Share Market Highlights: Sensex ends 629 points higher, Nifty at 11,416; Bajaj Auto, IndusInd Bank top gainers

Sensex, Nifty Highlights on October 1: Market indices extended gains for the second consecutive day and closed majorly bullish on Thursday, amid positive global equities. Sensex ended 629 points to 38,697 and Nifty gained 169 points to 11,416. Yesterday, Sensex ended at 38,067, up 94 points, and Nifty gained by 4 points to 11,22.

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

3. 48 PM: Market at close

Market indices extended gains for the second consecutibe day and closed majorly bullish on Thursday, amid positive global equities. Sensex ended 629 points to 38,697and Nifty gained 169 points to 11,416.

3. 34 PM: Market outlook

On markets closing -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We have successfully closed above the 11350 zone which is a positive sign for the markets. If we can sustain the present levels of the index, we could move higher to 11600 and then 11800 during the course of the October series. The support for this market is now at 11100."

3. 23 PM: Maruti Suzuki India update

Macquarie maintained Outperform rating on Maruti with a Price target of Rs 7,800 nad said,"Subscription program is NPV negative as compared to purchase, but offers lower upfront outgo, no resale risk and higher flexibility. Expect adoption to remain low in the near-term. Concerns over the ICE resale value and a change in mindset can drive penetration in the medium-term. Plans to roll out the subscription program to 40-60 cities over the next 2-3 years. Recovery in PV sales, strong new launches in UVs and margin recovery are key catalyst. We remain positive on PV recovery, further supported by strong replacement demand."

3. 14 PM: RIL update

Morgan Stanley rated  RIL stock as OW, with TP Rs 2247  and said," RIL has monetized US$26bn in assets YTD in telecom, retail and energy. While asset monetisation may continue, we see capital allocation, recovery in energy margins and execution on retail being key to outperformance."

3.05  PM: Economy Update

Emkay Global Financial Services in its report said,"The pace of government spending during Apr-Aug'20 slowed to 7% yoy. Spending was concentrated and signaled the government's focus toward the rural economy. The expenditure has been strained due to MNREGA payment, transfers to compensation cess fund and PM-Kisan. Growth of combined capital spending by the Centre and states for Apr-Jul'20 slowed to 3% and is likely to decline sharply by Aug'20.

2. 43 PM: Mindspace Business Parks update

Nirmal Bang brokergae in its report said," We initiate coverage on Mindspace Business Parks REIT (MBPR) with an ACCUMULATE rating and a NAV-based target price of Rs335. The strong pre-covid growth in demand has been replaced by a more cautious stance by lessees with planned additional space offtake being delayed or cancelled. This has consequently led to lowered expectations of space offtake and modest rental increase, if any. Despite the rising concerns, we find comfort in extremely low cancellations of rented space and continued payment of rent on time by lessees in the past six months."

2. 38 PM: Sector update

Sectorally, all the indices were trading in the green territory, with over 3.5% gain registered in banks and private banking index, and 2,5% growth seen in metals and FMCG index.

2. 20 PM: Rupee closes 63 paise higher

On the currency front, Indian rupee strengthened by 63 paise and closed for the day at 73.13 per dollar on Thursday, as positive domestic equities and weak American currency buoyed investor sentiments. Earlier the currency index opened at 73.60 per dollar at the interbank forex market, over its previous close of 73.76 per dollar.

2. 10 PM: PVR and Inox Leisure rise over 15% each

Shares of PVR and Inox Leisure gained around 15% each on Thursday's early session after the government allowed multiplexes and cinemas to open with 50% capacity from October 15 outside Containment Zones. Cinema halls, theatres and multiplexes, however, have to adhere standard operating procedures (SOP) issued by the Ministry of Information & Broadcasting.

PVR stock opened with a gain of 10% today at Rs 1.334 as against the earlier closing of Rs 1,213 apiece on BSE. The stock also touched an high of Rs 1,395, up 15% intraday and a low of Rs 1,296 in today's session.

Similarly, Inox Leisure share price opened with a gain of 16.38% today and later touched an intraday high of Rs 318.2, rising 17.63% as against the last closing price of Rs 270.50.

PVR, Inox Leisure shares rise up to 17% as govt allows reopening of movie halls

2.00 PM: Top gainers and losers

IndusInd Bank was the top gainer in the Sensex pack, followed by Bajaj Auto, Bajaj Finance, Axis Bank, SBI, Bajaj Finserv, ICICI Bank, HDFC twins and Reliance Industries. On the other hand, ONCG, Titan and Nestle India were the laggards.

1. 54 PM: Rupee outlook

Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said,"We are expecting the rupee to trade with a slight appreciation bias in the near-term, given the persistent dollar inflows in the domestic market and a healthy current account surplus. However, 73.20 remains a strong hurdle for the rupee, and the RBI may not be very comfortable allowing it to appreciate above those levels. The market will be watching developments around the next round of U.S. fiscal stimulus packages, without which the upbeat risk appetite may not be able to sustain for very long. We expect a near-term range of 73.20 to 74.50 on the rupee."

1. 36 PM: Rupee outlook

"Asian currencies have started stronger against the US dollar this morning and could lend support," Reliance Securities said in a research note.

However, month-end importer bids, equity-related outflows and the Reserve Bank of India's presence to curb volatility could limit gains of the currency, it added. 

1. 29 PM: Dollar index

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.19 per cent down at 93.70. Dollar traded weak today amid political ucertainity and following signs of progress in negotiations to roll out further US stimulus measures.

1. 12 PM: Brent crude futures

Brent crude futures, the global oil benchmark, fell 0.19 per cent to USD 40.95 per barrel. Oil price bounced back on the back of positive inventory data which showed a decline of 2 mln barrels.

1.06 PM: Rupee gains by 22 paise

Indian rupee, the currency benchmark, gained by 22 paise to 73.54 per dollar on Thursday, as positive domestic equities and weak American currency buoyed investor sentiments.

The domestic unit opened at 73.60 per dollar at the interbank forex market, then gained further ground to touch 73.54, rising 22 paise over its previous close of 73.76 per dollar.

Rupee rises 22 paise to 73.54 amid weak dollar, positive equities

12. 56 PM: Gold price rises to Rs 50,300

Gold price gained marginally in the Indian commodity market on Thursday after the recent volatility, tracking positive cues from overseas. Precious metals surged amid weak dollar following signs of progress in negotiations to roll out further US stimulus measures.

On the Multi Commodity Exchange, Gold October Futures hit an intraday high of Rs 50,385 against the previous close of Rs 50,334 per 10 gm.

Although gold futures trades above the psychological level of Rs 50K, the bullion is almost Rs 6,000 lower than its lifetime high of Rs 56,191 per 10 gm hit last month.

Gold price rises to Rs 50,300, silver rates at Rs 60,400

12. 43 PM: Maruti Suzuki sales numbers

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Maruti Suzuki reported better than expected sales numbers for the month of September 2020. Total sales for the month of September was up by 30.8% yoy to 1,60,442 units. Domestic sales for the month were up by 32.2% to 1,52,608 units while exports also turned around and registered a growth of 9.0% YoY to 7,834 units. Domestic sales growth was driven by the entry level  mini and compact segments which reported growth of by 35.7% YoY and 47.3% YoY respectively driven by increased preference for personalized transportation post Covid-19. The mid level segment continued to struggle and registered a degrowth of 10.6% YoY. Utility vehicles and vans reported decent growth of 10.1% and 12.8% respectively while the LCV segment also reported a moderate growth of 4.0% YoY. While monthly sales numbers are expected to stabilize going forward, the low base of last year is helping growth numbers will go away from October and hence growth rates are expected to moderate from September very high level."

12. 29 PM: Key Economic data

Centrum Broking said in its note "RBI released the BOP data for the first quarter of FY20. Current account balance improved sharply by USD 19.2bn, thus turning into record surplus of USD 19.79bn (3.9% GDP) from the marginal surplus of USD 0.58bn (0.1%GDP), registered in the fourth quarter of FY2020. The surplus figure for the first quarter of FY21 was remarkably better than the comparable deficit of USD 14.98bn (-2.4% GDP), registered in the similar quarter of last year. The registered print is the largest current account surplus recorded since 1949, mainly due to a sharp contraction in merchandise trade deficit.Alongside significant improvement in current account balance, improvement in foreign investment of USD 2 billion because of marginal uptick in FPIs in comparison to preceding quarter, also aided BOP surplus."

The brokerge added,"However, FDI outflow of USD 0.4 billion coupled with the lower services surplus, lower primary income along with lower secondary income kept a lid on BOP surplus, thereby restricting it to USD 19.84 bn."

12. 19 PM: Chemcon Speciality Chemicals listing

Chemcon Speciality Chemicals share delivered more than 100% returns to investors on its market debut today.

The stock listed at a premium of 115% to its issue price of Rs 340 on BSE today. The share opened at Rs 730.95 delivering investors return of Rs 390.95 or 114.95% compared to IPO price band of Rs 338 to Rs 340 per share.The stock further rose 118.74% to intra day high of Rs 743 on BSE. Total 13.88 lakh shares of the firm changed hands amounting to turnover of Rs 88.94 crore on BSE.

Chemcon Speciality Chemicals share makes stellar debut, delivers 115% returns to investors

12.01 PM: CAMS IPO listing today

Computer Age Management Services (CAMS) share listed at a premium of 23% to its issue price on BSE today. The share opened at Rs 1518  delivering investors return of Rs 288 or 23.41% compared to IPO issue price of Rs 1,230 per equity share. The stock further rose 26% to intra day high of Rs 1550 against its issue price. Total 67.19 lakh shares of the firm changed hands amounting to turnover of Rs 1013 crore on BSE.

CAMS share delivers 23% listing gains for investors

11. 57 AM: Quote on Multiplex Sector

Keshav Lahoti - Associate Equity Analyst, Angel Broking said," Yesterday, the Ministry of Home affairs announced that multiplexes will be permitted to open with upto 50% of their seating capacity with effect from 15th October 2020 outside Containment Zones. It was a positive development for the industry as multiplex will be opening after around 7 months of closure. There was a bit of fear among the street also if MHA announce multiplex to start operation they might cap capacity at 25%, which will increase losses for multiplex companies, nothing of that sort happened in the announcement. We believe the initial few weeks will be challenging for these companies as no big movie will take risk to release in the initial 2-3 weeks. It will take time for them to reach occupancy at pre covid levels. We are positive on Inox Leisure and PVR as long term fundamentals are intact for the industry and stock has corrected ~40% from pre covid levels. 

11. 46 AM: Gold technical outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said,"Gold headed towards its worst month in four years as extension of rally in the U.S. Currency kept the Dollar denominated Gold under pressure. Chinas industrial activities also gained momentum reflecting the improvement in overseas demand which further boosted the risk appetite amongst investors. U.S. Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi working on bridging the gap raised hopes of additional stimulus aid by U.S. limited the fall in Gold prices. Moreover, alarming increase in the Covid-19 cases dampened hopes of the global economic recovery also levied some support for the yellow metal.Easing Dollar and hopes over additional stimulus might levy some support for the yellow metal. On the MCX, gold prices are expected to trade higher in todays session.

He added," As for today traders can go for buy in gold at Rs 50,300 levels with the stop loss of Rs 50,000 levels for the target of 50,900 levels. They can also go for buy in Silver at Rs 60,000 levels, with the stop loss of 59,200 levels and for the target of 61,500 levels."

11. 33AM: Coronavirus toll

Worldwide, there were 341 lakh confirmed cases and 10.18 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 63-lakh mark and the death toll from COVID-19 infections rose to 0.98 lakh, as of today.

11. 20 AM: Market rises further

Market indices traded majorly bullish on Thursday, amid positive global equities. Sensex was rising 606 points to 38,674 and Nifty gained 170 points to 11,417.

11. 14 AM: Market outlook

As per Geojit Financials, the swing back from 11184 strengthens this view and we are back on track to achieve the 11327/467 view that has been in play since last Friday. There is a fair case to expand upside target to 11800, but we expect consolidation once inside the 11400-11500 region.

11. 02 AM: Unlock 5.0

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"The Ministry for Home Affairs (MHA) announced further relaxations in restrictions on the 30th of Sep 2020 which were along expected lines. Under Unlock 5.0 the Government has allowed reopening of Cinemas, theaters and multiplexes with upto 50% capacity from the 15th of October. Other major relaxations include reopening of schools and coaching institutions in a graded manner from the 15th of October subject to state approvals and conditions. Similarly, the cap on Social, Sports, entertainment, political gathering has been increased from 100 persons subject to either 200 persons or 50% of capacity for indoor events.

While no such restrictions have been imposed for outdoor events organisers have to follow SOPs including ensuring wearing of masks and social distancing. Unlock 5.0 has been along expected lines and in line with our view that the Government will keep reopening the economy incrementally as the Covid-19 situation keeps improving. While Unlock 5.0 is a positive development for the markets there is a risk of surge in infections later on as the economy is opened up further. "

10. 55 AM:Bajaj Auto September sales

Jyoti Roy - DVP- Equity Strategist, Angel Broking said,"Bajaj Auto reported better than expected monthly sales numbers for the month of September 2020. Total sales were up 10% YoY to 441,306 units. Domestic sales were up by 6% YoY to 228,731 units while exports have rebounded strongly and were up by 14% YoY at 212,575 units. We expect the domestic two wheeler segment will continue to do well in October also due to pent up demand and inventory push prior to the festive season while exports are also to stabilize as supply chains have normalized. In the commercial vehicles space while exports have normalized domestic sales are expected to improve only gradually as restrictions are eased in India."

10. 45 AM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking) said,"Basically, Nifty was trapped in a range of 11200-11300 and it appeared as if the options writers had the edge yesterday one day ahead of the weekly expiry. As per our recent directional view, we still see 11300-11350 as a sturdy wall and till the time it's not crossed convincingly, we may see some profit booking at higher levels. However, on the lower side, if any weakness has to trigger, the Nifty needs to break below 11180-11150."

10. 30 AM: Global markets

Asian markets are trading positive. However, Japan has halted trading after technical glitch. Markets in China, Hong Kong, Korea and Taiwan are closed for holiday.

U.S. markets closed higher but ended the month on a negative note as hopes faded for more stimulus ahead of elections and rising coronavirus cases.

European markets closed higher as investors reacted to the US Presidential debate and the prospects of economic recovery.

10. 22 AM: Nifty technicals

On opening session today, -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said," We are at a fulcrum point - trading above 11350. It is imperative the markets close above this level for the bulls to take over. From here, we can achieve 11600 and then 11800. If we are unable to close past the 11350 mark and make a U turn, we could drop back to 10700-10800."

10. 10 AM:Lockdown relaxation

The Ministry of Home Affairs (MHA), on September 30, announced the Unlock 5.0 guidelines, further relaxing curbs on activities outside of containment zones. Under this set of guidelines, cinemas, theatres, multiplexes have been permitted to open with 50% seating from October 15.

10.08 AM: Market update

Market indices opened majorly bullish Thursday, amid positive global equities. Sensex was rising 517 points to 38,581 and Nifty gained 141 points to 11,389. 

9. 56 AM: Stocks to watch today on October 1

RIL, Dr Reddy, Lupin, PNB, HDFCamong others are the top stocks to watch out for in Thursday's trading session

Stocks in news: RIL, Dr Reddy, Lupin, PNB, HDFC

9. 41 AM: Eight core industries data

The output for India's eight core industries contracted for the sixth straight month, dropping 8.5% in August 2020, government data released on Wednesday showed.

9. 37 AM: Global markets

Asian equities were trading higher on Wednesday, following overnight gains in Wall Street. While markets in China, Hong Kong, South Korea and Taiwan were closed on Thursday for holidays, Japan's Tokyo Stock Exchange suspended trading on Thursday due to a technical issue.

Markets cheered following news that Moderna's experimental Covid-19 vaccine, which won't be ready before the November election, has appeared safe and shows signs of working in older adults, according to study results published in the New England Journal of Medicine.

However, investors cut gains in the final hour of trading after House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to strike a coronavirus aid deal.

9. 20 AM: Opening session

Sensex and Nifty opened on a bullish note on thursday, amid positive global equities. SGX Nifty was rising 109 points higher, indicating positive trend in domestic grounds today. Sensex was rising 440 points to 38,529 and Nifty gained 119 points to 11,366

9. 10 AM: Rupee outlook

On Rupee's outlook, Ajit Mishra, VP - Research, Religare Broking said, "For the October series, the USDINR pair has resistance around 74.50 followed by 75.20 levels. On the other hand, support for the pair is at 73.20, followed by 72.80 mark"

9.00 AM: 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."

Rohit Singre, Senior Technical Analyst at LKP Securities "Index has strong resistance near 11300 zone any break above said level can active good momentum which can push index to next hurdle zone of 11400, good support is coming near 11200-11120 zone overall index may trade in consolidation and range would be 11200-11300 zone."

8.  50 AM: Rupee closing

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

8. 40 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 712.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 409.47 crore in the Indian equity market on 30 September, provisional data showed.

8. 30 AM: Closing on Wednesday

Indian benchmark indices closed positive on Wednesday after a volatile session, tracking cues from overseas markets.

Yesterday, Sensex ended at 38,067, up 94 points, and Nifty gained by 4 points to 11,22.

Sensex ends 94 points higher, Nifty at 11,226; Titan, Dr Reddy's, Nestle top gainers