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Stock Market Highlights: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%

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Stock Market Live: Indian shares ended higher for sixth consecutive day on Thursday led by gains in IT stocks after Wipro's shares closed over 7 percent on buyback plans. Cipla was the second top gainer, up 5 percent followed by TCS, UltraTech Cement and Infosys. Barring FMCG and media indices, all sectors ended in the green. IT index remained the best-performing index of the day, closing over 3 percent. 

Stock Market Highlights: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%
  • Here are the key highlights from today's trading session:

    1. Market extends gaining streak to 6 days; Sensex & Nifty at 7-month highs

    2. IT biggest contributor to market after strong earnings by TCS

    3. Nifty IT surges to 16-year high with most of its constituents at multi-year highs

    4. Sensex gains 304 points to 40,183 & Nifty 96 points to 11,835

    5. Nifty Bank advances 227 points to 23,191 & Midcap index 18 points to 17,146

    6. ONGC, Oil India see profit booking after yesterday's gain on gas marketing reforms

    7. Wipro board to mull buyback on October 13; stock at 20-year high

    8 .TCS’ better-than-expected earnings & Rs 16,000 crore buyback helps stock gain 3%

    9. Vedanta under pressure as delisting process is underway; stock down 14% this week

    10. Just Dial, Mindtree, Cadila Healthcare, Biocon, PTC, Apollo Hospital top Midcap gainers

    11. Market Breadth favours declines; advance-decline ratio at 3:4

  • Closing Bell: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%
     





    Indian shares ended higher for sixth consecutive day on Thursday led by gains in IT stocks after Wipro's shares closed over 7 percent on buyback plans.

    At close, the Sensex ended 304 points higher to 40,182 while Nifty50 index ended at 11,834, up 96 points. Broader indices underperformed the benchmarks, with Nifty Midcap 100 index closing 0.10 percent higher while NiftySmallcap 100 index closing 0.23 percent lower. 

    Cipla was the second top gainer, up 5 percent followed by TCS, UltraTech Cement and Infosys. GAIL, ONGC, ITC, Eicher Motors and L&T remained the index top losers. 

    Barring FMCG and media indices, all sectors ended in the green. IT index remained the best-performing index of the day, closing over 3 percent.

  • Vedanta delisting Update: 68 crore shares tendered so far; 62 crore shares tendered up to Rs 160/sh. 3.3 crore shares tendered at Rs 320/share. Company needs 134 crore shares to be tendered for successful delisting.

  • Auto recovery helping sales, raw material costs may rise: Kansai Nerolac


    Paint stocks like Asian Paints and Berger Paints are at record highs. Demand recovery, unlock and lower crude prices are key reasons for the uptick and Kansai Nerolac is likely to benefit from recovery in auto sales.

    Autos contribute 20-25 percent to our revenue and this sector doing well will help us, said HM Bharuka, Vice Chairman and Managing Director of Kansai Nerolac in an interview with CNBC-TV18.

    The company is hoping for a good festive season to boost sales.

    Cost cutting is important but investment for future is more important, Bharuka added.

    According to him more than demand, managing supply side is an issue for the company. From here onwards there will be a slight rise in the raw material prices rather than any reduction. Click here to watch the video

  • Residential sales at 54% of pre-COVID levels, says Knight Frank

    At least four top property markets have seen residential sales volumes in Q2 FY21 exceed 50 percent of their quarterly average before the COVID-19 pandemic, a study revealed.

    A real estate report released by property consultant Knight Frank claims that in the July-September quarter, developers across eight property markets sold 54 percent of their average quarterly sales figures in 2019.

    “While the overall real estate sector dynamics continue to remain strained, there has been a meaningful improvement in sales and launches in the quarter,” said the report, authored by Knight Frank’s Vivek Rathi (Director, Research) and Yashwin Bangera (Vice President, Research). Read more

  • Is there is a decadal opportunity in IT sector? Gartner explains


    The September quarter earnings season has started with TCS being the first company to report and it has come out with a better than expected set of numbers. The pick up in growth for the sector is likely to be driven by reduced impact of supply-side constraints along with a healthy demand environment. Most of the providers have mentioned a drastic rise in cloud adoption, said DD Mishra of Gartner in an interview to CNBC-TV18. “It’s because many of the customers are speeding up their transformation which is related to cost and cloud gives an opportunity to optimize and reduce the cost and that is where the response and the recovered phase is right now working together for many of the organization,” he added. Watch the video for more

  • Net equity outflow at Rs 1,009 crore in September, says AMFI

    The total assets under management have reduced to Rs 26.86 lakh crore, as against Rs 27.50 lakh crore (MoM) in September, Association of Mutual Funds in India (AMFI) said on Thursday. The net equity outflow stood at Rs 1,009 crore versus Rs 4,029 crore outflow (MoM), while the hybrid fund outflow came in at Rs 4,219 crore. The liquid fund outflow stood at Rs 65,952 crore, as against Rs 15,814 crore outflow (MoM). Total debt scheme outflow came in at Rs 51,962 crore versus an outflow of Rs 3,908 crore (MoM). ETF inflows stood at Rs 3,515 crore versus s inflow of Rs 1,722 crore (MoM) and credit risk outflow came in at Rs 539.5 crore versus Rs 554 outflow (MoM).

  • Rupee Update: The Indian currency gained for the second consecutive session on Thursday amidst positive equity markets and weakening dollar. The rupee ended at 73.24 against the US dollar as compared to Wednesday's close of 73.33. 

  • Currency impact neutral in Q2; salary increments like last year, says TCS

    IT bellwether Tata Consultancy Services (TCS) reported a net profit of Rs 7,475 crore for the quarter ended September. Revenues for the quarter stood at Rs 40,135 crore.

    In constant currency terms, dollar revenue was $5,424 million, a growth of 4.8 percent.

    For the quarter, the currency impact on earnings was neutral despite the fluctuations in both the dollar as well as other major currencies, said V Ramakrishnan, CFO of TCS in an interview to CNBC-TV18.

    He said the company’s dependence on H-1B visas has been significantly low. Watch Reema Tendulkar's video on this

  • Expect daily domestic traffic to reach 2 lakh passengers by October-end & 3 lakh between Diwali & year end, says Aviation Minister Hardeep Singh Puri. He adds, govt will permit 75% domestic flight ops if demand continues to rise.

  • Wipro shares surge over 9% to hit 52-week high on buyback plan

    Wipro shares surged over 9 percent to hit a 52-week high on Thursday after the IT firm said its board will consider a buyback plan on October 13. The announcement comes on a day when larger rival Tata Consultancy Services (TCS) board has cleared a Rs 16,000 crore buyback plan.

    The stock jumped as much a 9.6 percent to its 52-week high of Rs 367.75 per share on BSE. Wipro is the third IT services firm to announce a share buyback after TCS and Majesco.

    "…the Board of Directors will be considering a proposal of buyback of equity shares of the company at the…meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing. No other details were provided.

    Other IT stocks also rallied on positive sentiment after TCS beat street expectations in the September quarter. The stock was up over 5 percent lifting the IT index to over 5 percent in intra-day deals. Infosys, Tech Mahindra and HCL Tech also jumped 4-5 percent.

  • Mazagon Dock Shipbuilders IPO allotment: Registrar Alankit's website crashes as investors rush to check allotment status


    The website of Alankit Assignments, the registrar for Mazagon Dock Shipbuilders IPO crashed on Wednesday as investors rush to check allotment status.

    The Rs 444-crore public issue of Mazagon Dock Shipbuilders witnessed an overwhelming response from investors as it was subscribed 157.4 times during September 29-October 1. To check your allotment status, click here

  • Mazagon Dock Shipbuilders IPO allotment finalized: Check your status here


    Mazagon Dock Shipbuilders IPO has been finalized today, and will be listed on October 12. The price band of the IPO is fixed at Rs 135-145.

    The issue was fully subscribed on its first day of the initial public offering (IPO) on Tuesday. The public issue was subscribed 157.4 times by the end of the third day of bidding (October 1), thus managing to surpass recent listings like Happiest Minds Technologies and Chemcon Speciality Chemicals.

    It is expecting to raise about Rs 413 crore at the lower price band and Rs 444 crore at the upper price band.

    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. For more details, click here

  • GM Breweries reports drop in profit and revenue but margin sees an increase of 100 bps YoY.

  • Majesco's shares slip 5% after company announces buyback at steep discount

    Majesco's shares slipped up to 5 percent on Thursday after company announced a Rs 631 crore share buyback plan, which is at a steep discount to its market price. The stock slipped as much as 5 percent to Rs 806 per share on the NSE. At 12:15 pm, the shares traded nearly 2 percent to Rs 832.

    In its exchange filing, the company said that the share buyback of up to Rs 631 crore at a price of Rs 845 per share.

    The company will buy 74,70,540 shares from shareholders. The stock hit a fresh record high after the company said it will consider a buyback proposal in the board meeting.

  • Jet Airways shares locked in 5% upper circuit on reports of Kalrock-Jalan winning bid


    Jet Airways share price was locked in 5 percent upper circuit on reports that the Kalrock-Jalan consortium has won the bid for the bankrupt Jet Airways. As per the reports, the consortium had got the required percentage of votes from lenders to win the bid. The stock was locked in a 5 percent upper circuit at Rs 30.05 per share on BSE. However, CNBC-TV18 reported that the London-based Kalrock Capital has contested reports suggesting it has won the bid for the bankrupt Jet Airways, and said that lenders are yet to reach a conclusion on the matter. The two shortlisted resolution applicants include a consortium of financial advisory firm Kalrock Capital and Murari Lal Jalan, a UAE-based entrepreneur, and another consortium led by Sanjay Mandavia’s Flight Simulation Technique Centre (FSTC).

  • IT stocks are having a field day, Mindtree stocks rises nearly 12%

    Stock Market Highlights: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%
  • Cadila Healthcare rises 4% on launch of pressurized Metered Dose Inhaler


    Shares of Cadila Healthcare rose 4 percent to hit a 52-week high on Thursday after the company launched India’s first pressurized Metered Dose Inhaler (pMDI) for patients suffering from chronic obstructive pulmonary disease. The pharmaceutical company's stock surpassed its previous high of Rs 423.50, touched on October 6, 2020. Zydus Cadila announced that it is launching Forglyn pMDI, India’s first pressurized Metered Dose Inhaler (pMDI) with a combination of Long Acting Muscarinic Antagonist (LAMA) and Long Acting Beta Agonist (LABA) for patients suffering from Chronic Obstructive Pulmonary Disease (COPD) in India.

  • This sector will continue to be a safe haven for investors: BNP's Raychaudhuri


    BNP Paribas is positive on the tech space across Asia and service tech providers are gaining from remote operations, said Manishi Raychaudhuri, the bank's  Asian Equity Strategist, Equity Cash Asia Pacific in an interview with CNBC-TV18. He said that the FMCG sector will remain a safe haven for investors, and highlighted the strong returns delivered by many paint companies.

    Speaking about safe haven sectors, he said, “In general to identify compounders, the broad parameters to look at are secular delivery of fresh cash, a secular delivery of access return or RoE (Return on Equity) greater than cost of equity and many of the Indian FMCG stocks have actually delivered that year-over-year and many of the Indian paint companies are also in the same bracket. So from that perspective FMCG would continue to be a safe haven for investors and many of the companies in that sector will continue to be compounders – as we like to call them.” Watch video for more

  • TCS Q2 earnings review: Here's what brokerages make of the results
    Tata Consultancy Services beat Street estimates, registering a 6.7 percent sequential growth in profit in the September quarter at Rs 7,475 crore. The TCS board has also approved a share buyback up to…
    Stock Market Highlights: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%
  • Jet Airways: Voting process underway; Kalrock Capital contests reports of winning bid

    London-based Kalrock Capital has contested reports suggesting it has won the bid for the bankrupt Jet Airways, and said that lenders are yet to reach a conclusion on the matter. In a statement issued to CNBC-TV18 on behalf of the Kalrock Capital-Murari Lal Jalan consortium, Kalrock Capital said, "The Jalan Kalrock Consortium has not made any comment on the ongoing resolution process of Jet Airways and/or regarding its submitted resolution plan for Jet Airways (India) Ltd and fully respects the current process as the lenders are still deliberating on the matter and have not reached a conclusion yet." The comment comes amidst reports quoting Kalrock Capital’s managing partner Igor Starha saying the consortium was chosen by the Committee of Creditors for Jet Airways. More here

  • Vedanta Delisting: Total 20.6 crore shares tendered so far of which nearly 16 crore shares have been tendered up to Rs 145/Share.

  • Looking at a sustained long-term marathon, not a sprint, says TCS CEO Rajesh Gopinathan

    The changes that the IT industry is witnessing now will play out over multiple years which gives Tata Consultancy Services (TCS) long-term visibility in both, the direction of technological change as well as its acceptability, said Rajesh Gopinathan, MD & CEO of the company. "That is what we are investing in, betting into," he said. "It’s not a sprint that we are gearing ourselves up for but a sustained long-term marathon with very clear visibility on what the course is and what the final destination is,” Gopinathan said. India's largest IT company TCS reported constant currency revenue growth of nearly 5 percent while margins crossed 26 percent for the first time in two years. More here

  • Rupee Update: The Indian currency opened flat on Thursday despite positive trading equity markets. The rupee opened at 73.29 against the US dollar as compared to Wednesday's close of 73.33. 

  • Stock Update: Wipro's shares gained as much as 5.5 percent to Rs 353.65 per share on the NSE after it announced that it will consider the proposal for buyback of shares at its board meeting on October 13. It will also announce its earnings on the same day. 

  • Nifty IT trades at a 16-year high with most IT stocks at multi-year highs

    Stock Market Highlights: Sensex, Nifty end higher for 6th day; Wipro top gainer, closes over 7%
  • Opening Bell: Sensex, Nifty open higher led by IT stocks; TCS up 4% post Q2 results

    Indian shares opened higher on Thursday led by gains in IT stocks after sector major TCS beat Street estimates in September quarter. All 5 top gainers on the Nifty50 index were from the IT space. TCS was the top gainer, up 4 percent followed by Wipro, Tech Mahindra, HCL Tech and Infosys which rose between 2.5 percent and 4 percent. Meanwhile, Asian Paints, RIL, Bajaj Auto, Adani Ports, and Nestle led the losses. At 9:18 am, the Sensex was trading 374 points higher at 40,253 while the Nifty rose 91 points to 11,830. Broader markets were also in the green with the midcap and smallcap indices up 0.6 percent and 0.9 percent, respectively.

  • TCS Q2 beats street expectations; board approves share buyback


    IT bellwether TCS has reported its constant net profit for the second quarter of the fiscal at Rs 7,475 crore versus a CNBC-TV18 poll of Rs 6,744 crore, thus beating street expectations. The rupee revenue has come in at Rs 40,135 crore versus an estimate of Rs 39,330 crore, thus beating the street by 2 percent. The EBIT (Earnings Before Interest and Tax) has been reported at Rs 10,515 crore which is a whopping 9.2 percent higher than what the analysts were expecting. The company has posted a constant currency revenue growth at 4.8 percent for the quarter. The dollar revenue has been reported at $ 5,424 million for the quarter gone by. The TCS board has also approved a share buyback up to Rs 16,000 crore at Rs 3,000 per share.

Stock Market Live: Indian shares ended higher for sixth consecutive day on Thursday led by gains in IT stocks after Wipro's shares closed over 7 percent on buyback plans. Cipla was the second top gainer, up 5 percent followed by TCS, UltraTech Cement and Infosys. Barring FMCG and media indices, all sectors ended in the green. IT index remained the best-performing index of the day, closing over 3 percent.