Market HIGHLIGHTS: Nifty ends above 17600, Sensex tops 59100; indices post record closing highs on F&O expiry

ITC share price surged over 8 per cent to Rs 233.50 apiece intraday on BSE, on expectations of improvement in the business outlook. The stock is trading near its 52-week high of Rs 239.15, touched in February this year. The stock has witnessed a significant rise in trading volumes. On BSE, 98.15 lakh equity shares have exchanged hands, while a total of 13.41 crore units have traded on NSE so far in the day. ITC has rallied 11.45 per cent so far this month. Analysts attribute this sudden rally on the backdrop of an expected improvement in business outlook. ITC stock has staged a breakout after consolidating for a very long time between Rs 207-217 zone.

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QIB: 12.30X, NII: 1.38X, Retail: 2.69X, Employee: 1.29X Total: 5.11X.

We are in a roaring and classical bull market where Nifty and Sensex continue to achieve new milestones and I believe this bull run may continue for the next 2-3 years while intermediate correction or shakeout phases can't be ruled out. If we talk about the near-term outlook then bullish momentum may continue in September month where Sensex can cross the psychological mark of 60000 but I think we may see a correction after then therefore October could be a month of correction. Investors should remain invested in this bull run while they can come out of those stocks which have quality concerns. Those who are not comfortable after a massive rally can go through the SIP route to ride this bull run. Santosh Meena, Head of Research, Swastika Investmart

Markets have made new all-time high with Sensex touching the 59000 marks for 1st time. The rally is driven by various PLI schemes introduced by the government. Further, we expect the bank to perform well as they have not yet participated in the rally, other than we don’t recommend any fresh buying at this level as markets have made a huge move in a short time. We advised investors to keep strict stop loss to their positions. Some correction is required to get a good valuation to enter fresh in the market, but scenarios which we are witnessing along with the developments from Govt. shall surely keep us in a bull run, except if any global scenario changes take place. Nifty short term target 18000 and long term target 20000. Sensex short-term target 60500 and long term target 66000: Rahul Sharma, Co-Founder, Equity99

BSE Sensex surged to a historic high of 59,050, rising over 300 points, while the Nifty 50 index claimed the crucial 17,600 level for the first time ever

This sudden rally on the backdrop of expected improvement in business outlook of the ITC. By far the stock was lagging behind in terms of performance. So from valuation perspective, this is one of the cheaper consumption-theme stocks in FMCG space. As per information provided by company officials, they are not ruling a possibility of restructuring different business including demerger of hotel and even listing of ITC Infotech.

This would a value unlocking of hotels and others businesses. It is expected that spin off businesses would get a better valuation going ahead. Lower lockdown impact and the faster recovery trends seen in cigarettes are positives and rising FMCG business profitability would offer incremental upside potential.

~ Aprajita Saxena, Research Analyst, Trustline Securities.

White Oak Capital group has today announced receiving SEBI’s approval for I) Registration of GPL Finance and Investments Limited (GPL Finance) as a sponsor of Mutual Funds under SEBI (Mutual Funds) Regulations, 1996 and II) change in control of YES Asset Management (India) Limited (YES AMC) from YES Bank Limited (YBL) to GPL Finance. GPL Finance is a subsidiary entity of the White Oak Capital Group, a global investment management and investment advisory firm. Having received all regulatory approvals for this transaction, GPL Finance will now initiate the transfer of the mutual funds business from YBLto become the sponsor of YES Mutual Fund. The transaction closure is expected to be completed within the next few weeks.

Fund managers continued to invest heavily in IPOs during the month of August, data collected by Edelweiss showed. Chemplast Sanmar, Nuvoco Vistas, Devyani International, Car Trade Tech, and Krsnaa Diagnostics were among the top picks for mutual fund houses during the previous month. The high interest in IPOs made Chemplast Sanmar the most bought stock by fund managers in terms of value, ahead of private sector lender ICICI Bank. Some initial public offerings have seen a marginal drop in their listing gains but Dalal Street remains gung ho for public issues. So far this year, 37 companies have made their stock market debuts. 

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Pakistan’s economy will be under increasing pressure during the ongoing fiscal and likely to face a current account deficit of USD 12 to 17 billion for 2021-22, a veteran bureaucrat and former aide to Prime Minister Imran Khan has said.

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Paras Defence and Space Technologies Rs 170.77-crore IPO will open for subscription on 21 September, at a price band of Rs 165-175 per share of face of Rs 10 each. The issue will close for subscription on 23 September. The public offer consists of a fresh issue of equity shares worth Rs 140.6 crore and an offer-for-sale (OFS) of up to 17.24 lakh equity shares worth Rs 30.17 crore, at the upper end, by promoters of the company. The OFS consists of up to 12.5 lakh by Sharad Virji Shah, up to 50,000 shares by Munjal Sharad Shah, up to 3 lakh shares by Ami Munjal Shah, and up to 62,245 shares each by Shilpa Amit Mahajan and Amit Navin Mahajan.

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Our research suggests that If the market is able to sustain the level of 17300, we can witness higher levels of 17700 as the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. Likhita Chepa, Senior Research  Analyst, CapitalVia Global Research

Adani Transmission, Hatsun Agro Product, and HDFC Life Insurance could be the largest beneficiaries in fund inflows, at the next semi-annual FTSE index rebalancing scheduled for tomorrow, according to Edelweiss Alternative Research. In a note, Abhilash Pagaria of Edelweiss wrote that Adani Transmission could see inflows worth $116 million (about Rs 850 crore) while Hatsun Agro is likely to witness $110 million (about Rs 808 crore) in inflows. FTSE Russell, a global provider of indices, rebalances its indices twice a year, changing weights of various constituents according to their performance over the previous months among various other parameters.Read full story

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Thursday, as global rates remained steady. On Multi Commodity Exchange, gold October futures were trading Rs 85 down at Rs 46,811 per gram, against the previous close of Rs 46,896. While silver December futures were ruling at Rs 63,428 per kg, up Rs 135. In the previous session, silver futures ended at Rs 63,293 per kg. Globally, yellow metal prices were steady as investors awaited signals on the Federal Reserve’s timeline for tapering pandemic-era stimulus measures, after softer-than-expected US inflation data fuelled some uncertainty.

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Union Finance Minsiter Nirmala Sitharman to address a press conference today, 16th Sep 2021, at 5 PM in New Delhi.  

At home, consistent FII flows on account of various IPO’s, stake sales, and diverted flows amid tighter regulations in China have kept the rupee supportive. This was clearly visible as FII continued its buying spree with close to Rs 4000 crores in the past five trading sessions. Additionally, USDINR pair could remain under pressure with upcoming inflows on account of Govt selling 5% stake in Hindustan Copper, Temasek acquiring 40% stake in Integrace for 550crs, and Quadpro ITeS Limited IPO for 6000crs. However, further drive in rupee movement will be depending on whether RBI gets lenient on rupee appreciation or cap its gains thereof. Technically, the next support for the pair is near 73.20 and 73.80 remains a strong resistance, keeping the pair consolidated between 73.20-73.80 for the near term. Thus any dips between 73.20-73.30 levels can be taken for buying and upticks above 73.70-73.80 to sell for near term exposures. Amit Pabari, managing director, CR Forex Advisors

Poonawalla Fincorp hit a 5% lower circuit on BSE intraday after SEBI barred Adar Poonawalla-owned Poonawalla Fincorp’s Managing Director Abhay Bhutada for alleged insider trading. 

Check live prices: Poonawalla Fincorp

On the sectoral front, barring Nifty IT, all the indices were trading in the positive territory. Bank Nifty gained over half a per cent, rising over 37,000

Tech Mahindra, TCS, Bharti Airtel, HDFC Bank, Titan were top index losers

IndusInd Bank, ITC, Tata Steel, State Bank of India (SBI), Power Grid Corporation of India, Kotak Mahindra Bank, Dr Reddy's Lab, RIL were top Sensex gainers

BSE Sensex surged to hit a fresh all-time high of 58,907, while Nifty 50 rallied to trade above 17550

Nifty index opened flattish yesterday but managed to hold its opening levels and made yet another record all-time high of 17532 marks. The index witnessed sustained buying interest throughout the day at every small decline and pulled the index towards new high territory. It gave the highest-ever daily close and settled with gains of around 140 points. It formed a Perfect Bullish candle on daily scale and gave a breakout from its consolidation phase of the last few sessions. Now it has to continue to hold above 17500 zones to extend the move towards 17777 zones while on the downside support is seen at 17400 and 17250 levels.

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Adar Poonawalla-owned Poonawalla Fincorp’s Managing Director Abhay Bhutada has been barred from the securities market by regulator SEBI (Securities and Exchange Board of India) for alleged insider trading. The capital markets regulator has also barred seven other people along with Abhay Bhatuda, while impounding an amount of Rs 13.58 crore for wrongful gains. The insider trading case dates back to February 2021, when the company was called Magma Fincorp, just when news of Adar Poonawalla picking up a controlling stake in the company was made public.

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Nifty Put options OI distribution shows that 17,400 has highest OI concentration followed by 17,500 & 17,300 which may act as support for current expiry and on the Call front 17,500 followed by 17,600 witnessed significant OI concentration and may act as resistance for the current expiry.

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BSE Sensex was nearing the crucial 59,000, while the Nifty 50 index was tad below 17650 in pre-open on Thursday

After showing a range-bound movement in the last 5-6 sessions, Nifty picked up upside momentum on Wednesday and showed upside breakout of the range and closed higher. After opening on a slightly positive note, the market shifted into a sustainable intraday upmove, which continued for the whole session. Minor intraday dips in between were used to go long for the day. A new all time high was made at 17532 levels and Nifty closed near the highs. 

Nifty futures turned negative in early trade, ruling 15.50 points down at 17518 on Singaporean Exchange. Trends on SGX Nifty were hinting at a negative opening for BSE Sensex and Nifty 50 on the day of weekly F&O expiry. The market might be volatile on account of fragile global cues. Analysts say that US Fed and ECB’s decision with regards to stimulus tapering plans are the most awaited decisions and would keep the markets oscillating.

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The IPO of Sansera Engineering was fully subscribed on the second day of bidding by investors. Retail investors along with employees of the firm have fully subscribed their portion of the IPO while Qualified Institutional Buyers have subscribed to 0.38 times the reserved portion and Non-institutional Investors have bid for 0.22 times their quota.

In overnight trade on Wall Street, US stocks ended higher. The S&P500 index rose 37.65 points to 4,480.70. The Dow Jones Industrial Average gained 236.82 points to 34,814.39. The Nasdaq composite added 123.77 points to 15,161.53.

Asian stock markets were trading mixed in early deals. The broader Hang Seng index in Hong Kong shed 0.12 per cent. Japan’s Nikkei 225 was flat while the Topix index fell 0.15 per cent. South Korea’s Kospi edged half per cent lower.

Domestic headline indices hit fresh all-time highs on Wednesday, nudging away weak global cues, but was helped by the government’s policy decisions. S&P BSE Sensex hit an all-time high of 58,777 before ending slightly lower from the record levels at 58,723. NSE Nifty 50 scaled 17,532 for the first time ever but closed the day at 17,519. Broader markets participated in the rally with all sectoral indices on NSE closing with gains except Nifty Media. Entering the weekly expiry session, SGX Nifty was trading flat, hinting at a muted start ahead of the opening bell. Global cues were mixed on Thursday morning as Wall Street closed with gains but Asian markets failed to mirror the up-move. 

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