Share Market Highlights: Sensex ends 835 points higher, Nifty at 11,050; IndusInd Bank, Airtel top gainers

Sensex, Nifty Highlights on September 25: Sensex and Nifty closed 2.2% higher each Friday's trading session, backed by positive global equities that were optimistic on renewed hopes fiscal stimulus from the US. Sensex ended 835 points higher at 37,388 and Nifty gained 244 points to 11,050. European and US futures were trading mostly higher today, in line with Asian markets, tracking firm cues from Wall Street backed by fresh stimulus talks. Yesterday, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 crashed 326 points to 10,805.

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

3. 55 PM: Market quote

S Ranganathan, Head of Research at LKP Securities said,"Markets recouped most of yesterdays losses today as Bulls charged ahead on expectations of a host of measures to boost demand ahead of the festive season. While the IT biggies led the charge, it was heartening to see the broader market participate with a host of companies across multiple themes as investors chose to cherry pick stocks".

3. 34PM: Market at close

Sensex and Nifty closed 2.2% higher each Friday's trading session, backed by positive global equities that were optimistic on renewed hopes fiscal stimulus from the US. Sensex ended 835 points higher at 37,388 and Nifty gained 244 points to 11,050.

3. 25PM: Accenture Q1 update

On Accenture's  results, Jyoti Roy -DVP- Equity Strategist, Angel Broking said,"Accenture reported its Q4FY2020 numbers on the 24th of September which came in a tad below street estimates. Revenues for the quarter came in at USD 10.83bn down by 2% YoY against expectations of 10.9bn but was at the midpoint of the company's guidance of USD 10.6-11.0 bn.

"Growth is expected to be muted in the first half which we believe will be a result of the consulting business remaining under pressure due to the Covid-19 pandemic. However we expect the outsourcing business will continue doing well due to faster adoption of digital solutions. The Accenture Q4 numbers reinforces our positive stance on the IT sector given increased traction in outsourcing driven by greater adoption of digital technologies. In the large cap IT space HCL is our top pick while Persistent Systems and Zensar Technologies are our top picks in the mid & small cap IT space," he added.

3. 11 PM: TCS share rises over 4%

Shares of Tata Consultancy Services gained over 4% on Friday's early trade after the company said it will be building the technology infrastructure for US and Canada-based women's fashion retail chain Maurices.

Following the update, TCS share price touched an intraday high of Rs 2,439.8 on BSE, rising 4.65% against the last close of Rs 2,331.50. The stock price of TCS also touched an intraday low of Rs 2350.05, after opening at Rs 2,370. TCS Stock has gained after 2 days of consecutive fall.

2. 45 PM: Zydus Cadila receives US FDA approval

On Zydus Cadila, Yash Gupta, Equity Research Associate, Angel Broking said,"Dimethyl Fumarate Delayed-Release Capsules are indicated for the treatment of patients with relapsing forms of multiple sclerosis and will be manufactured at the group's manufacturing facility at the SEZ, Matoda. Company now has 303 approvals and has so far filed over 390 ANDAs. This is a positive development for Zydus Cadila. "

2. 31PM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said," As expected yesterday gold and silver prices corrected sharply. Gold prices corrected by 1.73% and closed at 49,508 levels. Silver prices corrected 4.45% and closed at 58,488 levels.

Sharp recovery in Dollar index cause of correction in Gold and Silver. Spot gold ended lower 1.9 percent to close at $1863.5 per ounce as strengthening of the U.S. Dollar and no signs of further stimulus infusion by the U.S. policy pressurized Gold prices. Spot gold is trading at $1856 per ounce and silver is trading at $ 22.15 per ounce.

As for today traders can go for sell in gold at Rs 49,500 levels with the stop loss of Rs 49,950 levels for the target of 48,700 levels. They can also go for sell in Silver at Rs 57,500 levels, with the stop loss of 58,700 levels and for the target of 56,000 levels.

2. 16PM: Rites shares gain over 2%

Shares of RITES gained rose 2 per cent in Friday's trade after the company bagged a Rs 206 crore contract to construct four roads over bridges in Andhra Pradesh from Indian Railways.

The public sector enterprise and a leading player in the transport consultancy and engineering sector told BSE in a filing today, "RITES has been awarded a turnkey contract for construction of (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore".

"This turnkey contract covers construction of 4 nos of ROBs in replacement of level crossings in Vijaywada division of SCR on Vijaywada-Vishakhapatnam section in the state of Andhra Pradesh," it added.

1. 55PM: Granules India update

Yash Gupta, Equity Research Associate, Angel Broking said," Granules India Limited announced today that the US Food & Drug Administration (US FDA) has approved its Abbreviated New Drug Application (ANDA) for Naproxen Sodium and Diphenhydramine Hydrochloride Tablets, 220 mg/25 mg (OTC), generic equivalent of Aleve PM Tablets, 220 mg/25 mg, of Bayer HealthCare LLC. Naproxen Sodium and Diphenhydramine Hydrochloride Tablets are used for relief of occasional sleeplessness associated with minor aches and pains and to help you fall asleep and stay asleep. Granules now has a total of 31 ANDA approvals from US FDA (29 Final approvals and 2 tentative approvals). This is a good addition to the company portfolio and positive devolvement for the company. "

1. 34 PM: Minspace REIT update

Yash Gupta, Equity Research Associate, Angel Broking  said,"Mindspace Business Park Reit one of the Indias Grade A office portfolio, has pledge to transition to 100% electric mobility by expanding electric vehicle charging infrastructure for clients across all its business park by 2030, to help accelerate a global shifty to clean transport and reduce air pollution in the urban micro-markets of preference. Mindspace Business Park Reit becomes the first real-estate entity in India to join the climate groups global EV100 initiative. Mindspace Business Park has five integrated office parks and five quality independent offices with total 2 lakhs employees coming in to work each day at its offices. Mindspace Business Park Reit has already begun driving EV uptake amongst its clients by installing 1000+ charging points across its business parks. This is positive development for the company in the long run.  

1. 24 PM: Real estate sector update

Speaking on outlook for real estate sector Ashok Gupta, CMD, Ajnara India Ltd said, "Noida and Greater Noida being a major realty market in NCR region hold almost 23,000 RTMI units presently. The demand prevalent amongst buyers post-lockdown are for spacious units with all essential amenities located within the premises of the society. Thus, projects that were designed keeping in consideration the concept of wholesome living with facilities like clubhouse, gymnasiums, jogging tracks, children playing area, shopping arcade are gaining faster possessions. As home loans interest rates are at their lowest, and developers are open to offer flexible payment plans. The wide reach which these thoughtfully build projects are getting through digital platforms is also helping the developers get better customer insights on their new lifestyle preferences."

1. 15 PM: Market rises further

Sensex and Nifty gained further by Friday's afternoon session, backed by positive global equities that were optimistic on renewed hopes fiscal stimulus from the US. Sensex traded 648 points higher at 37,202 and Nifty gained 197 points to 11,003. European and US futures were trading mostly higher today, in line with Asian markets, tracking firm cues from Wall Street backed by fresh stimulus talks.

1.00 PM: Market update

On market's outlook, Yash Gupta, Equity Research Associate, Angel Broking said,"Indian Indices Nifty and Sensex, up by 150 points (1.4%) and 503 points (1.38%) respectively. Indian broader market able to sustain its opening gain. Indian Indices open higher on the back of positive global market clues. Today all sectors are trading in green S&P BSE Telecom (up 4.44%), S&P BSE Information Technology (up 3.21%), S&P BSE Healthcare (up 2.26%). We expect the market to be volatile on the back of the global market and we expect momentum in the pharma & IT sector to continue. Global Market update - DOW Jones up by 52 points (up 0.20%) and NASDAQ up by 39 points (down 0.37%).

12. 50 PM: Top gainers today

IndusInd Bank, M&M, TCS, Bajaj Finance, Bharti Airtel, Sun Pharma, Maruti, Tata Steel and Axis Bank were among the top gainers on Sensex pack. Kotak Bank wa the only loser.

12. 46 PM: Rupee rises 16 paise to 73.73

Indian rupee, the local currency gained by 16 paise to 73.73 per dollar on Friday's opening session, tracking gains in Asian peers and positive domestic equities.

The domestic unit opened at 73.76 per dollar at the interbank forex market, and then gained further ground to touc 73.73, registering a rise of 16 paise over its previous close.

The dollar index was trading 0.01 per cent down at 93.34 against a basket of six currencies.

12. 30 PM: Gold price turns volatile

Gold and Silver prices turned volatile after four sessions of fall on Friday as a weaker US dollar boosted the appeal of bullion metal. Hopes of more stimulus in the United States also aided the sentiment.

Precious metals traded flat in overseas as well as international commodity market today after falling to the lowest in two months on renewed hopes of more stimulus measures in US.

Gold price turns volatile, silver rates at Rs 59,300

12. 14 PM: Oil prices

Brent crude futures, the global oil benchmark, rose 0.60 per cent to USD 42.19 per barrel. Earlier, oil price were dropping on concerns over US economic recovery as fear of a second wave of coronavirus lingered.

11. 51AM: Coronavirus toll

Worldwide, there were 324 lakh confirmed cases and 9.87 lakh deaths from COVID-19 outbreak. India's COVID-19 caseload breached the 58-lakh mark and the death toll from COVID-19 infections rose to 0.92 lakh.  

11. 35 AM: Gold outlook

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking said, "On Thursday, Spot gold ended marginally higher by 0.24% but headed towards a weakly decline as strengthening of the U.S. Dollar made the yellow metal undesirable for other currency holders. Spot silver ended higher by 1.6% to close at $23.2 per ounce while prices on the MCX ended higher by 1.95 percent closing at Rs 59629 per kg."

Rise in US unemployment claims and hopes over additional stimulus by US is expected to levy some support for gold prices, he said and added, "Reinforcement of lockdown in the Euro-zone reflecting the alarming increase in Covid-19 cases and slowdown in the business sector in US & Europe dampened hopes of a paced economic recovery. In August 20, Home sales in US grew to their highest levels in 14 years which supported the market sentiments."

11. 20 AM: Why Future Enterprises share fell 20% in 5 sessions

Share price of Future Enterprises fell 5% today after the firm CARE Ratings downgraded the credit rating of non-convertible debenture issue of the firm to 'D' from 'C'. Future Enterprises share hit lower circuit of 5% to Rs 11.20 against previous close of Rs 11.75 on BSE. The stock has lost 20.21% in the last five days.

Why Future Enterprises share fell 20% in five sessions

11. 11 AM: Mindspace update

Yash Gupta- Equity Research Associate, Angel Broking said,"Mindspace Business Park Reit one of the India's Grade A office portfolio, has pledge to transition to 100% electric mobility by expanding electric vehicle charging infrastructure for clients across all its business park by 2030, to help accelerate a global shifty to clean transport and reduce air pollution in the urban micro-markets of preference. Mindspace Business Park Reit becomes the first real-estate entity in India to join the climate group's global EV100 initiative. Mindspace Business Park has five integrated office parks and five quality independent offices with total 2 lakhs employees coming in to work each day at its offices. Mindspace Business Park Reit has already begun driving EV uptake amongst its clients by installing 1000+ charging points across its business parks. This is positive development for the company in the long run."

10. 47 AM: UTI AMC IPO

Jaikishan Parmar- Sr. Equity Research Analyst, Angel Broking said,"UTI AMC IPO will open for subscription on September 29 and sets IPO price band at Rs 552-554 per share. We believe IPO will garner the interest from all market participants, as IPO Priced at an attractive valuation. UTI AMC demanding a valuation of 25x of FY20 earning and 5.3 percent of Q1FY21 QAAUM. However, Listed peers HDFC AMC trades at 35x FY20 earnings and Nippon AMC trades at 37x FY20 earnings. Additionally HDFC and Nippon AMC trades at 12.56 percent and 8.55 percent of Q1FY21 QAAUM, Respectively. Hence Considering attractive valuation and asset-light business models we believe IPO sail through successfully."

10. 32 AM: Global markets

Overseas, Asian stocks are trading higher on Friday as a late Wall Street rally supported global sentiment.

In US, tech shares recovered some of their recent losses. Although gains were checked as the number of Americans filing new claims for unemployment benefits unexpectedly increased last week.

10. 13 AM: Market opening outlook

On markets opening today, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The Nifty has opened in the green and traders can utilise this opportunity to strategize short positions as the index remains in a weak zone. We could witness a target of 10750 during the course of the October series. If we are unable to hold that level, the Nifty could further slide to 10600. The resistance zone on the upside is at 11550-11600."

10.03 AM: Market tehcnicals

Geojit Financial said in its note,"With September series closing near 11800, we have retraced 23% of the March- September rally. Ideally this fibo level is a point of turn, which is what the October series would weigh in, in the initial days. However, standard deviation studies suggest that the bounce back potential may be limited to 11324-11476, and the prospects for Nifty slipping into the 10500-10150 region needs to be given a serious consideration. Having said that we had long identified 10000 as a near bottom, suggesting that we may not be reliving a collapse akin to that of March 2020 again. Alternatively, direct rise above 11476 should re open chances of 12500 again. Potential of a vertical recovery looks limited though."

9. 50 AM: Stocks to watch today on September 25

RIL, Future Enterprises, Raymond, Sun Pharma, TCS, RITES, DLF among others are the top stocks to watch out for in Friday's trading session.

Stocks in news: RIL, Future Enterprises, Raymond, Sun Pharma, TCS, RITES, DLF

9. 45 AM: Global markets

Asian markets are trading higher tracking overnight gains in US markets. Investors will focus on Chinese bonds as they are going to be included in FTSE World Govt. Bond Index.

U.S. markets saw volatility through the day. US Jobless claims data was slightly above estimates but was below the 1mln mark. Tech stocks added to negativity.

European markets closed lower as investors' hope for economic rebound lost sheen as many see a second wave of coronavirus developing.

9. 31 AM: Opening session

Sensex and Nifty opened on a bullish note on Friday, amid positive global equities. SGX Nifty was rising 90 points higher, indicating positive trend in domestic grounds today. Sensex traded 453 points higher at 37,006 and Nifty gained 127 points to 10,932.

9. 10 AM: Market outlook

As per Reliance Smart Money, NSE-NIFTY breached its three expiries old rising trend and reported fall of 6.5%. On the last trading session of expiry, the index slipped to 2-month low continuing its daily falling trend and settled tad above its long-term moving average 200-day SMA. Though its major technical indicators remained in sell mode, near-term rebound cannot be ruled out as we believe the index will respect its long-term moving average. On the higher side, the index will face major hurdle at around 11,100 mark. In case the index violates its long-term moving average, next supports placed at 10,624 and 10,563 levels, which coincide with its 100-day SMA and mid-July low, respectively.

As for the day, support is placed at around 10,725 and then at 10,645 levels, while resistance is observed at 10,951 and then at 11,095 levels

9.00 AM: FII action

Foreign portfolio investors (FPIs) sold shares worth Rs 1,885.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 188.64 crore in the Indian equity market on 24 September, provisional data showed

8. 50 AM: Nifty technical indicators

On the technical front, supports placed at around 11,018 and then at 10900-10950 levels were crossed during the session, with Nifty ending at 10,800 today. In this week, Sensex and Nifty have fallen by 2,426 points or 6.2% and 710 points or 6.17%, respectively. Yesterday, Sensex ended 65 points lower at 37,668 and Nifty declined 21 points to 11,131.

Ajit Mishra, VP - Research, Religare Broking said,"Nifty is down by nearly 6% this week so far and tested the crucial level of 10,800 too however there's no sign of respite from the banking index."

8. 40 AM: Nifty outlook

Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking said," We have been cautious on the market recently and our strategy to remain light on trading positions has played out well so far. Now, the index is near to its immediate support zone of 11000-10950. On the flipside, 11250-11300 remains an immediate resistance zone. The index could consolidate within this range in next couple sessions and we could also see some swings within the range on the expiry day."

8. 30 AM: Closing yesterday

Domestic benchmarks Sensex and Nifty ended with deep losses, ending almost 3% lower on Thursday, the expiry day for September futures & options contracts, backed by heavy selloff in global equities. Yesterday, the BSE 30-share benchmark Sensex ended 1,114 points lower at 36,553 and NSE Nifty 50 crashed 326 points to 10,805.