Rohit Singre, Senior Technical Analyst at LKP Securities
Nifty ended at fresh closing high at 17,519.45 with gains of nearly one percent and formed a bullish candle on the daily chart.
It seems the index has given a bullish flag breakout on the daily chart which is considered to be a bullish continuation pattern by nature so one can expect more upside if 17,400-17,300 levels are held which are immediate and good support zone on the downside.
On the higher side, the immediate hurdle is at 15,600-15,700. Any dip near the mentioned support zone can be again a fresh buying opportunity.
Closing update:
Headline indices the Sensex and the Nifty ended at record closing highs on September 15, supported by across-the-board buying as risk appetite of investors improved after the US inflation numbers soothed concerns over inflation.
Sensex closed at 58,723.20, up 476 points, or 0.82 percent while Nifty closed the day at 17,519.45, up 139 points, or 0.80 percent.
BSE Midcap and smallcap indices closed 0.65 percent and 0.86 percent higher, respectively.
BSE Telecom index jumped 3.45 percent while the BSE Utilities clocked a gain of 2.29 percent. BSE Power (up 2.01 percent), teck (up 1.81 percent), IT (up 1.71 percent) and consumer durables (up 1.62 percent) rose up to 2 percent.
On the NSE, the PSU bank index jumped 2.83 percent but the media index fell 1.55 percent owing to profit-booking a day after clocking strong gains.
Nearly 400 stocks hit their upper circuits:
Nearly 400 stocks, including Zensar Technologies, Reliance Power, Jain Irrigation Systems, Varroc Engineering, Lokesh Machines, California Software, MRO-TEK Realty, Patspin India and Lancer Container Lines, hit their upper circuits in intraday trade on BSE.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed some positive movements as Nifty was able to breach 17,500. If it sustains above 17,500, it may gain momentum, leading to an upside projection till the 17,850 level. Momentum indicators like RSI and MACD may stay positive and market breadth may improve, further strengthening the short-term bullish outlook.
More than 250 stocks hit fresh 52-week highs:
More than 250 stocks, including TCS, Tech Mahindra, Titan, Bharti Airtel, HCL Tech, Larsen & Toubro, Larsen & Toubro Infotech, L&T Technology Services, NTPC, Adani Transmission, Cyient, Hindalco Industries, Dr. Lal PathLabs, InterGlobe Aviation and Mindtree, hit their fresh 52-week highs in intraday trade on BSE.
Sensex gainers and losers
Lupin launches authorised generic version of Duexisâ in US
Lupin announced the launch of the authorized generic version of Duexise (ibuprofen and famotidine) Tablets, 800 mg/26.6 mg, of Horizon Medicines LLC. Ibuprofen and Famotidine Tablets, 800 mg/26.6 mg, are indicated for the relief of signs and symptoms of rheumatoid arthritis, osteoarthritis and to decrease the risk of developing upper gastrointestinal ulcers, which in the clinical trials was defined as a gastric and/or duodenal ulcer in patients who are taking ibuprofen for those indications. The stock was trading at Rs 993.50, up Rs 11.60, or 1.18 percent. It has touched an intraday high of Rs 995.00 and an intraday low of Rs 983.40.
Bharti Airtel large trade: 94 lakh shares worth Rs 680 crore change hands today so far
Stock Mantra | This Digital Solutions Firm Spikes Over 50% In 4 Months, Can See 25%-30% Upside
The stock has soared to a record, doubling investors’ wealth in the past year and its price has moved in a pattern that signals further upside, technical analysts say.... Read More
Zee Entertainment: Essel Group may rely on white knight, shareholder votes to combat Invesco
: A corporate battle cannot be ruled out at Zee Entertainment, which is trying to fend off a move by its single-largest investor, Invesco Oppenheimer, to oust MD & CEO Punit Goenka from the board of a company promoted by his family entity, Essel Group.
Sources tell Moneycontrol that there is a two-pronged strategy at play in Essel Group, involving a white knight and vote gathering. The group is said to be scouting for support from all corners, and investors new and old. The current state of disarray also makes the company vulnerable to a hostile takeover attempt.
Sources tell Moneycontrol that Punit Goenka is in talks with several investors to back him as a white knight in the battle with Invesco. In such a case, the new investor can call for a voluntary open offer for existing shareholders.
Dr Reddy's gets DCGI nod to conduct phase 3 trial of Sputnik Light in India
Dr Reddy's Laboratories has received the approval from drugs regulator to conduct Phase 3 trials of single-dose COVID-19 vaccine Sputnik Light.
The subject expert committee (SEC) of the Central Drugs Standard Control Organisation (CDSO) had in August recommended the Drugs Controller General of India (DCGI) to grant approval to conduct bridging studies in India for Sputnik Light, reported Hindustan Times. The stock was trading at Rs 4,974.80, up Rs 44.20, or 0.90 percent. It has touched an intraday high of Rs 4,974.90 and an intraday low of Rs 4,920.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities
: Crude oil prices traded higher with benchmark NYMEX WTI crude oil prices were trading 0.97% up to $71.14 per barrel for the day. MCX Crude oil September futures were trading 1.22% higher near Rs 5,241 per barrel by noon.
Crude oil prices are expected to trade sideways to up for the day with resistance at $72 and support at $69.80 per barrel. MCX Crude oil September has support at Rs 5,150 and resistance at Rs 5,320.
L&T Share price hits new 52-week high
The Mumbai-headquartered engineering and construction conglomerate was in focus as global brokerages maintained a “buy” call on the stock. Jefferies retained its “buy” rating with the target at Rs 2,105, an upside of 22 percent from the current market price. It sees a more capex-intensive India over the next three-five years.
Global brokerage CLSA, too, stayed with a “buy” call with the target at Rs 1,950, an upside of 13 percent from the current level. The company is bullish on the capex cycle pick-up led by the Indian government and the Middle East. Bullishness is based on a $122-billion bid pipeline as of June end, it said.
European markets are trading flat
Telecom stocks leap higher as Union Cabinet approves relief package for the sector
: Most telecom stocks, including Bharti Airtel, Reliance Communications and Vodafone Idea traded higher after reports emerged that the Union Cabinet had approved a relief package for the sector.
As per a CNBC-TV18 report, the cabinet on September 15 approved a relief package for the telecom sector, while announcing a moratorium of 4 years on Adjusted Gross Revenue (AGR) dues. Shares of Bharti Airtel jumped 6 percent while those of Reliance Communications jumped 5 percent. Shares of Vodafone Idea were up 3 percent.
Market update at 2 PM
Sensex is up 444.72 points or 0.76% at 58691.81, and the Nifty jumped 127.30 points or 0.73% at 17507.30. Bharti Airtel, NTPC and ONGC are the top gainers while Zee Entertainment, Bharti Airtel and IRCTC are the most active stocks.
Govt approves incentives for autos, relief measures for telecoms sector
India’s federal cabinet on September 15 approved a production-linked incentive scheme for the automobile sector and as well as a much-expected relief package for the cash-strapped telecoms sector, a senior government source said. Bharti Airtel share price was trading at Rs 729.55, up Rs 35.45, or 5.11 percent. It has touched a 52-week high of Rs 732.70. Vodafone Idea was trading at Rs 8.86, up Rs 0.17, or 1.96 percent.
Nifty IT index climbs 2%
Gaurav Garg, Head of Research CapitalVia Global Research
: The Indian benchmark started on a flat note and traded around 17,450. Indian stocks edged higher boosted by gains in some energy stocks, while automobile and telecom companies jumped after local media reported that the government was considering incentives and financial relief for the sectors. There may be some cautiousness with report that India needs $8 trillion of gross capital formation in greenfield assets to became a $5 trillion economy by FY27.
Traders may get support as India’s export rose by 45.76% in August according to commerce ministry data released. There will be some positivity in the market as a private report stated that the surprise fall in August inflation gives the Reserve Bank of India (RBI) room to maintain status quo on rates. Our research suggests that If the market is able to sustain the level of 17,300, we can witness higher levels of 17,700 as the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
CLSA on HDFC Bank
Buy rating with target at Rs 1,850 per share. Collections continue to improve. Asset quality/provisions should normalise in H2FY22. Growth should be driven more by the retail and SME/commercial segments. Retail and SME/commercial segments will drive growth and aid NIM recovery. Medium-term cost-income guidance of getting to mid-30s still holds. We maintain buy rating on HDFC Bank but prefer ICICI Bank, Axis Bank and State Bank of India. The stock was trading at Rs 1,540.15, down Rs 8.10, or 0.52 percent. It has touched an intraday high of Rs 1,548.70 and an intraday low of Rs 1,536.35.
Ami Organics share crosses Rs 1,000 mark, spikes 84% amid strong buying demand in 2 days
Specialty chemical company Ami Organics extended gains for the second consecutive session after a strong debut in previous trade. The stock crossed Rs 1,000 mark on September 15, a second day of trade on the bourses, rising 20 percent to hit a record high of Rs 1,121.45 amid strong buying demand, on the BSE.
Market update
: Sensex is up 275.43 points or 0.47% at 58522.52, and the Nifty added 77.80 points or 0.45% at 17457.80. NTPC, Bharti Airtel and ONGC are the top gainers while Zee Entertainment, Bharti Airtel and IRCTC are the most active stocks.
The market is up with healthy gains. Sensex traded more than 300 points higher at 1145 hours with NTPC, Bharti Airtel and Titan as top gainers.
Brokerage firm ICICI Direct's views on the market
We expect the market to remain stock-specific, with the Nifty undergoing a healthy consolidation. Hence, it would be prudent to stick to buy on decline strategy to accumulate quality stocks as over the last 15 months, this strategy has worked well for investors.
As we do not expect the Nifty to breach 16,900 in the consolidation phase, dips towards a psychological level of 17,000 would offer incremental buying opportunities in the coming week.
Structurally, our broader positive stance is intact with the Nifty gradually heading to 17,600 in September 2021 as it is the price parity of the July-August rally (15,515-16,700), projected from themid-August low of 16,376. Sectoral churn amid consolidation would make overall strength healthy, going ahead.
We expect stock-specific action to continue and broader indices to relatively outperform the Nifty in the coming week. Structurally, the formation of higher high and low signifies the continuance of positive bias, which makes us confident to revise the support base upward at 16,900, as it is 50 percent retracement of the current up move (16,376 -17,436).
Nifty PSU Bank index rises 2 percent
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments
Once again the index is struggling to get past the 17450 level. If we are successful in doing so, we should be heading to 17550 and then 17750 as the next target points. Until this does not happen, we will be range-bound and choppy.
Market update at 11 AM
: Sensex is up 214.90 points or 0.37% at 58461.99, and the Nifty added 61.70 points or 0.36% at 17441.70.
Nifty Energy added over a percent led by ONGC, Oil India and GAIL India
KNR Constructions gets letter of acceptance for HAM project worth Rs 1,041.5 crore
The company is in receipt of Letter of Acceptance for development of six lane Chittor-Thatchur highway on Flybrid Annuity Mode under Bharatmala pariyojana, in the State of Andhra Pradesh and Tamil Nadu (package III), the company said in an exchange filing.
Ramkrishna Forgings bags export order worth Rs 25 crore from US
Ramkrishna Forgings Limited won an export order worth Rs 25 crore (USD 3.5 million per annum) from a North American customer in oil & gas segment. The stock was trading at Rs 1,048.05, up Rs 29.55, or 2.90 percent. It has touched an intraday high of Rs 1,061.95 and an intraday low of Rs 1,016.20.
COVID-19 India update
India adds less than 30,000 cases for fourth straight day, up 27,176. Active cases now at a 3-week low with last 24 hours seeing a fall of 11,120 cases. Recoveries increase by 38,012 and deaths by 284. Positivity rate remains below 2% (1.69%), recovery rate at 97.62%. Mortality rate remains at 1.33%. Single-day testing at 16.11 lakh and vaccinations at 61.15 lakh. 7-day average for vaccinations slip below 70 lakh (69.35 lakh). Total cases at 3.33 crore, active cases at 3.51 lakh, recoveries at 3.25 crore and deaths at 4.43 lakh.
Rupee opens
Rupee opens at 73.67 per US dollar against September 14 close of 73.68 per US dollar
Market update at 10 AM
: Sensex is up 213.56 points or 0.37% at 58460.65, and the Nifty added 65.10 points or 0.37% at 17445.10. NTPC, Titan Company and ONGC are the top gainers while Axis Bank, HDFC Bank and Tech Mahindra are the top drags.
Ravindra Rao,CMT, EPAT, VP- Head Commodity Research at Kotak Securities
: COMEX gold trades marginally lower near $1805/oz after a 0.7% gain yesterday. Gold has paused near $1800/oz after yesterday’s gain but remains supported by choppiness in US dollar, renewed virus concerns, disappointing economic data from China, concerns about China’s regulatory crackdown and increased geopolitical tensions. ETF investors moved to sidelines after brief inflows earlier in the week. Gold may witness choppy trade along with US dollar however increasing challenges to global economy and easing price pressure in US may keep prices supported.
Government open to converting part of Vodafone Idea's dues into stake: Report
The Centre is reportedly mulling a stake purchase in debt-ridden Vodafone Idea by converting a part of the dues owed by VI in a bid to pacify the investors. The government has also ruled out a fresh infusion of funds into the loss-making telco. As per an Economic Times report, the government is even open to converting more dues into equity after four years, subject to conditions.
"A decision could be taken by September 15. However, there is no certainty," sources told the publication, adding that there will be no infusion of funds from the government.
Zee Entertainment shares hits upper circuit as Rare Enterprises, BofA Securities pick up stake
Zee Entertainment Enterprises share price gained over 2 percent at open after Rare Enterprises picked half a percent stake. Rare Enterprises, a stock trading firm owned by ace investor Rakesh Jhunjhunwala, on September 14 picked half a percent stake in Zee Entertainment Enterprises.
The firm bought 50 lakh equity shares in the company, representing 0.52 percent of total paid-up equity, at a price of Rs 220.44 per share on the NSE, the bulk deals data showed. The stake is valued at Rs 110.22 crore. The stock was trading at Rs 287.65, up Rs 26.15, or 10.00 percent.
Market at open: Sensex is up 49.76 points or 0.09% at 58296.85, and the Nifty added 13.80 points or 0.08% at 17393.80.
ICICI Direct on Indian stock market
: Nifty opened higher on September 14 and faced resistance from 17,400 Call writers as it closed with a minor gain of 0.15%. Broader markets witnessed healthy buying as midcap and small cap indices closed with healthy gains. Looking at options data, the Nifty is likely to trade between 17300 and 17400 as both Put and Call writers hold substantial OI. Nifty futures ended at a premium of 5 points while IV was down by 3.32%. The major Put base is at 17300 strike with 42 lakh shares while the major Call base is at the 17400 strike with 53 lakh shares.
Bank Nifty opened higher and made an intraday high of 36840 but failed to sustain at higher levels as it closed with a gain of 0.38%. According to options data, 36500 Call writers covered their position and 36500 Put option witnessed significant OI addition, which should act as immediate support.
Sebi proposes to tighten timeline for filing settlement applications
Markets regulator Sebi on Tuesday proposed to tighten the timeline of settlement mechanism, whereby it suggested fixing the total timeframe for filing the application at 60 days after receipt of the notice to show cause.
The total timeframe for filing the application for settlement may be fixed at 60 days of the date of receipt of the show-cause notice or the supplementary notice, whichever is later, Sebi said in a consultation paper.
Buzzing Stocks: Zee Entertainment Enterprises, Ami Organics, Esab India, and other stocks in news today
SGX Nifty
: Trends on SGX Nifty indicate a cautious opening for the index in India with a 17-points gain. The Nifty futures were trading at 17,408 on the Singaporean Exchange.
Asian Markets
: Shares in Asia-Pacific were lower in Wednesday morning trade following losses overnight on Wall Street, with investors awaiting the release of Chinese economic data.
The Nikkei 225 in Japan declined 0.81% while the Topix index slipped 1.17%. South Korea’s Kospi sat below the flatline.
US markets
Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation.
The Dow Jones Industrial Average fell 292.06 points, or 0.84%, to 34,577.57; the S&P 500 lost 25.68 points, or 0.57%, at 4,443.05; and the Nasdaq Composite dropped 67.82 points, or 0.45%, to 15,037.76.
