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Stock Market Highlights: Sensex, Nifty end at fresh record closing highs led by IT, realty stocks; smallcaps outperform

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Stock Market Highlights: The Indian equity benchmark indices ended at record closing highs Monday led by gains in IT, realty and auto stocks amid mixed global cues. Broader markets aided market sentiment, with the Nifty Smallcap100 index jumping 1.09 percent, and the Nifty Midcap100 index rising 0.41 percent. Among sectors, most gains were seen in realty, IT, media, auto and metal indices, while banks, FMCG and pharma indices ended in the red.

Stock Market Highlights: Sensex, Nifty end at fresh record closing highs led by IT, realty stocks; smallcaps outperform
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  • Ajit Mishra, VP - Research, Religare Broking

    Markets started the week on a positive note in continuation to the prevailing uptrend and ended marginally higher. Markets are steadily inching higher, tracking favourable global markets and supportive domestic sentiment.  We may see some consolidation ahead and it would be healthy however there’ll be no shortage of trading opportunities on the stock-specific front. Considering the recent momentum, it’s prudent to look for strong counters to accumulate on dips.

  • Nagaraj Shetti, Technical Research  Analyst, HDFC Securities

    The short term trend of Nifty continues to be positive. Though Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets to be watched around 17,500-17,600 levels in the next few sessions. Immediate support is placed at 17,300 levels.

  • Here are key stocks that moved most on September 6
    The Sensex gained 166.96 points, or 0.29 percent, to end at 58,296.91, while the Nifty closed 54.20 points, or 0.31 percent, higher at 17,377.80.
    Stock Market Highlights: Sensex, Nifty end at fresh record closing highs led by IT, realty stocks; smallcaps outperform
  • Manish Shah, Founder, Niftytriggers.com

    Nifty continues to be on a rise and this is becoming an electrifying rally. Nifty made a Doji pattern which could indicate a pause in the trend. As the Doji is in an uptrend and a sharp one at that; this could also be a ‘Northern Doji’. A Doji in a sharp uptrend could be a bullish continuation pattern. 

    Nifty continues to be in a sharp upside trajectory; MACD is in an uptrend and AdX has a positive slope. With Nifty at all time times, we do not have the past swing highs or lows to have a reference for prior support and resistance zones. Apply pivot point analysis and Fibonacci extensions we are looking at a zone of 17,720-17,820 as a possible target once Nifty moves above 17,540 points. The support for Nifty is at 17,050 as a possible buy zone if there is a short-term decline. The underlying current in Nifty is strong, and this market is a buy on the decline. Avoid selling short under the existing circumstances.

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

    The spot rupee closed 8 paise higher at 73.10 against the dollar due to a slight uptick in the US dollar index. RBI intervention remains a major factor supporting USDINR near 73 levels. However, the upside remains capped near 73.40 as exporters remain active sellers.

  • Rupee At Close | The Indian rupee declined by 8 paise to close at 73.10 against the US currency tracking the strengthening of the greenback in the overseas markets. The domestic currency opened flat at 73.02, then lost ground and settled for the day at 73.10, down 8 paise over its previous close.

  • Milind Muchhala, Executive Director, Julius Baer

    The Indian markets continue to clock new highs, aided by contributions from a few index heavyweights. However, the broader markets seem to be witnessing some signs of exhaustion, after the healthy rally seen in the past month where India was the best-performing markets with gains of around 9%. In fact, a small correction would be welcome at this juncture and help the markets to become healthier, although the trigger for that currently seems elusive and it could just be a part of the broader global correction.

    The underlying sentiment, however, remains quite constructive, well supported by steadily improving economic data, positive earnings expectation and a healthy pick up in daily inoculations, and investors would be on the lookout for intermittent corrections to add positions.

    The retail consumer demand will be closely monitored as we enter the festive season and as the restrictions continue to ease, albeit the concerns on the third wave of the pandemic. While the US job data over the past weekend disappointed, it could be supportive for Equity markets as it might prompt US Fed to go slow in their tapering plans. We expect sector rotations to play out in the market, with some of the recently underperforming sectors such as Financials, Auto and Healthcare to see better market interest.

  • Mohit Nigam, Head - PMS, Hem Securities

    The market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17,500 level in the short term. On the downside 17,100 is the immediate support in Nifty50 followed by 16,900.

  • Sanjiv Bhasin, Director, IIFL Securities

    The second half of September will be very treacherous so be careful. There is a lot of flavour, a lot of bullish comments. People have not got a grasp of this rally that has taken place. It has caught everyone by surprise. But I still think that it will be stock specific. You could see a sharper than expected correction and that is where the Nifty will be more vulnerable. I still think it is going to be all about stocks. We have been positive on some contrarian sectors. But we think the best of the IT and pharma may have played out, rupee definitely seems to be on a stronger wicket. So look for a correction closer to the second half of September which will be equally sharp.

  • Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities 

    The market continued its positive momentum and mirrored the upmove in other global markets. The Nifty is still maintaining a higher bottom formation which is broadly positive. However, the markets being in an overbought situation could trigger a quick intraday correction if it trades below the 17,330 support level. As long as the index is trading above 17,330 the uptrend texture is likely to continue up to 17,450-17,500 levels. On the flip side, if Nifty trades below 17,330, it could trigger an intraday correction up to 17,250-17,210 levels.

  • Rahul Sharma, Co-Founder, Equity99

    Participants are advised to remain cautious as the market is touching new highs daily driven by IT, Metals & Realty sectors. We advise keeping strict stop loss to positions. Nifty at this current position has strong support at 17,300 levels, if breached then the next support is placed at 17,225 and 17,100 levels. On the upside 17,500 is a hurdle and if we get closing above 17,500 then 17,800 will act as resistance.

    Bank Nifty on the other side which is underperforming nifty, has strong support at 36,500 - 36,200. Similarly on the upside 37,200 will act as a hurdle, once we get closing above 37,200 then another stretch is expected to take Nifty Bank at all-time high levels of 38,000.

  • Market At Close | Market breadth neutral with the advance-decline ratio at 1:1

  • Market At Close | Sensex & Nifty end at record closing highs amid the rangebound session

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

    -Sensex & Nifty End At Record Closing Highs Amid Rangebound Session

    -Nifty Hits Intra-day Record High Of 17,429.50 & Sensex 58,515.80

    -IT & Reliance Support Market While Banks Drag

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

    -Nifty Rises 55 Points To Close At 17,378 & Sensex Gains 167 Points To 58,297

    -Nifty Bank Slips 169 Points To 36,592 While Midcap Index Rises 118 Points To 29,178

    -Top 3 Nifty Gainers (Wipro, HCL Tech & Infosys) Are From IT Sector

    -Hindalco & Nalco Surge On Political Turmoil In Guinea; Nalco At A 10-year High

    -Reliance Surges To record High With Market Cap Rising Up To Rs 16.75 Lakh Cr

    -Reliance Gains Market Cap Of More Than Rs 1 Lakh Cr In last Two Trading Sessions

    -13 Nifty Stocks Including Wipro, HCL & RIL Hit Record Highs Today

    -IndiaMART, IRCTC, Escorts, IEX, Polycab, MCX Top Midcap Gainers

  • Closing Bell | The Indian equity benchmark indices ended at record closing highs Monday led by gains in IT, realty and auto stocks amid mixed global cues. The Sensex gained 166.96 points, or 0.29 percent, to end at 58,296.91, while the Nifty closed 54.20 points, or 0.31 percent, higher at 17,377.80. Broader markets aided market sentiment, with the Nifty Smallcap100 index jumping 1.09 percent, and the Nifty Midcap100 index rising 0.41 percent.

    Among sectors, most gains were seen in realty, IT, media, auto and metal indices, while banks, FMCG and pharma indices ended in the red. Wipro, HCL Technologies, Infosys, Reliance Industries and Hindalco Industries were the top Nifty50 gainers, while IOC, IndusInd Bank, ONGC, Britannia Industries and Kotak Mahindra Bank were the top index losers. Read here

  • Tamilnad Mercantile Bank files IPO papers with Sebi

    Private-sector lender Tamilnad Mercantile Bank has filed papers with the Securities and Exchange Board of India (Sebi) to raise funds via a public issue. The initial public offering (IPO) comprises a fresh issue of 15,827,495 equity shares and an offer-for-sale (OFS) of up to 12,505 shares by shareholders. The OFS consists of the sale of up to 5,000 equity shares each by D Prem Palanivel and Priya Rajan, up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy and up to 500 equity shares each by M Malliga Rani and Subramanian Venkiteshwaran Iyer. More details here

  • Zen Technologies eyes new orders for drone, simulator verticals; expects Rs 550 cr revenue in 3 years

    The Zen Technologies stock has been busting the charts. It has gained over 75 percent in the last seven trading sessions. In the last one month, the stock has been up about 86 percent and is currently trading at around Rs169 on the NSE. The company provides defence training solutions and also provides drones and anti-drones solutions. As recent as September 3, the company bagged a major order worth about Rs 155 crore from the Indian Air Force.

    Ashok Atluri, CMD, Zen Technologies, is confident of winning many more orders for both, the drone and simulator verticals. He also said that achieving revenues of Rs 550 crore in the next three years looks easy right now. Read here.

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

    The market witnessed some lackluster movement and an attempt to hold the level around the Nifty 50 Index level of 17,400. The market shows that it is going to be crucial for the short-term market scenario to sustain above the 17,250 Nifty50 Index level. If the market is able to sustain the level of 17,250, the market witnessed higher levels of 17,450-17,500. The momentum indicators like RSI, MACD indicating a positive outlook to continue.

  • Market Watch: Sunil Singhania, Founder of Abakkus Asset Management

    There are a lot of companies and sectors where you will see earnings growth continuing. Quite a few sectors where you might see positive numbers coming in terms of the expectations. From our perspective, the good thing is that this time the markets are more broad-based, the sectors which are doing well are more broad-based. So unlike the last four-five years where select stocks were doing well, this time it is a very inclusive kind of growth, which we are seeing both in terms of profit numbers as well as the participation as far as stocks are concerned.

    Commodities, capital goods, metals, cement, IT, pharma are doing well. It is a more broad-based kind of rally. There if you are willing to go more towards the broader market, there are still quite a decent number of opportunities available.

  • DHFL case | Supreme Court rejects 63 Moons’ petition to halt DHFL sale

    The Supreme Court refused to stay the implementation of DHFL's resolution plan. The top court directed the National Company Law Appellate Tribunal to hear and decide on the issue within two weeks. 

    Mumbai-based financial services firm 63 Moons Technologies had earlier moved the top court against the NCLAT’s order that refused to stay the implementation of Piramal’s approved resolution plan for the mortgage lender. The company holds over Rs 200 crore worth of NCDs in the troubled mortgage lender.

  • Welspun India gets US FDA nod for its 3 Ply Surgical Masks

    Welspun India has received US Food and Drug Administration (FDA) 510 (k) clearance for its 3 Ply Surgical Masks. Certified by BIS and CE already, this product from Welspun India Ltd has got all required certifications to supply to global markets including critical medical uses, the company said.

    The stock price of Welspun India rallied 9.26 percent higher at Rs 138.00 apiece on the BSE.

  • Be cautious on midcaps; capital goods, real estate best bets: Goldilocks Premium Research

    Gautam Shah, founder and chief strategist, Goldilocks Premium Research, sees a lot of opportunity in pockets in the market. “On a Nifty basis, the risk-reward is not the best. There is more upside, do not fight the trend, stay with it and use all dips as a buying opportunity,” he stated. Markets have risen due to multiple factors – local and global, however, India has handled it really well and continues to be one of the best-performing markets in the world, he noted. “Our working target for the near-term is about 17,500 and long-term target which we have been maintaining since Diwali of last year is about 18,000,” he said. Watch full interview here

  • Remain positive on Reliance Industries for medium to long term: Rajesh Kothari of AlfAccurate Advisors

    Rajesh Kothari, MD of AlfAccurate Advisors, told CNBC-TV18 he continues to be positive on Reliance Industries from a medium- to long-term perspective. "We continue to hold Reliance Industries... This is a digital world and in a digital world you will constantly see innovation, new product launches, new offers and new tie-ups because unless one does it, it’s not possible to accelerate the momentum. It’s part of any business and in the digital world, you will see frequent tie-ups to more offerings from the customer’s perspective," he said. 

     Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 that publishes CNBCTV18.com.

  • Bull run reminiscent of one seen in early 2000s: Raamdeo Agrawal  

    The current bull run in the market is reminiscent of one seen in the early 2000s, Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, told CNBC-TV18. "Between 2003 and 2008, when the bull market happened out of complete despondency in 2002-2003, post 9/11, the feeling was the same," said Agrawal, who remains bullish on the market from a medium-term perspective. (Read more on what the market veteran said)

    Stock Market Highlights: Sensex, Nifty end at fresh record closing highs led by IT, realty stocks; smallcaps outperform
  • Jiophone Next a big game changer for Reliance: Experts

    Jio's big phone launch this week is the big cue for Reliance Industries shares as well this week. During the company's annual general meeting (AGM) earlier this year, Reliance Jio unveiled the JioPhone Next and said the device will be launched on Ganesh Chaturthi, which is on September 10. The JioPhone Next has been developed by Reliance in partnership with Google.  

    Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 that publishes CNBCTV18.com.

  • Fiscal deficit likely to be 6.1%; see BoP surplus despite high oil prices: Citi South Asia

    The rupee as well as bonds have been rallying for the past three weeks. Since the Federal Reserve Chairman's speech at the annual Jackson Hole symposium, bond yields have declined by 10 basis points to 6.15 percent. The rupee has emerged the best-performer among many Asian emerging market currencies from August 1 to September 4.

    Strong foreign capital inflows, expectations of a balance of payment (BoP) surplus, and RBI intervention are supporting the domestic currency, according to Badrinivas NC, Head-Markets  and Securities Services, Citi South Asia. (Read more on rupee here)

  • See value unlocking on cards for Reliance Industries O2C biz: IIFL

    Reliance Industries has a core business that is O2C, where value unlocking is on the cards and hopefully that will continue to grow on a sustainable basis, Harshvardhan Dole, Vice President of Institutional Equities at IIFL, told CNBC-TV18. The company has successfully diversified into high growth businesses such as retail and telecom. (Read more on how IIFL views Reliance Industries)

    Disclosure: Reliance Industries, the parent company of Reliance Jio, owns Network 18 that publishes CNBCTV18.com.

Stock Market Highlights: The Indian equity benchmark indices ended at record closing highs Monday led by gains in IT, realty and auto stocks amid mixed global cues. Broader markets aided market sentiment, with the Nifty Smallcap100 index jumping 1.09 percent, and the Nifty Midcap100 index rising 0.41 percent. Among sectors, most gains were seen in realty, IT, media, auto and metal indices, while banks, FMCG and pharma indices ended in the red.