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Stock Market Highlights: Sensex ekes out gain of 29 points to record closing high; Maruti Suzuki rises 7%

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Stock Market Highlights:Highlights: Indian equity benchmarks Sensex and Nifty50 managed to end a highly volatile session at record closing highs, though losing most of their initial gains. Gains in automobile, oil & gas and select financial stocks were offset by losses in IT, pharma and consumer shares. Broader markets were muted with the smallcap index declining 0.1 percent. 

Stock Market Highlights: Sensex ekes out gain of 29 points to record closing high; Maruti Suzuki rises 7%
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  • Hawkish Fed, inflationary risk pushing bond yields higher: Kotak Securities' Anindya Banerjee

    "A hawkish Fed and inflationary risk is pushing bond yields higher. This combination is positive for the USD-INR (pair). However, dollar inflows remain robust and that is the reason why USD-INR remains ranged between 73.60 and 74.00 levels. A clear break above 74.00 is needed for the dollar bulls to take prices towards 74.60 levels," said Anindya Banerjee, DVP, Currency Derivatives and Interest Rate Derivatives at Kotak Securities.

  • Rupee depreciates by 15 paise to end at 73.83 against dollar
     
    The rupee weakened by 15 paise to close at 73.83 (provisional) against the dollar on Monday, as strength in the greenback overseas and rising crude oil prices hurt investors' sentiment. Bouts of volatility in the domestic equity market and mixed cues from global financial markets also put pressure on the rupee, say analysts. 
  • Expect market to consolidate in coming days: Rahul Sharma of Equity99

    Rahul Sharma, Co-Founder of Equity99, said the markets is expected to consolidate in the coming days. "We expect the banking index to show some moves along with automobiles," he said.

    Technically, he expects major support for Nifty50 at 17,820, which, if breaks, will be followed by 17750 and 17700 levels, he said. 

    Sharma expects major resistance for the index at 17,950, followed by 18,000.

  • Realty stocks continued to rally on positive developments in sector: Geojit Financial Services' Vinod Nair 

    "Due to profit booking in IT, pharma and FMCG, the domestic market failed to uphold their winning streak to close flat in a volatile session. Realty stocks continued to rally on positive developments in the sector while sentiments in the auto sector were lifted on expectations of better sales numbers for September. The market is also awaiting the release of August’s core sector output data and September’s manufacturing PMI data due this week," said Vinod Nair, Head of Research at Geojit Financial Services. 

  • Strong hurdle for Nifty at 17,930, followed by 18,000: LKP Securities' Rohit Singre 

    "The Nifty50 index was unable to hold on to initial highs due to profit booking. The index formed a bearish candle for a second consecutive day. A strong base is formed near the 17,800-17,740 zone, and if the index holds above those levels, we may see the northward movement continue. Any dip around the said levels can be used to add fresh longs with a stop loss below 17,700. A strong hurdle is coming near 17,930, followed by 18,000, where one can look to lock their long gains," said Rohit Singre, Senior Technical Analyst at LKP Securities.

  • Market At Close | Maruti Suzuki, M&M, Tata Motors top gainers; HCL Tech, Tech Mahindra top losers

  • Market At Close | Sensex, Nifty end nearly unchanged but hit record closing highs

    Here are key highlights of the session:

    --Market breadth favours declines; advance-decline ratio at 4:5

    --Nifty Bank rises 341 points to end at record closing high of 38,171

    --Midcap index gains 9 points to 30,152; Indian Hotels, AU Bank top gainers

    --5 Nifty stocks hit record highs 

    --IT stocks drag; auto, banking, Reliance Industreis shares lend support

    --Reliance Industries surges to record high, takes conglomerate's market cap to RS 17 lakh crore

    --5 of top 6 Nifty gainers from auto space; Maruti, M&M top gainers

    --Maruti Suzuki posts biggest one-day gain since December 2020

    --PVR, Inox Leisure surge after Maharashtra decides to repen theatres

    --Hotels continue to gain momentum on reopening theme; EIH up 13%

  • Market At Close | Banking stocks outperform overall market; Nifty Bank up 0.9%

  • Closing Bell | Sensex  rises 29 points to 60,078, Nifty at 17,855

    The Sensex index ended the volatile session 29.4 points or 0.1 percent higher at 60,077.9 and the broader Nifty50 benchmark climbed 1.9 points to 17,855.1 -- both record closing highs. (Read more on how the market fared at the close)

  • CNBC-TV18 Exclusive | Can attribute global realty boom to low interest Rates, says Mark Mobius 

    Veteran investor Mark Mobius told CNBC-TV18 the global boom in real estate can be attributed to low interest rates. The US and China have seen a big boom in real estate. One needs to be very careful at the current levels of global home prices, he added.

  • Maruti Suzuki, Tata Motors, M&M top Nifty50 gainers

    Automobile stocks Maruti Suzuki, Tata Motors and Mahindra & Mahindra, Bajaj Auto and Hero MotoCorp -- trading between two and six percent higher -- were among the top Nifty50 gainers in late afternoon deals.

  • CNBC-TV18 Exclusive | Mark Mobius still quite optimistic about Indian market

    Veteran investor Mark Mobius told CNBC-TV18 he is still quite optimistic about the Indian market, and has the highest allocation in the country.

    "We have four great stocks in India... We have about 24 percent of our portfolio in India," he said. He also said his firm has invested in APL Apollo and Metropolis, and is not in real estate because of leverage. 

  • InterGlobe Technology Quotient, EaseMyTrip announce $10-million agreement 

  • Shares of ICICI Bank gained nearly 1 percent on the BSE

  • Hybrid vehicles to enable transition from fossil fuels to EVs: Nilesh Shah

    Nilesh Shah, Managing Director at Kotak Mahindra AMC, is of the view that the transition of the auto sector from fossil fuel vehicles to electric vehicles is most likely going to be made possible by hybrid vehicles. (Read more on what Nilesh Shah said)

  • Hybrid vehicles to enable transition from fossil fuels to EVs; accumulate auto stocks: Nilesh Shah
    Nilesh Shah of Kotak Mahindra AMC is of the view that this is the time to accumulate auto stocks. Keeping in mind that the next 6-12 months could see underperformance thanks to the raw material…
    Stock Market Highlights: Sensex ekes out gain of 29 points to record closing high; Maruti Suzuki rises 7%
  • United Breweries falls 3 percent after CCI slaps penalty

    The stock was trading 3 percent lower at Rs 1,558.40 on the BSE as the Competition Commission of India imposed penalties of Rs 752 crore on the company for cartelisation in the sale and supply of beer.

  • PSP Projects jumps 12 percent on order wins

    Shares of PSP Projects jumped 12.3 percent to Rs 501.85 after the company bagged orders worth Rs 421.87 crore towards institutional, industrial, residential and precast segments from various clients.

  • India Ratings upgrades Happiest Minds' long-term issuer rating

    The credit ratings agency revised its long-term issuer rating on Happiest Minda to 'A+/Positive' from 'A-/Positive'. 

    Happiest Minds shares traded 0.9 percent lower at Rs 1,420 apiece on BSE in late afternoon deals. 

  • Sebi's focus on higher margin will make Indian market healthier: BSE CEO

    BSE MD and CEO Ashishkumar Chauhan told CNBC-TV18 retulator Sebi's focus on higher margin will make the Indian market healthier. He also said that liquidity has aided equities and other asset classes in the recent past. In the past 18 months, the market has done extremely well, he said. 

  • Nifty FMCG was among the three sectoral indices on the NSE that were in the red. The sectoral index was down 0.8 percent.

  • Shares of Equitas Small Finance Bank were trading 2.6 percent higher at Rs 60.80 on the BSE

  • ICICI Securities initiates coverage on Dodla Dairy with a ‘buy’ rating

    Considering market growth and market share expansion potential, ICICI Securities expect Dodla Dairy to report mid-teens revenue growth in the medium term.

    The brokerage sees strong competitive advantages for the company and initiates coverage on the stock with a ‘buy’ rating and a target price of Rs 600.

    The stock was down 0.8 percent at Rs 595.80.

  • Credit growth to be very robust in H2, microfinance picking up very well: Nirmal Jain of IIFL Finance

    Nirmal Jain, Chairman of IIFL Finance, said:  “Credit growth this year will be fairly robust in the second half at least because there is pent-up demand. People had deferred their home buying... Credit growth is very strong particularly in the segments that we operate in, which are gold loans to small businesses or home loans in the affordable category, where the ticket size is Rs 15-16 lakh."

    “Even microfinance has picked up very well in this quarter and that again is for income generating activities in the rural and very small towns and small places... That is picking up very well,” he said.

  • Shares of Indoco Remedies were up 0.6 percent at Rs 449.60

  • Opening of Maharashtra is specifically significant because 18% of our screen strength lies in Maharashtra: Gautam Dutta, CEO, PVR Ltd

    ‘“It is a very heart-warming development for us and we thank the Honorable Chief Minister of Maharashtra for their decision to take consideration of the real challenging situation which the cinema exhibition industry is currently undergoing for which Maharashtra holds the key for the revival," said Gautam Dutta, CEO, PVR Ltd.

    "Opening of Maharashtra is specifically significant because 18% of our screen strength lies in Maharashtra, the highest in our circuit and serves as a focal center for the entertainment industry. While we wait for the exact date for permissions to be granted to reopen and the SOPs to be followed, we would like to assure the Government and eagerly awaiting movie lovers that all our ground level staff and employees across the state are 100% vaccinated,” Dutta added.

    Shares of PVR were trading 6.5 percent higher at Rs 1,608.95.

  • SRF rises over 1%

    Shares of SRF gain 1.2 percent to Rs 11,137.70 after Directorate General of Trade Remedies reportedly recommended anti-dumping duty on imports of Hydrofluorocarbon from China.

    SRF manufactures hydrofluorocarbon and an anti-dumping duty is seen protecting the interests of domestic players by mitigating the hit to their profitability.

  • NHPC’s return on equity may touch 13% by FY26: Emkay Global Financial Services

    The brokerage firm expects NHPC’s return on equity to touch 12/13 percent by FY26 from 9.3 percent in FY22 and 8 percent in FY15.

    Emkay Global Financial Services has assumed coverage on shares of NHPC with a ‘buy’ rating and a target price of Rs 34.

    “We believe that improving RoE profile is one of the most important factors for re-rating in Utilities,” said the brokerage firm.

    Shares of NHPC were down 0.5 percent at Rs 27.80 on the BSE.

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 managed to end a highly volatile session at record closing highs, though losing most of their initial gains. Gains in automobile, oil & gas and select financial stocks were offset by losses in IT, pharma and consumer shares. Broader markets were muted with the smallcap index declining 0.1 percent.
Here are key highlights of the September 27 session: