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Stock Market Highlights: Sensex, Nifty end at record closing high led by metal, auto, energy stocks; RIL top gainer

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Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended at record high levels on Friday led by strong gains in metals, energy and auto stocks. Broader markets supported the upmove with the Nifty Midcap 100 and Smallcap 100 indices closing in the green. Among sectors, oil & gas, metals, automobile and realty indices saw the most gains, while Nifty Financial Services and Nifty FMCG ended in the red.

Stock Market Highlights: Sensex, Nifty end at record closing high led by metal, auto, energy stocks; RIL top gainer
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  • Ajit Mishra, VP - Research, Religare Broking

    Markets ended with gains of nearly half a percent amid volatility. We remain cautiously optimistic on the markets and suggest focusing on identifying stocks as we’re seeing selective participation now. Going ahead, along with global markets, participants would keep a close watch on domestic macroeconomic data i.e. CPI, IIP for cues.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty gained 3.7 percent over the week, its second consecutive weekly gain and the largest in 7 months. The broader market however swings from negative to positive to even - day after day as investors try to find a clue about the direction of the mid and smallcaps even as the largecaps are back in favour of institutions – both foreign and local. Nifty could take support from 17,153 while 17,480 could act as a resistance in the near term.

  • Market This Week | 47 of 50 Nifty stocks give +ve returns; Shree cement, Bharti, Titan top gainers.

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

    Buying action continued as positive global markets are helping the sentiment to remain bullish in local markets. Benchmark Sensex touched a new high to close above 58,000-mark while Nifty sustained above the psychological 17,000 level. Technically, the index has formed a strong bullish candle on weekly charts which is broadly positive. On daily and intraday charts, it also maintains a breakout continuation formation indicating further uptrend from current levels. While the short-term trend remains positive, some profit booking could be in the offing as traders may prefer to book some profits near the 17,500 resistance level.

    For the trend following traders, 17,150 and 17,000 could be the important support level while on the flip side, 17,500 and 17,700 could act as an important resistance level for the market. In the meantime, on weekly charts, the bank Nifty has formed a range breakout formation, suggesting further upside if the index succeeds to trade above 36,000.

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

    What a change in weather in USDINR. After being in range for over 2 months, between 74.10 and 75.00, USDINR was slammed lower, towards 73.00 levels this week, on the back of weak $ Index and rising equity markets. After a bland speech from US Fed chairman, Mr. Powel in Jackson Hole, where he dragged his feet on raising interest rates or announcing taper, USDINR came under selling pressure. This trend may not reverse soon, as traders shy away from USD and own emerging market currencies like the Indian Rupee.

    Next week is going to be data light and hence the downward bias will continue in USDINR, barring any unexpected sell-off in stocks. However, with USDINR back near 73.00, the tussle between the market and RBI is fully underway. The market wants to know where will RBI draw the line and intervene aggressively? We would continue to look for selling opportunities as upside may remain capped under 73.50 levels on Sept future.

  • Rupee At Close | The Indian rupee ended marginally higher at 73.02 per US dollar against the previous close of 73.06 per dollar amid strong buying in he domestic equity market.

  • Joseph Thomas, Head of Research, Emkay Wealth Management

    Sensex has gone past 58,000 to close the day at 58,128, and the Nifty too comfortably rose to 17,323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets. The developments around the US economy, the revival of activity in Europe - both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week.

  • Sachin Gupta, AVP – Research, Choice Broking

    The Nifty index again breached the immediate resistance of 17,250 and settled above it. Overall, the index is in momentum with bullish strength. Moreover, the index has given a Rising Trendline breakout on a weekly chart, which indicates further robustness in the counter. All the key indicators like RSI, MACD & Stochastic are supporting the positive trend in the index. Hence, market sentiments remain bullish along with the volatility. At present, the psychological level of 17,500 could be a resistance while on the downside, 17,100 may act as support for the index.

  • Manish Shah, Founder, Niftytriggers.com

    On the daily time frame, Nifty will now face resistance at 17,576-17,516 as a confluence of weekly and monthly pivots are seen at this zone. On the lower side, the support is at 17,120-17,100. Nifty will continue to trade higher as long as support at 17,120-17,100 is intact. MACD on the daily time frame is in a buy mode. Adx, a part of the directional movement system is showing bullish readings and there are more upsides in the Nifty system. Expect more upside in Nifty in the days to come towards 17,576-17,516.

  • Market At Close | Reliance Industries lead Sensex & Nifty to record highs. 

  • Market This Week | Here’s how the market performed this week

    -Nifty Gains 3.7% To Post The Biggest Weekly Gain Since Budget Week In Feb

    -Sensex Rises 3.6%, The Biggest Weekly Gain In Last Three Months

    -Nifty Bank Gives Positive Returns For 2nd Straight Week, Up Over 4% In 2 Weeks

    -Midcap Index Rises For 5th Straight Week, Up 0.5% This Week

    -47 Of 50 Nifty Stocks Give +ve Returns; Shree Cement, Bharti, Titan Top Gainers

    -IEX, Voda Idea, Exide, Polycab, Havells, IndiaMART Top Midcap Gainers This Week

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

    -Reliance Industries Leads Sensex & Nifty To Record Highs

    -Reliance Contributes 80% To Nifty’s Gain Of 89 Points Today

    -Sensex Rises 277 Points To 58,130 & Nifty 89 Points To 17,324

    -Nifty Bank Falls 70 Pts To 36,761 With HDFC Bank Being Top Contributor

    -Midcap Index Gains 143 Points To Closes At A Record High Of 29,060

    -Reliance Ends At A Record High With Market Cap Back Above Rs 16 Lakh Cr

    -8 Nifty Stocks Including Asian Paints, Britannia Hit Fresh Life Highs

    -Autos Rise Despite Chip Concerns, Maruti, Bajaj Auto Top Gainers

    -Bharti Airtel Snaps 5-day Gaining Streak, Down Over 1%

    -Financials Underperform; HDFC Bank, Axis & IndusInd Top Losers

    -HDFC Life Falls 3% Following Exide Life Acquisition; Exide Rise 6%

    -ONGC Amongst Top Nifty Gainers As Crude Prices Rise Further

    -Oil Marketing Cos Gain In Friday’s Session Too; IOC, BPCL Up Over 2% Each

    -Nalco Surges 5% Ahead Of Board Meeting On Dividend

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

  • Closing Bell |  The Indian equity benchmark indices ended at record high levels on Friday led by strong gains in metals, energy and auto stocks. The Sensex jumped 277.41 points, or 0.48 percent, to end at 58,129.95, while the Nifty rose 89.45  points, or 0.52 percent to close at 17,323.60. Broader markets supported the upmove with the Nifty Midcap 100 and Smallcap 100 indices closing in the green.

    Among sectors, oil & gas, metals, automobile and realty indices saw the most gains, while Nifty Financial Services and Nifty FMCG ended in the red. Reliance Industries, ONGC, Coal India, Titan Company and IOC were the top Nifty50 gainers, while HDFC Life, Cipla, Bharti Airtel, HUL and HDFC Bank were the top index losers.

  • PMC bank fraud: ED attaches HDIL group's shares worth Rs 233 crore

    The Enforcement Directorate (ED) on Thursday said it has attached partly-paid compulsorily convertible preference shares worth Rs 233 crore of HDIL group companies in the alleged multi-crore-rupee PMC bank fraud and money-laundering case. It said "on the strength" of these shares, HDIL had the rights for allotment of under-construction flats measuring 90,250 square feet FSI (floor space index) in Mumbai's Ghatkopar of developer Aryaman Developers Private Limited.

    "The developer has given an undertaking to ensure not to sell, transfer, alienate or create any third-party rights on completion of the project," the ED said. The agency has filed a money-laundering case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October 2019 against the Housing Development Infrastructure Limited (HDIL), its promoters Rakesh Kumar Wadhawan, his son Sarang Wadhawan, its former chairman Waryam Singh and former managing director Joy Thomas. Read here

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

    The market witnessed some volatile movements and an attempt to hold the level around the Nifty50 Index level of 17,300. It is suggested that the market sustains above the level of 17,200-17,250, the market to gain momentum, leading to an upside projection till 17,400-17,450 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

  • Dollar hits one-month lows before payrolls test

    The dollar sank to its lowest in almost a month against major rivals on Friday, ahead of a crucial US jobs report that could spur the Federal Reserve to an earlier tapering of stimulus.

    The dollar index, which measures the greenback against six peers, was little changed at 92.227 after earlier touching 92.151 for the first time since August 5.

  • Market remains buoyant; premium valuation to sustain: Reliance Securities' Binod Modi 

    "While the market witnessed a sharp upsurge with the Nifty currently trading at 30 percent above its historical average, we believe the premium valuation would sustain, as the fundamentals continue to remain intact. Moreover, the corporate earnings recovery looks sustainable in the subsequent quarters as well," said Binod Modi, Head Strategy at Reliance Securities.

    "Notably, we are still in the beginning of capex revival cycle in the country, which will continue to aid the corporate earnings. Further, considering the recent speech of the Fed Chairman, it appears that taper tantrum is unlikely to happen in the medium-term, which also offers comfort," he added. 

  • Vodafone Idea surges 30% in last 2 sessions; here's why

    Vodafone Idea (VIL) share price surged nearly 30 percent in the last two sessions after its former chairman Kumar Mangalam Birla met with Telecom Minister Ashwani Vaishnaw. The group head of Vodafone Group, Nick Read was also in the country on the same day.

    VIL shares have surged over 12 percent since morning. On Thursday, the shares had rallied as high as 17 percent to close at Rs 7.14 percent. At the time of writing, VIL shares were trading 8 percent higher at Rs 7.42 percent on the Bombay Stock Exchange (BSE).

    Sources told CNBC-TV18, Birla spoke with Vaishnaw about the ailing health of the telecom sector and discussed an urgent need for government intervention. The meeting took place a month after Birla stepped down as the chairman of the cash-strapped telco. Read here.

  • Nifty above 24,000 looks realistic, says Elara Securities

    The Indian equity market scaled a fresh record high on Friday, with the benchmark Sensex surging above 58,000 and Nifty hitting above 17,300 levels for the first time. Optimism over economic recovery, upbeat global sentiment, fast pace of the vaccination drive and further reopening by the states are fuelling the upward momentum in the market.

    The rally is likely to continue and the Nifty is set to hit the 19,600 in the medium-term and 24,400-mark in the long run, says Elara Securities.

    “The current rally is preceded by a ‘running correction and/or consolidation’ platform of nearly six months. As a rule of thumb, it could mean a shelf life of at least six months for this uptrend. The ship is just beginning to sail for a new and different kind of voyage hereafter,” Elara Securities said in a note.

    The brokerage is of the view that some macro tailwinds from EM equities and currency trends appearing on charts signalling a favourable backdrop for robust targets over the next 4-6 months or 6-8 months. Read full report here

  • HDFC Life’s acquisition of Exide Life an expensive deal, says Macquarie

    We have reservations on the quality of the business and in that sense, a 2.5x P/EV looks like an expensive multiple in our view, Macquarie said.

    Exide Life has been losing market share over the past several years and growth has been well below industry levels. 13m persistency at sub 75 percent is way below HDFC Life and larger peer’s persistency at 85-90 percent.

    Though agency channel is being given as the reason to acquire Exide Life’s business, Exide has seen a 10 percent pa decline in agency force over the last four years compared to HDFC Life at 20 percent growth, the brokerage said.

  • Renaissance Jewelry acquires business of Everyday Elegance Jewelry

    Renaissance Jewelry New York Inc., a wholly-owned subsidiary of Renaissance Global has acquired the business of Everyday Elegance Jewelry for $0.9 million.

  • Nalco share price jumps over 6%; Key reasons behind the rally

    National Aluminium Company Ltd (Nalco) shares rallied over 6 percent Friday led by a slew of factors. Hopes of volume recovery, rise in alumina prices and an upcoming dividend payout is lifting the stock prices. The company's board will meet on September 6, 2021, to consider a final dividend payout for FY21.

    Further, alumina prices have been a laggard in comparison to the sharp move in aluminium prices. However, alumina prices seem to catch up owing to shutdowns in China Guangxi province and strong demand.

    Last week, Kotak Institutional Equities had increased estimates for alumina and aluminium by 4 percent to 10 percent for the next two fiscals.

    Also, the street is bracing for a splendid Q2FY22. The April-June quarter was hit by lower sales volumes though production numbers indicated that some inventory build-up could have been one of the reasons why the volume numbers didn’t look too good. Now that inventory can get liquidated in the coming quarters, the street hopes the volume pick up coupled with the price increase will aid the company's profitability.

    Also in Q1FY22, the employee cost spiked up by 13 percent year-on-year (YoY) and 35 percent sequentially, which hurt its Q1FY22 performance.

    Put these factors together, it explains why the stock is flying away and regained the losses that were seen post its Q1FY22 number when stock saw a sharp correction. Watch here

  • Emkay Global Alpha Portfolio: ICICI Bank, Infosys, SBI, Tata Motors, Bharat Forge, others in high-conviction buy list
    Domestic brokerage firm Emkay Global is bullish on large-cap stocks such as ICICI Bank, Infosys, SBI, and others. In the mid-cap space, its Alpha Portfolio includes stocks such as Ashok Leyland,…
    Stock Market Highlights: Sensex, Nifty end at record closing high led by metal, auto, energy stocks; RIL top gainer
  • Indian equity market upbeat; bullish on IT, consumer stocks: Motilal Oswal Financial Services

    Gautam Duggad, head-research, institutional equities at Motilal Oswal Financial Services, on Friday, said that the mood in the Indian equity market is very upbeat. Ahead of Motilal Oswal’s 17th Annual Global Investor Conference, Gautam Duggad and Sachin Shahane, head-sales, institutional equities at the financial services firm, spoke at length about specific stocks and sectors.

    “The mood is sanguine, sentiments are upbeat and this is also driven by underlying strong corporate earnings performance, benign liquidity and the assurance that interest rates are not going to go up in a hurry. So all of that put together has acted as a confluence of factors, and we are expecting a very strong next two weeks at our conference as well,” Duggad said. Watch full interview here

  • TK Prestige completes capacity expansion at Gujarat plant

    TTK Prestige has completed expansion of capacity at its plant at Karjan - Vadodara district in Gujarat. This capacity expansion is with respect to Non-stick Cookware, the added capacity being 4 million pieces p.a. The commercial production from this expanded capacity has started from today i.e. September 3, 2021, the company said.

Stock Market Highlights: The Indian equity benchmark indices, Sensex and Nifty ended at record high levels on Friday led by strong gains in metals, energy and auto stocks. Broader markets supported the upmove with the Nifty Midcap 100 and Smallcap 100 indices closing in the green. Among sectors, oil & gas, metals, automobile and realty indices saw the most gains, while Nifty Financial Services and Nifty FMCG ended in the red.