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Stock Market Highlights: Sensex ends above 60,000 for the first time, Nifty over 17,850 led by IT, realty shares

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Stock Market Highlights: Indian equity indices ended higher Friday with the benchmark Sensex closing above 60,000-mark for the first time. Broader markets, smallcap and midcap indices are trading mixed. Buying was seen in IT, realty, auto and private banking space, while metals, PSU Bank, pharma and energy shares ended in the red.

Stock Market Highlights: Sensex ends above 60,000 for the first time, Nifty over 17,850 led by IT, realty shares
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  • Market This Week |  Market Gains For 5th Straight Week, Sensex & Nifty Up Nearly 2% Each

  • Ajit Mishra, VP - Research, Religare Broking

    Markets ended marginally higher in a range-bound session, in continuation to the prevailing uptrend. Markets will continue to take cues from global peers in absence of any major event. We expect the positive trend to continue with intermediate pause and expect Nifty to inch towards 18,100. On the downside, 17,820-17,700 would act as a cushion. We reiterate our view to maintain focus on the selection of stocks and continuing with the “buy on dips” approach.

  • Rupee At Close | The Indian rupee slipped 4 paise to close at 73.68 against the US dollar, following weaker Asian peers against the American currency. The local currency opened at 73.77 against the previous close of 73.64 and touched an intra-day high of 73.61 and a low of 73.78.

  • Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

    Trading was mostly range-bound with a positive bias. Nifty has formed a robust higher high and higher low formation which is broadly positive. The important point is the index successfully cleared the resistance of 17,800 and is comfortably trading above the same. For the Nifty, 17,775-17,700 could be the important support levels. On the flip side, 18,000 and 18,200 could act as a major resistance level. Contra traders can take a long bet near 17,700 with a strict 16,650 support stop loss, while partial profit booking is advisable between 18,100 to 18,200 level.

    Meanwhile, Bank Nifty has maintained a higher bottom formation. The key support levels are placed at 37,200 followed by 36,800. The structure suggests a further upside if it succeeds to trade above 37,200.

  • Manish Shah, Founder, Niftytriggers.com

    Nifty closed the week with a sharp rally. The week witnessed Nifty gaining momentum after a gap down open. The ADX on the weekly time frame shows a rising trajectory, and it is above 30. Nifty on the weekly time frame is in a strong trend. Short-term declines in this condition should be buying opportunities. On the daily time frame, there was a pause in the ongoing rally. This is a normal market movement and this should not be construed as a bearish activity. The candle for the day was a star and this is a pause in the trend. Nifty has gap support at 17650-17640 this is the most logical zone for Nifty. In case Nifty trades below the gap we should see more drops towards 17450. Nifty is in a strong trend as the directional movement index high ADX reading. We are in a condition where the market is in a strong trend on the weekly and daily. The underlying current is strong. Nifty should see a steady up move towards 18000-18150. Going into the last week of September 201 expect the market to close on a high note. The trend remains at its vibrant best and it is much better to be on the long side.

  • Deepak Jasani, Head of Retail Research, HDFC Securities

    Nifty closed higher for the fifth consecutive week, closing 1.52 percent higher for the week. For the week, Realty, Media and IT indices rose the most, while PSU Banks, Metals and Pharma indices fell the most. Advance decline ratio for Sept 24 however fell deeply into the negative, suggesting nervousness among the market participants about the broader market. Nifty is now close to 18,000 and once that round number is achieved we could see a broad based correction in the markets. 17,645-17,792 band is the support for the Nifty.

  • Joseph Thomas, Head of Research, Emkay Wealth Management

    With the Sensex crossing the crucial 60,000 mark, the frontline indexes closed higher for the week, supported by better clarity on the Fed tapering of the bond buying program after the FOMC statement which said that the tapering may happen soon, and the broad indications that the rate action may be much later next year. While banking and IT zoomed during the week, most of the sectoral indexes closed in the red today including Healthcare, Metals, FMCG and Consumer Durables. Ahead of the weekend, with the depth of the damage which may be caused by Evergrande still not clear and some economic numbers from the US likely to be released, the markets may witness some amount of volatility during the course of the next week, and also some profit booking. 

  • Market At Close | In Financials, HDFC Bank & ICICI Bank Gain While SBI & Axis Bank Slip

  • Market At Close |  Midcap Underperformance Keeps Mkt Breadth In Favour Of Declines

  • Market At Close | Sensex & Nifty Post Record Close, But Off Intra-day Highs; Sensex Closes Above 60,000 For The 1st Time

  • Market strength remains intact, festive demand, vaccination ramp-up in focus, says Binod Modi of Reliance Securities

    "While concerns over global growth due to recent rise in delta variant Coronavirus cases in different parts of the world continue to persist, we believe that underlying strength of domestic market remains intact. In our view, festive demand, recovery in rural demand, COVID-19 positivity rates and vaccination ramp-up will be in focus in the near term.

    We further believe that higher government’s capex and revival in industrials’ capex should aid economic recovery. However, liquidity driven market may take a backseat in 2022 and investors must start focusing on quality aspect of companies, in our view,” said Binod Modi, Head Strategy at Reliance Securities

  • Market This Week

    -Market Gains For 5th Straight Week, Sensex & Nifty Up Nearly 2% Each

    -Nifty Bank Closes Flat While Midcap Index Gains Nearly 1% This Week

    -30 Nifty Stocks Gain While 20 Slip This Week

    -Bajaj Finserv, HCL Tech, ONGC, Coal India & Bajaj Fin Top Nifty Gainers

    -Tata Steel, BPCL, Tata Cons, Shree Cem, JSPL Top Nifty Losers

    -Godrej Props, Zee, DLF, Indian Hotels, Indus Towers Top Midcap Gainers

    -PI Ind, JSPL, Guj Gas, HAL, SAIL, Nalco Top Midcap Losers

    -Realty, Media & IT Gain The Most Amongst Sectoral Indices

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

    -Sensex & Nifty Post Record Close, But Off Intra-day Highs

    -Sensex Closes Above 60,000 For The 1st Time

    -Market Sees Profit Booking At Record Highs Hit In Opening Hour

    -Sensex Hit Intra-day Record High Of 60,333 & Nifty 17,948

    -Nifty Rises 30 Points To 17,853 & Sensex 163 Points to 60,048

    -Nifty Bank Gains 59 Points To 37,830 While Midcap Index Slips 237 Pts To 30,144

    -Midcap Underperformance Keeps Mkt Breadth In Favour Of Declines

    -Metals Under Pressure On Evergrande Concerns, Tata Steel, JSW Top Losers

    -Paint Stocks Top Gainers In Friday’s Session, Asian paints Up 4%, Berger Up Over 2%

    -In Financials, HDFC Bank & ICICI Bank Gain  While SBI & Axis Bank Slip

    -Reliance Fails To Hold Record High Of 2,505, Closes With A Minor Cut

    -Bharti Airtel Rises Ahead Of Rights Issue Record Date, Stock Up Nearly 2%

    -Indus Towers ToP Midcap Gainer Following Upgrades By Brokerages

    -Voda Idea, Tata Chem, L&T Info, AB Fashion, Berger Paints TOP Midcap Gainers

    -DLF Continues The Gaining Momentum, Stock Up 2% Today & 23% This Week

    -Hospital Stocks Slip As Enters Diagnostic Biz, Apollo Slips 7%, Dr Lal 4%

  • Closing Bell | The Indian equity indices ended higher Friday with the benchmark Sensex closing above 60,000-mark for the first time. The Sensex gained 163.11 points, or 0.27 percent, to close at 60,048.47, while the Nifty ended 30.25 points, or 0.17 percent, higher at 17,853.20. Broader markets, smallcap and midcap indices are trading mixed.

    Buying was seen in IT, realty, auto and private banking space, while metals, PSU Bank, pharma and energy shares ended in the red. Asian Paints, Eicher Motors, M&M, HCL Technologies and Bharti Airtel were the top Nifty50 gainers, while Tata Steel, JSW Steel, SBI, Divi’s Laboratories and Shree Cement were the top losers. Read here

  • Gayatri Projects | The company has received an amount of Rs 49.74 crore along with future interest at 10 percent p.a. till the date of payment in an arbitration award.

  • Shilpa Medicare ties up with Cadila Healthcare for production of ZyCoV-D vaccine

    Shilpa Medicare, via its wholly-owned subsidiary, Shilpa Biologicals Pvt Ltd (SBPL), has entered into a definitive agreement with Cadila Healthcare Ltd for production-supply of the ZyCov-D vaccine drug substance from its integrated Biologics R&D cum Manufacturing center at Dharwad, Karnataka. The targeted production of the ZyCoV-D vaccine from this facility will be mutually agreed upon by both parties.

  • Ramkrishna Forgings | The company has won an export order worth Rs 30 crore per annum from North American Customer in Oil & Gas Segment.

  • Buy Bajaj Auto, M&M, MCX: Hemen Kapadia

    Hemen Kapadia of KRChoksey Securities recommends buying Bajaj Auto, Mahindra & Mahindra and MCX shares. Here's what he said:

    Bajaj Auto

    “Bajaj Auto has been moving sideways for seven weeks and is setting the stage for a breakout. Indicators have turned positive and the stock looks set for a move. I have a 'buy' at Rs 3,810 for a target of Rs 3,910 with a stop loss at Rs 3,760.

    M&M

    “Buying is recommended at around Rs 770 for a target of Rs 810 with a stop loss at Rs 750. It has been down for multiple weeks and is deeply oversold. There are positive divergences and crossover buys coming in.”

    MCX

    “The stock looks extremely promising on the charts. So one can buy at Rs 1,660 for a target of Rs 1,720 with a stop loss at Rs 1,630. This is a trading buy call. We could also see Rs 1,850 and even Rs 2,000 a couple of months down the line. It has been 14 months of consolidation for MCX. Technically, the stock looks phenomenal and set for a takeoff.”

  • Endurance Tech actively engaging with OEMs for EV segment; says investment not an issue

    The Union Cabinet approved a revised Rs 25,938 crore production linked incentive (PLI) scheme for auto, auto-components and drone industries to enhance the domestic manufacturing capabilities.

    "This PLI scheme actually qualifies the objective of ‘Atmanirbhar Bharat’ and the ‘Make in India’ concept. So, a lot of investment will come to India, which is a positive sign, and most of it will come from the advanced technologies, also you can expect R&D advancements in India. Once that happens, then we can probably become a global hub where we can supply advanced technology products to the globe. So, I wouldn't be surprised that as technology moves upwards, more and more products start getting made in India and we become a global hub in the coming years,” said Ramesh Gehaney, ED and COO at Endurance Technologies. Read here

  • HDFC Securities initiates coverage on Sudarshan Chemical Industries 

    HDFC Securities recommends a 'buy' at the current market price and more on dips to Rs 587 from a two-quarter view. The brokerage has pegged the fair value of the stock at Rs 734 in the base case and and Rs 783 in the bull case. 

  • Higher soda ash prices, play on EV theme send Tata Chemicals' stock flying in 1 year
    Shares of Tata Chemicals, one of the largest soda ash producers, raced to clinch a lifetime high at Rs 901.55 on Friday on the BSE. They have been gaining for the last four days and have generated…
    Stock Market Highlights: Sensex ends above 60,000 for the first time, Nifty over 17,850 led by IT, realty shares
  • Sensex @ 60,000 an indicator of India's growth potential: BSE CEO Ashishkumar Chauhan 

    The Sensex reaching the 60,000 level on September 24,2021 is an indicator of India's growth potential, as well as the way India is emerging as a world leader during the pandemic, said BSE CEO Ashishkumar Chauhan. 

    "Many more investors are joining the stock market directly or indirectly through mutual funds thanks to automation, new age brokerages and low interest rates in India. The increase in stock prices has been broad-based in the recent period. I take this opportunity to congratulate all Indians citizens and investors for this achievement," he said.

  • IT, realty stocks in demand; metal, PSU banking counters face selling pressure

    Here's how NSE's sectoral indices fared in late afternoon deals:

    Index Change (%)
    NIFTY IT 1.19
    NIFTY REALTY 0.6
    NIFTY FINANCIAL SERVICES 0.32
    NIFTY AUTO 0.18
    NIFTY BANK 0.03
    NIFTY PRIVATE BANK -0.01
    NIFTY PHARMA -0.78
    NIFTY CONSUMER DURABLES -0.88
    NIFTY OIL & GAS -0.89
    NIFTY FMCG -1.13
    NIFTY HEALTHCARE INDEX -1.46
    NIFTY MEDIA -1.49
    NIFTY PSU BANK -1.66
    NIFTY METAL -2.52
  • ADS delisting aimed at simplification, triggered by low trading volumes: Vedanta

    Vedanta said the decision to delist its American depositary shares from NYSE is aimed at simplification and triggered by the low trading volumes that don't justify the concomitant costs and related statutory obligations.

    On the other hand, the Vedanta stock is extremely liquid on Indian bourses with high daily volumes, and provides both efficient price discovery and ample buy-sell opportunities to investors, including global ones, it said. 

    "A number of other companies have also followed this path in the recent past, considering that the depth of our domestic stock exchanges has gone up significantly while technology has made it easier to invest from any part of the globe," Vedanta added.

    At 1:59 pm, Vedanta shares were down two percent at Rs 293.90 apiece on BSE. 

  • Valuation based on asset mix, profit margin, peer comparison: A Balasubramanian of AB Sun Life AMC 

    A Balasubramanian of AB Sun Life AMC told CNBC-TV18 the company has brand backing and credibility from the Aditya Birla Group, and its valuation is based on its asset mix and profit margin, and peer comparison. 

    The company is committed to improving the equity fund mix of its assets under management AUM, he said. 

    Aditya Birla Sun Life AMC has fixed a price band of Rs 695-712 for its IPO estimated at more than Rs 2,768 crore. The IPO will open for subscription on September 29 and conclude on October 1. The IPO is entirely an offer for sale (OFS), wherein two promoters Aditya Birla Capital and Sun Life (India) AMC Investments will divest their stake in the asset management firm.

  • Nothing to worry, stay invested as per your asset allocation: Suveer Chainani of Avendus Wealth Management

    "I have seen the cycles, and every time just reinforced the view that be disciplined towards asset allocation. We are telling clients to stay asset allocated don't chase or change your asset allocation both on the higher and on the negative side, stick to your long-term goals," said Suveer Chainani of Avendus Wealth Management.

    "Markets are a reflection of corporate profits and as time passes, corporate profits are going up in a straight line. At times, they take greed and fear cycles and go over and below the fundamentals. So nothing to worry, stay invested as per your asset allocation," he added.

Stock Market Highlights: Indian equity indices ended higher Friday with the benchmark Sensex closing above 60,000-mark for the first time. Broader markets, smallcap and midcap indices are trading mixed. Buying was seen in IT, realty, auto and private banking space, while metals, PSU Bank, pharma and energy shares ended in the red.