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Sensex closes 167 pts higher, Nifty at 17,378; IT, realty surge; banks top drag

Market Closing: Sensex, Nifty closed over 0.29% on Monday. (Reuters) (REUTERS)Premium
Market Closing: Sensex, Nifty closed over 0.29% on Monday. (Reuters) (REUTERS)

Market Closing: Sensex was at 58,296.91, up 166.96 points or 0.29%, while Nifty was at 17,377.80, up 54.20 points, or 0.31%. IT, realty surged

Indian indices closed over 0.29% higher on Monday. Data on mutual fund (MF) flows in India is due this week and will give updates on the market sentiments in August. Latest exports numbers from China, which have reported a slowdown of late, will be watched by global markets. Producer price inflation data from the US will serve as a gauge of logistics constraints that are choking supply chains across the world.

06 Sep 2021, 03:54:20 PM IST

Crude oil futures dip on weak spot demand

Crude oil prices on Monday fell by 39 to 5,023 per barrel after participants cut their positions. On the Multi Commodity Exchange, crude oil for September delivery dropped by 39, or 0.77 per cent, to 5,023 per barrel with a business volume of 4,585 lots.

06 Sep 2021, 03:52:33 PM IST

Rupee drops 8 paise to close at 73.10 (provisional) against US dollar

06 Sep 2021, 03:46:42 PM IST

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

"Nifty traded in a small range of 50 points today. The view in Nifty remains bullish with levels of 17450 and 17500 in the next few trading sessions. Nifty closed at 17379 up by 55 points. Nifty has support in the 17280 and 17250 range. Traders can use buy-on correction with strict stop loss in the current markets."

06 Sep 2021, 03:39:46 PM IST

Market closing

Sensex at close
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Sensex at close
06 Sep 2021, 03:29:53 PM IST

Welspun India Gets US FDA Nod For 3 Ply Surgical Masks

06 Sep 2021, 03:23:34 PM IST

Market commentary: Narendra Solanki, head- equity research (Fundamental), Anand Rathi Shares & Stock Brokers 

“Indian markets started on a positive note following positive Asian markets cues as US Fed's tightening fears cool off following disappointing jobs data and Fed Chairman comments emphasizing the need for stronger jobs data before the central bank would start to unwind its massive bond-buying program. During the afternoon session, markets continued to trade in positive zone as traders continue to get encouragement with regular foreign capital inflows on the back of strong global cues and domestic economic activity. Buying in realty and energy counters too helped markets to edge higher, though some selling was witnessed in oil & gas and power stocks. Adding to the positive sentiments, a private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to 3.7 lakh crore till September of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds."

06 Sep 2021, 03:16:22 PM IST

IT, realty gain

Nifty sectoral indices
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Nifty sectoral indices
06 Sep 2021, 02:54:07 PM IST

IMD predicts extremely heavy rainfall in four states till 9 Sep. See full forecast

IMD weather forecast: The India Meteorological Department (IMD) on Monday predicted heavy to extremely heavy rainfall in four states till 9 September. In its latest updates, the department has predicted isolated extremely heavy falls over Coastal Andhra Pradesh on 6th; over Telangana on06 and 7th; over Madhya Maharashtra on 7th; over north Konkan during 7th-8th, Gujarat state on 8-9 September. (Read more)

06 Sep 2021, 02:51:22 PM IST

Reliance JioPhone Next to be launched this Friday. 7 key things you should know

Reliance Jio partnered with tech giant Google to develop its made-for-India 'JioPhone Next' that is slated to be launched on September 10 (Friday). Reliance Industries Chairman Mukesh Ambani has said JioPhone Next will be the most affordable smartphone not just in India but globally. Speaking at RIL's 44th annual general meeting in June, Ambani asserted that an ultra-affordable 4G smartphone is essential to make India '2G-mukt' (free of 2G). (Read more)

06 Sep 2021, 02:35:13 PM IST

NMDC gains

NMDC's stock was trading at 155.15 each, up 0.16% at 2:33 pm.  The company has cut lump ore and fines prices by 1,000/tonne each. Lump ore price is cut to 6,150 and fines to 5,160 per tonne.

06 Sep 2021, 02:15:48 PM IST

Lupin, TB Alliance join hands for new therapy for drug-resistant Tuberculosis

Drugmaker Lupin on Monday said non-profit drug developer TB Alliance has granted it a non-exclusive licence to manufacture anti-TB drug pretomanid as part of the three-drug BPaL regimen. The Mumbai-based company said it intends to commercialise the medicine in around 140 countries and territories, including many of the highest TB burden nations around the world. (PTI)

06 Sep 2021, 01:58:12 PM IST

SAIL trades lower

SAIL’s stock was trading at 121.10, down 1.10% at 1:57 pm. The company's Rourkela steel plant has finalized capex of around $684 million for new production units and technological upgrading, according to a SAIL executive.

06 Sep 2021, 01:54:50 PM IST

OVL, partners relinquish Israeli oil block

Three years after its much-acclaimed maiden entry into Israeli water that was symbolic of New Delhi's growing closeness with Tel Aviv, an ONGC Videsh Ltd (OVL)-led Indian consortium has relinquished the offshore oil block due to "very poor" hydrocarbon prospectivity. The consortium of OVL, Indian Oil Corp (IOC), Oil India Ltd and Bharat PetroResources Ltd (BRPL) has relinquished offshore Block-32, two officials with the partners said. (PTI)

06 Sep 2021, 01:50:08 PM IST

IndusInd, IDFC First Bank top drags 

Nifty Private Bank Index
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Nifty Private Bank Index
06 Sep 2021, 01:22:12 PM IST

Base metal update: Yash Sawant, Research Associate, Angel Broking 

China’s private survey stated that their Service sector slipped into contraction in August’21 as renewed restrictions following the widespread of Covid-19 Delta variant hampered economic activities. In August 2021, Caixin services Purchasing Managers' Index (PMI) came down to 46.7 from 54.9 in July’21, slipping below the 50 level which is believed to separates development from contraction. That, coupled with slowdown in China’s industrial sector further hinted towards slowdown in the largest metal consuming economy. The private sector survey focuses on the smaller and medium sized firms in China. While China has successfully contained the virus outbreak, an evident slowdown in their economy might continue to remain a considerable headwind for the industrial metal prices. 

06 Sep 2021, 01:18:49 PM IST

Sensex heatmap

RIL, Infosys, Bajaj Auto top gainers
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RIL, Infosys, Bajaj Auto top gainers
06 Sep 2021, 01:02:04 PM IST

Indiabulls Housing Finance's bond sale test of confidence for NBFCs

Indiabulls Housing Finance Ltd, one of India’s largest mortgage lenders, is seeking to raise funds in the local public bond market after an absence of three years by the group, in a deal that will test investor confidence in the nation’s non-bank financiers. (Read more)

06 Sep 2021, 12:57:09 PM IST

Nocil: Axis Securities recommends a BUY with a target price of ₹315

Axis Securities expects NOCIL to register Revenues/Earnings CAGR of 41%/72% resp. over FY21-24E driven by uptick in demand in domestic and global market due to buoyant replacement and OEM led demand and improving realizations trend as witnessed globally. Axis Securities values NOCIL at 20x its FY24E EPS (17x earlier) given the strong earnings growth potential and have a TP of 315/share

06 Sep 2021, 12:51:47 PM IST

SBI share price: Why analysts see more upside despite over 100% rise in a year

India's oldest and largest lender State Bank of India's (SBI) focus on strengthening its balance sheet has enabled a sharp decline in gross non-performing assets (GNPAs) in FY21, declined by around 43% over the past three years, while PCR increased to 68% at present (85% PCR on the corporate book) from 40% four years back. (Read more)

06 Sep 2021, 12:20:37 PM IST

Alembic Pharma gains

The company's stock was trading at 783.65 apiece, up 1.18% at 12:18 pm. Alembic Pharma’s JV with Aleor Derma has received the US FDA's nod for Metronidazole Gel USP, which is used to treat skin infections, rosacea and mouth infections. 

06 Sep 2021, 12:17:48 PM IST

Ahluwalia Contracts surges

Ahluwalia Contracts's stock was trading at 401.20 each, up 4.51% at 12:17 pm. The company has secured a big  order worth 900 crore.

06 Sep 2021, 12:13:02 PM IST

Dukaan raises $11 million in Pre Series A funding

Online retail platform, Dukaan, said on Monday it has raised $11 million as a part of its Pre-Series A round of funding, led by 640 Oxford Ventures. The round also saw participation from existing investors Snow Leopard Ventures, Lightspeed Partners, and Matrix Partners India. Venture Catalyst and new venture firms HOF Capital, Old Well Ventures, LetsVenture, 9Unicorns along with prominent angels including OYO’s Ritesh Agarwal, and Nothing’s Carl Pei also participated as a part of this round.

06 Sep 2021, 12:02:58 PM IST

Tata Steel’s rising profitability, integrated ops give analysts confidence

As monsoon season may be coming to an end, analysts maintain a positive view on steel companies. Analysts at UBS Research in their 2 September note said they expect steel prices to remain higher for longer and hence raised target price for Tata Steel Ltd. (Read more)

06 Sep 2021, 11:53:11 AM IST

TARC sells part of its warehousing asset to Blackstone lnc. for ₹2.95bn 

Tarc Ltd's stock was trading at 40.50 apiece, up 2.02% at 11:51 am. 

06 Sep 2021, 11:11:43 AM IST

Realty surge commentary: Yash Gupta, equity research analyst, Angel Broking 

We have give a buy rating on Sobha Limited at 627, we expect the residential market to do well in near future. Sobha Limited operates in Residential & Commercial real-estate along with Contractual business. Companies 70% of residential pre-sales comes from Bangalore market which is one of the IT hubs in India, we expect new hiring by IT industry will increase residential demand in Bangalore, Pune and Chennai. We have seen a strong consolidation in the top-10 cities in India towards organized players post Demon, RERA, IL&FS crisis. Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue. The company expected to launch 17 new projects/phases spread over 12.56mn sqft across various geographies. The majority of launches will be coming from the existing land bank. Company having a land bank of approx. 200mn Sqft of salable area. We continue with our buy rating on Sobha Limited and Neutral outlook on Godrej Properties.

 

06 Sep 2021, 10:48:14 AM IST

Reliance Industries shares extend rally after a breakout. Experts see more gain

Reliance Industries shares continued to rally for the second straight session on Monday with the index major hitting a new lifetime high of 2,477.4 per share in early deals. Reliance Industries share price today surged more than 3% to hitting a new high, after the oil-to-telecoms conglomerate stock closed at record high level on Friday. Now, market experts see this rally in Reliance Industries shares to further continue as the large-cap stock has given fresh breakout after one year of consolidation and expect it to go up to 3,000 levels in the next 9-12 months. (Read more)

06 Sep 2021, 10:43:26 AM IST

Rupee falls 4 paise to 73.06 against US dollar in early trade

The Indian rupee declined 4 paise to 73.06 against the US dollar in opening trade on Monday, tracking a firm American currency. At the interbank foreign exchange, the rupee opened at 73.02 against the dollar, then fell further to 73.06, registering a fall of 4 paise over its previous close. On Friday, the rupee had settled at 73.02 against the US dollar.

06 Sep 2021, 10:42:46 AM IST

Taliban say resistance holdout Panjshir Valley 'completely captured'

06 Sep 2021, 10:41:37 AM IST

Zydus Cadila's Sitagliptin base tablets gets Tentative nod from USFDA

06 Sep 2021, 10:40:02 AM IST

Sobha, Brigade group lead gains

Nifty realty index
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Nifty realty index
06 Sep 2021, 10:10:00 AM IST

Maruti Suzuki car prices to increase from today. 5 things you should know

Leading auto manufacturer Maruti Suzuki India Ltd has said that the increased prices of its cars will come into effect from today. In a regulatory filing on Monday, Maruti said that the prices are being increased to pass on some impact of additional input costs to customers. (Read more)

06 Sep 2021, 09:57:39 AM IST

Covid-19: Active covid cases fall in India after rising for five days in a row

With 38,948 people testing positive for the novel coronavirus infection in a day, India's infection tally rose to 33,027,621 the Union health ministry said on Monday. Of the 38,948 new cases and 219 deaths reported in India in the last 24 hours, Kerala recorded26,701 cases and 74 deaths yesterday. (Read more)

06 Sep 2021, 09:37:34 AM IST

Here are top stock picks in CRAMS, API space in pharma sector by Motilal Oswal

With the ease of access to capital for emerging pharma companies, there is a surge in biopharma companies focusing on R&D and outsourcing manufacturing at the research/commercial level. This, along with cost consciousness of larger pharma companies, is providing a fillip to this segment. Motilal Oswal believes that Indian contract research and manufacturing services (CRAMS) players are uniquely positioned to outperform the industry in this segment. (Read more)

06 Sep 2021, 09:30:38 AM IST

RIL, L&T drive Sensex gains

Index contribution
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Index contribution
06 Sep 2021, 09:25:46 AM IST

Metals in red

Nifty sectoral indices
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Nifty sectoral indices
06 Sep 2021, 09:20:37 AM IST

Market opening

The Sensex opened at 58,411.62, up 281.67 points, or 0.48%, while Nifty was at 17,399.35, up 75.75 points, or 0.44%. Metals, realty and auto were top gainers.

Sensex at open
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Sensex at open
06 Sep 2021, 09:12:14 AM IST

Market pre-opening

The Sensex was at 58,410.35, up 280.4 points, or 0.48%, while Nifty was at 17,323.60, up 89.45 points, or 0.52% at market pre-opening.

Sensex at pre-open
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Sensex at pre-open
06 Sep 2021, 08:58:23 AM IST

A surprise bond rally sweeps over India as global funds pile in

A rally in India’s sovereign bonds, fueled by mutual funds and overseas investors after weeks of indifference, has left most Mumbai traders baffled at their sudden fortune. Yields dropped across the curve last week, with those on the benchmark 10-year bond declining ten basis points, the biggest weekly drop since April. Government debt auctions are finding buyers again, after a spate of earlier sales were canceled or rescued by underwriters. (Read more)

06 Sep 2021, 08:51:55 AM IST

Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

"Nifty is expected to open positive at 17,390, up by 30 points. Nifty may see some resistance in 17,425 and 17,450 range. Nifty has support in 17,250 and 17,300 range. Overall Nifty is very bullish and may see 17500 in the next few trading sessions."

06 Sep 2021, 08:40:20 AM IST

Carlyle to raise $1 bn debt to acquire Hexaware

The Carlyle Group has reached an agreement with a group of banks to raise over $1 billion to support its planned acquisition of Mumbai-based Hexaware Technologies, three people aware of the discussions said. Carlyle has emerged as the preferred bidder for Baring Private Equity Asia owned IT services firm Hexaware for a $3 billion acquisition, Reuters reported last week. If successful, it would be winning a competitive bidding process against peers including KKR & Co. and Bain Capital, as well as French company Teleperformance SE for Hexaware, the agency added. (Read more)

06 Sep 2021, 08:21:49 AM IST

Stocks to Watch

Ashoka Buildcon, ICICI Lombard, Barbeque Nation, RIL, among other stocks may be in the news today. (Read more

06 Sep 2021, 08:12:36 AM IST

M-cap of 9 of top-10 cos jumps over ₹2.93 lakh cr; RIL biggest winner

Nine of the top-10 most-valued companies together added 2,93,804.34 crore in market valuation last week, in line with a record-breaking rally in equities, with Reliance Industries Ltd emerging as the biggest gainer. (Read more)

06 Sep 2021, 07:58:33 AM IST

Market outlook

Markets are likely to be rangebound on Monday while trends in SGX Nifty show a soft opening of Indian benchmark indices. On Friday, the BSE Sensex closed at 58,129.95, up 277.41 points or 0.48% and the Nifty ended at 17,323.60, up 89.45 points or 0.52%. (Read more)

06 Sep 2021, 07:49:34 AM IST

FPIs net buyers in Aug; invest ₹16,459 cr

Foreign portfolio investors (FPIs) were net buyers to the tune of 16,459 crore in Indian markets in August, with majority of investment coming in the debt segment. (Read more)

06 Sep 2021, 07:38:40 AM IST

RIL prepares a $5.7 bn bid for a telco in the Netherlands

Reliance Industries is set to make a $5.7 billion non-binding offer to acquire a controlling stake in T-Mobile Netherlands BV, the country’s largest telecom operator, two people aware of the development said. (Read more)

06 Sep 2021, 07:28:50 AM IST

Asian markets off to a mixed start

Asian stocks were mixed Monday amid an ongoing rally in Japan sparked by the planned exit of the prime minister and as traders assessed the challenges for reopening underscored by slower U.S. hiring. Japanese shares climbed more than 1%, following a three-decade high for the Topix on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor. But equities retreated in Australia and South Korea and S&P 500 futures slipped. The dollar ticked up. The S&P 500 was little changed Friday, the Nasdaq 100 edged up to a record and Treasury yields rose as investors digested disappointing U.S. payroll growth and faster-than-projected wage increases. U.S. markets are closed Monday for the Labor Day holiday and there is no Treasuries cash trading. The U.S. economy added 235,000 jobs in August—the smallest gain in seven months—as the delta virus variant spread. The soft report seems likely to prompt Federal Reserve policy makers to delay considering a move to scale back asset purchases at their September meeting.

S&P 500 futures fell 0.2% as of 9:35 a.m in Tokyo. The S&P 500 was little changed Friday

Nasdaq 100 futures were little changed. The Nasdaq 100 rose 0.3%

Topix index rose 1.1%

Australia’s S&P/ASX 200 Index fell 1.1%

Kospi index shed 0.3%

Hang Seng Index futures rose 0.1% earlier

SGX Nifty was up 0.05%

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