MARKET WRAP: Sensex up 277 pts; TCS' m-cap tops Rs 10 trn, stock jumps 7%

All that happened in the markets today

The equity benchmark indices ended nearly 1 per cent higher on Monday, mainly lifted by information technology (IT) stocks and private sector lenders such as HDFC Bank, and ICICI Bank. 

Shares of information technology (IT) companies were on a roll after Tata Consultancy Services (TCS) announced a share buyback plan amid expectation of strong earnings in the July – September quarter of the current fiscal (Q2FY21). The stock hit a fresh record high of Rs 2,727 on the BSE during the day before settling at Rs 2,707, up over 7 per cent. That apart, TCS' market capitalisation surged past the Rs 10 trillion mark for the first time ever.

Among headline indices, the S&P BSE Sensex settled 277 points, or 0.7 per cent higher at 38,974 levels and the Nifty50 index ended above 11,500-mark at 11,503, up 0.76 per cent. India VIX climbed over 7.6 per cent to 19.75 levels.

Meanwhile, financial stocks were in focus after the Supreme Court ordered that all affidavits in the interest waiver case be filed by October 12. The apex court will next hear the case on October 13. 

In the broader market, the S&P BSE MidCap index ended 0.18 per cent lower at 14,786.58 levels while the S&P BSE SmallCap index settled 0.38 per cent higher at 15,028 points. 

Global markets

Stocks rose on Monday as signs that President Donald Trump’s health was improving eased some of the political uncertainty caused by his coronavirus infection, which sent investors rushing for safety last week.

That helped US S&P 500 e-mini futures rise 0.62 per cent, while Nasdaq futures gained 0.89 per cent.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.08 per cent. Euro Stoxx 50 futures were up 0.82 per cent, German DAX futures rose 0.72 per cent, and FTSE futures gained by 0.91 per cent.

In commodities, oil prices rose, lifted by comments from doctors for US President Donald Trump suggesting he could be discharged from hospital as soon as Monday. 

(With inputs from Reuters)

3:43 PM

SECTOR WATCH | Nifty IT gains nearly 3.5%

3:42 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:36 PM

CLOSING BELL

The S&P BSE Sensex ended 277 points, or 0.71 per cent higher at 38,974 levels while NSE's Nifty ended at 11,503, up 86 points, or 0.76 per cent.

3:28 PM

MARKET CHECK

3:22 PM

BROKERAGE VIEW | ICICI Securities on Coal India

RATING: BUY | TARGET PRICE: Rs 258

We maintain our BUY rating on CIL and our target price of Rs258. We remain structurally positive on the stock, valuing it on DCF basis with peak production of

850mnte from FY29E onwards. The stock is currently trading at 3.8x P/E and 1.7x EV/EBITDA on FY22E basis with 45% RoE.

Key downside risks: 1) Weakness in the power sector leading to lower volumes, 2) weakness in international coal prices (impacting the sentiment and making imported coal more competitive vs domestic coal), and 3) natural disasters impacting volumes.

3:14 PM

BSE Midcap index trades flat with a negative bias

3:03 PM

SpiceJet gains 3% as airline to start flights to London from December 4

Addressing media via video conferencing, CMD Ahay Singh said the airline would start flights between Delhi and Mumbai to London within two months. Besides, the airline would announce other destinations for long-haul flights in the days to come.

 

The airline would deploy A330neo for London operations, he said. READ MORE

2:52 PM

TCS, Infosys, and HDFC Bank top contributors to Sensex's 300-point gain today

2:40 PM

NEWS ALERT :: SpiceJet to start London-bound flights from December 4, says Ajay Singh

2:35 PM

NEWS ALERT :: FM Sitharaman to address media on GST Council meeting outcome at 5:45 pm

2:32 PM

Chemcon Speciality shares slip 31% in two days after making a strong debut

Chemcon Speciality Chemicals was listed at Rs 731, a 115 per cent premium against the issue price of Rs 340 per share on the BSE. It touched a high of Rs 743.80 in the intra-day on the exchange on Thursday. READ MORE 

2:31 PM

NEWS ALERT :: Q2 was characterized by a partial revival of consumer sentiment, says Marico

>>  Rural continued to perform better than urban aided by Government’s focused relief packages, relatively lower impact of the pandemic, the resilience of the agricultural sector in a declining GDP context and the consumption shift due to reverse migration of labour.

>> The distribution network has rebounded back to near pre-COVID levels. 

>> India business witnessed signs of revival in consumer demand in the core categories contributing more than 90% of the business and registered robust volume growth in the quarter.

>> The international business has clocked mid-single digit constant currency growth

2:23 PM

Steel costlier than pre-Covid level after firms hike prices by Rs 2,000 a tonne

Steel companies have increased prices by around Rs 2,000 a tonne effective this month, taking it to higher than pre-Covid-19 levels.

 

Most companies have increased prices of flat steel by Rs 1,500-2,000 a tonne from October 1. The average price of hot rolled coil (HRC), a benchmark for flat steel prices is now Rs 43,500 a tonne, what was around Rs 39,000 a tonne back in March before the lockdown. READ MORE
 

2:17 PM

Rupee Closing

Rupee ends at lower at 73.29 per US dollar vs Thursday's close of 73.15/$

2:00 PM

How one piece of hardware forced a full-day shutdown of Tokyo Stock Market

The full-day shutdown that ensued was the longest since the exchange switched to a fully electronic trading system in 1999. It drew criticism from market participants and authorities and shone a spotlight on a lesser-discussed vulnerability in the world’s financial plumbing -- not software or security risks but the danger when one of hundreds of pieces of hardware that make up a trading system decides to give up the ghost. READ MORE