Sensex, Nifty Post Third Straight F&O Series Advance
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
KEY HIGHLIGHTS
Closing Bell: Gains For The Series
Indian equity markets gave up the modest gains of the session to close the August F&O series on a subdued note.
The S&P BSE Sensex ended little changed at 39,113 while the NSE Nifty 50 too ended flat at 11,559.
Both Sensex and Nifty have posted gains for the August series - their third successive F&O series gain.
The real estate index was the top sectoral gainer in today's session, ending 6.2% higher. This was the biggest single-day gain for the index in two months.
Nifty PSU Bank, Nifty Pharma and Nifty Auto were the other major sectoral gainers, ending with gains of over 1% each.
The Nifty Bank ended 0.9% higher, gaining for the fifth straight day. The index has gained over 1,500 points in the last five trading sessions.
Nifty FMCG and Nifty I.T. were the only sectoral laggard, ending 0.3% and 0.1% lower respectively.
Broader markets ended little changed but managed to post gains. The Midcap index ended 0.2% higher while the Smallcap index gained 0.5%. Both the indices ended higher for the ninth straight session. This is the longest winning streak for the midcap index in seven months.
The India Volatility Index ended 2.2% lower at a six-month low of 18.9.
Market breadth was even with 917 stocks on the NSE ending with gains while 888 declined.
How Did The Sectoral Indices Fare
Some Other Stocks In Focus
- Blue Star: Stock breaks above its 200-Day Moving Average of 642. Gains as much as 16% to Rs 723.7. Stock up for the sixth straight day.
- Dixon Technologies: Stock trades at an all-time high. Rising for the eighth straight day.
- Affle India: Snaps four-day gaining streak during which it had three upper circuits of 10% and one of 5%. The stock is in a lower circuit of 5% in today's session.
Buzzing Stock: TCNS Clothing
- Among the top performing stocks on the Nifty 500 index
- Gains as much as 13.1% to Rs 463.9
- Biggest single-day gain on record
- Trades at the highest level in five months
- Up for the fourth straight day
- Has declined only once in the last nine trading sessions
- Gained 30% in the last nine trading sessions
- Today's volumes are over five times higher than its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 82
- Nearing 200-Day Moving Average of 473.6
- Has gained 57% from its 52-week low of Rs 295 on March 25, 2020
- Four out of the eight analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 11% higher than its 12-month consensus price target of Rs 394.8, implying a negative return potential
Nifty Bank Up 1,500 Points In Five Sessions
Active Stock Options For September 24 Expiry
- HDFC's 1,900 Call: Premium up 60.8% at Rs 61.2. The contract has shed 270 shares in Open Interest.
- IndusInd Bank's 600 Call: Premium up 91.9% to Rs 45. The contract has shed 239 shares in Open Interest.
- State Bank of India's 230 Call: Premium up 36.2% to Rs 4.7. The contract has added 1,248 shares in Open Interest.
Buzzing Stock: Greaves Cotton
- Gains as much as 6.4% to Rs 88.8
- Biggest single-day gain in four months
- Trades at the highest level in over a month
- Rising for the second straight day
- Today's volumes are more than quadruple its 20-day average
- Breaks above its 50-Day Moving Average at 84.8
- 58% of the 25.8 lakh shares traded on the stock as of 2 P.M. are marked for delivery
- Has gained 33% from its 52-week low of Rs 66.05 on April 3, 2020
- Three out of the seven analysts tracking the stock have a buy recommendation; 2 sell calls
- The stock trades 1% higher than its 12-month consensus price target of Rs 86
Markets At 2:10 P.M.
- Benchmark indices trade off the day's high
- Nifty up 0.27% at 11,580
- Sensex up 0.33% at 39,201
- Nifty Bank up 1% at 23,648
- Nifty Midcap index up 0.3%
- Nifty Smallcap index up 0.6%
- India Volatility Index down 2.2% at 18.9
- Nifty Realty remains the top sectoral gainer; up 6.7%
- Nifty PSU Bank is the other major sectoral gainer; up 1.3%
- Nifty Pharma and Nifty Auto up 0.5% each
- IndusInd Bank remains the top Nifty gainer; up 7.5%
- Zee Entertainment is the top Nifty laggard; down 2%
- 929 stocks on the NSE trade with gains while 841 decline
Money Market Update
The currency saw yet another day of strong gains after comments from Reserve Bank of India Governor Shaktikanta Das about the banking system bring robust.
The rupee ended at 73.81 against the U.S. Dollar as compared to Wednesday's close of 74.30. It has seen a similar 0.7% appreciation during Monday's trading session.
Today's gains made rupee the best performing currency in Asia. It is now trading at the highest level in over five months.
Yield on the 10-year government bond ended at 6.153% as compared to Wednesday's level of 6.192%.
Fifth Day Of Gains For The PSU Bank Index
Stock Reaction: Mahindra & Mahindra
The auto and tractor company manufacturer signed a pact with Israel's REE Automotive for electric commercial vehicles. The partnership will support REE's global customer needs for 2 lakh to 2.5 lakh vehicle units over a few years, the company said in a statement.
The company has incorporated a wholly-owned subsidiary - Martial Solren, which is a wholly-owned subsidiary of Mahindra Holdings.
The incorporation has been done with a paid-up and authorised share capital of Rs 1 lakh each.
The company has incorporated Martial Solren to be engaged in the business of producing and distribution solar power.
Shares gained as much as 4% to Rs 637.6 - its highest level since July 2019. The stock is up for the third straight day and is the second best performer on the Nifty Auto index.
Earnings Reaction: Avanti Feeds Q1FY21
- Revenue down 13% to Rs 955.4 crore
- Net profit up 12% to Rs 104.1 crore
- Ebitda down 6% to Rs 129 crore
- Ebitda margin at 13.5% from 12.5%
- Shrimp feed revenue down 14% to Rs 777.3 crore
- Processed Shrimp revenue down 4% to Rs 179.3 crore
- Power business revenue flat at Rs 44 lakh from Rs 42 lakh
- All numbers are consolidated and compared on a year-on-year basis
Management Commentary:
- Impact on Shrimp culture felt during April, May due to panic harvesting and slow-down in Shrimp culture stocking.
- Manpower shortage and transport difficulties observed.
- Things improving gradually with farmers gaining confidence due to stable farm gate prices and resumed stocking.
- Not much impact of the pandemic on the company's financial performance.
Shares ended 1.2% lower at Rs 552, after giving up gains of as much as 2%.
Buzzing Stock: IndusInd Bank
- Top gainer on the Nifty 50 index
- Gains as much as 6.2% to Rs 603
- Trading at the highest level in five months
- Gains for the fifth straight day
- Has declined only once in the last nine trading sessions
- Up 17% in the last four trading sessions
- Today's volumes are triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 74
- Has more than doubled from its 52-week low of Rs 235.5 on March 24, 2020
- 35 out of the 56 analysts tracking the stock have a buy recommendation; 8 sell calls
- The stock trades at its 12-month consensus price target level of Rs 599.3
European Markets Open Flat
Benchmark indices in Europe have opened little changed after they staged an intra-day reversal to end higher on Wednesday.
The Stoxx 600 index has opened flat with technology and travel stocks leading the gains. Banks, insurance, telecom stocks are underperforming.
Most Asian markets have ended mixed while futures on the Dow Jones are trading lower by 70 points.
Brent crude trades little changed at $45.6 per barrel while Gold trades 0.7% lower at $1,940.9/Oz.
Let's take a look at how benchmark indices across Europe have opened:
- Euro Stoxx 50 unchanged at 3,358
- DAX up 0.15% at 13,211
- CAC unchanged at 5,047
- FTSE 100 down 0.1% at 6,038
- IBEX 35 down 0.43% at 7,092