Back
PremiumWelcome to the Mint live blog. Track this space for latest stock market updates:
Markets turned volatile in the last leg of the trade, with benchmark equity indices ending lower as banks and financial stocks dragged. Broader market indices, however, ended higher.
The Sensex ended 98 points lower at 38,756.63 while the Nifty ended at 11,440.05, down 24 points. The Nifty Smallcap100 and Nifty Midcap100 ended 5.5% and 2.5% higher, respectively.
Most IT and realty stocks rose today, pushing up their respective indices higher.
Shares of HCL Tech jumped 10% and were the top performers on the Sensex.
TCS, Wipro, Tech Mahindra and Infosys were also among top gainers today, while Bharti Airtel, Bajaj Finance, BPCL, SBI and Power Grid were among the worst hit.
Trai says no regulatory intervention in over-the-top services for now.
“Finally, Warburg Pincus and NSE backed Computer Age Management Services (CAMS) is likely to launch an initial public offering (IPO) on September 21, 2020. CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions.
According to CRISIL, CAMS is India's largest registrar and transfer agent of mutual funds, with an aggregate market share of 69.4 percent based on mutual fund average assets under management (AAUM) managed by its clients and serviced by itself during November 2019. As per the DRHP, CAMS IPO will be an offer for sale by promoter Great Terrain Investment and public shareholders NSE Investments, and other shareholders. We expect price band could be in the range from 1150 to 1250 and this means the upper-end issue size would be worth Rs.1520cr. We believe This IPO would get a good subscription considering high RoE, healthy cash flow, professional promoter, and market leader," said Jaikishan Parmar, senior equity research analyst, Angel Broking.
Meanwhile, the UK has reserved up to 190 million doses of a potential Covid-19 vaccine from Valneva.
India's civil aviation recovery would be much faster on the back of large market size, Airbus India president Remi Maillard said on Saturday.
Speaking at Assocham's webinar on 'Covid-19 Impact and Opportunities' for the civil aviation sector, he said, "The revival will at least take a year and the domestic market should be the focus right now. Regional connectivity is of utmost importance right now."
BSE SmallCap hit 15-month high as investors hope for higher inflow into such stocks after Sebi made it mandatory for multi-cap schemes to allocate 25% of their portfolio to large, mid- and small-cap stocks each. BSE MidCap also soared 4%, outperforming benchmarks.
Moody's Investors Service on Monday said Reliance Industries Ltd's (RIL's) divestment of 1.75% stake in its retail arm to private equity firm Silver Lake Partners for ₹7,500 crore is credit positive as it will enable the Indian conglomerate to continue pursuing other growth opportunities while maintaining zero net debt.
The deal is the company's first divestment within the retail segment, which is currently wholly-owned by RIL. With this deal, RIL has now established an enterprise value for its retail segment which sets the stage for further stake sales within the segment, said Moody's.
"...In our sense, one should still continue with a slightly cautious stance because the uncertainty is still looming over and till the time, we do not get clarity with respect to all these developments, better to stay light with a stock specific approach. As far as levels are concerned, 11550-11650 are likely to act as immediate hurdles; whereas on the lower side, 11350-11200 would be seen as a key support zone.
During the week, the majority of the gains were contributed by the stellar move in RELIANCE towards the fag end and IT stocks too chip in. At this juncture, the banking index is clearly underperforming and is placed around the crucial junction. We are observing a cluster of support around 22200-22000 and till the time it is defended, we can expect some recovery in the market. However, if it fails to hold this, the Nifty can easily slide below the key support of 11200. So, one should keep a close eye on all these possibilities and should position accordingly," said Samit Chavan, chief analyst-Technical and Derivatives, Angel Broking.
India reports single day surge of 92,071 covid cases, with 1,136 fatalities. India case count now 48,46,427, death toll at 79,722.
Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
