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Sensex closes 126 pts lower, Nifty at 17585; metals realty top drags

Stock Market Today: Sensex, Nifty opened at new highs on Friday. (Reuters) Premium
Stock Market Today: Sensex, Nifty opened at new highs on Friday. (Reuters) 

Market Closing: The Sensex closed at 59,015.89, down 125.27 points, or 0.21%, while Nifty was at 17,585.15, down 44.35 points, or 0.25%. VIX closed 5.68% higher at 15.23. Media, financials were top gainers

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India's benchmark indices closed lower on Friday after reaching record highs earlier in the day. All eyes will be on the result of the GST Council meeting underway today. 

17 Sep 2021, 03:55:12 PM IST

Rupee inches 4 paise higher to close at 73.48 (provisional) against US dollar

17 Sep 2021, 03:54:53 PM IST

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

"Nifty made a fresh all time high of 17792 today , from there it saw some profit booking. Nifty closed at 17600 down by 30 points. 17760-17800 will act as a resistance zone for Nifty. Nifty has support in 17425-17460 range. Traders can use buy on dips strategy with strict stoploss for 17750 – 17780 as targets for the next few trading sessions." 

17 Sep 2021, 03:37:16 PM IST

Market closing

The Sensex closed at 59,015.89, down 125.27 points, or 0.21%, while Nifty was at 17,585.15, down 44.35 points, or 0.25%. VIX closed 5.68% higher at 15.23. Media, financials were top gainers

Sensex at close
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Sensex at close
17 Sep 2021, 03:22:52 PM IST

Zomato, InCred collaborate for loans with no processing fee to restaurants

Zomato has partnered with InCred for extending loans with zero processing fee to cash-strapped restaurant associated with the food delivery platform. The scheme will be effective for credit availed from from September 1, 2021 to October 31, 2021. The partnership will support over 50,000 businesses working with Zomato to overcome any credit crunch with tailor-made solutions, a company statement said. (Read more)

17 Sep 2021, 03:18:41 PM IST

Mindtree: Axis Securities maintains ‘Buy’ rating 

"Deal wins for FY21 stood at $1,382 Mn with 270 active clients and 35 strong partnerships and alliances, showcasing the highest ever growth of 12% YoY in the history of Mindtree. The company delivered superior Operating Margins on account of higher offshoring, efficient utilization, lower attrition, and superior service mix. Mindtree continues to invest in employee addition to ramp up new deal wins won in the previous quarter and adhere to project delivery timelines. In the long run, this will aid in achieving sustainable growth.

Mindtree has a strong and geographically diversified presence in terms of revenue distribution. While the US and Europe contributed 76% and 16.2% of the revenue respectively, APAC contributed 7.2%. HI tech & MediaI contributed 45% of the revenue, BFSI 18.2%, Retail CPG and Manufacturing contributed 13.3% each. During FY21, the majority of the verticals and geographies exhibited strong and broad-based demand.

Key growth drivers: (i) Robust demand for digital transformations and other services, (ii) Significant investment in automation in the next two years by the BFSI vertical, (iii) Robust demand scenario across geographies, and (iv) Higher offshoring and strong volume growth to aid margin expansion.

Outlook & Recommendation: The management has guided double-digit growth in FY22 in the backdrop of robust deal wins. Additionally, higher offshoring, better utilization, and lower attrition are likely to expand Operating Margins in the near term. We recommend a BUY rating on the stock and assign a 36x P/E multiple to its FY24E earnings of 128.3/share to arrive at a TP of 4600/share, implying an upside of 12% from CMP."

17 Sep 2021, 03:12:44 PM IST

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

“Indian stock markets opened positive, later traded in and out of positive terrain in the afternoon session. Buying in frontline stocks such as Bajaj Finserv, Kotak Mahindra Bank and Bajaj Finance were aiding sentiment, while selling in Tata Steel, SBI and NTPC kept the gains in the markets in check. Sentiments were positive as controlled Covid cases domestically and strong pick up in vaccination drive has led to healthy pick-up in economic activities. Adding more support, Reserve Bank of India (RBI) states that the inflation trajectory is coming down faster than anticipated and the inflation print of 5.3% in August has proven the monetary policy committee’s (MPC) move to look through May’s price shock as the right call. However, upside remain capped as traders were cautions as finance minister Nirmala Sitharaman is chairing the 45th meeting of the Goods and Service Tax Council Council today. This will be the first in-person meeting between the Union finance minister and state finance ministers in two years. In the previous month, GST revenue collection stood at 1.12 lakh crore—lower than the 1.16 lakh crore collected in July but was still better than the year-ago period. Further, the GST council may also discuss bringing petrol and diesel under the GST regime."

17 Sep 2021, 02:56:04 PM IST

Oil holds above $75 as storm-hit U.S. supply returns slowly

Brent oil futures dipped on Friday but held above $75 a barrel, remaining on track for weekly gains of more than 3% thanks to the slow recovery in output after two hurricanes in the U.S. Gulf of Mexico. Brent crude futures fell 27 cents, or 0.36%, to $75.40 a barrel by 0838 GMT, erasing Thursday's 21 cent gain. U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.54%, at $72.22 after settling unchanged in the previous session.

17 Sep 2021, 02:51:34 PM IST

Dynamatic Tech gains

The company's stock was trading at 3,058.50 apiece, up 1.14% at 2:50 pm. Dynamatic Technologies has secured an order to make assemblies for airplane maker Boeing’s tactical fighter, F-15EX Eagle.

17 Sep 2021, 02:48:19 PM IST

Bajaj Finance board recommends appointment of Deloitte Haskins, GM Kapadia as joint statutory auditors 

17 Sep 2021, 02:47:12 PM IST

Fire breaks out at CGO complex

17 Sep 2021, 02:45:37 PM IST

1 crore doses of Cadila covid vaccines for 12-18 years likely next month

Pharmaceutical company Cadila Healthcare will supply 10 million coronavirus vaccine doses in October, according to government sources. Zydus Cadila's needle-free coronavirus vaccine-- ZyCoV-D-- is likely to be available by early October. The vaccine has been approved to be administered to adolescents between ages 12 and 18. Although, the pricing details of the vaccine is still not out yet. "The discussion on the pricing of ZyCoV-D is ongoing. A decision will be taken soon. We are looking to include this vaccine in the national vaccination program," Dr VK Paul, Member (Health) NITI Aayog had in an exclusive interview with ANI. (Read more)

17 Sep 2021, 02:37:27 PM IST

Industries told to follow Delhi govt's guidelines against dust pollution 

17 Sep 2021, 02:33:44 PM IST

ICICI Bank, Tata Steel drag Sensex down

Index contribution
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Index contribution
17 Sep 2021, 02:32:27 PM IST

Metals, realty, PSU banks top drags

Nifty sectoral indices
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Nifty sectoral indices
17 Sep 2021, 02:12:32 PM IST

Defense supplier Data Patterns nears $100 million IPO filing

Data Patterns (India) Pvt, which supplies electronic systems to the defense and aerospace sector, is preparing to file its draft prospectus for an initial public offering that could raise at least $100 million, according to people familiar with the matter. The Chennai-based company, backed by former Blackstone Inc. senior fund manager Mathew Cyriac, plans to lodge the listing documents with the Indian securities regulator as soon as next week, the people said. The firm intends to list in Mumbai this year, said one of the people, who asked not to be identified as the information is private. Data Patterns is seeking a valuation of around 25 billion rupees ($340 million) in the IPO, and is looking to sell an equal number of primary and secondary shares, the people said. Deliberations are ongoing and the details of the offering could change, the people said. A representative for Data Patterns declined to comment. (Bloomberg)

17 Sep 2021, 02:08:31 PM IST

USD-INR to fall below 73.00 levels on improved local sentiments and inflows: Heena Naik, research analyst - Currency, Angel Broking 

"At present, the Indian Rupee (CMP: 73.51) is seen trading between the range of 73.20 – 73.90 levels.The 73.50 level is seen as a major support levels for the Rupee over the last week, leading to speculation that it is the new base for the pair. If USDINR happens to break and stay below 73.50 levels; we may see the currency tumbling towards 73.20 and lower levels. 73.00 is again an important level which may see a lot of opportunistic dollar demand by importers and banks. If USDINR manages to sustain all of these obstructions; we may even witness a fall towards 72.80 levels.

The reasons for Rupee’s upcoming strength include improved local sentiments that shall keep both Sensex and Niftyin green on plausible foreign inflows as some businesses got a shot in the arm with India Union cabinet clearing PLI for the auto sector and announced debt relief package for the telecom sector, also approving 100% FDI for the sector. Apart from this, the US Dollar Index is seen struggling a bit in recent days on expectations that the disappointing release of the U.S. consumer inflation data shall prompt the US Feds in the next week (FOMC Policy Meeting - Sep 21st and 22nd) to maintain status quo, saying that it will maintain the current pace of bond purchases till there is further progress on inflation and employment. Therefore, it can be said that the Indian currency shall receive help from the drop in the dollar index and the moderately higher Asian peers. Apart from this, there are market rumours of some FTSE rebalancing flows in the coming days that shall bring in some money into the system and provide further support to the Indian Rupee."

17 Sep 2021, 02:05:57 PM IST

Bajaj Finserv 4th Group to hit $100 bln in mcap

Sanjiv Bajaj led insurance and finance businesses of Bajaj Group has become India's fourth conglomerate to cross $100 billion in market cap with its two listed firms soaring to an all-time high on Friday. The total mcap of two listed Sanjiv Bajaj Group firms --- Bajaj Finserv Ltd and Bajaj Finance Ltd -- stood at over $102 billion, according to BSE data. On Friday, Bajaj Finserv hit a fresh record high of 17495.15 on BSE, up 4.6% with a mcap of 2.78 trillion while Bajaj Finance

17 Sep 2021, 01:52:49 PM IST

India sees opportunity as World Bank audit points out China fraud in Doing Business ranking

India hopes the massive fraud highlighted in the audit report of Doing Business ranking by the World Bank which pointed out undue pressure from China to improve its ranking will help shift in manufacturing supply chains to India. On Thursday, the World Bank in a statement said it is discontinuing publishing its much sought-after Doing Business ranking immediately after an external audit unearthed undue interference from senior World Bank staff in changing rankings of specific countries. A commerce and industry ministry official said no irregularities have been found in Indian data. “India remains the preferred investment destination for the world and a reliable, trustworthy destination while China slipping in attractiveness. Fraud by China will boost multilateral initiatives like supply chain resilience initiative to move manufacturing to India," the official hoped.

17 Sep 2021, 01:44:16 PM IST

DHL Express to hike prices in India by 6.9% on average next year

DHL Express will hike its prices in India by 6.9% on an average from 1 January, 2022, as part of its annual price revision exercise globally, the company said on Friday. Prices are adjusted on an annual basis by DHL Express, taking into consideration inflation and currency dynamics as well as administrative costs related to regulatory and security measures, it said. These measures are being regularly updated by national and international authorities in each of the more than 220 countries and territories that DHL Express serves, the company stated.

17 Sep 2021, 01:23:15 PM IST

European stocks advance in early deals

Europe's main stock markets rose in early deals on Friday after a broadly upbeat session in Asia heading into the weekend.

London's benchmark FTSE 100 index gained 0.4% to 7,058.28 points, despite news of sliding UK retail sales. In the eurozone, the Paris CAC 40 won 0.8% to 6,675.17 and Frankfurt's DAX 30 added 0.7% to 15,756.50.

17 Sep 2021, 01:19:02 PM IST

eClerx board approves share buyback of ₹303 cr at ₹2,850 apiece

17 Sep 2021, 01:10:32 PM IST

GST Council meeting underway

GST council extends concessions to specified drugs used in COVID treatment till Dec 31: CNBC TV18

No GST on Amphotericin & Tocilizumab, 5% GST on Remdesivir & 5% on Heparin

17 Sep 2021, 12:56:28 PM IST

Continue to work diligently on obtaining WHO EUL at the earliest for COVAXIN: Bharat Biotech on Twitter 

COVAXIN clinical trial data was fully complied and available in June 2021. All data submitted for Emergency Use Listing (EUL) application to World Health Organization in early July.

We have responded to any clarifications sought by WHO and are awaiting further feedback. As a responsible manufacturer with past approvals for our other vaccines, we do not find it appropriate to speculate or comment on approval process & its timelines.

17 Sep 2021, 12:44:49 PM IST

Nifty PSU Bank worst hit among sectoral indices 

Sectoral indices.
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Sectoral indices.
17 Sep 2021, 12:42:24 PM IST

Sensex check 

BSE indices.
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BSE indices.
17 Sep 2021, 12:39:29 PM IST

Why extending GST compensation to states beyond 2022 is hard

Fiscal pressure faced by central and state governments have cast a shadow over the Goods and Services Tax (GST) Council’s 45th meeting, currently underway in Lucknow where states’ revenue shortfall will be the focus of discussions. Numbers show that states’ demand for the Centre to continue compensating them for their GST revenue shortfall for another five years beyond 2022 is hard to meet.

Data show that the total amount borrowed by the Centre in FY21 and what is likely to be borrowed in this fiscal amounts to Rs2.68 trillion. To service and repay this debt, GST compensation cess levied on items like luxury cars, aerated drinks and tobacco will have to be continued beyond 2022.

In the April-June quarter of this fiscal, Rs24,636 crore has been collected as GST compensation cess. At this rate, it might take close to three years to repay just the principal of the funds borrowed to part finance GST compensation requirement of FY21 and FY22. Also, compensation needs to be paid in the April to June period of FY23 as well.

17 Sep 2021, 12:27:21 PM IST

Bringing auto fuels under GST is easier said than done

The recent surge in petrol and diesel prices is burning a hole in the common man’s pocket. For India Inc. as well, the spike in freight costs is threatening operating margins. In that context, Friday’s GST (goods and services tax) Council meeting in Lucknow is crucial.

A widely-held expectation is that the council will likely discuss bringing auto fuels under its ambit. Such a move would result in a significant drop in consumer prices of auto fuels.

However, tax experts say experience with past GST meetings shows that taking a concrete decision on this controversial matter has been easier said than done.

(Read here)

17 Sep 2021, 12:16:07 PM IST

Nifty trends lower

17 Sep 2021, 12:14:41 PM IST

Sensex off highs, holding above 59,000

17 Sep 2021, 12:00:56 PM IST

Nifty Bank slips into the red, PSU Bank index falls 3%

17 Sep 2021, 11:59:48 AM IST

Govt to call for financial bids for Neelachal Ispat, RFP to be issued soon: CNBC TV18

17 Sep 2021, 11:43:05 AM IST

AC manufacturers shares rebound as festival demand may boost sales

Cooling products manufacturers are seeing a rebound in their stock prices amid expectations of a pickup in sales during the festival season. Shares of Voltas Ltd, Blue Star Ltd, Havells Ltd have risen 12-25% so far in September.

Air conditioner sales in the peak summer season were hit by lockdowns. Since the June quarter, which is the most important sales season for AC manufacturers, was a washout, FY22 sales are likely to remain lower than those seen in FY20. Inventory at dealers’ level have also remained slightly elevated.

However, the festive season demand may provide some respite and boost sales for AC manufacturers. “With a washout summer season and lower imports of finished goods, most brands are left with higher inventory in the form of raw material," said analysts at Motilal Oswal Financial Services Ltd . With channel inventory at a normal level, there is a scope for brands to push sales at the onset of the festive season (Dussehra and Diwali), they added.

17 Sep 2021, 11:40:04 AM IST

IDFC board approves taking steps to divest mutual fund business: BSE filing 

The board of directors of IDFC Ltd and IDFC Financial Holding Company Ltd at their meetings held on Friday approved initiating steps to divest the mutual fund business subject to requisite regulatory approvals, as applicable. The boards have authorised respective Strategy & Investment Committees to take necessary steps, including appointment of investment banker, for the same.

17 Sep 2021, 11:35:45 AM IST

ICICI Securities on NARCL 

The progressive developments with respect to the resolution of existing stressed assets under NARCL-IDRCL structure will be positive for the banking sector, in general, and PSU banks in particular. 

How it will benefit banks: 1) Realisable value received in the form of cash will lead to provisioning write-backs, 2) no risk of mark-down of SRs due to guarantee cover; however, delayed resolution may deteriorate time value; 3) cash receipts can be further leveraged for lending; 4) sovereign guaranteed security receipts will attract zero risk weights for 5 years, thereby, freeing capital on less than fully provisioned bad assets.

17 Sep 2021, 11:21:17 AM IST

India tells China border troop pullback needed for better ties: Reuters

India has told China that their bilateral relations will only develop when both countries pull their troops back from a deadly confrontation on their disputed Himalayan border, the Indian foreign minister said.

S Jaishankar discussed the possibility of both sides withdrawing from their high-altitude face-off when he met his Chinese counterpart, Wang Yi, on the sidelines of a regional conference in Dushanbe on Thursday.

17 Sep 2021, 11:15:14 AM IST

L&T Infotech hits ₹1 trln in market capitalisation 

Larsen & Toubro Infotech Ltd (LTI) on Friday hit 1 trillion in market capitalisation after shares hit a record high of Rs5,751 apiece on the BSE.

The stock has jumped over 60% so far this year.

17 Sep 2021, 10:57:27 AM IST

Is NARCL, the new bad bank in town, a warehouse or a dump yard?

The track record of asset reconstruction companies (ARCs) in recovering money from defaulted loans has been dodgy. What is bleaker is the history of banks selling defaulted loans to ARCs. The process is long drawn and as such ARCs end up getting only the worst loans among those defaulted.

The National Asset Reconstruction Company Ltd (NARCL), the new bad bank in town, has been set up with the intention of changing this paradigm. Armed with 100 crore as capital and a government guarantee worth 30,600 crore, the bad bank wants to squeeze out money out of 2 trillion worth of toxic loans which banks will transfer over five years.

But will it be able to bring change? Analysts are not hopeful. They point out that the first batch of 90,000 crore that would get transferred to the bad bank will be mostly written off accounts. (Read here)

17 Sep 2021, 10:44:42 AM IST

India rupee at 73.46 to a dollar vs Thursday's close of 73.52/dollar

The Indian rupee had opened at 73.49 against the dollar.

17 Sep 2021, 10:41:42 AM IST

ICICI Securities keeps buy on Sunteck Realty, target price at Rs580/shr

Sunteck Realty (SRIN) has announced a new residential project acquisition of 10msf in Shahad, in the Mumbai Metropolitan Region’s (MMR) extended eastern suburbs. The project has been acquired under the asset light JDA model in which Sunteck Realty may have 75-80% revenue share, brokerage ICICI Securities said. 

“Assuming development over FY24-35E, we estimate gross revenue of Rs91.2bn (SRIN share at Rs72.6bn) with pre-tax operating surplus of Rs26.6bn and NAV accretion of Rs14.4bn (Rs103/share). We maintain our BUY rating on Sunteck Realty with a revised target price of Rs580/share (earlier Rs475) based on 1x NAV incorporating the new Shahad acquisition. SRIN has now added four new projects since Mar’20 with the three earlier projects in Vasai/Vasind/Borivali adding 8msf of saleable area. Key risks to our call are slowdown in the Mumbai property market volumes and fall in residential/commercial prices," it added.

17 Sep 2021, 10:30:50 AM IST

Infosys bags five-year deal from Texas-based Frost Bank

Infosys Ltd has bagged a five-year deal from Texas-based Frost Bank to provide strategic business consulting and digital capabilities that will enable the latter to offer mortgage loans along with its other consumer loan products.

Financial details of the deal were not disclosed.

Infosys said it will help design the bank’s mortgage loan process landscape from origination to servicing, design the end-customer experience, and select the most effective technology platform to run and manage operations, while driving growth for its mortgage solutions over the next five years.

17 Sep 2021, 10:29:39 AM IST

Bank Nifty hovers near record high

Banking stocks on Friday surged, with the Bank Nifty topping the 38000-mark, after the Centre approved a 30,600 crore guarantee programme for acquiring stressed loan assets, paving the way for operationalisation of the proposed bad bank.

Bank Nifty hit an all-time high of 38045 points, up 0.85% from previous close. Shares of Central Bank of India gained 4%, Indian Bank 3%, Bank of India 3%, and Indian Overseas Bank 2.5%. Canara Bank, UCO Bank, State Bank of India, and Punjab National Bank were up 1-2%. Indusind Bank, Kotak Mahindra Bank, ICICI Bank and Axis Bank were up 0.8-1.2%.

17 Sep 2021, 10:18:31 AM IST

Commodities Outlook: ICICI Securities

Bullion Outlook

· Gold prices opened slightly lower on Thursday and fell further during most of the session till a low of | 45812

· Prices fell sharply in the last session as the dollar jumped after data showed an unexpected increase in US retail sales in August, hammering gold’s appeal to holders of other currencies

· Therefore, we expect gold prices to remain subdued towards | 45700 level for the day


Energy Outlook

· Crude oil prices started Thursday’s trade on a strong note opening slightly higher and corrected gradually during the first half of the session till a low of | 5267. However, prices did not sustain at lower levels and recovered strongly in the remaining session till a high of | 5360

· Prices remained supported in the last session as oil drillers in the Gulf of Mexico are struggling to restore output more than two weeks after Hurricane Ida made landfall on the coast of Louisiana, with almost a third of production still lying idle

· Therefore, we expect crude prices to remain positive towards | 5450 level for the day

17 Sep 2021, 10:06:27 AM IST

Market commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

"The Nifty has opened in fine fettle and has achieved the next target of 17,750. A pause at the current levels cannot be ruled out. However, if we can sustain these levels, traders can accumulate long positions on intra-day corrections for a new target of 17,950. The markets have a good support at 17,500."

17 Sep 2021, 09:44:39 AM IST

HDFC Bank, Bajaj Finance drive Sensex gains

Index contribution
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Index contribution
17 Sep 2021, 09:38:49 AM IST

PNB, IDFC First top drags

Nifty Bank index
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Nifty Bank index
17 Sep 2021, 09:34:22 AM IST

SBI, Bank of Baroda, Kotak Mahindra cut home loan rates. Details here

Several banks like the State Bank of India (SBI), Kotak Mahindra and Bank of Baroda (BoB) are offering loans at record low-interest rates to cash in the spending rush ahead of the festive season. (Read more)

17 Sep 2021, 09:24:48 AM IST

IT, FMCG top gainers

Nifty sectoral indices
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Nifty sectoral indices
17 Sep 2021, 09:23:36 AM IST

Market opening

The Sensex opened at 59,409.98, up 268.82 points, or 0.45%, while Nifty was at 17,629.50, up 110.05 points, or 0.63%. FMCG, pharma gain

Sensex at open
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Sensex at open
17 Sep 2021, 08:55:42 AM IST

Inox Wind looks to monetize O&M unit

Wind turbine maker Inox Wind Ltd is looking to raise capital via a stake sale to private equity investors, or an initial public offering, of its operations and maintenance (O&M) subsidiary, said two people aware of the development. Inox Wind is a fully integrated player in the wind energy market and makes key components of wind turbine generators (WTGs) in-house. (Read more)

17 Sep 2021, 08:48:08 AM IST

GST council meet today: Will petrol, diesel come under GST?

All eyes are set on the 45th Goods and Services Tax (GST) Council meeting to be held in Lucknow today. This is the first time in 20 months that the GST council will be doing any physical meeting. After December 18, 2019, all the GST Council meeting was done in virtual mode. Finance Minister Nirmal Sitharaman will chair the 45th GST Council meeting at 11 AM in Lucknow today, the Ministry of Finance said in a tweet. (Read more)

17 Sep 2021, 08:38:15 AM IST

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

"Nifty is expected to be positive at 17,700, up by 90 points since yesterday's close. Nifty is in a strong bullish trend, traders can use any correction to initiate buy positions with strict stop-loss. Nifty may test 17,730 and 17,780 in the next few trading sessions. 17,425 - 17,450 is a strong support range." 

17 Sep 2021, 08:31:42 AM IST

Andreessen Horowitz in talks to invest in India's CoinSwitch Kuber: report

17 Sep 2021, 08:30:42 AM IST

Tata Digital set to launch cosmetics e-commerce platform: report

17 Sep 2021, 08:21:57 AM IST

Market outlook

Markets are likely to be firm on Friday while trends in SGX Nifty indicate a positive opening of Indian benchmark indices. On Thursday, the 30-share Sensex rose 417.96 points, or 0.71%, to 59,141.16. The National Stock Exchange’s Nifty index gained 110.05 points, or 0.63%, to 17,629.50. (Read more)

17 Sep 2021, 08:16:42 AM IST

Stocks to Watch

Airtel, Biocon, Hero MotoCorp, TVS Motor, Zee among other stocks may be in the news today. (Read more)

17 Sep 2021, 08:07:21 AM IST

Cryptocurrency prices today: Bitcoin, ether, dogecoin, cardano, slip. Check latest rates

In cryptocurrencies, Bitcoin prices today slipped marginally to trade below $48,000 level. The world's largest crypto by market capitalization was hovering around $47,950. In August, Bitcoin rose over 18%, whereas it is up over 65% this year, while ether saw a larger monthly increase of 35.7% in the previous month and has gained 379% this year, as per CoinDesk. (Read more)

17 Sep 2021, 07:56:47 AM IST

Zomato ends grocery delivery service from today; Here's why

Zomato, a Gurugram-based food delivery platform, will discontinue its grocery delivery services from today, that is, September 17. This is the second time, Zomato would be scrapping its online grocery delivery service after launching it in April, last year. Zomato started the pilot for its 45-minute grocery delivery service in a few cities, starting from Delhi-NCR, in July this year. (Read more)

17 Sep 2021, 07:41:52 AM IST

Asian stocks off to a steady start

Asian stocks were steady early Friday as traders weighed risks from China to the global recovery and the prospect of reduced Federal Reserve stimulus. Equities fluctuated in Japan and fell in Australia and South Korea, while S&P 500 and Nasdaq 100 futures slipped. U.S. stocks closed mostly lower after swinging between gains and losses ahead of Friday’s quarterly expiration of options and futures, which can trigger volatility. Treasury yields and the dollar stayed higher following surprise strength in U.S. retail sales, which eased worries over the impact of the delta variant and highlighted the case for the Fed to scale back pandemic-era emergency support. Jobless claims increased, likely reflecting volatility in weekly data as the labor market broadly recovers. Traders are monitoring the debt crisis at developer China Evergrande Group for signs of wider contagion in the world’s second-largest economy. Beijing’s regulatory crackdown, spanning technology to gambling, again hurt a gauge of U.S.-listed Chinese shares as well as casino operators with exposure to Macau.

S&P 500 futures fell 0.2% as of 9:15 a.m. in Tokyo. The S&P 500 fell 0.2%

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

Japan’s Topix index was little changed

Australia’s S&P/ASX 200 index shed 0.7%

South Korea’s Kospi lost 0.4%

Hang Seng futures rose 0.3% earlier

17 Sep 2021, 07:28:32 AM IST

US markets close lower

U.S. stocks closed mostly lower after swinging between gains and losses ahead of tomorrow’s expiration of options and futures, a quarterly event that usually brings increased volume and volatility. Treasury yields rose for a second day and the dollar strengthened. The materials and energy sectors lead the S&P 500 lower a day after the index posted its biggest gain since August on Wednesday. The equity market benchmark is down about 1% this month amid lingering concern about a broader pullback in the wake of a string of record gains. The Nasdaq Composite finished in positive territory for a second day following a five-session slide. Markets fluctuated as investors weighed the impact of mixed economic data on the Federal Reserve’s plans to taper stimulus. Fed policy makers meet next week. Retail sales unexpectedly increase in August, suggesting that demand for goods remains strong. A separate report showed weekly jobless claims increased.

The S&P 500 fell 0.2% as of 4:08 p.m. New York time

The Nasdaq 100 was little changed

The Dow Jones Industrial Average fell 0.2%

The MSCI World index fell 0.2%

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