Last-Hour Rally Help Sensex, Nifty Resume Gains After One-Day Blip

Indian equity benchmarks resumed gains after a one-day blip led by the rally in the last hour of trade.

The S&P BSE Sensex ended 0.76 percent higher at 37,384 and the NSE Nifty 50 ended 0.85 percent higher at 11,075.90. The broader markets represented by the NSE Nifty 500 Index ended 0.77 percent higher.

On weekly basis, the 31-share index and the 50-stock gauge ended 1.1 percent higher and 1.2 percent higher respectively. The 500-share gauge ended 1.5 percent higher.

The market breadth was tilted in favour of Buyers. About 1,127 stocks advanced and 655 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty Index’s 1.5 percent rally. On the flipside, the NSE Nifty Pharma Index was the only sectoral gainer, down 0.85 percent.

The yield on the 10-year benchmark fell nearly five basis points to 6.62 percent. It had declined six basis points intraday.

The Indian rupee struggled to hold gains against the U.S. dollar.

The home currency appreciated 0.06 percent to 71.09 against the greenback. It had appreciated 0.38 percent intraday.

Gravita India

• Stock rose as much as 10.1 percent to Rs 49.95.
• Ghana arm has increased its capacity of its existing Lead Recycling Plant from 60000MTPA to 12000MTPA
• Investment of Rs 21 crore was made for this plant

Motherson Sumi

• Stock rose as much as 4.6 percent to Rs 107.80.
• Goldman Sachs Upgraded to ‘Buy’ from ‘Neutral’ with a price target at Rs 121.
• Ramp-up of new plants and execution of new orders will aid earnings.
• Improvement in profitability at group company led by lowering losses at plants.

MMTC

• Stock rose as much as 18.8 percent to Rs 26.25.
• The company has invited bids for import of 2,000 tonnes of onion from countries such as Pakistan, Egypt, China and Afghanistan, to improve domestic supply and check prices, according to a PTI report on Sept. 11.

Hindustan Copper

• Stock rose as much as 13.2 percent to Rs 39.95.
• Trading volume was four times its 20-day average.

Indian equity benchmarks are set to resume gains after a one-day blip.

The S&P BSE Sensex rose 0.66 percent to 37,348 as of 3:05 p.m. and the NSE Nifty 50 rose 0.76 percent to 11,067. The broader markets represented by the NSE Nifty 500 Index rose 0.7 percent.

Indian Energy Exchange

• Stock fell as much as 14.4 percent to Rs 112.
• Trading volume was almost 60 times its 20-day average.

Sundaram Finance

• Stock fell as much as 0.94 percent to Rs 1,510.
• Trading volume was almost eight times its 20-day average.

MMTC

• Stock rose as much as 13.1 percent to Rs 25.
• Trading volume was almost seven times its 20-day average.

Great Eastern Shipping

• Stock rose as much as 2 percent to Rs 252.
• Trading volume was almost eight times its 20-day average.

Reliance Capital Ltd. today, said that the company would receive Rs 6,000 crore through stake sale of Reliance Nippon Life Asset Management Company Ltd. via offer for sale.

“The proceeds by the OFS and the transaction with Nippon Life Insurance Company of Japan will be utilised to reduce Reliance Capital’s outstanding debt,” Reliance Capital said in a media statement on the exchanges.

“Reliance Capital expects to reduce its debt by at least Rs 12,000 crore (US$ 1.7 billion), or 70 percent, in the current financial year,” the statement added.

U.S. equity futures rose with Asian stocks and European peers edged higher as shares globally headed for a third weekly gain on easing trade fears and a new round of central bank stimulus.

• Futures on the S&P 500 Index gained 0.3 percent.
• Germany’s DAX Index increased 0.2 percent.
• The MSCI Asia Pacific Index rose 0.7 percent.
• The U.K.’s FTSE 100 Index was little changed.

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Shares of Bharat Petroleum Corporation Ltd. rose as much as 7.1 percent to Rs 411.50.

“India is considering a plan to sell the nation’s second-largest state refiner and fuel retailer to a global oil company as it explores options to give up its controlling stake in BPCL,” Bloomberg reported quoting people familiar with the matter.

Indian equity benchmarks regained momentum after fluctuating between gains and losses.

The S&P BSE Sensex rose 0.2 percent to 37,183 as of 2 p.m. and the NSE Nifty 50 rose 0.21 percent to 11,007. The broader markets represented by the NSE Nifty 500 Index rose 0.17 percent.

The market breadth was tilted in favour of buyers. About 964 stocks advanced and 778 shares declined on National Stock Exchange.

Shares of Wockhardt halted its five-day gaining streak, their longest gaining streak in nearly three months. The stock fell as much as 5.8 percent to Rs 305.60.

The scrip advanced 31 percent in the past five days and rose 7.4 percent in the past 30 days, Bloomberg data showed. Of the shares traded, 38 percent were at the ask price and 44 percent were at the bid.

• Indian Energy Exchange: About 1.23 crore shares changed hands in two large trades.
• Yes Bank: About 12.6 lakh shares changed hands in a large trade.

Buyers and sellers were not known immediately.
Source: Bloomberg

Indian equity benchmarks were trading marginally lower after fluctuating between gains and losses.

The S&P BSE Sensex fell 0.09 percent to 37,069 as of 1 p.m. and the NSE Nifty 50 fell 0.06 percent to 10,974. The broader markets represented by the NSE Nifty 500 Index fell 0.04 percent.

Shares of Gravita India rose as much as 5.3 percent to Rs 47.75.

The company’s Ghana arm has increased its capacity of its existing Lead Recycling Plant from 60,000 MTPA to 12,000 MTPA.

The stock returned 24 percent in the past five days and 27 percent in the past 30 days, according to Bloomberg data.

About 10.4 lakh shares of Indian Oil Corporation changed hands in a large trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of MMTC extended gains for the fourth consecutive trading session. The stock rose as much as 7.7 percent to Rs 23.80, the highest in two months.

The company has invited bids for import of 2,000 tonnes of onion from countries such as Pakistan, Egypt, China and Afghanistan, to improve domestic supply and check prices, according to a PTI report on Sept. 11.

This is the fist tender MMTC has floated this year. The government has decided to import onions as retail prices have shot up to Rs 50 per kg in most parts of the country due to shortage of the key kitchen staple, the news agency said.

Trading volume was almost five times its 20-day average, Bloomberg data showed. Of the shares traded, 47 percent were at the ask price and 39 percent were at the bid.

The NSE Nifty PSU Bank Index fell 1.9 percent and was the worst performing sectoral index on National Stock Exchange.

The declines were led by Bank of Baroda, Union Bank of India and Canara Bank.

The mid- and small-cap indices are under a correction mode and after having a bearish momentum for almost seven quarters valuations are at very attractive levels, according to Epic Research’s Chief Executive Officer Mustafa Nadeem

“One needs to have that kind of patience and longevity in terms of investment. Therefore, the investors should think of the broader picture here and make sure they are invested in this space,” he told in a mailed statement.

The NSE Nifty MidCap 100 and the NSE Nifty SmallCap 100 have declined 26.9 percent and 41.6 percent respectively since Jan 15, 2018—when they clocked their record highs.

Indian equity benchmarks traded marginally lower in the forenoon session as investors awaited clarity on U.S.-China trade tensions. Yes Bank emerged as the worst performer after falling 5.7 percent intraday.

The S&P BSE Sensex declined 0.11 percent to 37,063.80 and the NSE Nifty 50 fell 0.10 percent to 10,965.40, as of 11:15 am. The broader markets represented by the NSE Nifty 500 Index fell 0.17 percent.

The market breadth was tilted in favour of sellers. About 855 stocks declined and 792 shares advanced on National Stock Exchange.

Seven out of the 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 2.23 percent fall. Nifty Media Index was the top gainer, up 0.70 percent.

Shares of the Mumbai-based firm rose nearly 3.5 percent to Rs 134.90 apiece.

The company bagged a Rs 1,998-crore order from Mumbai Metropolitan Regional Development Authority, according to an exchange filing.

The stock has declined 44 percent in the past 12 months compared to a 1.5 percent fall in the Nifty Index.

Shares of the state-owned tourism infrastructure developer advanced over 35 percent in the last two trading sessions.

The shares rose 17.3 percent intraday to Rs 261 apiece, emerging as the top gainer on NSE Nifty 500 Index.

The relative strength index on the stock was over 35 percent, indicating it may be overbought. The trading volume was over 50 times its 20-day average for this time of the day, Bloomberg data showed.

Shares of the private lender slumped 5.3 percent intraday to Rs 64.35 apiece, emerging as the top loser on Nifty Index.

This comes as Altico Capital, a non-banking finance company backed by a set of marquee global investors, has defaulted on interest payment to Dubai-based Mashreqbank PSC. Yes Bank is likely to have an exposure to Altico Capital.

The stock traded 39 percent below the Bloomberg consensus one-year target price.

Shares of the autoparts maker rose 4.1 percent intraday to a one-month high of Rs 107.25 each.

Brokerage firm Goldman Sachs upgraded its recommendation on the stock to ‘Buy’ from ‘Neutral’. It also fixed the target price at Rs 121, indicating a potential return of 17.3 percent from last close.

Here’s what the brokerage firm had to say on the stock:

• Ramp-up of new plants and execution of new orders will aid earnings.
• Improvement in profitability at group company SMP led by lowering losses at plants.

The stock traded 19 times its estimated earnings per share, Bloomberg data showed.

Indian equity benchmarks fluctuated in opening trade as gains in automakers were offset by losses in private lenders such as Yes Bank and HDFC Bank.

The S&P BSE Sensex rose 0.07 percent to 37138.90 and the NSE Nifty 50 rose 0.13 percent to 11,000.45, as of 9:20 am. The broader markets represented by the NSE Nifty 500 Index rose 0.24 percent.

The market breadth was tilted in favour of buyers. About 838 stocks advanced and 604 shares declined on National Stock Exchange.

Ten out of the 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty IT Index’s 0.90 percent gain. Nifty Media Index was the only loser, down 0.02 percent.

The Indian rupee opened higher against the U.S. dollar. The home currency rose as much as 0.18 percent to 71.01 against the greenback. Rupee has gained for the seventh-straight session—its longest streak in over two months.

• Power Grid Corporation was declared successful bidder for two transmission projects in Madhya Pradesh and Rajasthan.
• DHFL defaulted in payment of NCD and its interest worth Rs 196.65 crore which was due on Sept. 12.
• Zee Entertainment promoter Cyquator Media Services decreased its stake in the company from 21.15 percent to 12.14 percent and promoter Essel Corporate LLP’S stake fell from 3.28 percent to 1.48 percent.
• Biocon licensed three Generic Formulations Products to China Medical System Holdings.
• Dr. Reddy’s Laboratories received EIR from the U.S.FDA indicating closure of audit for its Vizag’s formulations plant.
• Infibeam Avenues to separate its SME e-commerce services unit to Suvidha Infoserve, with Suvidhaa issuing 197 shares for every 1,500 shares. Company’s unit NSI Infinium Global will also separate its e-commerce business unit and Suvidhaa will issue 110,229 shares for every 20 shares held in NSI Infinium Global. Company’s Themepark & Event Software undertaking will be demerged to its own subsidiary DRC Systems wherein it will issue one share for every 412 shares held by Infibeam Avenue’s shareholders. Following the demerger Suvidhaa and DRC Systems will be listed on the exchanges.
• Gravita’s Ghana arm has increased its capacity of its existing Lead Recycling Plant from 60,000 MTPA to 12,000 MTPA.
• Sintex Industries defaulted payment of NCDs interest amounting to Rs 3.03 crore which was due on Sept. 11.
• SBI stated that it will exercise the over-subscription option of 1 crore share in the SBI Life Insurance offer for sale.
• Bharat Road Networks: SEBI revoked its order, stating that now the company can dispose its assets or divert funds without prior permission of SEBI.
• Manpasand Beverages said no forensic audit and call option approved by CMD Dhirendra Singh. Alleges company’s financier Finquest Financial Solutions to have passed the resolution with malafide intentions. Company has stated forensic audit and call option cannot be acted upon the company.

• ICICI Bank: SEBI imposed a penalty of Rs 10 lakh on the Bank and Rs 2 Lakh Penalty from Bank’s ED Sandeep Batra regarding disclosure norms regarding agreement signed between dominant shareholders of the Bank and Bank of Rajasthan. (SEBI Press Release)
• Kalpataru Transmission: HDFC AMC increased its stake from 7.4 percent to 9.6 percent in the company.
• L&T Finance Holdings: Board to approve raising Rs 150 crore via preference shares on Sept. 17.
• NDTV stated that on Sept. 5, the Bombay High Court had ruled in favor of the company in a defamation suit filed in 2013 against Quantum Securities and its directors. The case was based on a smear campaign against company.
• Corporation Bank to consider merger with Union Bank of India on Sept. 16.
• Virinchi awarded Aadhar Project for Rs 20 crore from Telengana Government.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded unchanged 10,994 points as of 8:10 a.m.

Asia stocks saw modest gains Friday at the end of a week in which trade optimism continued to grow and the European Central Bank introduced a fresh round of stimulus. Japanese and Australian shares pushed higher, with markets in China and South Korea closed for a holiday.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.