MARKET: Maruti, HDFC help Sensex settle 127 pts higher; Nifty tops 11,900

All that happened in the markets today

A healthy buying in auto, technology, and select bank stocks helped benchmark indices settle in the green on Friday. 

The S&P BSE Sensex settled 127 points, or 0.31 per cent higher at 40,686 levels while NSE's Nifty ended at 11,930, up 34 points, or 0.28 per cent. The volatility index, India Vix, slipped over 3.5 per cent to 21.82 levels. 

On a weekly basis, Sensex gained 1.75 per cent while Nifty added 1.42 per cent. 

Auto major Maruti (up over 4 per cent) ended as the biggest gainer on Sensex while UltraTech Cement (down over 2 per cent) was the top loser. 

The broader market continued to outperform frontline indices. The S&P BSE MidCap index gained 0.59 per cent while the S&P BSE SmallCap index rallied 0.7 per cent to 15,135 levels. 

Among sectoral indices, Nifty Auto gained nearly 3 per cent to 8,095 levels.

Global markets

Global stocks barely budged on Friday as investors tightened positions with less than two weeks to go before the US presidential election and awaited a breakthrough in stimulus talks in Washington.

Shares in Asia hardly moved, with MSCI’s broadest index of Asia-Pacific shares outside Japan flat while Japan’s Nikkei ticked up 0.2 per cent.

The CSI300 index of mainland China also edged up 0.2 per cent.

In commodities, oil steadied near $42 a barrel, heading for its first weekly drop in three, as surging coronavirus cases in the United States and Europe raise concerns about demand and Libyan output rises.

(With inputs from Reuters)

3:43 PM

SECTOR WATCH | Nifty Auto surges 3%

3:42 PM

MARKET AT CLOSE | Gainers and losers on BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex gained 127 points, or 0.31 per cent to settle at 40,686 levels while NSE's Nifty ended at 11,930, up 34 points, or 0.28 per cent. 

3:28 PM

YES Bank, TTML, Suzlon among 282 stocks that hit upper circuit on BSE

YES Bank hit the upper circuit of 5 per cent at Rs 13.35 on the BSE ahead of the September quarter results on Friday. The board of directors of the bank is scheduled to meet on October 23, 2020 to consider and approve unaudited financial results of the bank for the second quarter ended September 2020 (Q2FY21).  READ MORE 

3:21 PM

BSE Midcap index up over 0.6%

3:10 PM

Top losers on the BSE at this hour

3:06 PM

NEWS ALERT :: SBI Cards-DMRC launch contactless Delhi Metro SBI Card

>> Delhi Metro SBI Card is a multipurpose card which functions as a credit card as well as a metro smart card

>>  In addition to the benefits of a metro smart card, the Delhi Metro SBI Card will offer 10% discount on metro travel as well as 10X reward points on spend categories, such as, dining, grocery & departmental store, movies and utilities standing instructions.

3:01 PM

BROKERAGE VIEW :: Anand Rathi on GMM Pfaudler

TP: Rs 4,282 | Reco: Hold

>> Backed by higher revenue from Glass Lined Equipment and its Proprietary business which grew 11.5% and 42% y/y respectively, GMM Pfaudler’s Q2 performance was robust. Margins too were better at 23.8% supported by an expanded gross margin and lower other expenses. The healthy order book (Rs3.5bn), commissioning of two gas furnaces at the Gujarat plant and the newly acquired Hyderabad plant is reassuring. Besides, the Pfaudler International (PI) acquisition provides several synergies like elimination of royalty outgo, no restriction on exports and access to PI’s global product portfolio, which will drive the growth. As guided by management, we consolidate PI financials with GMM from FY21. With this, we value the company at 35x FY23 earnings, arriving at a revised TP of Rs4,282.

2:59 PM

BROKERAGE VIEW :: IDBI Capital on UltraTech Cement

CMP: Rs 4,630 | TP: Rs 5,073 | Reco: Accumulate

>> Ultratech Cement (UTCEM) Q2FY21 EBITDA was higher than our / consensus estimate by 50% / 30%. Beat in the number is driven by a) volume which increased by 8% YoY versus our estimate of decline of 5% (incl. acquisitions) and b) Realization increased by 3% QoQ versus our estimate of decline of 2%. We have introduced FY23E estimate and increased EBITDA for FY21E/22E by 11% (exhibit 9). We roll forward our valuation to FY23 with revised TP of Rs5,073 (earlier Rs4393). We retain ACCUMULATE rating and TP is based on unchanged 13x FY23E EV/EBITDA multiple (which is average of last 10 years). Balance sheet deleveraging has continued, UTCEM consolidate net debt reduced QoQ by Rs22bn to Rs124bn. Company has set target of net debt/EBITDA of 1x vs 1.2x

currently. Positive in UTCEM business is its leadership position and consistently gaining market share.

2:58 PM

Recovery from intra-day lows in today's session

COMPANY	DAY'S LOW(RS)	DAY'S HIGH(RS)	LATEST(RS)	RISE(%)
JK TYRE & INDUST	65.20	76.70	73.30	12.42
HIMATSING. SEIDE	134.10	147.50	147.50	9.99
ADITYA BIR. FAS.	150.00	178.80	164.20	9.47
SPICEJET	48.05	53.75	52.30	8.84

2:58 PM

BROKERAGE VIEW :: IDBI Capital on Asian Paints

CMP: Rs 2,100 | TP: Rs 2,376 | Reco: Accumulate

>> Asian Paints (APNT) above expectation result was driven by 11% volume growth in decorative coatings followed by meaningful recovery in home improvement (led by kitchen business). In International markets, except Nepal, all other regions witnessed strong volume growth supported by gradual unlocking of the markets. Stable input cost aided gross margin expansion. APNT forays into lighting, furnishing and furniture to strengthen its home décor and interior design business. Overall, it has been a strong performance. APNT has gained market share both from organized and un-organized players led by distribution reach/efficiency. We continue to maintain our bullish stance on the stock. We have introduced FY23E in our estimates. We maintain ACCUMULATE rating on the stock with a revised TP of Rs 2,376 (55x FY23E EPS).

2:56 PM

BROKERAGE VIEW :: Emkay Global on Bajaj Auto

CMP: Rs 3,006 | TP: Rs 3,976 | Reco: Buy

>> Our positive stance is on account of: 1) volume recovery expected in domestic 2Ws with 18%/7% growth in FY22/23E, and 2) improving growth prospects in exports (over 50% of EBITDA), with expected growth of 23%/10% in FY22/23E. We have increased volume estimates by 5-8% over FY21-23E. In addition, valuations are inexpensive (15x/13x FY22/23E EPS) in comparison with historical multiples of 17.5x. We retain Buy with a revised TP of Rs3,976, based on 17x FY23E EPS (Sep22E earlier) and value of KTM at Rs102/share. In sector EAP, we have an EW stance. Key downside risks are lower-than-expected demand in

key geographies, increase in competitive intensity and adverse currency/ commodity prices

2:48 PM

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

2:39 PM

Left out of on-tap TLTRO benefits, NBFCs approach RBI for inclusion

Along with its monetary policy review, the RBI had earlier this month announced an on-tap TLTRO scheme to ensure that credit reaches the deserving sectors of the economy. While sectors including agriculture, MSME and retail are covered, NBFCs have not been included as a beneficiary of the facility, Finance Industry Development Council (FIDC) said in a communication to RBI. READ MORE

2:34 PM

Top gainers on the BSE at this hour