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Sep 28, 2020 04:00 PM IST | Source: Moneycontrol.com

Closing Bell: Nifty ends above 11,200, Sensex jumps 593 pts led by auto, banks

All the sectoral indices ended in the green with bank, metal and auto indices rose 3 percent each. BSE Midcap and Smallcap indices rose over 2 percent each.

  • September 28, 2020 04:12 PM IST

    V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services:

    The economy is facing a serious challenge and the RBI has been leading from the front with quick responses through rate cuts, injecting liquidity through OMOs, LTROs and a variety of innovative tools to manage and ensure financial stability. In this hour of economic emergency the MPC has to be in place to formulate policy. This delay could have been avoided.

  • September 28, 2020 04:08 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services: 

    Indian benchmark indices gained strength throughout the day, helped by gains in Banking and financial stocks. Global cues were also positive following positive industrial profits data from China, setting aside concerns about the increasing virus infections and related impact. 

    Indian markets were also banking on further stimulus and other measures by the government to boost the economy. Traders limit overnight positions and keep booking profits while investors follow an accumulation strategy.

  • September 28, 2020 03:52 PM IST

    S Ranganathan, Head of Research at LKP Securities:

    Key Indices ended high as Bulls led the charge backed by Financials and well supported by Auto & Pharma. Expectations of a Stimulus coupled with Capital Support to state run banks fuelled the rally in late afternoon trade. The postponement of the SC verdict by a couple of days provided a breather to the Bulls as Large Caps led the charge.

  • September 28, 2020 03:42 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets kept the upward momentum on for the entire day. However, the level to watch out for is 11300-11350. We need to get past and close above that price zone. That would signal that an intermediate bottom has been made and we have entered into an uptrend. Until then, there is always a possibility of a U-turn from the current levels and the Nifty might attempt to go and test the 10750 level.

  • September 28, 2020 03:34 PM IST

    Market Close: Benchmark indices ended higher for the second day in a row on September 28 on the back of buying seen across the sectors.

    At close, the Sensex was up 592.97 points or 1.59% at 37981.63, and the Nifty was up 177.20 points or 1.60% at 11227.50. About 1888 shares have advanced, 763 shares declined, and 158 shares are unchanged.

    IndusInd Bank, Bajaj Finance, Axis Bank, Tata Motors and Power Grid were among major gainers on the Nifty, while losers were Wipro, HUL, Nestle and Infosys.

    All the sectoral indices ended in the green with bank, metal and auto indices rose 3 percent each. BSE Midcap and Smallcap indices rose over 2 percent each.

  • September 28, 2020 03:23 PM IST

    Jubilant Foodworks hits 52-week high:

    Jubilant Foodworks share price touched 52-week high of Rs 2,457.50, rising over 6 percent on September 28 as foreign research house Jefferies has initiated coverage on the stock with a buy rating and kept a target at Rs 2,650 per share.

    According to research house, the COVID-19 crisis will have a lasting impact on food services market, however the increased customer focus on hygiene & quality augurs well for the company.

    The initiatives are underway to drive growth, gain share and optimise cost and this should reflect in a 25%+ EPS CAGR over FY20-23. The company is a strong recovery play, it added.

  • September 28, 2020 03:16 PM IST

    ICICIdirect on Mazagon Dock Shipbuilders:

    Mazagon Dock Shipbuilders being the only shipbuilder to have built destroyers and conventional submarines could have an edge in future orders. Considering the strong order book, superior infrastructure facilities, debt free status, one can expect better growth outlook for the company in the long run. 

    At the higher end of the price band of Rs 145, the stock is available at a P/E of ~6.1x (on post issue basis). We recommend subscribe on the issue with a view of listing gains.

  • September 28, 2020 03:02 PM IST

    Lupin launches Fosaprepitant for injection:

    Lupin announced the launch of Fosaprepitant for Injection, 150 mg Single-Dose Vial, having received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. 

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