Share Market LIVE updates: In a broad-based rally today, Indian benchmark indices surged to record highs. The Sensex moved between 59,243.15 and 59,957.25, while the Nifty touched a low of 17,646.55 and high of 17,843.90
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Stock market today: 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.
Indian benchmark indices surged over 1% each on Thursday amid strong global cues after the US Federal Reserve hinted that it may begin scaling down asset purchases only by November and complete the process by mid-2022. Traders continue to monitor the debt crisis at China Evergrande Group.
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23 Sep 2021, 03:45 PM ISTSensex, Nifty end at fresh highs as banks, financials rally
Indian equities scaled record highs in a broad-based market rally on Thursday.
The Sensex jumped 960 points to close at 59,887, just 100 points shy of 60,000. Meanwhile, while Nifty ended the session 276 points higher at 17,823. Sensex touched a record high of 59,957 during the while Nifty hit 17,844.
Broader markets also advanced. BSE Midcap rose 1.3% and the Smallcap was up 0.93% at the end of the day.
Bajaj Finserv, Hindalco Industries, Tata Motors, Larsen and Toubro and Coal India were among the top gainers on Nifty, HDFC Life, Dr Reddy’s Labs, Nestle India, ITC and Tata Consumer Products were worst hit.
The Nifty Realty index jumped 9%, while bank, PSU bank, private bank, financials, IT indices jumped 1-2%.
Sensex stocks at close on Thursday
23 Sep 2021, 03:20 PM ISTMotilal Oswal AMC announces launch of Motilal Oswal 5 Year G-sec Fund of Fund
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23 Sep 2021, 03:11 PM ISTSensex less than 100 points away from 60,000
Sensex check
23 Sep 2021, 03:03 PM ISTNifty Realty surges over 9%
Nifty Realty
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23 Sep 2021, 02:56 PM ISTTop five gainers/losers on Nifty at this hour
Nifty stocks
23 Sep 2021, 02:46 PM ISTIIFL Finance to raise up to ₹1,000 crore via bonds
IIFL Finance, a non-banking financial company (NBFC), on Thursday said it will open a public issue of secured bonds on 27 September to raise up to Rs1,000 crore for business growth and capital augmentation.
The bonds offer up to 8.75% yield, it said in a statement.
The Fairfax -backed company will issue secured redeemable non-convertible debentures (NCDs), aggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to Rs900 crore, thus aggregating to a total of Rs1,000 crore.
23 Sep 2021, 02:24 PM ISTCompanies get more time for holding FY21 AGM
The government has decided to grant companies up to two months beyond the end of September to hold their annual general meetings to finalise FY21 accounts, an official order showed.
As per this, Registrars of Companies (RoCs) are authorised to give companies extra time under section 96 of the Companies Act. This section stipulates that companies have six months after the close of a financial year to hold their annual general meeting of shareholders and if there is any special reason, extra time of up to two months could be granted.
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23 Sep 2021, 02:13 PM ISTGoogle files writ petition in Delhi HC against CCI probe report leak
Technology giant Google has filed a writ petition in the Delhi High Court against the “leak" of the report of a fact-finding investigation into the company by the director general of the Competition Commission of India (CCI).
The report, which was part of a probe ordered by the CCI in a 2019 case against Google, was reported by the Times of India (TOI) and Reuters late last week.
“We are deeply concerned that the Director General’s Report, which contains our confidential information in an ongoing case, was leaked to the media while in the CCI’s custody. Protecting confidential information is fundamental to any governmental investigation, and we are pursuing our legal right to seek redress and prevent any further unlawful disclosures," the company said in a statement. “We cooperated fully and maintained confidentiality throughout the investigative process, and we hope and expect the same level of confidentiality from the institutions we engage with," it added.
23 Sep 2021, 02:11 PM ISTBajaj Finserv top gainer on Sensex
Sensex stocks
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23 Sep 2021, 02:08 PM ISTSensex at 2pm
Sensex check
23 Sep 2021, 01:54 PM ISTDPIIT reduces patent fee for educational institutions by 80%
Government has reduced patent filing and processing fees charged to educational institutions by 80% on a par with similar concession provided to startups under the Startup India initiative. The provision has been introduced by amending the Patent rules.
“At the time of applying for patents, the innovators have to apply these patents in the name of the institutions which have to pay fees for large applicants, which are very high and thus work as a disincentive. In this regard and to encourage greater participation of the educations institutions, who play a pivotal role in country’s innovation, official fees payable by them in respect of various acts under the Patents Rules, 2003, have been reduced by way of the Patents (Amendment) Rules, 2021, which came into effect on 21 September 2021," Department for Promotion of Industry and Internal Trade (DPIIT) said in a statement.
23 Sep 2021, 01:46 PM ISTG R Infraprojects receives letter of award from NHAI
The order is for development of 6-lane Amritsar-Bathinda Greenfield section of NH-754A from village Tiba on NE-5A to junction with Moga Jalandhar road (NH-703) near Dharamkot, as a part of Amritsar-Jamnagar Economic Corridor in Punjab on hybrid annuity mode under Bharatmala Pariyojana Phase-I.
GR Infra
23 Sep 2021, 01:43 PM ISTVistara to start bi-weekly Delhi-Paris flights from 7 November
23 Sep 2021, 01:30 PM ISTRIL hits fresh high
RIL stock on BSE
23 Sep 2021, 01:08 PM ISTTRAI releases July mobile subscriber data
Bharti Airtel added net 1.94 million mobile users in July
Reliance Jio added net 6.52 million mobile users in July
Voda Idea lost net 1.43 million mobile users in July
23 Sep 2021, 01:00 PM ISTWorsening chip woes to cost automakers $210 billion in sales: Bloomberg
The cost of the intractable semiconductor shortage has ballooned by more than 90%, pushing the total hit to 2021 revenue for the world’s automakers to $210 billion.
That’s the latest dire forecast from AlixPartners, which predicted global automakers will build 7.7 million fewer vehicles due to the chip crisis this year. That’s almost double the consultant’s previous estimate of 3.9 million.
Despite ongoing efforts to shore up the supply chain, semiconductor availability has worsened as automakers exhaust stockpiles and other industries have no more to spare.
23 Sep 2021, 12:51 PM ISTSensex extends gains, near day's high
23 Sep 2021, 12:49 PM ISTBroader markets also higher in line with benchmarks
Nifty broader market indices
23 Sep 2021, 12:28 PM ISTICICI Securities upgrades ZEE Entertainment rating to ADD vs HOLD
Target price has been raised to Rs374 apiece from Rs200 earlier.
23 Sep 2021, 12:08 PM ISTRIL, Adani Group, 17 others bid for solar module manufacturing PLI scheme
Mukesh Ambani-controlled Reliance Industries Ltd (RIL), Adani Group and US- headquartered First Solar are among the 19 firms that have bid for setting up solar manufacturing units under the government’s production linked incentive (PLI) scheme, according to two government officials aware of the development.
RIL, Adani Group, First Solar, Andhra Pradesh-based Shirdi Sai and Jindal Poly have bid for manufacturing polysilicon (stage-1), wafer (stage-2) and cells and modules (stage-3 & 4). State-run Coal India Ltd (CIL), ReNew Energy Global Plc., CubicPV and Larsen and Toubro have bid for manufacturing wafer and cells and modules.
In addition, Avaada Energy Pvt Ltd, Hyderabad-based Megha Engineering and Infrastructure Ltd (Meil), Vikram Solar, Tata Power, Acme Solar, Waaree Energies, Premier Energies, Emmvee Group and Jupiter Solar have bid for manufacturing solar cells and modules. (Read here)
23 Sep 2021, 12:06 PM ISTInfosys says over 3 cr taxpayers successfully complete transactions on tax e-fling portal; working on resolving challenges
Infosys Ltd is focused on rapidly resolving the challenges in the income tax (IT) e-filing portal by working closely with the chartered accountant community and dedicating more than 750 resources to this project, the company said in a statement.
The dedicated team has been set up to complete significant portions of work in collaboration with officials from the income tax department.
“Infosys takes pride in partnering with the government of India and continues to work closely with various departments to accelerate the digital evolution of the country’s technology capabilities," the company said.
Infosys said the portal has seen steady increase in usage with taxpayers’ concerns being progressively addressed over the last few weeks.
23 Sep 2021, 12:03 PM ISTSC order on pleas seeking independent probe into Pegasus snooping row next week: PTI
The Supreme Court on Thursday said it will pronounce its interim order next week on a batch of pleas seeking an independent probe into the Pegasus snooping matter.
A bench headed by Chief Justice N V Ramana said the order, which was to be pronounced earlier, will now be delivered next week.
The top court on September 13 had reserved its order, saying it only wanted to know whether or not the Centre used the Pegasus spyware through illegal methods to allegedly snoop on citizens.
The Centre had stoutly refused to file an affidavit citing national security on pleas seeking an independent probe into the snooping row.
For this session, 17610-17650 would be seen as immediate hurdles, while a break below 17500 would result in retesting of Tuesday’s low of 17400-17350. For a short term point of view, 17350-17250 is to be seen as key support zone. Any aberration on the global front may result in challenging these levels and hence, it would be handy to know in advance the possible reaction ahead of any such event. Since there is a penultimate weekly expiry in our market as well, we may see higher volatility. So traders should take a note of all these developments and trade accordingly.
We continue to remain cautious on the market and advise against creating aggressive bets for a while. 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.
23 Sep 2021, 11:24 AM ISTBharatPe appoints Nehul Malhotra to lead consumer lending
BharatPe on Thursday appointed Nehul Malhotra as head of its consumer lending division and said he will work closely with chief executive Suhail Sameer to scale up consumer-focussed lending products at BharatPe.
Malhotra’s appointment is the fifth senior level appointment for BharatPe in the year 2021. He is a seasoned leader with diverse experience across industries- including fintech, leadership advisory and search, and consulting. Prior to joining BharatPe, he was executive director at Russell Reynolds Associates and has an in-depth understanding of fintech, having spent 4.5 years at Paytm, it said.
23 Sep 2021, 11:22 AM ISTIndia plans to seek ratings upgrade in Moody’s meeting: Bloomberg
Indian finance ministry officials plan to pitch for a sovereign rating upgrade from Moody’s Investors Service when it meets with the firm, scheduled for 28 September according to people familiar with the matter.
Finance officials plan to provide details on how India will meet its budget targets for the current fiscal year, which runs through March, the people said, asking not to be identified as the details aren’t public
Moody’s cut India’s sovereign rating to Baa3 in June 2020, the lowest investment grade, citing policy challenges in addressing a prolonged economic slowdown and its deteriorating fiscal position.
23 Sep 2021, 11:11 AM ISTMarket technicals: ICICI Securities
- The Nifty has formed a higher base above key support threshold of 17200 after recent breather which makes us believe, index would resolve higher and gradually head towards upper band of consolidation placed at 17800.
- Going head, we expect, Bank Nifty (which carries 37% weightage in Nifty) along with beaten down sector like metals would drive index higher. Therefore, any dip from hereon should be capitalised as incremental buying opportunity as we do not expect index to breach the key support of 17200.
- Broader market indices snapped past three sessions decline and paused downward momentum after finding support at 20 days EMA. We expect, Nifty midcap and small cap indices to undergo higher base formation that would set the stage to retest the all-time highs in coming weeks.
- Structurally, we believe the ongoing healthy consolidation has helped index to form a higher base above key support threshold of 17200 as it is confluence of:
50% retracement of last leg of up move (16565-17792) placed at 17180
20 days EMA at 17242, which has been held since July 2021
23 Sep 2021, 11:03 AM ISTJubilant Ingrevia's subsidiary divests 10% stake in Safe Foods Corp
Jubilant Ingrevia
23 Sep 2021, 10:52 AM ISTSensex extends gains led by banks
23 Sep 2021, 10:51 AM ISTOil extends gains on tight market supplies
Oil prices rose on Thursday, extending strong gains from overnight, with fuel demand growing and crude stocks declining as production remains hampered in the U.S. Gulf of Mexico after two hurricanes.
The market was also supported by a broader switch back into risk assets as concerns eased over a potential default by huge property developer China Evergrande and the possible fallout on the world's second-largest economy.
U.S. West Texas Intermediate (WTI) crude futures rose 13 cents, or 0.2%, to $72.36 a barrel, while Brent crude futures rose 17 cents, or 0.2%, to $76.36.
23 Sep 2021, 10:44 AM ISTSoftware firm Freshworks jumps 32% after $1 billion IPO: Bloomberg
Freshworks Inc. rose 32% after raising $1 billion in an initial public offering priced above a marketed range.
Shares of the software company closed at $47.55 on Wednesday in New York trading, giving it a market value of $13 billion. Accounting for employee stock options and restricted stock units, Freshworks would have a fully diluted value of more than $14 billion.
23 Sep 2021, 10:40 AM ISTAll sectoral indices higher; Nifty Realty surges over 5%
Nifty sectoral indices
23 Sep 2021, 10:38 AM ISTRupee rises 9 paise to 73.78 against US dollar in early deals
23 Sep 2021, 10:29 AM ISTNifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
The Nifty has zoomed past 17600 with a gap opening. If we can sustain this on a closing basis, it is a positive sign for the markets. We could scale higher to 17900. A good support lies at 17200 and as long as we do not break that, the overall trend continues to remain positive.
23 Sep 2021, 10:20 AM ISTMphasis stock hits new high as Street cheers its Blink acquisition
The Street has given a thumbs-up to Mphasis’ new acquisition even though it may lead to some impact on the company’s margins.
Continuing its up move, shares of the tier-II IT services provider hit a new record high of Rs3,324 in Thursday’s opening deals on the NSE. The stock has been rising since it announced acquisition of US-based Blink Interactive, a user experience research and design firm, on Wednesday. The consideration for this transaction stands at $94 million to be paid in cash, along with talent retention cost over the next two years.
This acquisition is attractively valued and Blink’s cross-sell synergies would accelerate growth within Mphasis’ BFSI and Hi-tech verticals, analysts said.
23 Sep 2021, 10:12 AM ISTBharti Airtel partners with Tejas Networks for optical network expansion
Domestic telecom gear maker Tejas Networks on Thursday said it has been selected by Bharti Airtel to enhance the telecom operator's optical network capacity in key metropolitan markets.
Tejas will supply, install and support its optical transmission products for extending Airtel's optical networks towards the edge, supporting 5G backhaul, business-to-business (B2B) services and broadband applications.
23 Sep 2021, 09:45 AM ISTOyo likely to file for ₹8,000 crore IPO next week
SoftBank Group-backed Indian hospitality startup Oyo Hotels and Rooms is expected to file for an initial public offering (IPO) next week to raise around $1 billion, a source told Reuters on Thursday.
The hotel aggregator is looking to list on the exchanges in Mumbai and its IPO is tentatively pegged at between $1 billion and $1.2 billion( ₹8,000 crore). The offer comprise a fresh issue of shares and an offer for sale from existing shareholders.
The listing plan follows a stellar debut by food delivery firm Zomato Ltd in July. Berkshire Hathaway Inc-backed Paytm and private equity firm TPG-backed Nykaa have also filed for IPO. Ride-hailing firm Ola, which is also backed by SoftBank, is set to enter the markets as well.
Oyo, in which SoftBank owns a 46% stake and is one of its biggest bets, has endured months of layoffs, cost-cuts and losses during the global health crisis.
23 Sep 2021, 09:39 AM ISTBanks, financials rally; Axis Bank top gainer on Sensex
Sensex stocks in early deals
23 Sep 2021, 09:37 AM ISTTitan worst hit stock on Sensex
The Securities and Exchange Board of India (Sebi) has issued show-cause notices to 141 employees of Titan, India's largest watch and jewellery retailer, alleging violation of insider trading rules.
Titan Co stock
23 Sep 2021, 09:24 AM ISTNifty above 17,600 at open
Nifty50
23 Sep 2021, 09:23 AM ISTSensex in opening deals
BSE indices
23 Sep 2021, 09:11 AM ISTMarkets at pre-open
BSE indices
23 Sep 2021, 09:10 AM ISTNifty above 17,600 at pre-open
Nifty50
23 Sep 2021, 08:40 AM ISTCube Highways in talks to raise $1 billion
Cube Highways, the largest investor in road projects in India, is in talks with pension funds and sovereign wealth funds to raise as much as $1 billion through an infrastructure investment trust (InvIT), said three people aware of the development.
Singapore-based Cube Highways, backed by infrastructure investor I Squared Capital, owns 28 operating highway projects, with nearly 8,900 lane km across India.
The InvIT will comprise the largest portfolio of privately held road assets in the country. (Read here)
Escorts, Indiabulls Housing Finance, Vodafone Idea, IRCTC, Punjab National Bank, and Sun TV Network are under the F&O ban for 23 September
23 Sep 2021, 07:42 AM ISTSGX Nifty signals higher opening for Indian indices
Nifty futures on the Singapore Exchange traded 82.70 points, or 0.47%, higher at 17,649.80, signalling a higher opening for domestic indices.
On Wednesday, 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.
23 Sep 2021, 07:31 AM ISTNifty view: Sameet Chavan, chief analyst-Technical and Derivatives, Angel Broking
The kind of price activity we witnessed Wednesday was a clear indication that market participants were waiting for the outcome of the Fed policy. Since there was no major movement during the session, the chart structure remains unchanged and so does our commentary. For the coming session, 17610-17650 will be seen as immediate hurdles; while a break below 17500 would result in retesting of Wednesday's low of 17400-17350. For a short term point of view, 17350-17250 is to be seen as key support zone. Any aberration on the global front may result in challenging these levels and hence, it would be handy to know in advance the possible reaction ahead of any such event. Since there is a penultimate weekly expiry in our market as well, we may see higher volatility. So traders should take a note of all these developments and trade accordingly.
We continue to remain cautious on the market and advise against creating aggressive bets for a while. 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.
23 Sep 2021, 07:12 AM ISTAsian stocks steady following positive close of US peers
Asian stocks were steady in early deals on Thursday after U.S. shares took in their stride the prospect of a reduction in Federal Reserve stimulus as early as November.
Stocks rose in Australia and dipped in South Korea. Japan is shut for a holiday. U.S. futures climbed after the S&P 500 pushed higher for the first time in five sessions and the Nasdaq 100 advanced.
Overnight on the Wall Street, the Dow Jones Industrial Average rose 338.48 points, or 1%, to 34,258.32, the S&P 500 gained 41.45 points, or 0.95%, to 4,395.64 and the Nasdaq Composite added 150.45 points, or 1.02%, to 14,896.85.
Fed Chair Jerome Powell said the central bank could begin scaling back asset purchases in November and complete the process by mid-2022. Officials also revealed a growing inclination to raise interest rates next year.
Traders continue to monitor the debt crisis at China Evergrande Group. Some investor concerns appear to have eased though questions remain after the developer, which is straining under more than $300 billion of liabilities, issued a statement on a local bond interest payment. The focus has shifted to a payment due on a dollar note.