Sensex, Nifty Advance For The Third Week Aided By RIL, Airtel
India's stock benchmarks closed higher after fluctuating between gains and losses, and posted gains for the third consecutive week, aided by gains in fmcg, telecom and power stocks. Indian markets are shut on Friday due to a local holiday.
The S&P BSE Sensex closed with 0.09% gains to a 58,305.07. The NSE Nifty 50 advanced by similar magnitude to 17,369.25. Bharti Airtel Ltd. contributed the most to the index gain, increasing 2.7%. Nestle India Ltd. had the largest increase, rising 3.1%. Today, 29 of 50 shares rose, while 21 fell.
The broader indices outperformed their larger peers with the S&P BSE MidCap and S&P BSE SmallCap gaining over 0.5%. Thirteen out of the 19 sectoral indices compiled by the BSE Ltd. advanced, with S&P BSE Telecom adding nearly 2.5%.
The market breadth was skewed in favour of bulls. About 1,844 stocks advanced, 1,346 declined and 160 remained unchanged.
"Nifty is currently witnessing time-wise correction as it’s hovering within the 17,250-17,400 zone. A decisive break on either side would trigger the next directional move. Traders should maintain a positive yet cautious approach and maintain positions on both sides", wrote Ajit Mishra in a note. The Vice President - Research, Religare Broking Ltd. added that "participants will react to the IIP data in early trade on Monday i.e. September 13. Besides, the index heavyweight, Reliance, will be the focus as they’re launching their next Jio phone on September 10."
Ujjivan Financial Services Climbs 10% On Appointment Of New CEO
Shares of Ujjivan Financial Services Ltd. rose 10% to Rs 157.45 apiece after the company appointed Sanjeev Barnwal, as the Chief Executive Officer (CEO) effective from September 10, 2021.
Sanjeev Barnwal will continue to be the Company Secretary (CS) and Key Managerial Personnel (KMP), the company said in an exchange filing.
Sanjeev Barnwal has a corporate experience of over 17 years and prior to joining Ujjivan, he worked with SMC Capitals Ltd.
S&P BSE Telecom Index Climbs Over 2%
Global Index Inclusion Could Bring Turning Point For India: Morgan Stanley
India is likely to be added to the global bond indexes by the first quarter of 2022.
The addition would likely lure $40 billion of inflows to India’s debt market in the next two years.
2022 would be the turning point that could see an acceleration of bond inflows.
Global bond inclusion will push India’s balance of payments into a structural-surplus zone, indirectly create an environment for a lower cost of capital and ultimately be positive for growth.
Source: Morgan Stanley note
LIC Housing Finance Approves Allotment Of 4.54 Crore Shares On Preferential Basis To LIC
Shares of LIC Housing Finance Ltd. rose 2.10% to Rs 427.25 apiece after the company approved the allotment of 4.54 crore shares on preferential basis to LIC at Rs 514.4 per share.
In an exchange filing, LIC Housing Finance said the date of allotment was September 8.
Of the 41 analysts tracking the company, 22 maintained ‘buy’, 9 maintained ‘hold’ and 10 maintained ‘sell’ recommendation. The overall consensus price of analysts tracked by Bloomberg implied an upside of 10.4%.