Nifty Clocks Best F&O Series In Six Months
A trader is reflected in a monitor on a trading floor. (Photographer: Michael Nagle/Bloomberg)

Nifty Clocks Best F&O Series In Six Months

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Closing Bell: Nifty Clocks Best F&O Series In Six Months

Indian equity benchmark NSE Nifty 50 rallied 5.8 percent in September series, the best since March when it advanced 7.25 percent.

The S&P BSE Sensex rose 1.03 percent to end at 38,989 and the NSE Nifty 50 advanced 1.22 percent to close at 11,580. The broader markets represented by the NSE Nifty 500 Index rallied 1.14 percent.

Homegrown research firm Edelweiss Financial Services expects Nifty to touch 13,000-13,500 by June 2020, according to its research report.

“We reiterate our Nifty target of 13,000-13,500 for June 2020,” the broking firm said in a note on Sept. 24.

The research firm expects Nifty’s earnings per share to grow 23 percent in the ongoing financial year, it said. “This will be a first year when Nifty EPS will jump upwards for 20 percent since 2011. The Nifty EPS has jumped by 20 percent in a year only once in last 15 years,” Edelweiss noted.

The market breadth was tilted in favour of buyers. About 977 stocks advanced and 782 shares declined on National Stock exchange.

Ten out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Metal Index’s 4.3 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.29 percent.

Also read: Equity Market Rally Lifts Investor Wealth By Rs 1.57 Lakh Crore

Bond Market Update: 10-Year Yield Drops Two Basis Points

The yield on the 10-year note fell two basis points to 6.73 percent. It fell over six basis points intraday.

The yield on the benchmark note fell two basis points in the last session to 6.76 perent and traders see the 10-year note trading in a range of 6.73-6.78 percent in the day. In more important news, Bloomberg has decided to work with India to help the nation gain access to global indexes.

Money Market Update: Rupee Off Day’s High

The Indian rupee traded off day’s high against the U.S. dollar. The home currency appreciated 0.1 percent to 70,97 against the greenback. The local legal tender had appreciated 0.26 percent intraday.

Nifty Clocks Best F&O Series In Six Months

Oil Marketers Advance On Lower Crude Prices

Shares of the oil marketing companies advanced after the brent crude fell as much as 0.53 percent to $62.72 a barrel. The Asian crude benchmark is currently trading 0.43 percent higher. It fell over 1 percent yesterday.

Nifty Clocks Best F&O Series In Six Months

Nifty Set To Register Best F&O Series In Six Months

Indian equity benchmark NSE Nifty 50 is set for its best F&O series since March.

The 50-stock index advanced over 1 percent as of 3 p.m. The S&P BSE Sensex rose 0.97 percent to 38,968. The broader markets represented by the NSE Nifty 500 Index rose 1.36 percent.

Fab Four Stocks Of The Day

Hindustan Zinc

  • Stock rose as much as 7.5 percent to Rs 216.80.
  • Government will look to sell its stake via OFS, Bloomberg reported quoting official.

AstraZeneca Pharma

  • Stock rose as much as 8.1 percent to Rs 2,322.40.
  • Received import and market permission in Form 45 from DGCA for diabetes drug.

Siemens

  • Stock rose as much as 4 percent to Rs 1,500.
  • Fresh longs seen with high open interest of 49 percent.

ICICI Lombard General Insurance

  • Stock rose as much as 5.2 percent to Rs 1,233.
  • 15.4 million shares changed hands in five bunched trades
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