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Sensex closes 410 pts lower, Nifty at 17,749; IT, realty top drags; metals gain

Market Closing: Indian indices plummeted over 0.60% on Tuesday. (Reuters) (REUTERS)Premium
Market Closing: Indian indices plummeted over 0.60% on Tuesday. (Reuters) (REUTERS)

Market Closing: On Tuesday, the Sensex closed at 59,667.60, down 410.28 points, or 0.68%, while the Nifty was at 17,748.60, down 106.50 points, or 0.60%. Realty, IT and media stocks were top drags.

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Sensex, Nifty closed more than 0.60% on Tuesday. All eyes will be on the core sector data due on Thursday, the capex growth data for the September quarter on Friday as well as the India manufacturing PMI which is also due on Friday US, UK will also release their official GDP figures later this week.

28 Sep 2021, 03:55:22 PM IST

Rupee weakens by 23 paise to close below the 74-level against US dollar

28 Sep 2021, 03:54:11 PM IST

Market closing quote: Gaurav Udani, CEO & Founder, ThincRedBlu Securities

"Nifty and Bank nifty both gave sharp recovery from their days low today. Nifty made a low of 17,576 and then closed at 17,735 down by 120 points since yesterday's close. Nifty is in a strong bullish trend and buying on dips with strict stoploss is the suggested strategy. 17,900-17,950 will act as a resistance zone for Nifty above which Nifty may test 18,040 and 18,080 levels."

28 Sep 2021, 03:39:52 PM IST

Market closing

On Tuesday, the Sensex closed at 59,667.60, down 410.28 points, or 0.68%, while the Nifty was at 17,748.60, down 106.50 points, or 0.60%. Realty, IT and media stocks were top drags. Metals, pharma and PSU banks stocks closed in green. On the 30-share Sensex, Powergrid, NTPC, Sun Pharma, and six other stocks closed in green, while Airtel, Tech Mahindra, Bajaj Finance, and 18 other stocks closed in red

Sensex at close
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Sensex at close
28 Sep 2021, 03:30:03 PM IST

BAL Pharm says it expects to achieve an average utilization of 70% of its Gliclazide capacity in FY2022.

28 Sep 2021, 03:26:25 PM IST

HC refuses bail to Yes Bank founder Rana Kapoor's wife, daughters in DHFL corruption case

The Bombay High Court on Tuesday refused to grant bail to Yes Bank founder Rana Kapoor's wife and two daughters in a corruption and cheating case involving private sector lender Dewan Housing Finance Corporation Ltd (DHFL). A single bench of Justice Bharati Dangre rejected the bail applications filed by Kapoor's wife Bindu and daughters Roshini and Radha. (Read more)

28 Sep 2021, 03:14:51 PM IST

SoftBank's Deep Nishar announces he is leaving the firm by year end

28 Sep 2021, 03:00:24 PM IST

DGTR for extending anti-dumping duty on trailer axles from China

The commerce ministry's investigation arm DGTR (Directorate General of Trade Remedies) has recommended an extension of the existing anti-dumping duty imposed on the imports of axle for trailers from China. The anti-dumping duty on the product was imposed by the finance ministry in November 2016. (PTI)

28 Sep 2021, 02:48:15 PM IST

Jio offers 20% cashback on prepaid plans starting at ₹249. See details

Reliance Jio is offering 20% cashback on certain prepaid plans. Subscribers can find these plans on Jio's official website or the MyJio app. The telecom operator will credit the cashback into the user's Jio account, which can be used for future recharges. (Read more)

28 Sep 2021, 02:36:42 PM IST

Banks shed 800 pts

Nifty Bank index
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Nifty Bank index
28 Sep 2021, 02:27:18 PM IST

Rail Vikas Nigam secures major order worth ₹3.82 bn

28 Sep 2021, 02:26:13 PM IST

India allows Serum Institute to enrol 7-11 year olds in COVID-19 vaccine trial

India's drug regulator on Tuesday allowed vaccine maker Serum Institute to enrol kids aged 7-11 years for its COVID-19 vaccine trial as the country prepares to protect children from the coronavirus. It has already administered more than 870 million doses to adults among its population of nearly 1.4 billion. "After detailed deliberation, the committee recommended for allowing enrolment of subjects of 7 to 11 years of age group as per the protocol," a subject expert panel of the Central Drugs Standard Control Organization said. (Reuters)

28 Sep 2021, 02:19:52 PM IST

Dish TV gets 2 months extension from Registrar of Companies to call AGM

Direct-to-Home service provider Dish TV has got a breather, as the Registrar of Companies has granted the company an extension of two months to call an Annual General Meeting (AGM) from the due date by which it ought to have been held. Subsequently, the Essel Group firm, which is facing a notice from its minority shareholder Yes Bank to remove its Managing Director Jawahar Goel along with four other directors from the board, has postponed the AGM, which was scheduled to be held on September 27. (PTI)

28 Sep 2021, 02:03:31 PM IST

Indian Bank, PNB top drags

Nifty PSU bank index
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Nifty PSU bank index
28 Sep 2021, 01:42:47 PM IST

Global update: Heena Naik, Research Analyst - Currency, Angel One 

- Weakness in Indian Rupee has been limited due to the relentless rally in Indian equities and expectations surrounding RBI interventions. In addition, probable inflows through MSCI rebalancing shall invite inflows into the system providing support to Rupee.

- As per the All-India Quarterly Establishment-based Employment Survey for the April-June 2021 quarter, India has reported a 29% surge in employment across nine sectors. The nine selected sectors are Manufacturing, Construction, Trade, Transport, Education, Health, Accommodation and Restaurant, IT/ BPO and Financial Services.

- As per the key highlights from the central bank’s quarterly meeting, the People’s Bank of China (PBOC) will try its best to safeguard the healthy development of the real estate market and protect home buyers’ lawful rights.

- Japanese Yen traded near an almost three-month low as rising bond yields in the U.S. and Europe attracted Japanese investors.

- In a recent speech, some US Fed officials have echoed Fed's Powell's comments last week surrounding tapering of the Fed's monthly bond purchases to continue job growth.

- India's central government has decided to keep the market borrowing limit in the second half of FY22 at just over 5 lakh crore unchanged, from what was announced at the start of the fiscal, in a bid to contain yields.

 

28 Sep 2021, 01:42:47 PM IST

Swiggy rejigs Supr Daily structure, founding team quits

Foodtech major Swiggy is changing the organisational structure of its daily milk and eggs subscription service, Supr Daily, and will be bringing it as a business unit under parent Bundl Technologies, Swiggy chief executive Harsha Majety informed employees in an internal memo on Tuesday. As a part of the structure change, Swiggy’s Phani Kishan who was recently elevated as the company’s co-founder will be taking over as the chief executive of Supr Daily. (Read more)

28 Sep 2021, 01:30:03 PM IST

Sanofi announces positive Phase 1/2 study interim results for its first mRNA-based vaccine candidate

28 Sep 2021, 01:11:17 PM IST

LIC seeks to appoint CFO ahead of its mega IPO

State-backed Life Insurance Corp of India (LIC) is seeking to appoint a chief financial officer, according to a notification on its website, ahead of an initial public offering slated before the end of the fiscal year. The move to hire a CFO follows a decision to re-designate LIC’s top job to chief executive officer from chairman earlier this year. (Read more)

28 Sep 2021, 12:53:27 PM IST

Myntra expects 5.5 mn customers in ‘Big Fashion Festival’

Flipkart-owned fashion e-tailer Myntra said it expects 5.5 million unique customers during its ‘Big Fashion Festival’ from 3-10 October, with a 1.8-fold rise in traffic over the 2020 edition. Of the 5.5 million customers, about 40% of which will come in from smaller cities and towns, and 1.1 million would be first-time shoppers. About 4 million customers shopped for 13 million items during the previous edition of 'Big Fashion Festival' last year.

28 Sep 2021, 12:50:48 PM IST

Capital Float raises $50 mn in fresh funding

Digital lending platform, Capital Float, has raised $50 million in equity funding led by Lightrock India, the company said on Tuesday. The company’s existing investors including Sequoia Capital India, Creation Investments and Dinesh Hinduja family office along with Ribbit Capital also participated as a part of the round. New investors including Nubank founder David Vélez, Cred founder Kunal Shah and Pine Labs’ chief executive Amrish Rau also invested in this round. According to the company, it will use the funds to scale its ‘buy now pay later’ (BNPL) platform as well as invest in expanding its partner ecosystem.

28 Sep 2021, 12:36:36 PM IST

Whirlpool India to buy additional stake in Elica PB India for $57 million

Household electronics company Whirlpool of India Ltd has entered into a share purchase agreement with Elica S.p.A. to acquire an additional stake in kitchen appliance maker Elica PB India for $57 million. Whirlpool India initially acquired a 49% equity interest in Elica PB India in 2018. The latest share purchase agreement will now give Whirlpool India an additional 38% equity interest for an estimated $57 million, bringing its total equity ownership to 87% in the company. (Read more)

28 Sep 2021, 12:33:52 PM IST

PSU Banks gain

Nifty sectoral indices
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Nifty sectoral indices
28 Sep 2021, 12:31:40 PM IST

Infy, HDFC twins drags on Sensex 

Index contribution
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Index contribution
28 Sep 2021, 12:30:17 PM IST

Sensex heatmap

Airtel top drag
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Airtel top drag
28 Sep 2021, 12:25:13 PM IST

BHEL bags order from Goa Shipyard for warship gun mount

28 Sep 2021, 12:23:49 PM IST

Govt may announce Air India winning bid by 15 Oct: report

The Centre may open bids by 29 Sept

Winning bid will need Home minister led GoM nod

Tatas seen as frontrunners

CNBCTV18 reported citing unnamed sources.

28 Sep 2021, 12:09:03 PM IST

Sun Pharma trades lower 

Sun Pharma has launched cough relief in India.

 

28 Sep 2021, 12:06:33 PM IST

MyGlamm gets ₹255 cr funding, earmarks ₹750 cr for investing in beauty, personal care brands

Direct-to-consumer beauty brand MyGlamm on Tuesday said it has received 255 crore infusion from Trifecta Leaders Fund and others, and has earmarked 750 crore to make strategic investments in innovative beauty and personal care brands. (PTI)

28 Sep 2021, 11:56:03 AM IST

Somany Ceramics: Amarjeet Maurya - AVP - Mid Caps, Angel One Ltd

CMP –Rs773 Target Price:-Rs900

“Somany Ceramics Ltd (SCL) is a manufacturer and trader of complete decor solutions and its extensive range of products include Ceramic Wall and Floor Tiles, Polished Vitrified Tiles, etc. Shift from unorganized (currently - 60%) to organized (currently -40%) tiles markets will benefit branded players like SCL. Further, Exports anti-dumping duty levied by the US on Chinese players as well as other countries, has been absorbing the Morbi based unorganised volumes, thus improving the demand and pricing scenario for organized players like SCL. Going ahead, we expect SCL to report a healthy bottom-line due to strong brand and wide distribution network and improvement in operating margins."

28 Sep 2021, 11:55:13 AM IST

Toyota Kirloskar Motor will hike prices effective 1 Oct

The carmaker says this hike is necessitated to partially offset the increase in input costs.

28 Sep 2021, 11:52:35 AM IST

L&T Infotech trades lower

L&T Infotech's stock was trading at 5,843.15 apiece, down 2.37% at 11:51 am. The company has partnereds Eclinicalhealth to accelerate innovation in clinical research.

28 Sep 2021, 11:46:30 AM IST

NORD/LB selects TCS as strategic partner for IT transformation

28 Sep 2021, 11:40:13 AM IST

Oberoi realty, DLF top drags

Nifty realty index
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Nifty realty index
28 Sep 2021, 11:38:54 AM IST

MPhasis, Mindtree top drags

Nifty IT index
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Nifty IT index
28 Sep 2021, 11:37:23 AM IST

Eicher, Maruti Suzuki top gainers

Nifty auto index
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Nifty auto index
28 Sep 2021, 11:23:35 AM IST

Energy Outlook: ICICIdirect

"Oil prices rose for a third week in a row to a near three-year high as global output disruptions have forced energy companies to pull large amounts of crude out of inventories. Some members of the OPEC+, have struggled to raise output due to under-investment or maintenance delays during the pandemic. Iran, which wants to export more oil, said it will return to talks on resuming compliance with the 2015 Iran nuclear deal “very soon", but gave no specific date. U.S. natural gas futures recovered losses in the last week as some parts of the country start to crank up their heaters with the coming of cooler weather and as near record global gas prices keep demand strong for U.S. liquefied natural gas (LNG) exports."

28 Sep 2021, 11:22:35 AM IST

Stent maker SMT files DRHP to raise ₹1,500 cr via IPO

India's largest cardiac stent maker Sahajanand Medical Technologies Ltd (SMT) has filed a draft red herring prospectus with Securities Exchange Board of India to raise 1,500 crore via initial public offerings. Samara Capital backed IPO consists of a fresh issue of 410.33 crore and an offer for sale of 1,089.67 crore by its existing shareholders and promoters.

28 Sep 2021, 11:21:51 AM IST

Adani Wilmar launches Fortune Mart sto

Fast-moving consumer goods company Adani Wilmar, which sells a range of edible oils and food products under Fortune brand, is opening offline stores Fortune Mart to sell Fortune and other Adani Wilmar products. (Read more)

28 Sep 2021, 10:28:19 AM IST

IT, realty top drags

Nifty sectoral indices
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Nifty sectoral indices
28 Sep 2021, 10:27:15 AM IST

Infy, HDFC Bank top drags 

Index contribution
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Index contribution
28 Sep 2021, 10:25:00 AM IST

Anupam Rasayan gains

Anupam Rasayan's stocks were trading at 836.15 apiece, up 4.81% at 10:24 am. The speciality chemicals company has signed a letter of intent worth 145 crore with a European multinational to supply a new life science related active ingredient, it said in a regulatory filing. The company will enter into a long-term contract for next three years to supply this product.

28 Sep 2021, 10:20:19 AM IST

Mahindra Rural Housing partners Vymo for sales platform 

Sales acceleration platform Vymo will deploy a cloud-based sales and distribution management platform for Mahindra Rural Housing Finance.

28 Sep 2021, 10:17:36 AM IST

Paradeep Phosphates IPO gets SEBI's nod. Details here

Leading fertilizer company Paradeep Phosphates has received market regulator Securities and Exchange Board of India (Sebi) approval to raise funds through an initial public offering (IPO). The initial share sale will comprise a fresh issue of equity shares worth 1,255 crore and an offer for sale (OFS) of up to 12,00,35,800 shares by its existing shareholders and promoters, according to the draft red herring prospectus (DRHP). (Read more)

28 Sep 2021, 10:17:00 AM IST

Rupee inches 5 paise higher to 73.78 against US dollar in early trade

28 Sep 2021, 10:11:48 AM IST

Man Infra to consider bonus issue on October 4

Construction engineering company Man Infraconstruction on Tuesday announced that the company's board in its meeting next week will consider and recommend bonus issue of shares. The board will also consider and declare Interim Dividend for the Financial Year 2021-22.(Read more)

28 Sep 2021, 10:00:54 AM IST

Gold Outlook: ICICIdirect

Gold prices slipped after the U.S. Federal Reserve signalled a sooner-than-expected interest rate hike and easing of its bond purchases by the middle of next year. U.S. central bank said it could start paring bond purchases as soon as November and that half of the Fed officials were ready to raise interest rates next year in response to inflation. However, prices remained supported by safe-haven demand as investors grew wary over cash-strapped China Evergrande’s fate while a softer dollar also lifted the metal’s allure for holders of other currencies. The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, but the underlying trend remained consistent with a steadily recovering labour market.

 

28 Sep 2021, 09:58:42 AM IST

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

"The index is facing significant resistance at the current zone of 17,900-17,950. I would consider this to be an important juncture from a trading perspective. If we have to go in for a short term correction, this is the point from where that can happen. On the flip side, if we get past 17,950 on a closing basis, the Nifty can scale up higher and move towards 18,050. It is a wait and watch situation where hasty decisions should be avoided."

28 Sep 2021, 09:43:46 AM IST

Petrol, diesel prices hiked across India today. Check latest rates

Petrol and diesel prices were hiked across India on Tuesday as international oil prices soared to a three-year high. Petrol price was increased by 19 to 25 paise per litre, and diesel price was hiked by 24 to 27 paise per litre, according to price notification by state-run oil companies. Petrol price was increased for the first time after July 17. Diesel registered its fourth hike since September 24 when the state-owned oil firms ended a three-week hiatus in rates. (Read more)

28 Sep 2021, 09:42:10 AM IST

India reports 18,795 new covid cases

28 Sep 2021, 09:17:46 AM IST

Market opening

Sensex at open
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Sensex at open
28 Sep 2021, 08:42:35 AM IST

Pre-market opening quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities

"Nifty is expected to open flat to positive at 17,895, up by 40 points. Since the last 2 trading sessions, Nifty is experiencing profit booking from 17,950 levels. It is important for Nifty to close above 17,950 with high volumes to continue its upward journey. On the lower side Nifty has support in 17,680-17,720 range Traders can use buy on dips with strict stoploss as a strategy in current markets." 

28 Sep 2021, 08:29:28 AM IST

Stocks to Watch 

Allcargo, BPCL, Power Grid, REC, RIL, Whirpool among other stocks may be in the news today. (Read more)

28 Sep 2021, 08:23:59 AM IST

Market outlook

Markets are expected to stay in consolidation mode on Tuesday while trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 60,077.88, up 29.41 points. The Nifty closed at 17,855.10, up 1.90 points.

28 Sep 2021, 08:11:31 AM IST

Zee, IRCTC, Vodafone Idea continue to be under NSE's F&O ban list for today

The same eight stocks/securities are under the futures and options (F&O) ban for trade by the National Stock Exchange (NSE) on Tuesday, September 28, 2021, that were put under the list in the previous session. These securities have been banned under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. (Read more)

28 Sep 2021, 07:58:20 AM IST

Govt  effectively cuts FY22 borrowing plan

Buoyed by robust tax collections, the government on Monday effectively cut its gross borrowing target for the fiscal year by announcing that it will absorb 1.59 trillion of additional borrowing for tax compensation to states within its annual target. This, in effect, reduces the annual gross borrowing target to 10.46 trillion for the year to 31 March from the budgeted 12.05 trillion. (Read more)

28 Sep 2021, 07:48:40 AM IST

Asian markets open lower

Asia stocks fell on Tuesday after a jump in Treasury yields as investors priced in the start of Federal Reserve tapering and elevated energy prices. The dollar edged up. MSCI Inc.’s index of Asia Pacific stocks snapped a three-day advance, with Japan and Australia sliding. Hong Kong opened firmer, while China slipped. U.S. futures declined. Earlier, the tech-heavy Nasdaq 100 underperformed. Investors rotated out of growth stocks as the benchmark 10-year U.S. yield briefly topped 1.5%—a level not seen since June. The S&P 500 dipped. The U.S. two-year yield hit an 18-month high as traders increasingly priced in the prospect of the Fed trimming its $120 billion in monthly asset purchases soon. The 10-year yield pared gains. The dollar edged higher. Oil held onto gains on fears of a global energy crunch. Brent was near the highest in almost three years, while WTI crude hovered above $75 a barrel. Goldman Sachs Group Inc. said Brent could hit $90 by year-end as the market is in a bigger deficit than many realize.

S&P 500 futures were little changed as of 9:12 a.m. in Tokyo. The S&P 500 fell 0.3%

Nasdaq 100 futures dipped. The Nasdaq 100 fell 0.8%

Topix index fell 0.3%

Australia’s S&P/ASX 200 Index fell 0.5%

Kospi index fell 0.1%

Hang Seng Index rose 0.5%

Shanghai Composite Index slipped 0.1%

28 Sep 2021, 07:33:17 AM IST

US indices mixed at close

US government borrowing costs advanced for a sixth week on Monday, hurting tech stocks as investors bet on rising interest rates, while three-year high oil prices ignited the energy sector. An easing in Sino-U.S. tensions and Chinese authorities' decision to pump in more cash to offset the fallout from real estate firm Evergrande's woes offered encouragement to investors. There was also relief that Germany's election outcome ruled out a pure left-wing coalition government. U.S. indices were mixed, with the industrials-heavy Dow Jones index outperforming the Nasdaq index of tech stocks. The Dow Jones Industrial Average rose 71.37 points, or 0.21%, to 34,869.37, the S&P 500 lost 12.37 points, or 0.28%, to 4,443.11 and the Nasdaq Composite dropped 77.73 points, or 0.52%, to 14,969.97.

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