Sensex ends 235 pts off day's high, up 69 pts; ZEEL surges 40% ahead of AGM

Led by gains in select IT and private bank stocks, the benchmark indices settled in the green on Tuesday, rising for the second time in the last three sessions. Although, profit booking at higher levels and mixed global cues pulled indices off day's high, resulting in meagre gains at the benchmark level. The flagship Sensex ended 69 points higher at 58,247.09. Meanwhile, Nifty50 closed the day at 17,380, up 25 points. 

At the same time, interest in the broader markets remained strong, with BSE Midcap index rallying 1.09 per cent and the BSE Smallcap index 0.63 per cent. 

The stock-specific activity remained high. Shares of Zomato ended the volatile session up 0.63 per cent, off 6 per cent from all-time high of Rs 152.75 after the company's co-founder Gaurav Gupta stepped down. READ HERE

Further, shares of Essel Group companies rallied as Zee Entertainment shareholders sought to revamp the board at an AGM later today. The largest shareholder of Zee Entertainment Enterprises, Invesco Developing Markets Fund and OFI Global China Fund llC have called an extra-ordinary general meeting of shareholders seeking to remove Punit Goenka, currently MD of the company. READ HERE

Zee Entertainment posted its biggest one-day gain as it ended 39.99 per cent higher at Rs 261.50. Other group stocks - Zee Learn up 20 per cent and Zee Media up 5 per cent - also rallied.

Thanks to the surge in Zee Entertainment, Nifty Media index emerged to be the best performing sector on NSE today, with a gain of over 14 per cent. Nifty Private Bank, IT and Auto were among top sectoral performers. Nifty Metal declined the most, down 0.5 per cent. 

Meanwhile, in the primary market, the IPO by Sansera Engineering was subscribed nearly 50 per cent on the first day of its bidding process, with retail investors quota subscribed the most so far.  

4:30 PM

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

Despite a bullish opening, domestic indices closed flat with a positive bias amid mixed sentiments among global peers. India’s retail inflation softened to 5.3% in August, staying within RBI’s comfort zone which was led by lower food inflation. However, the wholesale price inflation accelerated to 11.39% snapping the two-month easing trend owing to non-food articles. Global markets traded cautiously ahead of the US consumer price index to be released today. 

4:28 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with good gap but unable to sustain on highs and saw profit booking & closed a day at 17380 with minimal gains. Index again took hurdle from its previous swing high and forming sort of double top pattern on lower time frames which will be active below 17250 zone, for further upside index needs to sustain above 17450 zone otherwise we may see more profit booking & we may head towards immediate support zone of 17300-17250 zone. 

4:27 PM

MARKET CLOSE :: Deepak Jasani, Head of Retail Research at HDFC Securities

Nifty closed at its all time high though on an intra day basis it faced resistance from the previous high formed 4 days back. Advance decline ratio has improved to much above 1:1, bringing some positivity amongst traders. A convincing breach of 17437 could lead to acceleration in the upmove. On the other hand 17254 could act as a support.

4:24 PM

A sign of fatigue seen as Nifty is approaching key resistance

In last few sessions, Nifty has traded within a range of 17250-17430 and as we approached the higher end of the range today, we saw signs of fatigue at higher levels. The stock specific momentum continued where better trading opportunities are seen for day traders. Until we see a clear breakout from the range of 17250-17450, we continue with our advice for traders to avoid aggressive trades in index and rather focus on stock specific ideas. In last few day’s, the banking index too has seen a sideways move and looking at the lower time frame chart, we expect a breakout soon on either side which could then lead to momentum in the benchmark as well. Hence, traders should keep a watch on the development there and we reiterate to have a thematic approach and be fussy in stock selection.
 

Views by: Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

4:23 PM

Listing Day Action :: Vijaya Diagnostic ends up 14.2% after a quiet debut

>> Shares of Vijaya Diagnostic Centre made a quiet debut at Rs 542.30, 2 per cent higher against the issue price of Rs 531 per share on the BSE

>> On the National Stock Exchange, it opened at Rs 540 per share
 

4:19 PM

Listing Day Action :: Ami Organics ends up 3.6% after listing at 49% premium over issue price

>> The company had set an issue price of Rs 610 per share 

>> On the BSE, the stock opened at Rs 902, 48 per cent higher than its issue price
 

4:11 PM

IPO Update :: Sansera Engineering subscribed 0.47 times so far

4:04 PM

Zomato ends up over co-founder Gaurav Gupta's exit from the company

>> His exit comes days after Zomato exited its grocery delivery business

3:59 PM

Volatility Alert

>> India VIX ends 0.5 per cent lower at 13.58 level

3:56 PM

Sector of the day :: Nifty Media ends up 14.4% led by gains in Zee Ent which zoomed 40%

3:49 PM

Most auto stocks end in the green

3:45 PM

Broader markets outperform benchmarks; Nifty Midcap 100 ends up 1.35%

3:42 PM

Sector Watch :: Nifty Media climbs 14.4%; Nifty FMCG, Metal top losers

3:40 PM

Sensex Heatmap at close

Top gainers: IndusInd Bank, HCL Tech, Bajaj Auto

 

Top losers: Nestle, UltraTech Cement, Tata Steel
 

3:36 PM

CLOSING BELL :: Markets fail to sustain opening gains

Domestic equity benchmarks started Tuesday's session on a strong note amid buying interest in RIL and private bank stocks. However, the markets failed to maintain the opening gains on account of selective profit-taking. At close, the Sensex was at 58,247 level, up around 69-odd points. The NSE Nifty gained 24-odd points to end at 17,379. The broader markets continued to outperform the benchmarks. The BSE Midcap 100 closed the day 1.09% higher, while the BSE Smallcap 100 ended up 0.63%.