Share Market Highlights: Sensex ends 304 points higher, Nifty at 11,738; Titan, ONGC, Bajaj Auto top gainers

Sensex, Nifty Highlights on October 7: Market indices closed on a bullish note for fifth straight session on Wednesday amid positive global equities. Sensex ended 304 points higher at 39,878 and Nifty gained 76 points up at 11,738. Meanwhile, IT major Tata Consultancy Services is set to begin the Q2 results season on 7 October followed by Wipro, Infosys and HCL Tech on October 13, 14 and 16, respectively. Yesterday, Sensex ended 600 points higher to 39,574 and Nifty gained 159 points to settle at 11,662.

Here's a look at the updates of the market action on BSE and NSE today

3. 51 PM: Closing

Market indices closed on a bullish note for fifth straight session on Wednesday amid positive global equities. Sensex ended 304 points higher at 39,878 and Nifty gained 76 points up at 11,738.

3. 39 PM: Solara Active Pharma shares hit new high

Shares of Solara Active Pharma Sciences hit a record high of Rs 1,245, rising almost 1% on  Wednesday, on the back of heavy volumes.

Solara Active Pharma Sciences stock today gained 18.55% to hit a new 52 week and all time high of Rs 1245 as against the last close of Rs 1,050. The stock opened with a gain of 8.08% today at Rs 1,135 and also touched day's low at Rs 1,120.

The stock price of the company, which was a demerger of human API segments Strides Pharma and Sequent Scientific in 2018, has gained after 2 days of consecutive fall.

3. 24 PM: Market outlook

S Ranganathan, Head of Research at LKP Securities said,"Markets recovered quickly in morning trade and traded in the Green throughout the day led by Autos ahead of the RBI policy. Although the broader market was a bit lacklustre, we did see sustained buying in Cement and select Pharma counters during the day".

3. 11 PM: Market update

Market indices on Wednesday turned bullish after a volatile start amid positive global equities. Sensex was rising 304 points higher at 39,878 and Nifty was trading 76 points up at 11,738.

2. 59 PM: These 3 stocks have gained over 600% in FY21

The first half of the ongoing fiscal has been the best for the Indian bourses in the last six years as Sensex and Nifty surged 31 per cent. The benchmark indices have shed more than 26 per cent so far in FY21 owing to coronavirus pandemic triggered sell-off in equities all across the globe.

So far in FY21, three stocks with market capitalisation of Rs 100 crore in the BSE universe have gained over 600 per cent.

Here are 3 stocks that have given over 600 per cent returns so far in FY21

2. 43 PM: Sector update

On the sectoral front, trend was mixed today as gains in auto, financials, banking, FMCG were capped by losses registered in media, metal, PSU Bank and pahrma indices.

2. 35PM: PMI data

 Jyoti Roy- DVP- Equity Strategist, Angel Broking said,"India services PMI for the month of September has improved to 49.8 in September from 41.8 in August thus signaling further improvement in the services sector. While the services sector has been recovering from post pandemic lows, the recovery is still weak as compared to the manufacturing sector which has been posting a smart recovery as signaled by the manufacturing PMI and auto sales numbers. Indian manufacturing PMI for September improved sharply to 56.8 in September from 52.0 in August and is the highest reading for the indicator since January 2012. The composite PMI reported an expansion for the first time in six months rising from 46.0 in August to 54.6 and signaled a marked improvement across the private sector economy. We expect the services sector to improve gradually from here as more parts of the economy are gradually opened up."

2. 22PM: IT sector update

Motilal Oswal said in its note ,"Accenture's recent result and commentary noting traction in its Outsourcing business (more relevant for Indian IT) corroborate an encouraging outlook for Indian IT companies. As the quarter progressed, companies saw demand normalize as their deal pipelines largely returned to pre-COVID levels, with discussions being revived for deferred deals as well.  In terms of verticals, Healthcare, HiTech, BFSI, and Telecom continue to be largely stable."

Despite near-term uncertainties due to the US elections and a potential second wave of infection, we continue to like Infosys/HCLT among Tier I and LTI/Mindtree among Tier II, it added later.

2. 09 PM: Market rises further

Market indices on Wednesday turned bullish after a volatile start amid positive global equities. Sensex was rising 350 points higher at 39,920 and Nifty was trading 80 points up at 11,740.

1. 56 PM: Rupee ends higher

On the currency front, Indian Rupee settled 13 paise higher at 73.33 per dollar today, amid gains in the domestic euity market, ahead of the MPC meet.

1. 40 PM: Top gainers and losers

ONGC, Maruti, Reliance Industries, HUL and UltraTech Cement were among the top gainers. On the other hand, Bajaj Finance was the top loser in the Sensex pack, followed by Bajaj Finserv, IndusInd Bank, ICICI Bank, Kotak Bank and Axis Bank.

1. 33 PM: IT sector-Motilal Oswal

Motilal Oswal said in its note,"Technology sector is trading at a P/E of 22.6x, at 32% premium to its historical average of 17.1x. Despite the COVID-19 disruption, IT has seen (a) limited impact on revenue, (b) strong deal signings, and (c) closure of certain marquee deals. This is a key positive for Indian IT firms and further solidifies our expectations of a better outlook for FY22."

1.21 PM: TCS share price hits all-time high

Shares of Tata Consultancy Services hit a new 52 week high of Rs 2761 on Wednesday, as the IT major kicks off earnings season for the July-September quarter today, declaring its Q2 numbers.

As per market expectations, TCS' revenue is expected 2.1% QoQ higher at Rs 39,133 crore, led by the ramp-up of large deals signed earlier and conversion of strong order wins. Meanwhile, its Net profit is seen 13.4% higher at Rs 7.946 crore. Experts have placed EBIT 5.3% higher at Rs 9,532 crore and EBITDA margin at 24.4% from 23.6%, on a sequential basis.

Tata Consultancy Services share today gained mere 0.16% to touch a new 52 week and an all-time high of Rs 2761 on BSE, over its last closing of Rs 2,716.15 on BSE. The stock opened at Rs 2,738 and also touched an intraday low of Rs 2,703 during the session.

TCS share price hits all-time high ahead of Q2 earnings

1. 11 PM: IT sector update

Brokerage CLSA is bullish on major names in the information technology sector and also advised investors to focus on quality stocks with a strong order book. Nomura has also reiterated positive stance on IT sector. The global market research company raised target price, led by higher EPS and target multiples, in top Buys such as Infosys, HCL Tech and Tech Mahindra, although  retained Neutral rating on TCS.

Other earnings from the IT sector will be declared by Wipro, Infosys and HCL Tech on October 13, 14 and 16, respectively.

"Acceleration in IT spending led by shift to Digital coupled with outsourcing push to drive growth for Indian IT," it added later.

12. 59 PM: TCS result expectations

IDBI Capital said in its note, "The BSE IT sector (31%) has significantly outperformed BSE SENSEX (9.2%). Amid the pandemic, the IT sector has seen good pick-up in demand for digital solutions resulting in improvement in growth outlook for most of the companies within the sector. This has reiterated sectors ability of dealing with headwinds which coupled with strong FCF profile/payouts and corporate governance has resulted in re-rating of the sector."

The brokargae expects TCS to outperform with a strong improvement and said," We forecast Tata Consultancy Services (TCS) to report the best improvement in EBIT margin (185bps QoQ to 25.5%). We expect revival in revenue growth to support TCS's world-class ability to manage profitability."

12.48 PM: Real estate sector update

Speaking on outlook for real estate sector, Vikas Bhasin, CMD, Saya Homes says, "The announcement of Film city has further added impetus to investors and buyers sentiment, the consistency in low home loan interest rates and festive offers are becoming the deal-breakers along with newly designed spacious units having a host of amenities integrated within the society. Even before the announcement, the sales activity started to pick up in NCR region, with Noida inquiries almost reaching their pre-COVID levels. For under-construction projects, work progress has become an additional determining factor for driving sales."

12. 34 PM: Multiplex Sector update

Keshav Lahoti - Associate Equity Analyst, Angel Broking said,"On Tuesday, the Ministry of Information & Broadcasting  released the Standard Operating Procedures (SOPs) for exhibition of films to prevent spread of COVID-19. As already highlighted in the Ministry of Home Affairs order it also mentioned that no exhibition of film shall be allowed in containment zones and theatres will be permitted to open upto 50% of their seating capacity. It has additional restrictions like only packaged food and beverages will be allowed. Delivery of food and beverage inside the hall/auditorium shall be prohibited. We believe in a couple of weeks post opening restrictions will start easing off. We are positive on multiplex stocks PVR and Inox Leisure given that long term fundamentals are still intact for the sector and stocks prices have corrected ~40% due to covid. We prefer Inox Leisure over PVR  as it has a strong balance sheet and it is trading at discount compared to PVR. Although we believe in the short term, there will be challenges for the companies."

12. 22PM: Pirmal Ent update

Yash Gupta - Equity Research Associate, Angel Broking said,"Piramal Enterprises-arm Piramal Pharma has completed sale of 20 per cent stake in the company for Rs 3,523.40 crore to US-based global investment firm Carlyle Group Inc. Piramal Pharma has received Rs 3,523.40 crore from CA Alchemy Investments, an affiliated entity of CAP V Mauritius Ltd, an investment fund managed and advised by affiliated entities of The Carlyle Group Inc. The transaction values the Pharma Business at an enterprise value of USD 2,775 million (over Rs 20,300 crore) with an upside component of up to USD 360 million (over Rs 2,630 crore) depending on the company's FY21 performance. This transaction is one of the largest private equity deals in the Indian pharmaceutical sector. It provides Piramal Pharma Ltd (PPL) growth capital that enables it to invest in accelerated business growth through both organic and inorganic opportunities. This is a very positive development for the company."

12. 16PM: Rupee declines by 9 paise

Indian Rupee, the currency benchmark, slipped 9 paise to 73.55 per dollar in the Indian commodity market on Wednesday amid muted opening in domestic equities and strong US currency.

The domestic unit opened at 73.53, then lost ground to touch 73.55 against the US dollar, falling 9 paise over its previous close of 73.46 on Tuesday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 93.82, after President Trump instructed officials to stop stimulus negotiation till elections are over.

Rupee depreciates 9 paise to 73.55 amid strong dollar

12.09 PM: RIL share rises 4%

Reliance Industries share gained nearly 4% in early trade today after the firm said a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into its retail arm Reliance Retail Ventures Limited (RRVL). RIL stock touched an intraday high of Rs 2262.25, rising 3.89% to Rs 2,296 on BSE. The share trades 4.81% away from 52-week high of Rs 2368.8. The stock has gained after 4 days of consecutive fall.  

RIL share rises 4% on fund infusion by Abu Dhabi Investment Authority in retail arm

11. 50 AM: Stocks to watch today on October 7

TCS, RIL, SBI, Bajaj Finance, Future Consumer among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: TCS, RIL, SBI, Bajaj Finance, Future Consumer

11. 43AM: Mahanagar Gas update

Commenting on Mahanagr Gas, Mr. Yash Gupta - Equity Research Associate, Angel Broking said,"Mahanagar Gas cut price of CNG & PNG for retail with immediate effect. Price of CNG (compressed natural gas) is cut by Rs 1.05/kg and price of PNG  piped natural gas which is used for domestic use is cut by Rs 0.70 per SCM (standard cubic meter) in Mumbai region. As the domestically produced natural gas procurement price has come down, the company has also cut its CNG & PNG prices by keeping margins at almost same levels. After the price cut the current prices of CNG is Rs 47.9/kg and domestic PNG at Rs 28.9/SCM and Rs 34.50/SCM. As the margins of the company have maintained at the same levels this price cut will not affect the company."

11. 32 AM: Shobha Ltd update

Yash Gupta - Equity Research Associate, Angel Broking said,"Gurugram and Kochi market has done well for Sobha Ltd in Q2FY21. Gurugram market clock sales volume of 0.082 Mn sqft in Q2FY21 as compared to 0.045 Mn sqft in Q2FY20 sales up by 82.22% along with this Kochi market was the out performer for Sobha Ltd, sales volume up 187% at 0.13 Mn sqft as compared to 0.045 Mn sqft in Q2FY20. Bengaluru market clock sales volume of 0.538 Mn sqft in Q2FY21 down by 31.11% as compared to 0.781 Mn sqft in Q2FY21, despite the local lockdown in Bengaluru. We expect performance in the Bengaluru market to improve once the local lockdown is lifted. Total sales volume for the quarter at 0.89 Mn sqft which is down by 14.42% as compared to 1.04 Mn sqft in Q2FY20."

11. 27 AM: RIL outlook

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Reliance Industries Ltd. has announced that  a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will invest Rs 5,512.50 crore into Reliance Retail ventures Ltd, for a 1.2% stake at a pre-money equity value of Rs  4.285 lakh crore. With this investment, RRVL has raised Rs 37,710 crore from leading global investors including Silver Lake, KKR, General Atlantic, Mubadala, GIC, TPG and ADIA in less than four weeks. We maintain our positive view on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. We continue to maintain our buy rating on reliance Industries with a target of Rs  2,543."

11. 16 AM: Coronavirus toll

Worldwide, there were 360 lakh confirmed cases and 10.54 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 67-lakh mark and the death toll from COVID-19 infections rose to 10.4 lakh, as of today.

11. 09 AM: Gold prices fall today

Gold price slipped in the Indian commodity market on Wednesday tracking weakness from overseas after the US President Donald Trump faded hopes for a fourth stimulus package with a tweet.

In a volatile trading session, Gold October Futures on the Multi Commodity Exchange and traded near the key psychological level of Rs 50K. MCX gold futures today fell by Rs 470 to Rs 50,050, after hitting an intraday high and low of Rs 50,520 and Rs 50,030, respectively. Yesterday, gold futures on MCX closed at Rs 50,008 per 10 gm. The bullion, trades almost Rs 6,000 lower than its lifetime high of Rs 56,191 per 10 gm hit last month.

Gold price falls on weak global cues; silver rates below Rs 60K mark

10. 56 AM: US Stimulus bill halt

The US President Donald Trump has halted negotiations with the US Congress on a large coronavirus stimulus bill.  Donald Trump faded hopes for a fourth stimulus package with a tweet. This comes at a time when top U.S. and European central bankers on Tuesday have called for renewed government spending, to recover major economies from the coronavirus pandemic indices recession.

10. 45 AM: Gold outlook

On Gold's near term outlook, Anuj Gupta -  DVP- Commodities and Currencies Research, Angel Broking said," Yesterday Gold prices corrected 0.20% and closed at 50526 levels and silver prices corrected by 2.21% and closed at 60571 levels. Spot Gold ended lower by 1.87 percent to close at $1877 per ounce and Spot silver plunged over 5 percent to close at $23.1 per ounce

He added," U.S. President Donald Trump putting a halt on the negotiation over the additional stimulus bill to support the U.S. economy until the upcoming elections might weigh on Gold prices. On the MCX, gold prices are expected to trade lower in today's session.

Commenting technical indicators for the bullion, he said,"As for today traders can go for sell in gold at Rs 50,300 levels with the stop loss of Rs 50,700 levels for the target of 49,700 levels. They can also go for sell in Silver at Rs 60,000 levels, with the stop loss of 60,700 levels and for the target of 58,500 levels."

10. 37 AM: Nifty outlook

As per Geojit Financial Services, The leaps yesterday in the closing hour, have taken Nifty into the upper range of the 11625-715 region that was projected for yesterday. We are likely to run into a few air pockets, but as long as 11470 holds, the stage is now set for Nifty attempting 12500.

10. 22 AM: Market outlook

On markets opening today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have opened on a flat note. However, it is still expected to achieve a target of 11750-11800. If it can sustain those levels, we can expect a new target of 12000 during the course of this month. A strong support has been formed around the 11300 level."

10.09 AM: Global markets

Asian markets are trading slightly lower as oil price fell after the news that Trump calls off stimulus negotiation till after elections.

U.S. markets closed lower after President Trump instructed officials to stop stimulus negotiation till elections are over.

European markets closed higher as global markets cheered Trump's return to White House. Banking stocks gained while healthcare stocks slipped.

9. 55 AM: Market rises further

Sensex and Nifty opened flat with positive bias on Wednesday, although turned bullish by the first hour of session, amid positive global equities. Sensex was rising 220 points higher at 39,806 and Nifty was trading 45 points up at 11,700.

9. 45 AM: MPC meet today

The Reserve Bank of India said that the next meeting of the Monetary Policy Committee (MPC) is scheduled during 7 to 9 October 2020. RBI is expected to keep key interest rates unchanged to maintain low inflation amid the pandemic induced recession. Investors will also be keenly awaiting the central bank's guidance on how the economy is performing amid the coronavirus pandemic.

"The RBI has announced the new dates for the MPC meet and the outcome will be out on October 9. We thus expect the rate-sensitive pack to remain volatile in the near future," said Ajit Mishra, VP - Research, Religare Broking.

9. 30 AM: Global markets

Asian stocks were mostly lower on Wednesday weighed by a weaker Wall Street finish. Socks fell in Wall Street yesterday, after President Donald Trump instructed White House officials to halt negotiations on further coronavirus stimulus.

9.20 AM: Market outlook

As per Reliance Smartmoney Reserch, NSE-NIFTY consolidated in the narrow range and later surpassed its crucial hurdle point of 11,618 level convincingly. Yesterday, the index rose to 7-month closing high on back of strength in rate sensitive sectors. Due to further rise in the index, its key technical indicators on the near-term timeframe chart remained above their averages. As mentioned earlier, our bullish view will remain intact. We believe the index has potential to test its August month's high of 11,794 mark and then a psychological level 12,000. In case of decline, the index will initially find support at 11,450 level and then at 11,305 mark, which coincides with its recent positive gaps.

As for the day, support is placed at around 11,591 and then at 11,520 levels, while resistance is observed at 11,707 and then at 11,752 levels.

9. 10 AM: Opening session

Sensex and Nifty opened flat with positive bias on Wednesday, amid muted global equities. Meanwhile,  Q2 earnings season kicking off with IT major TCS reporting financial numbers today, which will also set the tone for the stock market today. Yesterday, Sensex ended 600 points higher to 39,574 and Nifty gained 159 points to settle at 11,662.

9.00 AM: Nifty outlook

Motilal Oswal Financial Services said in its note," In Sept, Nifty concluded the month at 11073 levels, with loss of 1.23% over its August month's close. Last week, the index bounced by 3.32% in the truncated week and formed a positive candle on a weekly scale.

The report said,"Currently, Nifty is giving breakout from Falling Trend line on the daily chart and a sustainable move above 11500 may result in a directional move towards 11750 - 11800 zone. Momentum oscillator RSI turned northward on both daily and weekly scale, indicating sideways to positive momentum in coming days. At the current juncture, immediate support for Nifty is placed at 11333 then 11111 levels, while resistance can be seen around 11790 levels."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) bought shares worth Rs 1,101.76 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 934.84 crore in the Indian equity market on 6 October, provisional data showed.

8. 40 AM: Q2 earnings season

IT major Tata Consultancy Services is set to begin the Q2 results season on 7 October followed by Wipro, Infosys and HCL Tech on October 13, 14 and 16, respectively. Investors, as well as brokerages, are betting big on IT firms ahead of the results for the September-ended quarter

8. 30 AM: Closing on Tuesday

Domestic benchmark indices ended higher on Tuesday amid positive global equities. Extending gains for the fourth straight session, Sensex ended 600 points higher to 39,574 and Nifty gained 159 points to settle at 11,662. Yesterday, the 30-share benchmark Sensex ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503.

Sensex rises 600 points, Nifty closes at 11,662: Five factors behind the rally