The benchmark indices started the day's trade on positive note, with Sensex reclaiming its ground above 39,000 mark and Nifty50 back above 11,000 level. The bullish rally has continued for the third consecutive session owing to a slew of factors like corporate tax cut, stable oil price, FII buying and fall in USDINR.

 

Net investment of equity and debt reported by foreign portfolio investors (FPIs) has turned bullish post the slew of measures announced by the govt, with net buying logged at 2,684.05 crore from Indian equities and domestic institutional investors (DIIs) bought Rs 291.95 crore on Monday.



 

A PTI report suggested FPIs have withdrawn Rs 4,193 crore from capital markets in September so far.

The Centre on Friday slashed corporate tax rates by around 10 percentage points and said the enhanced tax surcharge will not to apply on capital gains arising from sale of any security including derivatives in the hands of FPIs.

Prior to this, FPIs had pulled out a net Rs 5,920.02 crore in August and Rs 2,985.88 crore in July from the domestic capital markets (both equity and debt).

The rupee appreciated by 22 paise to 70.72 against the US dollar on Tuesday as foreign fund inflows and easing crude oil prices enthused investors. The rupee appreciated 15 paise against its previous close to 70.79 in the morning session.

At the interbank foreign exchange, the rupee opened at 70.72, registering a rise of 22 paise over its previous close. Rupee had settled at 70.94 against the US dollar on Monday. The domestic unit however pared some initial gains and was trading at 70.79 against the US dollar at 1010 hrs.

Forex traders said fresh foreign fund inflows, higher opening in domestic equities and easing crude oil prices supported the rupee.

Rupee vs Dollar: Rupee rises to 70.72 against USD amid foreign fund inflows, easing crude oil prices

 

Top gainers in the Sensex pack in early trade included RIL, Infosys, Sun Pharma, TCS, Tata Motors, tech Mahindra, Maruti, Vedanta, ONGC, HCL Tech and M&M, rising up to 3 per cent.

On the other hand, Bajaj Finance, Yes Bank, Asian Paints, Hero MotoCorp, L&T, HDFC Bank, Kotak Bank and Bajaj Auto fell up to 2 per cent.

As per PTI report, the government's big fiscal stimulus has lifted market sentiment as it is expected to revive growth and capex cycle, said Suveer Chainani, CEO - Institutional Clients Group, Emkay Global Financial Services.  The negative impact of higher fiscal deficit should be mitigated as foreign fund flows should help lift balance of payments, he added.  Strong foreign fund inflow too buoyed market mood here, traders said.

 

In respect of its ongoing proposal on debt restructuring and formulation of a resolution plan ('Resolution Plan') under the Reserve Bank of India's Prudential Framework for Resolution of Stressed Assets dated 7 June 2019, the . Dewan Housing Finance Corporation Ltd informed the bouses that it is been undertaking extensive discussions with its lenders.

The housing lender's regulatory filing stated,"Company will be holding a meeting on Wednesday, 25th September 2019 with its bank lenders to discuss the draft Resolution Plan. A further meeting will also be held on Friday, 27th September 2019 by the Company with all its institutional creditors in connection with the draft Resolution Plan."

The DHFL stock price opened with a gain of 6.68% today and has gained 7.16%% to touch an intraday high of Rs 44.9 on BSE.

India's biggest automaker, Maruti Suzuki India Ltd, expects sales of its cars in September to be higher than the previous month, its Chairman RC Bhargava told on Monday. He said that very high sales are expected on September 29 and 30.

"We expect that retail sales in September would witness an improvement over August," Bhargava said to news agency Reuters. "The booking levels have gone up substantially compared to last month, and the expectation is that the 29th and 30th of this month will probably witness very high retail sales," he added.

September 29th marks the beginning of the 9-day Navaratri festival, which typically witnesses an uptick in sales.

Maruti Suzuki stock price opened at a gain of 0.14% today and later the stock rose 4.12% higher to the day's high of Rs 7183.75 on BSE. 

'Sales in September to be higher than in August,' says Maruti Suzuki Chairman RC Bhargava

Aurobindo Pharma stock price fell nearly 4% and touched an intraday low of Rs 589.5 o nBSE, as market regulator SEBI imposed a total penalty of over Rs 22 crore on  on Monday, its promoter PV Ramprasad Reddy, his wife P Suneela Rani and other connected entities for violating insider trading norms.

 

Sensex Today: Equity markets after trading positively for two straight sessions pared initial gains to trade lower on Tuesday. Sensex is still holding on to the 39,000 level, registering a decline of 67 points, and Nifty50 trading 22 points lower at 11,570 mark.


On the sectoral front, while buying interest in IT, media, energy and pharma indices provided mild support to cap the losses, high selling pressure in infra, banking and financial services and realty stocks dragged index down.

Shares of Thomas Cook India Ltd extended losses for the second straight session to hit a month's low on Tuesday, despite the firm clarifying to the exchanges that it is not a part of Thomas Cook UK.

In the compay's press release dated September 23, 2019 titled, 'Thomas Cook India reiterates that there is no impact due to Thomas Cook PLC collapse in the UK', the firm explains how
Thomas Cook India Group is a completely separate entity from Thomas Cook PLC since August 2012 when it was acquired by Fairfax Financial Holdings (Fairfax), a Canada based multinational with varied interests across the globe as well as in India.

Despite clarifying on the exchanges, the share price of Thomas cook fell over 12% to its intarday low of Rs 135.05, also its motnhs' low, against the last closing price of Rs 153.65 on the BSE.

Thomas Cook India shares fall 12% despite clarification on bankruptcy

 

Biocon Ltd. announced on Tuesday that its subsidiary Biocon Biologics acquired R&D capital assets for a 60,000 sq. ft. state-of-the-art 'bench to pilot scale' Biologics research facility at TICEL Bio Park in Chennai, India.

Biocon Biologics has acquired these assets from Pfizer Healthcare India Ltd. 

Sensex Today: Equity indices are trading flat and have turned volatile on the afternoon session of Tuesday, ahead on Septermber expiry scheduled on Thursday, 26 September, 2019. As per traders, equity markets are witnessing profit booking and consolidatation after two days of massive rally.

Analysts said there was some caution in the market, with a slowing global economy in focus. Poor business activity readings from the euro zone deepened fears of a recession, suggesting more stimulus was required.

Equity indices closed little changed after Tuesday's volatile tarding session. As of 1600 IST, Sensex traded 7 points higher at 39,097 level and Nifty is declining 12 points lower at 11,558 mark.

 Equity indices continued its bullish rally for the second consecutive session on Monday, with Sensex closing 1,075 points higher at 39,090 and Nifty trading 329 points higher at 11,603 level. Sensex made an intraday high of  39,441.12 and Nifty has reached 11,694.85 level in today's trade. Overall 16 out of 30 stocks on Sensex and 32 out of 50 stocks on Nifty50, ended the day's trade on the green.

Sensex ends 1,075 points higher, Nifty at 11,600; banking, capital goods stocks lead gains