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Stock Market Highlights: Market ends higher led by pharma, auto stocks; small-caps underperform, Dr Reddy's top gainer

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Stock Market Highlights:  The Indian equity benchmark indices, Sensex and Nifty, ended near day's high on Wednesday led by buying in auto, realty and pharma stocks. Broader indices underperformed, with Nifty Midcap 100 and Nifty Smallcap 100 indexes ending 0.34 percent higher and 0.02 percent lower respectively. Among sectors, Nifty Pharma, Nifty Realty and Nifty Auto gained the most and ended over 1.5 percent, while Nifty Media and Nifty PSU Bank indexes closed over a percent lower. Dr Reddy's and M&M were the Nifty50 top gainers while IndusInd Bank and NTPC were the index top losers.

Stock Market Highlights: Market ends higher led by pharma, auto stocks; small-caps underperform, Dr Reddy's top gainer
  • Here are the key highlights from today's trading session:

    1. Market closes at day's high, Nifty above 11,600 and Sensex 39,300

    2. Nifty gains 83 points to 11,605 and Sensex 259 points to 39,303

    3. Nifty Bank advances 108 points to 22,574, led by HDFC Bank

    4. Midcap Index ends 60 points higher at 17,453

    5. Dr Reddy's Laboratories top Nifty gainer on COVID-19 vaccine agreement with Russia's RDIF

    6. 13 of 15 Nifty Auto stocks close in the green; M&M, Bajaj Auto top gainers

    7. Reliance Industries closes in the green, but fails to hold record high of 2,369 intra-day

    8. NMDC gains over 1% after Karnataka Cabinet approves mining at Donimalai

    9. Hexaware gains for 3rd straight day; 8.63 crore bids received at Rs 475/share

    10. Market breadth favours advances; advance-decline ratio at 1:1

  • Closing Bell: Market ends higher led by pharma, auto stocks; small-caps underperform, Dr Reddy's top gainer

    The Indian equity benchmark indices, Sensex and Nifty, ended near day's high on Wednesday led by buying in auto, realty and pharma stocks.

    At close, the Sensex ended 285 points higher to 39,302 while the Nifty50 index ended 83 points higher to 11,604. Broader indices underperformed, with Nifty Midcap 100 and Nifty Smallcap 100 indexes ending 0.34 percent higher and 0.02 percent lower respectively.

    Among sectors, Nifty Pharma, Nifty Realty and Nifty Auto gained the most and ended over 1.5 percent, while Nifty Media and Nifty PSU Bank indexes closed over a percent lower.

    Dr Reddy's, M&M, Hindalco, Bajaj Auto and Britannia were the Nifty50 top gainers while IndusInd Bank, NTPC, Bharti Infratel, SBI and Axis Bank were the index top losers.

  • Source say Secretaries Panel on Commerce & Industry updates PMO & Cabinet Secretary on schemes for various sectors like startups, agriculture & steel. Alert: Group of Secretaries on Commerce & Industry headed by Commerce Secretary

  • Oil price fall boosts GRMs, to push marketing margins up for OMCs

    The recent slump in global crude oil prices has trimmed the inventory gains for Oil Marketing Companies in the second quarter of fiscal 2021 but has also boosted their gross refining margins (GRM). It is likely to push auto fuel marketing margins up.

    OMCs’ core GRM is up to $4.4-4.7 per bbl in September to date boosted by a surge in refinery transfer price (RTP) based cracks.

    ICICI Securities estimates OMCs’ Q2-till date core GRM at $1.7-2.5 per bbl and that including crude inventory gain at $3.2-6.5 per bbl. Read more.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Addressing the FICCI National Executive Committee Meeting, Reserve Bank of India Governor Shaktikanta Das on September 16 assured that the RBI is closely monitoring economic situation, and the central bank is prepared to take further measures to prepare the economy and banking system to fight the Covid-19 pandemic.

    He acknowledged that the economic recovery remains slow and will be gradual. The uptick noticed in some sectors in the economy in the June-July period seems to have levelled off. High frequency indicators of agricultural activity, purchasing managers' index (PMI) for manufacturing and private estimates point to some stabilisation of economic activity in Q2.

    Further, bank credit growth remains muted in the system. He hoped that the revival of businesses (due to moratorium or restructuring) will help keep NPAs low.

    These reassuring statements helped the Nifty to rise towards the recent highs.

  • Russia to sell COVID-19 vaccine to India's Dr Reddy's Laboratories

    Russia's sovereign wealth fund said on Wednesday it will supply India's Dr Reddy's Laboratories with 100 million doses of the Sputnik-V vaccine against COVID-19 once it receives regulatory approval in India. The Russian Direct Investment Fund (RDIF) added that it had agreed to cooperate on clinical trials and the distribution of the vaccine with the Indian firm, Reuters reported.

  • Market Update | Snsex, Nifty near day's high, led by HDFC Bank & Reliance Ind

    Stock Market Highlights: Market ends higher led by pharma, auto stocks; small-caps underperform, Dr Reddy's top gainer
  • Rupee Update: The Indian currency ended higher on Wednesday amidst surging equity market. The rupee ended at 73.52 against the US dollar as compared to Tuesday's close of 73.65. 

  • VA Tech says Q1 performance was good given the pandemic. Had it not been for the lock down, we would have had growth of about 15%. Company expects debt to reduce going ahead.

  • August aviation data: Domestic air passenger traffic down 76 percent YoY at 28.3 lakh. Air India August market share at 9.8 percent against 9.1 percent. IndiGo August market share at 59.4 percent against 60.4 percent (MoM). SpiceJet August market share at 13.8 percent against 15.7 percent (MoM).

    IndiGo August passenger load factor at 65.6 percent against 60.2 percent (MoM). SpiceJet August passenger load factor at 76 percent against 70 percent (MoM). Air India August passenger load factor at 58.6 percent against 45.5 percent. (Source: Moneycontrol)

  • Stock Update: Vedanta's shares traded 2.24 percent higher to Rs 134.50 per share on the NSE after the Superme Court Panel headed by Justice S Abdul Nazeer, rejected the government's petition challenging enforcement of the award in Vedanta's favour. The government had claimed that Vedanta cannot recover more than $198.5 million, for the development of oil and gas fields in Rajasthan. 

  • Loan resolution plan had to be a balanced call, says RBI Governor Shaktikanta Das

    The loan restructuring had to be a balanced decision by the Reserve Bank of India (RBI) and needs to ensure the financial stability of the banking sector along with depositors' interest, says RBI Governor Shaktikanta Das.

    Speaking at the FICCI event on Tuesday, Das said the central bank has taken note of all suggestions of the KV Kamath Committee on the loan recast scheme and will internally discuss them.

    "The loan restructuring had to be a balanced decision by RBI. The financial stability of the banking sector needs to be kept in mind while providing restructuring. The primary concern of the banking system should be the protection of the depositor's money," Governor Das said.

    The interest of depositors, need to maintain financial stability were both kept in mind while framing recast rules, he added. Click here

  • Sources tell us that AMFI has written to markets regulator SEBI. They say that multi cap funds should be reclassified as 'flexi cap' funds & that the reclassification to 'flexi cap' would not cause any disruption.

  • Lakshmi Vilas Bank shares hit 10% upper circuit on development over merger with Clix Group

    Lakshmi Vilas Bank shares hit an intra-day high of 10 percent on Wednesday, locked in upper price band after the lender said that the mutual due diligence process for a merger with Clix Group is substantially complete and both parties are in discussions on the next steps.

    “We wish to inform that the mutual due diligence is substantially complete, and the parties are in discussions on the next steps. The Bank will continue to share any further information as and when they materialize,” the LVB said in a regulatory filing.

    In June, the lender had received a preliminary, non-binding letter of intent (LoI) from Clix Capital Services Private Ltd & Clix Finance India Private Ltd.

    Under the non-binding LOI, the proposed amalgamation is subject to completion of mutual due-diligence, regulatory and other customary approvals. As per the mutual understanding between parties, the exclusivity period was extended till September 15 due to the prevailing pandemic situation.

    CNBC-TV18 had reported quoting sources that the lender may be able to raise Rs 1,200- Rs 1,500 crore of investment from AION Capital-backed NBFC Clix Capital.

  • Gold rate today: Yellow metal trades higher; may face resistance at Rs 52,000 per 10 grams

    Gold prices in India traded higher on the Multi Commodity Exchange (MCX) Wednesday amid a muted trend in the international spot prices ahead of the US Federal Reserve policy decision later today. Silver prices traded flat.

    At 10:20 am, gold futures for October delivery rose 0.16 percent to Rs 51,850 per 10 grams as against the previous close of Rs 51,769 and opening price of Rs 51,839 on the MCX. Silver futures traded 0.02 percent lower at Rs 68,951 per kg. The prices opened at Rs 68,914 as compared to the previous close of Rs 68,967per kg.

    “Gold is likely to remain volatile ahead of the US Federal Reserve policy decision. However, the momentum in the yellow metal remains positive and ‘buy on dips’ is suggested,” said Jigar Trivedi, Fundamental Research Analyst at Anand Rathi. Continue reading

  • RBI Governor Shaktikanta Das says high frequency indicators point to a trough in economic indicators. RBI stands battle ready and whatever measures are required will be taken up, he adds

  • Exclusive: SEBI plans overhaul of mutual fund risk calculation, communication


    Close on the heels of the rule changes for asset allocation in multicap funds, market regulator SEBI is planning an overhaul of the manner in which mutual fund risk is computed, assigned, and communicated, sources told CNBC-TV18.

    The regulator is exploring ways to make the mutual fund Risk-O-Meter more representative of risk, sources said. Currently, the Risk-O-Meter displayed on mutual fund factsheets has five categories - Low, Moderately Low, Moderate, Moderately High, and High. SEBI proposes to introduce a new category-Very High.

    Also, SEBI will mandate separate criteria for risk assessment of equity and debt funds, given the distinct features of the two asset classes. Read more

  • Sterlite Technologies shares surge nearly 6% on partnership with Bharti Airtel

    The share price of Sterlite Technologies surged as much as 6 percent on Wednesday after the company teamed up with Bharti Airtel to build an optical fibre network for the telco across 10 circles.

    At 11:23 am, the stock was trading higher by 4.77 percent at 164.75 per share on the NSE.

    The modern optical network will enable Airtel to deliver enhanced scalability, reduced latency, and improved bandwidth, the company said in a statement.

    The densely fiberized network, will also form the foundation for many next-gen services such as 5G, FTTH, IoT, enterprise networks, and Industry 4.0.Click here to read more

  • Chemcon IPO: Keshav Lahoti, Associate Equity Analyst at Angel Broking explained that Chemcon is a manufacturer of specialised chemicals, such as HMDS and CMIC which are predominantly used in the pharmaceuticals industry and inorganic bromides which are predominantly used as completion fluids in the oilfields industry.

    "Company supply products to domestic customers and also export products. In FY20, FY19 and FY18, their revenue from exports (including Deemed Exports) contributed 39.78 percent, 31.99 percent and 47.84 percent respectively of revenue from operations. Objects of the issue are capital expenditure, working capital requirements and general corporate purpose expense. Fresh issue would be of up to Rs.165 crore and offer for sale would be up to 45 lakh shares. Issue dates are September 21 - September 23. Intensive and Ambit are book running lead managers," added Lahoti.

  • Aviation Min tells Rajya Sabha, relief has been sought by airline operators. Excise duty on ATF to be reduced from 11% to 0%

  • CNBCTV18 Exclusive | SEBI plans overhaul of mutual fund risk calculation, communication

    Close on the heels of the rule changes for asset allocation in multicap funds, market regulator SEBI is planning an overhaul of the manner in which mutual fund risk is computed, assigned, and communicated, sources told CNBC-TV18. The regulator is exploring ways to make the mutual fund Risk-O-Meter more representative of risk, sources said. Currently, the Risk-O-Meter displayed on mutual fund factsheets has five categories - Low, Moderately Low, Moderate, Moderately High, and High. SEBI proposes to introduce a new category-Very High. Also, SEBI will mandate separate criteria for risk assessment of equity and debt funds, given the distinct features of the two asset classes. Continue Reading.

  • Just In | The Supreme Court has rejected the government's plea challenging $499 million arbitral award in Vedanta’s favour. SC has upheld arbitral award allowing cost recovery of $499 m by Vedanta for Ravva Oil fields. SC has upheld Delhi HC order which refused to interfere with the arbitral award.

  • Technical View | We have moved a wee bit closer to the 11,550 levels this morning, we need to get past this for an impulsive rally to commence. Until then we will be stuck within a low volume range of 11,400 - 11,550. Once we cross the levels of 11,550-11,575, we can look forward to 11,800 and then 12,000, says Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

  • #Rupee opens mildly lower Vs yesterday's close

  • Serum Institute CEO warns 'COVID vaccine won't be available to all before 2024-end'

    Aday after Union Health minster Harsh Vardhan assured about the development of a vaccine against the novel coronavirus early next year, Serum Vaccine of India chief executive Adar Poonawalla told the Financial Times,"It’s going to take four to five years until everyone gets the vaccine on this planet."

    According to the report, Poonawalla further estimated that if the coronavirus shot is a two-dose vaccine, as in the case of measles, then the world would require as much as 15 billion doses.

    The Pune- based firm has tied- up with five international pharmaceutical companies, including AstraZeneca and Novavax, to develop a coronavirus vaccine.

    On Serum Institute’s promise to produce a billion doses, the chief executive said, “I know the world wants to be optimistic on it, but I have not heard of anyone coming even close to that level right now."

    The CEO of the world’s largest vaccine manufacturer in April had ordered 600m glass vials and other particulars to gear up for the mass manufacturing of the vaccine.

    Last week, Serum Institute of India halted its trials as directed by the  Drug Controller of India. This precaution was taken after a volunteer fell sick following the human trial of Oxford vaccine in the UK. Though the human trials were resumed shortly afterwards.

  • Sterlite Technologies' shares surge nearly 6% over teaming up with Bharti Airtel to fiberize 10 telecom circles

    Sterlite Technologies' shares surge as much as 6 percent on Wednesday after the company teamed up with Bharti Airtel to build an optical fibre network for the telco across 10 circles. At 9:27 am, the stock traded 4.10 percent higher to Rs 163.70 apiece on the NSE. 

    The modern optical network will enable Airtel to deliver enhanced scalability, reduced latency, and improved bandwidth, the company said in a statement.

    The densely fiberized network, will also form the foundation for many next-gen services such as 5G, FTTH, IoT, enterprise networks, and Industry 4.0. 

    Sterlite Technologies (STL) has been a long-term partner to Airtel in the optical connectivity space. Commenting on the partnership, Bharti Airtel CTO Randeep Sekhon said, "This 5G-ready and high capacity network will enable us to provide faster delivery of new services, while delivering an enhanced user experience".

  • Nachiket Pantvaidya, Group Chief Operating Officer, Balaji Telefilms & CEO, ALTBalaji expects ALTBalaji to break-even in Q3

  • Opening Bell: Sensex opens nearly 110 points higher, Nifty above 11,500; M&M, Bharti Airtel gain

    The Indian market opened near flatline on Wednesday with buying sentiment in auto and pharma stocks.

    At 9:15 am, the Sensex opened 117 points higher to 39,161 while the Nifty50 index opened at 11,538, up 17 points. Broader indices also traded flat, with nearly half a percent higher.

    Auto and pharma index gained the most amongst its peers while banks and metal indexes traded marginally lower.

    Bharti Airtel and M&M were the Nifty50 top gainers, while Asian Paints and UPL were the index top losers.

  • ICICIdirect on Nifty outlook: Nifty consolidated with 11,500 acting as a midpoint. Buying in banking and pharma led the index to end positive with a decent gain of 80 points. On the option front, additions were seen in ATM Call and Put strike. We feel a consolidation move will take place before crossing the 11,600 hurdle. Nifty futures ended at a premium of 5 points while IV fell by 3%. The major Put base is at 11400 strike with almost 25 lakh shares while the major Call base is at the 11700 strike with almost 26 lakh shares.

  • Oil price update: Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in U.S. crude stockpiles. Brent crude was trading up 15 cents, or 0.4%, at $40.68 a barrel by 0055 GMT, while U.S. crude gained 18 cents, or 0.5%, to $38.46 a barrel. Both contracts rose by more than 2% on Tuesday.

Stock Market Highlights:  The Indian equity benchmark indices, Sensex and Nifty, ended near day's high on Wednesday led by buying in auto, realty and pharma stocks. Broader indices underperformed, with Nifty Midcap 100 and Nifty Smallcap 100 indexes ending 0.34 percent higher and 0.02 percent lower respectively. Among sectors, Nifty Pharma, Nifty Realty and Nifty Auto gained the most and ended over 1.5 percent, while Nifty Media and Nifty PSU Bank indexes closed over a percent lower. Dr Reddy's and M&M were the Nifty50 top gainers while IndusInd Bank and NTPC were the index top losers.