Market Highlights: Sensex closes 323 points lower, Nifty above 11,500; financials drag, Bajaj Finserv slips 2%

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Updated: September 17, 2020 4:19:03 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices gave up their two day gaining streak to end Thursday's trading session with losses.

Share Market Today, Share Market LiveBenchmark indices fell for the second day straight but pharma stocks zoomed.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day in the red on Thursday. Sensex tanked 323 points while the Nifty 50 gave up the 11,550 mark to end at 11,519. Only 4 of the 30 Sensex constituents finished the day’s trade with gains.  HCL Technologies was up over 2%, followed by Infosys which gained close to 1%. Maruti Suzuki India and IGNC were also in the green. Bajaj Finserv, Powergrid, L&T, and TCS were the top index drags. Volatility surge with the India Vix ending above the 20 levels. Among sectoral indices on NSE, only Nifty IT, Pharma and Media ended with gains. 

The US Fed has vowed to keep interest rates close to zero until the United States achieves the inflation target of 2% and manages to generate enough jobs. The decision is in line with its decision, announced last month, to undertake a  long-term policy framework. This was the US Fed’s last policy action before the Presidential Elections that are scheduled for November this year. US Fed Chair Jerome Powell said that the FOMC will continue to maintain an accommodative stance until the US economy recovers from the damage done by the coronavirus pandemic. 

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Highlights

    16:18 (IST)17 Sep 2020
    Sensex, Nifty give up two day gaining streak; bank stocks bleed, drag equity markets down

    Domestic benchmark indices ended the day with losses, slamming the brakes on their two-day gaining streak. Sensex tanked 323 points while the Nifty 50 gave up the 11,550 mark to end at 11,519. Only 4 of the 30 Sensex constituents finished the day's trade with gains. Volatility was seen inching higher to close above 20 levels. Stock markets followed the lead of global peers that were visibly not impressed after the US Fed decided to keep interest rates near zero. Analysts say that markets were disappointed by the lack of further inputs or immediate stimulus measures.

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    15:38 (IST)17 Sep 2020
    Sensex, Nifty erase over half the gains made in last two days

    Sensex and Nifty ended deep in the red on Thursday, erasing over half the gains that they made in the last two trading sessions. Sensex ended 323 points lower while Nifty 50 finished just above the 11,500 mark. 

    15:27 (IST)17 Sep 2020
    Auto stocks in for massive gains, these reasons may help shares gain up to 28%

    The auto sector has been seen benefiting from robust rural demand, low-interest rates, a shift in customer preferences toward personal mobility from mass transportation. In the wake of the coronavirus pandemic-led nationwide lockdown, BSE Auto index plunged to hit a 52-week low of 10,141.45 in March, from 19,056 levels. However, from March lows the index has rallied a massive 81.57 per cent to 18,350.

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    15:05 (IST)17 Sep 2020
    L&T's metallurgical and material handling segment bags contracts

    “L&T Construction on Thursday announced that it is awarded significant contracts for its metallurgical and material handling business. Significant contracts mean order in the range Rs.1000-Rs.2500 cr. This is a positive development for the company, although order size is quite small compared to its order book ~Rs. 3 lakh crore. Considering the small size of the order, stock has not reacted to this news. Market would be keenly watching Government spends on the infrastructure sector in the environment of muted private capex. Things are in an improving trend for the Company as labourers count are increasing and the economy is on the path of recovery," Keshav Lahoti - Associate Equity Analyst, Angel Broking.

    14:48 (IST)17 Sep 2020
    Dr Reddy’s Labs shares jump 8% in 2 days as firm announces deal with Russia for coronavirus vaccine

    Dr Reddy’s Laboratories shares have surged over 8% in the last two trading sessions nudged by the pharma company’s decision to join hands with The Russian Direct Investment Fund for the clinical trials and distribution of Sputnik V vaccine in India. On Thursday, just over an hour before closing the stock was up 3% to trade at Rs 4,774 per share. The company was already looking strong with 12 new drug launches so far this fiscal and the added benefit of partnering to manufacture and distribute the possible coronavirus vaccine in India has only boosted the stock further. With the recent surge, the stock is now up 82% from its March lows.

    14:19 (IST)17 Sep 2020
    Modi’s ‘Digital India’ still a far-fetched dream for hinterland; not even 30% of rural India has internet

    While the Narendra Modi-led government paces up efforts towards the ‘Digital India’ dream, over 70 per cent of rural India do not have access to the internet. Broadband penetration in rural India is limited to a mere 29.2 per cent, as on 31 March 2020, Sanjay Dhotre, Minister of State for Communications, Education, and Electronics & Information Technology, said in a reply to a question in Rajya Sabha. The data also reflected a major urban-rural divide as urban India has a broadband penetration of 93 per cent. There are 29.83 rural internet subscribers per 100 population in the country, the minister said citing ‘The Indian Telecom Services Performance Indicators’ report of TRAI dated 30 June 2020.

    13:40 (IST)17 Sep 2020
    Midcap opportunities in power sector; buy these three stocks with at least 24% upside potential

    With the midcap and small cap stocks getting a nudge from the market regulator’s decision, brokerage firms have been actively tracking such stocks to spot opportunities to invest in. Market participants have predicted inflows of close to Rs 40,000 crore in multi cap mutual funds follow SEBI's guidelines and invest 25% of their assets in midcap and small caps each. Amidst this, global brokerage and research firm CLSA has listed down three power sector stocks that not only could gain from the multi cap fund rule but also from the power sector reforms that include a blend of liquidity injections and structural measures to fix weak discoms.

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    13:33 (IST)17 Sep 2020
    Mismatch between what China says and does: Rajnath Singh

    Defence Minister Rajnath Singh on Thursday said China attempted to change the status quo along the LAC with its provocative military manoeuvres late last month and that there is a mismatch between what Beijing says and does. Making a statement on the situation in eastern Ladakh in Rajya Sabha, the minister said India wants a peaceful solution to the boundary issue, but will not shy away from any action required to defend the sovereignty of the country.

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    12:57 (IST)17 Sep 2020
    Top drags on Sensex

    Sensex was down over 200 points at 1 PM on Thursday. Tata Steel, Bajaj Finserv, and Power Grid were the top drags. All banking and finance stocks were trading with losses. 

    12:34 (IST)17 Sep 2020
    Buy Mphasis Ltd on dips

    "From a 52.2% stake in 2018, the Blackstone Group recently increased their stake in Mphasis to 56.21%. Covid-19 led to a market sell-off in March and this private equity wasted no me to increase their stake in Mphasis by 4.01%. The rise in stake is an indication of Blackstone's rising conviction on in the company's growth which further boosts investor confidence. Also, with Blackstone's backing, Mphasis can access Blackstone's portfolio companies and accelerate its Direct core revenue growth. Despite growing at a faster than industry rate, the company is attractively valued at a P/E of 18x which is much lower than the IT industry average of about 23.8x," said Nirali Shah, Senior Research Analyst, Samco Securities.

    12:33 (IST)17 Sep 2020
    Top stocks to buy post SEBI ruling: 5 high conviction midcap stocks with strong fundamentals, growth potential

    With the latest SEBI ruling, where multicap schemes of mutual funds have to invest a minimum of 25 per cent each in large, mid and small-cap stocks, most analysts have turned bullish on the midcaps and small caps. On a year-to-date (YTD) basis, one year, three years and five years performance, Nifty has underperformed the midcap and smallcap indices.

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    11:57 (IST)17 Sep 2020
    IndiGo shares up 1.3% as airline gains market share but valuations flying higher; should you buy?

    Shares of India’s largest domestic airline carrier InterGlobe Aviation or IndiGo surged over 1.3% to trade at a price of Rs 1337 per share on Thursday morning. The upmove comes after aviation data suggested that the domestic aviation industry was now running at traffic capacity 25% to the pre-coronavirus levels. The return to normalcy in the aviation industry benefits IndiGo which controls close to 60% of the aviation traffic in India. According to figures from the civil aviation regulator total domestic passenger traffic was still down by 76%  on-year basis at 28.32 lakh passengers but was up from the 21.07 lakh passengers in July 2020.

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    11:29 (IST)17 Sep 2020
    Wait for Q2 results to enter stock markets; smallcaps, midcaps may outperform in near term | Interview

    The volatility in the Indian share markets continues to persist, with the BSE Sensex hovering around 39,100, and Nifty 50 testing 11,550. From March lows, headline indices have rallied over 50 per cent, but are still 7 per cent down from record-high levels. Naveen Kulkarni, Chief Investment Officer, Axis Securities, advises short-term investors, who have been waiting for more correction in the markets, to wait till July-September quarter earnings. In an interview with Surbhi Jain from Financial Express Online, Kulkarni said that even if markets do not correct post second-quarter earnings, the results will provide clarity on future prospects

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    11:17 (IST)17 Sep 2020
    Who's leading Sensex gainers?

    HCL Technologies continues to remain the top Sensex gainer followed by ONGC, Tech Mahindra, Infosys, and Asian Paints. The benchmark index is still down over 150 points. Only 7 of the 30 Sensex contituents were in the green.

    10:50 (IST)17 Sep 2020
    Charts show support for these two stocks as Nifty looks to be headed towards new highs

    After touching a low of 11185 and finding support close to the 50-day SMA, the Nifty has rallied smartly in the last few sessions and crossed the previous swing highs of 11585. It has therefore reversed the recent downtrend and entered into a new uptrend. Technical indicators too are giving positive signals for the short term as the Nifty has moved above the 20-day SMA. The 14-day RSI too is in rising mode, indicating that momentum is picking up.

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    10:46 (IST)17 Sep 2020
    Lockdown unlocks agility for HUL

    "Hindustan Unilever (HUL) has come off about 8% over the past eight weeks and ~18% from its peak. That said, it has been among the most agile and nimble companies during the lockdown with its trucking capacity in Q1FY21 restored at 2x of national rate, sanitiser capacity jacked up ~120x and hand wash capacity raised by ~5x. Although the lockdown will affect near-term margin, we expect cost-saving initiatives such as zero-based budgeting, efficiency in ad spends and changes in route-to-market to support margin expansion. The acquisition of GSK’s portfolio will also aid overall margin expansion. Localised lockdowns may affect near-term volumes, but we expect volumes and earnings to bounce back once the situation normalises. We expect premiumisation to sustain (albeit delayed) and hence expect better earnings growth. We retain ‘BUY/SO’ with TP of INR2,665. The stock is trading at 51.9x FY22E EPS," said Edelweiss Securities.

    10:28 (IST)17 Sep 2020
    HSIL share price rallies 10% as board to mull share buyback next week

    HSIL share price rallied 10.2 per cent to Rs 74.8 apiece on BSE in an otherwise weak market on Thursday after the company announced that its board will consider share buyback next week on September 21.

    Check prices: HSIL

    10:26 (IST)17 Sep 2020
    Gold prices edge lower as the US dollar firms

    Gold prices edged lower as the U.S. dollar firmed, although doubts over a swift global economic recovery and the Federal Reserve's pledge to hold interest rates near zero until at least 2023 limited losses for the safe-haven metal. The Fed said that it expects to keep rates near zero until it achive maximum employment and The inflation is on track to "moderately exceed" its 2% inflation target "for some time." Meanwhile, data showed U.S. consumer spending slowed in August, pointing to a stall in the economic recovery from the effects of the pandemic, lending support to the precious metal pack: Navneet Damani, VP, Motilal Oswal

    10:21 (IST)17 Sep 2020
    HCL Tech share price hits all-time high on tie-up with Google Cloud; more than doubles since March

    HCL Technologies share price hit a fresh 52-week high of Rs 817.45 apiece, gaining 3.5 per cent in an otherwise weak market on Thursday. The stock surpassed its previous all-time high of Rs 809.85 apiece touched earlier this week. The total market capitalisation of the IT bellwether stood at Rs 2.20 lakh crore at the time of writing.

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    10:17 (IST)17 Sep 2020
    Happiest Minds listing bonanza for IPO investors; stocks debut at more than double the issue price

    Happiest Minds technologies shares surged on making their stock market debut today to trade at a price of Rs 383 per share, a premium of Rs 217 on the upper band of the issue price of Rs 165-66 per share. The stock was listed on the bourses at a price of Rs 351 per share. Happiest Minds shares began trading 131% higher from the issue price . Happiest Minds Technologies IPO was subscribed 151 times with all portions being oversubscribed by the investors. Non-Institutional Investors (NII) had bid the most for the stock. The Bengaluru based Information Technology company, backed by 77-year old entrepreneur Ashok Soota, was commanding a grey market premium of Rs 140 per share till yesterday. 

    10:07 (IST)17 Sep 2020
    Happiest Minds Technologies makes stock market debut at Rs 383 apiece, up 131% from issue price

    Happiest Minds technologies shares made their stock market debut today at a price of Rs 383 per share, after listing on the bourses at a price of Rs 351 per share. This translated to a premium of over Rs 200 on the upper band of the issue price of Rs 165-66 per share. The stock surged close to 10% soon after opening. Happiest Minds Technologies IPO was subscribed 151 times with all portions being oversubscribed by the investors. Non-Institutional Investors (NII) had bid the most for the stock. The Bengaluru based Information Technology company, backed by 77-year old entrepreneur Ashok Soota, was commanding a grey market premium of Rs 140 per share till yesterday. 

    09:58 (IST)17 Sep 2020
    Sensex, Nifty open with losses; Financials drag indices while HCL Tech, other IT stocks gain

    Equity markets began Thursday’s trading session down in the red following weaker global cues. S&P BSE Sensex was down over 100 points while the Nifty 50 gave up the 11,600 mark. Only HCL Technologies, ONGC, and Asian Paints opened with gains while all other Sensex constituents were trading with losses. Volatility was inching up but was still below the 20 levels. Financials were dragging indices lower with no stock from the banking and finance space gaining. Reliance Industries was trading flat but looking up.Nifty Next 50, Smallcap 50 and Midcap 50 were trading flat.

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    09:31 (IST)17 Sep 2020
    HCL Tech shares scale fresh 52-week high

    HCL Technologies share price hit a fresh 52-week high of Rs 810.35 apiece on BSE in an otherwise weak market. The stock price surpassed its previous high of Rs 809.85 touched earlier this week

    Check prices: HCL Tech

    09:20 (IST)17 Sep 2020
    Sense, Nifty open with losses

    Sensex was down over 150 points on opening while the Nifty 50 gave up the 11,600 mark. Only ONGC, HCL Technologies, and Reliance Industries were trading with gains. 

    09:18 (IST)17 Sep 2020
    MCX Gold prices fall in tandem with comex gold

    MCX Gold slipped in tandem with comex gold, as the U.S. dollar index strengthened, although doubts over a swift global economic recovery and the Fed's pledge to hold interest rates near zero until at least 2023 limited losses for the safe-haven metal. The Fed signalled it expects the U.S. economic recovery from the coronavirus crisis to accelerate with unemployment falling faster than the central bank expected in June. Meanwhile, data showed U.S. consumer spending slowed in August, pointing to a stall in the economic recovery from the effects of the pandemic. For intraday we expect the tone to be bearish: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    09:08 (IST)17 Sep 2020
    Sensex now slips in the pre-opening session

    A volatile pre-open session saw the benchmark gain at first, only to slip into the red just minutes before the opening bell. 

    09:05 (IST)17 Sep 2020
    Sensex gains in pre-opening session

    The 30-stock BSE Sensex surged in the pre-opening session on Thursday morning. HCL Technologies and Reliance Industries were seen gaining during the session. 

    09:01 (IST)17 Sep 2020
    Nifty 50 ETFs’ India AUM crosses Rs. 1 Trillion

    The Asset under management (AUM) of all the Exchange Traded Funds (ETFs) tracking Nifty 50 index in India has crossed a new milestone of Rs. 1 lakh crores (Rs. 1 Trillion). Also, the total AUM of the ETF (Equity & Debt) Industry in India has crossed Rs 2 Lakh crores (Rs. 2 Trillion).

    08:52 (IST)17 Sep 2020
    Stocks in focus: Happiest Minds Technologies, Yes Bank, SpiceJet, InterGlobe Aviation, MindTree, Marico

    Nifty futures were trading weak, down 84.10 points or 0.72 per cent at 11,527.50 on Singaporean Exchange, suggesting a gap-down start for BSE Sensex and Nifty 50 on Thursday. A host of factors such as Defence Minister Rajnath Singh’s statement on India-China standoff in Rajya Sabha, US Federal Reserve decision to hold interest rates near zero for at least 3 years, developments around COVID-19, oil prices and trends in coronavirus cases, are among factors that will sway investor sentiment today.

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    08:40 (IST)17 Sep 2020
    Investors need to learn from what happened in debt funds in April: Kotak’s Nilesh Shah

    Money in multi-cap schemes of mutual funds is currently at risk, as there is no clarity on the route each fund house will take to comply with Sebi’s new rules on these funds. Investors need to learn from the crisis in debt mutual funds in April, says Nilesh Shah, group president and managing director of Kotak Asset Management Company, in an interview with Malini Bhupta. 

    08:26 (IST)17 Sep 2020
    US Fed holds interest rates near zero till 2023 in an effort to boost jobs, control inflation

    Federal Reserve officials held interest rates near zero and signaled they would stay there for at least three years, vowing to delay tightening until the U.S. gets back to maximum employment and 2% inflation. The U.S. central bank “expects to maintain an accommodative stance” until those outcomes are achieved, it said in a statement Wednesday following a two-day meeting that beefed up its description of future policy.

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    08:21 (IST)17 Sep 2020
    Vedanta-Videocon win big! Blow to govt as SC says ‘no unjust enrichment’ in Ravva oil fields case

    In a setback to the government, which has in recent years challenged a few prominent international arbitral awards concerning Indian projects with not much success, the Supreme Court on Wednesday allowed Vedanta and Videocon Industries to recover $476 million, instead of $198 million capped by the petroleum ministry, for their joint development of the Ravva oil and gas fields off the Andhra Pradesh coast between 2000 and 2007.

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    08:20 (IST)17 Sep 2020
    Happiest Minds shares listing, US Fed policy decision, among key factors to set market tone today

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are staring at a negative opening on Thursday as investors would react to overnight developments from the US Federal Reserve meeting. In the previous session, headline indices gained as markets took positive cues from RBI Governor Shaktikanta Das’s statement in the FICCI National Executive Committee meeting, where he assured that the RBI is closely monitoring the economic situation.

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    08:11 (IST)17 Sep 2020
    Happiest Minds shares trade at about 84% premium in grey market; IPO allottees stare at listing gains

    After subscribing to Happiest Minds Technologies Initial Public Offering (IPO) 151 times, Dalal Street now eagerly awaits the primary market debut of the Bangalore based information Technology (IT) giant. Grey market participants say that the stock could list with massive gains, and even double the price band at which investors have subscribed to the IPO. “Grey market premium for Happiest Minds is above Rs 140. This is an indicative rate, pointing towards what the listing price could be,” Narottam Dharawat, founder, Dharawat Securities told Financial Express Online. The Rs 700 crore IPO of Happiest Minds was the best performing public issue of this fiscal year.

    08:10 (IST)17 Sep 2020
    Happiest Minds Technologies lists today

    The eagerly awaited Happiest Minds Technologies listing today. Until Wednesday grey market was hinting at a listing of over Rs 300 per share. The IPO closed last week with a susbcription of 151 times. 

    08:09 (IST)17 Sep 2020
    US Fed's Federal Open Market Committee keeps interest rate near zero

    The US Fed's FOMC said that it will maintain an accomdative stance and keep interest rates near zero until the US Economy reaches far ahead in its recovery and interest rates average 2%. The Fed has taken the decision to boost employment in the US after the pandemic erased a large number of  jobs earlier this year. The Fed signaled that it might keep the rates near zero till 2023.

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