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Market Highlights: Indices end positive on global cues, Sensex rallies 337 pts

Sensex, Nifty likely to open positive today. (Photo: ANI )Premium
Sensex, Nifty likely to open positive today. (Photo: ANI )

  • BSE Midcap and Smallcap indices closed on positive note
  • Asian stocks tracked global peers and rose on Friday

The Indian equity indices on Friday closed positive on global cues. Investors remained optimistic as US-China agreed to resume their trade talks next month in Washington amid the growing global economic slowdown.

Sensex ends at 337.35 points, or 0.92%, higher at 36,981.77 while the broader Nifty settled at 10,946.20 gaining 98.30 points, or 0.91%.

"After showing a lackluster type of movement on Thursday, the Nifty witnessed a promising upmove on Friday and closed the day decently higher. A long bull candle was formed and the Nifty has closed above the intraday resistance of 10920 levels on Friday. This pattern could be a confirmation of near term bottom formation at the swing low of 10746 and this signals more upside in the near term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Tech Mahindra, Maruti Suzuki, NTPC, Axis Bank and Bajaj-Auto were the biggest contributing stocks on BSE, gaining as much as 3.83%.

Sector-wise, except Nifty Realty, Pharma and FMCG, all the other eight sectors ended with gains. Nifty Auto (2.61%), Metal (1.91%), Private Banks (1.41%), Bank (1.22%) and Media (1.19%).

"Expectation of sops to the falling auto sector lifted market sentiments today. While gain across Asian market on a hope of ease in trade tension supported the upside. Continuous selling by FIIs remained as a concern, but market may trade positively in the short-term in anticipation of policy actions," said Vinod Nair, head of research, Geojit Financial Services.

Meanwhile, the broader market also had a optimistic day with BSE Midcap and Smallcap indices gaining 0.61% and 0.79% respectively.

"A small body of negative weekly candle was formed this week with long lower shadow (as per weekly timeframe chart). Technically, this formation signals a bullish hammer type pattern. This is positive indication and signals more upside in the next week," added Shetti.

Globally, Asian stocks tracked global peers and rose on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.2%, Australian stocks gained 0.5%, South Korea’s KOSPI rose 0.3% and Japan’s Nikkei advanced 0.6%.

06 Sep 2019, 03:51:32 PM IST

Market at close

Sensex ends at 337.35 points, or 0.92%, higher at 36,981.77 while the broader Nifty settled at 10,946.20 gaining 98.30 points, or 0.91%.

06 Sep 2019, 03:26:31 PM IST

Sensex up 345 points

Sensex soars 345.42 points, or 0.94%, at 36989.84.

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06 Sep 2019, 03:03:20 PM IST

Lupin gets USFDA approval for cancer drug; stock up 0.96%

Shares of Lupin trades at 772.90 rising 0.96% on BSE as the drug firm gets approval

for its cancer drug Fosaprepitant for Injection, 150 mg Single-Dose Vial, from the United States Food and Drug Administration (US FDA).

06 Sep 2019, 02:24:09 PM IST

Nifty Pharma falls 0.49%

Nifty Pharma losses 0.49% led by Piramal Enterprises, Sun Pharma, Cipla, Glenmark and Divis Lab.

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06 Sep 2019, 02:09:16 PM IST

PSU bank bonds gain as mergers set to boost credit profiles

Indian state-run banks’ rupee debt is gaining as proposed mergers and capital injection by the government are set to bolster credit profiles of these lenders. Canara Bank and Union Bank of India, which are part of a merger plan announced by the government, have seen the yields on their rupee bonds fall as much as 7 basis points this week, according to pricing data provided by Crisil, people familiar with the matter said. Outstanding rupee debt securities of the 10 lenders being combined totals more than $13 billion, data compiled by Bloomberg show.

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06 Sep 2019, 01:45:50 PM IST

Nifty private bank up 1.5%

Nifty Private Bank gained 1.5% with Axis Bank, RBL Bank, Kotak Mahindra Bank, Federal Bank and IndusInd Bank being the most contributors rising as much as 3.09%.

06 Sep 2019, 01:31:26 PM IST

BSE Midcap index up 0.44%

GMR Infra, Varroc Engineering, TVS Motor, RBL Bank and IDBI Bank are the top contributors in the midcap space.

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06 Sep 2019, 01:18:24 PM IST

Sun Pharma down 2.5%

Shares of the drug major is down 2.49% to 421 on BSE after the company said it is undergoing a forensic audit of its financial statements as ordered by Securities and Exchange Board of India (Sebi). The market regulator has asked for a forensic audit of the company’s financial statements for three fiscal years to March 2018.

On NSE, the company is trading at 421.05.

06 Sep 2019, 12:59:58 PM IST

Nifty Auto up 1.35%

Maruti Suzuki, TVS Motors, Mahindra and Mahindra, Eicher Motor and Bosch are the biggest contributor on the index, gaining as much as 2.37%.

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06 Sep 2019, 12:08:06 PM IST

Gautam Duggad on Nifty performance

"Nifty nearly back to square one as the year progresses: The Nifty extended the previous month’s losses with a decline of 0.9% in Aug’19. In fact, market sentiment has deteriorated to an extent that the benchmark has wiped off majority of its gains for the year (up just 1.5% now v/s 9.8% YTD CY19 in May’19). This is a clear indication that after the election euphoria, investors have been dealt with a ‘reality check’. High frequency data (auto numbers, IIP data, core sector growth) and the recent GDP print (5% for 1QFY20, and more importantly, the internals – PFCE growth of 3%, manufacturing growth of 0.6% and nominal GDP growth of just 8% – was well below expectations) point toward a tough near-term macro," said Gautam Duggad, head of research- institutional equities, Motilal Oswal Financial Services.

"Another distress is that FII selling has continued ($1.9 billion in July,$2.2 billion in August) even post the rollback of FPI surcharge," added Duggad.

06 Sep 2019, 12:03:02 PM IST

BHEL bags order of ₹450 crore from NTPC-SAIL

Bharat Heavy Electricals Limited (BHEL) has secured an order worth 450 crore for emission control equipment for 2x250 MW Bhilai Expansion power project in Chhattisgarh. The order has been placed by NTPC-SAIL Power Company Limited (A joint venture of NTPC Ltd and Steel Authority of India Ltd).

Shares of the company is up 0.59% at 51.45 on BSE.

06 Sep 2019, 11:45:27 AM IST

Indiabulls Housing Finance slips nearly 6%

Shares of Indiabulls Housing Finance is down 5.86% at 421.70 on NSE on reports of PIL filing against the NBFC’s accounting practices of the company.

On BSE, the stock is down 5.75%.

06 Sep 2019, 11:47:36 AM IST

Nifty Bank best performer among sectors

Nifty Bank is the top sectoral gainer, rising 1.12% with Axis Bank (2.86%) being the most contributor.

06 Sep 2019, 10:34:11 AM IST

Midcap and Smallcap indices in green

BSE Midcap and Smallcap indices trades in green with both the indices gaining 0.13% and 0.32% respectively.

06 Sep 2019, 10:29:13 AM IST

Nifty Realty top loser among sectors

Nifty Realty top loser among sectors, dropping 1.64%. DLF is the biggest laggard in the sector.

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06 Sep 2019, 10:29:13 AM IST

Prabhat Dairy hits upper circuit

Shares of Prabhat Dairy is up 19.95% at 78.15 on BSE hitting the upper circuit. The company informed exchanges that its board will meet on 10 September to consider delisting of shares.

On NSE, the share is also up 19.95%.

06 Sep 2019, 09:36:34 AM IST

Tech Mahindra surges over 4.5%, top gainer on both indices

Tech Mahindra is up 4.21% at 724.65 on BSE after the company on Thursday announced the expansion of its strategic collaboration with AT&T to accelerate AT&T's IT network application, shared systems modernization and movement to the cloud.

On NSE, the scrip is trading at 728 up 4.68%.

06 Sep 2019, 11:47:36 AM IST

Coffee Day down almost 5%

Shares of the Coffee Day Enterprises slumped nearly 5% on both BSE and NSE.

Mint on Thursday reported that promoters of Coffee Day Enterprises Ltd and its lenders have temporarily shelved a plan to sell a controlling stake in the unit that owns the Café Coffee Day (CCD) chain. The decision not to sell a stake in Coffee Day Global Ltd follows initial talks with potential suitors, including Coca-Cola and ITC Ltd, the people cited above said requesting anonymity.

The stock touched 52-week low of 62.05 on BSE.

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06 Sep 2019, 09:24:51 AM IST

Media, Information Technology sectors top gainer

Nifty Media and Information Technology took the pole position among the sectors, rising as much as 1.42% in the early trade.

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06 Sep 2019, 09:41:49 AM IST

Market opening

Sensex opened at 36,808.60 surging 164.18 points, or 0.45%, while the broader Nifty gained 46.80 points, or 0.43%, at 10,894.70.

06 Sep 2019, 09:12:39 AM IST

Rupee opens flat

The rupee opened at 71.88 to a dollar. The Indian currency, in early deals, traded at 71.87, down 0.04% from its Thursday's close of 71.85.

06 Sep 2019, 09:03:25 AM IST

Pre-opening session

Sensex opens up 57.41 points, or 0.16%, at 36,701.83 during the pre-opening session while the broader Nifty resumed at 10,888.80 rising 40.90 points, or 0.38%.

06 Sep 2019, 08:56:42 AM IST

Banks to see more volatility in margins

In under 30 days, India’s banks will have to charge retail borrowers and small businessmen interest rates linked to an external benchmark. This is part of the RBI's push towards greater transmission of its policy rate cuts.

As the adjoining chart shows, the existing marginal cost of funds based lending rate (MCLR) failed to pass on the complete benefit of falling interest rates to borrowers.

Surely, better transmission would mean happy borrowers and, therefore, more business to banks.

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06 Sep 2019, 08:48:18 AM IST

Market Conversations | Will Indian Rupee see more weakness?

The Indian currency has underperformed its Asian peers barring China in August. The rupee depreciated by 3.65% against the dollar in August, its steepest monthly decline in six years while China had devauled its currency in the month. Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services Ltd talks to Nasrin Sultana of Mint to discuss if there is more pain ahead for India's rupee.

06 Sep 2019, 08:43:06 AM IST

Disinvestment breather for PSU stocks may be short-lived

Low valuations and high dividend yield did not quite prove to be the mantra to generate returns for investors in stocks of state-run companies. On the contrary, public sector unit stocks have been facing rough weather. The Nifty PSE index has lost 15.6% in the last two months. During that time, the Nifty 500 index fell about 9.6%. PSE is public sector enterprise.

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06 Sep 2019, 08:41:19 AM IST

SGX Nifty closed with gains

SGX Nifty settled at 10,903.00 rising 40.50 points, or 0.37%, indicating a positive start for the Indian indices.

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