Indices end at yet another peak, Sensex up 315 pts; BSE Midcap outperforms

All that happened in the markets today

The bulls continued to maintain their firm grip on Tuesday as the benchmark indices gained over 0.7 per cent to settle at record highs, led by buying in financial counters. The S&P BSE Sensex ended the day at 43,953, up 315 points, or 0.72 per cent while Nifty settled at 12,874, up 94 points, or 0.74 per cent. In the early deals, Sensex briefly touched the crucial 44,000-mark before retreating later. 

With today's rally, the market capitalisation (m-cap) of BSE-listed companies crossed Rs 170 trillion to Rs 170.59 trillion. 

Volatility index, India VIX, gained 3.5 per cent to 19.8 levels. 

Meanwhile, the broader market outperformed the frontline indices. The S&P BSE MidCap index rallied over 1 per cent 16,147 levels while the S&P BSE SmallCap index ended 0.88 per cent higher at 15,910 levels. 

On the sectoral front, banks and metal stocks logged stellar gains. The Nifty Bank rallied 587 points, or 2 per cent to 29,181.30 levels while Nifty Metal surged 2.5 per cent to 2,761 levels. 

Global markets

Asian stocks held gains and moved tentatively further into record territory on Tuesday, after US benchmarks were pepped up by news of another promising coronavirus vaccine. 

In Europe, stocks eased from eight-month highs as tighter coronavirus-driven restrictions across the continent hit travel stocks, halting a broader rally that was powered by encouraging Covid-19 vaccine news.

In commodities, oil prices edged up on expectations OPEC and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine. 

(With inputs from Reuters)

4:15 PM

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

"The market hit an all-time high, factoring in yesterday’s trading holiday, led by banking stocks and investors rejoicing about the news of another vaccine to end the pandemic. This week, global markets started well, however, today, it experienced mixed sentiments owing to an increase in virus cases and tighter restrictions in the western world. Optimism over the development of vaccine is still outweighing concerns over the next wave of Covid. We recommend investors to start considering partial profit booking, on a short-term basis, due to high gaps developing between the actual performance of the economy and the market."

3:50 PM

Nifty Bank rallies over 2%

3:48 PM

Adani group stocks among key midcap gainers

(Source: BSE)

3:47 PM

Heat Map (Sensex)

(Source: BSE)

3:45 PM

Index watch (Nifty)

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended at 43,953, up 315 points while NSE's Nifty ended at 12,874, up 94 points, or 0.74%.

3:28 PM

MARKET AT CHECK

3:24 PM

BROKERAGE VIEW | Emkay Global on Coal India

RATING: BUY | TARGET PRICE: Rs 180

We have reduced our FSA premium as output increases, while capex increases substantially as the company starts investing for future production. Coal India trades at an inexpensive valuation at 3.7x our FY22E EV/EBITDA with a dividend yield of 11.2%/14.4% on FY22/23E. Reiterate Buy with a TP of Rs 180.

3:18 PM

BROKERAGE VIEW | HDFC Securities on IRB Infra

RATING: BUY | TARGET PRICE: Rs 157 

IRB reported revenue at Rs 11.2 bn, beating our estimate by 7%, on 40% QoQ recovery in toll collections though EPC remained muted. However, the company registered loss of Rs 197mn, marginally lower than our estimated loss of Rs 231mn. While toll collection in majority of the BOT assets have reached near pre-COVID level, execution remained impacted due to monsoon. IRB secured a HAM order worth Rs 18bn during the quarter, taking the orderbook to Rs 122bn. Consolidated net debt increased to Rs 127bn from Rs 119bn on Jun 20-end, with net D/E at 1.94x (1.75x on 1QFY21-end). With monsoon behind, we expect execution to ramp-up in second half. Besides, traffic is likely to normalize with further ease of restrictions. We maintain BUY on IRB given affordable valuation and comfortable liquidity position, with an unchanged SOTP based target price of Rs 157/Sh.

3:13 PM

Just 1% firms keen on one-time debt recast as biz outlook improves: Crisil

With Improving business sentiment and ongoing, gradual recovery only one per of rated Indian companies have indicated interest in one-time debt restructuring (OTDR), according to rating agency Crisil.

 

In August 2029, Reserve Bank of India (RBI) had formulated OTDR scheme for companies under stress due to the Covid-19 pandemic. It had set up panel headed by former ICICI Bank chairman K V Kamath to suggest norms for OTDR. READ MORE

3:13 PM

NTPC slips nearly 2.5%

3:06 PM

Bottom line swells for tea firms on lower crop, higher at-home consumption

The largest producer, McLeod Russel India, reported a net profit of Rs 148.29 crore in the September quarter, an increase of 63 per cent on a year-on-year basis; Jay Shree Tea & Industries posted a net profit of Rs 76.67 crore compared to Rs 8.41 in the same period last year; Goodricke Group clocked in a net profit of Rs 72.85 crore, an increase of 29.55 per cent. READ MORE

3:00 PM

Sensex extends gains; up over 300 pts

2:59 PM

NEWS ALERT :: Goldman Sachs revises India’s FY21 GDP target to -10.3% Vs -14.8% earlier

>>  It sees GDP growth rebounding to 13% in FY22

2:49 PM

SH Kelkar hits 52-week high on Anhui acquisition, advances 50% in four days

Headquartered in Fuyang, Anhui is a leading aroma ingredient company in China having tonalid manufacturing facility. During the financial year 2019-20, Anhui registered an operating revenue of Rs 34.92 crore and a profit after tax of Rs 0.51 crore. READ MORE