Samvat 2079: Sensex up 525pts; logs best Muhurat-day gain in 14 years

Muhurat Trading Session Wrap: Financial shares led by ICICI Bank, HDFC twins top gainers chart. Nestle, L&T also up smartly, while Hindustan Unilever sheds 3 per cent.

Muhurat Trading session: The key benchmark indices started Samvat 2079 on a bullish note led by strong gains in financial and capital goods stocks. 

In Monday's one-hour special trading session, the S&P BSE Sensex scaled a high of 59,994, and eventually settled 525 points higher at 59,832.

The NSE Nifty touched a high of 17,778, and ended with a solid gain of 155 points at 17,731.

In the process, the benchmark indices registered best-ever trading session on Muhurat day in the last 14 years, since 2008.
 

BS Special - WATCH: FIVE key factors that shall drive markets in Samvat 2079

Among the Sensex 30 stocks, Nestle India surged 3 per cent. ICICI Bank, Larsen & Toubro, SBI and HDFC twins were the major gainers. On the flip side, Hindustan Unilever shed 3 per cent. 

In the broader market, the BSE Midcap index was up 0.5 per cent, while the Smallcap index added a per cent. 

Sectorally, the BSE Bankex, Capital Goods and and Telecom indices were up over a per cent each. The FMCG index finished a tad in red.
 

Flashback Samvat 2078 - The benchmark Sensex and Nifty ended marginally lower for the first time since Samvat 2071. However, the highlight of the year was the resilience of domestic markets and their sharp outperformance to global peers. READ MORE

 

7:55 PM

Market breadth extremely positive:: 2,662 advances v/s 744 declines

7:53 PM

Sectoral movers & shakers on the BSE

7:51 PM

Broader indices gain in tandem with benchmark Nifty 50

7:42 PM

Nifty 50 Movers & Shakers

chart

7:40 PM

Sensex 30 Heatmap:: Nestle, ICICI Bank lead gainers chart; HUL slips

7:29 PM

NSE Nifty 50 gains 154pts, ends at 17,731

7:24 PM

Closing Bell: Sensex ends 525 points higher at 59,832

7:15 PM

Debt MFs face lower risk, may put up a better show in Samvat 2079

Samvat 2079 could be rewarding for investors in debt mutual fund (MF) schemes, after disappointment in the last two years. READ MORE

7:07 PM

Jefferies on Reliance Industries

We lower our FY23E EBITDA by 2%, accounting for weaker O2C with export duties capping margins, Jio ests. lower with limited benefits of operating leverage and Retail estimates higher incorporating strong H1 performance. We forecast 10% Adj EPS CAGR over FY22-25E largely driven by Reliance Retail (RR) and Jio. Maintain Buy with price target of Rs 3,090.

Photo: Shutterstock

7:04 PM

MARKET COMMENT :: Jyotivardhan Jaipuria, founder, Valentis Advisors

The rate cycle will start slowing from the early part of next year and it will probably end in the middle of next year. By the end of the next calendar year, we will start looking at cuts in rates as well. We are probably going to see a recession in the US and Europe and consequently there will be an earnings slowdown.

Once the strength of the dollar peaks, we will see improvement in flows into emerging markets. The key headwind to watch out for will be any change in oil prices. We have seen our CAD go up and foreign reserves come down

Jyotivardhan Jaipuria

7:03 PM

Bombay Dyeing slumps 13% following Sebi ban on promoters Wadias

The Securities and Exchange Board of India (Sebi) barred Bombay Dyeing and Manufacturing Company (BDMCL), promoters Nusli Wadia, sons Ness Wadia and Jehangir Wadia from accessing the capital markets for two years for alleged misrepresenting financial statements. The market regulator has also slapped a cumulative penalty of Rs 15.75 crore on eight individuals and two entities, in the matter. READ MORE

7:02 PM

GLOBAL MARKETS :: Dollar shakes off suspected Japan intervention; stocks brace for earnings

The dollar weathered another suspected blast of Japanese intervention to rise against the yen on Monday, while European markets got a lift from hopes that U.S. interest rates could rise more slowly than previously thought.

 

The dollar roared to 149.70 yen in early trade before hastily retreating to 145.28 in a matter of minutes in what traders and analysts said appeared to be at the hands of the Bank of Japan. It was last down almost 1% at 149.24. READ MORE HERE

Photo: Reuters

7:00 PM

Credit Suisse to pay $234 million to settle French tax fraud case

French prosecutors said Monday that Credit Suisse has agreed to pay 238 million euros (USD 234 million) to settle tax fraud allegations, the latest blow for the embattled Swiss bank. READ MORE HERE

Photo: Bloomberg

6:59 PM

COMMENT :: Nigel Green, deVere Group

The UK’s new Prime Minister Rishi Sunak will enjoy a honeymoon period and a relief rally in the markets, but it won’t last very long. The pound will edge higher and gilt yields lower in response to Rishi Sunak’s ‘coronation’ by Conservative colleagues to be the party leader and PM. We expect the current relief rally of the markets will be over sooner rather than later because the UK still faces a storm of economic problems.

Rishi Sunak

6:56 PM

D-Link India zooms 15% after company reports 85% surge in Q2 net

D-Link India zoomed over 15 per cent to Rs 234 on the BSE in today's special trading session after the company reported 85 per cent YoY growth in Q2 net at Rs 22.17 crore. Total income rose 20.5 per cent to Rs 292.19 crore.