| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,983.31 | 715.69 | +0.89% |
| Nifty 50 | 24,836.30 | 225.20 | +0.92% |
| Nifty Bank | 55,347.95 | 712.10 | +1.30% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Tata Motors | 718.35 | 38.15 | +5.61% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Bajaj Finance | 987.70 | -11.20 | -1.12% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Bank | 55347.95 | 712.15 | +1.30% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7499.20 | -27.55 | -0.37% |
FIIs net bought Rs 35.78 crore worth of shares whileDIIs net bought Rs 3,001.32 crore in equities today, as per provisional data available on NSE.
Moody's said Indian government's decision to cut corporate tax is credit positive and will boost companies' net income.
Total forex reserves in the week-ended September 13 fell by $649 million to $428.9 billion.
"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.
The Indian rupee ended at 70.94 against the US dollar, up 37 paise compared to Thursday's close of 71.31 a dollar.
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.
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.
It turned out to be a historic session for equity markets as Nifty gained over 5% and surpassed its critical hurdles to settle above 11,250. Participants rejoiced the announcements made by the FM to boost the economy and market sentiments, wherein sharp cut on the corporate taxes turned out to be the catalyst. All the sectoral indices, barring IT, traded in line with the benchmark index and posted exceptional gains wherein auto and banking topped the gainer's list.
