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September 20, 2019 / 03:45 PM IST

Closing Bell: FM's tax relief kickstarts party on D-Street; Sensex up 1,921 pts, Nifty closes above 11,250

The Sensex was up 1,921.15 points or 5.32% at 38,014.62, while Nifty was up 569.40 points or 5.32% at 11,274.20.

  • IndexPricesChangeChange%
    Sensex57,696.46-764.83 -1.31%
    Nifty 5017,196.70-204.95 -1.18%
    Nifty Bank36,197.15-311.10 -0.85%
    Nifty 50 17,196.70 -204.95 (-1.18%)
    Fri, Dec 03, 2021
    Biggest GainerPricesChangeChange%
    UPL712.7514.55 +2.08%
    Biggest LoserPricesChangeChange%
    Power Grid Corp206.10-8.40 -3.92%
    Best SectorPricesChangeChange%
    Nifty Midcap 10030293.30-3.20 -0.01%
    Worst SectorPricesChangeChange%
    Nifty FMCG37498.10-394.50 -1.04%

  • September 20, 2019 / 07:00 PM IST

  • September 20, 2019 / 06:24 PM IST

    FII, DII Data

    FIIs net bought Rs 35.78 crore worth of shares while DIIs net bought Rs 3,001.32 crore in equities today, as per provisional data available on NSE.

  • September 20, 2019 / 06:17 PM IST
  • September 20, 2019 / 05:51 PM IST

    Rating Agency's Take on Govt Move

    Moody's said Indian government's decision to cut corporate tax is credit positive and will boost companies' net income.

  • September 20, 2019 / 05:47 PM IST

    Forex Data

    Total forex reserves in the week-ended September 13 fell by $649 million to $428.9 billion.

  • September 20, 2019 / 05:46 PM IST

    Technical View

    "The major stimulus given by the government has positive surprised the market. From the crucial support zone of 10,700-11,000, the Nifty has recovered sharply. This move has taken out the average short price of 11,200 of FIIs. Above this level, we expect FIIs to start closing their short positions, which can push the Nifty higher towards 11,500," Amit Gupta of ICICI direct said.

    "Short positions in index heavyweights have been covered partially after the announcement. The same is going to get further enhanced if the Nifty holds above 11,200," he added.

  • September 20, 2019 / 05:07 PM IST

    Rupee Closing

    The Indian rupee ended at 70.94 against the US dollar, up 37 paise compared to Thursday's close of 71.31 a dollar.

  • September 20, 2019 / 04:51 PM IST

    The stock markets responding to the relief measures announced today registered the highest one day gain in a decade. The Govt has chosen to give reliefs via corporate taxes (vs GST reliefs expected by different sectors). For listed corporates, the reliefs will mean ~10% increase in EPS for most high tax paying corporates leading to similar rise in indices, said Dhiraj Relli, MD & CEO, HDFC Securities.

  • September 20, 2019 / 04:38 PM IST

    Amar Ambani, Senior President, Head - Institutional Equities, Yes Securities:

    We expect Nifty to move towards 12,200 by December 2019, banking on the strength of blue-chip counters. Paradoxically, broader markets will remain in a consolidation phase given that consumption is in a cyclical downtrend, the economy has slowed and liquidity issues remain. The market is in a consolidation phase since early 2018 and the consolidation should last till mid-2020 before we embark on a sustainable rally. 

    Technical charts, weak GDP reading, damaged earnings profile and unfolding of incremental NPA stress corroborate our hypothesis, notwithstanding the one-time boost on account of tax cuts. On midcap stocks, though the bulk of the froth on midcaps has dissipated after the massive retracement in 2018, a sustainable resumption of rally in this counter will take another 12-15 months at least. 

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