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European indices up on strong earnings from cos
Major European indices recouped losses made in early trade, following encouraging earnings outlook by German software major SAP and robust earnings from French luxury goods maker LVMH. Shares of SAP rose more than 4%, following the gains in their US-listed shares, as the company raised its full-year outlook for the third time amid strong digital deal wins.
Closing Bell: Sensex settles at 60,766; Nifty at 18,173
The benchmark 30-share S&P BSE Sensex ended at 60,766, rising 482 points, or 0.80 percent on Monday. The broader 50-share NSE Nifty settled at 18,173, surging 182 points, at 1.01 percent. The MidCap index added 481 points, rising 1.51 percent, to settle at 32,286, while the banking gauge, Bank Nifty settled at 38,617.
MARKET AT CLOSE: Key highlights from today's trading session
Market Ends At A Record Closing High Amid All-round Gains
All Frontline Indices (Sensex, Nifty, Midcap Index & Nifty bank) Post Record Close
Nifty Closes Above 18,000 For The 1st Time Ever
Sensex Rises 453 Points To 60,737, Nifty 170 Points To 18,162
Nifty Bank Gains 114 Points To 38,636 & Midcap Index 489 Points To 32,294
11 Nifty Stocks Hits Freah 52-week Highs In Wednesday’s Trade
Tata Motors’ Fund Raising For EV Biz Lifts Other Group Stocks Too
Tata Group Stocks Gain Market Cap Of More Than `60,000 Cr Today
Tata Chem, Tata Power Gain In-line With TaMo On EV Boost, Up 14% Each
Maruti Slips While Other Auto Stocks Rise, Nifty Auto Up Over 3%
Reliance’s New Announcement For Renewable Biz Helps Stock Gain Nearly 1%
Govt’s Gati Shakti Scheme Focussing Infra Projs Lift L&T, GMR, Bharat Forge
PSU Banks Continue To Move Higher, Union Bank Up Over 10%
EV-exposed Stocks See Major GainS, Sona BLW Up 14%, Greaves Up Over 6%
Major progress made on LIC divestment plan, says Finance Secretary TV Somanathan
Finance Secretary TV Somanathan on Wednesday said that a lot of progress has been made on the Life Insurance Corporation (LIC) divestment plan. "A lot of constructive work has already been completed," he said in an interview with CNBC-TV18.
Kotak Mahindra Bank sees FY22 GDP growth rate at 9%
The bond markets are taking a breather now: US bond yields have cooled from 1.61 percent to 1.58 percent. The dollar index has cooled off from 94.5 to closer to 94. Indian markets have seen similar trends as the rupee cooled to 75.25 from 75.5 on Tuesday. Indian bond yields – which were at 6.34 have cooled to 6.31.
Esop Effect: Digital payment service MobiKwik becomes a unicorn ahead of IPO
Fintech platform MobiKwik's valuation has crossed the $1 billion mark, making it the 33rd Indian start-up to become a unicorn this year. The development comes after MobiKwik’s staff exercised their employee stock ownership plan (Esop) in a secondary sale. The sale was led by Mathew Cyriac, former Blackstone India head. According to media reports, Cyriac bought shares at almost twice the price he had invested in the start-up earlier this year.
Market Watch | Buy Godrej Consumer Products, JSW Steel and Mahanagar Gas, says KRChoksey Securities’ Kapadia
Here are trading calls by Hemen Kapadia of KRChoksey Securities:
Buy Godrej Consumer Products with a target of Rs 1,100 and stop loss at Rs 1,025
Buy JSW Steel with a target of Rs 720 and stop loss at Rs 660
Buy Mahanagar Gas Ltd with a target of Rs 1,125 and stop loss at Rs 1,050
Tata group is the major beneficiary of EV theme, says Meena of Swastika Investmart
“There is a turnaround story in the entire Tata Group since N Chandrasekaran joins as a chairman of the Tata group” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Tata group is the major beneficiary of EV theme as it is getting the benefit of early mover and strategic asset allocation. Tata group worked very well in EV theme with a proper synergy of Tata Motors, Tata Chemical, and Tata Power, said Meena.
“Tata Motors is doing very well in the PV segment and gained more than 10 percent market share where at the same time Maruti is losing its market share. Tata Motors valuations are still cheap compared to Tesla, Maruti, and other global EV giants despite big rally where the recent investment by TPG group could lead to serious rerating for the counter,” Meena added.
Tata Chemical is working very aggressively towards the lithium-ion battery and Tata Power could be a leader in EV infrastructure in the country furthermore other renewal businesses may be revalued as many PE investors are betting on clean energy. The long-term outlook for all three stocks is very bullish however some intermediate corrections can't be ruled out, he said.
“Investors should remain invested in these counters and any correction should be taken as a buying opportunity,” he added.
Technically, Tata Motors is resuming its bullish momentum following a breakout of bullish flag formation where it may head towards the next important hurdle 550 and it may see some correction or consolidation around the 550 level. On the downside, 440-420 will be the first support zone while 400-380 will be the critical demand zone, according to Meena.
Meena said Tata Chemical is trading in uncharted territory and it may head towards 1,500 level in the next 6-8 months however 1,200 could act as an immediate hurdle. On the downside, 1,000 should act as a base now.
“Tata Power has entered into a multi-year bull market after crossing the 100 mark however it has achieved our medium target of 225 too early so we can expect some consolidation or profit booking,” Meena said. The overall texture is bullish and the stock can see further upside towards 300 or higher levels therefore investors should remain invested while any correction 185-175 zone will provide a great buying opportunity, he added.