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Sensex closes 176 pts higher, Nifty at 16,705; IT, metals, pharma top gainers

Market Closing: Indian indices closed nearly 0.41% higher on Friday. (REUTERS) (REUTERS)Premium
Market Closing: Indian indices closed nearly 0.41% higher on Friday. (REUTERS) (REUTERS)

 Market Closing: Sensex closed at 56,124.72, up 175.62 points or 0.31%, while Nifty was at 16,705.20, up 68.30 points, or 0.41%. Banks, financials closed in green.

Indian indices closed higher on Friday, with the Nifty closing at an all time high of 16,705. Global markets were steady ahead of the Jackson Hole symposium in the US. A rally in Chinese technology stocks evaporated in the afternoon after Dow Jones reported that new regulations will be proposed to block companies with large amounts of sensitive consumer data from floating shares in the US. Metals closed higher as China announced sale of reserves as it tries to control commodity prices.

27 Aug 2021, 03:46:02 PM IST

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

"We closed well above the 16,600 level which is a good start to the new series! We should be heading to 16,850-16,900 which is the next level of resistance for the index. For now, the stop loss level for the Nifty stands at 16,400 but the same shall be updated on Monday."


27 Aug 2021, 03:45:24 PM IST

Rupee rallies 53 paise to close at 73.69 (provisional) against US dollar

27 Aug 2021, 03:45:07 PM IST

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

"Nifty closed at its lifetime high level today. It closed at 16,990 up by 55 points after making a high of 16,722. Volumes in Nifty were lesser than its average volumes which brings in a possibility of a correction. Nifty has strong support in 16,550-16,580 range. The trend in Nifty remains bullish and any correction can be used to buy with strict stop loss." 

27 Aug 2021, 03:44:14 PM IST

Market closing

Sensex closed at 56,124.72, up 175.62 points or 0.31%, while Nifty was at 16,705.20, up 68.30 points, or 0.41%. Banks, financials closed in green. On the 30-share Sensex, UltraTech, L&T, Dr Reddy's, and 19 other stocks closed in green, while IndusInd Bank, Infosys, M&M, and five other stocks closed in red.

Sensex at close
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Sensex at close
27 Aug 2021, 03:30:52 PM IST

Delhi schools to reopen in phased manner

Schools in the national capital will reopen in a phased manner from September 1, according to sources. A decision in this regard was taken at the meeting of the Delhi Disaster Management Authority (DDMA) on Friday. "Reopening of schools will begin in phased manner. Classes for 9-12 grades will begin from 1 September and that for 6-8 grades from 8 September," a person familiar with the matter said.

27 Aug 2021, 03:28:12 PM IST

IT companies' growth momentum likely to continue through FY22: Emkay Research

The revenue growth momentum of tier-I and tier-II information technology (IT) companies, seen in Q1FY22, is expected to sustain in the coming quarters, Emkay Research has said in a note. The growth momentum was driven by a consistent surge in demand for emerging technologies such as cloud, data analytics, digital transformation, cybersecurity and artificial intelligence (AI), said the note dated 27 August. (Read more)

27 Aug 2021, 03:20:37 PM IST

Indoco Remedies CRO arm gets UK MHRA accreditation

Drug firm Indoco Remedies on Friday said it has received accreditation from the UK-MHRA (Medicines and Healthcare Products Regulatory Agency) for its Hyderabad-based clinical research organisation (CRO)- AnaCipher. The entity has received GCP and GLP Accreditation from the UK-MHRA after a virtual inspection carried out from 4-7 May and 10-11 May 2021. The inspection covered all the phases of bioequivalence studies, Indoco Remedies said in a regulatory filing.

27 Aug 2021, 03:13:01 PM IST

Crude oil futures rise on spot demand

Crude oil prices rose 14 to 5,058 per barrel on Friday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the September delivery traded higher by 14, or 0.28%, at 5,058 per barrel in 5,145 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil was up 1.11% to $68.17 per barrel, while Brent crude traded 0.93% higher at $71.73 per barrel in New York

27 Aug 2021, 02:57:31 PM IST

Reliance Life Sciences gets SEC nod for vaccine candidate trials

Mukesh Ambani-owned Reliance Life Sciences, part of the country's largest conglomerate, is expected to start phase I clinical studies of its indigenous coronavirus vaccine soon. The Subject Expert Committee (SEC) has recommended Phase 1 clinical trials of Reliance's recombinant Covid vaccine candidate.

27 Aug 2021, 02:57:31 PM IST

India plans to emerge as a global leader in green hydrogen: R K Singh

India plans to emerge as a global leader in green hydrogen and the country is proposing to mandate using green hydrogen in fertilizer and in refining, power minister R K Singh has told the US Special Presidential Envoy for Climate (SPEC) John Kerry. In a telephonic conversation last evening, Singh also informed Kerry that India will invite bids for green hydrogen in the next 3-4 months to encourage viable usage of hydrogen as a fuel, according to a power ministry statement. India is looking at bids for 4,000 MW of electrolysers capacity, it stated.

27 Aug 2021, 02:46:09 PM IST

India could begin trials for a digital rupee by December, RBI governor says: report

27 Aug 2021, 02:25:24 PM IST

Delhi HC seeks Centre's reply on FB, WhatsApp IT rules plea

27 Aug 2021, 02:22:26 PM IST

Global crypto funds’ AUM soars 57% in a month to $55 billion

Driven by recovery in bitcoin and ether prices, assets under management (AUM) of global crypto funds surged 57.3% to $54.8 billion within a month, according to a report by data provider CryptoCompare. However, while bitcoin funds’ AUM increased 51.9% to $38.1 billion, the world’s biggest cryptocurrency lost market share (now 69.6% of total AUM vs 72.1% last month) as other assets saw greater increases. Ether’s AUM rose 72.8% to $13.8 million. (Read more)

27 Aug 2021, 02:10:23 PM IST

SpiceJet shares jump over 4 pc after DGCA lifts ban on Boeing 737 Max aircraft

Shares of SpiceJet on Friday jumped over 4 per cent after aviation regulator DGCA lifted the ban on Boeing 737 Max planes' commercial flight operations after almost two-and-half years. The stock gained 4.36 per cent to 74.15 on the BSE. India's aviation regulator DGCA on Thursday lifted the ban on Boeing 737 Max planes' commercial flight operations after almost two-and-half years.

27 Aug 2021, 01:57:51 PM IST

Mangalam Cement trades lower

Mangalam Cement was trading at 444.80 per share, down 0.61% at 1:57 pm. The company says it has commenced commercial production at its Rajasthan plant.

27 Aug 2021, 01:52:32 PM IST

Moody's assigns Baa3 rating to Adani Green Energy's proposed dollar notes

Moody's Investors Service has assigned a Ba3 rating to Adani Green Energy's proposed USD senior secured notes. According to Moody's scale of ratings, obligations rated Ba are judged to be speculative and subject to substantial credit risk. It has assigned a Ba3 rating to the proposed USD senior secured notes to be issued by Adani Green Energy Ltd (AGEL), a statement by Moody's said adding that the outlook is stable.

27 Aug 2021, 01:51:11 PM IST

Tata Sons CFO to be among highest paid in Tata Group after 35% hike

The annual report showed that TataSons’ consolidated net profit rose to 19,397 crore from 10,916 crore in 2019-20, whereas its standalone profit after tax surged to 6,511.63 crore. (Read more)

27 Aug 2021, 01:33:39 PM IST

China stocks rise as investors bet on easing hopes

China shares rose on Friday after investors took comfort in the central bank's biggest weekly cash injection into the banking system since February, and as authorities urged more financial support for retail and trading firms. The blue-chip CSI300 index rose 0.5%, to 4,827.04, while the Shanghai Composite Index gained 0.6% to 3,522.16 points. The Shanghai Composite Index logged a weekly gain of 2.8%, the biggest in three months, while the CSI300 index finished up 1.2% for the week.

27 Aug 2021, 01:17:04 PM IST

Metals, pharma gain

Nifty sectoral indices
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Nifty sectoral indices
27 Aug 2021, 12:59:37 PM IST

Indian Oil expands JV with Malaysia's Petronas to focus on LNG plants

Indian Oil Corp. is expanding its joint venture with Malaysia's state-run Petronas to include building liquefied natural gas (LNG) terminals, fuel retailing and gas distribution, Chairman S.M. Vaidya said on Friday. IOC, the country's top fuel retailer, imports some liquefied petroleum gas (LPG) through IndianOil Petronas Pvt Ltd, its equal joint venture with the Malaysian firm. The state-run firm is keen to tie up with global firms, as it attempts to strengthen its grip in new cleaner energy areas such as hydrogen. (Reuters)

27 Aug 2021, 12:44:06 PM IST

China to sell 150,000 tonnes of metals from reserves on 1 September

China said it would release its third batch of metals from state reserves on 1 September as part of its ongoing campaign to control prices and prevent commodities inflation from hurting growth. The National Food and Strategic Reserves Administration said Friday it will sell 70,000 tonnes of aluminum, 50,000 tonnes of zinc, and 30,000 tonnes of copper, quantities in line with the two earlier auctions that took place in July. China skipped selling metals in August because of a spike in coronavirus cases, according to a Shanghai Metal Exchange report.

27 Aug 2021, 12:44:06 PM IST

Ardern extends New Zealand lockdown

New Zealand Prime Minister Jacinda Ardern extended a national lockdown for a further four days as a coronavirus outbreak continues to grow, but said some restrictions outside largest city Auckland will be eased next week. The strict Level 4 lockdown will remain in place until midnight on 31 August. For Auckland, the epicenter of the outbreak, and the neighboring Northland region, Level 4 is likely to stay in force for another two weeks. However the rest of New Zealand can move to Level 3—a slightly milder lockdown in which some businesses can resume operations—from 1 September, Ardern said.

27 Aug 2021, 12:26:12 PM IST

Goodluck India to consider conversion of share warrants into equities

27 Aug 2021, 12:24:44 PM IST

Pharmeasy may file for IPO by October: reports

27 Aug 2021, 12:23:52 PM IST

Base Metals commentary: Prathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking

“On Thursday, Industrial metals ended lower as the Dollar strengthen ahead of US FED Chair Jerome Powell’s speech at the symposium on 27th August i.e., today. The recent rally in Alumina prices was following a fire at the Jamalco refinery in Jamaica which ignited worries of tighter supply of the Aluminium raw material. The Jamalco plant can produce up to 1.4 million tonnes per year of alumina, which is refined from bauxite. Global alumina production in 2020 was 134.4 million tonnes, according to the International Aluminium Institute. Worries over shortage of primary raw material amid disrupted supply of Aluminium from major producing nation China might continue to support Aluminium prices in the near term."

27 Aug 2021, 12:01:26 PM IST

MHA asks Kerala, Maha to consider night curfews as covid cases rise

India has asked the states of Kerala and Maharashtra to consider night curfews in areas with high COVID-19 case numbers as the country reported more than 40,000 new infections for two days in a row on Friday. Cases fell to a five-month-low of 25,166 in the middle of the month but have risen sharply in the last three days, mainly in Kerala that recently celebrated a big festival during which families typically come together. India reported 44,658 new COVID-19 infections on Friday, taking the total to 32.6 million, the most in the world after the United States. Deaths rose by 496 to 436,861. Kerala, on India's southern tip, has accounted for nearly 60% of the new cases in the past week and more than half of the total active cases, followed by 16% in the western state of Maharashtra.

27 Aug 2021, 11:44:55 AM IST

Voda Idea gains

Vodafone Idea'sstock was trading at 5.93 apiece, up 0.51% at 11:44 am. Brickwork Ratings has downgraded the telco's rating on Non-Convertible Debentures to BWR B (Negative) from BWR BB- (Negative) on account of recent developments including deterioration in the performance of the company for Q1FY22.

27 Aug 2021, 11:24:26 AM IST

Indian Oil to invest ₹1 tn for 1mtpa expansion, chairman says

27 Aug 2021, 11:14:14 AM IST

Nalco, NMDC surge

Nifty metals index
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Nifty metals index
27 Aug 2021, 11:02:12 AM IST

SEC nod for Reliance Life Sciences covid vaccine candidate trial

27 Aug 2021, 10:53:22 AM IST

Rakesh Jhunjhunwala portfolio stock Nazara Technologies surges as Jefferies initiates coverage

Rakesh Jhunjhunwala-backed gaming company Nazara Technologies shares continued to surge for the second consecutive session in Friday's deals as brokerage firm Jefferies has initiated coverage on the gaming stock with a ‘Buy’ rating. It sees Nazara as a gaming-focused investment vehicle, as 95% of its value comes from subsidiaries. Shares of Nazara Technologies were up more than 2% to 1,729 per share on the BSE in Friday's early deals. The gaming stock got listed on the stock exchanges on March 30 and is currently trading over 55% from its IPO issue price of 1,101 per share. Indian ace investor Rakesh Jhunjhunwala, known as the ‘Big Bull’, holds 10.82% stake or 32,94,310 shares in the gaming firm as of June 2021 quarter. (Read more)

27 Aug 2021, 10:45:50 AM IST

RattanIndia Enterprises gains

RattanIndia Enterprises' stock was trading at 46.90 each, up 3.30% at 10:44 am. The Centre's new drone policy will exempt UAV operators from seeking security clearance before registering a drone or applying for a licence. Also, foreign companies registered in India will be allowed to import and operate drones and their parts and will be regulated by the Directorate General of Foreign Trade. Earlier, RattanIndia Enterprises had said that it will incorporate a wholly owned subsidiary for its drone business.

27 Aug 2021, 10:43:38 AM IST

Gland Pharma gains

Gland Pharma's stock was trading at 3,926.20 each, up 1.21% at 10:42 am. The company may expand Remdisivir contract manufacturing for foUr firms, CNBCTV18 reported, citing people familiar with the matter. 

27 Aug 2021, 10:33:34 AM IST

Cryptocurrency prices today: Bitcoin below $48,000, ether, dogecoin fall. Latest rates here

In cryptocurrencies, Bitcoin prices today plunged as the world's largest cryptocurrency by market capitalization was trading at 47,252.7, down over 3%. The most popular virtual token broke above $50,000 level earlier this week for the first time since mid-May. Bitcoin is up 63% this year (year-to-date), though, far away from its record just below $65,000 in April. (Read more)

27 Aug 2021, 10:19:57 AM IST

PBOC Signals Reserve Ratio Cut to Boost Rural Finance

China’s central bank signaled it may reduce the reserve requirement ratio for banks to spur rural finance, a targeted move that would help cushion the economy as it slows.

27 Aug 2021, 10:15:10 AM IST

HDFC, ICICI Bank top drags

Index contribution
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Index contribution
27 Aug 2021, 10:13:59 AM IST

Rupee rises 5 paise to 74.17 against US dollar in early trade

27 Aug 2021, 09:57:41 AM IST

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

"The markets have opened on a tepid note. The weekend is knocking on the doors too. The coming week will give us a clearer sense on the direction of the index. The overall trend is positive and choppy sessions should be used to enter long positions. The current support for the market is at 16,400."

27 Aug 2021, 09:43:19 AM IST

Metals lead gains

Nifty sectoral indices
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Nifty sectoral indices
27 Aug 2021, 09:36:50 AM IST

India reports 44,658 new #COVID19 cases

27 Aug 2021, 09:36:00 AM IST

Bumper to bumper insurance may drive up costs: Fada chief

Madras HC's suggestion to make bumper-to-bumper insurance mandatory will drive up vehicle acquistion costs, Fada president Vinkesh Gulati said. The cost of insurance for 2 wheelers could spike to 7,000-8,000, while that for a car priced around 4 lakh may rise to nearly 50,000, Gulati said.

27 Aug 2021, 09:23:15 AM IST

Market opening

Sensex opened at 55,862.93, down 86.17 points, or 0.15%, while Nifty was at 16,642.55, up 5.65 points or 0.03%. Auto, banks, IT were top drags

Sensex at open
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Sensex at open
27 Aug 2021, 09:13:20 AM IST

Market pre-opening

Sensex at pre-open
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Sensex at pre-open
27 Aug 2021, 09:06:50 AM IST

Market pre-opening quote: Gaurav Udani, founder and CEO, ThincRedBlu Securities.

"Nifty is expected to open around 16,680, up by 40 points. Nifty has support in 16,550-16,580 range and will face resistance at 16,700-16,720 range. Buy on dips with strict stoploss can be a good strategy for the current markets. Fresh buy should be initiated on closing above 16,720 with higher than average volumes." 

27 Aug 2021, 08:49:53 AM IST

HP, Dell Earnings show PC market hamstrung by chip-supply woes

HP Inc. and Dell Technologies Inc., two of the biggest personal-computer makers, posted earnings reports that raised an alarm about the impact of a persistent component shortage, even as demand for their products remains strong.HP executives said they couldn’t meet all the PC orders they received in the July quarter, and expect production to be hurt by a dearth of some types of chips, shipping disruptions and the shutdown of some factories in Asia. Dell reported strong sales and profit that topped estimates in the period, and gave a bullish forecast -- but its upbeat report was overshadowed by concerns raised by rival HP. (Bloomberg)

27 Aug 2021, 08:46:35 AM IST

Aurobindo Pharma unit Eugia Pharma gets USFDA nod for Cyclophosphamide injection

27 Aug 2021, 08:24:21 AM IST

Stocks to Watch 

BHEL, BPCL, MMTC, Cadila, HDFC Bank, IndiGo, Spicejet, among other stocks may be in focus today. (Read more)

27 Aug 2021, 08:11:22 AM IST

Market outlook

Markets are likely to be muted on Friday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 55,949.10, up 4.89 points or 0.01%. The Nifty closed at 16,636.90, up 2.25 points or 0.01%.

27 Aug 2021, 07:58:52 AM IST

Meity Startup Hub, Paytm collaborate to launch programme to support deep-tech startups

Digital payments and financial services firm Paytm on Thursday said it has signed an agreement with IT ministry's startup hub to scale deep-tech startups by providing access to platform, knowledge series, experts, resources, and larger community of stakeholders. The collaboration also focuses on fostering partnerships with incubators, accelerators, investors, offering a startup toolkit to solve payments, distribution and growth challenges for early stage startups.

27 Aug 2021, 07:55:31 AM IST

'Indian aviation mkt to be 'very large' by FY30; to accommodate both Indian, Middle East carriers'

The impact on competition from the Gulf airlines has been a key concern for Indian carriers but as the market is expected to be very large by the financial year 2030, it can accommodate Indian as well as Middle Eastern carriers without strategic conflicts, CAPA Advisory said on Thursday. In a post-webinar presentation, CAPA Advisory projected that by 2029-30 India's international traffic is estimated to increase by 50-60 million annual passengers from pre-COVID levels to reach 115-125 million. Hosted by CAPA, the webinar was on 'India-Middle East Aviation Dialogue: A Win-Win Outcome is Feasible and Likely'.

27 Aug 2021, 07:47:06 AM IST

Asian stocks dip on hawkish comments from Fed officials

Most Asian stocks dipped Friday amid hawkish comments from some Federal Reserve officials ahead of the Jackson Hole symposium and as traders assessed geopolitical tension stemming from Afghanistan. Shares retreated in Japan and Hong Kong and were steady in China. Chinese technology stocks wavered following a week of big swings as Beijing pursues its regulatory crackdown on private industries. U.S. futures fluctuated after the S&P 500 fell from a record, in part as some Fed officials said the time to start tapering stimulus is near. Meanwhile, President Joe Biden vowed retaliation for deadly blasts outside Kabul airport that stoked tension as the U.S. evacuates the area. The dollar held a climb.

S&P 500 futures rose 0.1% as of 10:47 a.m. in Tokyo. The S&P 500 fell 0.6%

Nasdaq 100 futures added 0.1%. The Nasdaq 100 fell 0.6%

Japan’s Topix index shed 0.4%

Australia’s S&P/ASX 200 index fell 0.1%

South Korea’s Kospi index rose 0.1%

Hong Kong’s Hang Seng index slipped 0.1%

China’s Shanghai Composite index added 0.1%

27 Aug 2021, 07:31:12 AM IST

Wall Street indices close lower 

Global equity markets slipped on Thursday, while U.S. Treasury yields dipped after reaching two-week highs after two hawkish Federal Reserve officials called for the U.S. central bank to start ending its bond-buying programme. Ahead of a speech by Fed Chair Jerome Powell, Dallas Fed President Robert Kaplan said he still believes the Fed in September would announce a plan for tapering to start in October or shortly thereafter. Earlier, St. Louis Fed President James Bullard said the Fed is "coalescing" around a plan to begin reducing its $120 b illion in monthly bond purchases. Powell is due to speak on Friday at the Federal Reserve's annual Jackson Hole, Wyoming, policy symposium, held virtually due to the regional spread of the pandemic.  Following Kaplan and Bullard's comments, benchmark 10-year Treasury note yields reached their highest level since Aug. 12 before retreating to 1.3491%% after U.S. markets closed. On Wall Street, all three major indexes closed lower, with stocks in consumer discretionary, technology, financials and consumer staples among the biggest losers. The Dow Jones Industrial Average fell 0.54% to 35,213.12, the S&P 500 lost 0.58% to 4,469.92 and the Nasdaq Composite dropped 0.64% to 14,945.81.

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