First Published: IST
Market closed higher on Wednesday with the BSE Sensex jumping nearly 305 points to close at 37,717, rising 0.81 percent, while the NSE Nifty 50 settled at 11,370, climbing 82.40 points or by 0.73 percent. Midcaps ended with gains of 0.33 percent, while Bank Nifty ended flat in the green. Here are the main highlights and trends from the stock markets today:
ITC, Reliance, HDFC twins lift indexes, Axis Bank, ICICI Bank offset gains##ITC, Reliance, HDFC twins lift indexes, Axis Bank, ICICI Bank offset gains
Closing Bell: Sensex, Nifty end higher on sharp recovery in rupee##Closing Bell: Sensex, Nifty end higher on sharp recovery in rupee
The BSE Sensex jumped nearly 305 points to close at 37,717, rising 0.81 percent, while the NSE Nifty 50 settled at 11,370, climbing 82.40 points or by 0.73 percent. Midcaps ended with gains of 0.33 percent, while Bank Nifty ended flat in the green.
KIOCL at a month's high as board to mull share buyback on Tuesday##KIOCL at a month's high as board to mull share buyback on Tuesday
Shares of KIOCL rose over 10 percent to hit its one month high of Rs 194.40 after the company said its board will consider buyback of shares on Tuesday. So far today, over 150,000 shares of the company have changed hands on the NSE, much higher than their six-month daily average of 63,500 shares. At 3.10 pm, shares of the company were 6.8 percent higher at Rs 188. So far this year, the stock has fallen nearly 50 percent. (Cogencis)
Granules India, Bank of Baroda among major index losers##Granules India, Bank of Baroda among major index losers
Shares of Granules India ltd slumped nearly 6 percent to trade at Rs 107.60. The stock opened at the day's high of Rs 114.20 and touched a low of Rs 106.
Bank of Baroda shares tocuhed an intra-day low of Rs 132.65 in trade today, being the top laggard on Bank Nifty as well. The stock traded at Rs 133.85, lower by 4.73 percent at 3.15 pm.
Bank Nifty traded flat at 26,798, lower by 0.04 percent. As many as 8 stocks declined on the sectoral indice. Other major laggards were Axis Bank, ICICI Bank, RBL Bank, IDFC Bank, Yes Bank, IndusInd Bank.
Adani Ports, Eicher Motors, Sun Pharma, PowerGrid gain 3% each##Adani Ports, Eicher Motors, Sun Pharma, PowerGrid gain 3% each
Shares of Eicher Motors rose 3 percent to trade at Rs 28,902, adding Rs 830 in value. The stock traded higher than its 100 day and 200 day moving average. Eicher Motor scip quoted at Rs 28,272.3 at open and touched a high of Rs 29,196.95 and a low of Rs 28,045.
Sun Pharma shares traded at Rs 649.50, rising over 3 percent in trade today. After opening at Rs 630.4, the stock ranged between a high of 654.4 and a low of Rs 620.1.
PowerGrid shares rose 3.61 percent to trade at Rs 193.65. The stock opened at the day's low of Rs 187.1 and ranged between Rs 193.8.
Adani Ports surged 3.06 percent to Rs 375.80. It opened at Rs 366.7 and hit a high of Rs 377.45.
Rupee recovers more than 70 paise from record low of 72.91 against the US Dollar##Rupee recovers more than 70 paise from record low of 72.91 against the US Dollar
Kotak Bank gains 2% after three-session losing streak##Kotak Bank gains 2% after three-session losing streak
Shares of Kotak Mahindra Bank snapped a three-session losing streak to gain over 2 percent to Rs 1,233. Investors bought the stock at lower levels after it hit a three-month low of Rs 1,200 earlier today. The stock has corrected over 4 percent in three sessions. So far in 2018, the stock has gained 20.5 percent. At 2.50 pm, Kotak Mahindra Bank shares traded at Rs 1228.50, rising by 1.83 percent on the NSE. The BSE Sensex traded at 37,679, higher by 269 points or 0.73 percent. The NSE Nifty 50 also traded higher by 79 points to 11,366. Midcaps traded higher by 0.28 percent, but Nifty Bank was flat.
Market update: Sensex, Nifty bounce back as rupee recovers on PMO review of economy##Market update: Sensex, Nifty bounce back as rupee recovers on PMO review of economy
The BSE Sensex jumped 290 points or by 0.77 percent to 37,702.84, while the NSE Nifty 50 climbed 80 points or by 0.71 percent to 11,367.45. Equity indices staged a major comeback after reports that the Narendra Modi government will hold a meeting on Saturday to review the economy and announce additional measures to deal with rising crude prices and to stem the decline in the Indian rupee against the US dollar. The rupee recovered to 72.27, gaining nearly 50 paise against the dollar.
Rupee stages a major comeback against the US dollar##Rupee stages a major comeback against the US dollar
M&M slips 2% after news of US probe into patent infringement allegations##M&M slips 2% after news of US probe into patent infringement allegations
Shares of M&M traded at Rs 924.30, slipping lower by nearly 2 percent on the NSE at 1.45 pm. The stock opened at Rs 948.45 and slipped to the day's low of Rs 912.4, moving below its 50 day average of Rs 934.17. The stock took a knock on news that the US will probe an alleged patent infringement of the Jeep model. The BSE Sensex advanced by 96 ponts to 37,509, rising by 0.26 percent, while the NSE Nifty 50 rose 13 points to trade at 11,300.
Market update: Sensex, Nifty advance, sugar stocks rise##Market update: Sensex, Nifty advance, sugar stocks rise
Sugar companies' shares rose in trade on Wednesday afternoon after the Modi cabinet approved increasing Ethanol prices by up to 25 percent. Dwarikesh Sugar rose 5.6 percent, Shree Renuka rose 3.48 percent, Dhampur Sugar rose 4.6 percent, Sakhti Sugars gained 2.84 percent and Avadh Sugar was up by 2.41 percent. Dwarikesh Sugar surged 5.6 percent to trade at Rs 20.55, above its 100 day moving average. Dhampur Sugar traded at Rs 92.50, more than its 100 day moving average of 89.28. Meanwhile, equity indices continue to trade range bound amid persisting rupee volatility and higher crude prices. The Sensex jumped 62 points or by 0.17 percent to 37,475 at 1.25 pm. The NSE Nifty 50 too surged by 10 points to 11,297.
Market update: Sensex, Nifty slip lower in trade##Market update: Sensex, Nifty slip lower in trade
The BSE Sensex traded at 37,351.50, lower by 61.63 points or 0.16 percent, while the NSE Nifty 50 dipped to 11,258.50, down by 29 points or 0.26 percent.
European markets open with minor gains##European markets open with minor gains
Telecom shares dip as Reliance Jio announces Rs 100 discount to its Rs 399 plan##Telecom shares dip as Reliance Jio announces Rs 100 discount to its Rs 399 plan
Shares of Bharti Airtel were down by 0.49 percent to trade at Rs 376.85, while Idea Cellular shares slipped by 1.52 percent to Rs 45.50 after rival Reliance Jio announced Rs 100 discount on its Rs 399 plan till September 21. MTNL also was down by 1.65 percent. BSE Telecom dipped 1.63 percent, shedding 18.55 points, to trade at 1119.23. Frontline indexes, however, maintain gains with the BSE Sensex trading 54 points up or by 0.14 percent to 37,467. The NSE Nifty50 was at 11290, marginally higher by just 2.25 points at 12.19 pm.
Reliance Jio offers Rs 100 cashback on Rs 399 plan till September 21##Reliance Jio offers Rs 100 cashback on Rs 399 plan till September 21
PSU oil marketing companies' shares slump, Sensex higher, Nifty flat##PSU oil marketing companies' shares slump, Sensex higher, Nifty flat
Shares of state-owned oil marketing comapnies IOC, HPCL, BPCL declined amid a sure in global crude prices and persisting volatility in the Indian rupee against the dollar. Global crude prices rose following reportst hat Iran's crude oil exports have been declining as importers curb their purchases ahead of the incoming US sanctions on the country that will come into effect in November. IOC traded down by 2.62 percent to Rs 146.80, HPCL dipped 3.22 percent to Rs 235.90, and BPCL shed 2.85 percent to trade at Rs 328.40.
In a related developent, the Delhi high court has refused to pass orders on a public interest litigation (PIL) against rising fuel prices. The court said fuel prices is a matter of national policy and any orders will have wideranging ramifications. The court has directed the petroleum ministry to consider the suggestions in the PIL within four weeks.
Meanwhile, equity indices traded mixed with the BSE Sensex higher by 72 points or 0.19 percent to 37,485, while the NSE Nifty 50 was marginally up by 8.65 points to 11,296.
Delhi High Court refuses to pass orders on PIL against rising fuel prices##Delhi High Court refuses to pass orders on PIL against rising fuel prices
Titan hits 6-month low as Credit Suisse cuts price aim, Sensex, Nifty advance##Titan hits 6-month low as Credit Suisse cuts price aim, Sensex, Nifty advance
Shares of Titan Co extended their losses and fell nearly 4 percent to their six-month low of Rs 790.15 after Credit Suisse cut the price target on the stock by 1.6 percent to Rs 935 as the brokerage firm sees absence of wedding dates in the near-term weighing on demand. The brokerage has maintained its "neutral" rating on the stock. The near-term demand squeeze also puts the company's 2018-19 (Apr-Mar) growth guidance of 25 percent in jewellery business at risk. The brokerage also sees potential regulatory action as an overhang if the rupee depreciates further. The stock was down 2.02 percent to Rs 804.20 at 11 am. The stock had lost nearly 9 percent during its past three sessions of losses. Benchmark indices advanced in a volatile session of trade led by buying in FMCG space primarily. The BSE Sensex traded at 37,511.87, rising by 98.74 points, or 0.26 percent at 11 am. The NSE Nifty 50 hovered around 11,300 levels, at 11,302.70, higher by 15.20 points, or 0.13 percent.
Market update: Sensex, Nifty trade in the green, midcaps, Nifty Bank weak##Market update: Sensex, Nifty trade in the green, midcaps, Nifty Bank weak
Indian equity indices, the BSE Sensex and the NSE Nifty 50, erased opening gains and traded mixed on Wednesday. The BSE Sensex traded at 37,456, higher by 43 points or 0.11 percent, while the NSE Nifty 50 traded up by 9 points or 0.08 percent at 11,297. Nifty MidCap traded weak, slipping by 0.64 percent while the BSE MidCap was down by 0.52 percent.
Tata Motors slips; JLR CEO says wrong Brexit could cost jobs, risk production##Tata Motors slips; JLR CEO says wrong Brexit could cost jobs, risk production
Shares in Tata Motors Ltd fall as much as 2.3 percent to Rs 261.1, its lowest in a week. Wrong Brexit could cost tens of thousands of car jobs and will risk production at Jaguar Land Rover (JLR), CEO of Tata Motor’s British unit said on Tuesday. Ralf Speth, CEO of JLR, which is Britain’s biggest carmaker, said he currently does not even know if any of the manufacturing facilities in the UK will be able to function on March 30. Tata Motors stock down 38.1 percent this year as of last close; on track to post third straight session of falls. (Reuters)
Shares traded at Rs 261.20, down by 2.17 percent on the NSE at 10 am. The NSE Nifty 50 traded flat at 11,285, down by 2 points or 0.02 percent. The BSE Sensex was marginally up by 8 points to 37,421.
Market update: Sensex, Nifty trade flat after erasing opening gains##Market update: Sensex, Nifty trade flat after erasing opening gains
The BSE Sensex traded higher by nearly 21 points or by 0.06 percent to 37,433.98, while the Nifty 50 edged lower by nearly 5 points or 0.04 percent to trade below 11,300, at 11,282.55 at 9.47 am. Broader markets underperform with midcaps trading lower by half a percent. Bank Nifty slipped by 0.34 percent.
FMCG stocks, Reliance Industries bat for the bulls, Sun Pharma, Bharti Airtel dip##FMCG stocks, Reliance Industries bat for the bulls, Sun Pharma, Bharti Airtel dip
Opening Bell: Sensex, Nifty start higher##Opening Bell: Sensex, Nifty start higher
The BSE Sensex settled over 133 points higher or by 0.36 percent to trade at 37,546.42 in the pre-open. The NSE Nifty 50 started above the 11,300 mark, at 11,340.10, rising by 52.60 points or 0.47 percent. At 9.20 am, the Sensex traded still 108 points up or by 0.3 percent to trade at 37,521, while the Nifty was higher by nearly 19 points to trade at 11,306.
Rupee slips further to 72.86 against the US dollar after start at 72.80##Rupee slips further to 72.86 against the US dollar after start at 72.80
Here's a list of more stocks/companies in the news##Here's a list of more stocks/companies in the news
Redington (India): Board meeting on September 17 to consider buy back of shares.
Yes bank: Board approved NCD worth Rs 3,000 crore with green shoe option up to Rs 1,000 crore.
RBL Bank: Clarified on media reports regarding alleged service tax and GST noncompliance by RBL Bank that this is unsubstantiated, malicious and completely untrue.
Alembic Ltd: Board considered and accorded 'in-principle' approval to the proposal to demerge the Identified Real Estate Undertaking into Shreno Ltd via Scheme of Arrangement
HUDCO: The company has achieved the level of Loan Sanctions of Rs 4,094.91 crore and Loan Releases of Rs 3,021.66 crore, as on 31st August for FY18-19.
Hero Moto: Starts new partnership with Virat Kohli for new Xtreme 200R premium motorcycle.
Jain Irrigation: Investor meet – KBI Global – September 13
TATA Chemicals: Investor meet – in London on Sep 13 – Mobius Capital, Pictet Asset Management, Genesis Investment.
CITY Union Bank: ICRA assigned long term rating as ICRA AA-
Sadbhav Eng; CARE long term rating reaffirmed as CARE A+STABLE.
Narayana Hrudayalaya: Subsidiary has entered into an operation and management agreement with Imperial Hospital ltd, Bangladesh. The company will operate and manage the Cardiac Sciences Department of a 350 bedded unit of Imperial Hospital Ltd.
Eicher Motors: Investor Meet – Matthews International – September 12
September 13 – Old Mutual Asset Management
September 13 – UBS Securities India
Wipro:Co & Duck Creek Technologies announced partnership to offer a broad array of implementation services and related software and data solutions for its insurance industry customers around the world.
Crude market risks still look skewed to the upside, says HSBC on Crude##Crude market risks still look skewed to the upside, says HSBC on Crude
Here’s how Emkay rates Apollo Tyres##Here’s how Emkay rates Apollo Tyres
Maintains BUY rating, target cut to Rs 295 from Rs 310/share.
Cut FY19/FY20 EPS forecast by 6 percent/5 percent to Rs 17.90/ Rs 24.60.
Outlook constructive, with a revenue CAGR of 19 percent in FY18-20.
Expect a robust earnings CAGR of 39 percent during FY18-20.
Here is the list of stocks that will be on radar today##Here is the list of stocks that will be on radar today
Here is what Citi says on HCL Technologies##Here is what Citi says on HCL Technologies
Maintains NEUTRAL call, target raised to Rs 1,210 from Rs 1,115/share.
Business is expected to recover well.
Expect margin to benefit due to sharp rupee move INR move.
FX may offset some impact of the wage hikes in Q2.
Will use any dips to accumulate.
CLSA rates Tata Consultancy Services BUY at a target price of Rs 2,200 per share##CLSA rates Tata Consultancy Services BUY at a target price of Rs 2,200 per share
CLSA maintains BUY Call, target at Rs 2,200/share.
Co expects growth to improve in FY19 compared to FY18.
Co sees growth coming back in both BFSI and Retail.
Co expects to maintain double-digit growth for longer term.