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Sensex gives up 59K, Nifty ends below 17,550; Zee zooms 31%, financials hit

Stock market today: The Sensex fell 77.94 points or 0.13% to end at 58,927.33, while the Nifty eased 15.30 points or 0.09% to 17,546.70.Premium
Stock market today: The Sensex fell 77.94 points or 0.13% to end at 58,927.33, while the Nifty eased 15.30 points or 0.09% to 17,546.70.

Market closing: Indian indices were caught in a narrow band on Wednesday. The Sensex hit a high of 59,178.44 and low of 58,878.38. Nifty moved between 17,524-17,610.45. ZEE Entertainment surged over 31% on the Sony deal.

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Concerns over China Evergrande Group have put investors on edge and added to recent worries over economic growth from the Delta variant. Investors are waiting for the Fed meeting outcome, due today, that may shed light on when its massive purchase of government debt will begin to ease

22 Sep 2021, 03:52:06 PM IST

Sensex, Nifty end lower in volatile trade; ZEEL spikes 25%

Indian equities ended lower on Wednesday after struggling for direction in volatile trade through the session. 

The Sensex fell 77.94 points or 0.13% to end at 58,927.33, while the Nifty eased 15.30 points or 0.09% to 17,546.70. About 2047 shares have advanced, 1113 shares declined, and 162 shares are unchanged.

Coal India, Tech Mahindra, Tata Motors, Hindalco Industries and M&M were the top gainers on Nifty. HDFC, Nestle, HDFC Bank, ICICI Bank and Kotak Mahindra Bank were among the worst hit.

 Banks, financials, and FMCG indices fell, while the rest rose with Nifty Realty up over 8% and Nifty Media a sharp 13%.

Broader markets outperformed the benchmarks, with Nifty Midcap100 and Smallcap100 indices closing up over a percent each.

Sensex stocks at close on Wednesday 
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Sensex stocks at close on Wednesday 
22 Sep 2021, 03:22:51 PM IST

Govt extends Uday Kotak's term as IL&FS chairman by 6 months: PTI

22 Sep 2021, 03:08:14 PM IST

Air India chairman Rajiv Bansal appointed secretary in civil aviation ministry 

22 Sep 2021, 03:07:35 PM IST

Pandemic accelerated digital adoption for corporates and small biz, finds survey

The global pandemic and the subsequent lockdown accelerated the digital journey for corporates, and small and medium enterprises in India, showed results of the DBS Digital Readiness Survey.

Small and medium-sized enterprises (SMEs) make up more than 96% of all Asian businesses and are integral to the success of the region’s economy. To better understand their needs, the survey was expanded this year to garner insights from more than 1,000 small and medium-sized enterprises across six APAC markets (including India) on where they are in terms of digitalization.

22 Sep 2021, 02:59:24 PM IST

Banks, financials keep Sensex under pressure 

Sensex contributors 
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Sensex contributors 
22 Sep 2021, 02:56:36 PM IST

ITC hits fresh high, market cap at Rs3 trillion 

ITC stock on BSE
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ITC stock on BSE
22 Sep 2021, 02:32:39 PM IST

Axis Bank commits ₹30,000 cr till FY26 towards sustainable lending: PTI

22 Sep 2021, 02:25:48 PM IST

Covishield added as approved vaccine in updated UK travel advisory" PTI

The UK on Wednesday added Covishield, the Indian-manufactured Oxford/AstraZeneca COVID-19 vaccine, to an updated international travel advisory.

The move follows widespread condemnation of the Serum Institute of India manufactured vaccines not being included in a list of eligible COVID-19 vaccines recognised under the UK's reviewed international travel norms, effective from 4 October.

The updated advisory means that Indians fully vaccinated with Covishield will no longer be required to undergo compulsory 10-day self-isolation at home or declared location on entry to England.

22 Sep 2021, 02:22:13 PM IST

Abbott India: Axis Securities 

The key focus areas such as multichannel doctor engagement programmes, Beyond the pill, patient support programmes, Pharmacy engagement for OTC products, and the launch of new products are expected to be major growth drivers of Abbott India in the upcoming years. We expect Revenue/PAT CAGR of 11.1%/11.3% respectively over FY21-FY24E. 

While a TP of 20,000 implies a marginal downside of 2.5%, we remain positive on the long-term outlook of the company and recommend a HOLD rating on the stock.

22 Sep 2021, 02:19:14 PM IST

Route Mobile board approves raising up to ₹2,000 cr via issuance of securities: exchange filing 

Route Mobile 
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Route Mobile 
22 Sep 2021, 02:10:11 PM IST

Sensex struggles for direction, largely flat 

Market check 
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Market check 
22 Sep 2021, 01:55:28 PM IST

Nifty Realty zooms led by DLF, Godrej Properties 

Nifty Realty
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Nifty Realty
22 Sep 2021, 01:48:39 PM IST

Global stocks rise following Evergrande deal: Reuters 

Stocks and riskier currencies found relief on Wednesday as market concerns around China Evergrande eased, with the embattled developer saying it could pay a coupon on one of its bonds.

The Euro STOXX 600 added as much as 0.8% in early deals, with London shares up 1.1% and Paris gaining 1.2%. Evergrande's Frankfurt-listed shares jumped 15.1% after hitting multi-year lows a day earlier.

U.S. futures were set to gain 0.6%, with investors focused on the Federal Reserve's policy decision due later in the day, with concern over an immediate announcement on tapering easing in recent weeks.

22 Sep 2021, 01:23:40 PM IST

View on BSE Realty: Yash Gupta, equity research analyst, Angel Broking

S&P BSE Realty rose 6.3% to 3551, 52-week high and breaking 10 years long consolidation. We have a buy rating on Sobha Limited with target price of 870 and have neutral rating on Godrej property.

Companies operate in residential & commercial real-estate along with contractual business. Companies 70% of residential pre-sales come from the Bangalore market which is one of the IT hubs in India, we expect new hiring by the IT industry will increase residential demand in the South India market. 

Listed players have gained market share in new launches in the last 2-3 years, we expect this to continue in coming quarters. Ready to move inventory and under construction inventory levels have moved down to its lowest levels. Customers are now having preference towards the branded players like Sobha Developers. 

We continue with our BUY rating on Sobha Limited and have Neutral outlook on Godrej Properties.

BSE Realty stocks 
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BSE Realty stocks 
22 Sep 2021, 01:18:57 PM IST

KPIT Technologies to acquire initial 25% stake in Future Mobility: exchange filing 

KPIT Technologies will acquire 25% stake in Future Mobility upfront and the balance shareholding will be acquired over FY23 and FY24.

“The total consideration for 100% shareholding will not exceed € 15.6 million," the company said in the filing.

FMS is engaged in software and feature development in autonomous driving, adas & vehicle safety and integration & validation.

22 Sep 2021, 01:07:47 PM IST

European shares rise on Evergrande relief; travel stocks gain

European stocks rose on Wednesday, recovering from its early-week losses after debt-laden China Evergrande said it would make some interest payments, while travel and leisure stocks jumped to a 14-week high.

Evergrande's Frankfurt-listed shares jumped 15.1% after hitting multi-year lows in the previous session.

The pan-European STOXX 600 rose 0.8%, extending Tuesday's bounce with commodity-linked stocks also in the lead.

22 Sep 2021, 12:51:55 PM IST

Top 5 gainers/losers on Nifty at this hour 

Nifty gainers/losers
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Nifty gainers/losers
22 Sep 2021, 12:50:11 PM IST

Nikkei hits two-week low on caution before US Fed meet

22 Sep 2021, 12:35:36 PM IST

Serum Institute of India to invest $68 million in UK's Oxford Biomedica: Reuters 

Vaccine producer Serum Institute of India will invest 50 million pounds ($68.24 million) in Oxford Biomedica, one of the COVID-19 vaccine manufacturers for drug major AstraZeneca, the British cell therapy firm said on Wednesday.

22 Sep 2021, 12:27:31 PM IST

BOJ stands pat on main policy tools, flags production issues

The Bank of Japan held its key stimulus tools in place while flagging recent pressures on the economy ahead of a key ruling party election that is almost certain to determine the country’s next prime minister. The BOJ kept its negative interest rate and asset-buying targets unchanged Wednesday, a result in line with forecasts. The central bank trimmed its view of exports and production to reflect the hit from a record Covid-19 wave while keeping its overall view of the economy unchanged.

The decision comes a week before a ruling party election to pick Yoshihide Suga’s successor next week. The new leader is expected to put together a stimulus package to help get the economy back on a firmer recovery track.

22 Sep 2021, 12:00:55 PM IST

Reliance, IT stocks driving gains on Sensex 

Sensex stocks
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Sensex stocks
22 Sep 2021, 11:54:03 AM IST

L&T commissions Utkal Alumina Refinery's expansion project

The Metallurgical and Material Handling business of Larsen & Toubro has commissioned 0.5 MTPA expansion project of Utkal Alumina International, a wholly owned subsidiary of Hindalco, the metals flagship company of the Aditya Birla Group.

22 Sep 2021, 11:46:57 AM IST

China Evergrande agrees to deal with bondholders to avoid default: reports 

China Evergrande Group’s onshore property unit said it has reached an agreement with yuan bondholders on an interest payment due 23 September, without clarifying the terms.

In an exchange filing on Wednesday, the unit said the issue for its 5.8% 2025 bond “has been resolved via negotiations off the clearing house," under a section in the filing on the bond interest payment.

The statement didn’t specify when or how much interest would be paid. The amount due for the coupon was 232 million yuan ($35.9 million), according to data compiled by Bloomberg.

22 Sep 2021, 11:41:10 AM IST

Banks, financials worst hit in trade today; Nifty Media jumps 9%

Nifty sectoral indices 
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Nifty sectoral indices 
22 Sep 2021, 11:38:43 AM IST

India likely to allow smaller gap between AstraZeneca COVID vaccine doses

India is likely to allow a smaller gap between AstraZeneca COVID-19 vaccine doses for inoculations being carried out privately, in line with a court order, Reuters reported citing sources.

Private hospitals and clinics will give their paying patients the option to receive their second dose of the vaccine four weeks after the first, down from between 12 and 16 weeks currently, they said.

Earlier this month, the high court in the southern state of Kerala ordered changes in the health ministry's vaccine-booking platform to give people paying for vaccination this choice, which is already being offered to those flying abroad.

"Since the high court has given a judgement, it will have to be done," said one of the sources. "For the government's programme, the ideal gap remains 12 weeks."

India doubled the gap between AstraZeneca vaccine's two doses in May to make sure more people were inoculated with at least one dose when supplies were scarce at the height of the country's outbreak this year.

22 Sep 2021, 11:32:50 AM IST

ADB retains its FY22 growth forecast for India at 10%

The Asian Development Bank (ADB) on Wednesday retained its growth forecast for India at 10% for FY22, citing expected surge in domestic demand and exports.

In its update to Asian Development Outlook, ADB said India's GDP growth is expected to moderate to 7.5% in FY23. "The forecast assumes a relatively limited economic impact from the pandemic going forward thanks to an accelerated vaccination campaign and better preparedness among businesses, households, and the health care sector," ADB said.

On Tuesday, OECD slashed its FY22 growth projection for India to 9.7% from 9.9%.

22 Sep 2021, 11:02:21 AM IST

View on Zee-Sony merger deal: Yash Gupta, equity research analyst, Angel Broking

In the merged entity Sony Pictures will hold 53% and Zee Entertainment Enterprises Ltd will hold 47% of total shareholding. Sony Pictures will also infuse $1.57 billion ( 11,000 crore) into the merged company. 

Punit Goenka, who is managing director & chief executive officer of Zeel will continue to remain managing director & chief executive officer of the merged entity. 

We recommend investors to be cautious as shares of Zee Entertainment Enterprises Ltd have risen 78% from Rs170 apiece to Rs303 in the last one month and as of now the company has not disclosed the valuations.

22 Sep 2021, 10:56:03 AM IST

ICICI Securities maintains BUY on Axis Bank, target price at Rs942 apiece

22 Sep 2021, 10:44:42 AM IST

India rupee slips 9 paise to 73.70 against US dollar in early trade

22 Sep 2021, 10:43:37 AM IST

Broader markets at this hour 

Nifty broad market indices.
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Nifty broad market indices.
22 Sep 2021, 10:20:42 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The Nifty has taken support at the 17300 levels. The direction in the short term is still not clear; we need to keep above 17600 on a closing basis in order to resume the current uptrend. On the flip side, if we break 17300 on a closing basis, we will endeavor a further slip to 17100-17150. It is a wait and watches the situation."

22 Sep 2021, 10:15:13 AM IST

Zee Entertainment extends gains, shares jump 20%

Zee Entertainment stock
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Zee Entertainment stock
22 Sep 2021, 09:57:08 AM IST

Sensex gainers/losers at this hour 

Sensex stocks 
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Sensex stocks 
22 Sep 2021, 09:52:48 AM IST

ICICI Securities initiates coverage on Reliance Industries with a HOLD rating 

Long term prospects and dominant standing of Reliance Industries Ltd (RIL) in each of its product & service portfolio, provides comfort for long term value creation.

RIL’s consumer business will be the growth driver, going ahead. The company has a strong balance sheet post fund raising while its traditional business will continue to generate steady cash flows. 

We initiate coverage on the stock with a HOLD recommendation.

Target Price and Valuation: On an SOTP basis, we value the stock at | 2480/share

22 Sep 2021, 09:45:40 AM IST

Vodafone plc rules out fresh equity infusion Vodafone Idea: media report 

22 Sep 2021, 09:29:29 AM IST

Godrej Properties clocks ₹575 crore of sales on day 1 of Noida project launch

Godrej Properties Ltd on Wednesday said it sold 340 homes, comprising half a million square feet, worth Rs575 crore, on the first day of the launch of the second phase of its ‘Godrej Woods’ project in Noida.

The Mumbai-based real estate developer said response to its forest-themed phase named ‘Evergreen’ has pushed total sales of the project in the past six months to about Rs1,140 crore.

22 Sep 2021, 09:27:28 AM IST

ZEE Entertainment jumps on merger deal with Sony Pictures India 

ZEE Entertainment stock
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ZEE Entertainment stock
22 Sep 2021, 09:25:58 AM IST

Sensex in early deals 

Market check 
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Market check 
22 Sep 2021, 09:25:26 AM IST

Nifty in opening deals 

Nifty50
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Nifty50
22 Sep 2021, 09:11:50 AM IST

Freshworks raises $1.03 billion in U.S. IPO, valued at $10.13 billion: Reuters 

Business software firm Freshworks said it had priced its U.S. initial public offering well above the target range to raise $1.03 billion, valuing the Salesforce.com rival at $10.13 billion as hybrid work fuels demand for its products.

Freshworks priced 28.5 million shares at $36 per share, the company backed by Accel and Sequoia Capital said on Tuesday. It had earlier expected to raise $969 million at the top end of its increased price range of $32 to $34 per share.

San Mateo, California-based Freshworks joins a number of big names from the enterprise software business that have taken advantage of red-hot U.S. capital markets over the past 18 months.

22 Sep 2021, 09:08:12 AM IST

Nifty above 17,600 in pre-open 

Nifty check 
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Nifty check 
22 Sep 2021, 09:07:07 AM IST

Sensex rises in pre-open 

Market check 
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Market check 
22 Sep 2021, 08:40:20 AM IST

Oil prices rise on big decline in US crude stocks

Oil prices rose around 1% on Wednesday, extending overnight gains, after industry data showed US crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. 

US WTI crude futures rose 75 cents, or 1.1%, to $71.24 a barrel in early deals, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 68 cents, or 0.9%, to $75.04 a barrel, after gaining 44 cents on Tuesday.

22 Sep 2021, 08:11:20 AM IST

SGX Nifty down in early deals, indicates tepid start to Indian equities 

SGX Nifty futures were at 17,519.50, down 42.55 points, or 0.24%, in early deals.

22 Sep 2021, 08:00:43 AM IST

Board of ZEEL gives in-principle approval for merger between ZEEL & Sony Pictures Networks India

ZEE Entertainment Enterprises Ltd (ZEEL) has signed a merger deal with Sony Pictures Networks India Private Ltd, the company said in an exchange filing on Wednesday. According to the terms of the deal, Sony Pictures Entertainment will infuse $1.575 billion into the merged entity.

"The Board of Directors of ZEEL at its meeting held on September 22, 2021, has approved the execution of a non-binding term sheet ("Termsheet") with Sony Pictures Networks India Private Limited ("Sony India"), in relation to a potential transaction involving a composite scheme of arrangement for the merger of the Company and Sony India and infusion of growth capital by the promoters of Sony India into Sony India as part of the merger," as per a ZEEL statement.

After the merger, shareholders of ZEEL will hold 47.07%, while Sony Pictures Networks will hold a 52.93% stake in the merged entity.

22 Sep 2021, 07:56:15 AM IST

Stocks to Watch 

Shares of HDFC Bank, Kotak Mahindra Bank, Tata Motors, SBI Card, among others, will be in focus today. 

Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank, and Sun TV Network are under the F&O ban for 22 September

22 Sep 2021, 07:09:28 AM IST

Nifty view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:

In the last couple of sessions, Nifty corrected nearly 450 points and hence, it was a bit oversold. Importantly, it reached its key support zone of 17350-17250 which coincided with the ’89-EMA’ on hourly chart. Hence with global markets rebounding sharply, it was the apt point from where market can see some recovery. But we must accept the fact that although the recovery was evident, it has over surpassed our projected levels of 17500 by a fair margin. Nevertheless, we still believe that this is merely a bounce back and we are not completely out of the woods yet. 

For the coming session, 17600-17650 are to be seen as immediate hurdles, while weakness will resume once we start staying below 17450.

We advise traders not to get carried away by this bounce back and one should still continue with a cautious stance. In order to regain the confidence, another couple of days’ strength is quite crucial for the market. Also, all eyes on global market as the next path of action is still to be dictated by them only.

22 Sep 2021, 07:05:26 AM IST

Asian stocks cautious in line with overnight muted close on Wall Street 

Asian stock markets made a cautious start on Wednesday and the dollar held firm amid lingering nerves about the fallout from a looming failure at developer China Evergrande and anticipation that the US Federal Reserve may move a step closer to tapering.

Japan's Nikkei fell 0.5%. Equity, bond and currency markets in China opened for the first time on Wednesday since concern over Evergrande's predicament triggered a wave of selling and contagion worries around the world.

Singapore-traded FTSE China futures are about 2% below Friday's closing level. Safe-haven assets such as the yen and U.S. Treasuries rose slightly in morning trade.

Globally, markets have calmed following a sharp selloff on Monday, as analysts have downplayed the threat of Evergrande's troubles becoming a "Lehman moment" and setting off a financial crisis. But stocks have scarcely bounced and commodities remain under pressure as concern shifts to the economic consequences.

Overnight on the Wall Street, the Dow Jones Industrial Average fell 50.63 points, or 0.15%, to 33,919.84, the S&P 500 lost 3.54 points, or 0.08%, to 4,354.19 and the Nasdaq Composite added 32.50 points, or 0.22%, to 14,746.40.

S&P 500 futures fell 0.4% in early Asia trade and the offshore yuan was under pressure near a one-month low at 6.4850 per dollar. Hong Kong markets are closed for a holiday.

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