Among key bulk deals on Wednesday, Spain’s Participaciones Internacionales Autometal Dos SL, which owns a majority stake in Mahindra CIE Automotive, further strengthened its hold in the automotive components supplier. Promoter Tata Sons hiked their holdings in Tata Chemicals and Tata Motors DVR, and Dutch development bank FMO bought shares of microfinance company Satin Creditcare Network.
While maintaining a cautiously stable outlook for brokers, rating agency ICRA sees double-digit topline growth for the broking industry in FY21 due to a significant increase in trading activities during the past five months. An assessment by ICRA projected 10-12 per cent rise in aggregate revenue to Rs 23,000 crore for the broking industry in FY21.
The Dow Jones Industrial Average rose 125.42 points, or 0.46%, at the open to 27,413.60 and the S&P 500 opened higher by 4.54 points, or 0.14%, at 3,320.11. The Nasdaq Composite dropped 12.81 points, or 0.12%, to 10,950.83 at the opening bell.
Gold prices hit a six-week low on Wednesday as the dollar strengthened on concerns about rising coronavirus cases in Europe, while doubts emerged over further stimulus from the U.S. Federal Reserve. Spot gold fell 1.2% to $1,877.52 per ounce by 801 GMT.
Kristian Heugh, lead manager of the $4.3 billion Asia Opportunity fund, expects private banks with “strong deposit franchise” and “quality underwriting standards” will gain market share from both state-owned lenders and the weaker private ones.
As long as the index sustains below 11,250 level, the bounce could be sold into for further weakness towards 11,000 level, while on the upside, the medium-term hurdle has shifted lower to the 11,333-11,350 zone.
Volatile moves likely in Nifty for sometime: Sahaj Agrawal, Kotak Securities
Nifty has broken a critical support level of 11,175. It is now expected to witness volatile moves in a small range before a positive setup matures. On the downside, support is seen at 10,750-10,800 – these are long term support levels for the index. Value buying is suggested for long term investors while traders are expected to keep leveraged positions under check on account of the expected volatility.
This is how the 30-pack Sensex traded in today's session. It touched a high of 38,140.07 and a low of 37,313.09 to finally settle at 37,668.42
CLOSING BELL: Sensex drops for 5th day as bears tighten grip, down 66 pts; Nifty50 ends below 11,150; Voda Idea, Airtel plunge up to 10%
Airtel, TCS lead the market fall
18 of 30 Sensex stocks end the day in the red
Index contributors: Airtel, TCS, Bajaj Finance, HDFC, NTPC
Top Index gainers: Axis Bank (2.36%), HUL (1.28%), Infosys (1.24%)
Top Index losers: Airtel (8.09%), Tata Steel (3.53%), IndusInd Bank (2.99%)
S&P BSE CONSUMER DURABLES biggest sectoral gainer, up 0.74%
S&P BSE Telecom biggest sectoral loser, down 7.72%
Volume toppers: RIL, Airtel, TCS, Infosys, IndusInd Bank
Investors who sell borrowed shares in anticipation of price declines are back in force. Bearish wagers climbed to about 7% of total stocks available for lending this month, up from 2020’s low of a little above 6% reached in August, data compiled by JPMorgan Chase & Co. show. That’s poised for the biggest increase since March.
Despite having the power of choice, investors are often unable to create optimal portfolios as they get influenced by the ‘bling’ of certain investments and end up making decisions that might not align with their risk-return requirements.
Here are the top losers in the tourism and hospitality sector
Price as on 23 Sep, 2020 02:31 PM, Click on company names for their live prices.
Forex Center: This is how the major currencies are faring against each other
Here are the top losers in the auto sector
Price as on 23 Sep, 2020 02:12 PM, Click on company names for their live prices.
Tech Mahindra subsidiary sells stake in Altiostar to Rakuten for $45 million
IT services major Tech Mahindra on Wednesday said its subsidiary has divested over 18.5 million shares in Altiostar Networks for USD 45 million (about Rs 331 crore) to Rakuten USA, Inc. "Tech Mahindra (Americas) Inc - an l00 per cent subsidiary of Tech Mahindra Ltd - divested its holding of 18,518,518 C1 Preferred shares in Altiostar Networks," Tech Mahindra said in a regulatory filing. Given that it is a minority investment, there is no contribution to turnover/revenue/income and net worth by Altiostar Networks, Inc during last financial year, it added.
Barring Oberoi Realty, all stocks from the realty space trade on a weak note
Price as on 23 Sep, 2020 01:39 PM, Click on company names for their live prices.
The initial public offer (IPO) by Angel Broking got fully subscribed on Day 2 of the bidding process. As per data available with NSE, the issue was able to attract bids for 1,47,27,391 shares, which was 1.07 times the issue size of 1,37,70,491 shares. The issue was subscribed 77 per cent by the end of Day 1 of the bidding process.
Bharti Airtel picks stake in tech startup Waybeo: Agencies
Mphasis inks partnership with US-based Upswot
IT solutions provider Mphasis on Wednesday announced a strategic partnership with US-based fintech startup Upswot. The partnership would focus on creating a joint solution offering to help US-based regional and global banks increase revenue and provide insight-driven services to their SMB and mid-market customers, the Bengaluru-headquartered company said in a statement.
Power stocks fall up to 16%; here are the top losers
Price as on 23 Sep, 2020 12:37 PM, Click on company names for their live prices.
Hindustan Zinc shares jump 7% on fund-raising plan
Shares of Hindustan Zinc Ltd (HZL) on Wednesday gained 7 per cent after the company said its board-constituted panel has approved plan to raise up to Rs 4,000 crore through non-convertible debentures. The stock jumped 7 per cent to Rs 222.75 on the BSE. At the NSE, it rose by 7 per cent to Rs 222.90.
Angel Broking IPO subscribed 91% on Day 2 so far
The initial public offer (IPO) by Angel Broking got subscribed 91 per cent on Day 2 of the bidding process. As per data available with NSE, the issue was able to attract bids for 1,25,38,120 shares, which was 91 per cent the issue size of 1,37,70,491 shares. The issue was subscribed 77 per cent by the end of the Day 1 bidding.
Travel & tourism stocks fall amid resurgence in Covid cases
Price as on 23 Sep, 2020 11:43 AM, Click on company names for their live prices.
Voda Idea, Bharti Airtel tank 5% each after Reliance Jio launches post paid plans
Price as on 23 Sep, 2020 11:10 AM, Click on company names for their live prices.
Sun Pharma arm launches plaque psoriasis treatment drug in Japan
Drug major Sun Pharma on Wednesday said its Japanese subsidiary has launched its specialty product Ilumya, indicated for treatment of plaque psoriasis in adult patients in Japan. In June this year, Sun Pharma said its subsidiary has got approval from the Japanese government for Ilumya.
RIL gains 2% after KKR-Reliance Retail deal
Price as on 23 Sep, 2020 10:24 AM, Click on company names for their live prices.
BSE Telecom index in deep red, down 3.59%; Voda Idea biggest loser
Gold prices slip to Rs 50,180 bucking global trend
Gold and silver prices slid further on Wednesday, bucking the trend in the international market, as US Fed officials indicated the rates could be raised earlier than outlined before. Gold futures on MCX were down 0.40 per cent or Rs 201 at Rs 50,180 per 10 grams. Silver futures advanced 1.62 per cent or Rs 993 to Rs 60,220 per kg.
Voda Idea, Tata Motors, Bharti Airtel among most active stocks on NSE
Price as on 23 Sep, 2020 09:26 AM, Click on company names for their live prices.
OPENING BELL: Sensex climbs 300 pts, Nifty50 nears 11,250; RIL gains 3% after KKR deal, IndusInd Bank up 2%
Arunachalam entry into Murugappa board blocked
The family members of the Murugappa Group have voted overwhelmingly against the proposal to appoint Valli Arunachalam on the board of Ambadi Investments. The shareholders voted out the resolution with 91.37% of the total votes rejecting her proposed appointment, dealing a major blow to Arunachalam's efforts to enter the male-dominated board, said two people aware of the development.
Mistrys seek to exit Tata Sons
The Shapoorji Pallonji Group has said it is willing to exit its decades-old position in Tata Sons. However, a fresh battle is expected over the valuation of its 18.4% stake, with the SP Group likely to demand ₹1.78 lakh crore. The Mistry family-owned group’s decision — after it failed to get a favourable order in the Supreme Court on Tuesday — could bring to an end a four-year legal and boardroom battle sparked by the ouster of Cyrus Mistry from the chairmanship of Tata Sons in 2016. The Supreme Court on Tuesday restrained Mistry family firms from either pledging or transferring any Tata Sons shares until October 28, when hearings resume.
Sebi draft ready for Nasdaq-like bourse
Markets regulator Sebi, which has been trying to get its Innovators Growth Platform (IGP) off the ground, is expected to come out with its latest draft for the same, touted as India’s answer to global tech bourses, such as Nasdaq. IGP, which has been in the works for a few years now, and was previously known as the Institutional Trading Platform, before being renamed last year, has found few takers till date, with the Indian startup and venture capital ecosystem asking for a number of recommendations to be included in the latest draft.
NSE, SGX to withdraw arbitration
NSE and Singapore Exchange have ended their four-year-old legal dispute over the abrupt termination of a licence that allowed India’s equity derivative products to be traded in the island nation. According to an official statement, both exchanges have decided to withdraw the arbitration proceedings and are in final stages of the creation of a special platform at the International Financial Services Centre, GIFT City.
LIC to invest Rs 2 lakh cr in stocks, bonds
LIC will likely invest an estimated Rs 2 lakh crore in bonds and equities through the rest of FY21 as it expects demand for protection and coverage to increase in the aftermath of the pandemic, thus raising premium collections. The largest domestic institutional investor has already invested a similar quantum since April 1. This is marginally higher than the investments in the corresponding period last year, reflecting no slowdown in the insurance industry.
RIL says KKR will invest Rs 5,550 crore in Reliance Retail
Reliance Industries on Wednesday said that private equity player KKR will invest Rs 5,550 crore into Reliance Retail Ventures (RRVL), a subsidiary.KKR investment will translate into a 1.28 per cent equity stake in RRVL on a fully diluted basis, the company said. The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore. This marks the second investment by KKR in a subsidiary of Reliance Industries, following a Rs 11,367 crore investment in Jio Platforms announced earlier this year.
Nifty futures on the Singapore Exchange traded flat at 11,160, in signs that Dalal Street was headed for a muted start on Wednesday.
Tech View: Nifty selling likely on any upside
The index, which formed a Bearish Belt Hold-like candle on the daily chart, has been forming lower highs and lows for two sessions, suggesting a downward shift in supports. A close below the 50-day exponential moving average (EMA) has just added to the negative outlook. Analysts said any upside in the near future would be susceptible to selloffs.
Hong Kong shares ease at open
Hong Kong stocks started slightly lower Wednesday morning, extending their losing streak into a third day as traders are spooked by spiking virus infections and the imposition of fresh containment measures in parts of the world. The Hang Seng Index dipped 0.07 percent, or 15.73 points, to 23,701.12. The benchmark Shanghai Composite Index gained 0.14 percent, or 4.53 points, to 3,278.84, while the Shenzhen Composite Index on China's second exchange edged up 0.19 percent, or 4.20 points, to 2,188.35.
Tokyo stocks open lower after long weekend
Tokyo stocks opened lower Wednesday after a long weekend, as investors tried to catch up with global markets that lost heavily earlier this week. The benchmark Nikkei 225 index was down 0.44 percent or 103.86 points to 23,256.44 in early trade, while the broader Topix index fell 0.43 percent or 7.03 points to 1,639.39.
Oil falls after surprise rise in US crude inventories
Oil prices fell on Wednesday after an industry group reported a rise in U.S. crude inventories against expectations for a decline, adding to worries about demand that led to a steep selloff earlier in the week. Brent crude was trading down 21 cents, or 0.5%, at $41.51 a barrel by 0055 GMT, after gaining 28 cents on Tuesday, while U.S. crude slipped 23 cents, or 0.6, to $39.57. Both contracts fell more than 4% on Monday, the most in two weeks.
US stocks rebound on Fed reassurance
US stocks climbed on Tuesday on policy reassurance from a top Fed official following losses in the previous three sessions. The Dow Jones Industrial Average picked up 140.48 points, or 0.52 per cent, to 27,288.18. The S&P 500 moved up 34.51 points, or 1.05 per cent, to 3,315.57. The Nasdaq Composite Index advanced 184.84 points, or 1.71 per cent, to 10,963.64.
Rupee skids 20 paise to 73.58 against US dollar
The rupee depreciated 20 paise and settled at 73.58 (provisional) against the US dollar on Tuesday tracking negative domestic equities. At the interbank forex market, the rupee opened on a weak note at 73.50, then fell further and finally closed at 73.58 against the greenback, registering a fall of 20 paise over its last close.
Sensex, Nifty on Tuesday
Equity benchmark Sensex tanked 300 points on Tuesday, tracking losses in index-heavyweights Reliance Industries, HDFC twins and Maruti amid weak cues from Asian peers. The 30-share BSE index settled 300.06 points or 0.79 per cent down at 37,734.08. The broader NSE Nifty fell 96.90 points or 0.86 per cent to 11,153.65. Maruti was the top loser in the Sensex pack, shedding around 3 per cent, followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and HDFC.
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