Stock Market LIVE Updates: Broader market deep in red. India VIX surges 6%. Metals, PSU banks worst

Domestic equity benchmarks started Friday’s session on a strong note amid buying interest in RIL and select private bank stocks. SBI, ITC, SBI Life, IndusInd Bank and Eicher Motors were among top blue-chip performers. On the other hand, Tata Steel, JSW Steel, Cipla and Coal India were among top losers.

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On BSE, 259 stocks hit their upper circuit limits while 227 stocks hit their lower circuit limits

Investment via P-notes stand at Rs 97,744 crore till August

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Volatility gauge India Vix jumps 6%

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We remain bullish on IT but we have shifted focus to midcap and smaller cap IT stocks because we believe that there the valuations have still not caught on to the growth potential

– Sunil Subramaniam, MD, Sundaram AMC

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UK shares rise on travel, banking boost; retail sales data ease taper fears

UK shares climbed on Friday, lifted by banks and travel stocks, as concerns about a sooner-than-expected policy tightening by the Bank of England eased after British retail sales fell unexpectedly in August.

CLSA maintains BUY on ITC, sees more than 10% upside in the stock

Cement stocks tank up to 4%. Here are top gainers and losers in the pack

Price as on 17 Sep, 2021 01:26 PM, Click on company names for their live prices.

REITs, InvITs inclusion in Nifty indices put on hold, says NSE

“Few stakeholders are in discussions with NSE indices and have raised concerns regarding inclusion of REITs/InvITs in Nifty indices. These are being examined and a final decision regarding inclusion of REITs/InvITs will be taken post completion of review and discussions with stakeholders,” said NSE.

GST Council meet begins; to review rates, extend tax concession to 11 COVID-19 drugs

Asian shares steady, but set for weekly losses as global growth fears nag

Asian shares steadied on Friday after losses earlier in the week, but China jitters and global growth concerns weighed on investors’ minds, while the dollar sat near a three-week high. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.12% on Friday but was set to finish down 2.7% on the week, which would be its worst week in four.

Real estate stocks slip up to 4%

Price as on 17 Sep, 2021 12:28 PM, Click on company names for their live prices.

Sensex, Nifty turn flat amid selling pressure in bank stocks

Intraday Picks by Reliance Securities:

Buy Bandhan Bank: For today’s trade, a long position can be initiated in the range of Rs 296-294 for a target of Rs 304 and a strict stop loss at Rs 291.Sell Ramco Cements: For today’s trade, a short position can be initiated in the range of Rs 1,037-1,043 a the target of Rs 995 with a strict stop loss at Rs 560.Sell TVS Motor: For today’s trade, a short position can be initiated in the range of Rs 551-554 for a target of Rs 539 with a strict stop loss of Rs 560.

Stock in focus from Reliance Securities:

Castrol: Castrol’s valuation is inexpensive compared to FMCG majors, thereby recommend to buy with a 2-year target price of Rs 169.

IDFC approves to initiate steps to divest mutual fund business

IDFC on Friday said its board has approved the divestment of mutual fund business, subject to requisite regulatory approvals, as applicable. The boards of IDFC and IDFC Financial Holding Company have authorised respective strategy & investment committees to take necessary steps, including appointment of investment banker, for the same. After an initial knee-jerk reaction, the stock was trading 1.12 per cent lower at 57.12 on BSE.

Sensex 300 points off day’s high

Top losers in metals space

Price as on 17 Sep, 2021 11:36 AM, Click on company names for their live prices.

Poonawalla Fincorp slides further 5% on MD’s resignation

Shares of Poonawalla Fincorp, which was earlier known as Magma Fincorp, hit its 5 per cent lower circuit limit on Friday after its managing director resigned in the wake of a Sebi investigation against him.

Indigo stock up 8%

IndiGo’s Aug market share stood at 57% vs 58.6% in July; passenger load factor at 74% vs 66.2% in July

Rupee inches 6 paise higher to 73.46 against US dollar in early trade

The Indian rupee inched higher by 6 paise to 73.46 against the US dollar in opening trade on Friday, tracking a firm trend in domestic equities. Forex traders said the broad weakness of the American currency in the overseas market and sustained foreign fund inflows supported the local unit, while firm crude oil prices restricted the gains.

Sensex rallies 500 points amid buying in RIL, banks and financial stocks

ITC extends gains by another 2% but Rs 240 level remains a hurdle

ITC is very close to its 52-week high of Rs 239.15 hit in February, which also remains a big technical hurdle. Rajesh Palviya, head of technicals and derivatives at Axis Securities, said if ITC manages to cross Rs 240, it would touch 265.

Intraday picks from ICICIdirect:

SBI: Buy for a target of Rs 469.70/474.00. Stop loss at Rs 461.10Adani Ports: Buy for a target of Rs 777.8. Stop loss at Rs 763.70

The market is now driven by momentum with valuations on the back burner. Even FIIs who were skeptical about valuations and sold heavily in July have come back strongly and are chasing the momentum. FIIs have invested Rs 5,344 crore in the cash market during the last three days

– V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

Biocon Biologics to offer 15% stake to Serum Institute Life Sciences at valuation of $4.9 billion

Price as on 17 Sep, 2021 09:40 AM, Click on company names for their live prices.

Top gainers in Bank Nifty

Price as on 17 Sep, 2021 09:25 AM, Click on company names for their live prices.

Bajaj twins, ITC among top gainers in Sensex pack

Bajaj twins, ITC among top gainers in Sensex pack

Banks and financials top sectoral gainer. Metals, pharma trade weak

Opening Bell: Sensex scales new high, up 350 pts, Nifty hits 17,700 in a first; Biocon jumps 3%, ITC 2%

Pre-open session: Sensex advances 190 points, Nifty tops 17,700

SGX Nifty signals a positive start

Nifty futures on Singapore Exchange traded 83 points, or 0.47 per cent, higher at 17,688.50, signaling that Dalal Street was headed for a positive start on Friday.

Tech View: Nifty50 forms bullish candle, eyes more gains

After breaking out of a consolidation range the previous day, Nifty50 scaled the 17,600 level for the first time on Thursday. It was the second session when the index ended up forming a bullish candle on the daily chart, suggesting strength. Analysts said the index seems to be headed for the 17,700-17,900 levels. They, however, do not rule out profit booking at highs.

Dollar holds upper hand after retail sales boost

The dollar held near three-week highs against a basket of major currencies on Friday after a raft of strong US economic data rekindled expectations for earlier policy tightening by the US Fed. US retail sales increased in August, rising 0.7 per cent from the previous month despite expectations of a 0.8 per cent fall, while business sentiment survey by the Philadelphia Fed also showed a big improvement. The dollar index stood at 92.880, near Thursday’s three-week high of 92.965.

Australian shares fall as Iress, miners drag

Australian shares fell on Friday, dragged by mining stocks and a drop in software firm Iress after it rejected a buyout bid, with worries of higher COVID-19 cases denting sentiment. The S&P/ASX 200 index fell 0.72 per cent to 7,406.3. Australia’s second-largest state reported its second-highest daily rise in new infections this year, even as Prime Minister Scott Morrison pledged more freedom for vaccinated citizens.

Hong Kong stocks start day on back foot

Hong Kong shares opened with more losses Friday morning following four days of hefty selling as investors fret over China’s regulatory clampdown, geopolitical tensions and the fast-spreading Delta variant. The Hang Seng Index fell 0.32 percent, or 78.68 points, to 24,589.17. The Shanghai Composite Index shed 0.33 percent, or 11.82 points, to 3,595.27, while the Shenzhen Composite Index on China’s second exchange lost 0.23 percent, or 5.63 points, to 2,431.93.

Japan stocks open higher with eyes on leadership race

Tokyo stocks opened higher on Friday on bargain-hunting purchases, with investors focused on domestic politics as campaigning in the ruling party’s leadership race kicks off. The benchmark Nikkei 225 index was up 0.34 percent or 102.64 points at 30,425.98 in early trade, while the broader Topix index edged up 0.05 percent or 1.02 points to 2,091.18.

US stocks settled mostly lower

Another day of choppy trading on Wall Street left stocks mostly lower, cutting into the major indices’ gains for the week. The S&P500 index fell 6.95 points to 4,473.75. The index remains within 1.4 per cent of the all-time high it set on Sept. 2. The Dow dropped 63.07 points to 34,751.32, while the Nasdaq added 20.39 points to 15,181.92.

Rupee edges 2 paise lower at 73.52 against dollar

The rupee closed marginally lower at 73.52 against the American currency on Thursday, tracking a rebound in the US dollar index. Forex traders said a bullish trend in the domestic equities and sustained foreign fund inflows supported the local unit, but firm crude oil prices and stronger dollar against key currencies weighed on overall sentiment.

Sensex, Nifty on Thursday

Advancing for the third consecutive session, the 30-share BSE index climbed 417.96 points or 0.71 per cent to its new closing peak of 59,141.16. It touched an intra-day record of 59,204.29. Similarly, the broader NSE Nifty surged 110.05 points or 0.63 per cent to finish at its fresh lifetime high of 17,629.50. During the session, it scaled an all-time peak of 17,644.60

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Read More: Stock Market LIVE Updates: Broader market deep in red. India VIX surges 6%. Metals, PSU banks worst

2021-09-17 09:32:00