Sensex ends 95 pts lower, small, mid-caps outperform; Voda Idea zooms 27%

All that happened in the markets today

The Indian markets settled flat with negative bias on Thursday after fluctuating between minor gains and losses during the session. 
 

The S&P BSE Sensex ended 95 points, or 0.24 per cent lower at 38,991 levels, with ICICI Bank (down over 2 per cent) being the top loser and Titan (up nearly 6 per cent) the biggest gainer.

On the NSE, the benchmark Nifty50 settled at 11,527, down 7.5 points, or 0.065 per cent. India VIX dropped nearly 3 per cent to 20.53 levels. 

The broader market, however, fared better than the benchmarks. The S&P BSE MidCap index ended 0.4 per cent higher at 15,079 levels while the S&P BSE SmallCap index settled at 14,761 points, up 0.74 per cent. 

Among individual stocks, Vodafone Idea ended 27 per cent higher at Rs 12.56 on the BSE after media reports said Verizon Communications Inc and Amazon.com Inc may invest more than $4 billion for a stake in the company. READ MORE 

Aviation stocks gained in the trade after the government allowed airlines to increase flights up to 60 per cent of their total capacity. InterGlobe Aviation ended nearly 2 per cent higher at Rs 1,270.95 on the BSE while SpiceJet settled at Rs 52.65, up over 3.5 per cent. READ MORE

Shares of Jubilant FoodWorks hit a fresh record high of Rs 2,305, up 2.3 per cent, bouncing back 4 per cent in the intra-day trade, on the BSE on the expectation of margin improvement going forward. The stock settled at Rs 2,292.75, up nearly 2 per cent.

Among sectoral indices on the NSE, Nifty Bank fell the most - down nearly 1.5 per cent to 23,531 levels. Nifty IT, on the other hand, advanced the most - up 1.5 per cent to 18,348.5 levels, with 9 out of 10 constituents advancing. 

Global markets

Europe kept record-high world share markets marching forward on Thursday. The pan-European STOXX 600 index rose over 1 per cent in early trade, tracking Wall Street's latest peaks and gains in parts of Asia after data showed China's service sector grew for a fourth straight month in August. 

Oil prices fell to a one-month low as worries about weaker US gasoline demand and a sluggish economic recovery from the Covid-19 pandemic dented sentiment. 

(With inputs from Reuters)

4:01 PM

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

"Markets exhibited volatility and ended flat for the day, switching between gains and losses. However, global markets, especially Europe, were generally positive for the day, anticipating better economic data. Domestically, data emerged that the services sector had contracted for the 6th consecutive month, in spite of the phased reopening of the economy in the last two months. This has led to worries that the comeback, foreseen for the economy, could be long drawn out. Investors advised to remain light and keep booking profits."

3:43 PM

SECTOR WATCH::Nifty Bank slips nearly 1.5%

3:42 PM

MARKET AT CLOSE:: Losers and gainers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 95 points, or 0.24 per cent lower at 38,991 levels while the NSE's Nifty ended at 11,527, down 7.5 points, or 0.065 per cent.

3:26 PM

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

3:23 PM

At 14%, Indian households among the lowest invested in equities globally

The exposure of Indian households to equity assets in their financial balance sheet is among the lowest in the world at 14 per cent, says the September 2 report by Motilal Oswal Securities. At the other extreme is the US, where the exposure to equities stands at 45.5 per cent, followed by Spain, Canada and China. The report analysed the calendar year 2019 (CY19) data for all countries except China (CY16), Taiwan (CY18) and India (FY19). READ MORE  

3:11 PM

Interest Waiver Case | RBI has to support banks as well; sector is the backbone of the economy, says Mehta

3:10 PM

Interest Waiver Case | The NDMA Act uses the word "may", it is not cast in stone that the govt has to step in, says SG Mehta

3:03 PM

Interest Waiver Case | Moratorium and penal interest cannot go together, says Justice Reddy

>> RBI needs to clarify its position

>> Question is about the demands of compound interest in the meantime

3:00 PM

Interest Waiver Case | SC bench asks SG Mehta to address on the point of NDMA and its action to provide relief.

>> SG Mehta says that the DM Act provides that the government "may" take action. So far, NDMA has deemed it fit for the RBI to adopt supervisory role

3:00 PM

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

2:58 PM

Interest Waiver Case | Senior Counsel Harish Salve presents arguments for the IBA before SC

>> Banks may come up with the resolution plans; some sectors like the Power sector may evolve their own norms.

>> Common man's problems are different from those of the corporates.

>> If kind of borrowers and the type of borrowing is identified then specified relief can be provided.

>> Individual and industrial problems need to be addressed differently.

2:52 PM

BROKERAGE VIEW:: HDFC Securities on Amara Raja Batteries

RATING: ADD | TARGET PRICE: Rs 780

We initiate on Amara Raja Batteries with an ADD rating. Currently, the company has a nearly 20 per cent market share in the $5 billion lead-acid battery (LAB) segment. We expect it to gain further share as revenues are forecast to grow in double digits over the next 3-5 years (vs. mid-single-digit for the industry). While Amara Raja would benefit from the shift towards the organised segment in the near term, we believe that the advent of new technologies such as lithium-ion will change industry dynamics; though the pace of adoption is expected to be very gradual. Amara Raja’s future technology partnerships (after the exit of Johnson Controls) and its ability to foray into alternative battery chemistries will determine its growth opportunities in the long term.

2:44 PM

Why this may be the best time for Amazon, Verizon to invest in Voda Idea

Does it make business sense for AWS (part of Amazon) and Verizon to buy a stake in cash strapped Vodafone Idea Ltd (VIL)? With the VIL board announcing that it will meet on the 4th to discuss fund raising, there is speculation that it has again renewed talks with Amazon which were suspended earlier till awaiting the SC's verdict in the AGR dues case. READ MORE

2:36 PM

Interest Waiver Case | Mehta says, August 6 circular adequately takes care of the grievances raised by the petitioners

Alert: August 6 circular allowed debt-restructuring