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Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform

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Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty ended higher Tuesday led by sharp gains in realty, metals and IT stocks. Broader markets closed mixed with the Nifty Smallcap100 index down 0.14 percent, while the Nifty Midcap100 index gaining 0.64 percent. Among sectors, mmost gains were seen in realty, metals, IT, FMCG and energy indices, while Nifty Auto and Nifty PSU Bank ended in the red.

Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform
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  • Ajit Mishra, VP - Research, Religare Broking

    Markets traded volatile in a range and finally settled around the day’s high, thanks to upbeat global cues. Markets are currently dancing to the global tunes and we expect this trend to continue in absence of any major domestic event. Among the events, the FOMC meeting outcome and update on China’s “Evergande” crisis will remain in focus. We reiterate our view to restrict naked leveraged positions and prefer hedged bets.

  • Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

    After two days of sharp correction, Nifty witnessed a sharp pullback rally. The Nifty found support at 17,326 to reverse the falling trend. Technically, the texture of the sharp reversal formation near the 10-days SMA suggests a further uptrend from the current level. We are of the view that while the short-term trend still looks up, uncertain global market conditions could see the Nifty within the range of 17,650-17,450 levels. For day traders, as long as Nifty is trading above 17,450, a pull-back rally is likely to continue up to 17,600-17,650-17,680 levels. On the flip side, if Nifty trades below 17,430, then the uptrend would be vulnerable.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty ended higher on Sept 21 aided by a late surge as global markets seemed to be recovering from contagion fears based on troubles at Evergrande. Nifty made a lower low compared to the previous day in the morning but recovered to close with decent gains. 17,623-17,644 could be the next resistance for the Nifty while a close below 17,353 could lead to further selling in the markets.

  • Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities

    Rally in equity markets allowed the rupee to appreciate. However, this rally could be short-lived till the US Fed meeting, which is tomorrow late at night. Unless the Chinese government decides to bail out the stressed property sector, risk aversion can make a comeback soon. We expect a near term range of 73.40 and 74.00 on the spot.

  • Rupee At Close | The rupee rebounded by 13 paise to close at 73.61 against the US dollar following a firm trend in domestic equities and losses in the American currency in the overseas market. The local unit opened flat at 73.74 against the greenback and witnessed an intra-day high of 73.58 and finally settled at 73.61.

  • Rahul Sharma, Co-Founder, Equity99

    Nifty today has recovered at a fast pace after the decline in mid-session, today the index was completely volatile where Nifty made low in mid hours near to 17,326 levels and by closing, we have seen the recovery of 236 points on the index, This type of technical structure shows huge strength with a v-shape recovery sign on small duration charts, with this setup immediate support, is still at 17,500 levels & next big support is placed at 17,325 levels. On the upside 17,700 will act as major resistance followed by 17,800 levels.

    Bank Nifty has also shown a huge recovery of more than 700 from the lows made today near 36,525 levels, this recovery was filled with a big green candle on hourly charts which is giving bullish signals for the coming week of monthly expiry, Support for Nifty Bank is placed at 37,050 which is strong support break of which can take the Index to 36,750----36,600 levels, On upside 37350 will act as hurdle crossover of which can take the index to 37,600-36700 levels.

  • With Nifty50 reclaiming 17,500, what's next? Experts from JPMorgan, Motilal Oswal and more weigh in
    Indian share markets so far haven't reacted to the contagion fears associated with the probable fall of Evergrande Group, China's property giant. The Indian equity benchmarks, Nifty and Sensex,…
    Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform
  • Manish Shah, Founder, Niftytriggers.com

    Nifty closed in the green and it was back to normal behaviour. On the charts, if we draw a steep trendline in Nifty from the lows of July 2021 then we see that this trendline was touched and the market bounced off it. The price action that followed during the day was a sharp reversal in the index. The pattern of higher highs and higher lows of a trend emerging from July lows remains intact. The market is not in a downtrend and a corrective decline needs to be confirmed. For Nifty to see a serious decline it needs to break below 17,280-17,270 for the drop to continue. If Nifty reverses and trades above 17,650 expect a rally to 17,900-17,950 towards the expiry. Better to be long than short this market condition.

  • Sachin Gupta, AVP, Research, Choice Broking

    The Nifty50 has recovered from the immediate support around 17,270 levels and sustained above 9 days SMA & Middle Bollinger Band formation, which indicates further strength for the next trading session. On an hourly chart, the nifty index has given a breakout of Falling Channel formation and showed positive crossover in Stochastic & RSI, which supports the upward trend. At present, Nifty has its crucial support at 17,250 levels while resistance lies at 17,650 levels.

  • Market At Close | Market Breadth Neutral With NSE-Advance Decline Ratio At 1:1

  • Market At Close |  Metal Stocks See A Buying Following Yesterday’s Deep Cut, JSW Steel Up 5%

  • Market At Close | Market Surges In The 2nd Half To Close At Day’s High; Sensex Rises 773 Points & Nifty 236 Points From Day’s Low

  • Norbert Rücker, Head Economics and Next Generation Research, Julius Baer

    Oil prices climbed back towards $75 per barrel, digesting the latest pandemic hiccups very well. The bigger picture might be changing. With demand growth slowing, the incremental return of shale and petro-nation supplies suggests that the cycle is mature and the pressure on prices should grow with time. We see oil prices swinging around the low 70s price levels.

  • Market At Close | Here are the highlights of today's trading session

    -Market Surges In The 2nd Half To Close At Day’s High

    -Sensex Rises 773 Points & Nifty 236 Points From Day’s Low

    -Nifty Bank Gains 710 Points & Midcap Index 585 Points From Lows

    -Except Auto, All Indices Post Gains, Realty, Metal & IT Top Gaining Indices

    -Metal Stocks See A Buying Following Yesterday’s Deep Cut, JSW Steel Up 5%

    -Sensex Closes 514 Points Higher At 59,005 & Nifty 165 Pts Higher at 17,562

    -Nifty Bank Rises 90 Points To 37,236 & Midcap Index 188 Points To 29,442

    -Bajaj Finance & Bajaj Finserv Hit Record Highs, Stocks Up 5% & 3% Respectively

    -ITC Hits 52-week High With Stock Posting A Gain Of More Than 3%

    -Autos Remain Under Pressure, Maruti Falls 2%, Hero Moto Over 2%

    -7 Nifty Stocks Hit 52-week Highs In Today’s Session

    -PVR, Mindtree, SAIL, Godrej Prop, Piramal Ent, Can Fin Top Midcap Gainers

    -Indiabulls Hsg, Polycab, TVS Motor, IRCTC, Chola Invst Top Midcap Losers

    -Volatility Index, India VIX Closes 7% Lower After Yesterday’s 14% Upmove

    -Market Breadth Neutral With NSE-Advance Decline Ratio At 1:1

  • Closing Bell | Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty ended higher Tuesday led by sharp gains in realty, metals and IT stocks. The Sensex jumped 514.34 points, or 0.88 percent, to 59,005.27, while the Nifty closed 165.10 points, or 0.95 percent higher at 17,562.00. Broader markets closed mixed with the Nifty Smallcap100 index down 0.14 percent, while the Nifty Midcap100 index gaining 0.64 percent.

    Among sectors, mmost gains were seen in realty, metals, IT, FMCG and energy indices, while Nifty Auto and Nifty PSU Bank ended in the red. JSW Steel, ONGC , Bajaj Finance, IndusInd Bank and Tata Steel were the top Nifty50 gainers, while Maruti Suzuki, BPCL, Hero MotoCorp, Bajaj Auto and Nestle India were the top index losers. Read here

  • ITC shares hit 52-week high, cross Rs 240 mark; here's what's driving the stock

    ITC shares jumped more than three percent to a 52-week high on Tuesday. On BSE, the ITC stock rose to a high Rs 242.30 level in afternoon deals. IT shares have been attracting strong investor interest lately, having gained 15 percent in the last one month. In the last four days alone, the stock has risen more than 12 percent.

    Meanwhile, the Nifty FMCG index was up almost a percent in afternoon trade. Analysts believe the recovery in the FMCG sector and a rise in cigarette prices as the key triggers for the stock. ITC, which has been undervalued for a long time, currently trades at attractive valuations, according to experts. Read here

  • Paras Defence IPO subscribed 12.8 times so far on day 1; retail portion booked over 24 times

    Paras Defence and Space Technologies’ initial public offering (IPO) has been subscribed 12.82 times so far on Tuesday, the first day of the bidding process backed by strong demand from retail investors. The issue has received bids for 9.15 crore shares against the IPO size of 71.40 lakh shares, according to the data available on the exchanges.

    The portion set aside for retail investors has been subscribed 24.55 times and that for non-institutional investors 2.26 times. Qualified institutional buyers are yet to put in bids.

  • Ashis Biswas, Head of Technical Research at CapitalVia Global Research 

    The market witnessed some volatile movements and an attempt to hold the level around the Nifty50 Index level of 17,450-17,500. It suggests that 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is able to sustain the level of 17,450-17,500, the market can witness higher levels of 17,850. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue.

  • Moneycontrol Pro: IFGL Refractories’ capex plans to sustain higher growth
    IFGL Refractories is manufacturer of specialised refractories and monolithic for the use by the iron and the steel industry. The company's manufacturing plants are located in Odisha, Kandla, and one…
    Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform
  • Karnataka Government assembly passes Bill slashing stamp duty by 2% on flats priced below Rs 45 lakh

    Karnataka Government’s decision to slash stamp duty by 2% will provide marginal boost to the real estate sector. Although the move is definitely progressive, it will only make marginal difference to the volume of sales because 2% is capped for properties worth Rs 45 lakh only. While it will save cost to homebuyers, the volume of sales below Rs 45 lakh is restricted. Had the stamp duty cut been across the price categories as was done by the Maharashtra government, the impact would have been desirable. Limiting it to properties worth up to Rs 45 lakh may not lead to volumes, says Shantanu  Mazumder, Executive Director – Karnataka, Knight Frank India.

  • Market Watch: Shrikant Chouhan of Kotak Securities    

    - Buy Bajaj Finance with a stop loss of Rs 7,500 and a target of Rs 7,850

    - Buy Tata Steel with a stop loss of Rs 1,230 and a target of Rs 1,330

  • HPCL eyeing 5000 EV charging stations over next 4 years; expects Singapore GRMs to be around $5/bbl

    The HPCL stock is up around 22 percent this year and in the last six months, it has risen around 14 percent. The stock is currently trading at around Rs 270 on the NSE. There was an interesting note put out on the oil and gas space, which said, they are modelling Brent at $64 a barrel. Brent is down 6 percent from its recent peak. So, the recovery in Singapore gross refining margins (GRMs) in auto fuel has led to an improvement in the earnings visibility for oil marketing companies. To discuss the demand picture and the outlook, CNBC-TV18 caught up with MK Surana, CMD, HPCL. Read here

  • Paras Defence and Space IPO: Co plans capex for making 'complete' camera systems

    Paras Defence and Space Technologies, on Thursday, said that it has fixed a price band of Rs 165-175 for its Rs 171-crore initial share sale. The three-day initial public offering (IPO) will open for subscription on September 21 and conclude on September 23. In an interview with CNBC-TV18, Munjal Shah, MD of the company, spoke about his upcoming plans.

    On debt repayment, Shah said, “Our term loan outstanding is only Rs 35 crore, the rest is working capital. Against that working capital, we have a lot of debtors, we have a lot of inventory, we have a lot of stock, we have work in progress so we don't term it as debt. So actual term loan outstanding is only Rs 35 crores and out of that, say from the IPO proceeds we are going to repay around Rs 10 to 12 crore, but in the future, we wish to be debt light.” Read here

  • Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform

    Multiple events culminated into a panic-like situation on Monday. The potential failure of China's Evergrande property group, having a debt of billions of dollars, initiated the selloff from the volatile asset classes. Investors rushed out of equities and cryptos and moved towards safer havens such as Gold and liquid funds. The upcoming Fed Reserve meeting aggravated the uncertainty, and the crypto market crumbled. The coming 24 hours would likely be a price discovery session for the market.

  • Positive on PSU banks; India payments market in client acquisition phase: JPMorgan

    JPMorgan is positive on public sector undertaking (PSU) banks, Saurabh Kumar, India banking and financial research, told CNBC-TV18.

    “We are positive on PSU banks, on the thesis that the large corporate asset quality in India has probably bottomed out. We have, through the last two years, not seen any major loan default and the books are basically provisions for these banks,” Kumar said. On private banks, he said, “The net slippage numbers should be better-off and we think from an asset quality perspective, that should really help.” Watch here

  • Hindustan Aeronautics defers proposal of stock split

    The Board of Directors of Hindustan Aeronautics in its meeting has deferred the proposal of sub-division of shares.

  • How can you recover home loan interest using SIP?
    Apart from early repayment of principal, are there any ways to reduce or offset this interest burden over the long term?
    Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform
  • Indian market valuations stretched; see opportunity in financials, real estate: Pacific Paradigm

    Punita Kumar Sinha, managing partner of Pacific Paradigm Advisors and chairperson of InCred AMC, on Tuesday, said that the Indian market is trading at an expensive valuation.

    “Valuations are really stretched. If you look at the overall market valuations, we are trading at over 3.5 or something in that range of price to book versus much lower valuations than we have seen historically, so overall, I would say our risk levels are a little higher now, given what is happening globally,” Sinha said, in an interview to CNBC-TV18.

    According to her, uncertainty in China is likely to lead foreign flows towards India. “The China story is getting trickier, given the regulatory environment there and that is likely to benefit India,” said Sinha. Read more

Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty ended higher Tuesday led by sharp gains in realty, metals and IT stocks. Broader markets closed mixed with the Nifty Smallcap100 index down 0.14 percent, while the Nifty Midcap100 index gaining 0.64 percent. Among sectors, mmost gains were seen in realty, metals, IT, FMCG and energy indices, while Nifty Auto and Nifty PSU Bank ended in the red.