Share Market Highlights: Sensex ends 592 points higher, Nifty at 11,227; ONGC, IndusInd Bank top gainers

Sensex, Nifty Highlights on September 28: Sensex and Nifty closed on a bullish note on Monday, amid positive global equities as hopes of the US Govt to announce a stimulated package cheered investors. The 30-share BSE benchmark Sensex ended 592 points higher at 37,981, while Nifty gained 177 points to trade at 11,227. On Friday, the 30-share benchmark Sensex ended 835 points higher at 37,388 and NSE Nifty50 gained 244 points to 11,050.

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

3. 49 PM: Market at close

Sensex and Nifty closed on a bullish note on Monday, amid positive global equities as hopes of the US Govt to announce a stimulated package cheered investors. The 30-share BSE benchmark Sensex ended 592 points higher at 37,981, while Nifty gained 177 points to trade at 11,227.

3.27 PM: Market outlook

Commenting on markets closing, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"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."

3. 14PM: CAMS IPO allotment today

Here's how to check Computer Age Management Services (CAMS) IPO allotment status

On Linkintime:  Go to the online portal of Link Intime India (linkintime.co.in). Click on the drop-down menu and select the company name as Computer Age Management Services (CAMS) in the drop-down menu of the investor's centre section. Enter your Permanent Account Numbers (PAN) or application number or Client ID. After entering the given captcha code, investors can click on submit button and view their allotment status.

On BSE: Applicants can also check their IPO allotment status on the BSE website. Select Equity and then from the dropdown, select issue name- CAMS. Enter your Permanent Account Numbers (PAN) or application number and click Searc.

Computer Age Management Services IPO: How to check allotment status

3. 01PM: Market update

The 30-share BSE benchmark Sensex traded 605 points higher at 37,994 , while Nifty gained 181 points to trade at 11,232.

2. 48 PM: Jet Airways share hits upper circuit of 5%

Jet Airways share price hit upper circuit of 5% in early trade ahead of lenders' meeting scheduled today. At 12:09 pm, the stock was stuck in the upper circuit of 5% at Rs 26.60 against previous close of Rs 25.35 on BSE.

Earlier, the share opened at Rs 26.20 and hit an intra day low of Rs 26.15.  Total 0.14 lakh shares changed hands amountitg to turnover of Rs 3.60 lakh.

Jet Airways share hits upper circuit of 5%, here's why

2. 34 PM: UTI-AMC IPO

Angel Broking, on its report on UTI-AMC IPO said,"UTI AMC, the second largest AMC in India in terms of total AUM, is 8th largest in terms of QAAUM (1,33,600cr) as of June 30, 2020. In terms of live folios, UTI AMC accounts for 12.2% of the 89.7mn industry folios as of March 31, 2020.Over the past five years (FY15-20), equity AUM for the Indian MF industry has increased 2.7x from 3.24 lakh cr to 9 lakh cr.

Outlook & Valuation:  At the upper end of the IPO price band, it is offered at 25.4x its FY20 earnings and 5.25% of Q1FY21 QAAUM, demanding 7,024cr market cap, which we believe is reasonable; listed peers like HDFC AMC trades at 35x FY20 earnings and Nippon AMC trades at 37x FY20 earnings. Additionally, HDFC and Nippon AMC trade at 12.56% and 8.55% of Q1FY21 QAAUM, respectively. Considering attractive valuation, huge growth potential of MF industry, asset-light business and higher dividend payout ratio, we are positive on this IPO and rate it as SUBSCRIBE."

2. 24 PM: Market update

The 30-share BSE benchmark Sensex traded 550 points higher at 37,938, while Nifty gained 165 points to trade at 11,215.

2. 19 PM: Mazagon Dock Shipbuilders IPO

Angel Broking, on its report on Mazagon Dock Shipbuilders IPO  said,"Mazagon Dock Shipbuilders Ltd (MDSL) is India's leading defence public sector undertaking shipyard under the Ministry of Defence (MoD). Mazagon Dock is primarily engaged in constructing and repairing warships and submarines for MoD and other types of vessels i.e. cargo ships, multipurpose support vessels, barges and border outposts, tugs, dredgers, water tankers, etc. for commercial clients. Outlook & Valuation: In terms of valuations, the pre-issue P/E works out to 6.1x FY20 earnings (at the upper end of the issue price band), which is lower vs. peers like Garden Reach Shipbuilders and Cochin Shipyard (trading at 12.2x and 6.6x of its FY20 earnings, respectively). Further, MDSL has a healthy ROE of ~16% coupled with highest dividend yield (7.4%) and higher cash on balance sheet among its peers. Hence, considering the above positive factors, we recommend SUBSCRIBE to the issue with a long-term horizon."

2.02 PM : NTPC shares gains over 4%

NTPC share price was trading 4% higher on Monday's opening session after brokerage CLSA maintained a buy call on the stock with a target of Rs 140 per share.

CLSA maintained BUY with target of Rs 140/share and raised its ESG score for NTPC by 11%. As per the broking house, NTPC has set lofty FY32 targets for itself and recommended buy rating NTPC as it will expand its regulated equity and expect to surprise on its renewable targets.

NTPC said in a statement issued on September 27, "It has invited bids for procurement of biomass pellets for its various thermal plants on the basis of domestic competitive basis (DCB) as part of its endeavour to reduce the burning of crop residue on farmlands that cause air pollution."

NTPC share price rises 4% after CLSA retains buy call with target of Rs 140

1. 54 PM: Market update

Sensex and Nifty traded on a bullish note on Monday, amid positive global equities as hopes of the US Govt to announce a stimulated package cheered investors. The 30-share BSE benchmark Sensex traded 605 points higher at 37,994 , while Nifty gained 181 points to trade at 11,232.

1. 43 PM: Quote on Multiplex Sector

On Multiplex Sector, Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"The West Bengal Government announced on Saturday that they will allow cinema halls to reopen from October 1 in West Bengal after a gap of almost six months. Along with single screen theaters and multiplexes the West Bengal Government will also allow musical, dance and magic shows in the state as well from next month. However such shows/events will be subject to a cap of maximum of 50 persons. Social distancing norms will  have to be adhered to during such events shows along with mandatory wearing of masks. We believe that this is a positive development for multiplex companies like INOX Leisure and PVR. Moreover any relaxations provided by the central Government in Unlock 5.0 would also be positive for the sector. We continue to maintain our positive stance on the multiplex sector as we believe that the long term fundamentals remain intact despite the medium term issues."

1. 33PM: Rupee outlook

Vaqarjaved Khan-Research Analyst, Angel Broking said,"In the week gone by Indian rupee depreciated by 0.06 percent and currently stands at 73.7 against the US dollar. India's Finance ministry is expecting a nominal GDP growth of 19 percent in FY22 against a double digit contraction in FY21. The double digit expansion can be credited to a lower base in FY21.

He added,"On the other hand, US FED vice chairman Richard Clarida noted that the central bank will not be considering raising interest rates from near zero until inflation has hit the 2 percent target. He admitted that it would take several years before the US FED can start raising interest rates as the US economy continues to recover from the Covid-19 induced recession. Unemployment data for the week from US too came in a bit higher against expectations at 870K."

On Rupee's outlook, he added,"With easing monetary policy from US FED here to stay, USDINR (CMP: 73.7) is likely to move lower towards 72.5 in the coming week. (28th Sep-2nd Oct 2020)."

1. 23 PM: Real estate sector update

Speaking on outlook for real estate sector, views of Amit Jain, Managing Director, Mahagun Group said, "The state of UP has zoomed to second spot in Ease of Doing Business as per the annual ranking by Union Finance Ministry. Noida- Greater Noida regions being the major corporate and business hub of state present plethora of opportunities to the real estate sector here. With new industries and ambitious infra projects like Film City, Jewar International Airport, International Bus Station slated to be established in the coming 5 years, the developers are preparing themselves with advanced construction technology and online- offline convergence of projects in terms of upskilling. The price correction even amid pandemic has almost been negligible in realty, due to the strong asset value and higher future returns the property here promises for the nearing future."

1. 11 PM: Market outlook

According to Ajit Mishra, VP - Research, Religare Broking, market participants will be closely eyeing the outcome of Reserve Bank of India's monetary policy review meet scheduled on October 1.

Also, they would be eyeing the auto sales number which starts pouring in the first week of every month, he said, adding that COVID-19 related updates and performance of world indices will also be in focus.

1. 01 PM: Top gainers and losers

Bajaj Finance, followed by ONGC, NTPC, Tata Steel, Bajaj Finserv and Axis Bank were among the top gainers in the Sensex pack. On the other hand, Infosys, TCS, Bharti Airtel and HUL were the laggards.

12. 49PM: Rupee rises 6 paise

The Indian rupee, the local currency benchmark gained 6 paise to 73.55 per US dollar on Monday's opening session, tracking weak US currency and positive domestic equities.

The domestic unit opened 3 paise lower at 73.64 at the interbank forex market, then gained ground to touch 73.55 against the greenback, rising 6 paise over its previous close.

Rupee rises 6 paise to 73.55 amid weak dollar, positive equities

12.36 PM: Mazagon Dock Shipbuilders IPO opens tomorrow

The initial public offering (IPO) of state-owned Mazagon Dock Shipbuilders is scheduled to open on Tuesday. The issue will remain open for three days. The offering is of 3,05,99,017 shares through an offer for sale (OFS). The price band for the issue has been fixed at Rs 135-145 per share.

The tentative allotment date of the firm's shares is October 7 and the probable listing date is October 12. The bid size or lot size of Mazagon IPO is 103 equity shares and multiples of 103 shares thereafter

Mazagon Dock Shipbuilders IPO opens Sept 29; key things to know

12. 12 PM: Strides Pharma update

On Strides Pharma, Yash Gupta - Equity Research Associate, Angel Broking said, "Sequent Scientific Limited sold stake in Strides Pharma Science Limited to Pronomz Ventures LLP. Company informed you that the sale of shares was consummated on 25th September. The proceeds from the sale of stack in Strides Pharma Science Limited net of taxes will be predominantly utilised to consolidate the Company's shareholding in Provet Veteriner Urunleri San. Ve Tic. A. S., Turkey (Provet) by acquiring 40% stake held by Dr. Husein Aydin in Provet, with the balance to be used to pay the outstanding debt of the Company. Post the acquisition of a minority stake, which is expected to close on or before October 31, 2020, Provet will become a wholly owned subsidiary of the Company. This is positive development for the company."

12.02 PM: Gold prices falls for sixth straight session

Gold and Silver prices continued to fall in the domestic commodity markets for the straight sixth session on Monday.

Overseas, precious metals traded muted near the opening level of Friday close and formed a Doji candle today as hopes of more stimulus in the United States also faded positive sentiments.

Gold fell as equities rose over news that another coronavirus relief package talks were continuing

On the Multi Commodity Exchange, Gold October Futures fell by Rs 149 after hitting an intraday low of Rs 49,460 against the previous close of Rs 49,650 per 10 gm.

Gold prices falls for sixth straight session, silver rates at Rs 58,500

11. 54 AM: Market rises further

Sensex and Nifty traded on a bullish note on Monday, amid positive global equities as hopes of the US Govt to announce a stimulated package cheered investors. Sensex traded 500 points higher at 37,890, while Nifty gained 151 points to trade at 11,201.

11. 38 AM: Vodafone Idea share extends gains

Vodafone Idea share price extended gains for the second session today after the telecom operator's British parent, Vodafone Group Plc won an international arbitration case against the Indian government last week. Vodafone Idea stock rose up to 3.73% to Rs 10.75 against earlier close of Rs 10.36 on BSE.

Vodafone Idea share extends gains for second session after parent wins Rs 20K-crore retro tax case

11. 19 AM: Key economic data release

In upcoming domestic cues, RBI is set to begin its three day monetary policy meeting on Tuesday. Overseas, US will release its CB consumer confidence data on Tuesday, while Euro will take cues from ECB president's speech on Monday and Wednesday.

11. 02 AM: Gold outlook

Hareesh V, Geojit's Head of commodity research said," A rally in the US dollar and optimism over Covid vaccine is weighing on the safe haven demand of gold and thus the price of the commodity. However, rising US-China tensions and hopes of fresh economic stimulus measures continue to offer lower level support. At the same time, uncertainty prevails in the metal ahead of the first presidential election debate in the US this week."

On London spot, Hareesh V said," Weak sentiments continue to take prices lower towards the support of $1840 and likely is to trigger a rebound. An unexpected drop below $1820 would extend further selling pressure later."

10. 54 AM: Gold and dollar outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said, "Last week, Spot gold ended lower by 4.2 percent as strengthening of the U.S. Dollar and uncertainty over further stimulus infusion by the U.S. policy makers pressurized Gold prices. The U.S. Federal Reserve projecting a paced recovery in the coming and home sales in August'20 rising to their highest levels in 14 years underpinned the Dollar. Moreover, alarming increase in covid-19 cases in Europe and Britain pushed the greenback higher against the basket of currencies denting the appeal for the dollar denominated Gold. However, alarming increase in Covid-19 cases dampened hopes of economic recovery in turn limiting the fall in Gold prices."

He added," The dollar is also trading lower on  lack of big moves ahead of the U.S. presidential debate on Tuesday and the release of U.S. economic data later in the week. Political uncertainty also pressurize the dollar which supports the demand of Gold as a safe heaven investment.

10. 39 AM: Coronavirus toll

Worldwide, there were 333 lakh confirmed cases and 10.02 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 60-lakh mark and the death toll from COVID-19 infections rose to 0.95 lakh.

10. 23 AM: Market update

Sensex and Nifty traded on a bullish note on Monday, amid positive global equities as hopes of the US Govt to announce a stimulated package cheered investors. SGX Nifty was rising 60 points higher, indicating positive trend in domestic grounds today. Sensex traded 337 points higher at 37,704, while Nifty gained 102 points to trade at 11,152.

10. 18 AM: Global markets

Chinese economic data has been watched by investors for signs of the country's continued recovery from the coronavirus pandemic.

In US, House Democrats are reportedly preparing a $2.4 trillion relief package that they could vote on as soon as next week. Investor focus will next be on the first debate between U.S. President Donald Trump and rival Joe Biden on Tuesday ahead of the November election.

Investors are watching developments on the US Presidential debate and also keeping a close watch on the spike in coronavirus cases, heightening fears of global economic downturn.

10. 02 AM: Market technical outlook

As per Geojit Financials, the prospects of a turn higher towards 11324/476 that was discussed on Friday is in motion. However, the expectation is still towards a turn lower in the near term, and we would have to see a push above 11500 to negate such a view. Meanwhile, expect 11090- 11150 region to pose challenges early in the day, and such consolidation could help improve the sustainability of the uptrend.

9. 42 AM: Market outlook

A per RSL Research, NSE-NIFTY breached its weekly rising trend and slipped to 10-week low. In the last week, the index gained once out of five trading sessions and reported fall of ~4%. On Friday, the index respected its long-term moving average 200-day SMA and bounced. Though its major technical indicators remained in sell mode, near-term rebound cannot be ruled out. On the higher side, the index will face hurdles at 11,170 and 11,290 levels, which coincides with its 20-day and 50-day EMA, respectively. In case of any decline, the index will continue to find strong support around its 200-day SMA, which is placed at 10,757 mark.

As for the day, support is placed at around 10,913 and then at 10,775 levels, while resistance is observed at 11,130 and then at 11,209 levels.

9. 31 AM: Stocks to watch today on September 28

Reliance Industries, JSW Energy, Vodafone Idea, SBI, Dr Reddy among others are the top stocks to watch out for in Monday's trading session.

Stocks in news: Reliance Industries, JSW Energy, Vodafone Idea, SBI, Dr Reddy

9. 26 AM: Global markets

Stocks on Wall Street rallied into the green as defensive positioning led gains and big tech outperformed. Both Dow and S&P 500B gained 1.5% each. Nasdaq surged 2.3%. US Dow Future gained over 100 points on hope of the US Govt to announce a stimulated package.

However, Washington continued to weigh on investor confidence, as even a possible last-minute fiscal aid bill has market participants questioning timing and implementation.

Asian markets have begun the new trading week with modest gains, with Nikkei, Taiwan, Hong Kong Index gaining half percent each.

Investors weighed further signs of recovery in China as compared to more virus outbreaks in some parts of the world. Data released Sunday showed China's industrial enterprises grew for a fourth consecutive month.

European stocks closed lower on Friday amid a choppy trading session. Both France and Germany Index declined 1% each while the UK Index (FTSE) bounced back into positive territory.

9. 13 AM: Opening session

Sensex and Nifty opened on a bullish note on Monday, amid positive global equities. SGX Nifty was rising 60 points higher, indicating positive trend in domestic grounds today. Sensex traded 242 points higher at 37,630, while Nifty gained 72 points to trade at 11,122.

9. 07 AM: Nifty outlook

Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan said, "Nifty had a sharp fall in the last week with a minor recovery toward the end of the week. The index found support near the crucial weekly moving averages as well as near the 200 DMA, which pushed the index higher on September 25. The overall structure, however, shows that the Nifty is likely to face selling pressure at higher levels. 11100-11130 is an immediate resistance zone where the pullback can subside. So, the index is likely to get into a sideways action over the next few sessions. The expected range for the Nifty will be 11100 - 10800."

"Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long term wealth creation," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Good Friday for market! Investors gain Rs 3.5 lakh crore as Sensex, Nifty manage a strong recovery

8. 50 AM: FIIs action

Foreign portfolio investors (FPIs) sold shares worth Rs 2,080.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,070.63 crore in the Indian equity market on 25 September, provisional data showed.

8. 40 AM: Rupee closing on Friday

Buoyed by gains in domestic equities, the Indian rupee gained by 28 paise to settle at 73.61 per US dollar on Friday.

8. 30 AM: Closing on Friday

Sensex and Nifty closed 2.2% higher each Friday's trading session, backed by positive global equities that were optimistic on renewed hopes of fiscal stimulus from the US.

Reversing six days of falls, the 30-share benchmark Sensex ended 835 points higher at 37,388 and NSE Nifty50 gained 244 points to 11,050.

Market snaps 6-day losing streak; Sensex, Nifty gain over 2% each