Nifty Logs Longest Stretch Of Gains In Over Two Months

India’s equity benchmark NSE Nifty 50 registered gains for the fourth consecutive trading session, its longest gaining streak since July 4.

The 50-stock index ended 0.52 percent higher to close above 11,000 for the first time since Aug. 30.

Besides, the S&P BSE Sensex ended 0.44 percent higher at 37,145.45. The broader markets represented by the NSE Nifty 500 Index ended 0.58 percent higher.

Indian markets will remain shut on Tuesday on account of Muharram.

The market breadth was tilted in favour of buyers. About 1,167 stocks advanced and 608 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty PSU Bank Index’s 1.6 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.72 percent.

AMFI August Data Highlights (Month-on-Month):

• Equity inflows up 12.8 percent to Rs 9,152.43 crore.
• Total MF industry flows up 17.7 percent to Rs 1.02 lakh crore.
• Equity AUM down 4 percent to Rs 6.79 lakh crore.
• Total MF industry AUM down 0.7 percent to Rs 25.63 lakh crore.
• Liquid fund flows up 75 percent to Rs 79,428.2 crore.
• Balanced fund category witnessed outflows of Rs 879.21 crore versus inflows of Rs 673.75 crore.

Indian equity benchmark NSE Nifty 50 is set for its longest stretch of gains in over two months.

The 50-stock index rose 0.48 percent to 10,998.15. The S&P BSE Sensex rose 0.44 percent to 37,145.12. The broader markets represented by the NSE Nifty 500 Index rose 0.54 percent.

Larsen & Toubro

• Stock extended gains for the fourth consecutive trading session and rose as much as 2.5 percent to Rs 1,361.80.
• The company’s construction unit secured a residential project from Maharashtra’s Cidco to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai
• The contract stands worth Rs 5,000-7,000 crore, according to the company’s order classification.

IndiaMART InterMESH

• Shares extended gains for the fourth consecutive trading session.
• The stock rose as much as 8.8 percent to hit an all-time high at Rs 1,575.
• The stock advanced 31 percent in four trading sessions.

RBL Bank

• Stock rose as much as 8.7 percent to Rs 365.65.
• Fresh longs seen with high open interest of 26 percent.

Blue Dart Express

• Stock rose as much as 8.2 percent to Rs 2,411.95.
• Trading volume was 30 times its 20-day average.

Stocks were steady in Europe after rising in Asia as traders weighed a series of fresh stimulus moves expected by the world’s central banks. U.S. equity-index futures climbed, while Treasuries and the dollar were little changed.

• The Stoxx Europe 600 Index increased 0.1 percent.
• Futures on the S&P 500 Index gained 0.2 percent.
• The U.K.’s FTSE 100 Index climbed 0.3 percent.
• The MSCI Emerging Market Index rose 0.3 percent to the highest in more than five weeks.

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Source: Bloomberg

Indian equity benchmarks erased some of its gains to trade off day’s high.

The S&P BSE Sensex rose 0.36 percent to 37,11209 as of 2 p.m. and the NSE Nifty 50 rose 0.37 percent to 10,987.15. The broader markets represented by the NSE Nifty 500 rose 0.47 percent.

The market breadth was tilted in favour of buyers. About 1,121 stocks advanced and 598 shares declined on National Stock Exchange.

The Indian rupee extended its opening gains to trade at day’s high. The home currency depreciated as much as 0.31 percent to 71.50 against the greenback.

About 10 lakh shares of Infibeam Avenues changed hands in a bunched trade, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Somany Ceramics hit their lower circuit of 20 percent at Rs 228.70.

This after the company said in a statement on the exchanges that a cheque of more than Rs 26 crore issued in its favour by Mentor Financial Services Pvt. Ltd. has bounced owing to insufficient funds.

“The company issued demand notices for repayment to Mentor Financial Services, its directors and its authorised signatory as per requirements of the applicable law,” the statement added.

Trading volume was more than 15 times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be overbought.

Indian equity benchmarks were trading at day’s high, led by the gains in HDFC Ltd. and Larsen & Toubro Ltd.

The S&P BSE Sensex rose as much as 0.7 percent to 37,240.40 and the NSE Nifty 50 rose as much as 0.72 percent to 11,024.70. The broader markets represented by the NSE Nifty 500 rose as much as 0.7 percent.

Ten out of 11 sectoral gauges compiled by the NSE traded higher, led by the NSE Nifty PSU Bank Index’s 1.36 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.59 percent.

Eveready Industries

• Stock hit 5 percent lower circuit at Rs 70.50.
• Trading volume was more than 40 times its 20-day average.

Blue Dart Express

• Stock rose as much as 8.2 percent to Rs 2,411.95.
• Trading volume was 30 times its 20-day average.

Prabhat Dairy

• Stock rose as much as 5.2 percent to Rs 82.50.
• Trading volume was 20 times its 20-day average.

Shankara Building Products

• Stock rose as much as 18.9 percent to Rs 437.
• Trading volume was more than 20 times its 20-day average.

Shares of Varun Beverages fell as much as 3.1 percent to Rs 607.05.

That on Saturday said it raised Rs 900 crore ($125 million) through qualified institutional placement. The company sold 1.47 crore shares at an average price of Rs 612 apiece in the sale that opened Sept. 3 and closed Sept. 6.

Varun Beverages plans to use the proceeds for investments in units, repaying debts and for acquisitions, if any, according to the terms of the deal, reported by Bloomberg.

Sales of passenger vehicles fell 23.5 percent on a yearly basis to 11 lakh units in August, Society of Indian Automobile Manufacturers said in a statement.

Other sales highlights (August, YoY)

• Domestic car sales fell 41.1 percent to 1.15 lakh units.
• Domestic truck and buses fell 38.7 percent to 51,897 units.
• Domestic two-wheeler sales fell 22.2 percent to 15.14 lakh nits.
• Domestic passenger vehicle exports up 14.7 percent to 69,749 units.

Nine out of 11 sectoral gauges compiled by National Stock Exchange traded higher, led by the NSE Nifty FMCG Index’s 1.07 percent gain.

On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.44 percent.

Indian equity benchmarks were trading at day’s high, led by the gains in ICICI Bank Ltd. and HDFC Ltd.

The S&P BSE Sensex jumped over 400 points from day’s low to trade near 37,000 and the NSE Nifty 50 reclaimed 11,000 for the first time since Aug. 30. The broader markets represented by the NSE Nifty 500 Index rose 0.56 percent.

Shares of Ashok Leyland fell 1.9 percent to Rs 62.70. The stock fell 2.9 percent intraday.

The company has 18 non-working days at Pantnagar plant in September, 16 non-working days in Ennore plant, 10 non-working days in Bhandara plant and Alwar plant each, and five non-working days in Hosur plant 1 and 2 due to continued weak demand for its products, according to its statement on the exchanges.

Of the shares traded, 48 percent were at the ask price and 46 percent were at the bid, according to Bloomberg data.

Shares of Torrent Pharma fell as much as 1.6 percent to Rs 1,711.30.

Brokerage and research firm Emkay downgraded the stock rating to ‘Sell’ from ‘Hold’ and cut its price target to Rs 1,582 from Rs 1,620, according to its report.

Here’s what Emkay had to say about Torrent Pharma:

• Recent outperformance leaves little room for error
• India growth key to sustain premium valuations; U.S. likely to see muted growth
• Given that Unichem synergies are now largely in base, expect margins to peak out in medium term

State Bank of India today cut its one-year MCLR by 10 basis points to 8.15 percent from Sept. 10, according to its emailed statement.

SBI says:

• This is the fifth consecutive cut in MCLR during the current financial year.
• Cuts retail term deposit rates by 20-25 basis points across tenors.
• Cuts bulk deposit rates cut by 10-20 basis points across tenors.

Nifty’s 11,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the weekly contract, which is set to expire on Thursday rose 27.15 percent to Rs 68.15. Over 2.69 lakh shares were added to the open interest which stood at over 21.37 lakh shares.

Indian equity benchmarks pared opening losses.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 36,976 and 10,945 respectively as of 10 a.m. The broader markets represented by the NSE Nifty 500 Index rose 0.1 percent.

Shares of IndiaMART InterMESH extended gains for the fourth consecutive trading session. The stock rose as much as 8.8 percent to hit an all-time high at Rs 1,575.

The company plans to acquire 26 percent stake in in Simply Vyapar App for Rs 31.2 crore, according to its stock exchange filing on Sept. 3.

The stock advanced 31 percent in four trading sessions. Trading volume was more than 70 times its 20-day average, Bloomberg data showed.

Shares of L&T pared opening losses and rose as much as 0.76 percent to Rs 1,338.80.

The company’s construction unit secured a residential project from Maharashtra’s Cidco to construct 23,432 dwelling units with on-site infrastructure works at various locations in Navi Mumbai, according to its statement on the exchanges.

The contract stands worth Rs 5,000-7,000 crore, according to the company’s order classification, the statement added.

Of the shares traded, 48 percent were at the ask price and 38 percent were at the bid, Bloomberg data showed.

Shares of Muthoot Finance fluctuated between gains and losses to trade 0.93 percent higher at Rs 590.70.

The company has shut 43 branches that have outstanding gold loans of Rs 100 crore, Bloomberg reported quoting company’s statement in analysts conference call. “The company plans to close more branches and the closures will not effect the bottomline,” Muthoot Finance’s CEO said, according to Bloomberg.

“Half of the gold loan provider’s 600 branches in the southern state of Kerala have not been functioning in the last few months due to the protests,” Bloomberg reported on Friday quoting IDBI Capital Markets & Securities’ Analyst Neelam Bhatia. “If they actually shut down these branches it would be a huge loss in business,” Bhatia told Bloomberg.

Shares of Equitas Holdings fell as much as 11.9 percent, the most since Aug. 5, to Rs 102.15.

The Reserve Bank of India on Friday denied an extension of the deadline to Equitas Small Finance Bank for its listing on the bourses. As per the RBI’s licensing requirements, the deadline for listing the bank was Sept. 4.

As a punitive measure, RBI said that the bank is not permitted to open new branches till further notice and froze the remuneration of managing director and chief executive officer of the bank stands frozen at the existing level till further notice.

Trading volume was more than 30 times its 20-day average, Bloomberg data showed. The stock declined 6.9 percent in the past five days and fell 4 percent in the past 30 days.

Equitas’ Conference Call Highlights:

• Expects bank listing within six months.
• Expecting early response from SEBI for listing.

Source: Bloomberg reported quoting company’s investors call.

Indian equity benchmarks opened lower, led by the declines in HDFC Bank Ltd. and Reliance Industries Ltd.

The S&P BSE Sensex fell as much as 0.52 percent to 36,791 and the NSE Nifty 50 fell as much as 0.51 percent to 10,890.85. The broader markets represented by the NSE Nifty 500 Index fell as much as 0.41 percent.

“The improved risk on sentiment across globe has provided some respite to equity markets last week. However, the relentless selling from foreign players is keeping the Indian indices under ‘bear grip’,” Karvy Stock Broking said in a note on Sept. 7.

The market breadth, however, was tilted in favour of buyers. About 706 stocks advanced and 601 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Auto Index’s 1.4 percent fall. On the flipside, the NSE Nifty Pharma Index was the only sectoral gainer, up 0.32 percent.

September Futures

• Nifty Sep futures closed at 10,973.6, premium of 27.4 points versus 33.7 points.
• Nifty futures OI down 2 percent, sheds 3.5 lakh shares in open interest.
• Bank Nifty September futures closed at 27,306, premium of 58 points versus 74 points.
• Bank Nifty futures open interest down 3 percent, sheds 56,800 shares in open interest.

Options

• Nifty PCR at 1.30 versus 1.24 (across all series)

Nifty Weekly Expiry: Sep 12

• Max OI on call side at 11,000 (18.6 lakh shares)
• Max OI on put side at 10,900 (20.9lk shares)
• OI addition seen at 10,900P (+11 lakh shares), 10,850P (+6.1 lakh shares)
• OI shedding seen at 10900C (-2.2 lakh shares), 10,800C (-1 lakh shares)

Nifty Monthly Expiry: Sep 26

• Max OI on call side at 11,500 (21.7 lakh shares)
• Max OI on put side at 10,800 (32.7 lakh shares)

• GFL promoter Inox Leasing and Finance acquired 56,000 shares on Sept. 4.
• Cadila Healthcare promoter Zydus Family Trust acquired 2.7 lakh shares on Sept. 4.
• Meghmani Organics promoters acquired 72,000 shares from Sept. 3-4.

The Indian rupee opened marginally higher against the U.S. dollar. The home currency appreciated as much as 0.08 percent to 71.67 against the greenback.

Indian equity benchmarks are set to open higher.

The S&P BSE Sensex rose 0.18 percent to 37,048 during the pre-market trade and the NSE Nifty 50 rose 0.11 percent to 10,956.35.

“The Indian markets continued to remain weak in September on concerns related to the ongoing economic slowdown,” Kotak Securities’ Sanjeev Zarbade said.

Zarbade expects “reasonable valuations” in mid-cap stocks and positive returns with a two- to three-year period.

• Oil extended gains after Saudi Arabia ousted its long-time energy minister before an OPEC+ committee that monitors compliance with output cuts meets this week in Abu Dhabi.
• U.S. stocks on Friday eked out a third straight advance, while Treasuries were mixed as Federal Reserve Chairman Jerome Powell’s latest comments did little to alter views on Federal Reserve policy.
• On Friday, the People’s Bank of China said it will cut the amount of cash banks must hold as reserves to the lowest level since 2007, injecting liquidity into the economy.
• Weak August job gains signalled the U.S. labour market’s slowdown is deepening as the trade war with China takes a toll on the economy, even as some details of the report suggested a recession is far from imminent.

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• Reliance Communications, Zenlabs Ethica to move into ASM Framework.
• Jain Irrigation Systems , Reliance Power, Suzlon Energy Sadhana Nitro Chem to move out of ASM Framework.
• Eros International Media , Bajaj Hindusthan Sugar to move into short term ASM Framework.
• Reliance Communications, NR Agarwal Industries to move out of short term ASM Framework.
• Jaypee Infratech, Essar Shipping price band revised to 5 percent.

• Equitas Holdings: The Reserve Bank of India on Friday denied an extension of the deadline to Equitas Small Finance Bank for its listing on the bourses. As per the RBI’s licensing requirements, the deadline for listing the bank was Sept. 4. As a punitive measure, RBI said that the bank is not permitted to open new branches till further notice and froze the remuneration of managing director and chief executive officer of the bank stands frozen at the existing level till further notice.
• Essel Group stocks In focus as the Group paid lenders over a third of the amount due by September-end in the first tranche, according to a person aware of the development. The Zee group promoters, which sold a stake in flagship Zee Entertainment Ltd. a month ago, repaid nearly Rs 4,450 crore to lenders including mutual funds and non-bank finance companies, the person said on the condition of anonymity as the information is not public yet.
• Canara Bank sought expression of interest from bidders to sell its entire stake of 30 percent in Can Fin Homes. Besides, the lender revised MCLR across various tenors with effect from Sept. 7. One Month MCLR at 8.2 percent and one year MCLR at 8.4 percent.
• Balmer & Lawrie: Board to consider bonus share issue on Sept. 17.
• NBCC has submitted its willingness to take over the responsibility of preparing a revised plan to take over incomplete assets to the Supreme Court. Next date of hearing for the proposed revised plan is Oct. 17.
• Reliance Industries and BP Plc aim to commence gas production from KG-D6 basin in April-June 2020. Consortium seeks bids for selling 5 million metric standard cubic meter per day of gas on long-term basis. The bidding would be conducted on Oct. 10 to sign gas sale pact within 15 days from closure of bidding process.
• J&K Bank stated that annual shareholders meet has been postponed to Sept. 26
• Somany Ceramics said that a cheque of Rs 26 crore issued in the favour of the company by company’s stock-broker Mentor Financial Services has bounced owing to insufficient funds. The company has issued demand notices for repayment to mentor, its directors and its authorised signatory as per requirements of the applicable law. In view of continued default by Mentor Financial Services, its directors and its authorised signatory, the company has now filed a criminal complaint with Haryana Police Station against the aforementioned parties.
• Varun Beverages Varun Beverages on Saturday said it has raised Rs 900 crore ($125 million) through qualified institutional placement. The company sold 1.47 crore shares at an average price of Rs 612 apiece in the sale that opened Sept. 3 and closed Sept. 6. Varun Beverages plans to use the proceeds for investments in units, repaying debts and for acquisitions, if any, according to the terms of the deal, reported by Bloomberg.
• ITD Cementation stated that it has stopped its tunnel boring machine operations temporarily for the construction of East-West Corridor of Kolkata Metro as water has entered tunnels while tunneling.
• Suzlon Energy: IDBI Bank withdrew its nominee director in the company.
• IL&FS Investment Management Services stated that finalisation of financial results have been delayed and company is not in position to submit financial results for financial year 2018 and quarter ended June 2019.
• DHFL defaulted in payment of non-convertible debentures interest worth Rs 20.24 crore.
• Coffee Day Enterprises said that it is unaware of stake sale plans by the owners to raise fund. Besides, the company has appointed IDFC Securities as advisor for identifying strategic option for stake sale, refinancing of existing debt and raising additional facilities to repay debt on behalf of the group.
• Amtek Auto: ROC approved extension of holding AGM up to Nov. 30.
• Shilpa Medicare received two observations for formulation plant in Telangana by the U.S. FDA. The company also said that there were no repeat observations or data integrity related observations.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.1 percent to 10,970.50 as of 8:20 a.m.

Asian stocks saw gains on Monday as traders weighed further stimulus from China amid weak economic data.

Shares in South Korea outperformed, with the advance more modest in Japan, China and Hong Kong.

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