Sensex, Nifty Rebound After Posting Worst Day in Two Months
India's stock benchmarks closed higher after fluctuating between gains and losses in a volatile session and snapped a two-day losing streak. Gains in realty, metal, information technology, oil & gas and fmcg stocks aided the advance. Attention shifts to the two-day U.S. Federal Reserve meeting that begins later today, in which policy makers are likely to lay the groundwork for tapering stimulus.
The Sensex rose 0.88%, the most single-day gain since September 2, to 59,005.27. The Nifty 50 advanced 0.95%, the most single-day gain since August 31, to 17,562. Infosys Ltd. contributed the most to the index gain, increasing 1.8%. JSW Steel Ltd. had the largest increase, rising 5.7%. Today, 40 of 50 shares rose, while 10 fell.
The S&P BSE MidCap almost mirrored its larger peers, rising 0.8% while the S&P BSE SmallCap underperformed, closing with gains of 0.1%. Fifteen of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Realty index adding 3.5% and S&P BSE Metal index rising 2.6%.
The market breadth was neither skewed in favour of bulls nor the bears. About 1,619 stocks advanced, 1,609 declined and 173 remained unchanged.
The recovery in equities shows that markets have discounted possible fallout from likely default of Chinese real estate giant Evergrande, while Thursday would be crucial as US$83mn interest payment is due for Evergrande on the day”, Binod Modi wrote in a note. The Head – Strategy at Reliance Securities added “considering increasing possibility of earnings downgrade in the USA markets following sharp rise in Coronavirus daily caseload and continued reform measures undertaken by the government in India appear to have revived FIIs’ interest in domestic market. An inflow of over Rs 6,500 crore in the last week from FIIs vindicates this.”
Oil India Advances The Most In 17 Months
Shares of Oil India Ltd. rose 7.56%, the most in 17 months, to Rs 209.9 apiece.
Trading volume was 99% above the 20-day average for this time of the day.
The company is scheduled to hold its annual meeting on September 25.
Oil India trades at 5.1 times its estimated earnings per share for the coming year.
Analysts have 17 'buy', three 'hold' and two 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied a downside of 1.5%.
Brokerage firm Morgan Stanley raised the recommendation on Oil India to 'equal-weight' from 'underweight' on Sunday; the price target was revised upwards to Rs 234 from Rs 135 (earlier), with an implied return of 17.12%
Bajaj Finance Gains The Most In Three Weeks; RSI Above 70
Shares of Bajaj Finance Ltd. rose 4.67%, the most intraday gains since August 31, to Rs 7,790 apiece.
Trading on the company's call options was double the average. Trading volume was 39% above the 20-day average for this time of the day.
Analysts have 14 'buy', nine 'hold' and seven 'sell' recommendations on the stock. The overall consensus price of analysts tracked by Bloomberg implied a downside of 21.8%
The relative strength index on the stock was above 70, indicating it may be overbought.
Bajaj Finance trades at 65 times its estimated earnings per share for the coming year.
Sobha On Track For The Longest Losing Streak In Over A Year
Shares of Sobha Ltd. fell for the sixth straight day, on track for the longest losing streak since the period ended Sept. 11, 2020.
Sobha lost a total of 12% during the streak while the S&P BSE SENSEX Index rose 1.3%.
Trading volume was 1.5 times the 30-day average volume at-time, for this time of the day.
Stock price volatility over the past year has been 52% compared the company average of 34.3%.
Of the 19 analysts tracking the company, 17 maintained 'buy', one maintained 'hold' and one maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 11.4%.
Indian I.T. Consulting Firm Photon Plans $350 Million U.S. IPO: IFR Report
Indian Information Technology consulting firm Photon plans $350 million IPO in the U.S., IFR reported, citing unidentified people with knowledge of the deal.
Photon's customers include Walgreens, L'Oreal, Intel, Johnson & Johnson and Campbell's Soup.
Citigroup, Credit Suisse and UBS are close to the transaction, according to the IFR report.
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