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Stock Market Highlights: Sensex at record closing high, Nifty above 16,900 led metals, pharma, banks

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Stock Market LIVE Updates: Indian equity benchmark indices Sensex and Nifty ended at record highs on Monday led by strong buying across sectors amid positive global cues. Broader markets, the midcap and smallcap indices outperformed the headline gauges. Barring Nifty IT, all the other sectoral indices ended with strong gains with metals, banking, pharma, auto and realty indices rallying the most.

Stock Market Highlights: Sensex at record closing high, Nifty above 16,900 led metals, pharma, banks
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  • Ajit Mishra, VP - Research, Religare Broking

    Markets regained momentum and settled with gains of nearly one and a half percent, tracking firm global cues. The surge in the index was led by the banking and financials pack today, which look upbeat to maintain the bias. Going ahead, the upcoming macroeconomic data i.e. GDP numbers and auto sales numbers will be in focus for further cues on economic recovery. We expect the prevailing uptrend to continue and suggest keeping the focus on the selection of stocks.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty closed once again at the all-time high. It is now near the 17,000 psychological mark. The sharply positive advance-decline ratio has improved sentiments, though participants are aware of the high valuation and possibility of a correction that can set in soon. 17,000 is the next logical target for the Nifty while 16,731 is the support for the near term.

  • Here are key stocks that moved the most on August 30
    The Sensex rallied 765.04 points, or 1.36 percent, to end at 56,889.76, while the Nifty closed at 16,931.05, up 225.85 points, or 1.35 percent.
    Stock Market Highlights: Sensex at record closing high, Nifty above 16,900 led metals, pharma, banks
  • Rupee At Close | The rupee surged by 40 paise to close at 73.29 against the US dollar, supported by a firm trend in domestic equities and a weak American currency. The local unit opened strong at 73.46 against the greenback and later gained strength to settle at 73.29, higher by 40 paise over its previous close of 73.69. The local unit moved in a range of 73.21 to 73.54 in the day trade.

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

    The rupee/dollar clocked back-to-back losses as spot closed 42 paise lower at 73.26, lowest levels since mid-June. Dovish comments from the US Fed chairperson last Friday has added fuel to fire. Risk on rally in stocks and commodities and weakness in the US Dollar against Asian currencies pushed the pair lower. RBI may have intervened. Over the near term, USDINR can trade with a downward bias within a range of 73.00 and 73.60 levels on spot

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

    Nifty witnessed a spectacular rally rallying over 200 points after the breakout of the 16,700 level. The texture of a breakout continuation formation suggests an uptrend wave is likely to continue in the near future. For the day traders, the support has shifted from 16,700 to 16,800-16,850 levels. On the flip side, markets may take a temporary pause near 17,000-17,050 levels due to an extended rally while intraday charts suggest the market is in an overbought situation. As long as the index holds the 16,800 level, the uptrend formation could continue up to 17,000-17,050 levels, whereas on the downside, below the 16,800 level uptrend would be vulnerable.

  • Rahul Sharma, Co-Founder, Equity99

    Nifty has formed big white candle, crossing all of the intermediate highs and made fresh record high levels of 16,951. All parameters on technical charts are on the bullish side. This type of formation on charts are indicating that bulls are on charge coming session will bring further highs and might cross 17,000 levels, Nifty on the downside has a strong immediate support at 16,900 followed by 16,825 & 16,775 levels, on the upside 17,000 will remain a big physiological hurdle & further 17050 – 17,150 will be levels to watch as profit booking might also hit the Nifty.

    Bank Nifty which looks more promising after a long consolidation is coming out of range and with strong volumes we are witnessing big momentum in the index, on hourly charts we have seen huge breakout near 36,200 levels. Now 36,200 will act as strong support followed by 36,000 & upside hurdle is placed at 36,550 followed by 36,750 & 36,900 levels.

  • Manish Shah, Founder, Niftytriggers.com

    Nifty closed the day sharply higher as the market bounced rallied on the back of strong international markets with a massive improvement in sentiment. Nifty has traded above a minor consolidation and this pause before the breakout does have more legs in it. This seems to be a continuation gap and continuation gaps can continue in the direction of the breakout for some time.

    Nifty has shown a widespread candle that has the widest range in the last several days. The candle has hit the Weekly R2 level at 16,940 and if the index sustains past this we are likely to see a move higher towards 17,030-17,050. There could be a couple of sideways down days. Any fall in the Nifty towards the 16,850-16,760  zone is a buying area. Ride the trend and avoid taking counter-trend short trades.

  • Sachin Gupta, AVP-Research, Choice Broking

    On the daily chart, the Nifty50 index has breached the prior resistance of 16,700 and moved towards the new milestone of 17,000 marks. Moreover, the index has also closed above the upper band of the Bollinger formation, which suggests a bullish presence in the counter. The index has been trading above all the important key indicators, which adds positive strength further. At present, the nifty index has immediate support at 16,700 levels while resistance may come around 17,000 levels.

  • Market At Close | Positive commentary leads to a gain of over 4% in Bharti Airtel

  • Market At Close | BSE companies gain market cap of over Rs 2.4 lk cr today & Rs 12 lk cr in August.

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

    -Market Surges To Record High Following Strong Global Cues

    -Sensex Hits Intra-day Record High Of 56,958 & Nifty 16,951.50

    -Nifty Bank Gains More Than 2% With All Of Its Constituents In The Green

    -Nifty Gains 226 Points To Close At 16,931 & Sensex 765 Points To 56,990

    -Nifty Bank Rises 720 Points To 36,348 & Midcap Index 537 Points To 28,242

    -Heavyweights Lead Market; RIL, ICICI, HDFC Bk, Axis & HDFC Top Nifty Contributors

    -43 Nifty Stocks End In The Green; Bharti, Axis, Divi’s, Tata Steel Top Gainers

    -Positive Commentary Leads To A Gain Of Over 4% In Bharti Airtel

    -Autos Rise Ahead Of August Auto Sales, Maruti Rises Over 4%

    -IT Underperforms In A Strong Trading Session, Tech Mah & Infy Top Losers

    -Stocks Added To F&O Last Wk See Hiuge Gains, Polycab IndiaMART, IEX Up 8-12%

    -BSE Cos Gain Market Cap Of Over Rs 2.4 Lk Cr Today & Rs 12 Lk Cr In August

  • Closing Bell | The Indian equity benchmark indices ended at record closing highs led by strong buying across sectors amid positive global cues. The Sensex rallied 765.04 points, or 1.36 percent, to end at 56,889.76, while the Nifty closed at 16,931.05, up 225.85 points, or 1.35 percent. Broader markets, the midcap and smallcap indices outperformed the headline gauges.

    Barring Nifty IT, all the other sectoral indices ended with strong gains with metals, banking, pharma, auto and realty indices rallying the most. Bharti Airtel, Divis Laboratories, Axis Bank, Tata Steel and Coal India were the top Nifty50 gainers, while Tech Mahindra, Eicher Motors, Nestle India, Infosys and Wirpo were the top index losers. Read here.

  • Buzzing | L&T Finance Holdings share price gains on MF arm stake sale reports

    Shares of L&T Finance Holdings gained 3 percent after CNBC-TV18 reported that the company is in advanced talks with HSBC to sell its mutual fund arm. The sale of L&T Mutual Fund has been in the works for a while, people with direct knowledge of the development told CNBC-TV18. It is understood that both the parties have signed an exclusivity period for these deal talks to fructify.

  • Expect gold to test $1900 per ounce by early next year: Metals Focus

    Gold is trading above $1,800 per ounce after it gained 2 percent in the previous week. The US Fed's statement that they would start tapering by the end of the year but interest rate hikes are far away has been supportive for gold.

    In an interview with Manisha Gupta, Chirag Sheth of Metals Focus said even if tapering happens, we are not likely to see interest rate hikes till late 2022 or early 2023 and that is something that is supportive for gold.

    "Jerome Powell mentioned that tapering is not equivalent to interest rate hike and that is positive for gold. So even if tapering happens, we may not see interest rate hikes coming in probably till late 2022 or early 2023. So that is something which is supportive for gold." Watch here.

  • Bullish on Bharti Airtel, says Sanjiv Bhasin, Director, IIFL Securities

    The capital raise will be a little bit of a overhang but I think it will get absorbed because the market is looking at data servicing being very strong. So I am bullish on the stock. As a disclosure, it is in our portfolio, we continue to think Bharti Airtel is headed higher.

    On Chemical stocks, Bhasin said that two of his picks have been multi-baggers - SRF and Atul Ltd.

    “We think they are still going to be the market leaders, you have seen the numbers. I cannot advocate to buy at the prices which they are – they are almost 8-10 baggers. A large part of the rally has already played out, be watchful. China factors will play up and down but we think SRF and Atul will outlast the winners for some time now,” he said.

  • OPEC+ likely to keep oil output policy from September unchanged

    OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters.

    The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Sept. 1 to discuss the previously agreed increase of 400,000 barrels per day (bpd) for the next several months.

  • Property prices likely to rise by 4-5%; demand for ready-to-move houses robust: Lodha Developers

    The demand for ready-to-move-in residential houses is strong and the property prices are expected to increase by 4-5 percent going ahead, said Prashant Bindal, chief sales officer (CSO), Macrotech Developers (formerly known as Lodha Developers). Speaking to CNBC-TV18, Bindal also discussed the demand trend and expansion plan of the company.

    “If salary increases close to 7-8 percent in the organised sector, then we believe that 4-5 percent price increase in real estate prices is absolutely doable. Our idea is to increase the prices twice, we did once in April and another post-Dhanteras, immediately after the festive season. A modest price increase of 2-3 percent every six months can be done,” Bindal said. Read more here.

  • Airtel’s debt profile to be comfortable in two years: Sunil Bharti Mittal

    “My idea of comfortable debt/EBITDA is 2X (current is 3X). The cash flow from this industry is bound to increase,” said Sunil Bharti Mittal.

    “Airtel’s debt profile will become comfortable in two years with the monetization of assets and increased cash flows. We have done significant capex and will rollout capex as needed,” he added.

    He believes data consumption per user is unlikely to increase from 16 GB per month.

    “The fund raise of Rs 21,000 crore gives us that leverage to grow that extra mile that we can sense is around the corner,” Mittal said.

  • Sunil Bharti Mittal calls for tariff hike.

  • Levies in telecom industry needs to be reduced: Sunil Bharti Mittal

    The levies and load in the industry need to be bought down, said Sunil Bharti Mittal. Around Rs 35 out of Rs 100 of revenue generated by industries is given out as levies to the government, he added.

    Bharti said he hopes that the pricing of the spectrum will be equally made attractive by the government (for 5G).

  • Loaded with extraordinary debt, says Sunil Bharti Mittal

    Bharti Airtel board decided to raise capital in the meeting. The company’s leverage is bothering investors. Debt is at extra ordinary level. We have loaded with extraordinary debt - load of AGR and spectrum payments, said Sunil Bharti Mittal, Chaiman, Bharti Airtel.

    There is an opportunity to accelerate the growth path now. The debt is comfortable for business as usual and part of 5G network. 5G is upon us now. We needed access to growth capital. 5G will be a reality in H2 2022, he said.

  • Steel cos throwing up ‘insane’ cash; 2008 crash comparisons wrong: Expert

    Steel stocks have been volatile over the last couple of weeks because of the weakness in global commodity prices as well as skepticism about whether the unusually high operating margins can sustain. Rakesh Arora of Goindiastocks.Com feels the market is underestimating the true potential of steel companies. “Market is underestimating two-three things,” Arora said in an interview to CNBC-TV18.

    “One is the deleveraging because the way the cycle is going, the amount of cash these companies are throwing is insane. Meaning you are doing Rs 30,000 per tonne of margin, and the capex cost for a new steel plant is around Rs 60,000 per tonne. So the payback is like two years, so you are going to payback a new steel plant in two years’ time,” Arora said, adding that the market was underestimating the cash, these companies are throwing. Watch here.

  • Anupam Rasayan India | The company has signed a Letter of Intent (LOI) amounting Rs 135 crore with a Japanese Multinational Chemical company for supplying a life sciences related speciality chemical product. The company will enter into a long-term contract with the Japanese multinational firm for next four years to supply this life science related speciality chemical product.

  • Steel demand strong; prices unlikely to fall much: Arcelor Nippon CEO

    Demand for steel is improving rapidly, especially in construction, Dilip Oommen, Arcelor MittalNippon Steel India said in an interview to CNBC-TV18. He does not expect steel prices in India to fall much from current levels because of China going slow on steel exports.

    Concerns of weak steel prices caused a meltdown in stocks of Indian steel companies last week, but the fears appear to have faded, going by the rebound in share prices. Oomen said China has vacated its dominant position in steel exports, and due to curb in exports from China, steel prices were unlikely to decline. Watch full interview here.

  • Markets At Record High

Stock Market Highlights: Indian equity benchmark indices Sensex and Nifty ended at record highs on Monday led by strong buying across sectors amid positive global cues. Broader markets, the midcap and smallcap indices outperformed the headline gauges. Barring Nifty IT, all the other sectoral indices ended with strong gains with metals, banking, pharma, auto and realty indices rallying the most.

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