Mazhar Mohammad of Chartviewindia.in said traders with high-risk appetite are advised to go for fresh buying on an intraday dip, if any in the first two hours, around 11,550 levels with a stop below 11,500.
As we’re closely following global markets, participants will be closely eyeing the outcome of the US fed meet scheduled tonight. It’s important to see what all measures they would consider for reviving the US economy as the hope of further stimulus have faded away and they do not have room for tinkering with the interest rate. On the local front, the lingering India-China border tension would also be radar. As defensive are showing tremendous resilience, we suggest preferring stocks from pharma, FMCG and IT pack for long trades.
The Dow Jones Industrial Average rose 36.09 points, or 0.13%, at the open to 28,031.69. The S&P 500 opened higher by 10.03 points, or 0.29%, at 3,411.23. The Nasdaq Composite gained 31.76 points, or 0.28%, to 11,222.08 at the opening bell.
Officials are expected to project rates staying near zero though 2023, reinforcing the message delivered by Powell in late August that they will delay tightening policy to achieve inflation that averages 2% over time.
Analysts said the index has the potential to move towards its August high of 11,794 level in the coming sessions.
This is how the 30-pack Sensex moved in today's session. It touched a high of 39,359.51 and a low of 39,037.96 to finally settle at 39,302.85
CLOSING BELL: Sensex gains for 2nd day, rises 259 points, Nifty tops 11,600; M&M jumps 4%, Bajaj Auto 3%
HDFC Bank and Infosys lead the market gains
18 of 30 Sensex stocks end the day in the red
Index contributors: HDFC Bank, Infosys, M&M, RIL, ICICI Bank
Top Index gainers: M&M (3.96%), Bajaj Auto (3.44%), Sun Pharma (2.46%)
Top Index losers: IndusInd Bank (1.97%), NTPC (1.48%), SBI (1.00%)
All BSE indices except telecom, utilities, oil & gas, and power end the day in the green
S&P BSE REALTY biggest sectoral gainer, up 2.37%
S&P BSE Utilities biggest sectoral loser, down 0.94%
Volume toppers: RIL, Infosys, IndusInd Bank, HDFC Bank, Bajaj Fin
Here are all the gainers in the tourism and hospitality sector
Price as on 16 Sep, 2020 03:23 PM, Click on company names for their live prices.
Rupee settles 12 paise higher at 73.52 against US dollar
The rupee strengthened by 12 paise and settled at 73.52 (provisional) against the US dollar on Wednesday supported by positive domestic equities and weak American currency. At the interbank forex market, the local unit witnessed high volatility against the US dollar. It opened at 73.70, gained the lost ground and finally closed on a positive note at 73.52 against the US dollar, registering a gain of 12 paise over its previous closing price 73.64.
Pharma stocks in pink of health, rise up to 23%
Price as on 16 Sep, 2020 03:04 PM, Click on company names for their live prices.
Sensex surges nearly 300 points, cheered by hopes of early vaccine for India
Dr Reddy's to conduct clinical trial of Russian Covid-19 vaccine; stock surges
The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund has tied up with India's Dr. Reddy’s Laboratories to conduct the clinical trials and distribution of Sputnik V vaccine in India. As per the agreement RDIF will supply 100 million doses of the Covid-19 vaccine to Dr. Reddy’s. Shares of the company rose nearly 4 per cent.
Happiest Minds is likely to make its Dalal Street debut on Thursday. The issue was subscribed overwhelmingly at 151 times. Investors, who are fortunate enough to have received share allotment, are wondering if the company would join the likes of IRCTC and Dmart in terms of listing gains. These two issues were among the recent and high profile issues, which saw over 100 per cent pop on debut. Read more:
Frustrated with non-payment of dues, ONGC exits from Sudan
India's Oil and Natural Gas Corp (ONGC) has exited from Sudan oilfields after the African nation refused to pay for oil it lifted from the fields. ONGC Videsh Ltd (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia's Petronas have withdrawn from the block, a top company official said.
Auto ancilliaries rise up to 12%; Motherson Sumi top gainer
Price as on 16 Sep, 2020 01:41 PM, Click on company names for their live prices.
CAMS IPO price band fixed at Rs 1,229-1,230; issue to open on Monday
Computer Age Management Services' (CAMS) IPO will hit the primary market on Monday, September 21, with the firm setting the price band for the issue at Rs 1,229-1,230 per share. The IPO will be an offer for sale (OFS) of 1,82,46,600 shares by NSE Investments which at the upper limit of the price band suggests an issue size of Rs 2,242 crore. The anchor allotment will be announced on Friday. The IPO will close on September 23.
Blackstone, Partners Group said in race to buy Piramal Glass
Blackstone Group Inc. and Partners Group Holding AG are the two remaining bidders vying for a controlling stake in Piramal Enterprises Ltd.’s glass unit, people familiar with the matter said. The investment firms have progressed to the final round of bidding for India’s Piramal Glass Ltd., the people said, asking not to be identified as the information is private. Billionaire Ajay Piramal’s conglomerate is seeking a valuation of $1 billion for the unit from the sale, the people said. Piramal could name a winner as soon as October, one of the people said.
All stocks in the tourism & hopitality sector trade higher; Westlife Development top gainer
Price as on 16 Sep, 2020 12:18 PM, Click on company names for their live prices.
Sensex trades close to the flatline, barely keeping its head above the water
BSE benchmark Sensex erased most of the morning gains to trade only 10 points higher after RBI Governor said the path to economic recovery will be gradual. Meanwhile, border tensions with China also weighed on investor sentiment. M&M was the biggest gainer and IndusInd Bank the top loser.
RBI remains battle ready: Shaktikanta Das
Bank credit growth remains muted
Bond yields have traded in a narrow range in Sept
Very carefully monitoring markets, will take further actions as required
Covid-19 pandemic still unfolding
Portfolio flows to EM economies have resumed
Rising cases a risk for recovery: Shaktikanta Das, RBI Governor
Recovery in economy is not fully entrenched
Recovery likely to be gradual as rising infections a risk
Very carefully monitoring markets, will take further actions as required
- Shaktikanta Das, RBI Governor
RBI efforts have led to softening of bond yields: Shaktikanta Das, RBI Guv
Rajesh Exports Q1 net falls 50% to Rs 152.13 crore
Price as on 16 Sep, 2020 11:23 AM, Click on company names for their live prices.
We continue to like Aurobindo within the pharma space along with Lupin and on the API side we have a positive bias on Laurus Lab and Divi’s
- Hemang Jani, MOSL
SC rejects govt's petition against Vedanta's claim: Agencies
Vedanta wins case over $499 mn cost recovery from Indian govt
The stock of Vedanta trades nearly 2% higher at Rs 134
HDFC Bank, Kotak Bank among top losers in the banking space
Price as on 16 Sep, 2020 10:41 AM, Click on company names for their live prices.
Sterling and Wilson Solar Q1 net falls 62% to Rs 17 crore
Sterling and Wilson Solar Ltd on Wednesday said its consolidated net profit dipped 62 per cent on a year-on-year basis to Rs 17.22 crore in the June quarter mainly due to lower revenues. The consolidated net profit of the company stood at Rs 46.01 crore in the quarter ended June 30, 2019, a BSE filing said.
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Snowflake Inc said late on Tuesday that its initial public offering raised $3.36 billion after it was priced above the target range in the biggest U.S. listing so far this year. The IPO, which was priced at $120 per share, values the cloud-based data warehouse firm at north of $30 billion. San Mateo, California-based Snowflake said on Monday it was aiming to sell 28 million shares at $100 to $110 per share after its expected pricing was raised from a range of $75 to $85 per share last week.
BSE Auto index biggest sectoral gainer, rises up to 2%
In the auto pack, all constituents barring one were trading the green. M&M was the biggest gainer, followed by Bajaj Auto and Tata Motors.
Foreign brokerage CLSA prefers Hero MotoCorp among two-wheelers as it is gaining share in wholesale and retail driven by the strength in entry and executive motorcycles. The brokerage has also raised target price on country’s largest carmaker Maruti Suzuki to Rs 5,675 from Rs 4,700 while maintaining a ‘sell’ stance.
Voda Idea, Tata Motors, ITC among most active stocks on NSE
Price as on 16 Sep, 2020 09:27 AM, Click on company names for their live prices.
Pre-open session: Nifty above 11,550, Sensex up 130 points
SGX Nifty signals negative start
Nifty futures on the Singapore Exchange traded 35 points, or 0.30 per cent lower at 11,496.50 , in signs that Dalal Street was headed for a negative start on Wednesday.
Tech View: Nifty50 takes support at 20-DMA
Nifty50 reclaimed the 11,500 level on Tuesday and formed a bullish candle on the daily chart. Analysts said levels near the recent swing high of 11,585 may continue to create hurdles for the index in the immediate term. The 20-day moving average, whose value stands at 11,443, would keep offering support to the index, as was the case on Tuesday, analysts said.
Hong Kong shares open with fresh gains
Hong Kong stocks rose in early trade Wednesday, extending their rally into a fourth day, following a positive lead from Wall Street as traders await the conclusion of the Federal Reserve's latest policy meeting. The Hang Sang Index added 0.37 percent, or 91.20 points, to 24,823.96. The benchmark Shanghai Composite Index dipped 0.08 percent, or 2.51 points, to 3,293.17, while the Shenzhen Composite Index on China's second exchange eased 0.16 percent, or 3.45 points, to 2,201.91.
Japan shares open lower ahead of Fed, new Japan PM
Tokyo shares opened lower on Wednesday as investors shied away from major moves ahead of a Federal Reserve decision, and with Prime Minister Shinzo Abe's successor preparing to take office. The benchmark Nikkei 225 index fell 0.10 percent, or 23.73 points, to 23,431.16 while the broader Topix index lost 0.18 percent, or 2.91 points, to 1,637.93.
Oil gains as hurricane shuts US output
Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in U.S. crude stockpiles. Brent crude was trading up 15 cents, or 0.4%, at $40.68 a barrel by 0055 GMT, while U.S. crude gained 18 cents, or 0.5%, to $38.46 a barrel. Both contracts rose by more than 2% on Tuesday.
US stocks rise with Fed meeting in focus
US stocks finished higher as Wall Street paid close attention to a key meeting by the Federal Reserve.On Tuesday, the Dow Jones Industrial Average rose 2.27 points, or 0.01 per cent, to 27,995.60. The S&P 500 climbed 17.66 points, or 0.52 per cent, to 3,401.20. The Nasdaq Composite Index jumped 133.67 points, or 1.21 per cent, to 11,190.32.
Rupee drops 16 paise to 73.64 on dollar buying by banks
The rupee pared early gains to settle 16 paise lower at 73.64 against the US dollar on Tuesday due to dollar buying by banks and oil importers. The rupee had opened higher at 73.33 but later lost ground to touch a low of 73.72 due to high dollar demand.
Sensex, Nifty on Tuesday
Equity indices found firmer ground on Tuesday as investors poured money into banking and finance counters amid a positive trend in global markets. The 30-share BSE Sensex overcame bouts of volatility to end 287.72 points or 0.74 per cent higher at 39,044.35. The broader NSE Nifty rose 81.75 points or 0.71 per cent to finish at 11,521.80.
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