Share Market Highlights: Sensex closes flat with negative bias at 58250, Nifty ends at 17353;Bank stocks surge

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Updated: September 8, 2021 4:10:31 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets rebounded from lows in the dying hour of trade to end flat with negative bias. Bank Nifty jumped 0.82%.

Share Market Today, Share Market LiveIndia VIX ended in the red. (Image: REUTERS)

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty danced between gains and losses for most of the day before diving deep into the red during the afternoon session. However, the headline indices rebounded from lows in the dying hour of trade to close flat with a negative bias. S&P BSE Sensex was down 29 points or 0.05% on the closing bell, sitting at 58,250. NSE Nifty slipped 8.60 points or 0.05% to settle at 17,353. Bank Nifty outperformed benchmarks, gaining 0.82% to end at 36,768. Midcap and Smallcap 50 closed with gains. Bank stocks were among the top performers today. Kotak Mahindra Bank jumped 3.5% to close as the top index gainer, followed by NTPC, Titan, and Sun Pharma. Nestle India was down 2.27%, the worst-performing Sensex constituent of the day. Maruti, Bajaj Finserv, and Bajaj Auto were among the other laggards.

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Highlights

    16:10 (IST)08 Sep 2021
    Sensex rebounds 326 pts from lows to end flat, Nifty at 17353; are bulls too exhausted now?

    Domestic benchmark indices moved between gains and losses for most of the day but slipped deep into the red during afternoon trade, only to rebound in the dying minutes to end flat. S&P BSE Sensex was down 29 points or 0.05% on the closing bell, sitting at 58,250. NSE Nifty slipped 8.60 points or 0.05% to settle at 17,353. Bank stocks were among the top performers today. Kotak Mahindra Bank jumped 3.5% to close as the top index gainer, followed by NTPC, Titan, and Sun Pharma. Nestle India was down 2.27%, the worst-performing Sensex constituent of the day. Maruti, Bajaj Finserv, and Bajaj Auto were among the other laggards. Bank Nifty outperformed benchmarks, gaining 0.82% to end at 36,768. Nifty Midcap 50 and Nifty Smallcap 50 indices closed in the green.

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    15:33 (IST)08 Sep 2021
    CLOSING BELL

    Domestic equity markets rebounded from lows in the dying hour of trade to end flat with negative bias. Bank Nifty jumped 1%. India VIX closed 3% lower.

    15:27 (IST)08 Sep 2021
    PLI for textiles a highly constructive development.

    The much awaited PLI for textiles is a highly constructive development. This would garner more pragmatic interest and investment in the sector.  The onlookers would watch textiles PLI, with interest, as to whether the government has acted/ leveraged on feedback received on PLI of several other sectors.  Intrigued to know the coverage under the scheme given the vast product offering of the industry. Also, with MSMEs being a significant part of the industry, what share of pie is allocated to them would be closely appraised.~ Adarsh Somani, Partner, Economic Laws Practice

    15:23 (IST)08 Sep 2021
    Sensex, Nifty turn positive

    Sensex was up with marginal gains with minutes left before the closing bell. Nifty 50 was just above 17,360.

    15:11 (IST)08 Sep 2021
    India VIX down

    India VIX was down 3% ahead of the closing bell sitting at 14.43 levels. The fear gauge of domestic markets continued to move lower on Wednesday after having given up 15 levels a day ago.

    15:09 (IST)08 Sep 2021
    Sensex, Nifty trim losses

    Sensex was down 30 points, rebounding strongly just ahead of the day's closing bell. Nifty regained 17,300.

    14:59 (IST)08 Sep 2021
    Textile stocks on focus

    Mukesh Ambani-owned Alok Industries surged 6.65%. Vardhman Textiles was up 0.11%. Soma Textiles was up 2%.

    14:55 (IST)08 Sep 2021
    Government approves Rs 10,683 crore PLI scheme for textiles

    The cabinet on Wednesday approved the production-linked incentive (PLI) scheme worth Rs 10,683 crore for textiles sector with an aim to boost domestic manufacturing and exports, Union Minister Anurag Thakur said. The decision was taken in a meeting which was chaired by Prime Minister Narendra Modi here.

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    14:49 (IST)08 Sep 2021
    Bank Nifty soars

    Bank Nifty was up 0.54%, sitting above 36,600 with less than an hour left before the closing bell. Sensex and Nifty were trading with losses.

    14:45 (IST)08 Sep 2021
    Investors favoring equities

    "The latest AMFI  data suggests investors are favoring equities. Outflow in small-cap is in line with valuations in this space going high and higher inflow in dynamic asset allocation is in right direction as investors are indecisive about allocating capital in pure equity strategy and valuation driven strategy in equity allocation is a better strategy. We are currently in bull phase of equity due to easy Liquidity and Flows and learnings from Previous Bull Markets is not to put entire money in equity and basis individual risk tolerance asset allocation should be done," said Tarun Birani, Founder & CEO, TBNG Capital Advisor.

    14:20 (IST)08 Sep 2021
    ITC share price could rally 26%, dividends extra; CLSA says FMCG biz on path of value creation

    ITC Ltd’s FMCG business could help its stock price gain as much as 26% soon, with dividends to follow, according to global brokerage and research firm CLSA’s targets. CLSA expects ITC’s FMCG business to grow its EBITDA at 31% CAGR through the financial years 2020-2024, on the back of industry tailwinds, margin levers and improving asset utilisation. ITC share price has been under pressure this year, falling 1.6% to Rs 210 apiece now. The stock has massively underperformed benchmark indices, which have surged over 21% so far in 2021.

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    14:06 (IST)08 Sep 2021
    Cyril Amarchand Mangaldas advises Aptus Value Housing on its IPO

    Cyril Amarchand Mangaldas advised Aptus Value Housing Finance India Limited (Aptus) and the individual promoter selling shareholder in relation to the Initial Public Offering (IPO) of INR 2780 crore offer comprising of issue of fresh equity aggregating to INR 500 crore and Offer For Sale (OFS) aggregating to INR 2280 crores. The IPO was the second largest IPO ever by a housing finance company in India

    13:50 (IST)08 Sep 2021
    Nifty needs to breach 17450 to achieve 17700

    Indian benchmark had started today with flat note around level of 17380. All sectoral indices except IT and pharma opened in the green. In a major move towards making domestic more liquid, capital markets regulator SEBI, on Tuesday introduced T+1 settlement cycle for the completion of share transactions on an optional basis. However, traders may be concerned as Fitch Ratings said India continues to lag way behind in COVID vaccination. Our research suggests that if markets breach the level of 17450, we could expect the market to gain momentum, leading to an upside projection till 17500-17700. Gaurav Garg, Head of  Research  CapitalVia Global Research

    13:43 (IST)08 Sep 2021
    Top Sensex gainers

    While Sensex was down with losses, Kotak Mahindra Bank was up 1.4% as the top Sensex gainer, followed by Axis Bank, Sun Pharma, and NTPC.

    13:36 (IST)08 Sep 2021
    Vijaya Diagnostic IPO share allotment: Check status via BSE, KFin Tech websites; grey market premium vanishes

    Vijaya Diagnostic Centre IPO share allotment is likely to be finalised on Wednesday, 8 September 2021. The Rs 1,894-crore issue had received 4.54 times subscription during the three-day bidding process. In the primary market, Vijaya Diagnostic Centre shares were seen trading with flat to negative premiums. Vijaya Diagnostic Centre shares were ruling at Rs 526, a discount of nearly one per cent over the IPO price of Rs 531, in the grey market, according to the people who deal in unlisted shares of the companies.

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    13:28 (IST)08 Sep 2021
    Strong surge after consolidation

    The last two days’ disinclination to push higher suggest that the trend requires more time at the lower end to rejuvenate and break off again into a sustainable uptrend. While we continue harbour expectations of a short burst into the 17450-505 region, a stronger surge could unfold if Nifty gets more time to consolidate. This construct has the lower range at 17287/252.

    ~ Geojit Financial Services

    13:11 (IST)08 Sep 2021
    Sensex, Nifty extend losses

    Sensex dives over 300 points on Wednesday, giving up 58,000 mark. Nifty was below 17,300.

    12:11 (IST)08 Sep 2021
    Bank Nifty surges

    Bank Nifty was up 0.90% on Wednesday while Sensex and Nifty were dancing between marginal gains and losses. The banking index was just shy of 36,800.

    12:09 (IST)08 Sep 2021
    Buy Shriram City Union ~ Angel Broking

    Shriram City Union Finance is part of the Shriram group and is in the high margin business of lending to small businesses which account for 57.3% of the loan book as of end FY20. The company posted a good set of number s for the quarter due to positive surprise on the asset quality front. It reported a strong 50% sequential growth in disbursement for the quarter which led to a 3.7% qoq growth in AUM to ~ Rs. 28,500 crore. We are positive on the company as we believe that the worst is over in terms of asset quality which along with positive growth momentum should lead to a rerating for the company.

    Target price - Rs 3,002Upside - 27%

    11:25 (IST)08 Sep 2021
    Nifty support at 17,290

    "Nifty faces resistance in the zone of 17450-17,500. Support is at 17,290. Bank Nifty remains sluggish below 37,000 with broad support at 36,00/36,200," said Rahul Sharma, Director & Head - Research, JM Financial.

    11:23 (IST)08 Sep 2021
    Analyst view on Bharti Airtel stock

    Buy | Target: Rs 735 

    In week ended 30th of Jul’21, the Bharti Airtel stock witnessed bullish breakout from flag pattern. Later, the stock extended gain with relatively higher volume (trading as well as delivery). After a pullback, the stock resumed its prior up-move. Today, the stock recorded new high of  Rs 683.80. In the current maturity (Sep’21 expiry), the stock reported a ~15% gain so far. A jump in price and rise in open interest indicates major participants are in favour of the bulls. Its long-term moving averages are slopping upwards and worked as key reversal point in case of major decline. The key technical indicators are positively poised on medium-term as well as long-term timeframe chart. This could take the stock towards Rs735, which coincides with its probable target based on flag breakout. Jatin Gohil, Technical Analyst at Reliance Securities

    11:23 (IST)08 Sep 2021
    Analyst view on Bharti Airtel stock

    Buy | Target: Rs 735 

    In week ended 30th of Jul’21, the Bharti Airtel stock witnessed bullish breakout from flag pattern. Later, the stock extended gain with relatively higher volume (trading as well as delivery). After a pullback, the stock resumed its prior up-move. Today, the stock recorded new high of  Rs 683.80. In the current maturity (Sep’21 expiry), the stock reported a ~15% gain so far. A jump in price and rise in open interest indicates major participants are in favour of the bulls. Its long-term moving averages are slopping upwards and worked as key reversal point in case of major decline. The key technical indicators are positively poised on medium-term as well as long-term timeframe chart. This could take the stock towards Rs735, which coincides with its probable target based on flag breakout. Jatin Gohil, Technical Analyst at Reliance Securities

    11:23 (IST)08 Sep 2021
    Analyst view on Bharti Airtel stock

    Buy | Target: Rs 735 

    In week ended 30th of Jul’21, the Bharti Airtel stock witnessed bullish breakout from flag pattern. Later, the stock extended gain with relatively higher volume (trading as well as delivery). After a pullback, the stock resumed its prior up-move. Today, the stock recorded new high of  Rs 683.80. In the current maturity (Sep’21 expiry), the stock reported a ~15% gain so far. A jump in price and rise in open interest indicates major participants are in favour of the bulls. Its long-term moving averages are slopping upwards and worked as key reversal point in case of major decline. The key technical indicators are positively poised on medium-term as well as long-term timeframe chart. This could take the stock towards Rs735, which coincides with its probable target based on flag breakout. Jatin Gohil, Technical Analyst at Reliance Securities

    11:10 (IST)08 Sep 2021
    Bharti Airtel share hits all-time high, Voda Idea stock soars ahead of Cabinet meet; telecom relief on cards

    Bharti Airtel share price rose 2% to hit a new high of Rs 684 apiece in intraday deals on Wednesday, ahead of the Cabinet meet scheduled later today. Similarly, Vodafone Idea shares surged 7.5 per cent to Rs 8.90 apiece. The Union Cabinet is expected to take up the department of telecommunications’ (DoT’s) proposal for offering a relief package to the telecom industry at its meeting on Wednesday, sources told the Financial Express.

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    11:07 (IST)08 Sep 2021
    OYO IPO gathers steam, DRHP likely soon; authorised share capital raised to Rs 901 cr from Rs 1.17 cr

    Oravel Stays Pvt Ltd, which operates hospitality firm OYO, has approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore, according to a regulatory filing by the hospitality firm. The development comes ahead of proposed initial public offering (IPO) by OYO, for which a draft red herring prospectus (DRHP) is likely to be filed in the next few months, sources in know of the matter told PTI. An extraordinary general meeting of Oravel Stays Pvt Ltd (OYO), on September 1, approved the resolution to increase its authorised share capital, as per a Registrar of Companies (RoC) filing by the company.

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    10:44 (IST)08 Sep 2021
    Sansera Engineering IPO opens next week, issue entirely offer for sale; check price, bid size, other details

    Sansera Engineering’s Rs 1,283 crore IPO (initial public offering) will open next week for subscription, bringing the IPO fever back to Dalal Street. The auto component manufacturer’s IPO will entirely be an offer for sale by existing shareholders and won’t consist of a fresh issue of equity shares. Sansera Engineering IPO’s price band has been fixed at Rs 734-744 per equity share. The issue will open on Tuesday, 14 September, and will remain open for investors to subscribe to till Thursday, 16 September. Sansera Engineering had filed its Draft IPO papers with SEBI in June this year and received the market regulator’s nod in the first week of August.

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    10:38 (IST)08 Sep 2021
    Rupee update

    "USDINR could not break 72.95 and has again started rising. For the moment importers to take a back seat and exporters to keep selling the good uptics as importers will again get a chance to buy $. Euro and GBP have fallen a bit and not able to sustain higher levels. Asian currencies have also fallen from their recent highs. Equities still on the higher side but may fall in the next few days. Range for $ 73.40 to 73.70 with an opening around 73.50," said Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors.

    10:30 (IST)08 Sep 2021
    India VIX slips

    India VIX, the volatility gauge of domestic markets, was down with losses on Wednesday. India VIX has slipped below 15 levels now. 

    10:28 (IST)08 Sep 2021
    Why financial literacy should include lessons on cryptocurrency now

    The Crypto market is too big to ignore. Consider some numbers: The global crypto market cap as of today is USD 2.12 trillion, according to CoinMarketCap. In India, the cryptocurrency market grew from USD 923 million in April 2020 to a staggering USD 6.6 billion in May 2021, which is an average of 50% per month. Over 1.5 crore Indians are already invested in crypto, according to blockchain data platform Chainalysis.

    10:22 (IST)08 Sep 2021
    Gold Price Today, 8 September 2021: MCX Gold below Rs 46700 may trigger sell-off; check support, resistance

    Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India gained on Wednesday, even as rates in global markets remained steady. On Multi Commodity Exchange, Gold October futures were trading Rs 72 or 0.15 per cent up at Rs 47,011 per 10 gram, as against the previous close of Rs 46,939. Silver December futures were up just Rs 29 at Rs 64650 per kg. In the previous session, silver futures closed at Rs 64621. Globally, yellow metal prices steadied after slipping 1.6 per cent in the previous session when it breached the key psychological level of $1,800, as gains in the dollar and a rise in US Treasury yields hurt bullion’s appeal. Spot gold rose 0.1% to $1,796.03 per ounce, hovering slightly above the more than one-week low of $1,791.90 hit on Tuesday. US gold futures were steady at $1,799.40.

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    09:52 (IST)08 Sep 2021
    17450 may act as immediate resistance

    Asian markets off to a mixed start with Tokyo stock trading lower as investors sought to lock in profit after the recent rallies seen in the market. We can see some movement in EID Parry today as the company board has approved the setting up of a 120 KLPD Grain/Sugar Syrup/Molasses-based Distillery at the Company's Sankili unit in Andhra Pradesh. Overall Indian indices look on a positive territory with regular foreign capital inflows, strong domestic data. On the technical front, 17450 may act as immediate resistance for Nifty 50 followed by 17,500 while 17,100 remains a crucial support for Nifty 50," said Mohit Nigam, Head - PMS, Hem Securities

    09:20 (IST)08 Sep 2021
    Bouncing back

    Sensex rebounded from lows to move back into the positive territory. Nifty 50 was above 17,370.

    09:18 (IST)08 Sep 2021
    OPENING BELL

    Domestic equity benchmark indices began Wednesday’s trading session flat. Bank Nifty was up in the green. India VIX was down with losses.

    09:07 (IST)08 Sep 2021
    Dalal Street trims gains

    Sensex and Nifty trimmed pre-open gains to trade flat with positive bias. Sensex was just shy of 58,400 while the NSE Nifty 50 was still holding above 17,360.

    09:02 (IST)08 Sep 2021
    Sensex, Nifty gain

    Sensex regained 58,400 in pre-open session on Wednesday while Nifty 50 was just above 17,360.

    08:55 (IST)08 Sep 2021
    SGX Nifty up, Sensex, Nifty eye gap-up start; 5 things to know before market opens

    BSE Sensex and Nifty 50 were eyeing a positive start on Wednesday, a day before weekly F&O expiry, as suggested by trends on SGX Nifty. In the early trade, Nifty futures were trading 39.50 points or 0.23 per cent up at 17,418.50 on Singaporean Exchange. A host of factors such as Cabinet meeting, T+1 settlement cycle for completion of share transactions, stock-specific action, oil prices, rupee movement and other global cues will be among guiding factors for Indian stock market.

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    08:42 (IST)08 Sep 2021
    Nifty set top open with gains

    "Nifty is expected to open positive at 17410, up by 40 points. Nifty is in a strong bullish trend and we may see levels of 17480 and 17520 in the next few trading sessions. 17300 and 17250 are strong support for Nifty. Buying on dips with strict stop loss loss can be a good strategy in the current markets," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

    08:38 (IST)08 Sep 2021
    Petrol and diesel price today September 8: Fuel rates unchanged; Check price in Delhi, Mumbai, here

    Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of petrol and diesel were left unchanged for the third consecutive day on Tuesday by oil marketing companies. Petrol in the national capital today costs Rs 101.19 per litre, while diesel in the capital city is retailing at Rs 88.62 per litre. The previous cut in Petrol and diesel prices came on September 5 when prices were cut by 15 paise. So far this month, prices have been reduced twice, trimming the rate by 30 paise. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international price and foreign exchange rates.

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    08:32 (IST)08 Sep 2021
    Stocks to buy: Nifty may hit 17500 if it holds above 17290; HDFC, ICICI Bank, others show strong breakout move

    After the 800/2840 points rally, the indices are trading within a narrow range, which indicates bulls may start feeling discomfort to go further long near 17450. But technically, a short term correction if possible only below 17290/58000. For the next few trading sessions, 17290/58000 should act as a trend decider level, above which we can expect one more uptrend wave towards 17450-17500/58550-58700. However, trading below the same would trigger quick intraday correction up to 17250-17210/57700-57500.

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    08:14 (IST)08 Sep 2021
    Wipro, Vodafone Idea, Britannia, HDFC Life, Dr Reddy’s, Stove Kraft, Embassy Office stocks in focus

    Nifty futures were trading 58 points or 0.33 per cent up at 17437 on Singaporean Exchange on Wednesday, indicating a gap-up start for BSE Sensex and Nifty 50. In the previous session, BSE Sensex slipped 17 points to end at 58,279. Nifty 50 was down 15.7 points on closing bell settling at 17,362. Analysts say that the market seems to have shifted into a consolidation mode with range bound action.

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    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
    Next Stories
    1Nifty may head to 18200 in October, Bank Nifty to hit 38600; RIL, Infosys, others among top money-making ideas
    2Bullion prices fall for third week straight on FED tapering talk; expect gold to trade sideways
    3Nifty to trade in 17600-18300, Bank Nifty remains positive; watch out for these levels this week