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Sensex scripts record, ends above 60K; Nifty above 17,850

Stock market today: On Friday, the Sensex surged past 60,000 for the first time, (Photo: iStock)Premium
Stock market today: On Friday, the Sensex surged past 60,000 for the first time, (Photo: iStock)

  • Market closing: Benchmark indices scaled record highs on Thursday but pared gains as global peers fell on concerns about China Evergrande. Sensex hit a high of 60,333 and low of 59,946.55 today. Nifty moved between 17,819.40-17,947.65

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Having started largely higher, global equities wobbled as lack of information from struggling property giant Evergrande about its bond payments spurred uncertainty among investors. European stocks fell at open while Asia traded with cuts

24 Sep 2021, 03:53:04 PM IST

In a first, Sensex ends above 60K, Nifty closes above 17,850 

Taking cues from global peers amid lingering concerns about China Evergrande, Indian indices pared early gains even as they closed higher on Friday.

Scripting a record, Sensex rose 163.11 points or 0.27% to end the day at 60,048.47, while the Nifty was up 30.20 points or 0.17% at 17,853.20. 

Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were the top gainers on Nifty, while Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank were among the worst hit.

BSE midcap index fell 1%, while smallcap eased 0.3%.

IT, auto and realty indices ended higher, while metal, FMCG, PSU Bank and pharma indices fell 1-2%.

Sensex stocks at close 
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Sensex stocks at close 
24 Sep 2021, 03:25:05 PM IST

Indiabulls Housing says repaid ₹7,075.8 crore NCDs in September

Indiabulls Housing Finance Ltd on Friday said it repaid Rs7,075.84 crore of non-convertible debentures (NCDs) to its investors in September.

The repayments comprised Rs6,575.84 crore of public issue of NCDs by IBH and ICCL (100% subsidiary of IBH) in September 2016 and September 2018, respectively, and Rs500 crore of NCDs issued by IBH in September 2011. The public NCDs were repaid ahead of their scheduled repayment dates, it said.

“IBH has a fully matched asset liability management (ALM) with significant positive cash at the end of each period. The company, from time to time, utilizes its liquidity buffers to repay its liabilities ahead of schedule to give comfort to its stakeholders, especially lenders and rating agencies," it said.

24 Sep 2021, 03:14:51 PM IST

Italy recognises Covishield; Indian vaccine card holders now eligible for green pass

24 Sep 2021, 03:08:07 PM IST

China central bank vows crackdown on cryptocurrency trading: Reuters 

China's central bank vowed on Friday to crack down on illegal activities of cryptocurrency trading, banning overseas exchanges from providing services to mainland investors via Internet.

The People's Bank of China also said it will bar financial institutions, payment companies and Internet firms from facilitating cryptocurrency trading, and will strengthen monitoring of risks from such activities.

24 Sep 2021, 03:06:24 PM IST

Top gainers/losers on Nifty at this hour 

Nifty stocks 
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Nifty stocks 
24 Sep 2021, 02:57:41 PM IST

PVR falls after rating downgrade by CRISIL 

CRISIL has downgraded long term credit rating on the company's bank loan facilities to A+/Negative from AA-/Negative, and short term rating to A1 from A1+.

24 Sep 2021, 02:41:07 PM IST

Govt removes restrictions on expenditure by ministries & departments with immediate effect: CNBC TV18

24 Sep 2021, 02:32:30 PM IST

European shares fall on Evergrande fears

European shares slipped on Friday but held their gains for the week as uncertainty around the fate of debt-ridden China Evergrande weighed on investor sentiment.

The regionwide STOXX 600 index slipped 0.78% after a three-day run of gains. Britain's FTSE 100 and Germany's also weakened.

U.S. stock futures, the S&P 500 e-minis, were down 0.34%.

Evergrande's debt crisis continues to rattle confidence.

The property developer's shares fell 11% on Friday, extending losses following a Reuters report that some offshore bondholders had not received interest payments by the Thursday deadline.

Global investors have been on tenterhooks as debt payment obligations of Evergrande, labouring under a $305 billion mountain of debt, triggered fears its malaise could pose systemic risks to China's financial system.

24 Sep 2021, 02:30:16 PM IST

Sensex at 60K: Naveen Kulkarni, Chief Investment Officer, Axis Securities

Crossing the 60k mark is another milestone for the market. We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. 

The overall market trajectory continues to be positive, and dips should be utilized to build long-term positions in quality companies for more sustainable returns. 

A quality theme is back in focus, and we continue to see the broader market doing well, as the visibility on broad-based earnings is still intact. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market.

24 Sep 2021, 02:26:40 PM IST

Tata Motors achieves cumulative EV sales mark of 10,000 units

24 Sep 2021, 02:15:39 PM IST

Shilpa Medicare ties up with Cadila Healthcare for production-supply of ZyCoV-D Covid-19 vaccine

Shilpa Medicare Ltd through its wholly owned subsidiary, Shilpa Biologicals, has entered into a definitive agreement with Cadila Healthcare for production and supply of the ZyCov-D vaccine drug substance from its integrated Biologics R&D cum manufacturing unit at Dharwad, Karnataka.

24 Sep 2021, 01:56:34 PM IST

Shots fired at Rohini court premises, at least three injured: ANI

24 Sep 2021, 01:42:21 PM IST

DFC and USAID announce $55 million guarantee programme in India

The U.S. International Development Finance Corporation (DFC) and the United States Agency for International Development (USAID) on Friday said they are jointly sponsoring a $55 million ( 400 crore) credit guarantee to address the economic impact of covid-19 by supporting loans to farmer producer organizations, ag-tech companies, and companies engaged in clean energy solutions for the agriculture sector.

The initiative will introduce and support clean technologies for smallholder farmers, particularly women, that improve market linkages and increase incomes while having a positive impact on the environment. The financial support will be complemented with technical assistance led by the Rabo Foundation to focus on areas of business management and help in building stronger linkages to the markets. Loans to farmer producer organizations will be provided by three Indian lenders – Samunnati Financial, Maanaveeya, and Avanti Finance, a statement said.

24 Sep 2021, 01:37:37 PM IST

European stocks slide as Evergrande concerns resurface: Reuters 

European stocks slipped at the open on Friday on lingering worries about troubled property developer China Evergrande, with mining and retail stocks exposed to the Asian country among the biggest decliners.

The regionwide STOXX 600 index slipped 0.5% after a three-day run of gains. Miners, automakers and retailers fell more than 1% each.

24 Sep 2021, 01:35:10 PM IST

Sensex slips below 60,000

Sensex check 
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Sensex check 
24 Sep 2021, 01:22:04 PM IST

Banks, metal stocks drag  Nifty lower 

Nifty50
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Nifty50
24 Sep 2021, 01:06:44 PM IST

Nifty IT index rises 1.5%

Nifty IT
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Nifty IT
24 Sep 2021, 01:04:54 PM IST

Axis Securities on Accenture's results 

Accenture reported strong Q4FY21 results, beating Street expectations on financial and operational parameters. Revenue for the quarter stood at $13.4 billion, registering a growth of 24% YoY. GAAP EPS for Q4FY21 stood at $2.23 and adjusted EPS stood at $2.03 vs. $1.84 YoY. The company bagged new bookings at the record-high of $15 Bn, up 7% YoY, while total booking for FY21 stood at $59.8 Bn, up 20% YoY. New bookings were largely broad-based in terms of verticals and geographies and the management believes that the company would continue to witness strong growth momentum in FY22 as well.

Management Guidance: The management provided revenue guidance of 12%-15% growth for FY22 which stands as one of the highest starting guidance in recent history. Bookings (1.1x BTB) for the year were down for the second consecutive quarter, albeit marginally. To ramp up its deal wins, the company has undertaken a massive 55,000 employee addition in Q4FY21 (+10% billable employees vs Q3FY21) while the attrition increased by 200bps to 19%.

Our picks from Large Caps: HCL Tech, Tech Mahindra, Wipro Infosys, TCS.

Our picks from Mid Caps: Mindtree, LTI, Coforge, Persistent Systems, LTTS, Zensar.

24 Sep 2021, 12:52:39 PM IST

Amazon  Prime Video adds channels, turns content aggregator

Amazon Prime Video has become a content aggregator in India with the launch of Prime Video Channels that will make eight other subscription-driven video-on-demand platforms available on its app and website.

Prime Video customers will be able to access streaming services such as Discovery+, Lionsgate Play, Docubay, Eros Now, MUBI, Hoichoi, Manorama Max, and Shorts TV with add-on subscriptions, paying for the services they choose. There will be a single billing mechanism.

Other over-the-top, or OTT, brands are likely to be added to the list soon.

The offering goes live on Friday. India is the 12th country to host Prime Video Channels after the US, Japan, the UK, and others.

24 Sep 2021, 12:35:24 PM IST

Sensex pares gains, holds above 60,000

Markets check 
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Markets check 
24 Sep 2021, 12:28:47 PM IST

India formalises acquisition of 56 Airbus C295 aircraft: Reuters 

India has formalised the acquisition of 56 Airbus C295 aircraft to replace the Indian Air Force (IAF) legacy AVRO fleet, said the European planemaker on Friday.

Under the deal, Airbus will deliver the first 16 aircraft in 'fly-away' condition from its final assembly line in Seville, Spain, added Airbus.

The subsequent 40 aircraft will be manufactured and assembled by Tata Advanced Systems (TASL) in India as part of an industrial partnership between the two companies.

24 Sep 2021, 12:03:49 PM IST

Solar PV cell and module maker Premier Energies raises Rs200 cr from GEF Capital

Premier Energies, manufacturer of solar PV cells and modules, on Friday said that private equity firm GEF Capital Partners has invested Rs200 crore in the company. Premier Energies will use the funds as growth capital to enhance its solar PV cell and module manufacturing capacity.

Centrum Capital was the exclusive advisor to Premier Energies on this transaction.

The company will invest the equity capital to add new capacity of 2 GW cell manufacturing and 2 GW of module manufacturing, along with a planned investment of over Rs1,200 crore over the next two years.

24 Sep 2021, 11:51:16 AM IST

IRCON International wins bid to set up 500 MW solar power plant: exchange filing 

Ircon International Ltd has won a bid to set up 500 MW solar power plant through e-Reverse auction with a Viability Gap Funding (VGF) of Rs224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs2,400 crore.

24 Sep 2021, 11:49:28 AM IST

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

Ideally, after market surpassing previous highs, our cautious stance should have been negated; but there are a few time wise projections as well as negative divergence in ‘RSI-Smoothened’ oscillator, clearly holding us back. Hence we would keep reassessing the situation closely for next couple of days. As far as levels are concerned, every 100 points psychological level from here would be seen as immediate resistances i.e. 17900 – 18000. On the flipside, 17700 – 17650 are to be seen as key supports.

We advise traders to continue with a stock specific approach but keep booking timely profits as well. Meanwhile all eyes on global markets and also on how banking index move ahead from here on which could probably decide the next path of action for markets.

24 Sep 2021, 11:32:43 AM IST

Top 5 gainers/losers on Nifty 

Nifty stocks 
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Nifty stocks 
24 Sep 2021, 11:14:23 AM IST

Oil edges higher on supply concerns, China releases 4.43 mln barrels

Oil prices rose for the fourth consecutive day on Friday due to global supply concerns following powerful storms in the US, with China's first public sale of state crude reserves causing a momentary blip in the rise.

Brent crude was up 12 cents, or 0.2%, at $77.37 a barrel, after touching two-month high on Thursday and closing at its highest since October 2018.

U.S. oil was up 6 cents, or 0.1%, at $73.36 a barrel, having closed 1.5% in the previous session, the highest since the start of August.

24 Sep 2021, 11:03:12 AM IST

Bharti Airtel surges ahead of ex-date for rights issue

Bharti Airtel has fixed the record date of 28 September021 for the determination of eligibility to receive the right entitlement in the issue to its shareholders. Company will use the proceeds of 21,000 crores to expand its network and for the launch of 5G services.

The issue will open on 5 October and will close on 21 October. Company has fixed the ratio of 1:14 - investors will get right to entitlement of 1 share on every 14 share they hold on to the record date.

Board has fixed the issue price of 535 which is a discount of 26.5% to its current market price of 728. The right issue amount will be payable in three installments, first on application i.e 133.75 and other two calls will be decided by the board in the future within the next 36 months.

We suggest small shareholders who hold less than 14 shares may sell their share at current market price as they will not get rights entitlement (RE) for the right issue and can buy again after the record date to avoid the loss from dilution of shareholding.

For long-term investors, they may act on this right issue and do so initially via multiple options. First option is to subscribe to the right issue to avoid the impact of dilution of the shareholdings. Excess units not in multiples of 14 can be sold prior to ex-date and be covered post the Ex-date.

Second, they can sell the excess shares not in multiples of 14 before the ex-date and then trade away their RE. The proceeds from the RE and excess shares can be used to buy back the Bharti Shares. Both will compensate the shareholder for the equity dilution.

Those who are unable to apply to the Rights Issue may trade away their REs when the window for trading opens. Finally, arbitrageurs may also look at the value of the RE and use Black Scholes Option pricing model to determine the listing price of the partly paid shares to formulate more complex strategies involving purchase of additional RE from the market.

The good news for retail shareholders is that promoter and promoter group will collectively subscribe to the full extent of their total right and in addition promoter group will subscribe for the unsubscribe shares in the right issue. This will give some confidence to retail shareholders.

- Yash Gupta, Equity Research Analyst, Angel One

24 Sep 2021, 10:50:28 AM IST

Nifty Realty extends gains from Thursday; IT rises 2.6% 

Nifty sectoral indices 
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Nifty sectoral indices 
24 Sep 2021, 10:43:19 AM IST

Nifty view: ICICI Securities 

On expected lines, the Nifty resolved higher and achieved our target of 17800. It started Thursday’s session with a positive gap (17550-17650) and continued to march upward throughout the session as intraday dips were bought into. The daily price action formed a significant bull candle carrying higher high-low, indicating acceleration of upward momentum

· The multi sector participation backed by improving market breadth signifies inherent strength that makes us reiterate our positive stance. Going ahead, sustainability above 17800 mark would open the door for next leg of up move towards 18200 in coming weeks as it is implied target of recent consolidation (17792-17326). We believe rejuvenated upward momentum in financial space would drive the index higher (as it carries 37% weightage in the Nifty). Key point to highlight is that, at life-time highs elevated volatility is a norm. Therefore, any temporary breather from here on should be capitalised on as incremental buying opportunity to ride next leg of up move

· In tandem with the benchmark, broader market indices extended gains and were on the cusp of challenging their lifetime highs. Therefore, traders should take advantage of dips to accumulate quality stock

· Structurally, the formation of higher peak and trough has once again confirmed a higher base formation at 17300-17200 range which we do not expect to breach as it is confluence of:

Ø 50% retracement of current up move (16565-17844) at 17204

Ø 20 days EMA at 17300, which has been held since July 2021

Ø past three weeks’ low is placed at 17254

24 Sep 2021, 10:28:23 AM IST

Rupee slips 11 paise to 73.75 against US dollar in early trade

24 Sep 2021, 10:25:02 AM IST

Broader markets also rise

Nifty broader market indices 
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Nifty broader market indices 
24 Sep 2021, 10:16:18 AM IST

Sansera Engineering lists at 9% premium, extends gains

Shares of Sansera Engineering listed at 811 on the NSE compared to the issue price of 744 per share. The auto component maker's 3-day share sale, open from 14-16 September, had received 11.47 times subscription on the closing day of offer.

The initial public offer (IPO) received bids for 13,88,39,000 shares against 1,21,09,166 shares on offer. Sansera Engineering Ltd had mopped up Rs382 crore from anchor investors.

Sansera Engineering
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Sansera Engineering
24 Sep 2021, 10:12:46 AM IST

Covid-19: India logs more than 30,000 cases for second straight day

24 Sep 2021, 09:44:16 AM IST

Infosys, TCS, HDFC Bank drive early gains on Sensex 

Sensex contributors 
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Sensex contributors 
24 Sep 2021, 09:22:53 AM IST

Top gainers/losers on Sensex in opening deals 

Sensex stocks 
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Sensex stocks 
24 Sep 2021, 09:21:26 AM IST

Nifty hits record, above 17,900

Nifty check 
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Nifty check 
24 Sep 2021, 09:20:29 AM IST

Sensex crosses 60,000 in a first 

Markets in opening deals 
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Markets in opening deals 
24 Sep 2021, 09:05:48 AM IST

Sensex hits 60,000 at pre-open 

Market check 
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Market check 
24 Sep 2021, 09:04:51 AM IST

Nifty above 17,900 at pre-open 

Nifty at pre-open 
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Nifty at pre-open 
24 Sep 2021, 08:47:28 AM IST

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

The index closed well above the resistance of 17600 and should now be headed to 17900-17950. Any dip or intra day correction should be utilized to accumulate long positions. 17500 has become a new support for the Nifty and as long as that holds, the overall trend remains bullish.

24 Sep 2021, 08:38:11 AM IST

FII/DII data 

FII/DII data
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FII/DII data
24 Sep 2021, 08:28:59 AM IST

Vedanta to delist ADRs 

Vedanta Ltd will delist its American Depositary shares from the New York Stock Exchange and terminate the programme. Vedanta also plans to deregister the ADSs and underlying equity shares and terminate reporting obligations. The decision was taken due to low trading volumes, higher cost of maintenance. The company will concentrate all trading of its equity shares on the BSE and NSE.

24 Sep 2021, 08:07:09 AM IST

Stocks to Watch

Shares of Infosys, Vedanta, Dilip Buildcon, Adani Enterprises, among others, will be in focus today.

Canara Bank, Escorts, Indiabulls Housing Finance, Vodafone Idea, IRCTC, and Punjab National Bank are under the F&O ban for 24 September

24 Sep 2021, 08:04:18 AM IST

SGX Nifty at 17,853.80, up 11.75 points

24 Sep 2021, 07:20:41 AM IST

Dollar falls to a week's low 

The US greenback was near its lowest level in a week versus major peers on Friday, as improved risk sentiment wiped out recent gains amid easing concerns about contagion from a potential China Evergrande Group default. The US Dollar Index, which measures the strength of the currency against a basket of six rivals, eased to 93.068 from Thursday, when it slid 0.36%, and touched the lowest since September 17 at 92.977.

24 Sep 2021, 07:18:18 AM IST

Asian stocks higher; US Fed's stance make investors optimistic 

Asian stocks were higher in early deals on Friday, following their US peers, which were buoyed after the Federal Reserve avoided any nasty surprises in its policy statement and said it could soon begin scaling down its asset purchases.

Investors are optimistic that a looming reduction in Federal Reserve's stimulus shows confidence in the recovery from the pandemic.

The benchmark Nikkei 225 index was up 1.66% or 491.91 points at 30,131.31 while the broader Topix index advanced 1.57% or 32.08 points to 2,075.63.

Australia’s S&P/ASX 200 index was flat, while South Korea’s Kospi added 0.2%. 

On the Wall Street, the Dow Jones Industrial Average rose 506.5 points, or 1.48%, to 34,764.82, the S&P 500 gained 53.34 points, or 1.21%, to 4,448.98 and the Nasdaq Composite added 155.40 points, or 1.04%, to 15,052.24.

Traders continue to monitor developments on the fate of troubled Chinese property giant Evergande.

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