PremiumMarket Closing: The Sensex closed at 59,126.36, down 286.91 points, or 0.48%, while the Nifty was at 17,618.15, down 93.15 points, or 0.53%. Realty, PSU banks, and pharma were in green, while media, metals, banks, auto, and IT closed in red.
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Indian indices closed over 0.48% on Thursday. Asian stocks erased losses on a volatile day as investors weighed further evidence of a slowdown in China. Factory activity in the world’s second-largest economy contracted in September for the first time in the pandemic era.
The Sensex closed at 59,126.36, down 286.91 points, or 0.48%, while the Nifty was at 17,618.15, down 93.15 points, or 0.53%. On the 30-share Sensex, the Bajaj twins, NTPC and 6 other stocks closed in green, while Power grid, Asian Paints, Axis Bank, 18 other stocks closed in red.
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), on Thursday said it has spud the first well in an offshore block in Bangladesh, marking the start of an exploration campaign to find oil and gas.
“Indian markets started mixed following mixed Asian markets cues as China official data shows unexpected contraction in factory activity. During the afternoon session markets scaled back to trade in green due to buying in Consumer Durables, Realty and Telecom stocks. Buying in frontline stocks such as Bajaj Finance, Sun Pharma and Bajaj Finserv were aiding sentiment, while selling in Asian Paints, Power Grid and Bajaj Auto kept the gains in the markets in check. Traders were taking solace from Commerce and Industry Minister's statement that India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America. He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years. However, upside remains capped as finance ministry stated that India’s external debt rose modestly by 2.1% year-on-year to $570 billion as of March-end 2021, notwithstanding the covid-19 pandemic. Reserves to external debt ratio, however, increased to 101.2% from 85.6% during the same period, thereby consolidating the country’s position as a net creditor to the world."
The Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved a USD 356.67 million loan for the expansion of the Chennai metro rail system, taking the bank’s financing for various projects in India to $6.7 billion, making the country its largest beneficiary. (PTI)
Global financial services provider FIS on Thursday announced plans to hire 10,000 people in India in the next one year amid increasing investment and growth prospects. As part of its 12-month recruitment drive across India, the company plans to onboard more than 10,000 people at all levels and there will be a special focus to hire graduates from tier II and III cities.
The State Bank of India has rejected Andhra Pradesh government's ₹6,500 crore 'overdraft' for implementing the Centrally Sponsored Schemes (CSS) in the state. With its coffers completely dry, the state government sought the overdraft to be used as working capital by five nodal implementing agencies "against securitisation of fund balances available in the Single Nodal Accounts (SNA)." (PTI)
State-run power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of ₹500 crore with Bank of India. The green term loan agreement is for its two solar projects in Rajasthan and Gujarat. NTPC REL has signed its first Green Term Loan agreement of ₹500 crores at a very competitive rate with a tenor of 15 years with Bank of India on September 29, 2021 for its 470 MW solar project in Rajasthan and 200 MW solar project in Gujarat, a company statement said. A green loan is a type of loan instrument that enables borrowers to finance projects that have an environmental impact.
Media and entertainment firm Viacom18 has announced the appointment of Jyoti Deshpande as chief executive officer with immediate effect. Deshpande is already serving on the boards of Network 18 and investee companies Balaji Telefilms and Saavn Media. The post had been vacant since Sudhanshu Vats quit the company in April 2020. Deshpande is a former advertising professional who has also worked with films studios
India is poised to become one of the largest digital markets with rapid expansion of mobile and internet as the country is one of the fastest growing markets with over 2,100 fintechs operational, Commerce and Industry Minister Piyush Goyal said on Thursday. JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said at the Global Fintech Fest 2021 organised by the National Payments Corporation of India. He added that fintech companies are playing a crucial role in financial inclusion in the country.
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Hinduja Global Solutions' stock was trading at ₹2,878.95 up 0.79% at 1:40 pm. The company has secured a UK government order to operate Brexit helpline.
Global Health Limited, which operates and manages hospitals under the Medanta brand, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares aggregating to ₹500 crore, and an offer for sale of up to 4.84 crore equity shares, according to the draft red herring prospectus (DRHP). As a part of the OFS, Anant Investments, an affiliate of private equity major Carlyle Group, will sell up to 4.33 crore equity shares and Global Health co-founder Sunil Sachdeva (jointly with Suman Sachdeva) will offload up to 51 lakh equity shares. At present, Anant Investments holds 25.67 per cent stake in Global Health and Sachdeva owns 13.43 per cent stake in the company.
Shareholders of securities depository National Securities Depositories Ltd (NSDL) have ratified the appointment of former Indian Bank head Padmaja Chunduru as its chief executive on 29 September. Markets regulator Securities and Exchange Board of India (Sebi) had approved Chunduru's appointment as NSDL CEO. She had assumed charge on 22 September, NSDL said in a statement. (Read more)
Tata Steel's stock was trading at ₹1,294.95 down 0.04% at 12;54 pm. The company has divested its entire stake in NatSteel Holdings, Singapore for equity valuation of $172 million.
The telco's stocks were trading at ₹697.65 apiece, up 0.53% at 12:42 pm. Airtel says it will invest ₹5,000 crore to triple its data center capacity by 2025. The telco will build seven large hyperscale campuses.
TCS' stock was trading at ₹3,760.75, down 30.85 points, or 0.81% at 12:38 pm. The company has partnered with Partners with MCX to transform the exchange's core systems and support future growth.
Meesho, an Indian "social commerce" platform backed by Facebook Inc and SoftBank Group, said on Thursday it had raised $570 million in a funding round led by Fidelity Management & Research Company and B Capital Group. The latest funding round values the company at $4.9 billion, Meesho said in a statement. "Existing investors Prosus Ventures, SoftBank Vision Fund 2 and Facebook also participated in this round," the company added.
Tera Software's stock was trading at ₹51.95 apiece, up 4.95% at 12:01 pm. The company has secured orders worth ₹396.5 crore.
Indian Overseas Bank's stock was trading at ₹23.25 apiece, up 13.41% at 11:02 am. RBI says bank has given written commitment to comply with norms of minimum regulatory capital, net npa, leverage ratio on ongoing basis
Adani Green on Thursday informed that its wholly-owned subsidiary Adani Renewable Energy has signed definitive agreements with Essel Green Energy for 100% acquisition of a special purpose vehicle (SPV) operated by Essel Green. The SPV comprises of 40 MW operating solar project in Odisha. (Read more)
India recorded a single-day rise of 23,529 covid-19 cases on Thursday, taking its infection tally to 3,37,39,980, while the count of active cases dipped to 2,77,020, the lowest in 195 days, according to Union Health Ministry data. The death toll due to the disease has climbed to 4,48,062 with 311 daily fatalities being recorded, according to the data updated at 8 am. The number of active cases has declined to 2,77,020, comprising 0.82% of the total infections – the lowest since March 2020, the ministry said. The national covid-19 recovery rate was recorded at 97.85%, the highest since March 2020, it added. A decrease of 5,500 cases has been recorded in the active covid-19 caseload in a span of 24 hours. Also, 15,06,254 covid-19 tests were conducted in the country on Wednesday, taking the total number of such examinations done so far to 56,89,56,439, the data showed.
“The index continues to face resistance at higher levels. The current level of importance is 17,700 - we need to trade above this for a positive bias to set in. Until then we will continue to see sideways price action. If we can get past 17,750-17,800 on a closing basis, the Nifty will be on its way to claim 1,8000. 17,500 is rock-solid support and until that does not break, the overall trend of the market is positive."
Bharti Airtel's stocks were trading at ₹706 apiece, up 1.74% at 10:17 am, ahead of a key press conference scheduled for later today.
Sterling and Wilson Solar's stock was trading at ₹402.10 apiece, down 3.05% at 9:58 am. The company's promoters have repaid their debt of ₹741 crore to Sterling and Wilson Solar, according to a regulatory filing.
The company's stock was trading at ₹1,140.35 apiece, up 0.67% at 9:43 am. Adani Renewable Energy has signed definitive agreements with Essel Green Energy to acquire 100% economic value in an SPV that owns 40 MW operating solar project in Odisha.
India and the US should engage in a much bigger way and New Delhi is ready and willing to expand the economic partnership with America, Commerce and Industry Minister Piyush Goyal said on Wednesday. He also called for setting an ambitious bilateral trade target of $1 trillion in the next 10 years. Addressing the 4th Annual Leadership Summit of the US-India Strategic Partnership Forum (USISPF), Goyal said though a lot of effort had gone into negotiating a trade agreement between the two countries during the previous US administration, unfortunately it did not work out.
Glenmark pharma's stock was trading at ₹511.00 apiece, up 0.35% at 9:30 am. The company has received marketing approval for Ryaltris, an innovative combination nasal spray, in 13 countries across the EU and UK.
The Sensex opened at 59,549.57, up 136.3 points, or 0.23%, while Nifty was at 17,718.90, up 7.60 points, or 0.04%. PSU banks, realty were top gainers.
At market pre open, the Sensex was at 59,647.23, up 233.96 points, or 0.39%, while Nifty was at 17,711.30, down 37.30 points, or 0.21%.
"Nifty is expected to open flat to negative at 17,660, down by 50 points. Nifty has support in 17,580-16,620 and resistance in 17,780-17,820 range. Today being the monthly expiry we may see some volatile markets. Buying on dips with strict stoploss is the suggested strategy for traders."
Petrol and diesel prices were increased across India on Thursday after a day's pause. Petrol price has been increased by around 25-30 paise whereas diesel prices raised by 28-32 paise per litre, according to price notification by state-run oil companies. In Mumbai, petrol was being retailed at ₹107.71 per litre. Diesel was being sold at ₹97.52 per litre. Petrol and diesel prices in Delhi increased by 25 and 30 paise, respectively. Vehicle owners will have to shell out ₹101.64 for a litre of petrol, and ₹89.87 for a litre of diesel in the capital. (Read more)
IIFL Private Equity has completely exited its investment in mutual fund transfer agency Computer Age Management Services Ltd (CAMS) for $50 million ( ₹353 crore), having invested in the company just an year ago, said a person aware of the development. (Read more)
HDFC Bank, IOB, RIL, Piramal Enterprises, ZEE, among other stocks may be in the news today. (Read more)
Markets are likely to stay volatile on Thursday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 59,413.27, down 254.33 points or 0.43% and the Nifty closed at 17,711.30, down 37.30 points or 0.21%. (Read more)
Asian stocks were mixed Thursday as investors assessed the impact of skyrocketing energy costs on inflation and the pandemic recovery. Treasuries edged up and the dollar pared an advance. Japanese shares slipped as the ruling party’s new leader, who is set to become the next prime minister, is seen by investors as maintaining stability. Australia rose, while Hong Kong fell and China was little changed. U.S. futures climbed. The Nasdaq 100 notched its third straight day of losses after a technology rally petered out. Dip buyers helped push the S&P 500 higher.
S&P 500 futures rose 0.3% as of 10:30 a.m. in Tokyo. The S&P 500 rose 0.2%
Nasdaq 100 futures rose 0.4%. The Nasdaq 100 fell 0.1%
Topix index fell 0.5%
Australia’s S&P/ASX 200 Index rose 1%
Kospi index fell 0.1%
Hang Seng Index fell 0.7%
Shanghai Composite Index rose 0.3%
The rally in technology shares fizzled out, weighing on the broader stock market. The S&P 500 pared most of its earlier gains as a drop in tech offset an advance in defensive industries like utilities and consumer staples. The dollar rose to the highest level since November 2020, while Treasuries fluctuated. Federal Reserve Chair Jerome Powell and his counterparts at the European Central Bank, Bank of Japan and Bank of England voiced cautious optimism Wednesday that supply-chain disruptions lifting inflation rates around the world would ultimately prove temporary. Traders remained alert to the potential for market disruption should politicians in Washington fail to raise the debt-ceiling in time to avoid a default on U.S. obligations. The U.S. Treasury is likely to exhaust its ability to borrow as soon as late October, according to the Congressional Budget Office, in the latest warning to lawmakers following their failed efforts to address the debt ceiling this week.
The S&P 500 rose 0.2% as of 4 p.m. New York time
The Nasdaq 100 fell 0.1%
The Dow Jones Industrial Average rose 0.3%
The MSCI World index fell 0.3%
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