Markets snap 7-session rally; Nifty settles September series above 9,750

All that happened in today's trade

The benchmark indices recovered on Thursday after declining for seven straight sessions, with the Nifty50 closing the September series above its crucial 9,750 mark. 

Gains were, however, capped by expectations of further rate hikes by the US Federal Reserve, tensions over North Korea, rising crude prices and worries of widening fiscal deficit on increased government spending to boost a slowing economy. 

In the currency market, the rupee came under further pressure, hitting as low as 65.89 per dollar, as the greenback strengthened after strong US economic data added to the case for further interest rate hikes by the Federal Reserve.

Meanwhile, Morgan Stanley, in a report titled 'India's digital leap - The multi-trillion-dollar opportunity', predicted Sensex to hit the 100,000 mark with an equity market capitalisation of $6.1 trillion in the next ten years. 

3:46 PM

Anand James, Chief Market Strategist, Geojit Financial Services 

 

Short covering ahead of the F&O expiry gave muscle to relief rallies, after bargain hunting trickled in Nifty tested 100-EMA. Market will now look forward to possible return of FIIs from a month long hiatus and positive outcomes from the next week's GST council meeting may instil some buying interest in the domestic market.

3:45 PM

Sectoral trend 

All but two sectors (Nifty IT, Nifty Media) ended in green.

Source: NSE

3:42 PM

Sensex heatmap at close

Source: BSE

3:39 PM

Broader markets 

 

The BSE Smallcap and the BSE Midcap outperformed to gain 0.9% and 0.7%, respectively.

3:39 PM

Markets at close

The S&P BSE Sensex ended at 31,282, up 122 points, while the broader Nifty50 closed at 9,768, up 33 points. 

3:22 PM

World Gold Council to set up India's first spot gold exchange

 

The World Gold Council (WGC) plans to form a committee soon to help set up India's first spot gold exchange within 12 to 18 months, a senior official of the industry body said on Thursday.

 

A dedicated exchange for physical gold is expected to pave the way for standard gold pricing practices in India, apart from bringing in transparency into a market which sees large cash transactions. READ MORE

3:17 PM

European markets

European shares were little changed on Thursday as gains in financial stocks and a weaker euro provided support, while fashion group H&M fell after disappointing results.

 

The pan-European STOXX 600 index was down 0.1% to just below the two-month high it reached in the previous session in anticipation of US President Donald Trump’s tax overhaul proposal.

 

Germany's export-oriented DAX index and France's CAC outperformed, trading up 0.2% and flat respectively. Spain's IBEX added 0.1% as worries over the Catalonia independence referendum eased.

3:15 PM

Volatility index 

India VIX eases nearly 5%. 

Source: NSE

3:01 PM

Markets check 

 

At 3:00 pm, the S&P BSE Sensex was trading at 31,242, up 83 points, while the broader Nifty50 was ruling at 9,751, up 15 points. 

2:50 PM

Buzzing stock

Dishman Carbogen Amcis hit an upper circuit limit of 5% at Rs 321.55 on BSE after the company said its Switzerland unit received zero observations from the US health regulator. 

2:33 PM

Top five losers on Nifty 

Source: NSE

2:16 PM

Top 10 stocks Morgan Stanley recommends

 

Bajaj Finance

 

Babaj Finance, which has gained over 100 per cent year-to-date, is the preferred pick of the global brokerage from its financials coverage. The stock is a pure play on consumer and SME financing growth given it has the highest exposure (over 90 per cent) to these segments as a share of the loan book.

 

CLICK HERE FOR MORE

1:55 PM

Cement shares trade firm

 

Shares of cement companies were trading higher by up to 7% on the BSE in noon deal on expectation of production recovery in October-December (Q3) quarter of FY17.

 

The frontline cement shares like ACC, Ambuja Cements, India Cements, UltraTech Cement and Shree Cement were up in the range of 1% to 4%, as compared to 0.06% rise in the S&P BSE Sensex. Sanghi Industries, Saurashtra Cement, NCL Industries, Mangalam Cement and KCP were up between 2% to 5% on BSE. READ MORE

1:41 PM

Market Check

Equity benchmarks continued to be volatile in afternoon ahead of expiry of September derivative contracts today.

 

At 1:40 pm, the S&P BSE Sensex was trading at 31,176 up 17 points while the broader Nifty50 index was ruling at 9,728, down 7 points

1:28 PM

 Agrovet listing additional trigger for Godrej Industries

 

Strong prospects of subsidiaries and steady performance of its investment companies are expected to be the much-needed shot in the arm for Godrej Industries’ valuation. While it has stakes in Godrej Consumer (23.8%) and Godrej Properties (56.7%), and will benefit from their growth, the immediate trigger is the listing of Godrej Agrovet, its 63.7% subsidiary. 

 

Given that Godrej Agrovet is valued at Rs 8,600-8,800 crore, the value of Godrej Industries’ stake after considering holding company discount would be about Rs 4,200 crore. READ MORE