Share Market News Highlights: Sensex ends 65 points lower, Nifty at 11,131, Airtel, Tata Steel top losers

Sensex, Nifty LIVE Updates on September 23: Market benchmarks Sensex and Nifty reversed from early gains closed tad lower on Wednesday, amid weak global cues.  Extending fall for the fifth consecutive session, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131. Global cues were mixed today as doubts about the timing of a global economic recovery kept investors cautious. Yesterday, BSE 30-share benchmark Sensex ended 300 points lower at 37,734 and NSE Nifty 50 fell 96 points to 11,153.

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

3. 45 PM : Closing session

Market benchmarks Sensex and Nifty reversed from early gains closed tad lower on Wednesday, amid weak global cues.  Extending fall for the fifth consecutive session, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.

3. 35 PM: Rupee closes tad higher

The rupee appreciated by one paisa to close at 73.57  against the US dollar on Wednesday, as investors turned cautious amid weak domestic equities.

3. 20 PM: Sectors update

Gains in private banking, financials, realty, FMCG were capped by losses in media, pharma, PSU Banks, metal and IT indices.

3. 15 PM: Gold Technical outlook

On Gold falling below Rs 50,000/10gmNish Bhatt, Founder & CEO, Millwood Kane International said,"The dream run for Gold has hit a roadblock, after hitting life highs of over Rs 56,000/10gm last month, the yellow metal has been falling. Internationally, Comex Gold is trading below the $1900/oz level."

He added,"The primary reason for the fall in gold prices is the rally in the Dollar index, uncertainty over the next stimulus package by the US government to help give a push to the slowing growth rate. While the Dollar index is near an 8-week high against the other currencies in the basket. As gold is an international commodity and a rally in the US Dollar affects its prices. Further stimulus is crucial as the Fed chairman in its testimony to Congress said that more government spending will be required to sustain the growth rate. Fears of a second lockdown in Europe is also one of the reasons for the fall in Gold.

3. 02 PM: Chemcon Speciality Chemicals IPO

Chemcon Speciality Chemicals' IPO has received overwhelming response from investors, with the offering seeing 46.5 times subscription on the final day of bidding. The company's public offer received bids for 30.50 crore shares so far against the issue size of 65.59 lakh shares (excluding anchor book), as per the data available on the exchange. CAMS shares will be listed on BSE on October 1.

Chemcon Speciality Chemicals IPO subscribed 46.5 times; retail portion 33 times

2. 56 PM: Angel Broking IPO

The initial public offering (IPO) of Angel Broking has been fully subscribed on the second day of bidding i.e. Wednesday. The Rs 600-crore IPO was subscribed 1.07 times so far today. The issue received bids for 1.47 crore equity shares as against offer size of 1.37 crore equity shares, according to the exchange data.

Angel Broking IPO: Public issue fully subscribed on Day 2

2. 43 PM: UTI AMC IPO

The much-awaited initial public offer (IPO) of UTI Asset Management Company will open on September 29. The IPO will comprise offer for sale of 3,89,87,081 equity shares by State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda and T Rowe Price International.

UTI AMC to launch IPO on September 29; SBI, LIC, T Rowe to sell stake

2. 23 PM: Britannia Industries outlook

Expressing views on the stock, Amarjeet Maurya- AVP-Mid Caps, Angel Broking said,"Britannia Industries (BIL)  Biscuits contribute more than 80% of the company's turnover. BIL continued to gain market share ahead of competition and has narrowed its gap with the No. 1 player in the category. BIL has gained market share in new categories like Wafers and Milk Shakes. BIL has an overall distribution reach of 5.5 million outlets coupled with Strong brand. Hence, we are positive on stock.

2. 12 PM: Ant Group registers Shanghai portion of its $35 billion IPO

China's Ant Group submitted documents to the securities regulator for registration of the Shanghai portion of its IPO, the city's bourse said late on Tuesday, moving a step closer to a planned dual-listing expected to be worth about $35 billion. The financial technology firm, backed by China's biggest e-commerce company Alibaba Group, plans to list simultaneously on Shanghai's Nasdaq-style STAR Market and in Hong Kong, in what sources have said could be the world's largest IPO and come as soon as October.

Ant Group registers Shanghai portion of its $35 billion IPO

2.05 PM: Top losrs and gainers

Bharti Airtel, Tata Steel, PowerGrid, NTPC, ONGC, TCS and Bajaj Auto were among the laggards on Sensex pack. On the other hand, Infosys, HCL Tech, Asian Paints, Kotak Bank, Titan and HDFC Bank were among the other gainers.

1. 58 PM: Market falls further

Market benchmarks Sensex and Nifty reversed from early gains and fell for the fifth consecutive session on Wednesday, amid weak global cues.  Sensex was trading 355 points lower at 37,378 and Nifty declined 127 points to 11,026.

1. 43 PM: Global market outlook

Asian markets are trading mixed as investors react to comments from Fed Chairman. Australian markets are leading the gainers.

U.S. markets closed higher as investors tried to look past rising corona cases and political tension in Washington. Comments from Fed Chairman regarding the state of the economy also weighed. European markets closed higher attempting to recover from previous day's losses. Oil & Gas stocks gained while insurance sectors stocks slipped.

1. 33PM: Shapoorji Pallonji Group shares rise 20%

The shares of companies of Mistry family owned Shapoorji Pallonji Group surged on Wednesday after it announced its separation plans from Tata Group. Shares of Sterling & Wilson Solar hit 20 per cent, its biggest single day gains since August last year. It currently trades at 235.70 apiece. Similarly, Forbes & Co hit 5 per cent upper circuit at Rs 1,484.15 apiece.

Shapoorji Pallonji Group shares rise 20% after announcement of separation from Tata Group

1. 20 PM: Market update

On the equities front, global markets were mixed today the potential worsening of the coronavirus pandemic. Domestic indices also reversed to losses. The 30-share BSE benchmark Sensex was falling 189 points higher at 37,544 and Nifty declined 70 points to 11,083.

1. 09 PM: Future Enterprises share hits lower circuit of 5%

Share price of Future Enterprises fell 5% today after the firm said it defaulted on interest payments of Rs 15.86 crore for its non-convertible debentures. Future Enterprises share hit lower circuit of 5% to Rs 12.35 against previous close of Rs 13 on BSE.

Future Enterprises share hits lower circuit of 5% after firm defaults on debt repayment

12. 50 PM: Market falls for fifth session

Market benchmarks Sensex and Nifty reversed from early gains and fell for the fifth consecutive session on Wednesday, amid weak global cues. Sensex was falling 189 points higher at 37,544 and Nifty declined 70 points to 11,08. Investors were spooked amid a resurgence in COVID-19 infections across the world and European cities announcing new restrictions to curb the pandemic from spreading.

12. 34 PM: Gold outlook

Anuj Gupta from Angel Broking said, "Meanwhile, no signs of further stimulus infusion by the U.S. policymakers to support the economy shackled by the pandemic further pressurized Gold prices. However, U.S. policymaker vowed to support the small businesses hit by the coronavirus-triggered slowdown. Markets will keep an eye on the U.S. Federal Reserves' official's assessment of the current scenario in the world's largest economy. The fall in gold prices was limited as reinforcement of lockdown in the Eurozone reflecting the alarming increase in Covid-19 cases dampened hopes of economic recovery."

12. 15 PM: CAMS IPO

Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said," On the second day, CAMS IPO subscribed 1.93x, and the retail portion subscribed 2.91x. We believe investors should hold this stock for the long term also. As its reinvestment requirement is very low. Because it is a technology-led company, it does not have to do heavy CAPEX to run regular business. Hence, at the end of the year, the CAMS left with a strong cash flow which CAMS uses to pay a generous dividend to a shareholder. Historically it has maintained a dividend payout ratio of 65%. An INvestor can expect a similar dividend payout in the future also. We have given SUBSCRIBED rating considering Market leader, strong financials, and healthy dividend payout policy. 

12.09 PM: Gold prices drop sharply today

Gold price continued falling on Wednesday as investors reacted to the comments from Federal Reserve officials on the state of the economy. Precious metals continued weakness after bullion prices slipped to more than one month low as the dollar gained. Precious metals turned red on a firm dollar and as investors were also concerned about the fresh coronavirus-induced curbs, globally denting hopes of a swift economic recovery.

On the Multi Commodity Exchange, Gold October Futures fell Rs 590 at Rs 49,788, after hitting an intraday low of Rs 49,744 against the previous close of Rs 50,381 per 10 gm.  Since the beginning of the year, the yellow metal has risen 41.5% to life-time high of Rs 56,191 per 10 gm

11. 44 AM: Gold and Silver outlook

Hareesh V, Geojit's Head of commodity research said," Gold may continue to be supported by renewed US-China tensions and hopes of fresh economic stimulus measures amid rising virus cases across the globe. However, a robust US dollar and optimism over Covid vaccine continue to hit the safe-haven demand of the commodity.

On Spot gold intraday technical outlook, the brokerage said Prices continue to trade in a tight range of $1880-1975 an ounce. As long as prices hold the support of $1880 expects recovery momentum for the day. However, a direct drop below the same would continue the liquidation pressure towards $1840 or even more. For MCX Gold Oct futures, the brokerage said resistance is placed at Rs 51820 and support at Rs 49840.

On Silver, the agency said," Intraday support of $23.40 needs to be cleared for the continuation of further selling pressure in the counter. Else, expect recovery rallies for the day. Anyhow a break of $27.60 is a turnaround point."

MCX Silver Nov futures resistance is placed at Rs 64800 and support at Rs 49420.

11. 32 AM: Coronavirus toll

Worldwide, there were 317 lakh confirmed cases and 9.75 lakh deaths from COVID-19 outbreak. Meanwhile, India's death toll from COVID-19 infections rose to 0.90 lakh and total coronavirus cases stood at 56.46 lakh as of Wednesday.

11. 18 AM: RIL share rises 3%

Reliance Industries share rose 3% in early trade today on reports that private equity player KKR would invest Rs 5,550 crore into Reliance Retail Ventures (RRVL) for a 1.28 percent stake. The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore, RIL said.

RIL share rises 3% after KKR buys stake in retail business for Rs 5,550 crore

11.00 AM: Nifty outlook

As per Geojit Financial, "While a collapse is less expected, initial pull back to 11370-11410 is likely to attract liquidation pressure with 11170 in perspective. It would, however, require more confirmation before playing the 10800-10500 view. Until then, the 11170-11000 region is favoured to diffuse the bearish momentum."

10. 50 AM: RIL stock

Reliance Industries has been a delight for investors since Mukesh Ambani-led (RIL) raised capital amid the pandemic. Ambani, the only Asian tycoon among the top 10 richest people in the world, has been able to renew investors' interest in the stock unlocking value deals with global investors in last six months.

This is despite the alarming coronavirus pandemic that has brought large economies to a standstill.

As the company builds up a dominant presence in refining, petrochemicals, telecom and retail businesses, most analysts have kept a BUY rating for the conglomerate and raised the target price to Rs 2,500.

Should you buy Reliance Industries stock for less than Rs 2,250?

10. 36 AM: Nifty technical indicators

In technical & derivatives report , Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Nifty started the session marginally positive yesterday; however, it was mere a formality as we immediately witnessed correction and within first half an hour, Nifty sneaked below 11100. The index gradually pulled from the lows, but the bears continued their dominance and the pullback move was sold into to eventually end the day with a loss of about 100 points around 11150."

10. 23 AM: Chemcon Speciality Chemicals IPO

-Keshav Lahoti, Associate Equity Analyst, Angel Broking said," Chemcon Speciality Chemicals IPO was subscribed by 12.62 times on the second day of issue. Retail portion was most subscribed by 22.94 times. Due to over subscription in such a big number, most of the retail investors will be disappointed as they won't get a single lot. Non institutional and QIB were subscribed 3.50 and 1.37  times respectively. Such oversubscription was in line with our expectation, as we believe a lot is left on the table for the investors by comparing its valuation with other speciality chemical companies. We are positive on the future outlook for the industry as well as the Company, so in our IPO Note we have recommended to Subscribe to the issue for long term as well as for listing gains.

Due to its position as leading manufacturer of its products globally, it is getting strong traction among investors. But, product concentration and client concentration risk cannot be ruled out. Although Company clients are sticky in nature, they have long standing relationships. Aurobindo Pharma has been its client for more than 20 years.

10. 10 AM: Stocks to watch today on September 23

RIL, HDFC Bank, SBI, Future Enterprises, Indian Oil among others are the top stocks to watch out for in Wednesday's trading session.

Stocks in news: RIL, HDFC Bank, SBI, Future Enterprises, Indian Oil

10.00 AM: Global cues

Investors sentiment was dented as rising coronavirus cases led to the possibility of fresh lockdowns in some European countries, which could further slowdown the pace of global economic recovery

9. 52 AM: Nifty outlook

As per Geojit Financials, "While short covering potential towards 11325-11366 or more has emerged as a possibility, given the recovery attempt in the closing hour, favoured view expects 11240 to resist early upside attempts, and drag Nifty towards 11030. But as maintained yesterday, the 10800-10500 view, requires more confirmation, and as such, we are hopeful of short covering rallies, later today or tomorrow, should 11240 give away."

9. 43 AM: Global markets

Asian markets are trading mixed as investors react to comments from Fed Chairman. Australian markets are leading the gainers.

U.S. markets closed higher as investors tried to look past rising corona cases and political tension in Washington. Comments from Fed Chairman regarding the state of the economy also weighed. European markets closed higher attempting to recover from previous day's losses. Oil & Gas stocks gained while insurance sectors stocks slipped.

9. 30 AM: Market outlook

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The markets have opened with a gap up, but the trend continues to remain weak in the short term. 10900-11000 continues to remain a target and is also a good medium term support for the Nifty. On the upside, the resistance zone is 11600-11650 and until we do not get past that, every rally up can be used to short for a target of 10900-11000."

9. 17 AM: Opening bell

Market Benchmarks Sensex and Nifty reversed from four days of straight falls and opened on a bullish note on Wednesday, amid positive Asian markets. Sensex was rising 367 points higher at 38,056 and Nifty gained 98 points to 11,248.

9. 00 AM: Global cues

Global cues were mixed today as doubts about the timing of a global economic recovery kept investors cautious. Markets continued trading volatile overseas, as delay in new fiscal stimulus by Congress and an increase in the number of coronavirus cases dampened hopes of a faster economic recovery.

8. 50 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 2,072.76 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 878.91 crore in the Indian equity market on 22 September, provisional data showed.

8. 40 AM: Rupee closing

In the forex market, the rupee depreciated 20 paise to close at 73.58 against the US dollar.

8. 30 AM: Closing on Tuesday

Yesterday, BSE 30-share benchmark Sensex ended 300 points lower at 37,734 and NSE Nifty 50 fell 96 points to 11,153.

Sensex ends 300 points lower, Nifty at 11,153; Maruti, L&T, IndusInd Bank top losers