Market HIGHLIGHTS: Sensex falls 475 pts from day’s high, Nifty above 11,150; HCL Tech share price jumps 3%

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Updated: September 22, 2020 4:23:26 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended in the red on Tuesday. HCL tech jumped 3 per cent while Maruti shares fell

Share Market Today, Share Market LiveBarring Nifty Pharma and Nifty IT indices, all the sectoral indices have ended in the negative territory

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended nearly one per cent lower on Tuesday. BSE Sensex fell 300 points or 0.79 per cent to 37,734 while the broader Nifty 50 index settled at 11,153.65, down 97 points or 0.86 per cent. Out of 30 Sensex stocks, 21 scrips ended in the red with Maruti Suzuki shares falling 2.83 per cent. It was followed by L&T, IndusInd Bank, Axis Bank, ONGC, Reliance Industries, Asian Paints and Titan Company. On the flip side, HCL Tech was the top Sensex gainer, up 2.43 per cent. TCS, Sun Pharma, Tech Mahindra, ICICI Bank and Bharti Airtel were among Sensex gainers. Barring Nifty Pharma and Nifty IT indices, all the sectoral indices have ended in the negative territory. Nifty Bank index fell 1.07 per cent while Nifty FMCG was down 0.78 per cent.

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    15:48 (IST)22 Sep 2020
    Markets continue to witness intense selling pressure

    Markets continued to witness intense selling pressure on the back of weak global cues and profit-booking, for the second day in a row, with benchmark index Nifty, ending the session at 11,153, down 96 points. Broad-based selling was seen, with declines outnumbering advances by more than 2:1. Amongst the Top 3 Nifty gainers were TCS, HCL Technology and Sun Pharma. So it was the IT and Pharma space that managed to support the markets today. On the losing side, the Top 3 Nifty losers were Zee, Gail and Adani Ports. With the approaching monthly F&O expiry, we are witnessing increased volatility, with crucial support for Nifty seen around the 11,000 mark whereas resistance is seen around the 11,350-11,400 mark: Aamar Deo Singh, Head Advisory at Angel Broking

    15:41 (IST)22 Sep 2020
    Nifty continues downward trajectory

    The Nifty continued its downward trajectory; the markets are weak and we should see more downside in the coming days. We could go down to 10950-11000 for starters and if we don't halt there, we could fall further to test 10800. The resistance on the upside is 10600-10650 and till we do not cross that, a sell on every rise would be the appropriate strategy to adopt: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:41 (IST)22 Sep 2020
    Fresh selling across the broader markets return

    Indian markets today opened on a subdued note following negative trade in global Asian markets and continued selling in other major markets across the globe due to fresh worries over another round of restrictions due to increase in COVID cases in major developed economies which could harm already sluggish economic recovery. During the afternoon session market briefly tried to recover as traders took note of Federation of All India Farmer Associations’ (FAIFA) statement that the newly passed farm bills will give farmers the freedom to trade across states and empower them to turn into traders of their own produce and be in control of the process but failed to sustain as fresh selling across the broader markets returned weighing in higher risks in near term in global markets: Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

    15:39 (IST)22 Sep 2020
    Closing bell: Sensex gives up 38,000; Nifty ends above 11,150

    BSE Sensex fell 300 points or 0.79 per cent to 37,734 while the broader Nifty 50 index settled at 11,174.55, down 76 points or 0.68 per cent on Tuesday

    15:15 (IST)22 Sep 2020
    Chemcon Speciality Chemicals IPO's retail portion subscribed 17 times

    Chemcon Speciality Chemicals IPO has been subscribed 9.12 times on day two of the bidding process. Retail investors subscribed 17 times. While NIIs subscribed 2.28 times.

    15:09 (IST)22 Sep 2020
    CAMS IPO subscribed 1.48 times on day 2

    CAMS IPO subscribed 1.48 times on the second day of the bidding process with retail investors subscribing their portion 2.41 times. The issue will close on September 23.

    15:06 (IST)22 Sep 2020
    Wanted, ‘bold’ govt; get aggressive, take risk to revive economy before it’s too late, says HUL boss

    With the Indian economy facing the headwinds of the coronavirus pandemic, coupled with degrowth in the economy, the government needs to step up spending to revive demand before it becomes too late, HUL boss Sanjiv Mehta said recently. “Aggressiveness has to come in, bold measures have to come in and the government is willing to take the risk,” he said in a recent interaction with FICCI president Sangita Reddy

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    14:58 (IST)22 Sep 2020
    Gold prices would continue to climb up amid heightened liquidity

    Gold prices would continue to climb up amidst the heightened liquidity, which could lead to higher inflation and thereby bloating fiscal deficits of governments putting additional stress on their currencies including US dollar. Weakness in the dollar, in turn, is likely to support commodity prices - especially gold. Given the current backdrop we treat this dip as golden opportunity to accumulate gold for a medium term perspective and advice buying gold around $1840- 1850 on COMEX and around Rs 49,000 on the domestic front. We continue to maintain our bullish stance on gold with our targets of $2,450 by the end of 2021 on COMEX, and ₹65,000-68,000/10gms on the domestic front: Motilal Oswal

    14:56 (IST)22 Sep 2020
    Rally in gold prices was so steep that it overshot its fundamentals

    Bullions for much of the year have had a great run, and have taken a breather recently, as market participants took some profits off the table. By the start of August, Gold had given more than 40% returns in 2020(YTD) and silver had given more 50% returns for the year, hence letting some steam off before the next leg of rally begins. The recent volatility which was witnessed in gold prices has more to do with the speed of the move rather than the direction of it. The rally in gold prices was so steep that it overshot its fundamentals and investors took some money off the table which led to correction: Motilal Oswal

    14:55 (IST)22 Sep 2020
    Angel Broking IPO subscribed 50% so far on day 1

    Angel Broking IPO has been subscribed 50 per cent on the first day of the bidding process. The issue will close on September 24, 2020. The retail category has subscribed their portion 95 per cent.

    14:50 (IST)22 Sep 2020
    Safe haven attraction increases when there is distress or chaos in the market

    Gold – The safe haven metal over the last 18 months has been roaring like a lion in the jungle adding 25% gains in 2019 followed by over 40% gains in 2020(YTD). No resistance, no hurdle, no news seemed to matter for the metal. And, why not? After all it had all the right reasons to behave like it did in CY 2019-20. Safe haven attraction increases when there is distress or chaos in the market, a situation where market participants feel more comfortable investing in safer low volatile asset rather than riskier asset: Motilal Oswal

    14:34 (IST)22 Sep 2020
    TCS share price hits new 52-week high on partnership expansion with supermarket chain Morrisons

    TCS share price hit a fresh 52-week high of Rs 2,544.45 apiece, up 3.63 per cent in an otherwise weak market on Tuesday. The IT giant, in a press release, announced that it has expanded its partnership with a leading supermarket chain in the UK, Morrisons, through a five-year contract for application management services, data services and cybersecurity services. Tata Consultancy Services stock surpassed its previous high of Rs 2,538 apiece on September 15, 2020.

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    14:25 (IST)22 Sep 2020
    TCS to remain a key beneficiary of buoyant tech demand

    TCS enjoys leadership position in IT services industry driven by strong new age offerings and best in class methods and practices. In the last few quarters, TCS has secured strong order intake which provides near term growth visibility. We expect TCS will remain a key beneficiary of buoyant tech demand given its global scale, diversified clientele and strong cash-rich balance sheet: Suyog Kulkarni, Senior Analyst- IT services, Media and Internet at Reliance Securities

    13:56 (IST)22 Sep 2020
    TCS share price hits new 52-week high; stock jumps over 3%

    TCS share price hit a fresh 52-week high of Rs 2,544.45 apiece, up 3.63 per cent on Tuesday after the company expanded its partnership with Morrisons through a five-year contract for application management services, data services and cyber security services.

    Check prices: TCS

    13:47 (IST)22 Sep 2020
    Sequoia finds another way to help startups scale up faster; gets top founders to launch new programme

    Startups in India and Southeast Asia (SEA) backed by venture capital firm Sequoia India would now be able to leverage the experience and learnings of other startups in the VC firm’s portfolio to scale up. Sequoia on Tuesday announced a six-month programme called The Guild that would have a cohort of 12-16 founders meeting twice a month to share their experiences and learnings “in their quest to build the world’s most enduring companies,” Shailendra J Singh, Managing Director, Sequoia Capital wrote in a LinkedIn blog announcing the programme.

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    13:38 (IST)22 Sep 2020
    Sensex, Nifty in firm grip of bears; should you invest now or wait for further correction in stocks?

    Sensex and Nifty look set to add to yesterday’s losses with both the benchmark indices trading in the red, and volatility sitting above 22 levels. While analysts say a correction was expected, with equity markets having surged significantly in recent months and valuations being expensive. The reason behind the fall is largely the renewed fear of lockdown and a second wave of coronavirus across Europe, which was partly responsible for the abundant liquidity fueling domestic markets. Now, the question remains when to tap into this market to reverse any loss that investors have made.

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    13:22 (IST)22 Sep 2020
    Brokerage view on Angel Broking IPO

    At the higher end of the price band, the issue is valued at 29x FY20 P/E (fully diluted), which is seems fairly priced. We like Angel given its (1) leading position in retail broking, (2) robust technology platform and (3) innovative offerings. Considering the sharp rise in retail participation and ongoing industry challenges, top players are likely to gain market share. Hence, investors can Subscribe to the IPO. Risk: (1) Revenue concentration, (2) Client concentration, (2) Highly competitive industry and (3) legal/other proceedings against promoters: Motilal Oswal Financial Services

    13:21 (IST)22 Sep 2020
    Angel Broking IPO review by Motilal Oswal

    Angel is the 4th/2nd largest player in terms of NSE active clients/incremental NSE active clients as on June’20 (7.7lakhs/1.9lakhs). It has pan-India presence through vast network of Authorised Persons and thus grew its client base at 37% CAGR over FY18-Q1FY21 to 2.2mn. At the higher end of the price band, the issue is valued at 29x FY20 P/E (fully diluted), which is seems fairly priced. We like Angel given its (1) leading position in retail broking, (2) robust technology platform and (3) innovative offerings. Considering the sharp rise in retail participation and ongoing industry challenges, top players are likely to gain market share. Hence, investors can Subscribe to the IPO. Risk: (1) Revenue concentration, (2) Client concentration, (2) Highly competitive industry and (3) legal/other proceeding against promoters.~ Motilal Oswal

    13:07 (IST)22 Sep 2020
    Buy LIC Housing Finance ~ Target price Rs 353 - Geojit Financial Services

    "LIC Housing Finance (LICHF) is one of the largest housing finance companies in India. It provides long-term finance to individuals, professionals and builders of residential flats and houses. The company has a wide distribution network of 282 marketing offices. For Q1FY21, loan portfolio increased 6.1% YoY driven by Individual loan portfolio (+6.0% YoY) and Project loan (+7.5% YoY). Total disbursements stood at Rs. 3,561cr (-65.3% YoY). Net Interest Margin (NIM) for the quarter contracted ~10bps to 2.32%. Net Profit rose 33.9% YoY to Rs. 817cr, owing to decline in provisions. The expectation of the economy to improve post lockdown, strong fundamentals, and new products will boost performance in the near future. Hence, we reiterate our BUY rating on the stock with a revised target price of Rs. 353 based on 0.8x FY22E BVPS," said Geojit Financial Sercives.

    12:38 (IST)22 Sep 2020
    Route Mobile share price surges 6.74% on investment from Goldman Sachs; zooms 98% from IPO price

    Route Mobile share price surged 6.74 per cent to Rs 695 apiece on BSE, after Goldman Sachs invested in the company through three funds – Goldman Sachs India Fund, Goldman Sachs Trust Emerging Markets Equity Fund, GS FDS Sicav GS Global. Route Mobile shares debuted on the stock exchange on Monday and listed with 105 per cent premium over its IPO price.

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    12:34 (IST)22 Sep 2020
    Nifty would continue to remain under pressure for the next 2-3 weeks

    Share market is in a correction and should remain bearish in the immediate term. 11,400 points was a crucial support for Nifty, which was broken yesterday. Now 11,400 is the new resistance level in the short-term. The next immediate support level is at 10,882; but the ultimate support level is at 10,775, which is our target for next 2-3 weeks. Now that the US markets have also started weakening, and FMCG stocks are weakening too, Nifty would continue to remain under pressure for the next 2-3 weeks. Any pullback rallies meanwhile must be used by investors to sell: Vinay Rajani, Technical Research Analyst, HDFC Securities, told Financial Express Online

    12:29 (IST)22 Sep 2020
    Yogi Adityanath’s UP eyes becoming $1 trillion economy; aims to be investment hub in these areas

    Yogi Adityanath-led Uttar Pradesh now looks to become a $1 trillion economy, aiming to contribute one-fifth to Prime Minister Narendra Modi’s dream of making India a $5 trillion economy by 2025. “Respected Prime Minister Narendra Modi has aimed to make India a $5 trillion economy. In a bid to help the country achieve this goal, UP is also targeting to become a $1 trillion economy.

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    12:11 (IST)22 Sep 2020
    IPO Watch: CAMS, Chemcon oversubscribed, Angel Broking going strong but grey market premiums slip

    The three ongoing IPOs are not looking to be dismayed by the bearish market sentiment that has erased all gains made so far this week. Of the three IPOs currently on offer, two have been oversubscribed by investors with Qualified Institutional Buyers (QIB) still to submit any significant bids for the offer. Chemcon Speciality Chemicals IPO was subscribed 6.65 times while Computer Age Management Services (CAMS) IPO was subscribed 103% on Tuesday morning -- the second day of bidding for both. Angel Broking, the latest IPO to step foot into the market today, was subscribed 17% till late morning. Equity markets have recently witnessed bumper listings of Happiest Minds and Route Mobile shares.

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    11:57 (IST)22 Sep 2020
    CAMS IPO fully subscribed on Day two, retail investor bid 1.79 times for the issue

    Computer Age Management Services (CAMS) Initial Public Offering saw a rousing response from investors, subscribing the issue 103% on day two of the offer. Retail investors, who had fully subscribed their quota on Day one have so far bid for the issue 1.79 times. Non-Institutional Investors (NII) have subscribed to 35% of their quota of the issue while Qualified Institutional Buyers (QIB) have bid for 25% of their portion. The IPO has 1.82 crore equity shares on offer. 

    11:47 (IST)22 Sep 2020
    Route Mobile share price jumps 4% on Goldman Sachs investment

    Route Mobile share price jumped 4.12 per cent to Rs 677.95 apiece on BSE, after Goldman Sachs invested in the company through three funds - Goldman Sachs India Fund, Goldman Sachs Trust Emerging Markets Equity Fund, GS FDS Sicav GS Global.

    Check prices: Route Mobile

    11:40 (IST)22 Sep 2020
    Angel Broking IPO subscribed 17% so far on day one of bidding

    The Rs 600-crore Angel broking IPO has been subscribed 17 per cent so far on the first day of the bidding process. The retail category has subscribed their portion 0.34 times.

    11:30 (IST)22 Sep 2020
    Chemcon Speciality Chemicals IPO subscribed 6.65 times

    Chemcon Speciality Chemicals IPO, which was fully subscribed within three hours of opening on Monday, has been subscribed 6.65 times on the second day. The retail category subscribed their portion 13.64 times, while NIIs subscribed 1.50 times so far in the day.

    11:28 (IST)22 Sep 2020
    CAMS IPO fully subscribed on day 2 of bidding

    CAMS IPO, which is open for subscription till September 23, has been fully subscribed on second day of the bidding process. CAMS IPO has been subscribed 1,03 times, according to the data compiled from BSE and NSE.

    11:21 (IST)22 Sep 2020
    Gold prices gain today amid rising COVID-19 cases; may trade in this range by year-end

    Gold prices gained in Tuesday’s session due to rising coronavirus cases which pushed investors to seek a safe-haven appeal. Following the second wave of COVID-19 cases across Europe and the UK, there is a possibility that the UK could impose a second lockdown to contain the spread. On MCX, gold October futures were trading firm, up Rs 95 or 0.19 per cent at Rs 50,566 per 10 gram while silver December futures were up Rs 334 or 0.54 per cent at Rs 61,650 per kg. In the previous session, MCX gold fell 2.41 per cent and silver crashed 9.67 per cent.

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    11:12 (IST)22 Sep 2020
    US dollar continued to be resilient in spite of rising equity markets

    Gold prices got crushed yesterday following a global sell-off in equity markets. US Dollar strengthened (trading near six week high) amid broad risk off as rising cases of infection in Europe might prompt government to initiate lockdown once more. The rally in gold and silver were showing signs of stalling as gold was unable to move beyond $1975 while US dollar continued to be resilient in spite of rising equity markets. The bearish bias in gold will remain intact till gold has not breached $1933 on the upside. Any further sell off may come till $1870 if gold breaks down below $1900: Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities

    11:05 (IST)22 Sep 2020
    Yes Securities on Angel Brokeing IPO

    Company is amongst the top brokers when measured in terms of no of active clients with NSE (fourth largest) and incremental NSE active clients in Q1 FY21 (second largest). This is in a market where competition from discount broking companies such as Zerodha, 5 Paisa Capital and many others is at peak. Significantly outperformed industry in terms of client additions with share in incremental demat accounts increasing from 4.2% in FY18 to 14.7% in Q1 FY21. More than 50% of customer addition happening online and more than two-third clients acquired from tier 2 and tier 3+ towns: YES Securities

    10:40 (IST)22 Sep 2020
    Brokerage view on HCL Technologies

    We expect HCLT to better navigate the current crisis and emerge stronger due to an expected increase in enterprise demand for Digital Services. Our confidence partly stems from the company’s historical track record of adapting to multiple business challenges and technology change cycles. Maintain BUY: Motilal Oswal Financial Services

    10:27 (IST)22 Sep 2020
    UK could impose a second lockdown to contain the spread

    The second wave of Coronavirus cases across Europe and UK dampened global risk sentiment. There is a possibility that the UK could impose a second lockdown to contain the spread. The situation is equally concerning in France, Spain, Germany and Italy. European equity indices were down 3-4% yesterday. US equities too were weak initially but managed to recoup some of the losses. The appointment of Supreme court judge has brought a new angle to the US presidential elections. President Trump would want to woo Republican voters with the possibility of appointing a third conservative judge in his term. A recent investigation showed major global banks helped move around funds linked to suspicious accounts to the tune of USD 2tn between 1999 and 2017: Abhishek Goenka, Founder and CEO, IFA Global

    10:25 (IST)22 Sep 2020
    The fall in markets is due to global factors

    The market fall witnessed today and yesterday is more due to global factors led. As far as how much lower Nifty might go, it's more of a technical view. Fundamentally indices were already trading in premium: Narendra Solanki, Head of Research at Anand Rathi Shares and Stock Brokers

    10:23 (IST)22 Sep 2020
    Bears erase Rs 3.58 lakh crore investor wealth in less than an hour; stock market crash continues

    Bears were seen taking control of Sensex and Nifty 50 yet again on Tuesday morning as stock markets plunged after opening flat with a positive bias on Tuesday morning. With this, investors were left poorer by Rs 3.58 lakh crore in less than an hour of trading. Sensex opened at 38,200 after having closed 38,034 in the previous trading session. Soon Sensex was below the 38,000 mark. Equity markets are witnessing a sharp sell-off prompted by global cues as Europe stares at another wave of coronavirus cases which could lead to renewed lockdowns.

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    10:22 (IST)22 Sep 2020
    Sensex gives up 38,000, Nifty tests 11,150 on weak global cues; check key factors behind today’s fall

    Giving up all the opening gains, BSE Sensex and Nifty 50 slipped into the negative territory on Tuesday, mainly on the back of the weak global cues. The 30-share Sensex gave up its psychological level of 38,000 and fell 284 points or 0.75 per cent to trade at 37,750. While the broader Nifty 50 index tumbled 102 points or 0.91 per cent to rule at 11,147. Index heavyweights such as Reliance Industries (RIL), Housing Development Finance Corporation (HDFC), Bajaj Finance, Infosys and Maruti Suzuki contributed the most to the indices’ loss.

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    10:17 (IST)22 Sep 2020
    All sectoral indices trade in red today; Nifty FMCG index falls over 1%

    The trend among sectoral indices was negative today. Nifty FMCG index was down1.35 per cent, Nifty IT lost 1.15 per cent, Nifty Metal plunged 2.60 per cent and Nifty Auto index fell 2.50 per cent.

    10:06 (IST)22 Sep 2020
    Reason for today's market fall is technical in nature

    Earlier, over the past couple of days, the NIFTY had attempted twice to take out a double to pattern resistance that existed at 11430. While the NIFTY slipped below 11430 again, it invited incremental weakness. Also, yesterday's closing near low point below the 50-DMA invited further weakness today as well. The reason for today's fall is purely technical in nature. The slip below 50-DMA affected some weakness; the overnight strengthening of US Dollar index also played its part. Important immediate support for NIFTY would be 11100 and 11015 levels for the immediate near term: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst, Gemstone Equity Research & Advisory Services

    09:56 (IST)22 Sep 2020
    RIL, HDFC, Infosys top drags

    Index heavyweights such as Reliance Industries (RIL), Housing Development Finance Corporation (HDFC), Bajaj Finance, Infosys and Maruti Suzuki contributed the most to the indices' loss.

    09:51 (IST)22 Sep 2020
    Volumes are high and impulsive; upside resistance is at 11500-11550

    The breaking of 11300-11350 yesterday has resulted in this sharp fall between yesterday and today. The volumes are high and impulsive. We could crack all the way down to 10950-11000 levels. The upside resistance is at 11500-11550. Until then the markets look weak: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

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