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Stock Market Highlights: Sensex jumps 514 points, Nifty ends above 17,550 led by metals, realty, IT stocks; smallcaps underperform

CNBCTV18 logo CNBCTV18 21-09-2021 Ankit Gohel
15:39:13 IST

Market At Close | Here are the highlights of today's trading session

-Market Surges In The 2nd Half To Close At Day’s High

-Sensex Rises 773 Points & Nifty 236 Points From Day’s Low

-Nifty Bank Gains 710 Points & Midcap Index 585 Points From Lows

-Except Auto, All Indices Post Gains, Realty, Metal & IT Top Gaining Indices

-Metal Stocks See A Buying Following Yesterday’s Deep Cut, JSW Steel Up 5%

-Sensex Closes 514 Points Higher At 59,005 & Nifty 165 Pts Higher at 17,562

-Nifty Bank Rises 90 Points To 37,236 & Midcap Index 188 Points To 29,442

-Bajaj Finance & Bajaj Finserv Hit Record Highs, Stocks Up 5% & 3% Respectively

-ITC Hits 52-week High With Stock Posting A Gain Of More Than 3%

-Autos Remain Under Pressure, Maruti Falls 2%, Hero Moto Over 2%

-7 Nifty Stocks Hit 52-week Highs In Today’s Session

-PVR, Mindtree, SAIL, Godrej Prop, Piramal Ent, Can Fin Top Midcap Gainers

-Indiabulls Hsg, Polycab, TVS Motor, IRCTC, Chola Invst Top Midcap Losers

-Volatility Index, India VIX Closes 7% Lower After Yesterday’s 14% Upmove

-Market Breadth Neutral With NSE-Advance Decline Ratio At 1:1

15:37:47 IST

Closing Bell | Stock Market Highlights: Indian benchmark equity indices Sensex and Nifty ended higher Tuesday led by sharp gains in realty, metals and IT stocks. The Sensex jumped 514.34 points, or 0.88 percent, to 59,005.27, while the Nifty closed 165.10 points, or 0.95 percent higher at 17,562.00. Broader markets closed mixed with the Nifty Smallcap100 index down 0.14 percent, while the Nifty Midcap100 index gaining 0.64 percent.

Among sectors, mmost gains were seen in realty, metals, IT, FMCG and energy indices, while Nifty Auto and Nifty PSU Bank ended in the red. JSW Steel, ONGC , Bajaj Finance, IndusInd Bank and Tata Steel were the top Nifty50 gainers, while Maruti Suzuki, BPCL, Hero MotoCorp, Bajaj Auto and Nestle India were the top index losers. Read here

15:28:11 IST

ITC shares hit 52-week high, cross Rs 240 mark; here's what's driving the stock

ITC shares jumped more than three percent to a 52-week high on Tuesday. On BSE, the ITC stock rose to a high Rs 242.30 level in afternoon deals. IT shares have been attracting strong investor interest lately, having gained 15 percent in the last one month. In the last four days alone, the stock has risen more than 12 percent.

Meanwhile, the Nifty FMCG index was up almost a percent in afternoon trade. Analysts believe the recovery in the FMCG sector and a rise in cigarette prices as the key triggers for the stock. ITC, which has been undervalued for a long time, currently trades at attractive valuations, according to experts. Read here

15:24:16 IST

Paras Defence IPO subscribed 12.8 times so far on day 1; retail portion booked over 24 times

Paras Defence and Space Technologies’ initial public offering (IPO) has been subscribed 12.82 times so far on Tuesday, the first day of the bidding process backed by strong demand from retail investors. The issue has received bids for 9.15 crore shares against the IPO size of 71.40 lakh shares, according to the data available on the exchanges.

The portion set aside for retail investors has been subscribed 24.55 times and that for non-institutional investors 2.26 times. Qualified institutional buyers are yet to put in bids.

15:18:18 IST

Ashis Biswas, Head of Technical Research at CapitalVia Global Research 

The market witnessed some volatile movements and an attempt to hold the level around the Nifty50 Index level of 17,450-17,500. It suggests that 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is able to sustain the level of 17,450-17,500, the market can witness higher levels of 17,850. The momentum indicators like RSI and MACD indicating positive momentum is likely to continue.

15:12:33 IST

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Moneycontrol Pro: IFGL Refractories’ capex plans to sustain higher growth 15:07:13 IST

Karnataka Government assembly passes Bill slashing stamp duty by 2% on flats priced below Rs 45 lakh

Karnataka Government’s decision to slash stamp duty by 2% will provide marginal boost to the real estate sector. Although the move is definitely progressive, it will only make marginal difference to the volume of sales because 2% is capped for properties worth Rs 45 lakh only. While it will save cost to homebuyers, the volume of sales below Rs 45 lakh is restricted. Had the stamp duty cut been across the price categories as was done by the Maharashtra government, the impact would have been desirable. Limiting it to properties worth up to Rs 45 lakh may not lead to volumes, says Shantanu  Mazumder, Executive Director – Karnataka, Knight Frank India.

15:02:03 IST

Market Watch: Shrikant Chouhan of Kotak Securities    

- Buy Bajaj Finance with a stop loss of Rs 7,500 and a target of Rs 7,850

- Buy Tata Steel with a stop loss of Rs 1,230 and a target of Rs 1,330

14:55:27 IST

HPCL eyeing 5000 EV charging stations over next 4 years; expects Singapore GRMs to be around $5/bbl

The HPCL stock is up around 22 percent this year and in the last six months, it has risen around 14 percent. The stock is currently trading at around Rs 270 on the NSE. There was an interesting note put out on the oil and gas space, which said, they are modelling Brent at $64 a barrel. Brent is down 6 percent from its recent peak. So, the recovery in Singapore gross refining margins (GRMs) in auto fuel has led to an improvement in the earnings visibility for oil marketing companies. To discuss the demand picture and the outlook, CNBC-TV18 caught up with MK Surana, CMD, HPCL. Read here

14:43:07 IST

Paras Defence and Space IPO: Co plans capex for making 'complete' camera systems

Paras Defence and Space Technologies, on Thursday, said that it has fixed a price band of Rs 165-175 for its Rs 171-crore initial share sale. The three-day initial public offering (IPO) will open for subscription on September 21 and conclude on September 23. In an interview with CNBC-TV18, Munjal Shah, MD of the company, spoke about his upcoming plans.

On debt repayment, Shah said, “Our term loan outstanding is only Rs 35 crore, the rest is working capital. Against that working capital, we have a lot of debtors, we have a lot of inventory, we have a lot of stock, we have work in progress so we don't term it as debt. So actual term loan outstanding is only Rs 35 crores and out of that, say from the IPO proceeds we are going to repay around Rs 10 to 12 crore, but in the future, we wish to be debt light.” Read here

14:36:46 IST

Edul Patel, CEO, and Co-founder, Mudrex- A Global Crypto Trading Platform

Multiple events culminated into a panic-like situation on Monday. The potential failure of China's Evergrande property group, having a debt of billions of dollars, initiated the selloff from the volatile asset classes. Investors rushed out of equities and cryptos and moved towards safer havens such as Gold and liquid funds. The upcoming Fed Reserve meeting aggravated the uncertainty, and the crypto market crumbled. The coming 24 hours would likely be a price discovery session for the market.

14:32:25 IST

Positive on PSU banks; India payments market in client acquisition phase: JPMorgan

JPMorgan is positive on public sector undertaking (PSU) banks, Saurabh Kumar, India banking and financial research, told CNBC-TV18.

“We are positive on PSU banks, on the thesis that the large corporate asset quality in India has probably bottomed out. We have, through the last two years, not seen any major loan default and the books are basically provisions for these banks,” Kumar said. On private banks, he said, “The net slippage numbers should be better-off and we think from an asset quality perspective, that should really help.” Watch here

14:30:46 IST

Hindustan Aeronautics defers proposal of stock split

The Board of Directors of Hindustan Aeronautics in its meeting has deferred the proposal of sub-division of shares.

14:28:11 IST

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How can you recover home loan interest using SIP? 14:19:52 IST

Indian market valuations stretched; see opportunity in financials, real estate: Pacific Paradigm

Punita Kumar Sinha, managing partner of Pacific Paradigm Advisors and chairperson of InCred AMC, on Tuesday, said that the Indian market is trading at an expensive valuation.

“Valuations are really stretched. If you look at the overall market valuations, we are trading at over 3.5 or something in that range of price to book versus much lower valuations than we have seen historically, so overall, I would say our risk levels are a little higher now, given what is happening globally,” Sinha said, in an interview to CNBC-TV18.

According to her, uncertainty in China is likely to lead foreign flows towards India. “The China story is getting trickier, given the regulatory environment there and that is likely to benefit India,” said Sinha. Read more

13:55:28 IST

HCL Tech enters multi-year partnership with ING Germany brand Lendico

HCL Technologies shares traded 1.7 percent higher at Rs 1,297 apiece on BSE after the IT company announced that it had entered a multi-year partnership with Lendico, a brand of ING Germany. The HCL Tech stock outperformed the 30-scrip Sensex index, which was up 0.4 percent. 

HCL will establish a fintech lab in Germany to drive innovation and create transformational technology architectures, according to a regulatory filing.

13:45:51 IST

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Gold, silver and 5 other commodity bets analysts recommend now

Commodities are seeing wild moves with gold hovering near the Rs 46,200 per 10 grams mark. Is this a time to take avoid the yellow metal for now or take fresh long positions? Strength in the US dollar continues to make precious metals and other commodities unattractive for those holding other currencies. All eyes are now on the outcome of the Federal Reserve's policy meeting. Here are eight trades that analysts recommend from a near-term view. (Read more on how to trade in commodities now)

13:42:28 IST

MCX crude oil October futures face resistance at Rs 5,220-5,270: Reliance Securities' Sriram Iyer 

"International oil prices recovered in early Asian trade on Tuesday amid signs that some output from the US Gulf will stay offline for months due to the damage caused by the storm," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

"Technically, WTI crude oil holds resistance near $71.00-$72.50 levels, below which, correction could be seen up to $70.30-$69.30 levels. For MCX October futures, a bearish momentum could be seen up to Rs 5,150-5,110 levels. Resistance is placed at Rs 5,220-5,270 levels," he said.

13:26:34 IST

Investing Tips | Is it a good time to enter the market?

"In recent times, we have seen that many startups have listed on IPOs. Data shows that the number of people trying their hand at stocks has increased to a record high," writes Prateek Singh, Founder and CEO of LearnApp.com. (Read more)

13:23:00 IST

Equity investments gaining ground due to multiple reasons: BSE CEO

"Equity investments, whether directly or through mutual funds, are gaining ground over the last 1.5 years due to a variety of reasons across the world," said Ashishkumar Chauhan, MD and CEO of stock exchange BSE. The bourse crossed eight crore registered investor accounts.

"India is also following the world trend. It is important for every investor to be careful and understand in detail the companies, processes and instruments in which they plan to invest or trade," he said.

13:13:18 IST

Buy HDFC AMC, sell JSW Steel: Ajit Mishra 

Here are two trading calls from Ajit Mishra of Religare Broking:

  • Buy HDFC AMC for a target price of Rs 3,400 with a stop loss at Rs 3,090 
  • Sell JSW Steel for a target of Rs 585 with a stop loss at Rs 665 
13:10:38 IST

Continue to like banking, insurance spaces: Susmit Patodia of Motilal Oswal AMC

Susmit Patodia, Associate Director & Fund Manager-PMS at Motilal Oswal AMC, told CNBC-TV18 he contineus to like the domestic market-facing resilient companies, "I think Covid briefly taught us the importance of resilience to look for in companies and then we kind of forgot everything. Then growth took over resilience. I think these container issues, or even Evergrande, will teach again how important resilience is," he said.

Services companies, whether from the IT, banking or insurance sectors, are seeing good collection efficiency, he said. "Banking should be something that we like. Life insurance continues to be a sector that we like and services, whether it be technology or staffing, is also among the sectors that we like... These sectors have a domestic focus and are not impacted so much by the issues happening the world," he said. 

13:04:22 IST

Realty prices to go up in 1-2 years as inventory gets cleared: Susmit Patodia of Motilal Oswal AMC

“Real estate in India is completely, I would say, different from what is happening in China. You had nearly five years of no sales. We are really at the bottom of the real estate cycle in terms of volumes," Susmit Patodia, Associate Director & Fund Manager-PMS at Motilal Oswal AMC, told CNBC-TV18. 

"I think HDFC just announced a housing loan rate offer... Developers are ready to sell at prices that they get here. I think volume are going to be very, very strong in real estate. Probably over the next one or two years, as the inventory gets cleared, you will start seeing prices go up as well,' he said. 

12:44:09 IST

Markets expected to remain cautious ahead of FOMC meet outcome: Angel Broking's Yash Sawant

Yash Sawant, Research Associate of Angel Broking, expects the markets to remain cautious ahead of the release of the outcome of the two-day Federal Open Market Committee meeting, which begins later on Tuesday.

Any hawkish comments by Fed Chairman Jerome Powell might further strengthen the dollar, Sawant added.

12:42:46 IST

Dollar strength made industrial metals more expensive for holders of other currencies: Angel Broking's Yash Sawant

"Mounting fears over the prospects of a debt default by China's Evergrande Group sent a panic wave across financial markets. Investors rushed towards the safe-haven bet dollar amid worries over the probable impact on the global economy amid the wide spread of the Delta variant of Covid-19," said Yash Sawant, Research Associate of Angel Broking. He also said the debt fears are in line with the slow economic expansion in China following the recent outbreaks of the coronavirus and disrupted supply, which triggered the fall in industrial metal prices.

An appreciating dollar has made the dollar-priced industrial metals more expensive for those holding other currencies, he said.

12:26:52 IST

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Tata Motors to raise commercial vehicle prices from October 1 

Tata Motors shares recovered more than half of the day's losses after the auto major announced a hike in its commercial vehicles from October 1. The Tata Motors stock traded 0.8 percent lower at Rs 296.7 apiece on BSE, having slid as much as two percent to Rs 293.1 apiece earlier in the day. The stock underperformed the 30-scrip Sensex index, which was down 0.1 amid volatile trade. 

Tata Motors said the effective price hike will be in the range of two percent, and will be implemented on the basis of the model and the variant.

The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a

part of it through increase in price of the products, it said in a regulatory filing. 

12:18:53 IST

Momentumisers | Key factors behind GMR Infra’s recent surge

GMR Infrastructure shares traded 0.9 percent lower at Rs 33.7 apiece on BSE, still not far from a 52-week high of Rs 34.95 apiece registered the previous day. 

At Monday's close, the stock is up 28.5 percent so far this year. (Read more on GMR Infra shares here)

12:05:14 IST

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Telecom index rises 0.4%; Bharti Airtel up 0.6%

Here is how the telecom basket fared at noon.

11:48:26 IST

Government actively considering allowing AGR moratorium through legislation: Source 

A government source said the Centre is actively considering allowing a moratorium on adjusted gross revenue-related dues through legislation. The government is considering allowing the four-year moratorium through an ordinance, and also considering moditying the payment scheduled prescribed by the Supreme Court, the source said. 

The Cabinet's decision to allow the four-year moratorium is consistent with the top court's AGR judgment, the source said. The Union Cabinet recently gave nod to the moratorium on annual AGR payments for the telecom sector.

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