Market closing: Sensex, Nifty fell over 1% each amid a global sell-off in equities. In volatile trade today, the Sensex hit a high of 59,202.56 and low of 58,389.69, while Nifty moved between 17,361.80 and 17,622.75. Barring FMCG index, all sectoral indices were in the red
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Investors across the world will be eyeing the FOMC meet this week for clarity on the outlook for tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has been in focus this year, their view on interest rates will likely be the fresh triggers to move markets world over
A global sell-off in equities pulled down Indian benchmark equity indices sharply lower on Monday. The Sensex slumped 524 points to close at 58,490.93, while the Nifty ended the day below 17,400, down 188.25 points or 1.07%.
Broader markets also fell with the Nifty Midcap100 down 2.3% and the Smallcap100 index ending 1.8% lower. Among sectors, Nifty Metal index fell nearly 7%, followed by PSU Bank, auto, financial services and pharma indices. Nifty FMCG rose.
Tata Steel, JSW Steel, Hindalco Industries, UPL and SBI were worst hit on the Nifty50. HUL, ITC, Bajaj Finserv, HCL Technologies and Britannia Industries were among the top gainers.
20 Sep 2021, 03:21:14 PM IST
HDFC twins, banks, Tata Steel pull down Sensex
20 Sep 2021, 03:15:57 PM IST
BSE Midcap index down 1.8%
20 Sep 2021, 03:12:30 PM IST
Domestic air passenger traffic surges as covid cases fall
Domestic air passenger traffic surged during the week ended 18 September as more people took to the skies amid a steady fall in active covid-19 cases.
Average number of daily fliers rose to 234,000 in the seven days to 18 September from 222,000 a week before, broking firm ICICI Securities said in a report on Monday.
Average number of departures rose to 2,039 during the week from 1,982 in the previous week, while the number of fliers per departure rose to 114 from 111 a week ago.
“Air traffic in terms of passenger and PLFs (passenger load factor) has improved in line with seasonally stronger demand and reining-in of covid cases across the country. Government has also increased the allowable flying capacity to 85% of pre-covid level in the domestic segment," the report said.
Indian Equity benchmarks continue to trade in red terrain in noon deals as investors booked profits at higher levels, mainly in Metal, Basic Materials and PSU stocks. Investors were taking caution approach as across the world will be eyeing the FOMC meet this week for clarity on the outlook for tapering as well as interest rate timelines. While the Fed's planned reduction of bond purchases has been in focus this year, their view on interest rates will likely be the fresh triggers to move markets world over.
However, downside remain capped as Foreign Portfolio Investors (FPIs) have remained net buyers in domestic markets so far in September by investing a net sum of Rs17,822 crore. FPIs invested Rs11,287 crore in equities and Rs5,018 crore in the debt segment on a net basis during 1-17 September.
On the global front, Asian markets were trading lower ahead of a week packed with global central bank meetings, with a torrid session for the world's most indebted property developer China Evergrande. Back home, hotel stocks were in focus on hopes of business revival following unlocking of the economy and pick-up in travel.
20 Sep 2021, 03:06:10 PM IST
Senses stocks bleed, Tata Steel worst hit
20 Sep 2021, 02:54:49 PM IST
Markets technical outlook: ICICI Securities
The Nifty extended its uptrend and surpassed target of 17600 in the process, led by Banking heavyweights. The price action for the week formed a bull candle with small higher shadow indicating profit booking at higher levels. Going forward, we expect momentum to taper down and index to undergo healthy consolidation in the broad range of 17200-17800 in coming week, as past 7-week rally measuring 15% has led daily and weekly oscillators into overbought trajectory with readings exceeding 90. Meanwhile, market is expected to remain stock specific amid consolidation in broader market indices
· Since April 2021, the Nifty has maintained rhythm of not correcting more than 3% from highs. As we expect market to maintain this rhythm, we expect strong buying demand to emerge around 17200 levels as it is 3% magnitude from current week high (17792) that also coincides with identical lows of past two weeks (17250) and 38% retracement of most recent four-week rally (16395-17792) placed at 17259
· On sectoral front, BFSI, Auto provide attractive risk-reward while IT & Telecom is expected to extend its outperformance
· In large caps we like SBI, Kotak Mahindra Bank, Bharti Airtel, Tech Mahindra, Titan, Tata Motors while in Midcaps we prefer Godrej Properties, Escorts, FSL, M&M Finance, EID Parry, KEI, Quess Corp, V-Guard, Thermax
· Broader market indices have extended their winning streak for fourth successive week wherein they gained around 15% each. Such sharp gains have led weekly stochastic oscillator into overbought zone with reading in excess of 90 and likely to slow down the momentum for these indices wherein stock specific action would continue
Hiring activity picks up; 2022 average salary hikes seen at 8.6%: report
NEW DELHI: Indian employers gave an average salary hike of 8% in 2021 and early estimates project that corporates may offer their employees an increment of 8.6% in 2022, a fresh compensation and reward survey by consulting firm Deloitte showed Monday.
The survey that collected data from 450 corporates claimed tip performers will get 1.8 times that of the average pay hike and more than three-fourth (78%) of the employers have also started hiring like that of the pre-covid time, even though there remains a bit of uncertainty around the third wave of the pandemic. (Read here)
20 Sep 2021, 02:13:10 PM IST
Nifty PSU Bank slips nearly 3%
20 Sep 2021, 02:09:21 PM IST
World shares at one-month low, default fears stalk China Evergrande: Reuters
World shares skidded and the dollar firmed on Monday ahead of a week packed with global central bank meetings, while debt troubles at property group China Evergrande dragged Hong Kong stocks towards to a one-year low.
European stocks were 1.8% lower, slipping to two-month lows, with energy and mining stocks tumbling as the dollar's jump to near four-week highs crushed commodity prices.
Holidays in Japan, China and South Korea meant trading was thin in Asia, while politics added extra uncertainty with elections in Canada and Germany bookending the week.
Shares in China Evergrande plummeted 12% after earlier losing as much as 19% to more than 11-year lows. The company's listed units also fell, as investors worried about the real estate developer's ability to repay a small portion of its $305 billion debt due this Thursday.
20 Sep 2021, 01:38:23 PM IST
Facebook India appoints former Uber executive as Head of Public Policy
20 Sep 2021, 01:32:51 PM IST
AU Small Finance Bank issues over 40,000 credit cards since April launch
AU Small Finance Bank on Monday said it has issued over 40,000 credit cards, of which more than 50% are issued to first time credit card users.
The benchmark, it said, was set in a short span after the card was launched in April this year. The bank said it has ensured customers an easy access to credit cards in more than 150 districts, including cities as well as remote locations of the country.
German shares slump 2%, European index hits two-month lows: Reuters
European shares fell to a near two-month low on Monday and Germany's benchmark index sank 2%, as investors feared major central banks would start giving cues about tapering their pandemic-era stimulus programmes at various meetings this week.
The pan-European STOXX 600 index was down 1.5%, with mining stocks plunging 3.2% following a slide in commodities prices.
Asian equities also skidded following a torrid session for China Evergrande, the world's most indebted property developer.
20 Sep 2021, 01:03:08 PM IST
Nifty top 5 gainers/losers
20 Sep 2021, 01:00:17 PM IST
Sensex gainers/losers at this hour
20 Sep 2021, 12:53:58 PM IST
Tata Power gets Letter of Intent from MAHAGENCO to supply 250 MW power in Maharashtra
TP Saurya Limited (TPSL), a wholly-owned subsidiary of Tata Power, has received the 'Letter of Intent' from Maharashtra State Power Generation Co. Ltd. (MAHAGENCO) for setting up of 250 MW Grid-Connected Solar Photovoltaic Power plant in Maharashtra, the company said in a regulatory filing on Monday.
The project was awarded to TPSL through tariff-based competitive bidding followed by e-reverse auction.
The solar plant project will be commissioned within 15 months from the date of PPA execution.
Speciality steel PLI is at the final stage, guidelines will be issued in October: CNBC TV18
20 Sep 2021, 12:40:00 PM IST
SC declines to hear plea seeking re-opening of schools: ANI
The Supreme Court on Monday declined to entertain a petition filed by class XII students seeking direction to the Centre and states to consider and take a time-bound decision with regard to the physical re-opening of schools and conduct of offline teaching.
A bench headed by Justice DY Chandrachud said it cannot direct states to reopen schools for physical teaching.
"Complexities of the matter is such that we will have to leave it to the governments. Supreme Court can't take over governance. Let governments take these decisions," the bench said while asking the petitioner's advocate to withdraw the plea.
20 Sep 2021, 12:38:34 PM IST
Oil down on stronger greenback, rising U.S. rig count: Reuters
Oil prices dropped on Monday, extending last week's losses after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output stayed offline in the wake of two hurricanes.
Brent crude futures fell 61 cents, or 0.8%, to $74.73 a barrel after losing 33 cents on Friday. U.S. West Texas Intermediate (WTI) crude futures fell 66 cents, or 0.9%, to $71.31 a barrel, after declining 64 cents on Friday.
Alkem Laboratories approves closure of operations at Beta Block, Baddi: BSE filing
20 Sep 2021, 12:12:36 PM IST
Sensex, Nifty flat amid volatility; ITC, HUL top gainers
Benchmark equity indices swung between losses and gains on Monday amid volatility in the markets. The Sensex and Nifty had opened lower but erased losses only to slip back into the red by noon. While banks, financials and metal stocks fell, FMCG shares rose led by ITC and HUL.
At 12pm, Sensex was down 64.18 points or 0.11% at 58,951.71, and the Nifty was down 41.90 points or 0.24% at 17,543.30.
20 Sep 2021, 12:03:18 PM IST
HDFC Bank partners with Paytm to launch co-branded credit cards
HDFC Bank and Paytm on Monday announced plans to launch a range of credit cards powered by global card network Visa in October.
The credit cards will be customized to meet distinct needs of retail customers, from new-to-credit users to affluent users and offer one of the best-in-class rewards and cashback for users, it said.
The statement said that the launch is planned in October to coincide with the festive season to tap into potentially higher consumer demand for credit card offers, EMIs and buy now pay later options, with the full suite of products to be on offer by the end of December 2021.
20 Sep 2021, 11:46:16 AM IST
HUL, ITC, RIL lead gains on Sensex
20 Sep 2021, 11:36:54 AM IST
Charanjit Singh Channi takes oath as Punjab Chief Minister
20 Sep 2021, 11:20:10 AM IST
Nifty technicals: Sameet Chavan, chief analyst-Technical and Derivatives, Angel Broking
As far as levels are concerned, 17700-17800 are seen as immediate hurdles, while 17450-17250 should be treated as key supports. The first sign of real weakness would come only if we start sliding below the lower range. The banking space had a lion's share in last three days’ rally as we saw BANKNIFTY coming out of its long slumber phase to post fresh record high. In fact, on Friday as well, the broader market was sulking after the initial up move, but banking index managed to close in the green.
Going ahead, all eyes will be on this heavyweight basket, because if Nifty has to move towards 18000, this space needs to continue its momentum. In addition, the broader end of the spectrum had a fabulous run throughout the week but we saw some decent profit booking in this space as well on the last day, which does not bode well. Hence, we remain a bit sceptical and we expect the picture to get clear in the coming week itself.
20 Sep 2021, 11:18:10 AM IST
Nifty erases early losses, tests 17,600
20 Sep 2021, 11:16:44 AM IST
FMCG stocks surge led by ITC, HUL
20 Sep 2021, 11:13:39 AM IST
Kotak Mahindra Bank to invest Rs310 crore in KFin Technologies for 9.9% stake
Kotak Mahindra Bank Limited on Monday said it has agreed to invest in KFin Technologies, a leading investor and issuer servicing platform. The bank shall acquire, subject to necessary approvals, an approximately 9.9% stake in KFin by investing around Rs310 crore.
KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance, and pension. KFin serves 25 of e 44 Indian mutual fund AMCs, which have over $148 billion in AUM and 35% market share in equity AUM.
Combined assets under management (AUM) of the National Pension System (NPS) and Atal Pension Yojana rose 32.9% year-on-year to touch ₹6.47 trillion as of 31 August. In August 2020, the combined AUM of both schemes stood at ₹4.87 trillion.
Total NPS subscriber base at the end of August stood at 4.53 crore, up 24% y-o-y.
20 Sep 2021, 10:42:56 AM IST
Cars24 raises $450 mn from Softbank, Tencent, others
India’s largest online marketplace for used automobiles, Cars24 Services, said on Monday it has closed a $450 million round of funding including a $340 million Series F equity round coupled with $110 million debt from multiple financial institutions, in moves that have almost doubled its valuation to $1.84 billion.
The Series F equity round was led by DST Global, Falcon Edge and SoftBank Vision Fund 2 along with participation from Tencent and existing investors Moore Strategic Ventures and Exor Seeds.
Cars24 plans to use the money from its largest funding till date to expand into the UAE and Australian markets and build its cars, bikes and financing business in India, while continuing to invest in technology.
20 Sep 2021, 10:40:00 AM IST
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
"The Nifty opened with a gap down this morning. What needs to be monitored is whether it breaks the low of 17400. If that were to happen, we could slide further to 17250-17300. This would be more of a short-term move. The medium-term trend continues to remain positive until we do not break 17100 on a closing basis."
L&T Hydrocarbon Engineering, a wholly owned subsidiary of Larsen & Toubro, has won a significant order from Petronet LNG (PLL), a joint venture company promoted by four leading PSUs - Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL), GAIL (India) and Bharat Petroleum Corporation (BPCL).
L&T classifies orders worth Rs1,000-2,500 crore as significant.
The contract is for engineering, procurement, construction and commissioning of two LNG storage tanks with a capacity of 170,000 m3 each for Phase three of the Dahej Expansion Project at Dahej, Gujarat.
· Gold prices started Friday’s trade on a flat note and consolidated during the whole session in the range of | 45850-46250 levels
· Prices recouped some losses on Friday after a drop of nearly 3% in the previous session but a firm dollar kept bullion on course for a second weekly decline with the focus still on this week’s Federal Reserve meeting
· Therefore, we expect gold prices to remain subdued in the range of 45800-46200 levels for the day
20 Sep 2021, 10:01:53 AM IST
Rail Vikas Nigam secures ₹1,035 crore contract for Indore Metro Rail project: exchange filing
Jindal Steel and Power wins Kasia iron block in Odisha: media report
Jindal Steel and Power Limited has bagged the Kasia iron ore and dolomite block in in the Keonjhar district of Odisha. JSPL won the ore at 118% premium to the sale value of the ore at the latest auction, as per a report in the Economic Times.
The Kasia mine is spread over 194 hectares and was among the 11 mineral blocks for bauxite, iron ore and dolomite announced for auction in July by the Odisha government.
Other companies including Jindal Steel and Power Ltd, Adani Group, JSW, Tata Steel, ArcelorMittal, Essel Mining and Industries Ltd, Rungta Mines Ltd, MSPL, Vedanta and National Mineral Development Corporation (NMDC) also participated in the auction.
Revised air fare caps may lower ticket prices, boost sales
The Centre’s decision to tweak price cap formula, letting airlines set fares for travel beyond 15 days instead of 30, is likely to bring down fares from the current levels during the festival season, industry experts said.
Since the second covid wave was contained, most people travelled within a fortnight of bookings due to varying covid-related restrictions imposed by states, an airline official said, adding that travel beyond 15 days of the booking period has picked up since July.
“For the sector to revive to pre-covid levels, people who are travelling by trains will have to be lured into taking flights again," the official said, seeking anonymity. Besides, corporate travel, which accounted for a significant share of airline’s passenger traffic in pre-covid times, is also witnessing a slow recovery, he said. (Read here)
20 Sep 2021, 09:29:16 AM IST
Nifty broad market indices in early deals
20 Sep 2021, 09:25:44 AM IST
Sensex stocks in opening deals
20 Sep 2021, 09:23:24 AM IST
Nifty in opening deals
20 Sep 2021, 09:22:13 AM IST
Sensex in opening deals
20 Sep 2021, 09:04:49 AM IST
Nifty at pre-open
20 Sep 2021, 09:04:09 AM IST
Sensex at pre-open
20 Sep 2021, 08:45:51 AM IST
SGX Nifty extends fall, down 175.80 points
20 Sep 2021, 08:36:39 AM IST
Stocks to Watch
Shares of IDBI Bank, Eicher Motors, Lupin, Cadila, among others, will be in focus today. (Read here)
20 Sep 2021, 08:33:14 AM IST
Vodafone Idea focus on bank repayments, funds
With the government granting a four-year moratorium on regulatory dues, Vodafone Idea Ltd will now have to focus on repaying banks and seeking funding for 5G spectrum purchases.
The telecom operator has to repay ₹9,000 crore worth of loans to banks before the end of this fiscal, including ₹5,000 crore of non-convertible debentures, according to a senior banker aware of the matter. Lenders expect the company to raise ₹15,000-20,000 crore from investors this year, the banker said on condition of anonymity. (Read here)
Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
"The markets resisted at the 17750 levels and what followed was a knee-jerk reaction. The trend continues to remain positive and intraday drops or price corrections can be used to accumulate long positions. The near-term support for the Nifty is at 17300. If we get past 17800 the next level to watch out for would be 17950."
20 Sep 2021, 07:39:38 AM IST
SGX Nifty lower in early deals
Nifty futures on the Singapore Exchange traded 142 points, or 0.81%, lower at 17,463.00, signalling that Indian markets may be headed for a gap-down start on Monday.
20 Sep 2021, 07:36:21 AM IST
Oil down on stronger greenback, rising US rig count: Reuters
Oil prices fell on Monday, extending losses from Friday, after the US dollar jumped to a three-week high and rig count in the country rose. The fall comes despite nearly a quarter of US Gulf of Mexico output staying offline in the wake of two hurricanes.
US West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel in early Asian trade, after declining by 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to $75.07 a barrel after losing 33 cents on Friday.
Oil fell with the greenback near a three-week high following a rally on Friday on better-than-expected U.S. retail sales data. That bolstered expectations the U.S. Federal Reserve will begin reducing asset purchases later this year.
20 Sep 2021, 07:06:30 AM IST
Asian stocks await tapering news from US Fed
Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.
Holidays in Japan, China and South Korea made for a thin start, and politics adds extra uncertainty with elections in Canada and Germany bookending the week.
The fate of Chinese property giant Evergrande, and its $300 billion in liabilities, is also in the balance with a bond interest payment due on Thursday.
Concerns about the health of China's economy and Beijing's crackdown on tech firms continues to haunt the region with stocks in Hong Kong especially hard hit last week.
Early Monday, MSCI's broadest index of Asia-Pacific shares outside Japan dipped another 0.2%, after shedding 2.5% last week.
20 Sep 2021, 07:02:57 AM IST
Wall Street stocks end sharply lower on Friday
US stocks closed sharply lower in a broad sell-off on Friday, ending a week buffeted by strong economic data, corporate tax hike worries, the Delta COVID variant, and possible shifts in the Federal Reserve's timeline for tapering asset purchases.
All three major U.S. stock indexes lost ground, with the Nasdaq Composite Index suffering the biggest decline as rising US Treasury yields pressured market-leading growth stocks.
They also posted weekly losses, with the S&P index suffering its biggest two-week drop since February.
The Dow Jones Industrial Average fell 168.15 points, or 0.48%, to 34,583.17, the S&P 500 lost 41.06 points, or 0.92%, to 4,432.69 and the Nasdaq Composite dropped 137.96 points, or 0.91%, to 15,043.97.
The S&P 500 ended the session below its 50-day moving average, which in recent history has proven a rather sturdy support level.
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