Sensex ends above 59K, up 418 points; Nifty tops 17,600; ITC rallies 7%

RIL, ITC and bank stocks contributed to the gains on benchmarks while metals and IT names languished

The market bulls continued to party for the third straight session, pushing benchmark indices to record high levels on Thursday. A firm global market mood and recently introduced reforms for the telecom and auto sector pushed the indices to fresh peaks. Further a rally in PSU Bank stocks ahead of the Finance Minister Niramala Sitharaman's address also added to the gains. Other top contributors included index heavyweights Reliance Industries and ITC.

The BSE barometer Sensex jumped 418 points to end above 59,000 mark for the first time at 59,141. It touched a new high of 59,204 in intra-day deals. Meanwhile, its NSE counterpart Nifty gained 107 points to 17,626. It hit a new peak of 17,645 during the session. 

In the 30-pack index, 16 stocks closed in the green and 14 in the red. IndusInd Bank, ITC, SBI and RIL were the best performers, up 2-7 per cent and Tech Mahindra, Bharti Airtel, TCS and Tata Steel were the worst losers. 

Sectorally, the Nifty PSU Bank index put up a stellar show as it surged over 5 per cent amid hopes that Sitharaman would make announcements about a proposal to set up a bad bank in a press briefing later today. Nifty Private Bank and Nifty Bank were among other top gainers, up 3 per cent and 2 per cent, respectively. Nifty Media, Metal and IT were the only losers. 

The broader markets too rejoiced but underperformed the benchmark. The BSE Midcap index rose 0.48 per cent and the BSE Smallcap eked out 0.08 per cent gain.

4:18 PM

EXPERT TAKE :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed at record highs for the third consecutive session on Sept 16 aided by Banks & FMCG shares. On a day when volumes on the NSE were higher than recent average, Banks, Telecom, FMCG and Energy shares gained the most, while Metals and IT fell the most. The broader indices underperformed larger peers with the S&P BSE MidCap adding 0.5% and S&P BSE SmallCap closing little changed. While Nifty continued to march upwards on Sept 16, advance decline ratio has fallen below 1:1 denoting profit taking across the broader markets. Sector and stock rotation among the largecaps is witnessed. 17700 is the next target for the Nifty while 17519 could be the support for the near term.   

4:16 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed another day of positive movement after the market was able to sustain the Nifty 50 Index level of 17500. It shows Sustaining above 17500, the market to gain momentum, leading to an upside projection till 17850 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

4:16 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

It is generally seen that when an underperformer makes a much awaited upmove, it creates a feel good effect on others. Ahead of the operationalisation of the NARCL, banks provided the much needed ammunition to the Bulls to notch up record highs of 59K on the Sensex. The charge of the energised Bulls took India's market capitalisation ahead of France as PSU banks lent the firepower.

4:12 PM

MARKET VIEW :: Banking sector expected to perform well in coming days

Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today’s market rally was driven by strong buying in Banking stocks especially in PSBs. The banking sector is expected to perform well in the coming days as the sector which failed to fairly participate in the ongoing rally due to fear over asset quality is gaining traction. Asian markets traded with cuts as the fall in Chinese property stocks pushed Asian stocks down while European markets traded with positive sentiments.

-- Vinod Nair, Head of Research at Geojit Financial Services

4:11 PM

IPO CHECK :: Sansera Engineering subscribed over 11 times so far

>> The issue closes at 5 pm today

>> QIB portion subscribed the most

4:09 PM

Easy Trip surges 19% on expanding international presence

>> The stock hit a new high in trade today

>> EaseMyTrip has expanded its international footprint by incorporating wholly-owned subsidiaries in the Philippines, Thailand, and the United States of America as part of its second phase of the global expansion strategy. The company has forayed into these new countries anticipating a huge pent-up global demand for the travel and tourism sector in the coming months.

4:07 PM

Shalby ends in the red even as ICRA upgrades rating

>> ICRA upgraded the long-term ratings as ICRA A+ (pronounced as ICRA A Plus) from ICRA A (pronounced as ICRA A) on the term loans and fund based facilities aggregating to Rs 103.02 crore of Line of credit of the Company. 

4:00 PM

BUZZING :: ITC rallies 7%, nears 52-week high level

3:59 PM

Ami Organics rallies for the 3rd straight session

>> The stock listed on bourses on Tuesday

3:50 PM

Hindustan Copper tumbles 7% on Day 1 of OFS

>> Government plans to sell 10 per cent of the company's equity through an Offer for Sale. The initial plan is for the sale of 4.83 crore shares or 5 per cent of the total equity, with a green shoe option to sell another 4.83 crore shares or 5 per cent of the total equity. The floor price of Rs 116 per share is at a 6.82 per cent discount to Wednesday's closing price.

3:49 PM

Vodafone Idea vaults 26% on govt relief for telecom sector

>> The Cabinet on Wednesday cleared a proposal giving telcos a moratorium on their adjusted gross revenue (AGR) dues as well as spectrum payments prospectively for the next four years.

 

3:44 PM

Sensex Contributors :: RIL, ITC account for most gains

3:41 PM

Broader Market :: BSE SmallCap index adds 0.8%

3:40 PM

Broader Market :: BSE MidCap index underperforms benchmarks, ends 0.48% up

3:38 PM

Sector Watch :: PSU Bank index shines on NSE