Share Market Highlights: Sensex ends 94 points higher, Nifty at 11,226; Titan, Dr Reddy, Nestle top gainers

Sensex, Nifty Highlights on September 30: After a volatile trading session, Indian benchmark indices closed positive on Wednesday, tracking cues from overseas. Where Sensex ended at 38,067, up 94 points, Nifty gained by 4 points to 11,226. Yesterday, Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222.

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

34.00 PM: Closing

After a volatile trading session, Indian benchmark indices closed positive on Wednesday, tracking cues from overseas. Where Sensex ended at 38,067, up 94 points, Nifty gained by 4 points to 11,226.

3. 45PM: Market outlook

As expected, benchmark indices remained volatile throughout the day, fluctuating between losses and gains before finally ending the day flat. Global cues were mostly negative, following caution over the outcome of US presidential elections and also because of rising virus cases around the world. Traders are advised caution as markets are expected to remain volatile.

3. 37 PM: Market outlook

On markets closing-Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," The Nifty has closed below the 11350 level which indicates that weakness still persists in the system. Until we do not close above this level, the trend remains southwards. If the Nifty gets jittery at the current level, we could possible go down to 10800. We are at a crucial juncture, hence caution is advised."

3. 24 PM: Rupee at close

On the currency front, Indian rupee settled 10 paise higher at 73.76 against the US dollar on Wednesday as aginst Tuesday's close of 73.86 against the greenback, supported by positive domestic equities.

2. 55PM: Welspun Corp share hits upper circuit

Welspun Corp share price was locked in the upper circuit of 5% on Wednesday's early session after the company said it has bagged orders valuing close to Rs 1,400 crore.

The company in a regulatory filing said it received multiple orders of approximately 147 KMT valuing close to Rs 1,400 crore.

Following the update, share price of Welspun Corp opened with a gain of 4.99% today and touched an intraday high of Rs 113.7 as against the last close of Rs 108.30 on BSE.

2. 45 PM: Market update

Indian benchmark indices turned positive on Wednesday, tracking cues from overseas. Where Sensex was trading at 38,099, up 126 points and Nifty gained by 34 points to trade at 11,257.

2. 22 PM: GMM Pfaudler shares hit upper circuit of 5%

Shares of GMM Pfaudler hit 5% upper circuit in early trading today after Plutus Wealth Management bought shares of the glass-lined equipment maker. GMM Pfaudler stock price has risen 10.25% in last 2 days.

As per data available on the exchanges, Plutus Wealth Management LLP acquired 1.65 lakh shares in the company at Rs 3,528.75 per share.

2. 15 PM: Global markets

European markets opened in the neagtive as Investors remain cautious with COVID-19 infections on the rise again in the US and European countries. Most Asian indices trded in the green, barring Nikkei and Strait Times as investors were cheerful on manufacturing data coming out of China. Uncertainty over the course of the pandemic and over how it will affect the economy  clouded sentiment.

2.00 PM: Market rise further

In a volatile trading session, Indian benchmark indices turned positive on Wednesday, tracking cues from overseas. Where Sensex was trading at 38,198, up 200 points and Nifty gained by 65 points to trade at 11,280.

1. 49 PM: Market outlook

On Nifty outlook, Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said,"We continue to consider 11250-11350 as a sturdy wall for a time being. For the coming session, we are likely to see further weakness once Nifty sustains below 11180 to retest 11100 - 11000 levels. Hence, it's better to stay light and avoid getting carried away by such intermediate recoverie."

1. 33PM: Top gainers and losers

Sun Pharma, ONGC, M&M and HUL were among the gainers. On the other hand, IndusInd Bank was the top loser in the Sensex pack, followed by ICICI Bank, Axis Bank, SBI, PowerGrid, NTPC and HDFC Bank.

1. 25PM: Indiabulls stock update

Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking said," India Bulls Housing has sold a portion of his stake in OakNorth Bank to TEMF Limited for Rs.630Cr.Toscafund Asset Management LLP is a multi-asset management fund with approximately $ 4 billion of assets under management. With the latest stake sale, the Company has raised a total of Rs.1,832 cr as fresh equity in the month of September 2020 (Rs.683 cr through QIP and Rs. 1,149 cr through the sale of stake in OakNorth)

Recent QIP and stake sale would help India Bulls HFC to shore up Capital adequacy ratio, this provides comfort to an investor in an uncertain time, as real slippages from Morat book will be key for all financial companies. The true status of Asset quality will come to know post 31st Dec 2020. Currently, it trades 0.40x of trailing Networth which is below the historical average and other listed peers. However, investors would like to wait until better clarity emerges on slippages from morat book or how much percentage of the book required restructuring."

1. 14PM: Future Enterprises share falls 4%

Future Enterprises share fell over 4% today after the firm reported a fresh default on interest payment of non-convertible debentures (NCDs). Stock of Future Enterprises lost up to 4.44% to Rs 12.90 against previous close of Rs 13.50 on BSE.

The stock has fallen after 3 days of consecutive gain. The share trades higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages. The share has fallen 35.21% in one year and lost 39.08% since the beginning of this year. In a month, the share is down 34.41%.

Why Future Enterprises share fell 4% after three sessions of gains

1.03 PM: Market rises further

In a volatile trading session, Indian benchmark indices turned positive on Wednesday, tracking cues from overseas. Where Sensex was trading at 38,090, up 100 points and Nifty gained by 33 points to trade at 11,250.

12. 51 PM: Brent crude futures

Brent crude futures, the global oil benchmark, fell 1.15 per cent to USD 40.56 per barrel. Oil price fell on concerns over fuel demand as US and Europe are possibly witnessing second wave of coronavirus infection.

12. 40 PM: Rupee technical outlook

On Rupee's outlook, Vaqarjaved Khan - Research Analyst, Angel Broking said," With easing monetary policy from US FED here to stay, USDINR (73.7) is likely to move lower towards 72.5 in the coming week. (28th Sep -2nd Oct 2020). In the week gone by Indian rupee depreciated by 0.06 percent and currently stands at 73.7 against the US dollar. "

12. 34 PM: Rupee opens on a flat note at 73.81

The Indian rupee opened on a flat note at 73.81 per US dollarand traded in a narrow range on Wednesday, as investors were cautious after the first US Presidential debate.

Rupee opened at 73.81 per US dollar on the interbank forex market, then gained ground to touched 73.86 as against Tuesday's close of 73.86 per US dollar.

However, the domestic unit fell by 9 paise and traded at 73.77 against the greenback, tracking selling pressure from domestic equity markets.

Rupee drops 9 paise to 73.77 amid strong dollar, weak equities

12.22 PM: Dollar index

The dollar index rose 0.04 per cent to 93.92 against a basket of six currencies.

The dollar index rose today after first round of presidential debate involving United States President and Republican Party candidate Donald Trump and his rival from the Democratic Party Joe Biden.

12. 10 PM: RIL outlook

On RIL's recent announcement, Jyoti Roy - DVP- Equity Strategist, Angel Broking  said,"Reliance Industries Ltd. has announced that General Atlantic will invest Rs 3,675 crore into Reliance Retail Ventures Ltd. which is the retail arm of RIL for a further 0.84% stake in the company. This investment values Reliance Retail at a pre-money equity value of Rs 4.285 lakh crore and marks the second investment by General Atlantic in a subsidiary of Reliance Industries, following a Rs 6,598.38 crore investment in Jio Platforms announced earlier this year. We expect more such investments by strategic and financial investors in Reliance Retail in the future. 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. 53 AM: Market turns muted

In a volatile trading session today, Indian benchmark indices turned volatile and traded in a narrow range, tracking weak cues from global equities. Where Sensex was trading at 37,972, up 2 points and Nifty gained by 4 points to trade at 11,277.

11. 40 AM: Stocks to watch today on September 30

HDFC, RIL, Britannia, PVR, Future Enterprises among others are the top stocks to watch out for in Wednesday's trading session

Stocks in news: HDFC, RIL, Britannia, PVR, Future Enterprises

11. 33 AM: RIL rises 1%

Reliance Industries Ltd (RIL) share price gained over 1% in early trade today amid news that US private equity firm General Atlantic would invest Rs 3,675 crore in Reliance Retail. RIL share rose 1.02% to Rs 2267 intra day against previous close of Rs 2244.

The large cap stock has gained 3.49% in last four days.  Reliance Industries stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market cap of the firm rose to  Rs 15.28 lakh crore. The large cap stock hit a fresh 52-week low of Rs 867 on March 23, 2020.

RIL share rises as General Atlantic to invest Rs 3,675 crore into retail business

11. 26 PM: Coronavirus toll

Worldwide, there were 338 lakh confirmed cases and 10.12 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 62-lakh mark and the death toll from COVID-19 infections rose to 0.97 lakh, as of today.

11. 18 AM: Gold price falls today

Gold price slipped in the Indian commodity market on Wednesday, tracking weakness from overseas, although traded above the key psychological level of 50K.

On the Multi Commodity Exchange, Gold October Futures fell by Rs 177 to Rs 50,450, after hitting an intraday high and low of Rs 50,515 and Rs 50,350, respectively. Yesterday, gold futures on MCX surpassed 50K mark and closed at Rs 50,652 per 10 gm. The bullion, however, trades almost Rs 6,000 lower than its lifetime high of Rs 56,191 per 10 gm hit last month.

Gold price falls amid strong dollar; silver rates at Rs 61,200

11.00 AM: Oil price outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," Oil prices might be under pressure as bleak economic outlook reflecting the resurgence of covid-19 virus undermined the outlook for Crude. On the MCX, oil prices are expected to trade lower today.

Resurgence of the covid-19 virus is a major setback for the global Oil market. Alarming increase in Covid-19 cases raised worries over reinforcement of lockdown in major economies which undermined the outlook for Crude. Moreover, rising exports from Libya and Iran despite the production cuts by the Organization of the Petroleum Exporting (OPEC) also weighed on the prices. However, hopes of further stimulus infusion by the U.S. as the democrats and the white house officials work on striking a deal limited the fall in Crude prices."

He added ,"As of today Traders can go for sell in Crude oil at 2930 with the stop loss of 3010 and for the target of 2800. We expect WTI crude oil may test $36 levels soons."

10. 42 AM: Global Markets

Geojit Financial said in its note: Asian markets are trading mixed as investors reacted to the release of Chinese manufacturing activity data (Sep) which came in at 51.5. Korean markets closed for holiday. U.S. markets closed lower ahead of US Presidential debate with all indices losing ground. US consumer confidence came in above expectation.

European markets closed lower coming off Monday level ahead of Brexit talks and US Presidential debate. Banking stocks pulled down broader markets.

10. 35 AM: Market rises again

In a volatile trading session, Indian benchmark indices turned positive on Wednesday, tracking cues from overseas. Where Sensex was trading at 38,158, up 185 points and Nifty gained by 41 points to trade at 11,263.

10. 24 AM: Silver outlook

On Silver Mini Nov/LBMA Spot Silver, the Geojit Financial said in its note," Prices needs to break $24.60 to continue up-ticks initially. Else, expect a choppy with mild negative bias trading for the day. Anyhow, an unexpected drop below $22.40 would liqui-date prices further. "

For MCX Silver August futures, the resistance is at 64800 and the support is placed at 55950.

10.12 AM: Oil prices today

Oil price fell on concerns over fuel demand as US and Europe are possibly witnessing second wave of coronavirus infection. Crude inventory data from EIA awaited.

10.00 AM: Market erases gains

Market indices erased pre-opening gains and traded lower for the second straight day amid weak global cues. Where Sensex was trading at 37,873, down 100 points and Nifty fell by 20 points to trade at 11,200.

9. 55 AM: Gold outlook

Gold outlook by Hareesh V, Geojit's head of commodity research sid," Gold is likely to be choppy ahead of the first US Presidential election debate. Even though a strong US dollar and optimism over COVID-19 vaccine is weighing the safe haven demand of gold, increasing US-China tensions and hopes of fiscal stimulus measures continue to offer lower level support to the commodity.

On London spot technical outlook, he added," If prices hold the support of $1840, we can expect a rebound, but it needs to break $1920 to continue the momentum. An unexpected drop below $1820 would extend further selling pressure later."

As per Geojit Financial Services, MCX Gold August futures resistance is placed at 51120 and support is at 49200.

9. 48 AM: Nifty outlook

Geojit Financial in its note said,"Since Friday, we have been running the 11327/476 view, but had raised suspicions of a turn lower from 11300 yesterday. While this evolved to a dot, 11200 also attracted bargain hunting as expected pointing at the default trend. The full achievement of Friday's upside objective of 11327/11476 still stands a fair chance, but volatility has emerged as the dominant theme now. Downsides look supported in the 11150-11040 region, while upsides see several hurdles inside the 11300-11500 maze."

9. 35 AM: Nifty technicals

As per -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments, "The Nifty is still below the 11350 level which means it is still within the bearish zone. It will turn bullish only when it is successful in closing above the 11350 level. Until then traders could consider a favourable risk reward ratio trade and look for opportunities to short the index at these levels for a target of 10800 and a stop loss above 11350."

9. 27 AM: Global markets

Asian stocks traded mixed on Wednesday, tracking weakness from European and US markets and as investors reacted to the release of key economic data for September.

Wall Street closed lower on Tuesday, snapping a three-day winning streak as investors were cautious amid political uncertainity and release of key economic data. US stokcs closed lower after first round of presidential debate involving United States President and Republican Party candidate Donald Trump and his rival from the Democratic Party Joe Biden.

Tug-of-war over the new aid package between U.S. House of Representatives and House Democrats also kept sentiments tepid.

European markets traded in the red as investors fretted over another wave of the coronavirus pandemic that can spark tighter lockdown measures. As per market analysts, Euro will take cues from ECB president's speech on Monday and Wednesday.

9. 15 AM: Opening session

Market indices erased pre-opening gains amid weak global cues and turned flat, with Sensex trading at 37,990 and Nifty at 11,210.

9.00 AM: Nifty outlook

Ajit Mishra, VP - Research, Religare Broking Ltd said," 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."

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"We were unable to get past the 11300-11350 levels on a closing basis. It is only above these levels that the markets might turn bullish. Until then, there is scope for a reversal and for the Nifty to fall and endeavour the levels of 10700-10800."

8. 50 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 26.98 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 542.34 crore in the Indian equity market on 29 September, provisional data showed.

8. 40 AM: SGX Nifty

SGX Nifty was rising 8 points higher, indicating positive trend in domestic grounds today.

8. 30 AM: Closing on Tuesday

Indian benchmark indices turned volatile and ended flat on Tuesday amid mixed global equities. Yesterday, Sensex ended 8 points lower at 37,973 and Nifty fell 5 points to 11,222.

Sensex, Nifty close flat; ONGC, Axis Bank, HCL Tech top losers