Here's how market fared this week:
1. Sensex & Nifty down nearly 3% & Nifty bank 6% this week
2. Sensex & Nifty erase nearly 70% of gains seen in previous two weeks
3. Nifty Bank down 6% this week; erases 60% of gains seen last week
4. Midcap Index down 2.5% this week; Nifty PSU Bank top losing index with 9%
5. Only 12 Nifty stocks give positive returns this week; Bharti Infratel, Tata Motors top gainers
6. Axis Bank, ICICI Bank, Sun Pharma and SBI are top Nifty losers this week
Here are the key highlights from today's trading session:
1. Market slips at over 2-week low following weak global cues
2. Frontline Indices fall nearly 2% each; 48 of 50 Nifty stocks end lower
3. Sensex declines 634 points to 38,857 and Nifty 194 points to 11,334
4. Nifty Bank falls 519 points to 23,012 and Midcap index 288 points to 16,926
5. All sectoral indices close in the red with volatility index surging over 8%
6. Maruti & TCS close higher in a weak trading session
7. Tata Steel, Axis Bank, JSW Steel, Adani Ports, NTPC top Nifty losers
8. JSPL, Adani Green & Future Group stocks amongst top Midcap losers
9. Market Breadth favours declines; advance-decline ratio at 1:2
Closing Bell: Sensex ends 634 points lower, Nifty below 11,350; all scetors in the red
Indian shares ended over 1.5 percent lower on Friday after a selloff on Wall Street rippled across the Asian markets, with almost all major sector indices trading lower.
The Sensex ended 634 points lower at 38,357 while the Nifty lost 193 points to settle at 11,334. Indian benchmarks also ended lower for the week after two weeks of gains, down around 2.5 percent.
Meanwhile, the broader Asian stock markets saw their worst session in two weeks after Wall Street's main indexes marked their steepest losses since June on the back of a tech-led plunge.
On the Nifty50 index, Maruti was the only stock that ended in the green. Tata Steel, Axis Bank, Adani Ports, JSW Steel, and NTPC led the losses.
Broader markets were also negative for the day with Nifty Midcap and Nifty Smallcap down 1.5 percent and 1.1 percent, respectively.
All sectors were in the red at closing. Nifty Metal fell 2.8 percent while Nifty Realty lost 2.2 percent. IT and FMCG indices were also down 1.3 percent each, while Fin Services and Pharma sectors fell around 1.8 percent each.
IndiGo holds 17th AGM, co-founder Rakesh Gangwal attends
India's largest airline IndiGo today held its 17th annual general meeting. The AGM comes at a time when the global aviation sector is reeling under the COVID-induced stress and is looking at ways to survive the pandemic. The annual general meeting of 2019-20 was held on an online platform. Read here the key takeaways from the AGM.
European markets edge higher as banks rally
European stocks edged higher Friday morning, looking to shrug off uncertainty fueled by Wall Street’s tech sell-off, with banks dragging the major indices into positive territory.
The pan-European Stoxx 600 edged 0.2 percent in early trade, with food and beverages dropping 0.5 percent while banks surged 2.4 percent.
DAX opened 1.4 percent lower at 13,057 and so did the CAC index, down 1.1 percent at 4,953.
Here's why Bharti Infratel jumped over 22 percent in just 3 sessions
Bharti Infratel share price has surged over 22 percent in just 3 sessions after the company got a nod from the board for its merger with Indus Tower, which has already been postponed twice earlier.
The stock today was up as much as 5.4 percent to hit an intra-day high of Rs 230.75 on BSE. Meanwhile, it had settled over 11 percent higher in the previous session.
In a filing, Bharti Infratel said that its Board of Directors, in a meeting held on August 31, discussed the scheme of arrangement with Indus Towers and related agreements, and has decided to proceed with the merger.
“After deliberations, the Board has authorised the chairman to proceed with the scheme and comply with other procedural requirements to complete the merger – including approaching the National Companies Law Tribunal (NCLT) to make the scheme effective subject to certain procedural condition precedents,” the company’s statement added. Read more
Digital brokerages see rise in business amid COVID-19 pandemic; hiring activity picks up
The coronavirus pandemic has resulted in job losses, layoffs and pay cuts in many industries. However, digital brokerages have seen a huge surge in their business, as more customers are shifting to trading as a means of saving. To cater to the demand, brokerages are now scaling up their operations and hiring activity.
Tejas Khoday, CEO and Co-Founder, FYERS—one of the discount brokers—claims to have witnessed a 40 percent surge in business. He expects this number to increase in the coming months as investors are now considering stock markets as an alternative asset platform.
Angel Broking—another stockbroker firm—also claims to have witnessed an uptick in their business.
“Over the last couple of months, as clarity emerged with respect to restarting the economy, markets have bounced back significantly. During this period, as valuations become more attractive, not only did existing investors become active but the industry also saw many new investors entering the market,” says Vinay Agrawal, CEO, Angel Broking Ltd. Click here to read
Gold rate today: Yellow metal rises; Support seen at Rs 50,400 per 10 grams; Buy on dips, suggest experts
Gold prices in India traded flat with a positive bias on the Multi Commodity Exchange (MCX) Friday after a fall in the previous session tracking gains in international spot prices. Weakness in equity markets supported safe-haven buying in the yellow metal, analysts said.
At 11:15 am, gold futures for October delivery rose 0.12 percent to Rs 50,804 per 10 grams as against the previous close of Rs 50,742 and opening price of Rs 50,865 on the MCX. Silver futures traded 0.37 percent lower at Rs 66,678 per kg. The prices opened at Rs 67,102 as compared to the previous close of Rs 66,926 per kg.
“Gold prices were marginally higher but were in a range. In the international prices, $1,920-1,927 levels were intact,” said Ajay Kedia, director, Kedia Commodity Comtrade. Click here to read more
CreditAccess Grameen shares rally over 9% after board approves fundraising
The share price of CreditAccess Grameen rallied over 9 percent on Friday after the company's board approved raising of funds. The company’s board has approved raising of Rs 1,000 crore via equity.
The stock gained as much as 9.34 percent to Rs 749 per share on the NSE. The stock, however, lost some steam and traded 6.13 percent higher at Rs 726.75, at 11:15 am.
For August, the company's loans under moratorium have come down to 18 percent from 24 percent in July.
Collection efficiency has improved to 82 percent in August vs 76 percent in July. Meanwhile, the collection efficiency of the company's acquisition in Madura Microfinance improved to 75 percent in August vs 64 percent in July, added the exchange filing.
"Disbursements of Rs 484.6 crore in August 2020. New disbursements were made only to borrowers making on-time payments," added the company's filing further.
As on August 31, 2020, the company's cash/bank balance and liquid investments stood at Rs 1,778 crore compared to Rs 1,636 crore in July.
CLSA has a 'buy' rating on the stock with a target of Rs 840 per share. The Madura Micro acquisition will help the company consolidate its leadership position, said CLSA, adding that the company is better placed to capture the Indian MFI opportunity.