Share Market highlights: Nifty ends above 11,500 mark, Sensex zooms; bank stocks and RIL lift indices higher

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Updated: September 15, 2020 4:26:25 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: S&P BSE Sensex and NSE Nifty 50 ended Tuesday's session near the day's high. Midcap and smallcap indices outperform benchmarks again.

Share Market News Today | Sensex, Nifty, Share Prices LIVE:Midcap and small cap stocks witnessed a rush of investors expecting heavy buying from mutual fund houses post the new SEBI guidelines.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day just slightly off the day’s high. S&P BSE Sensex was up 287 points sitting above the 39,000 mark while the 50-stock Nifty closed comfortably with 11,524 points. Banking stocks emerged in the dying hours of trade to lead the rally. IndusInd Bank, Axis Bank, and ICICI Bank were the top Sensex gainers. Titan, Maruti Suzuki India, and ITC were the top drags. Midcap and small cap indices were again seeing beating the benchmark indices by a margin. Volatility slipped 3.75% today to end below 21 levels. 

Finance Minister Nirmala Sitharaman on the initial day of the monsoon session of the parliament sought an approval for additional spending of Rs 2,35,852.87 crore during the current fiscal year. The funds will be used to enhance the capital of public sector banks, enhanced expenditure under  Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), and other expenditures. Amidst a pandemic, the central government is facing shortage in the normal tax collection. 

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Highlights

    16:23 (IST)15 Sep 2020
    Sensex regains 39,000 mark as indices end near day's high; Bank stocks surge; Nifty Pharma gains 2%

    Domestic benchmark indices traded between a tight range for the majority of the trading session before swinging higher in the closing hours of trade. S&P BSE Sensex was up 287 points sitting above the 39,000 mark while the 50-stock Nifty closed comfortably with 11,524 points. Volatility slipped further to sit below the 21 levels. Bank stocks surged, helping the indices close higher. Midcap and small cap stocks continued to rally, beating the benchmarks yet again on Tuesday. With the retail inflation coming in at 6.69% yesterday the economic data was also favourable.

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    15:39 (IST)15 Sep 2020
    SEBI attempt to aid smallcap, midcap stock buying may backfire; could fuel small stocks selloff

    With SEBI making an unprecedented move last Friday as it asked multi cap schemes to be “true to label” and allocate a minimum of 25% to large cap, midcap, and small cap stocks, a number of market participants have begun compiling a list of stocks that could benefit. Largely, these include midcap and smallcap stocks. However, with most of multi cap schemes that are currently playing in the market having massive equity exposure to large cap stocks, the possibility of them reclassifying as large cap schemes can not be ruled out. Such a reclassification would not force them to buy what they have evidently been avoiding so far.

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    15:38 (IST)15 Sep 2020
    Sensex ends near day's high

    Sensex ended the day's trading session with gains as benchmark indices surged on Tuesday. The 50-stock Nifty managed to breach the 11,500 mark. Midcap and small indices outperform. 

    15:22 (IST)15 Sep 2020
    Sensex up over 300 points

    S&P BSE Sensex surged over 300 points higher just before the closing bell while the Nifty 50 was trading aboe the 11.500 mark.

    14:56 (IST)15 Sep 2020
    MCX Gold October holding will above 51800 since morning

    International bullion prices were higher this Tuesday afternoon trade in Asia, tracking the weakness in the U.S. Dollar. Investors will now focus on the U.S. Federal Reserve monetary policy meeting, seeking details of how it planned to hold down rates while aiming to boost inflation. Hopes of stimulus and slower than expected economic recovery in the U.S. also supported prices. US Treasury Secretary Steven Mnuchin and Powell will testify before the Senate Banking Committee on coronavirus relief next week. Domestic prices were firm this Tuesday afternoon trade tracking firm overseas prices. Technically, MCX Gold October is holding will above 51800 since the morning session where breakout above 52100 could see 52350-52600 levels where 52100 holds a strong resistance and 51600 will act as support: Sriram Iyer, Senior Research Analyst at Reliance Securities

    14:54 (IST)15 Sep 2020
    Outflows pertaining to non-allotted portion aggravated the move in Rupee

    Rupee opened higher but touched an intraday low at 73.73 levels amid marginal buying by PSU’s possibly on behalf of RBI. Also, outflows pertaining to non-allotted portion aggravated the move. For rupee to change its course towards sustainable depreciation, a breakout beyond 74.50 shall be needed, until then upticks shall be taken as selling opportunity as global fundamentals remain supportive: CR Forex Advisors- MD Amit Pabari

    14:53 (IST)15 Sep 2020
    All-India sowing up 6% YoY

    All-India sowing was up 6% YoY to 110.5 mh as of 11th Sept’20, with the sowing areas of all key crops higher v/s last year. YoY growth rates in acreages were as follows: cotton (+2% YoY to 12.9mh), rice (+8% YoY to 40.2mh), coarse cereals (+1% YoY to 18.0mh), pulses (+5% YoY to 13.8mh), oilseed (+11% YoY to 19.6mh), sugarcane (+1% YoY to 5.2mh), soyabean (+7% YoY to 12.1mh), and maize (flat YoY to 8.1mh): Motilal Oswal

    14:37 (IST)15 Sep 2020
    Expert quote on Mindspace Business Parks REIT

    Mindspace Business Parks REIT India's second listed REIT has approved the issuance of listed, rated, principal-protected market-linked secured, redeemable, non-convertible rupee-denominated debentures of up to Rs 500 crore, in one or more tranches. Grant of authority to the Executive Committee of the Manager to inter-alia decide and approve, from time-to-time, any further borrowings as may be required to be made by Mindspace REIT upto 25% of the value of total assets of Mindspace REIT and for the matters incidental or related thereto. This is positive for the Mindspace REIT: Yash Gupta - Equity Research Associate, Angel Broking Ltd

    14:22 (IST)15 Sep 2020
    Asia’s economy to shrink, first time since 1960s, says ADB

    Developing Asia’s coronavirus-battered economy will shrink for the first time since the early 1960s, with the level of output next year still seen below pre-pandemic projections even as growth recovers, according to the Asian Development Bank. The region’s gross domestic product will decline by 0.7% in 2020, down from June’s projection of an increase of 0.1%, the Manila-based bank said in a report Tuesday. A contraction this year would be the first since 1962, Yasuyuki Sawada, the ADB’s chief economist, said in a live-streamed briefing.

    13:59 (IST)15 Sep 2020
    Mid market update

    “Indian Indices Nifty and Sensex up by 37 points (0.33%) and 117 points (0.30%) respectively. Indian broader market open higher on back of global clues, Nifty tested the important mark of 11500 but failed to surpass it.Today S&P BSE Healthcare (up 2.15%) and S&P BSE Telecom (up 1.17%) while S&P BSE REALTY (down 1.15%) S&P BSE AUTO (down 0.26%). We expect momentum in the defensive sector will continue along with mid cap and small cap and Indices to trade in range. Global Market up higher - DOW Jones up by 327 points (up 1.18%) and NASDAQ up by 203 points (up 1.87%)," said Yash Gupta - Equity Research Associate, Angel Broking.

    13:51 (IST)15 Sep 2020
    New IPOs next week: NSE-backed CAMS, Chemcon Speciality Chemicals public issues to open for bidding

    Following the successful IPOs of Happiest Minds Technologies and Route Mobile, Computer Age Management Services (CAMS) and Chemcon Speciality Chemicals are likely to launch their initial public offering (IPO) on September 21. IPOs of Computer Age Management Services (CAMS) and Chemcon Speciality Chemicals will remain open for public subscription from September 21-23, PTI cited merchant banking sources as saying. CAMS and Chemcon Speciality Chemicals IPOs will be fifth and sixth IPOs, respectively, this year, considering the listing of SBI Cards and Payment Services in March and Rossari Biotech in July as well.

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    13:37 (IST)15 Sep 2020
    38 persons flee India after committing bank frauds in five years; PSU banks sit on pile of NPAs

    The Central Bureau of Investigation (CBI) has informed that as much as 38 persons have fled India after committing bank frauds in the five years to 2019. Further, the Enforcement Directorate apprised that application for Red Corner Notices was filed against 20 persons under the Prevention of Money Laundering Act, 2002, and extradition requests were sent in respect of 14 persons to various countries. Also, applications under the Fugitive Economic Offenders Act, 2018 were filed against 11 persons, Anurag Thaur, MoS, Ministry of Finance, said in a reply to a question in Lok Sabha.

    13:20 (IST)15 Sep 2020
    Top small cap gainers

    IFB India shares were up 12% on BSE, followed by JB Chemicals, Vinati Organics, and Skipper Ltd. S&P BSE Small cap index was trading over 1% higher while the benchmark Sensex was just over .033% higher. 

    12:57 (IST)15 Sep 2020
    Vistra 'B' Ratings Affirmed On Proposed Refinancing; Outlook Stable ~ S&P Global

    "Vistra plans to refinance its existing first- and second-lien term loans and upsize its revolving credit facility (RCF). We view the proposed transaction to be neutral to the ratings, given the company will use the total US$68 million increase to the first-lien term loan and RCF to fully repay the existing second-lien term loan," said S&P Global Ratings on Tuesday. 

    12:50 (IST)15 Sep 2020
    India’s first international exchange growing daily turnover, working on new products | India INX INTERVIEW

    Located at the strategically important GIFT IFSC, India’s first international exchange, the India INX, has set a goal to grab a quarter or more of the market share when it comes to the total offshore NDF market. Although hit by the pandemic, the exchange which operates for 22 hours in a day, has been witnessing growth in trading volumes and its average daily turnover, said V Balasubramaniam, MD & CEO, India INX in an interview with Kshitij Bhargava of Financial Express Online. Talking in detail about the exchange that currently, dealing across multi-assets like equities, commodities and currencies derivatives, it’s MD & CEO talks about new products that are in the pipeline and how the exchange is managing trades during the pandemic.

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    12:32 (IST)15 Sep 2020
    Revised TCS for foreign remittance

    "Investors that are remitting more than 7 lakh to invest in the international markets will be subject to the new TCS that is applicable from October 1st. This TCS will be collected by the authorized dealers i.e. the banks themselves. The main purpose of introducing this tax was for the government to widen the tax net. As per the government's findings, many individuals utilizing the LRS were not paying taxes at all. For regular taxpayers, the TCS will be available as credit or as a refund depending on the taxes they owe. In fact, one can offset their TDS obligations. For example - salaried individuals can reduce their monthly TDS deductions," said Viram Shah, CEO and Co-Founder, Vested Finance. 

    12:26 (IST)15 Sep 2020
    ICICI Bank gets central government exemption

    The Central Government has exempted ICICI Bank from the provisions of Section 19(2) of the Banking Regulation Act, 1949 with respect to shareholding above 30.0% in ICICI Lombard General Insurance Company Limited and ICICI Prudential Life Insurance Company Limited, for a period of three years from the date of the notification. The notification was issue on September 9.

    12:16 (IST)15 Sep 2020
    Decoding mentoring for Indian MSMEs: $70 billion quiescent opportunity by 2030

    Do Indian MSMEs need mentoring? What do they need to be mentored on? How and where would they prefer to be mentored? Whom would they prefer to be mentored from? The key question is what impact could Indian MSMEs see if they are mentored in the next 10 years? We estimate that the select Indian MSMEs up to Rs 250 crore revenue could experience an acceleration of 2-5x revenue and 1-3x in profits, in the next 10 years, should they spend around $70 billion, in this timeline, on the curated mentors for solving the right problems, delivered and monitored appropriately.

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    11:57 (IST)15 Sep 2020
    ADB says India's economy to contract by 9 pc in FY21

    India's economic growth will contract by 9 per cent in the current fiscal as the coronavirus pandemic weighs heavily on economic activity and consumer sentiment in the country, according to ADB. In its Asian Development Outlook (ADO) 2020 update, ADB projected a strong recovery for the Indian economy in 2021-22, with gross domestic product (GDP) growing by 8 per cent as mobility and business activities resume more widely. (PTI)

    11:53 (IST)15 Sep 2020
    Positive developments around COVID-19 vaccines likely to put pressure on gold prices

    MCX Gold held positive on Tuesday, following a smooth rally in the previous session, as the dollar remained subdued ahead of the U.S. Federal Reserve's monetary policy meeting that could provide more clues on stimulus measures and inflation targeting. Although positive developments around potential COVID-19 vaccines and increased deal activity are likely to put pressure. Market participants are now looking at the U.S. Fed's two-day policy meeting, which ends tomorrow. The meeting will be it's first since Chairman Jerome Powell unveiled a policy shift towards greater tolerance of inflation, effectively pledging to keep interest rates low for longer. The US will release industrial production in the evening session hence it will be an important one to monitor. But the sentiment is likely to be bullish: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    11:47 (IST)15 Sep 2020
    Sensex, Nifty trade half a per cent up

    BSE Sensex was trading at 38,928.02, up 171.39 points or 0.44 per cent, while the broader Nifty 50 index was ruling 55 points or 0.48 per cent at 11,495.

    Check live Sensex, Nifty levels

    11:42 (IST)15 Sep 2020
    Smallcap index hits new 52-week high for 2nd day, rallies 78% since March; top smallcap stocks to buy

    S&P BSE Smallcap index hit a fresh 52-week high for the second straight day at 15,336.94 on Tuesday, following SEBI’s directive on the multicap funds. SEBI notified new asset allocation guidelines for mandated the multi-cap funds, where these funds are mandated to invest minimum 75 per cent of assets in equity and related instruments (65 per cent now), with at least 25 per cent of AUM to each be invested in large, mid and small-cap stocks, by early February 2021.

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    11:38 (IST)15 Sep 2020
    Top stock trades by Mutual Funds in August; here are the shares SBI, HDFC, ICICI bought

    Leading mutual fund houses continued to have a higher exposure to better placed blue-chip stocks in the month of August. The biggest fund houses in India largely have the likes of HDFC Bank, Reliance Industries and Infosys as some of their top holdings. However, data sourced by Motilal Oswal and ICICI Direct separately showed that fund houses in the previous month shopped not only for large cap stocks but even midcap companies. Large quantities of small cap buying was not visible among top mutual funds houses. Although that story might change soon with the new SEBI circular, but for now these were the top stocks that leading mutual fund houses bought.

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    11:25 (IST)15 Sep 2020
    Adani Green Energy hits 52-week high

    Adani Green Energy shares gained 5% to hit the upper circuit on Tuesday as the stocks traded at a fresh 52-week high value. The company became the first Adani Group company to reach a market capitalization of R 1 lakh crore. 

    11:23 (IST)15 Sep 2020
    US bans import of 5 Chinese goods produced using “forced labour”

    The US has banned the import of five goods from China, including computer-parts, cotton and hair products, alleging that they are produced in forced labour camps in the restive Muslim-majority Xinjiang province.

    11:22 (IST)15 Sep 2020
    Rupee appreciated yesterday on the back of weakness in Dollar

    “Yesterday USD-INR appreciated by 0.09% and closed at73.47 levels. Rupee appreciated yesterday on the back of weakness in Dollar as US data shown slower growth in US. All major currencies appreciated yesterday. Chinese yuan hit a 16-month high of 6.8053 yuan per dollar on Monday and last traded at 6.8098 as China's retail sales and industrial output data for August due later in the day is its immediate focus. Indian Forex reserve stand at around US$542.013 Billion on 04 September 2020, the highest ever, with the Foreign Exchange Assets (FCA) component at around US$498.362 Billion. As of today, we are expecting more appreciation may be seen in Indian rupee.Traders can sell USDINR at 73.40 levels with the stoploss of 73.80 and for the target of 72.80 levels. Rupee may test 72.00 soon," said  Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking Ltd

    10:45 (IST)15 Sep 2020
    Multicap funds: Mutual Funds seek more time to comply with Sebi fiat

    Fund houses are planning to submit representations to Sebi on asset allocation norms for multicap funds. Sources in the mutual fund industry said they would seek 10-12 months to comply with the latest circular and reduce the minimum investments from 25% to 10% in smallcap stocks. Mutual Funds have been given time till January 31, 2021, to comply with the latest circular that mandates multicap schemes to invest a minimum of 25% each in large, mid, and smallcap stocks, with the balance 25% giving flexibility to the fund manager. However, this announcement has come as a surprise to the industry as the broader industry view is that 25% of investments in smallcap stocks would further create risks for investors.

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    10:25 (IST)15 Sep 2020
    Promoter share pledging among NSE cos at 3-year high; value of pledged shares now at Rs 2.77 lakh cr

    In the month of August, share pledging by promoters among stocks listed on the National Stock Exchange (NSE) has surged to reach a three-year high. On August 31, the share pledging by promoters stood at 1.86% of the total market capitalization of NSE, data collected by Prime Database shows. In value terms, the pledged shares amount to Rs 2.77 lakh crore, adding almost Rs 1 lakh crore from the previous month. The pledging of shares by promoters in higher quantity is considered to be a red flag by investors. Higher pledges by promoters could result in change in ownership, in case stocks prices plummet.

    10:17 (IST)15 Sep 2020
    Happiest Minds Technologies IPO: How to check share allotment status online

    Happiest Minds Technologies’ initial public offering (IPO) received a robust response. The Rs 702-crore IPO of the Ashok Soota-led company was subscribed a massive 150.98 times on the last day of bidding. According to the data on the stock exchanges, Bengaluru-based IT services company IPO received bids for over 351 crore equity shares against the offer size of over 2.32 crore shares. During September 7-9, Non-Institutional Investors (NIIs) subscribed their portion 351.46 times, and Qualified Institutional Buyers (QIBs) subscribed their quota by 77.43 times

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    10:07 (IST)15 Sep 2020
    Adani Green Energy Ltd crosses Rs 1 lakh crore M-cap

    Gautam Adani led Adani Green Energy Ltd became the first Adani Group company to reach a market capitalization of Rs 1 lakh crore on Tuesday morning. The stock was tradign almost 4.6% hhigher at Rs 668 per share.

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    09:53 (IST)15 Sep 2020
    Sensex, Nifty add to opening gains; small and midcap rally continues, outperform benchmarks again

    For the second day straight domestic benchmark indices opened with gains. S&P BSE Sensex was trading over 150 points higher while the Nifty 50 was trading above the 11,450 mark. Yet again small and midcap stocks were outperforming blue chip scrips. The BSE Midcap index was up 0.67% and the BSE Small cap index gained 1% while the benchmark Sensex was trading close to 0.50% higher. Kotak Mahindra Bank and IndusInd Bank were the top drags while Titan, Sun Pharma, and Bajaj Finance led with gains. The volatility index slipped below 21 levels. All Nifty sectoral indices were trading with gains except Nifty Realty.

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    09:22 (IST)15 Sep 2020
    Sensex and Nifty march higher on opening

    Equity markets began trading with gains on Tuesday morning. After opening 134 points higher, the BSE Sensex jumped further to gain over 200 points whiel the Nifty 50 inched closer to the 11,500 mark again. 

    09:08 (IST)15 Sep 2020
    Sensex zooms in pre-open session

    S&P BSE Sensex zoomed over 180 points during the pre-opening session on Tuesday. Bajaj Finance, HDFC and HDFC Bank were the top gainers.

    08:56 (IST)15 Sep 2020
    Stocks in focus: HDFC, Grasim Industries, SAIL, Future Retail, Vedanta, SpiceJet, Tata Steel

    A total of 642 companies including Vedanta, SpiceJet, Future Enterprises, Max India, Kalyani Forge, Kilitch Drugs and Liberty Shoes are scheduled to announce their quarterly earnings today.

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    08:55 (IST)15 Sep 2020
    How is government planning additional spending?

    Some of the major heads of this expenditure are:

    - Rs 16,000 crore for Price stabilization fund and food subsidy

    - Rs 4000 crore in connection with the credit guarantee scheme for SMEs

    - Rs 13,089 crore for health related issues

    - Rs 40,000 cr for NREGA

    - Rs 33,771 crore for Rural women Jan dhan scheme

    - Rs 4,860 crore for PMGKY scheme

    - Rs 46,662 crore for state deficit grant

    ~ Care Ratings

    08:29 (IST)15 Sep 2020
    RBI mandates automated recognition of NPAs, provisioning by June 2021

    The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, the central bank said banks had earlier been advised to have appropriate information technology (IT) systems in place for identification of non-performing assets (NPA) and generation of related data/returns, both for regulatory reporting and banks’ own management information system (MIS) requirements.

    08:24 (IST)15 Sep 2020
    US Fed meet, UK vote on Brexit, other global cues among 5 factors to sway investor sentiment today

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open on a positive note on Tuesday. The headline indices started the week with losses. Sensex ended 97 points lower at 38,756.63 while the Nifty 50 slipped below the crucial 11,450 mark and closed at 11,440. Market participants will keenly watch the two-day meeting of the Federal Open Market Committee (FOMC) beginning today. Besides, investors would also track the developments around the Covid-19 vaccine and UK vote on Brexit.

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    08:11 (IST)15 Sep 2020
    How are equity markets likely to shape up?

    "For the next couple of sessions, the Nifty 50 index might remain range-bound, hovering between 11300 and 11600 levels. With the Fed meeting happening this weekend, the market will remain volatile with focus on the currency and dollar index. Trader should be careful while taking break out trades in the market," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

    08:10 (IST)15 Sep 2020
    CPI inflation at 6.69% in August

    Retail inflation came in at 6.69% in the month of August, which is still above RBI's comfort zone but below the expectations. "CPI inflation remained elevated in August, but surprised to the downside, coming in at at 6.69%, as sticky prices for food combined with some return in activity levels to keep cost pressures high. The increase in inflation was a result of broad-based increases in food prices and core inflation. Food inflation increased by 9.05% y/y in August, while core inflation remained flat at 5.44% y/y," said Rahul Bajoria of Barclays.

    08:05 (IST)15 Sep 2020
    Operation Twist: New twists and turns for RBI’s playbook

    Back in May 2020, we stated that RBI had outlined a more realistic borrowing plan to increase the full-year issuance of Gsec for FY20/21 by Rs 4.2trn to Rs 12trn. However, since then the growth outlook has turned even weaker (GDP 2Q2020: -23.9% y-o-y, consensus: -18.0% y-o-y) and the centre’s tax collection is running far below the February budget numbers, suggesting that the additional borrowings announced in May will largely cover the tax revenue shortfall. And, it is not just the central government, but state governments that also face increasing pressure to borrow more. The central government has proposed that state governments could cover the estimated Rs 2.35trn shortfall in GST compensation, either through a partial borrowing of Rs 970bn via RBI’s special window or through market borrowings.

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