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AUTO REFRESH
Sep 29, 2020 03:34 PM IST | Source: Moneycontrol.com

Closing Bell: Sensex, Nifty end flat amid high volatility; metal stocks shine

Buying witnesses in the metal, IT and auto sectors, while bank, FMCG, infra, pharma and energy indices ended in the red.

  • September 29, 2020 04:22 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets ended almost unchanged in a range-bound session, taking a breather after the recent bounce. Extending yesterday’s up move, the benchmark opened higher however profit booking at higher levels dragged the index lower in no time and it remained sideways thereafter. Finally, the Nifty index ended flat at around 11,222 levels. The broader markets ended in red while mixed performance was witnessed on the sector front. FMCG, Banks and PSU ended as laggards while Consumer Durables, Metals and Energy posted decent gains.

    The pause was on the expected lines after the recent bounce and existence of hurdle at 11,300 in Nifty. Going ahead, the upcoming auto sales numbers will be closely watched by the participants. Meanwhile, global cues will continue to dictate the trend.  Traders should limit their leveraged positions and maintain positions on both sides.

  • September 29, 2020 03:35 PM IST

    Market Close: Benchmark indices ended flat in the highly volatile session on September 29. 

    At close, the Sensex was down 8.41 points or 0.02% at 37,973.22, and the Nifty was down 5.10 points or 0.05% at 11,222.40. About 1170 shares have advanced, 1406 shares declined, and 168 shares are unchanged.

    Hindalco Industries, UltraTech Cement, JSW Steel, Hero MotoCorp and TCS were among major gainers on the Nifty, while losers included ONGC, IndusInd Bank, UPL, Power Grid Corp and Axis Bank.

    Buying witnesses in the metal, IT and auto sectors, while bank, FMCG, infra, pharma and energy indices ended in the red.

  • September 29, 2020 03:29 PM IST

    KNR Constructions transferred 100% stake of subsidiary:

    KNR Constructions has transferred 100% stake of its subsidiary company i.e. KNR Walayar Tollways Private to Cube Highways and Infrastructure III Pte. Ltd.

    The enterprise value of the assets for this transaction is Rs 511.78 crore excluding claims receivable from NHAI and other governmental instrumentalities, which would be passed through to the company as and when realised.

  • September 29, 2020 03:27 PM IST

    BLS wins contract:

    BLS International Services announced its most recent contract win from the Republic of Estonia.

    As per the terms of the contract, BLS is contracted to provide services with regards to issuance of digital ID to e-residents granted by the Estonian Police and Border Guard Board (PBGB) at 5 (five) newly added locations. The locations mandated by the contract are Japan, Thailand, Singapore, Brazil and South African Republic. 

  • September 29, 2020 03:24 PM IST

    Shree Cement to set up clinker unit:

    Shree Cement has approved setting up of a Clinker Unit at Baloda Bazar, Raipur in Chhattisgarh with capacity upto 12,000 Tons Per Day (TPD) for an investment of around Rs 1,000 crore.

  • September 29, 2020 03:20 PM IST

    SBI Card enters into partnership with American Express:

    SBI Card and American Express have entered a strategic partnership to offer a powerful mix of global benefits and exclusive privileges for discerning consumers in India.

  • September 29, 2020 03:16 PM IST

    India Grid extends relationship with KKR:

    The unitholders of India Grid Trust (IndiGrid) have approved the induction of Esoteric II Pte. Ltd., an affiliate of KKR & Co. Inc as a sponsor with special majority. 

    The special resolution to induct Esoteric II as a sponsor was passed with a special majority in the 3rd Annual General Meeting of IndiGrid held on September 28th, 2020. 

    All regulatory approvals including the board’s assent are in place for Esoteric II ‘s induction as a co-sponsor. This move marks an extension of IndiGrid’s strategic relationship with KKR and underscores IndiGrid as a compelling investment opportunity for long-term investors.

  • September 29, 2020 03:08 PM IST

    Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services
     
    Gold prices edged higher, erasing early losses as the dollar retreated from a two-month peak ahead of the U.S. presidential debates scheduled later today and progress on the new coronavirus relief bill although a stock market rebound capped gains in bullion. 
    President Donald Trump and former Vice President Joe Biden will square off in their first presidential debate later in the day, with five weeks to go until the November 3 general election, based on the comments from both this could bring in volatility in the market. 
    U.S. House of Representatives Speaker Nancy Pelosi that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid. 

    Market participants will focus on the important consumer confidence data expected from US which will throw further light on the consumers perspective on the economic activity; if reported less than expectations it could support bullion's on lower levels. 

    Broader trend on COMEX could be in the range of $1865- 2000 and on domestic front prices could hover in the range of Rs 50,050-50,500.

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