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Sensex closes at 58,279, Nifty at 17,362; IT, realty, metals, pharma top drags

Market Closing: Sensex, Nifty closed flat on Tuesday. (Mint)Premium
Market Closing: Sensex, Nifty closed flat on Tuesday. (Mint)

Market Closing: The Sensex closed at 58,279.48, down 17.43 points, or 0.03%, while Nifty was at 17,362.10, down 15.70 points, or 0.09%. FMCG, financials were top gainers

Indian indices closed flat on Tuesday. Risk sentiment that boosted Asian markets weakened in European hours as investors weighed China’s better-than-forecast trade data against the threat of a reduction in central-bank support.

07 Sep 2021, 04:02:46 PM IST

Domestic air traffic registers 31% sequential growth in August

India's domestic air traffic registered about 31% sequential growth during August at about 6.6 million passengers, compared with 5 million passengers recorded during July, rating agency Icra Ltd said in a statement. "The airlines’ capacity deployment for August 2021 was around 99% higher at about 57,500 departures, as against 28,834 departures in August 2020," Icra said in a statement. (Read more)

07 Sep 2021, 03:58:10 PM IST

Rupee plunges 32 paise to close at 73.42 (provisional) against US dollar

07 Sep 2021, 03:57:05 PM IST

Gold down ₹37; silver tumbles ₹332

Gold in the national capital on Tuesday fell by 37 to 46,417 per 10 gm amid weak precious metal prices in the international market, according to HDFC Securities. In the previous trade, the precious metal had closed at 46,454 per 10 gm. Silver also tumbled 332 to 63,612 per kg from 63,944 per kg in the previous trade. In the international market, gold was trading lower at $1,815 per ounce and silver was flat at $24.50 per ounce.

07 Sep 2021, 03:53:21 PM IST

Gaurav Udani, CEO and founder, ThincRedBlu Securities

"Nifty traded in a sideways trend today. It corrected today after making a new all time high of 17,436. It closed at 17,355 down by 25 points since yesterday's close. On hourly charts it took support at its 20 period moving average. Nifty may test its support of 17,300 and 17,250 in the next few days which may be good levels to enter along with strict stoploss for targets of 17,420 and 17,480."

07 Sep 2021, 03:48:02 PM IST

Market closing

The Sensex closed at 58,279.48, down 17.43 points, or 0.03%, while Nifty was at 17,362.10, down 15.70 points, or 0.09%. FMCG, financials were top gainers. On the 30-share Sensex, HDFC twins, Bharti Airtel, and 8 other stocks closed in green, while Tech Mahindra, Sun Pharma, Axis Bank, and 15 other stocks closed in red. 

Sensex at close
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Sensex at close
07 Sep 2021, 03:27:58 PM IST

Centre may slash PLI outlay for auto sector: report

The Centre may cut the outlay for auto PLI scheme to 26,000 crore from earlier proposed outlay of 57,042 crore, CNBCTV18 reported, citing people familiar with the matter. The scheme may be taken up for Cabinet nod on 15 September, according to the report.

07 Sep 2021, 03:16:55 PM IST

LIC Housing Finance partners India Post Payments Bank to offer home loan products

07 Sep 2021, 03:14:23 PM IST

Asia's coal prices hit new highs as global utilities scramble for fuel

Thermal coal prices across Asia hit new highs this week as China and India restock critically low inventories to meet robust power consumption, industry sources said. The most-traded thermal coal futures contract on the Zhengzhou Commodity Exchange jumped more than 4% on Tuesday to a record high of 979 yuan ($151.63) a tonne. In India, prices of better burning U.S. thermal coal (6900 NAR) in North Indian retail markets have risen by a third in the last 15 days and are up by more than 100% from a year ago to 14,600 Indian rupees a tonne. Coal supply is struggling to catch up with demand in top consumer China as mine safety checks slow output.

07 Sep 2021, 03:11:42 PM IST

Toyota to spend $13.5 bn to develop EV battery tech and supply by 2030

Toyota Motor Corp said on Tuesday it expects to spend more than $13.5 billion by 2030 to develop batteries and its battery supply system - a bid to lead in the key automotive technology over the next decade. The world's largest automaker by volume, which pioneered hybrid gasoline-electric vehicles with the popular Prius, is now moving rapidly to deliver its first all-electric line-up next year.

07 Sep 2021, 03:05:44 PM IST

Morepen Lab has incorporated a wholly owned unit named Morepen Devices 

07 Sep 2021, 03:01:44 PM IST

Essar Power commissions its first flue gas scrubber to reduce Sulphur emissions by 25%

With an aim to further its Environment, Social and Governance (ESG) goals, Essar Power, has commissioned its first flue gas scrubber at the Essar Power Hazira (EPHL) facility. The scrubber is designed to bring down the sulphur dioxide in flue gas by 25%, going a long way in checking emissions and helping the environment. (PTI)

07 Sep 2021, 03:00:20 PM IST

BPCL final bids likely in November: reports

07 Sep 2021, 02:58:00 PM IST

Fitch affirms Bharat Petroleum at BBB-minus with negative outlook

Fitch Ratings has affirmed Bharat Petroleum Corporation Ltd's (BPCL's) long-term foreign-currency issuer default rating at BBB-minus. The outlook is negative. The agency has also affirmed BPCL's senior unsecured rating and the ratings on its outstanding senior unsecured debt at BBB-minus. Fitch has also affirmed the rating on subsidiary BPRL International Singapore Pte Ltd's US dollar guaranteed notes at BBB-minus.

07 Sep 2021, 02:58:00 PM IST

Multiplex Association of India appeals to Maharashtra govt to reopen theatres

The Multiplex Association of India (MAI), along with leading cinema chains PVR and INOX, on Tuesday urged the Maharashtra government to reopen theatres in the state on "urgent basis", claiming that the exhibition industry has suffered losses to the tune of 4,800 crore. The coronavirus pandemic had an overwhelming effect on the film industry as many film shoots and theatres across India were halted twice.

07 Sep 2021, 02:52:20 PM IST

Essar Power commissions system to cut sulphur emissions by 25pc

Essar Power on Tuesday said it has commissioned its first flue gas scrubber at the Essar Power Hazira (EPHL) facility which will cut down sulphur dioxide emissions by 25 per cent. "Essar Power, one of Essar Global Fund’s key investments in the Energy portfolio, has commissioned its first flue gas scrubber at the Essar Power Hazira (EPHL) facility. The scrubber is designed to bring down sulphur dioxide in flue gas by 25%, going a long way in checking emissions and helping the environment," a company statement said. (PTI)

07 Sep 2021, 02:51:30 PM IST

Centre may announce PLI scheme for textile sector on Sep 8: report

07 Sep 2021, 02:47:54 PM IST

L&T Infotech, TCS top drags

Nifty IT index
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Nifty IT index
07 Sep 2021, 02:42:56 PM IST

IT, realty drag

Nifty sectoral indices
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Nifty sectoral indices
07 Sep 2021, 02:37:47 PM IST

India to have 500 mn online shoppers by 2030, says study

India's Internet user base is expected to touch 900 million by 2025, up from 622 million now, which will lead to multifold growth in online shopping, as per a joint report by Mobile Marketing Association (MMA) and media agency GroupM India released on Tuesday. (Read more)

07 Sep 2021, 02:21:56 PM IST

VIL flags industry's unsustainable financial duress; hopes for Govt support

Ailing telecom operator Vodafone Idea has flagged the industry's "unsustainable financial duress" in its latest annual report and hoped that the government would provide the necessary support to address "all structural issues" faced by the sector. In the Chairman's letter to shareholders, Himanshu Kapania cited persistent challenges in the operating environment, amid "unsustainable pricing" and "hyper-competition" during FY21. Kapania expressed hope that government will support efforts to generate reasonable returns on massive investments.

07 Sep 2021, 02:21:15 PM IST

Jubilant Biosys Ltd appoints Giuliano Perfetti as CEO

07 Sep 2021, 02:03:05 PM IST

India Inc projected to pay 9.4% salary hike in 2022, a four-year high

India Inc is projected to pay an average 9.4% salary hike in 2022, a four year high as as companies turn positive about economic recovery, build resilience and a talent war picks up effecting a high attrition rate of 20%.

07 Sep 2021, 01:46:23 PM IST

Dr Reddy’s launches Minoxidil for women in India for treatment of female pattern hair loss

07 Sep 2021, 01:43:57 PM IST

Zoho invests $5 mn in MRI tech startup Voxelgrids

Zoho Corp. has invested $5 million (about 35 crore) for a 25% stake in Voxelgrids, a Bengaluru-based startup that builds magnetic resonance imaging (MRI) scanners. The investment, which will be made in two tranches over the next two years, is aimed at fostering development of deep technological capabilities and intellectual property (IP) in the country.

07 Sep 2021, 01:33:32 PM IST

HDFC, ICICI Prudential drive gains

Nifty financial services index
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Nifty financial services index
07 Sep 2021, 01:31:19 PM IST

Edelweiss Financial trades lower

Edelweiss Financial's stock was trading at 79.85 apiece, down 0.13% at 1:28 pm.  Edelweiss ARC has received RBI's nod to convert compulsorily convertible preference shares held by CDPQ.  Subsequently, CDPQ will become a sponsor of Edelweiss ARC

07 Sep 2021, 01:23:08 PM IST

Cairn Energy weighs $700 mn in shareholder returns if India row settled

The news comes a month after India proposed scrapping the controversial 2012 law and said it would refund disputed amounts to companies. Cairn was awarded damages of over $1.2 billion last year by a Dutch court, which was challenged by New Delhi. (Read more)

07 Sep 2021, 01:03:49 PM IST

Sensex heatmap

Airtel, HDFC twins gain
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Airtel, HDFC twins gain
07 Sep 2021, 12:50:57 PM IST

Base metals commentary: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

On Monday, Industrial metals ended mixed with Aluminium gaining the most amongst the pack. Stern environmental curbs imposed in China triggered worries of potential shortage of Aluminium in the global markets which has kept the prices elevated in 2021.

The rest of the industrial metal remained under pressure as signs of evident slowdown in China’s economy weighed on market sentiments. 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.

07 Sep 2021, 12:46:31 PM IST

Healthium Medtech files draft papers with Sebi to raise funds via IPO

Healthium Medtech Ltd, the country's second largest medical consumables and surgical sutures company, has filed draft papers with the Securities Exchange Board of India (Sebi) to raise funds via initial public offering (IPO). Healthium Medtech is promoted by Apax Partners. (Read more)

07 Sep 2021, 12:46:31 PM IST

Shoppers Stop to work with Accenture to speed up digital presence

Retail chain Shoppers Stop Ltd is collaborating with Accenture to push digital commerce transformation across multiple retail channels, as it looks to improve profitability and shift to more sales to digital channels. The move comes as the coronavirus pandemic has prompted retailers to take a hard look at their brick-and-mortar presence. As intermittent lockdowns impact footfalls in stores, retailers have had to build strong digital channels to reach shoppers. (Read more)

07 Sep 2021, 12:46:31 PM IST

JSPL steel output grows 6% in August; sales up 4%

Steelmaker Jindal Steel and Power Limited (JSPL) on Tuesday said its steel production increased 6% year-on-year to 6.6 lakh tonne in August. Sales volume also increased 4% y-o-y to 7.1 lakh tonne during the month, JSPL said in a statement. (Read more)

07 Sep 2021, 12:21:07 PM IST

Hyundai Motor Group outlines Hydrogen Vision 2040

Hyundai motors aims to popularise hydrogen wave technology under its new vision document.

As part of this initiative the carmaker aims to 

-become the first automaker to apply fuel cell systems to all commercial vehicle models by 2028  

-achieve a fuel cell electric vehicle

- apply fuel cell systems to all types of mobility

07 Sep 2021, 11:50:34 AM IST

L&T trades lower

L&T's stock was trading at 1,686.35 apiece, down 0.50% at 11:49 am. The company has secured a contract in the range of 1,000-2,500 crore for its water effluent treatment business.

07 Sep 2021, 11:39:30 AM IST

Birlasoft gains

Birlasoft's stock was trading at 411.70 apiece, up 0.60% at 11:38 am. The company announced  a global, strategic partnership with Freshworks Inc

07 Sep 2021, 11:37:37 AM IST

Sector Watch: telcos gain

Vi, Airtel gain
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Vi, Airtel gain
07 Sep 2021, 11:35:36 AM IST

Why coffee stocks are surging today? Top stock picks from experts

Stock market today: On account of skyrocketing coffee prices due to demand-supply constraint, both coffee stocks and coffee future prices are surging. In Tuesday's early deals, Tata Coffee share price shot up around 5.50 per cent, Continental Coffee or CCL Products (India) stocks surged around 4 per cent, Coffee Day Enterprises or CCD shares added 2 per cent. According to stock market experts, this bull run in the coffee stocks may further keep up as this demand-supply constraint is expected to continue on crop failure in Brazil and Vietnam. (Read more)

07 Sep 2021, 11:26:47 AM IST

Bharat Electronics gains

Bharat Electronics' stock was trading at 196.45 apiece, up 0.56% at 11:25 am. German co SFC Energy has signed an MoU with BEL for developing market for low-emission, off-grid power supply.

07 Sep 2021, 11:23:27 AM IST

Amicus Insurance Brokers merges with First Policy Insurance 

First Policy Insurance Brokers has announced the merger of Amicus Insurance Brokers with itself. The deal received an  in-principle approval from the Insurance Regulatory and Development Authority of India (Irdai) on 5 August. The merger process needs to go through a few more closure formalities, as specified in the Companies Act. Amicus Insurance chairman Jitendranath Nayer will join First Policy's board.

07 Sep 2021, 10:58:26 AM IST

Dabur, ITC drive gains

Nifty FMCG index
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Nifty FMCG index
07 Sep 2021, 10:56:26 AM IST

Panacea Biotec gains

The company's stock was trading at 316.90 each, down 7.57% at 10:54 am. The company has started the supply of key components for Sputnik V vaccine.   

07 Sep 2021, 10:48:55 AM IST

PSU news: Govt eyes FII investment in LIC IPO; Sep 15 cutoff for Air India bids

-The Centre is eyeing proposal to allow FII?FPI investment in LIC pre-IPO
-Eyes Sep 15 deadline for Air India bids
-To decide on reserve price for Air India after receiving bids
CNBCTV18 reported citing people familiar with the matter

07 Sep 2021, 10:36:00 AM IST

Deutsche Telekom nears $5.9 bn sale of Dutch unit

Deutsche Telekom AG is nearing a deal to sell its Dutch unit, which could fetch around 5 billion euros ($5.9 billion) and rank as one of its largest divestments of recent years, people familiar with the matter said. The German company could announce a sale of T-Mobile Netherlands in the coming days after collecting final bids last week, the people said, asking not to be identified because the information is private. A consortium backed by Warburg Pincus and Apax Partners is seen as a strong contender, though other suitors have also been vying for the business, the people said. The sale also attracted interest from Apollo Global Management Inc. and Indian billionaire Mukesh Ambani’s Reliance Industries Ltd., Bloomberg News has reported. No final decisions have been reached, and negotiations on a potential deal could drag on longer or fall apart, the people said.

07 Sep 2021, 10:33:57 AM IST

George Soros calls BlackRock’s China investment ‘tragic mistake’

George Soros criticized BlackRock Inc.’s China push as a risk to clients’ money and U.S. security interests, in the billionaire financier and philanthropist’s latest broadside against investment in the world’s second-largest economy. “Pouring billions of dollars into China now is a tragic mistake," Soros wrote in an op-ed in the Wall Street Journal. “It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies."

07 Sep 2021, 10:32:35 AM IST

Brent oil edges higher with China trade showing surprise surge

Brent oil edged higher following two days of losses with China posting an unexpected gain in export growth, adding to positive economic signs emerging from key energy consumers. Futures in London rose 0.5% toward $73 a barrel. Chinese export and import growth in August exceeded estimates from economists surveyed by Bloomberg, with overseas crude inflows climbing to a five-month high. The robust trade data adds to a bullish outlook in Europe, where oil demand has rebounded following months of lockdowns due to the comeback of covid-19. The trade figures will “alleviate some of the slowdown fears about China," said Jeffrey Halley, a senior strategist for Oanda Asia Pacific Pte. “Those numbers may help oil prices stay upbeat for the rest of the session." (Bloomberg)

07 Sep 2021, 10:22:03 AM IST

Realty, banks drag 

Nifty sectoral indices
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Nifty sectoral indices
07 Sep 2021, 10:19:47 AM IST

Rupee slips 5 paise to 73.15 against US dollar in early trade

07 Sep 2021, 10:17:52 AM IST

Gold steady as doubts emerge over early Fed taper

Gold prices were steady near recent highs on Tuesday, supported by expectations that the U.S. Federal Reserve would delay a tapering in its pandemic-era asset purchases, while the European Central Bank's meeting this week was also in focus. Spot gold was steady at $1,823.92 per ounce by 0336 GMT, while U.S. gold futures fell 0.4% to $1,826.20. Prices had hit a 2-1/2-month high last week, after soaring COVID-19 cases driven by the Delta variant slammed a recovery in U.S. job growth in August. (PTI)

07 Sep 2021, 10:17:14 AM IST

Flipkart founder files to launch vehicle to invest in Vanguard ETF

07 Sep 2021, 10:04:37 AM IST

Passenger vehicle retail sales increase 39 pc in August: FADA

Automobile dealers' body FADA on Tuesday said retail sales of passenger vehicles (PV) in August increased by 39% year-on-year to 2,53,363 units. According to the Federation of Automobile Dealers Associations (FADA), PV sales stood at 1,82,651 units in August 2020. Two-wheeler sales rose 7% to 9,76,051 units last month, compared to 9,15,126 units in the year-ago period. Commercial vehicle sales surged 98% to 53,150 units last month against 26,851 units in August last year. Three-wheeler sales saw a rise of 80% to 30,410 units last month from 16,923 units in the year-ago period. The total sales across categories increased by 14% to 13,84,711 units in August as against 12,09,550 units in the same month last year. (PTI)

07 Sep 2021, 09:54:34 AM IST

Axis Bank, IDFC First Bank top drags

Nifty bank index
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Nifty bank index
07 Sep 2021, 09:53:26 AM IST

Covid-19: India records 31,222 new cases, active cases fall below 4 lakh

India reported 31,222 new COVID-19 cases in the last 24 hours taking the overall tally to 33,058,843, informed the Ministry of Health and Family Welfare on Tuesday. Of the 31,222 new cases, Kerala alone has reported 19,688 cases in the last 24 hours. (Read more)

07 Sep 2021, 09:52:25 AM IST

Nuvoco Vistas reports ₹114 crore net profit in Q1

Nuvoco Vistas Corporation's stock was trading at 571.30 apiece, up 0.77% at 9:52 am. The cement manufacturer consolidated net profit for the first quarter (Q1) of the current fiscal came at 114.28 crore. The company's consolidated (including NU Vista Limited) revenue from operations stood at 2,202.97 crores for the quarter ending June 30, 2021.

07 Sep 2021, 09:49:55 AM IST

Jindal Steel, MOIL drive gains

Nifty metals index
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Nifty metals index
07 Sep 2021, 09:42:49 AM IST

ICICI Bank, Infosys top Sensex drags

Index contribution
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Index contribution
07 Sep 2021, 09:41:24 AM IST

FMCG, metals gain

Nifty sectoral indices
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Nifty sectoral indices
07 Sep 2021, 09:40:14 AM IST

Market opening

Sensex at open
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Sensex at open
07 Sep 2021, 09:09:00 AM IST

El Salvador president unveils 200 bitcoin buy, price jumps

El Salvador has bought its first 200 bitcoins, President Nayib Bukele said on Monday, an announcement that sent the price of the cryptocurrency rising one day before the country formally adopts it as legal tender alongside the U.S. dollar. Bitcoin temporarily climbed 1.39% to more than $52,600 on Monday afternoon, Refinitiv Eikon data showed, with a Reuters market analyst putting it on track for $56,000-$56,300. Earlier on Monday, Bukele tweeted that "our brokers will be buying a lot more as the deadline approaches".

07 Sep 2021, 08:49:27 AM IST

Tesla plans fully-owned retail outlets in India: reports

07 Sep 2021, 08:34:35 AM IST

Market outlook

Markets are likely to be steady on Tuesday while trends in the SGX Nifty indicate a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 58,296.91, up 166.96 points or 0.29% and the Nifty closed at 17,377.80, up 54.20 points or 0.31%. (Read more)

07 Sep 2021, 08:23:05 AM IST

Stocks to Watch

Axis Bank, BPCL, Edelweiss, Infosys, SBI CAP, among other stocks may be in the news today. (Read more)

07 Sep 2021, 08:15:28 AM IST

Ami Organics vs Vijaya Diagnostic IPOs: Latest GMP, how to check share status

Ami Organics vs Vijaya Diagnostic IPOs: After the closure of subscription, bidders are eagerly waiting for the finalisation of share allotment of Ami Organics and Vijaya Diagnostic Initial Public Offerings (IPOs). Amid buzz in chemical space, Ami Organics IPO got subscribed 64.54 times while Vijaya Diagnostic IPO got subscribed 4.54 times. On the basis of subscription levels, market observers said that grey market is also signaling that in regard to listing gains, Ami Organics has an edge over Vijaya Diagnostic. The tentative date of share allotment (8th September 2021) and listing date (14th September 2021) of the two public issues.

07 Sep 2021, 07:52:45 AM IST

Cryptocurrency prices today: Bitcoin surges above $52,000, dogecoin, cardano slip. Latest rates

Bitcoin prices today were trading with gains after El Salvador on Tuesday becomes the first country in the world to accept bitcoin as legal tender, despite widespread domestic skepticism and international warnings of risks for consumers. The world's largest cryptocurrency was trading at $52,534.39, up 1.5%. El Salvador bought 400 bitcoins ahead of the roll-out, with a market value of about $20 million at current prices. The country plans to buy “a lot more" of them, President Nayib Bukele said via Twitter, after buying the first batch of 200. (Read more)

07 Sep 2021, 07:33:32 AM IST

Asia stocks steady as Japan jumps

Asian stocks were bolstered Tuesday by a further rally in Japan, with traders also weighing the outlook for central bank stimulus support and the impact of the delta virus strain on economic reopening. Japan’s Nikkei 225 hit 30,000 for the first time since April. Equities slipped in South Korea but were steady in Australia. S&P 500 and Nasdaq 100 futures advanced ahead of a resumption in U.S. markets after a holiday. Treasury yields climbed and dollar dipped. Oil extended losses amid Saudi Arabia’s price cut for Asian buyers and demand threats from the outbreak of the delta virus variant. Bitcoin topped $52,000. El Salvador plans further purchases after buying 200 coins ahead of adopting the cryptocurrency as legal tender on Tuesday. In China, traders will monitor trade data for guidance on the state of the economy. Australia is due to revisit the question of whether to delay a planned taper of bond purchases as lockdowns sap the nation’s recovery. 

S&P 500 futures added 0.1% as of 9:31 a.m. in Tokyo.

Nasdaq 100 futures increased 0.3%

Topix index rose 1.2%

Australia’s S&P/ASX 200 Index was little changed

Kospi index slipped 0.4%

Hang Seng Index futures gained 0.2%

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