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Sensex closes 514 pts higher, Nifty above 17,234; IT, FMCG, realty top gainers

Market Closing: Indian indices closed over 0.90% on Thursday. (MINT_PRINT)Premium
Market Closing: Indian indices closed over 0.90% on Thursday. (MINT_PRINT)

Market Closing: The Sensex closed at 57,852.54, up 514.33 points, or 0.90%, while Nifty closed at 17,234.15, up 157.90 points, or 0.92%. Auto, PSU Bank stocks were top drags

Sensex, Nifty closed over 0.90% on Thursday. In Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red. Equities in Europe were largely trading with gains in mid-session deals. 

02 Sep 2021, 04:05:56 PM IST

Rupee edges 2 paise higher at 73.06 against US dollar

The Indian rupee settled with a marginal gain of 2 paise at 73.06 (provisional) against the US dollar on Thursday despite a sustained rally in domestic equities. At the interbank forex market, the local unit opened at 73.04 against the greenback and witnessed an intra-day high of 72.96 and a low of 73.13. It finally ended at 73.06 against the American currency, registering a gain of just 2 paise over its previous close. On Wednesday, the rupee had settled at 73.08 against the US dollar.

02 Sep 2021, 03:58:01 PM IST

Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

“Nifty made a new all time high of 17,245 and gave a closing around the same level. This is a strong bullish sign. Today Nifty closed at 17,234 up by 155 points. Nifty is now headed for 17,275 and 17,310 in the coming few trading sessions.17,150 and 17,060 will act as strong support levels for Nifty. Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 16,900 levels."

02 Sep 2021, 03:56:33 PM IST

Narendra Solanki, head- equity research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance

“Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye U.S. jobs data. During the afternoon session markets added to the gains on the back of sustained buying activities by traders. Adding to the already positive sentiments a private report penning that the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Investors also cheered with RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion."

02 Sep 2021, 03:48:18 PM IST

Market closing

The Sensex closed at 57,852.54, up 514.33 points, or 0.90%, while Nifty closed at 17,234.15, up 157.90 points, or 0.92%. Auto, PSU Bank stocks were top drags. TCS, HUL, Kotak Mahindra Bank, and 18 other stocks closed in green, while M&M, Bajaj Auto, Bajaj Finserv, and six others closed in red.

Sensex at close
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Sensex at close
02 Sep 2021, 03:30:30 PM IST

Bitcoin breaks back above $50,000 in crypto rally

Bitcoin broached the key $50,000 level once again as the wider cryptocurrency market continued its rally. The largest cryptocurrency rose as high as $50,363 on Monday, having briefly surpassed $50,000 on Aug. 23 as well -- a level it hadn’t hit since mid-May. Ether, the second-largest crypto, rose as much as 3% to $3,843, continuing a strong run after its London upgrade early last month.

02 Sep 2021, 03:29:04 PM IST

Supply to power plants carrying stock of 0-6 days prioritised: Coal India

State-owned CIL on Thursday said it has launched a multi-pronged effort to help build up coal stocks at power plants, and stressed that supply to the electricity units carrying stock of zero to six days has been prioritised by preparing a contingency supply plan to increase their stock. The statement assumes in the wake of the country's power stations grappling with depleting stocks at their end.

02 Sep 2021, 03:26:30 PM IST

PhonePe makes transaction data transparent, launches PhonePe Pulse

Payments and financial services company, PhonePe, on Thursday announced the launch of PhonePe Pulse, an interactive geospatial website, which provides insights and granular data on digital payment trends in India. At present, the data on the platform is from the PhonePe’s network, which currently owns 45% market share in India’s unified payments interface (UPI) landscape. (Read more)

02 Sep 2021, 03:12:22 PM IST

NTPC REL gets LoA for developing 325 MW in Madhya Pradesh's Shajapur solar park

NTPC Renewable Energy Ltd (NTPC REL) has received the letter of award (LoA) for developing 325 MW projects in Madhya Pradesh’s Shajapur solar park, the company said in a statement. This comes in the backdrop of NTPC preparing for initial public offerings (IPOs) of its clean energy subsidiaries NTPC REL and NTPC Vidyut Vyapar Nigam Ltd (NVVN). (Read more)

02 Sep 2021, 03:12:22 PM IST

Indian Oil lists foreign currency bonds on IFSC exchanges

Indian Oil listed has listed its foreign currency bonds on IFSC (International Financial Services Centre) exchanges at Gujarat International Finance Tec-City (GIFT). "We are extremely delighted to be here on the momentous occasion of the listing ceremony of $1.4 billion and SG$400 million on NSE IFSC and India INX exchanges," Indian Oil Director- Finance Sandeep Kumar Gupta was quoted as saying in a statement issued by NSE IFSC on Thursday. According to him, the advent of IFSC at Gift City has provided an opportunity for Indian companies to access offshore funds within India. These bonds were listed on the global securities market platform of India International Exchange (India INX) and debt securities market platform of NSE International Exchange (NSE IFSC).

02 Sep 2021, 03:04:15 PM IST

Varun Beverages, Marico, Jubilant surge

Nifty FMCG index
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Nifty FMCG index
02 Sep 2021, 03:01:55 PM IST

Cipla, Aurobindo pharma drive gains

Nifty Pharma index
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Nifty Pharma index
02 Sep 2021, 02:59:45 PM IST

Mindtree, TCS surge

Nifty IT index
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Nifty IT index
02 Sep 2021, 02:56:03 PM IST

Sensex heatmap

TCS, HUL, UltraTech top gainers
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TCS, HUL, UltraTech top gainers
02 Sep 2021, 02:54:07 PM IST

HDFC Life eyes $1 bn fundraise: report

02 Sep 2021, 02:31:28 PM IST

L&T Infotech trading at 52-week high

L&T Infotech
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L&T Infotech
02 Sep 2021, 02:22:38 PM IST

Tata Realty and Infra acquires TRIL IT4 Pvt. Ltd

Tata Realty & Infrastructure Ltd. has acquired the entire equity share held by Actis TREIT in TRIL IT4 Pvt. Ltd now called Intellion Square, Goregaon, Mumbai (TRIL IT4) in an all-cash deal, the company said today. A securities purchase agreement was executed between all the parties. TRIL IT4 is part of a joint venture between Tata Realty and Actis that invests in and develops new generation offices in established commercial markets across India’s major cities. Post the transaction, TRIL now owns 100% stake in TRIL IT4 Private Limited, which owns and operates an IT building, located in Malad, Mumbai. TRIL IT4 is a 0.8 million sq. ft completed IT building leased to marquee tenants, largely from the technology and BFSI sectors.

02 Sep 2021, 02:07:10 PM IST

Embassy Office Parks REIT gains

Embassy Office Parks REIT was trading 365.00 each, up 1.04% at 2:01 pm. The company's board has approved the further issuance of 3,000 listed, rated, secured, redeemable, transferable, rupee denominated non-convertible debentures of face value of 10,00,000 each, totaling 3 billion, on a private placement basis.

02 Sep 2021, 01:56:26 PM IST

Adani Green gains

Adani Green stock was trading at 1,084.00 apiece, up 0.49% at 1:54 pm. The company said it has raised $750 million via 3-year notes.

02 Sep 2021, 01:46:11 PM IST

Crude oil futures rise on spot demand

Crude oil prices rose 24 to 5,017 per barrel on Thursday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the September delivery traded higher by 24, or 0.48 per cent, at 5,017 per barrel in 4,535 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil was up 0.01 per cent to USD 68.6 per barrel, while Brent crude traded 0.04 per cent higher at USD 71.62 per barrel in New York.

02 Sep 2021, 01:44:32 PM IST

Cipla top gainer; oil stocks drag 

Nifty top gainers and losers 
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Nifty top gainers and losers 
02 Sep 2021, 01:24:20 PM IST

India’s electricity demand reached 124.8 BUs in July, highest since July 2019 says India Ratings and Research

India’s electricity demand reached its highest since July 2019 to register124.8 billion units (BUs) in July this year, according to India Ratings and Research. In a reflection of revival of economic activity in the country, India’s peak electricity demand recorded an all time high of 200.57 giga watt (GW) on 7 July. The demand is currently around 192-193 GW.

02 Sep 2021, 12:52:52 PM IST

Top picks: Axis Securities

ICICI Bank, SBI, Federal Bank, Equitas Small Finance Bank, Varun Beverages, Camlin Fine Sciences, Mold-Tek Packaging, Amber Enterprises India, Minda Corporation, Steel Strips Wheels, Krishna Institute of Medical Sciences, Tech Mahindra, Bharti Airtel, HCL Technologies, Orient Cement, Ashok Leyland.

Themes: 

Earnings continue to see upgrades

Volatility continues to remain range bound, signaling the continuance of strong bull market

Quality back in focus; Opportunities in small and mid-caps continue

Earnings momentum is the key; Upgrade December NIFTY target to 17,700

02 Sep 2021, 12:40:08 PM IST

Apple hit with antitrust case in India over in-app payments issues

Apple Inc is facing an antitrust challenge in India for allegedly abusing its dominant position in the apps market by forcing developers to use its proprietary in-app purchase system, according to a source and documents seen by Reuters. The allegations are similar to a case Apple faces in the European Union, where regulators last year started an investigation into Apple's imposition of an in-app fee of 30% for distribution of paid digital content and other restrictions. The Indian case was filed by a little-known non-profit group, "Together We Fight Society" which argues Apple's fee of up to 30% hurts competition by raising costs for app developers and customers, while also acting as a barrier to market entry. (Reuters)

02 Sep 2021, 12:38:19 PM IST

Sensex heatmap

Tech Mahindra top drag
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Tech Mahindra top drag
02 Sep 2021, 12:30:58 PM IST

HUL, RIL drive Sensex gains

Index contribution
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Index contribution
02 Sep 2021, 12:25:41 PM IST

Ind Bank Housing trades lower

Ind Bank Housing’s stock was trading at 30.35 each, down 1.62% at 12:24 pm. The company has approved appointment of Infant Anto Jerald as CFO.

02 Sep 2021, 12:21:03 PM IST

ECoR loads 94.26 MT of freight from April to Aug

The East Coast Railway (ECoR) has loaded 94.26 MT of freight during the period from April to August, 2021 against 72.32 MT carried in the corresponding period of last fiscal. With this, the ECoR has loaded 21.9 MT incremental cargo during the first five months of the current financial year. This has also surpassed the loading target fixed by Railway Board which is 89.16 metric tonne (MT) from April to August, the railways said on Wednesday. (PTI)

02 Sep 2021, 12:01:14 PM IST

Amazon plans to hire 8,000 direct workforce in India this year

Amazon is planning to hire more than 8,000 direct workforce across 35 cities in the country this year across corporate, technology, customer service and operations roles, according to a top company official. "We have more than 8,000 direct job openings across 35 cities in the country, including cities like Bengaluru, Hyderabad, Chennai, Gurgaon, Mumbai, Kolkata, Noida, Amritsar, Ahmedabad, Bhopal, Coimbatore, Jaipur, Kanpur, Ludhiana, Pune, Surat.

02 Sep 2021, 11:46:18 AM IST

Just Dial gains

Just Dial's stock was trading at 988.00 apiece, up 3.12% at 11:45 am. The company's board has approved the allotment of 2.12 crore shares at 1,022.25 per share via preferential allotment to Reliance Retail Ventures, Just Dial said in a regulatory filing.

02 Sep 2021, 11:22:39 AM IST

PNB opposes sale of Jet Airways: report

Punjab National Bank has opposed the sale of Jet Airways to Kalrock-Jalan consortium, according to media reports. Court to hear PNB's plea opposing the sale.

02 Sep 2021, 10:50:17 AM IST

M&M trades lower

M&M's stock was trading at 763.65 each, down 0.84% at 10:38 am. The company has announced a 7 day production cut in its automotive division in September owing to semiconductor shortage. This may lead to a 20-25% reduction in September's automotive production volume. The 'no production days' will not affect the company's tractor and 3-wheeler businesses, the company said.

02 Sep 2021, 10:38:51 AM IST

Rupee inches 6 paise higher

02 Sep 2021, 10:25:51 AM IST

NYC mayor declares emergency over Storm Ida 

02 Sep 2021, 10:13:51 AM IST

Bank Nifty weekly strategy report: Axis Securities

Bank Nifty has seen an increase in Open Interest of 26.94% with increase in price of 2.69% indicating Long Build Up.

Nifty has seen an increase in Open Interest of 14.90% with an increase in price of 2.70% indicating Long Build Up.

Option data indicates a probable trading range of Bank Nifty for the day between 37,000 to 36,000 & that for NIfty at 16,900 to 17,200.

BANK NIFTY Strategy: PUT Spread

View: Moderately Bearish.

Rationale: - Traders could initiate this spread strategy to make modest returns with limited risk and reward. The spread suggested consists of buying one lot of 36,600 strike PUT Option and simultaneously selling one lot of 36,100 strike PUT Option.

02 Sep 2021, 10:10:31 AM IST

RIL refuses comment on reports of acquiring European solar panel maker REC

Reliance Industries has issued a clarification to exchanges about recent media reports on the potential acquisition of REC Ltd, Europe's largest solar panel maker. RIL said it is unable to comment on media speculation and rumours and it would be inappropriate on its part to do so. company's stock was trading at 2,272.00 apiece, up 0.10% at 10:10 pm.

02 Sep 2021, 10:05:02 AM IST

Active covid-19 cases in country increase to 3,89,583: govt

02 Sep 2021, 10:05:02 AM IST

Dr Reddy's Labs gains

Dr. Reddy''s Laboratories' stock was trading at 4,874.80 each, up 2.33% at 10:05 am. The company's Canada unit has announced the launch of Reddy-Lenalidomide, one of the first generic medications of its kind for the Canadian market.

02 Sep 2021, 09:47:50 AM IST

Razorpay looks to raise up to $250 mn, eyes $4 bn valuation

Fintech unicorn Razorpay is in talks with large global funds to raise $200-250 million at a valuation of around $4 billion, two people familiar with the development said. (Read more)

02 Sep 2021, 09:42:37 AM IST

KM Birla, Vodafone group CEO meet telecom minister: report

KM Birla, Vodafone group chief executive met telecom minister Ashwini Vaishnav, CNBCTV18 reported. They discussed the telecom sector's health and the need for urgent government intervention. The Centre is considering sectoral relief instead of individual relief for telcos, according to the report. Vodafone Idea's stocks was trading at 6.23, up 2.30% at 09:40 am. 

02 Sep 2021, 09:36:44 AM IST

HUL, RIL drive Sensex gains

Index contribution
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Index contribution
02 Sep 2021, 09:35:36 AM IST

Auto, realty top drags

Nifty sectoral indices
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Nifty sectoral indices
02 Sep 2021, 09:26:08 AM IST

Market opening

Sensex opened at 57,423.65, up 85.44 points, or 0.15%, while Nifty was at 17,095.40, up 19.15 points, or 0.11%. Pharma, metals surged. Realty top drag

Sensex at open
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Sensex at open
02 Sep 2021, 09:06:24 AM IST

Natco Pharma launches a generic equivalent to Revlimid (Nat-Lenalidomide Capsules) in Canadian market

02 Sep 2021, 08:46:55 AM IST

Oil inches up as petroleum report and Opec+ unity calms market

US crude futures closed modestly higher after Opec+’s relatively harmonious decision to gradually raise supply, and a bullish US oil inventory report. Futures erased intraday losses to climb 0.1% as Opec and allied partners appeared to rubber stamp a previously announced hike of 400,000 barrels a day. The drama-free meeting was a welcome sign of unity after July’s tiff between Saudi Arabia and the United Arab Emirates left the market waiting for days on a decision. A U.S. government report showed crude stocks fell more than expected and petroleum products demand rose to a record high. (Bloomberg)

02 Sep 2021, 08:36:18 AM IST

Apple loosens App Store payment rules for Netflix, Amazon, others in deal with Japanese

Apple Inc will loosen App Store rules that have banned companies like Netflix Inc from providing customers a link to create a paid account to bypass Apple's in-app purchase commissions, the company said late on Wednesday. It is the second concession to regulators and companies in less than a week as the iPhone maker faces legal, regulatory and legislative challenges to the App Store, which forms the core of its $53.8 billion services segment. But Apple will still ban developers from taking other forms of payment inside apps on the iPhone, the key practice that "Fortnite" creator Epic Games, Spotify Technology and Match Group Inc have said they want to end. (Reuters)

02 Sep 2021, 08:28:02 AM IST

Axis Securities recommends Buy on DCB Bank 

“We initiate coverage on DCB Bank (DCB) with a BUY recommendation and a Target Price of 115/share implying an upside of 24% from CMP. We believe in the robustness of DCB’s business model backed by its past performance of maintaining healthy asset quality despite multiple headwinds such as demonetization and GST roll-out which had impacted the bank’s core customer base of self-employed borrowers. While growth has moderated in the past couple of years due to macroeconomic headwinds, DCB has managed to grow the book at 15% CAGR over FY16-21."— Dnyanada Vaidya, analyst, Axis Securities

 

02 Sep 2021, 08:24:48 AM IST

French dairy giant Lactalis may buy India's Kwality Dairy in fire sale: report

02 Sep 2021, 08:19:23 AM IST

Cryptocurrency prices today: Bitcoin near $50,000; ether, dogecoin surge 10%. Latest rates

Cryptocurrency prices today surged with Bitcoin trading near $50,000, days after it broke back above the psychologically important mark last month for the first time in three months. The world's largest cryptocurrency by market capitalization jumped 6% to $49,678.59, as per CoinDesk. Bitcoin prices are up 71% this year (year-to-date), though, far away from its record just below $65,000 in April. (Read more)

02 Sep 2021, 08:11:30 AM IST

Stocks to Watch

Aditya Birla Fashion, Axis Bank, SBI, Vedanta, Indiabulls HFL among other stocks may be in the news today. (Read more)

02 Sep 2021, 07:58:37 AM IST

Market outlook

Markets are likely to continue to be in consolidation phase on Thursday while trends in SGX Nifty indicate a mild opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 57,338.21, down 214.18 points or 0.37%. The Nifty closed at 17,076.25, down 55.95 points or 0.33%. (Read more)

02 Sep 2021, 07:46:38 AM IST

Petrol, diesel prices today unchanged. Check latest rates in Delhi, Mumbai, other cities

After being reduced on the first day of September by 13-15 paise across metro cities on Wednesday, petrol and diesel prices remained unchanged on Thursday. Petrol continues to retail at 101.34 in Delhi, whereas diesel at 88.77. In India's financial capital Mumbai, petrol is being sold at 107.39 per litre, and diesel at 96.33 per litre. In Kolkata, petrol prices stand at 101.72 per litre and diesel prices at 91.84 per litre in the city. In Tamil Nadu's capital Chennai, petrol prices being sold at 99.08 per litre and diesel prices at 93.38 per litre. (Read more)

02 Sep 2021, 07:44:50 AM IST

Asian markets witness steady opening

Asian stocks were steady Thursday as investors await key U.S. employment data to assess when the Federal Reserve may start paring the substantial stimulus that has bolstered financial markets. Equities rallied in Hong Kong amid a continuing rebound in Chinese technology stocks on bets that the pressure from Beijing’s regulatory crackdown has peaked. China’s market climbed, with traders assessing a central bank step to cushion the economy by helping smaller firms. Commodity-reliant Australia’s stock index slid on weakness in materials like iron ore. U.S. equity futures fluctuated. Overnight, the Nasdaq 100 edged up to an all-time high and the S&P 500 was little changed. The defensive flavor to trading came amid economic data suggesting a slower U.S. labor market recovery. Ten-year U.S. Treasury yields remained around 1.30%. The U.S. payrolls report Friday will offer clues on the economy and a possible timeline for a reduction in the Fed’s $120 billion of monthly bond purchases. The dollar held a drop.

S&P 500 futures were steady as of 10:40 a.m. in Tokyo. The S&P 500 was little changed

Nasdaq 100 futures climbed 0.1%. The Nasdaq 100 rose 0.2%

Japan’s Topix index fell 0.2%

Australia’s S&P/ASX 200 retreated 1%

South Korea’s Kospi lost 0.5%

Hong Kong’s Hang Seng index added 0.9%

China’s Shanghai Composite rose 0.2%

02 Sep 2021, 07:31:13 AM IST

Tech stocks send Nasdaq to fresh record close

The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy. Technology stocks, which tend to benefit from a low-rate environment, finished higher. Apple Inc rose 0.4% to its second-highest close, and Facebook Inc, Amazon.com Inc and Google-owner Alphabet Inc all advanced between 0.2% and 0.7%. Utilities and real estate - sectors considered as bond-proxies or defensive - were the top performers.  A report by ADP, published ahead of the U.S. government's more comprehensive employment report on Friday, showed private employers hired far fewer workers than expected in August. Another set of data on Wednesday showed U.S. manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce.The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38.  Falling 1.5% on the day, and down for the third straight session, was the energy index. (Reuters)

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