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Stock Market Highlights: Sensex ends 446 points higher, Nifty reclaims 17,800 as market extends gains to second day

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Stock Market Highlights: Indian equity benchmarks extended gains to a second straight day on Tuesday led by gains in oil & gas and select financial shares. IT  stocks were in high demand ahead of the earnings season. Weakness in pharmaceutical and PSU banking shares limited the upside in the market, while real estate shares suffered selling pressure. Broader indices also aided investors' sentiment though the midcap and smallcap indices underperformed the headline gauges.

Stock Market Highlights: Sensex ends 446 points higher, Nifty reclaims 17,800 as market extends gains to second day
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  • 17,750 to be key support level for Nifty50: Shrikant Chouhan

    Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, expects 17,750 to be the key support level for the trend-following traders. "If the index rises above that level, the uptrend texture is likely to continue up to 17,880-17,900 levels. On the flipside, below 17,750, it may trigger quick intraday correction up to 17,710," he said. 

    "The market remained optimistic ahead of the start of the earnings season even as global cues were not supportive," he said. On the daily charts, the index has formed an uptrend continuation pattern, and a promising higher high and higher low series on the intraday charts, which clearly supports further uptrend, Chouhan said. 

  • Expect rupee to trade in 74.30-75 range in near term: Kotak Securities' Anindya Banerjee

    Anindya Banerjee, DVP, Currency Derivatives and Interest Rate Derivatives at Kotak Securities, expects the USD-INR pair to move in a range of 74.30-75 in the near term. "Rising oil prices are helping the USD-INR (pair) climb higher... The bias continues to be upward. However, due to robust corporate dollar inflows, the speed of ascent remains low," he said.

  • Positive on Reliance Industries, stock will continue to create value: Mehraboon J Irani

    Market expert Mehraboon J Irani believes Reliance Industries is a stock that is going to continue to create compounded returns for investor. From an investor's perspective, the only question to be asked is whether it will rise to higher levels, and the answer would be yes, he said. "I think this is not a stock which one should be learning to trade for the short term. You need to understand that the company has formed global partners in quite a few sectors. It has invested this money. It has largely taken care of its balance sheet. The sectors in which the company is in are going to keep on growing. So, it's all positive for Reliance Industries," he said.

    "The question is: Do I buy now or do I wait for a small price correction? If you are an investor, I don't think you should bother whether you are buying it at Rs 2,000 or Rs 2,500," he said. 

    Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

  • Rupee edges lower to end at 74.45 against dollar

    The rupee ended at 74.45 against the greenback, as against its previous close of 74.31. 

  • Upbeat mood in European markets helped Indian market regain momentum: Vinod Nair

    Vinod Nair, Head of Research at Geojit Financial Services, said the upbeat mood in the European markets, which rebounded after the US tech stocks-led selloff, helped the Indian market regain momentum. "The rout of Chinese economy led by a power shortage provided a positive surprise to few sectors in the Indian market," he said.

  • Market At Close | Market sees sharp recovery in second half of the day led by banks, Reliance Industries

    Here are some highlights of the session: 

    --Nifty Bank bains 376 points from day's low to close at 37,741
    --Midcap index rises 134 points to record close of 31,009
    --Reliance Industries at record high; market cap above Rs 17.6 lakh crore
    --PSU companies continue to gain momentum; ONGC, CIL, IOC top Nifty gainers
    --IT stocks gain ahead of Q2 earnings; HCL Tech, TCS top gainers
    --OPEC+ deciding to maintain gradual hike in output lifts ONGC 11 percent
    --Coal shortage issue keeps Coal India in focus; shares rise over 4 percent
    --Strong Q2 updates lead to 4 percent gain in IndusInd Bank
    --Telecom shares gain on government's plan to revise OTSC levy; Bharti Airtel up 3 percent, Vi 1 percent
    --Mid-sized banks AU SFB, Bandhan Bank rise ahead of quarterly updates
    --Tata Power moves 6 percent higher on prospect of MSCI inclusion
    --Chemical shares gain for second straight day; Aarti up 4 percent, Deepak Nitrite 3 percent
    --Market breadth favours the bulls; advance-decline ratio at 3:2

  • Market At Close | ONGC, IndusInd Bank, Coal India top gainers; Cipla, Hindalco top laggards

  • Market At Close | IT stocks gain ahead of Q2 earnings; HCL Tech, TCS top gainers

  • Closing Bell | Sensex rises 446 points to 59,745, Nifty50 at 17,822 

    The Sensex index ended 445.6 points or 0.8 percent higher at 59,744.9 and the broader Nifty50 benchmark rose 131.1 points or 0.7 percent to settle at 17,822.3. Sharp buying interest in oil & gas, IT and select financial shares pushed the market higher, though weakness in pharmaceutical and PSU banking counters played spoilsport. Realty shares also saw selling pressure. (Read more on what the market looked like at the close)

  • Raj Deepak Singh of ICICI Securities, on Rupee:

    “Indian Rupee depreciated majorly on the back of strong dollar and surge in crude oil prices,” said Raj Deepak Singh, Head-Derivatives, ICICI Securities.

    “Oil prices rallied sending it to 7 year high as OPEC+ said it would stick to an existing pact for a gradual increase in oil output. Investors fear that higher energy prices may add to inflationary pressure pushing central banks across globe to start tapering monetary stimulus,” he added.

    Singh believes Rupee may trade in the range of 74.30 to 74.90 in the next couple of sessions.

  • Shares of Zee Entertainment Enterprises were down 0.7%

  • Reliance Industries market cap near Rs 17.5 lakh crore as shares hit record high
    Reliance Industries shares surged to a new record high on Tuesday, cementing the conglomerate's position as the country's most valuable company. RIL's market capitalisation reached near the Rs 17.5…
    Stock Market Highlights: Sensex ends 446 points higher, Nifty reclaims 17,800 as market extends gains to second day
  • Canara Bank, Bank of Baroda, SBI top picks among PSU banks: Deen Dayal Investments' Manish Hathiramani

    Deen Dayal Investments' Manish Hathiramani said Canara Bank, Bank of Baroda and State Bank of India are his top picks from the PSU banking space.

    "After crossing the numeric value of 2,000, the PSU Bank index has flared up to the 2,500 mark. I am of the opinion that this rally is here to stay and from a technical perspective, it can scale higher to 3,000 which should be the next resistance zone," he told CNBCTV18.com

  • Datamatics introduces Enterprise Productivity Plan

    Datamatics Global Services introduced Enterprise Productivity Plan to help organisations achieve greater agility, drive digital transformation, and greater productivity by automating repetitive, mundane tasks and document intensive processes.

    Shares of the company rose 5.2 percent to 320.5 apiece on the BSE.

  • SREI Board superseded by RBI; here’s what’s next
    With the SREI Group companies' boards superseded and control handed over to an RBI-appointed administrator, the action will now move to the courts.
    Stock Market Highlights: Sensex ends 446 points higher, Nifty reclaims 17,800 as market extends gains to second day
  • Allied Digital shares locked in 10% upper circuit

    The company has won a transformational five-year order worth Rs 165 crore from a large global manufacturing conglomerate.

  • Coal India shares surged nearly 4% and hit a 52-week high at Rs 198

  • BLS International wins order from Thai embassy for visa services

    BLS International Services announced that its contract with Royal Thai Embassy in New Delhi for visa services has been renewed last week.

    The company will be accepting visa applications for Thailand from various cities of India including New Delhi, Himachal Pradesh, Punjab, Haryana, Rajasthan, Uttarakhand, Assam, North East, Chandigarh, Jalandhar, Jammu & Kashmir.

  • Reliance Industries market value near Rs 17.5 lakh crore as shares hit record high

    Reliance Industries Limited (RIL) shares rose more than one percent to touch a record high of Rs 2,582.5 apiece on BSE, taking the conglomerate's market capitalisation near the Rs 17.5 lakh crore mark. 

    Earlier in the day, Morgan Stanley sharply raised its target price on the stock to Rs 2,925. The brokerage has an 'overweight' rating on RIL. The firm expects silicon and hydrogen to emerge as the next decade’s ‘new oil’ for Reliance Industries. It is a $60 billion potential opportunity in terms of value creation if everything falls into place by 2025, Morgan Stanley added.

    Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

  • ICICI Lombard General Insurance Company shares fell 2%

  • Buy DCM Shriram, Alkyl Amines Chemicals, says Ashish Kyal

    Here are two trading calls from Ashish Kyal of Waves Strategy Advisors:

    -- Buy DCM Shriram for a target of Rs 1,235 with a stop loss at Rs 1,118

    -- Buy Alkyl Amines Chemicals for a target of Rs 4,270 with a stop loss at Rs 3,870

  • Cerebra Integrated shares up over 2%

    Cerebra Integrated Technologies has increased its capacity by 100 percent from the current recycling and refurbishment capacity from 20,000 metric tonnes to 40,000 metric tonnes. This led to the company’s stock rising 2.5 percent to Rs 56.80 on the BSE.

  • IT stocks across the board are moving higher. Here are some midcap names that have gained in the last hour. 

  • Raymond Realty to develop commercial & high street retail space in Thane across 9.5 acres. The company will also build 3 & 4 BHK residential units spread across 1 msf.

  • Market Watch: Brijesh Bhatia, Senior Research Analyst, Equitymaster

    Asian Paints

    It has been on a roll since his breakout at Rs 2,500-2,600 levels, it made a higher around Rs 3,500. In the last expiry week of September, we witnessed some profit booking or unwinding from the long's but again the start of October has been on a very stronger side. Technically, looking at the chart, it has been trading at the breakout retest level of around Rs 3180 and the 50-days average was placed and if you look at it since the 2020 recovery, this stock hasn’t broken the 50-days average. So every time it retests or is a couple of percent higher from the 50-days average, the stock moves again onto the upward trajectory. So Rs 3,150-3,130 till it is not broken, it can head higher above to the all-time high of around Rs 3,500 levels and we might see somewhere around Rs 3,700-Rs 3,800 levels also on this.

    PFC

    From September end till the start of October, power stocks have been one of the strongest performing sectors and we have seen frequent sector additions happening since the August rally and now it's time for power. Other power stocks like Tata power and others have been gaining strong momentum. The BSE Power index as well since June to September formed a huge bottoming formation - a rounding bottom formation and now it has been breaking out.

    PFC also has seen previous highs breakout which was consolidating for quite a long. We have seen bullish head and shoulder breakout as well. Being retested those levels at around Rs 139 last week and now gaining the strong upside momentum. So, with the Tata Power gaining strong upside momentum, - if you look at the momentum with Tata power and PFC, they generally go hand in hand, though the time cycle might differ over here, but expect the moving PFC like that of Tata power, so probably Rs 160- Rs 165 can be seen on PFC as well.

    Amara Raja Batteries

    The auto sector has done nothing, and even ancillaries have done nothing for quite a long and Amara Raja Batteries is down by around 30- 35 percent from the highs of 2021. The huge bottom formation has happened since June. Huge accumulation has happened in the range of around Rs 750 on the downside to the higher levels. Even Maruti in the last week has seen a huge momentum, Tata Motors has seen a huge momentum so ancillaries might follow.

    For the next six to 12 months as well, this battery stock is forming a huge bottom formation and we might see again, the four-digit level coming on to this till around Rs 700 levels.

  • European stock markets rise in early trade 

    European markets started the day on a positive note. The pan-European Stoxx 600 index was up half a percent at 452.8 in early deals. Rising bank stocks and an encouraging earnings update from German chipmaker Infineon calmed nerves following a tech-fuelled selloff on Wall Street.

    While the UK's benchmark FTSE index was up 0.4 percent, France's CAC and Germany's DAX indices were up 0.3 percent and 0.2 percent respectively. 

    Stock Market Highlights: Sensex ends 446 points higher, Nifty reclaims 17,800 as market extends gains to second day
  • 'Buy' Fortis Healthcare; stock set to start next upmove

    According to Gaurav Ratnaparkhi, Analyst at Sharekhan by BNP Paribas, after some correction in the recent past, Fortis stock looks set to start its next upmove. Fortis Healthcare has scaled above the key day moving averages, suggesting that the bulls are having an upper hand. Structurally, the stock is set to form an impulse on the upside. Buying is advised at the current levels for a target of Rs 290-303 with a stop loss at Rs 265. 

  • B Thiagarajan, Blue Star on CNBC-TV18 

    Sales in September were good and AC sales were better than last year's. The pick-up in demand in July was better than expectations. Growth is happening despite price hikes - the price increase in September was around four percent. However, margins will be down one percent due to higher commodities but will get offset by cost measures.  Commodity prices will remain firm going ahead and increasing infra works will help drive growth faster.

  • Market Watch | Ajit Mishra of Religare Broking

    --Buy Britannia Industries for a target of Rs 4,000 with a stop loss at Rs 3,840 

    --Buy Coromandel International for a target of Rs 890 with a stop loss at Rs 800 

Stock Market Highlights: Indian equity benchmarks extended gains to a second straight day on Tuesday led by gains in oil & gas and select financial shares. IT  stocks were in high demand ahead of the earnings season. Weakness in pharmaceutical and PSU banking shares limited the upside in the market, while real estate shares suffered selling pressure. Broader indices also aided investors' sentiment though the midcap and smallcap indices underperformed the headline gauges.
Here are highlights of the Oct 5 session: