Rupee Closing
The Indian rupee ended at 70.88 against the US dollar, higher compared toWednesday's close of 71.03 a dollar.
Shriram Housing Finance appointed Gauri Shankar Agarwal as CFO.
FII & DII
FIIs net bought Rs 737.17 crore worth of equity shares andDIIs net bought Rs 339.28 crore in equities today, as per provisional data available on NSE.
An evening walk down D-St: Market recovers most previous day losses amid positive global cues
Nifty ended September series at 11,571 with gains of nearly 6 percent, forming a bullish candle after forming red candles in the last three consecutive expiries.... Read More
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:
We could see 11,700/11,720 levels, its sustenance above this level would result in a rally towards 11,800. This is where the market had left a bearish gap on the day following Union Budget. Failure to do so may result in another round of weakness, where markets would trade below the level of 11,530 and may retest 11,400.
Ajit Mishra Vice President, Research, Religare Broking:
We reiterate our bullish view on the Nifty and advice continuing with “buy on dips” approach. It has the potential to test 11,700-11,800 in the near future thus any intermediate dip should be considered as a buying opportunity. We’re still seeing limited participation thus suggest keeping caution during stock selection.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities:
After showing one day downward reversal in the last session, the Nifty witnessed a sharp upside bounce today and erased the loss of the last session. A long bull candle was formed today, that has engulfed the negative candle of the last session. Technically, this pattern indicates a strength of a recent uptrend and a smart comeback of bulls from a lower levels.
The crucial opening upside gap (event gap of 23rd Sept) remains partially filled as of last session. The Nifty showing upmove today, without violating this upside gap at the lows could be a positive indication. The next upside resistance to be watched at 11,700 levels.
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:
The overall setup suggests that the move can develop on the upside. Also the hourly momentum indicator is about to start a new cycle on the upside from the equilibrium line. On the higher side, the recent high of 11,694 & the 78.6% retracement mark i.e. 11,790 will be the short term targets to watch out for.
Rahul Mishra, AVP (Derivatives), Emkay Global Financial Services:
Nifty is currently trading above 50 and 200 DMA and we believe 11,300 will be the support level, 11,600 will be good resistance and we may see supply around this level. From derivative point of view, FIIs have doubled their position in Index future during the month so far. The monthly option data suggest that the Nifty range for the month of October will be 11,000-11,500, however, 12,000 call holds a decent open interest making it the next resistance.
Market Close:
Nifty bounced back from the previous session fall and ended the September F&O series above 11,550 level.
At close, the Sensex was up 396.22 points at 38,989.74, while Nifty was up 131 points at 11,571.20. About 1260 shares have advanced, 1236 shares declined, and 161 shares are unchanged.
Vedanta, Coal India, M&M, Zee Entertainment and IOC were among major gainers on the indices, while losers were Yes Bank, Infosys, HUL, HCL Tech and Wipro.
Among sectors, except IT all other indices ended higher led by the metal, auto, bank, energy, infra, pharma and energy. BSE Midcap and smallcap ended with 0.5 percent gain.
Dharmesh Kant, Head- Retail Research, IndiaNivesh Securities:
IRCTC enjoys monopoly business in online rail ticket booking and food catering on running trains. Mobile application-based food ordering is gaining fast traction among travellers. It provides multiple caterers in tune with today’s taste and preferences of commuters.
Strong fundamentals and debt free balance sheet along with decent return ratios; ROE being 26%, operating margins of 20% and PAT margin at 15% augurs well. We expect revenue and PAT CAGR of 20% plus for next couple of years. IPO looks conservatively priced at a PER of around 19x based on FY19 earnings. We recommend subscribe.
PMC Bank
: RBI raises withdrawal limit to Rs 10,000 from Rs 1,000 for PMC Bank account holders and banks MD Joy Thomas has suspended.
Yes Bank promoter releases pledge on 2.75 percent equity on September 18, reported CNBC-TV18.
ICRA reaffirmed the long term credit rating of Sterling Tools at ICRA AA-.
Sadbhav Infrastructure gets extension in concession period
Aurangabad Jalna Toll Way, a wholly owned subsidiary of Sadbhav Infrastructure Project, has received extension in the concession period of 7 years 8 months and 7 days from Government of Maharashtra.
Omaxe has appointed Arun Kumar Pandey as chief financial officer of the company w.e.f. October 01, 2019.
Rupee trades flat
The Indian rupee has erased all its intraday gains and trading flat at 71 per dollar. It has touched a high of 70.85 per dollar after opened flat at 71.02 per dollar versus previous close 71.03.
DIL gains 4% on NCLT approval
Shares of DIL gained over 4 percent on September 26 after company received NCLT approval for scheme of amalgamation of Fermenta Biotech with DIL and their respective shareholders.
Government favors early resolution of Hindustan Zinc case in Supreme Court. Government is looking to sell residual stake in the company in tranches, quoting Sources, reported CNBC-TV18.
Stake Sale in Hindustan Zinc
The government has favoured early resolution of Hindustan Zinc case in Supreme Court and is open to sell residual stake in company via offer for sale on favourable SC order, reports CNBC-TV18 quoting unnamed sources.
Asset Monetisation
The government is likely to target Rs 50,000 crore from asset monetisation in current fiscal 2019-20, reports CNBC-TV18 quoting unnamed sources.
Sources said government has set up a panel under cabinet secretary for asset monetisation sale.
Ipca Labs will issue 5 lakh convertible warrants at Rs 955 each to promoters.
Gainers and Losers
India Ratings & Research assigned IND A/Stable/IND A1 rating to the Indian Metals & Ferro Alloys' fund-based limits.
Yes Bank Shares at 8-year low
Shares of Yes Bank declined over 5 percent on BSE to touch their 8-year low of Rs 50.85 and looked on course to extend their losses into the second consecutive session in a positive market on September 26.
Zydus receives final approval from USFDA
Zydus Cadila has received the final approval from the USFDA to market Clobetasol Propionate Lotion, (US RLD - Clobex Lotion), 0.05%.
TCS gets order from Voyager Alliance Credit Union
Manchester-based Voyager Alliance Credit Union has selected TCS BaNCS Cloud for Core Banking as the core platform for its digital transformation. The implementation also covers its associate entity, Retail Credit Union.
AstraZeneca Pharma gets permission from DCGI
Share price of AstraZeneca Pharma rose more than 4 percent on September 26 after company received permission from the Drugs Controller General of India (DCGI).
Finance Minister Nirmala Sitharaman to brief media after meeting private banks and financial institutions today at around 7-7:30 pm.
Rupee at day's high
The Indian rupee is trading at day's high level at 70.87 per dollar on the back of positive trend in the domestic equities.
Credit Suisse downgrades Jubilant Foodworks
Shares of Jubilant Foodworks fell 5.5 percent on September 26 after foreign research house Credit Suisse downgraded the stock to underperform from neutral and also cut target to Rs 1,200 per share.
Credit Suisse maintains outperform on L&T
Share price of Larsen & Toubro gained 2 percent on September 26 after global research firm Credit Suisse maintained its outperform rating on the stock with target at Rs 1,750 per share.
Power Mech Projects bags orders worth Rs 115 crore
The company has received letter of intent/work order for the projects worth Rs 115 crore to be completed in 2-3 years.
Buzzing
: MOIL jumped over 4 percent on September 26 after HSBC upgraded the stock to buy from hold but has kept the target unchanged at Rs 180 per share. The firm believes that the company is supported by healthy margins from low-cost operations.
NHPC signed MoU with Himachal Pradesh government for project worth Rs 4,112 crore.
Dilip Buildcon emerges lowest bidder
The company has emerged a lowest bidder for a project worth Rs 2,123 crore in Madhya Pradesh.
GSK Pharma slips 5% after suspension of sale of ranitidine products
Shares of GlaxoSmithKline Pharmaceuticals declined 5 percent in the early trade on September 26 after company suspended the distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations.
