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Stock Market Highlights: Sensex gains over 448 points, Nifty ends above 11,850 led by banks, metal stocks

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Stock Market Highlights: Indian indices ended over 1 percent higher on Monday led by gains in banks, financials and metals stocks. The benchmark Sensex gained 448.62 points or 1.12 percent to close at 40,431.60 while the Nifty settled at 11,873.05, up 110.60 points or 0.94 percent. Broader markets supported the rally as Nifty Midcap100 and Nifty Smallcap100 gained over 0.7 percent each. Among sectors, Nifty PSU Bank rallied the most over 4 percent followed by Nifty Private Bank, Nifty Financial Services, Nifty Metals and Nifty FMCG. Nifty Media, Nifty Pharma, Nifty Auto and Nifty IT were the top losers.

Stock Market Highlights: Sensex gains over 448 points, Nifty ends above 11,850 led by banks, metal stocks
  • Here are the key highlights from today's trading session:

    1. Financials lead market higher; Sensex & Nifty Up 1% each

    2. Nifty Bank surges 3% with all constituents in the green

    3. Sensex gains 449 points to 40,431 & Nifty 111 points to 11,873

    4. Nifty Bank gains 734 points to 24,267 & Midcap Index 129 points to 16,916

    5. PSU companies higher in today’s trade on the reports of govt planning buybacks

    6. Nifty PSU Index gains more than 2% & PSU Bank 4%

    7. ICICI Bank top Nifty gainer; closes at a 7-month high

    8. GAIL, SBI, IOC, Coal India, ONGC  & BPCL amongst top PSU gainers

    9. HDFC Bank closes in the green but off highs after Q2 earnings

    10. BEML surges over 5% & SCI 2% as govt likely to seek bids in November

    11. Avenue Supermarts closes 6% higher after reporting in-line earnings

    12. Federal Bank moves 8% higher after positive stance by Brokerages

    13. Adani Ent surges after HC dismisses Kerala’s plea vs Trivandrum Airport privatisation

    14. CSB Bank & Bank Of Maha close higher after reporting stable asset quality

    15. Market breadth favours advances; Advance-Decline ratio at 4:3

  • Closing Bell: Sensex ends 449 points higher, Nifty above 11,850; banks lead

    Indian shares ended over a percent higher on Monday, boosted mainly by bank and FMCG stocks. The sentiment was also lifted on hopes of a US stimulus package before the presidential election and expectations of a COVID-19 vaccine by year-end.

    The Sensex ended 449 points higher at 40,432 while the Nifty rose 110 points to settle at 11,873. Broader markets were also in line with the benchmarks with the Nifty Midcap and Nifty Smallcap indices up around 0.7 percent each.

    Meanwhile, Broader Asian stocks also rose after drugmaker Pfizer said that it could have a coronavirus vaccine ready in the United States by the end of the year, while US House Speaker Nancy Pelosi expressed optimism that a coronavirus relief package could be pushed through before the election.

    Back home, on the Nifty50 index, ICICI Bank, Axis Bank, Nestle, SBI and GAIL were the top gainers while Divi's Labs, Eicher Motors, Hero Moto, Cipla and Bajaj Auto led the losses.

    Among sectors, the Nifty Bank was the top performer, up 3 percent followed by Nifty Fin Services, up 2.5 percent. Nifty Metal and FMCG also rose 1.7 percent and 1.5 percent, respectively. However, Nifty Pharma lost 1.5 percent and the Auto and IT indices were also down for the day.

  • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    After opening with a gap, the Nifty did not do much thereafter. We moved in a 50-70 point range. We need to get past 12,050 in order to witness a serious up move. The support lies at 11,650. HDFC Limited, Kotak Mahindra Bank and Hindalco are interesting buy ideas traders can work with.

  • Century Textiles Q2FY21 | The company has reported a loss of Rs 14.8 crore as against a profit of Rs 182.7 crore, YoY.

    Stock Market Highlights: Sensex gains over 448 points, Nifty ends above 11,850 led by banks, metal stocks
  • CSB Bank Q2FY21 | Net profit comes in at Rs 68.9 crore versus Rs 24.7 crore, YoY; NII comes in at Rs 229.3 crore versus Rs 147.1 crore, up 55 percent, YoY. Gross NPA reduces to 3.04 percent from 3.15 percent whereas net NPA declined to 1.30 percent from 1.74 percent, QoQ.

  • Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, increases stake in NCC


    Ace investors Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala increased her stake in NCC in the September quarter (Q2), the company's shareholding pattern on BSE showed. Rekha Jhunjhunwala bought an additional 42.25 lakh shares of the midcap firm during the September quarter, increasing her stake from to 10.24 percent in Q2 from 9.55 percent in the June quarter. The stock rose as much as 2.1 percent to Rs 33.35 post on BSE post this. She now holds 6,24,58,266 (6.24 crore) shares of the construction company as against 5,82,33,266 (5.8 crores) in the previous quarter. Meanwhile, Rakesh Jhunjhunwala maintained his stake in the firm at 1.9 percent, which translates to 1,16,00,000 (1.16 crore) shares in both June and September quarters. More here

  • MCX launches first real time base metal index METLDEX

    METLDEX, India's first base metal futures index from MCX, has now gone live. The index will track the real-time performance of a basket of MCX base metals futures and facilitate efficient price risk management across the value chain. It is noteworthy that the domestic metal prices, until now, were pivoted to the London Metal Exchange (LME) prices but will end with the launch of METLDEX

    METLDEX is based on the five base metals - zinc (5 metric tonne), copper (2.5 mt), nickel (1.5 mt), lead (5 mt) and aluminium (5 mt). The contract has a lot size equal to 50 times of underlying MCX iCOMDEX Base Metals Index. The tick size (minimum price movement) for the contract is Re 1. The contracts would finally be settled in cash at the end of expiry of each contract.

    "MCXMETLDEX futures offers retail investors an opportunity of investing in the industrial sector as a whole without the need to analyse each and every commodity separately. It is convenient as the contracts are settled in cash and also this will facilitate efficient price risk management across the value chain even to the smaller investor also due to low contact size and low margin," said Ajay Kedia, Director, Kedia Commodities. Read more here.

  • Market Watch: Ruchit Jain of Angel Broking

    We have already seen a move in banking space, another space that we are expecting such a sharp upmove is metals. On Friday’s trading session itself, we had seen good built-up in stocks such as JSW Steel, Tata Steel, and Hindalco Industries. So we are expecting the metals space to do well this week so Hindalco is one of our top picks. On the daily charts, technically there is a formation of inverted head and shoulder pattern which is a bullish pattern so Hindalco can be bought at current levels stop below Rs 175, we expect a target somewhere around Rs 192 and beyond very soon in Hindalco.

    Amongst the midcap space CONCOR is one stock that has given a breakout from triangle pattern and the volumes are good along with a price breakout so this has been one of the underperforming name in the last few months but I think this breakout should lead to some covering in the F&O space itself. So keeping a stop below Rs 368 one can go long on CONCOR for near term target around Rs 400-405.

  • From CNBC Awaaz | Indian Airforce opening its space for civilian flights will help cuts costs by Rs 40,000/flight. A total of 12 routes will get shortened.

  • Bank of Maharashtra Q2FY21 | The bank's net profit rose 13.4 percent at Rs 130.1 crore from Rs 114.7 crore while net interest income (NII) increased 4.4 percent to Rs 1,120.4 crore from Rs 1,073.4 crore, YoY. Gross NPA declined to 8.81 percent as against 10.93 percent and net NPA decreased to 3.3 percent from 4.10 percent, QoQ. Provisions were at Rs 421 crore as against Rs 609 crore, QoQ, and against Rs 359 crore, YoY. Loan growth was at 21.3 percent YoY.

  • HDFC Bank share price target revised by brokers after a strong quarter

    HDFC Bank reported a strong set of numbers, which indicated that a bulk of the impact of COVID-19 on India's premier bank, could be behind. Brokerages said that the collection efficiency of the bank improved to pre-COVID levels for non-moratorium loans and 95 percent for loans under moratorium. They added that the bank has made sufficient provisions to strengthen its balance sheet and prevent it from any shocks from stressed assets. Besides, fee income growth surprised positively while NIM too bottomed out in Q2. Going forward, restructuring accounts could be in lower single digits of 1-2 percent of loans, brokers said. In the above backdrop, almost all brokerages have increased their target price based on rollover to H1FY23E book value. HDFC Bank remains the top pick amongst almost all the analyst. Here's a look at brokers' latest price targets on the stock. Read more here.

  • Blackstone looks to buy 100% stake in L&T MF; SEBI nod crucial

    A long round of negotiations between Blackstone and L&T Finance Holdings for the sale of L&T Mutual Fund is over, sources have told CNBC-TV18, with the bulge bracket private equity firm agreeing to buy 100 percent in the AMC for Rs 3,200 crore. An announcement for the deal is expected shortly.

    The deal, if and when it goes through, will be the first instance of a foreign investor buying out an Indian mutual fund business. This will make a nod by market regulator SEBI crucial and something to be watched out for, sources said.

    They added that Blackstone's legal advisors are busy building a case for SEBI to approve the PE firm's buyout of L&T Mutual Fund, as the company is already in already a sponsor in business trusts in India.

    L&T Finance, the parent company of L&T AMC, bolstered its fund business through the acquisition of Fidelity in 2012 -- it acquired DBS AMC in 2009. Read more here.

  • JSW Steel | NCLT approves resolution plan of the company’s arm for Asian Colour Coated Ispat.

  • Equitas Small Finance Bank IPO opens tomorrow: Here are the key things to know
    Equitas Small Finance Bank, the subsidiary of Equitas Holdings is set to open its initial public offering (IPO) for bidding on October 20 and will close on October 22. Get latest Market online at…
    Stock Market Highlights: Sensex gains over 448 points, Nifty ends above 11,850 led by banks, metal stocks
  • Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd 

    Route Mobile listed at 105% premium over issue price on September 21, 2020 at Rs 717 and from listing price stock has further rallied 38% to touch all time high of Rs. 988. From the last few days stock have been witnessing profit booking. On Friday, during the day stock has hit a lower circuit of 10%, although it bounced back later to close down by 7.3%. We believe this correction could be due to profit booking by anchor investors as anchor investors lock in a period of 30 days from the date of share allotment is over. Investors can use such opportunities of correction to add position in the stock. We are bullish on the Company considering that it is a scalable business model, which can grow without capital infusion. Past track record of the Company is also quite promising. We expect the Company to continue to grow at similar rates like earlier years of ~25-30% for at least next 2 years.

  • ITD Cementation Shareholding: MIT, US Raises Stake To 5.18 percent In September Quarter From 3.96 percent In June Quarter

  • JUST IN: Cosmo Films To Consider Share Buyback On October 26

  • Oaktree bids Rs 28,000 crore for entire DHFL portfolio


    Private equity firm Oaktree Capital has offered Rs 28,000 crore to buy the entire portfolio of DHFL, sources told CNBC-TV18. Oaktree is the only bidder keen to buy the entire portfolio, sources said. Priramal Enterprises has bid for the retail assets of DHFL and SC Lowy, for the wholesale portfolio. Sources said that banks preferred an outright sale of the entire portfolio than a piecemeal sale of assets.

  • Avenue Supermarts shares gain over 3% after Q2 earnings


    The share price of Avenue Supermarts, the D-Mart retail chain operator, gained over 3 percent in the early trade on Monday after the company reported significant improvement in the earnings on a sequential basis. Avenue Supermarts reported a consolidated net profit of Rs 198.53 crore in the second quarter of fiscal 2021, a five-fold jump as compared to the first quarter. However, the net profit was down 38.5 percent on an year-on-year basis. “Lockdown restrictions due to Covid-19 were further eased during this quarter. Within the continued uncertainty from Covid-19, our business has seen improvement and it continues to gradually progress towards prepandemic levels,” said Neville Noronha, CEO & Managing Director, Avenue Supermarts.

  • Take off: Credit Suisse raises Indigo price target by 40%


    According to Credit Suisse’s report on Interglobe Aviation (IndiGo), the risk reward is much better now on the back of economy and traffic picking up. Lower crude prices will also support IndiGo. The brokerage house has raised the target price on IndiGo to Rs 2,100 from Rs 1,500 earlier. CNBC-TV18’s Nimesh Shah has more details.

  • Jet Airways shares locked in 5% upper circuit as lenders approve revival plan

    Shares of Jet Airways were locked in a 5 percent upper circuit for the eighth consecutive session on Monday after lenders finally zeroed in on a revival plan for the aircraft carrier. The resolution plan submitted by the consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan secured over 99 percent of the votes from the committee of creditors. Banking executives confirmed to CNBC-TV18 that the offer entails a total payout of Rs 866 crore to all creditors. Of this, the Kalrock-Jalan consortium has offered Rs 380 crore to financial creditors, and another Rs 391 crores in the form of non-convertible debentures (NCDs). It has also offered equity to the lenders in both Jet Airways and Jet Privilege Private Limited (JPPL). The stock rose was locked in a 5 percent upper circuit at Rs 42.15 per share on BSE. In the last eight sessions, the stock has gained nearly 50 percent.

  • Bottomline: Lessons from Vedanta's failed delisting

    The exercise has put the spotlight on valuations of holding companies, leading to a conundrum for shareholdersGet latest Business online at cnbctv18.com
    Stock Market Highlights: Sensex gains over 448 points, Nifty ends above 11,850 led by banks, metal stocks
  • Adani, Piramal, Oaktree Capital & SC Lowy submit bids for DHFL


    As many as four suitors have placed firm bids to acquire Dewan Housing Finance Limited (DHFL) ahead of the deadline expiry later today, four people in the know confirmed to CNBC-TV18. Hong Kong-based SC Lowy was the first one to submit a bid today and has made an offer to acquire DHFL’s wholesale assets, as per people in the know. Gautam Adani-led Adani Properties has also submitted a bid to acquire the wholesale portfolio, CNBC-TV18 has learnt. Piramal Enterprises submitted a bid to acquire DHFL’s retail assets, said another person quoted earlier. He added that US-based distressed asset fund Oaktree Capital has submitted a bid to acquire the entire book. CNBC-TV18 had earlier reported that these four players were the only serious suitors that remained in the fray of the 22 players that were shortlisted by DHFL’s lenders to submit bids. More here

  • Buzzing | DHFL shares lock at 10% upper circuit

    Shares of mortgage lender Dewan Housing Finance Limited (DHFL) were locked at an upper circuit of 10 percent at Rs 13.87 apiece on the BSE after as many as four suitors placed bids to acquire the company. The Hong Kong-based SC Lowy as well as Gautam Adani-led Adani Properties have submitted a bid to acquire the wholesale portfolio, sources told CNBC-TV18. Also, Piramal Enterprises submitted a bid to acquire DHFL’s retail assets, sources said. They added that US-based distressed asset fund Oaktree Capital has submitted a bid to acquire the entire book.

  • Rupee opens | Rupee opens lower Vs Friday's close

  • Technical View | The index has good support at 11.650 and until we do not break that, we are in positive territory. The resistance on the upside is at 12.050. If we are unable to move past either level convincingly, we would be range-bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel, says Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

  • Amber Enterprises rally 10% to hit 52-week high on AC import ban, strong management commentary

    Shares of Amber Enterprises surged over 10 percent on Monday to hit a fresh 52-week high on hopes of the company being the biggest beneficiary from the AC import ban. On October 16, the Directorate General of Foreign Trade (DGFT) come out with a notification to ban imports of ACs with refrigerants. The sentiment was also lifted after the company management told CNBC-TV18 that the move to ban imports of Acs with refrigerants will increase local manufacturing. It added that the demand for ACs is picking up and the business is back at 85-90 percent of pre-COVID levels.

Stock Market Highlights: Indian indices ended over 1 percent higher on Monday led by gains in banks, financials and metals stocks. The benchmark Sensex gained 448.62 points or 1.12 percent to close at 40,431.60 while the Nifty settled at 11,873.05, up 110.60 points or 0.94 percent. Broader markets supported the rally as Nifty Midcap100 and Nifty Smallcap100 gained over 0.7 percent each. Among sectors, Nifty PSU Bank rallied the most over 4 percent followed by Nifty Private Bank, Nifty Financial Services, Nifty Metals and Nifty FMCG. Nifty Media, Nifty Pharma, Nifty Auto and Nifty IT were the top losers.

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