BSE m-cap hits Rs 271 trillion as Sensex soars 453 pts; Tata Motors up 21%

CLOSING BELL

Benchmark indices extended their record breaking rally into fifth straight session on Wednesday as macrreconomic tailwinds put stocks in top gear. India's retail inflation eased again in September, falling to a five-month low of 4.35 per cent, while the Index of Industrial Production (IIP) rose to 11.9 per cent YoY in August. 

That apart, IMF's GDP forecast, which pegs India's growth at 9.5 per cent in 2021 and at 8.5 per cent in 2022, came as another shot in the arm for market bulls.

Overall, the 30-pack BSE Sensex ended the session at 60,737 levels, up 453 points or 0.75 per cent. The Nifty50 index, on the other hand, closed above the 18,100-mark at 18,162 level, up 170 points or 0.94 per cent. Earlier in the day, the frontline indices had hit fresh record peaks of 60,836.63 and 18,198, respectively. 

In the broader markets, the BSE MidCap index closed with gains of 1.62 per cent at 26,572 levels after hitting a fresh lifetime high of 26,590 in the intra-day trade. The BSE SmallCap index, meanwhile, closed at 29,755 levels, up 0.6 per cent, after hitting a new peak of 29,846 in the intra-day session.

With today's rally, m-cap of all the BSE listed firms hit an all-time high of Rs 270.85 trillion.

Sectorally, all but the Nifty Realty index ended the session in the green led by the Nifty Auto index (up 3.4 per cent). Individually, Tata Motors surged 21 per cent, Ashok Leyland (5.5 per cent), M&M (5.2 per cent) and Bharat Forge (nearly 2 per cent).

The Nifty Bank index,too, hit a fresh record high of 38,779 earlier today. It closed at 38,636, up 0.3 per cent.  

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MARKETS at 2:30 PM: 

LIVE markets update: The domestic benchmark indices continued to trade near the day's high levels in the last hour of trade. The BSE Sensex surged around 535 points to 60,819, and the Nifty was up 194 points at 18,185. The BSE 30-pack index had hit a new high of 60,835, while the NSE 50-pack index had reached a peak of 18,197 in intraday deals. 

Meanwhile, barring Nifty Realty (down 0.38 per cent), all sectoral indices were trading in the green. The top gaining sectors were Nifty  Auto (up 4.2 per cent) and Nifty Metal (up 2 per cent). However, India VIX, which measures the implied volatility of Nifty 50 options, rose 1.4 per cent to 16.07-level.

The Midcap index was outperforming the benchmarks. The BSE Midcap was trading 1.47 per cent higher, while the Smallcap index rose 0.69 per cent. About 1,791 shares have advanced, 1,510 shares declined, and 144 shares are unchanged on the BSE.

Further, shares of Avenue Supermarts, owner of DMart chain of retail stores, crossed the Rs 5,000 mark for the first time as they rallied 18 per cent to hit a new high of Rs 5,599 on the BSE in intra-day trade on Wednesday on expectations of strong earnings growth. READ MORE HERE

That said, domestic equities hitting all-time highs could not provide a cushion to the rupee. Amid fear of soaring inflation, crude oil price rise and stronger U.S. Dollar (USD), the rupee dipped to its 15-month low of 75.67 per dollar. 

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MARKETS at lunch (Updated at 1:30 PM): 

LIVE markets update: The domestic benchmark indices were trading near the day's high levels in noon deals. The BSE Sensex was trading at 60,759, up by 475 points, after touching a new high of 60,789. The Nifty50, meanwhile, rose 172 points to 18,163. The 50-pack index had hit a record high of 18,175. 

Among sectoral indices, barring Nifty Realty and FMCG all sectors continued to trade in the green. Nifty Auto and Metal were the top gainers, rising 3.7 per cent and 1.8 per cent, respectively. Other gainers were the banking, IT and pharma indices. Volatility index, India VIX, eased 0.3 per cent to 15.79 level.

That said, the broader markets were also trading firm in the afternoon session. The BSE Midcap index rose 1.51 per cent, while the Smallcap index was up 0.78 per cent. About 1,857 shares have advanced, 1,406 shares declined, and 151 shares are unchanged on the BSE.

Further, the shares of companies related to Natural Gas were trading in green with strong positive sentiment as the prices of Compressed Natural Gas (CNG) and piped natural gas (PNG) were hiked with effect from October 13, 2021 in several cities in North India. READ MORE

European markets extend losses

European stocks extended losses on Wednesday as investors were unnerved by the prospect of rising inflation slowing growth. The pan-European STOXX 600 index slipped 0.4 per cent, the German DAX was down 0.2 per cent and France's CAC 40 fell 0.5 per cent. 

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Markets at 12 NOON: 

LIVE markets update:  The domestic benchmark indices continued to trade higher in the afternoon on Wednesday supported by the auto, metal and power stocks. The Sensex was up 314 points at 60,597, and the Nifty50 was up 130 points at 18,121. Earlier, the Indian benchmark indices opened at record highs, as Sensex crossed 60,600 and Nifty rose to 18,147.

The top gainers were Power Grid, M&M, Titan, Tata Steel and Sun Pharma. On the flip side, the only laggards were HUL, Nestle India, Maruti Suzuki and SBI. About 1821 shares have advanced, 1156 shares declined, and 104 shares are unchanged.

On the sectoral front, the Nifty Auto and Metal indices were the top gainers, rising by 3.6 per cent and 1.9 per cent, repsectively. The only sectoral laggards were the realty, PSU Bank and FMCG indices. The broader markets also continue to trade on a firm note, with the BSE Midcap and Smallcap indices up 1.2 per cent and 0.8 per cent, respectively. 

GLOBAL MARKETS

Asian shares were on edge on Wednesday as worries about soaring power prices fuelling inflation weighed on sentiment. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 per cent, steadying after falling over 1 per cent a day earlier, in what was its worst daily performance in three weeks. Moves were muted in most markets. Chinese blue chips were flat, Australia eeked out a 0.06 per cent gain, while Japan's Nikkei shed 0.2 per cent. Hong Kong's stock market was closed in the morning because of a typhoon.
 

Oil prices are currently near multi-year highs. Brent crude fell 0.29 per cent to $83.18 a barrel, just off Monday's three-year high of $84.6, while U.S. crude shed 0.2 per cent to $80.48. 

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Markets at 11 AM:

LIVE markets update: The BSE Sensex so far has registered a new summit at 60,661, and was up 325 points at 60,609. The  NSE Nifty was hovering near the day's high (18,133), up 135 points at 18,127.

Mahindra & Mahindra has surged 4.8 per cent to Rs 932. Titan, Tata Steel and PowerGrid Corporation are the other major Sensex gainers.
 
The broader markets also continue to trade on a firm note, with the BSE Midcap and Smallcap indices up 1.2 per cent and 0.8 per cent, respectively. The market breadth was fairly positive with 1,902 advancing shares as against 1,209 declining stocks on the BSE.

Sona BLW Precision and Tata Power are the major gainers in the mid-cap space, up over 12 per cent each. Ashok Leyland, BHEL, Jindal Steel, SAIL, Tata Communications and Trent are the other major gainers. NHPC, Supreme Industries and Lodha are some of the notable losers.

In the Small-cap space, Tata Investment Corporation up almost 17 per cent is the top gainer followed by Centrum Capital, Swelect Energy, Tata Chemicals and Borosil Renewables all up over 10 per cent each. On the flip side, Kridhan Infra has slumped 8 per cent. Future Supply Chain Solutions, Sintex and Nazara Technologies are the other prominent losers, down over 5 per cent each.

Maharashtra Seamless has zoomed 50 per cent so far this month. The company on October 8, 2021, had announced an order win worth Rs 237 crore from ONGC for supply of seamless casings pipe. READ MORE
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Markets at 10:

LIVE market updates: The markets continue to trade on a firm note, with the BSE Sensex up 304 points at 60,588, and the NSE Nifty up 125 points at 18,117.

The broader markets are also trading on a firm note, with the BSE Midcap and Smallcap indices up 0.8 per cent. Among sectors, the BSE Auto index has surged over 3 per cent followed by around 2 per cent gain in Utilities, Industrials and Power indices. All sectoral indices were positive in early morning trade.

The market breadth was also largely positive with 1,875 advancing shares versus 894 declining stocks on the BSE.

Tata group stocks in focus:

Tata Motors has zoomed 17 per cent to Rs 492.55 on back of Rs 7,500 crore TPG funding. Meanwhile, Tata Motors DVR too has hit the 20 per cent upper limit at Rs 237.30 on the BSE. Few other Tata group stocks like, Tata Power, Tata Chemicals and Tata Invest have also rallied 9-10 per cent each.

Tata Communications, Tata Consumer Products and Tata Elxsi were up 2-3 per cent each. Sensex constituents TCS and Tata Steel were up 0.4 per cent and 0.7 per cent, respectively.

Centrum Capital has soared 17.5 per cent to Rs 46.95 on receiving RBI nod for small finance bank license for its consortium of Centrum group and Resilient Innovations.
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(Updated at 09:30 AM)

LIVE market updates: The markets opened on a positive note, with benchmark indices scaling new peaks in opening trades, on the back of better-than-expected CPI September Inflation and August Industrial Output data. The headline inflation dropped to a 8-month low at 4.35 per cent, while the IIP grew at 11.9 per cent.

The BSE Sensex opened with a positive gap of 336 points at 60,620, and was quoted at 60,505 at 09:17 AM. The NSE Nifty touched a high of 18,099 in opening deals, and was up 83 points at 18,075.

Tata Motors zoomed 15 per cent to Rs 483.90 on the BSE after the company secured funding up to Rs 7,500 crore from TPG for its electric vehicle arm. This is the first major fundraising by an Indian carmaker to push mobility. READ MORE

Mahindra & Mahindra was the major gainer among the Sensex 30 stocks, up 1.8 per cent at Rs 906. Tech Mahindra, Asian Paints and Kotak Mahindra Bank were the other prominent gainers.

On the other hand, Tata Steel and Hindustan Unilever were the marginal losers.
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(Updated at 09:04 AM)

LIVE market updates: The BSE Sensex soared over a per cent to 60,900-odd levels in the pre-open trades, and was later quoted at 60,622, up 338 points. The NSE Nifty 50 index was up 90 points at 18,083.

Kotak Mahindra Bank, NTPC, PowerGrid Corporation and HDFC Bank were the prominent gainers in the Sensex 30 stocks.


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(Updated at 08:10 AM)

LIVE market updates: Stock-specific activity will remain high on D-Street on Wednesday as earnings season gains momentum, with IT stocks set to hog the bulk of the limelight. 

Infosys, Wipro and thirteen other firms, including Mintree, Birlasoft and AB Money will also post their numbers today.

Analysts expect a near 20 per cent year-on-year jump in revenue for Infosys in the recently concluded quarter. Revenue guidance is likely to be upped for the third time in a row. READ HERE

As for Wipro, revenue projections range between 25 per cent and 29 per cent on yearly basis. Revenue growth, analysts say, will be driven by the ramp-up of large deals along with contribution from Capco and Ampion acquisitions. READ HERE

That apart, investors may also positively react to CPI print and IIP data that came in slightly better than market expectations. Besides, IMF expects India to grow at 9.5 per cent in 2021 and at 8.5 per cent in 2022.

Global cues

Asian stocks were mixed, with Japan’s Topix index down 0.3 per cent while Australia’s S&P/ASX 200 Index added 0.1 per cent and South Korea's Kospi rose 1.1 per cent. SGX Nifty, meanwhile, was up 51 points at 18,056 levels at 8:10 AM.

In contrast, Dow Jones declined 0.34 per cent, S&P500 lost 0.24 per cent and Nasdaq Composite shed 0.14 per cent in the overnight session as investors grew more jittery in the run-up to third-quarter earnings