MARKET: Sensex ends 646 pts higher as RIL jumps 7%; Nifty settles at 11,449

All that happened in the markets today

The domestic stock market ended over 1.5 per cent higher on Thursday, thanks to healthy buying in Reliance Industries (RIL). 

RIL shares hit a fresh record high of Rs 2,343.90 apiece on the BSE in the intra-day session after news reports said the company is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon. The market-capitalisation (m-cap) of the company crossed Rs 15 trillion mark during the trade. The stock settled at Rs 2,314.65 on the BSE, up 7 per cent. READ MORE

The S&P BSE Sensex today settled at 38,840 levels, up 646 points, or 1.69 per cent while NSE's Nifty ended at 11,449, up 171 points, or 1.52 per cent. Volatility index, India VIX, declined over 4 per cent to 21.27 levels. 

The sectoral trend on the NSE was positive. Barring Nifty Metal, all the other indices ended in the green. Nifty PSU Bank rallied the most - up 2.5 per cent. Nifty Metal, on the other hand, slipped over 1 per cent to 2,369.80 levels. 

In the broader market, the S&P BSE MidCap index gained 0.92 per cent to 14,575 levels while the S&P BSE SmallCap index rallied 1.27 per cent to 14,483 points. 

Global markets

The tech-led reboot of stock markets stalled in Europe on Thursday as traders pulled back to hear just how twitchy the European Central Bank has become about the euro's run-up in recent months.

In Asia, Hong Kong shares retreated in the afternoon session to finish lower, tracking broad weakness in the mainland market dragged down by a slump in China's start-up stocks. China's main Shanghai Composite index closed down 0.61 per cent at 3,234.82, while the blue-chip CSI300 index ended down 0.06 per cent. 

In commodities, oil prices dipped after data showed US crude stockpiles rose last week and the US Energy Information Administration (EIA) downgraded its oil demand outlook, although the Brent benchmark stayed above $40 a barrel. 

(With inputs from Reuters)

4:10 PM

MARKET COMMENT:: Vinod Nair, Head of Research at Geojit Financial Services

"Indian indices again had a strong showing today backed by strong gains in the shares of RIL, which alone contributed to more than half of the gains seen on Nifty. Suitors lining up for potential stake sale in Reliance Retail drove its gains today. Positive global cues also played a part in the broader positivity seen in the markets. European markets have turned cautious ahead of the ECB policy meeting happening today. Investors seem to have kept the simmering border tensions on the back burner for now and, in the absence of fresh triggers, will look at global markets and stock-specific news for direction".

3:44 PM

SECTOR WATCH:: Nifty Metal cracks over 1%

3:43 PM

MARKET AT CLOSE:: Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 646 points or 1.69 per cent higher at 38,840 while NSE's Nifty settled at 11,449, up 171 points, or 1.52 per cent.

3:28 PM

INDEX GAINER:: Asian Paints up 4%

3:22 PM

MARKET CHECK | Top 5 gainers on the BSE at this hour

3:12 PM

BROKERAGE VIEW:: HDFC Securities on auto and auto financiers

Autos: We believe this scheme would benefit the auto sector where CV sales have been impacted by the increase in axle load norms (which resulted in system capacity rising by ~15%), the introduction of BSVI vehicles (which are 10-15% more expensive than the earlier variants) and the COVID-related downturn. We currently have an ADD rating on Tata Motors and a REDUCE on Ashok Leyland.

Auto financiers: The extent of up-trading and improvement in auto financiers’ prospects will depend upon the scope, incentives and timelines of the scheme. At the same time, asset quality risks seem unlikely, as companies within our coverage rarely finance vehicles which are older than 13 years at termination. Overall, the scheme is likely to be sentimentally positive for the sector. CIFC (BUY) remains our top pick in the vehicle financing space. Amongst banks engaged in vehicle financing, we prefer AUBANK (ADD).

3:07 PM

Granules India hits fresh record high of Rs 384; rallies 24% in 2 weeks

Shares of Granules India hit a fresh record high of Rs 383.70, up 5 per cent on the BSE, in the intra-day trade on Thursday, gaining 24 per cent in the past two weeks on expectation of strong earnings going-ahead. In comparison, the S&P BSE Sensex was down 0.94 per cent during the same period. The first quarter (April-June) of FY21 turned out to be the best-ever quarter for the company as it posted highest ever GPM (gross profit margin) and EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in the company’s history. READ MORE

3:02 PM

RIL and Axis Bank top contributors to Sensex's 500-point rally today

2:56 PM

ITI Ltd jumps over 12%

2:52 PM

Buzzing Stock :: Info Edge sees sharp upmove

2:43 PM

Heatmap: S&P BSE Sensex gainers and losers at this hour

2:43 PM

Indians investing in US equities should avoid bubbles, fads: Rob Arnott

FANMAG-like stocks are in a clear bubble. Many trades at valuations as rich as the peak of the tech bubble, and require implausible future success to justify current prices. We’re also seeing an enormous surge in retail money, chasing the market darlings. READ FULL INTERVIEW HERE

2:34 PM

Indiabulls Housing sells part of its stake in OakNorth for Rs 440 crore

"The company plans to conclude few other transactions on the partial stake sale in OakNorth Bank over the next few days. The divestment in OakNorth bank will result in boosting CRAR and shall free up capital to grow the loan book of the company,” said Indiabulls Housing Finance. READ MORE

2:25 PM

MARKET CHECK