Here are all the key highlights from today's trading session:
1. Sensex & Nifty close in the green but off highs
2. Midcaps underperform benchmark indices; Index 112 points off highs
3. IT stocks & financial heavyweights (ICICI Bank & HDFC Bank) help Nifty close higher
4. Sensex gains 277 points to 38,974 & Nifty 86 points to 11,503
5. Nifty Bank advances 125 points to 22,371 while midcap slips 17 points to 17,108
6. IT gains the most amongst indices with Nifty IT up over 3%
7. TCS top Nifty contributor ahead of share buyback; market capitalization at Rs 10 lakh crore
8. Wipro surges to a 20-year high; Infosys at a record high
9. Steel companies gain on reports of a price increase; Tata Steel up 5%
10. Bharat Forge & Ramky Forge surge on strong North America Class 8 truck orders
11. SpiceJet’s announcement of starting London flights helps stock gain 2%
12. Market Breadth favours advances; advance-decline ratio at 5:4
Closing Bell: Market end with gains, Nifty holds 11,500 mark; TCS top gainer, closes over 7%
Indian indices ended with gains on Monday led by the rally in IT stocks.
Sensex ended 277 points higher to 38,973.70 while the Nifty50 index ended at 11,503.35, up 86 points. Broader markets ended on a mixed note with Nifty Midcap 100 closing in the red and Nifty Smallcap 100 index ending nearly a percent higher.
Barring PSU bank index, all sectoral indices ended in green with IT index settling over 3 percent higher.
TCS remained the top gainer of the day, closing over 7 percent higher followed by Wipro,Tata Steel, Sun Pharma and JSW Steel while Bajaj twins were the index top losers along side stocks like Shree Cement, Bharti Airtel and GAIL.
Angel Broking Update: The shares traded 0.67 percent higher to Rs 276.85 apiece on the NSE after getting listed on the exchanges with 10 percent discount over its issue price. It's the first IPO after July that saw a weak debut on the bourses.The Rs 600-crore public issue was subscribed 3.94 times during September 22-24., receiving bids for 5.4 crore equity shares as against the offer size of 1.37 crore equity shares, as per data available with the stock exchanges. Here's more on it
Stock Update: JSW Steel's shares traded nearly 3 percent higher to Rs 289.85 per share on the NSE after the company informed the exchanges that its wholly-owned subsidiary Periama Holdings is considering a number of financing options. According to the company's filing, the options include conducting an international offering of U.S. Dollar denominated senior notes in an aggregate principal amount of $1 billion. The notes will be guaranteed by the company, added the filing.
Stock Update: Tata Consultancy Services (TCS) on Monday became the second Indian firm after Reliance Industries to attain a market valuation of more than Rs 10 lakh crore helped by a rally in its share price. In the morning trade, the stock jumped over 6 percent ahead of its board meeting later this week to consider a share buyback proposal.
The stock rose by 7.55 percent to reach its record high of Rs 2,714 on the NSE. Following the rally in its share price, the company’s market valuation jumped to Rs 10,03,012.43 crore in the afternoon trade on the BSE. TCS last month became the second Indian firm to have a market valuation of over Rs 9 lakh crore after Reliance Industries Limited.
Surprising returns: Nifty, Sensex rise 31% in first half of FY21; best since FY15
The first half of FY21 (H1FY21) has been the best first half for the Indian markets in the last six years with the benchmarks Sensex and Nifty50 gaining 31 percent even as the investors remained cautious on the economy due to the coronavirus pandemic.
The rally, this financial year, was mainly supported by liquidity infused by central banks across the world, positive trends global markets and attractive valuations after the selloff.
This comes after a steep decline of 24.5 percent in March 2020 alone thanks to the coronavirus-led selloff across the globe. Overall in FY21, the indices shed over 26 percent.
Before this, the best first half for the indices was seen in FY15, when the indices jumped 19 percent between April and September. Before that the indices rose 14.9 percent in H1FY11, 11.3 percent in H1 FY17, and 8.1 percent in H1 FY19. Read more here
Equity trading volume gatherers steam in September, commodity volumes decline
Investors continue to remain attracted to the Indian equity market as the daily turnover value in September 2020 on the stock exchanges clocked the ninth consecutive month of healthy growth. The average daily turnover value (ADTV) on the National Stock Exchange (NSE) during September rose 49 percent YoY to Rs 55,600 crore. The number of trades grew 44 percent YoY in September.
BSE’s cash ADTV during the month also rose 14.8 percent YoY to Rs 3,180 crore.
NSE’s market share stood at 95 percent in September. FY21-TD, NSE’s market share in equity cash segment stands at 94 percent versus 93 percent in FY20 and 91 percent in FY19, according to ICICI Securities. Read more here.
Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
Over the last few days Reliance Industries Ltd. has announced a slew of investments by private equity players in Reliance Retail ventures Ltd. Mubadala, GIC and TPG have announced investments of Rs 6,247.5 crore, Rs 5,512.5 crore and Rs 1,837.5 crore respectively since the beginning of October. With this RIL has now announced cumulative investments of Rs 32,198 crore in Reliance Retail so far for a 7.28% stake in the company so far. This is in line with our expectations and we expect the company will continue to announce more such deals in the near future. We maintain our positive view on Reliance Industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on Reliance Industries with a target of Rs 2,543.
Standout Brokerage Report: Nomura raises target price for Infosys, HCL Tech, Tech Mahindra
In Standout Brokerage Report, Nomura has raised targets for the large-cap IT names led by higher EPS and target multiples. Its top bets are Infosys, HCL Technologies, and Tech Mahindra.
The brokerage has raised the dollar revenue estimate by 1-5 percent and EBIT estimates by 40-150 basis points over FY21 and FY22. Therefore, the EPS estimates for tier-I IT companies go up by 1-16 percent.
Going forward, Nomura expects a 9-10 percent dollar revenue CAGR for companies like Infosys, HCL Technologies, and Tech Mahindra. For Wipro, it is expecting 6.5 percent US dollar revenue growth. Watch the video here
Mazagon Dock Shipbuilders IPO allotment: Check your status here
Mazagon Dock Shipbuilders IPO was fully subscribed on the first day of the initial public offering (IPO) after it opened on Tuesday. The public issue was subscribed 157.4 times by the end of 3rd day of bidding (October 1), leaving behind Happiest Minds Technologies and Chemcon Speciality Chemicals.The company is likely to be listed on the exchanges on October 12.The price band of the IPO is fixed its IPO price band at Rs 135-145.
The unblocking of funds from ASBA account is likely to start around October 8 and the shares will be credited to the account of eligible investors by October 9. The status will only appear post allotment if the details are entered correctly. In the case of non-allotment, the blocked amount will be refunded to your bank account.
1) Go to the website: https://www.bseindia.com/investors/appli_check.aspx.
2) Select ‘Equity’ and then from the dropdown, select issue name - "Mazagon Dock Shipbuilders".
3) Enter your application number and PAN card number.
4) Click on the "Search" button.
On the registrar website- Alankit Assignments
1) Go to the website: ipo.alankit.com
2) Select 'Mazagon Dock Shipbuilders' in the dropdown menu
3) Check box either on application number or depository ID/client ID or PAN (Permanent Account Number)
4) If you check box "Application Number" then select application type (ASBA/NON ASBA) in dropdown and enter the application number.
5) Click on the "Search" button.
Gold rate today: Yellow metal falls 1%; Support seen at Rs 49,800 per 10 grams
Gold prices in India declined nearly 1 percent to trade near Rs 50,000 per 10 grams level on the Multi Commodity Exchange (MCX) Monday following a muted trend in the international spot prices. Silver prices also fell by 1 percent.
At 11:40 am, gold futures for December delivery fell 0.96 percent to Rs 50,084 per 10 grams as against the previous close of Rs 50,570 and opening price of Rs 50,230 on the MCX. Silver futures traded 1.06 percent lower at Rs 60,494 per kg. The prices opened at Rs 60,737 as compared to the previous close of Rs 61,145 per kg.
“Gold prices declined as investors' risk sentiment improved. The equity markets all over traded higher, pressurizing the gold prices. It’s a sell on rally market for gold,” said Amit Sajeja, AVP Research - Commodities & Currencies at Motilal Oswal. Click here to read more experts' view