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Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%

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Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 registered sharp gains on Thursday tracking strength across global markets amid improving risk appetite. Broad-based buying led by auto, IT, consumer and select banking stocks pushed the market higher with sharp gains in heavyweights such as Titan, TCS and ICICI Bank. Broader indices outperformed headline gauges, with the midcap barometer rising 1.9 percent to a record high. All eyes are now on the outcome of the RBI's scheduled policy review on Friday.

Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • Thank you, readers! That's all from CNBC-TV18.com's live market coverage on October 7. Stay tuned for other updates on our website: CNBCTV18.com.

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  • Rupee expected to move within 74.40-75.00 range: Kotak Securities' Anindya Banerjee

    Anindya Banerjee, DVP, Currency and Interest Rate Derivatives at Kotak Securities, expects volatility in the rupee to increase on Friday and Monday as the RBI announces monetary policy and the US releases jobs data for September. He expects the USD-INR pair to operate within a range of 74.40-75.00 in the spot market.

    The rupee snapped a three-day losing streak to end at 74.79 against the dollar on Thursday.
  • RBI may pull out some surplus liquidity: Equity99's Rahul Sharma

    Rahul Sharma, Co-Founder of Equity99, said the RBI is not expected to make any changes to key rates but may pull out surplus liquidity. "The market looks very volatile at the current position. We advise investors to book partial profits and keep a bit of cash balance in hand. Unless we get a closing above the 17,885-17950 levels, the 18,000 mark will be difficult to achieve, as these levels are acting as major resistance on the upside. On the lower side, strong support is placed at 17,725, followed by 17,650-17,600 levels," he said.  

    For Bank Nifty, resistance is seen at 38,100-38,350 levels, and major support comes in at 37,500-37,350, he said. 

  • Positive on PSU banks that haven't done too well: Ambareesh Baliga 

    Independent market expert Ambareesh Baliga said he is betting on some of the larger PSU banks that "haven't really doen too well as of now",

    Both Punjab National Bank and Bank of Baroda can move up further from here, he said. "I am looking at levels of about Rs 55-56 for PNB and about Rs 110-115 for Bank of Baroda,” Baliga added.

  • Don't suspect too many changes in monetary policy: Emkay Global's Nirav Sheth

    Nirav Sheth, CEO of Institutional Equities at Emkay Global Financial Services, told CNBC-TV18 that he doesn't suspect too many changes in the upcoming monetary policy. "Risk, by definition, is not a truck that is coming to you at some few miles per hour so that you can spot it. It is something that is lurking around you, near you; you can’t see it and usually it tends to shock you," he said.

    "I would like to believe that while the near-term inflation concerns are there, they are largely supply shocks. The big thing is that the impact of China will be deflationary. That is the hypothesis that we are carrying and if that is the case, probably you will have lower rates for longer and that is a big investment theme in India," he added.

  • Market At Close | IT shares rise ahead of earnings

  • Market At Close | Sensex, Nifty50 rebound on strong quarterly updates from companies

    Here are highlights of today's session:

    --Nifty Bank gains 232 points to 37,753; ICICI Bank contribution over 50 percent 
    --Midcap index surges 576 points record closing high of 31,304
    --Auto stocks rise on expectation of strong festive demand; Nifty Auto up 4 percent
    --Strong Q2 updates lead to buying in jewellery shares; Titan at record high
    --Realty stocks surge on quarterly updates; Nifty Realty up 6 percent
    --Tata Motors rises to 3-year high after Morgan Stanley upgrades stock
    --M&M rises 5 percent on strong demand for XUV700
    --IT shares rise ahead of earnings; TCS, HCL up 2 percent; Infosys, Wipro up 1 percent 
    --Bandhan Bank rises 7 percent on positive note from Goldman Sachs
    --Page Industries, Godrej Properties, MCX, AB Fashion, Bata, IRCTC top midcap gainers
    --Gas stocks see profit booking; ONGC, GAIL down 4 percent each
    --Market breadth favours bulls; advance-decline ratio at 5:2

  • Market At Close | Titan, TCS, ICICI Bank top Nifty50 movers 
     
    On the other hand, losses in stocks such as the HDFC twins, ONGC and HUL limited the upside for the 50-scrip index.
    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • Market At Close | Tata Motors, Titan, M&M, Maruti top gainers; ONGC, Dr Reddy's, CIL top losers

    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • Closing Bell | Sensex ends 488 points higher, Nifty settles at 17,790 

    The Sensex index ended 488.1 points or 0.8 percent higher at 59,677.8 and the broader Nifty50 benchmark rose 144.4 points or 0.8 percent to settle at 17,790.4. (Read more on the closing bell here)

  • Market Watch | Deven Choksey, KRChoksey on:

    Tata Motors

    The more important point here is the commercial vehicle (CV) segment. It is seeing the demand and it is likely to grow very fast. On one side the demand side is extremely strong, on the other side, temporary problem with the supply side – we are likely to see some amount of easing out of this problem somewhere in November, December. That is one of the reasons I see the stock price has moved up. The electric vehicle portfolio of Tata Motors itself is suggesting a good amount of growth for the company. With the cost-cutting measures, I would like to believe that the company could be on the path of generating significantly better performance going forward compared to what they have produced in past. That is why the stock is remaining attractive from an investment point of view.

    Realty

    Residential real estate developers are having better times for the last few quarters now. They continue to do so particularly because of the higher demand for houses particularly in the urban cities. From that perspective, they are likely to show relatively better performance going forward as well.

    From a perspective of looking at steady investments and steady returns, we like the housing finance companies as a proxy to real estate group.

    They are relatively better. We believe 20 percent plus the kind of CAGR growth for some of the HFCs could be a reality at least for the next three-five years. So one can stay invested in.

  • Rakesh Gangwal drags IndiGo to Delhi HC in arbitral dispute; plea yet to be taken up by Delhi HC

  • Wait for dip in Paras Defence to Rs 500 to enter now: Swastika Investmart's Santosh Meena

    Santosh Meena, Head of Research, Swastika Investmart said Paras Defence saw huge demand even after listing. "Given its strong order book, diversified product portfolio and strong client relationship, the company is going to perform exceptionally well in the coming years. The company operates in a niche segment that has high entry barriers. Its fundamentals are strong where one should remain invested for the long term. New investors should wait for the dip and then make their positions accordingly around the Rs 500 mark," he said. 

  • Indian equity market anticipates substantial economic upmove; real estate, autos exciting: HSBC Global
    Tushar Pradhan, CIO of HSBC Global Asset Management (India), on Thursday said that the market is anticipating a significant move in the economy.
    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • JMC Projects' joint venture company submits notice of termination of Concession Agreement To NHAI

    Kurukshetra Expressway, a joint venture in which JMC Projects (India) holds 49.57 percent stake, had entered into a Concession Agreement with the National Highways Authority of India (NHAI) for Four Lanning of Rohtak-Bawal Section of NH-71 in Haryana on design, build, finance, operate and transfer basis.

    The joint venture company has submitted a notice of termination of the Concession Agreement to NHAI due to forcible suspension of toll collection or user fee on account of the farmer's agitation with effect from December 25, 2020, JMC Projects said in a filing.

  • Life insurance companies report healthy growth for September

  • Market watch | Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services on:

    Consumer space

    Spaces like retail, jewellery, footwear, beverages are all doing well on back of strong demand. The expectation is that with the third wave being much in control and much lower than feared, and now economy going back to a full-throttle with the festive season starting from today, these segments would do well.

    If you also look at the other side, which is the banking space, we have already started getting some of the pre quarterly updates there some of the banking and NBFCs, there too initial reports have been pretty good. So there we like some of the capex theme and also as I said the unlock trade or consider leisure travel and the retail, beverages theme that is playing on

    PSU stocks

    If you look at the commodities space, this is something similar to what we had seen in the 2005-2008 bull run. So, this time the commodity prices are driven by the supply constraints plus you have a good steady demand. So, a lot of these stocks be it ONGC, NTPC, Power Grid, Coal India are driven by the commodity prices which are rising globally and they are benefiting out of it. So realisations are improving for some of these players and as the economy is now looking at full throttle with the third wave being less than expectation control and the festive season beginning. So demand for some of these power companies is at a peak and plus you have the commodities, pricing realisation benefit that these companies will enjoy.

    Cement

    We are positive on the entire domestic capex theme and cement is one space that we clearly see benefiting out of the economic growth. Plus, we believe that the capex cycle is now finally improving with a lot of sectors looking at good demand and talking about increasing capacity.

    In the cement space obviously, within the large caps we like Ultra Tech which is our preferred pick and within the mid cap, and we like JK Cement.

    Birla Corporation is a unique name again, from the mid-small size space, which we like. The company is looking at huge capacity expansion that is the core of our reason why we like Birla Corp. They are planning to expand capacities to up to 30 mtpa by 2027. That's a huge expansion that they're looking. New capacities will help the company for volume growth. Already they are running at 90 percent plus capacity utilisation. There are some cost pressures that we could see in the current quarter but realisation is something that again is steady and we are seeing some price hikes in some pockets across the country. So that should mitigate to some extent, but as a long term investment it can be a good play over the next few years to play the rising economy, the capex cycle in India.

  • Current trend comparable to 2003-07 bull market; expect tech, industrials to be sector leaders: Ridham Desai
    Indian market could double in the next 5 years - that is the word coming in from Morgan Stanley's MD, Ridham Desai. He discussed the market outlook and shared this views on the on-going bull market…
    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • Piramal Enterprises shares gain nearly 4%

  • NTPC in pact with Électricité de France S.A.

    Électricité de France S.A. and NTPC have signed an agreement to explore potential power project development opportunities in the Middle East, Asia, Europe and Africa.

    Shares of NTPC were down 0.2 percent at Rs 143.10 on the BSE.

  • Goldman Sachs has maintained a 'buy' rating on Bandhan Bank with a target price of Rs 443, which suggests a 48 percent upside potential from current levels.

    On the point of peaking of asset quality cycle for Bandhan Bank, the firm believes that the bank is well placed as far as consolidated market share is concerned; also the recoveries are going to be strong given the sticky customer base.

  • Mahindra XUV700 clocks 25,000 bookings in 57 minutes; M&M shares jump 6%

    “Mahindra XUV700 today clocked 25,000 bookings in 57 minutes of its booking commencement which is an unprecedented milestone in the Indian automotive industry,” said M&M in an exchange filing.

    The volume of 25,000 XUV700s made available today at the launch prices reflects up to six months of production depending on the variant, it said.

    Shares of M&M were trading 6 percent higher on the BSE at Rs 884 apiece.

  • RBI’s policy outcome will be announced on October 8. Here's what the CNBC-TV18 poll suggested:

  • Rakesh Jhunjhunwala’s name appears among Canara Bank shareholders

    Ace investor Rakesh Jhunjhunwala held a 1.6 percent stake in Canara Bank the September quarter.

    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • Tata Motors shares locked in 10 percent upper circuit on the BSE

  • Canara Bank Shareholding | Rakesh Jhunjhunwala’s name appears with 1.60 percent stake in September quarter

  • Bank of Baroda cuts home loan rate; shares up 2%

    Bank of Baroda announced a reduction of 25 bps in its home loan rates from 6.75 percent to 6.50 percent, effective immediately. "With the onset of the festive season and to make home buying more affordable for customers, the bank has extended this offer and the special rate will be available till December 31, 2021. The new rates will be available for customers applying for fresh loans, loan transfer or looking to refinance their existing loans making the offer more inclusive. Nil processing fee on home loan was already on offer and has been extended till 31/12/21," Bank of Baroda said in a statement. 

    Bank of Baroda shares traded 2.2 percent higher at Rs 84.2 apiece on BSE. 

  • Ramkrishna Forgings logs record high on pact to develop EV components

    Shares of Ramkrishna Forgings surged as much as seven percent on Thursday after the company said it has signed an agreement with a US-based technology partner for the development of electric vehicle (EV) powertrain components for the Indian EV market. The scrip hit an all-time high at Rs 1,187 today. The stock has given stellar returns so far in 2021. Year-to-date, the stock has jumped 138 percent.

  • Titan becomes second Tata Group company to enter Rs 2 lakh crore mcap club

    Titan Company became the second firm in the Tata group to hit the market capitalisation of Rs two lakh crore after Tata Consultancy Services (TCS). Titan shares surged to a record high after the company said it saw a recovery across segments after the second wave of the COVID pandemic in the July-September period. (Read more on Tata Group shares here)

    Stock Market Highlights: Sensex ends 488 points higher, Nifty50 reclaims 17,750 amid buying across sectors; Titan jumps 11%
  • CNBC-TV18 Exclusive | Ridham Desai , Morgan Stanley

      

    Corporate profits were booming in 2007, it hit seven percent of GDP in 2007. In 2007, policymakers shifted corporate profits to labour class. In 2019, government moved the policy back in favour of entrepreneurs. The current trend is comparable to the 2003-07 bull market. India is now amongst the top 10 markets in the world. Sector leadership will be led by tech, consumers & industrials.

    Things are in favour to support a good capex cycle. Nifty and Sensex compounded in double-digits in the last 20-25 years. The government assets are now being sold strategically. Some govt assets in ESG -ve sectors will be hard to sell while Infra & other non-ESG favourable will be easier to sell. 

    In 2007, CPI became double and India was in stagflation. The RBI then adopted a process of real rate in +ve territory. The same year we lost growth while maintaining real rate in +ve terrain. The differentiating factor for India now is how much FDI India will attract?

    The regulator has tried to highlight the merits of systematic investing. India's population is young and it has learnt that systematic investing works.

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 registered sharp gains on Thursday tracking strength across global markets amid improving risk appetite. Broad-based buying led by auto, IT, consumer and select banking stocks pushed the market higher with sharp gains in heavyweights such as Titan, TCS and ICICI Bank. Broader indices outperformed headline gauges, with the midcap barometer rising 1.9 percent to a record high. All eyes are now on the outcome of the RBI's scheduled policy review on Friday.
Here are highlights of the Oct 7 session: