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

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

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

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.

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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

Sept 16, 2020 3:58 PM

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.

Sept 16, 2020 3:43 PM

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

Sept 16, 2020 3:22 PM

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.

Sept 16, 2020 3:06 PM

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.

Sept 16, 2020 2:58 PM

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.

Sept 16, 2020 2:49 PM

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
Sept 16, 2020 2:38 PM

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. 

Sept 16, 2020 2:18 PM

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.

Sept 16, 2020 2:00 PM

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)

Sept 16, 2020 1:50 PM

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. 

Sept 16, 2020 1:38 PM

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

Sept 16, 2020 1:21 PM

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.

Sept 16, 2020 1:02 PM

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.

Sept 16, 2020 12:45 PM

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

Sept 16, 2020 12:30 PM