MARKET WRAP: Sensex jumps 629 pts on broad-based buying; Nifty Bank up 3.7%

All that happened in the markets today

12:22 PM

BROKERAGE VIEW | Edelweiss Securities on Battery industry

We remain positive on the battery industry in light of: i) healthy auto replacement sales; and ii) emerging segments within industrials. Given their strong market shares, balance sheets and healthy cash flows, we maintain ‘BUY’ on both Exide (TP: Rs 184) and AMRJ (TP: Rs 842), valuing them at 18x and 21x core business, respectively—a huge valuation gap vis-a-vis global lithium-ion battery players.

12:12 PM

PNB nears 52-week low on Rs 1,230 crore fraud by Sintex Industries

Shares of Punjab National Bank (PNB) slipped 3 per cent to Rs 27.65 on the BSE in intra-day trade on Thursday in otherwise firm market, after the bank reported a fraud worth Rs 1,203 crore by Sintex Industries. The stock of state-owned lender was trading lower for the third straight day. It is close to its 52-week low price of Rs 26.30 touched on May 20, 2020. READ MORE

12:09 PM

6 auto, cement stocks you can bet on as they unveil their September sales

Escorts Ltd (ESCORTS): The recent upside clearly indicates the strength that absorbed selling pressure above the resistance zone of Rs 1,280 levels. A high of Rs 1,342 on September 30 reflects the positive momentum staying strong above Rs 1,300 levels. The stock is trading above the support of 50-days moving average (DMA), currently placed at Rs 1,169 levels. The overall trend suggests that the counter is moving in the direction of Rs 1,400 and Rs 1,550 levels in the days ahead. READ MORE

11:53 AM

Expect no gains for Nifty over next year as stocks get expensive: Citi

India’s major stocks are unlikely to gain much over the next year as the inflow of funds amid global coronavirus-related stimulus and easy money policies has made them too expensive for now, according to Citigroup Inc. “Foreign flows are supportive but on the domestic side, we have seen things slowing down a bit,” Surendra Goyal, Citi’s head of India research, said in an interview this week. “Liquidity does act as a support to the market but valuations are on the higher side, particularly in the backdrop of the pandemic.” READ MORE

11:49 AM

MARKET UPDATE:: Volatility index, India VIX, cools off 4%

11:31 AM

BROKERAGE VIEW | Prabhudas Lilladher on Lupin

Rating: BUY | CMP: Rs 1,007 | TP: Rs 1,085

We believe LPC would have an advantage with the first gTykerb launch which could lead them to sustain 60% market share. With 60/40 profit share for gTykerb, we expect an EPS contribution of Rs 0.40 and Rs1.10 for FY21E and FY22E. We remain upbeat of LPC on regulatory revival theme and new launches in the US market. We have a BUY rating and our TP is Rs 1,085 based on 24x (PE) on FY22E.

11:21 AM

Top gainers on the BSE at this hour

11:16 AM

BROKERAGE VIEW | ICICI Securities on 3M India

RECO: ADD | TARGET PRICE: Rs 20,000

We model 3M India to report revenue and PAT CAGRs of 4.8% and 8.2% respectively over FY20-FY23E. RoE is also expected to remain above the cost of capital over the same timeframe. We initiate coverage on the stock with an ADD rating and DCF-based target price of Rs 20,000 (55x FY23E).

11:06 AM

MARKET UPDATE:: Sensex holds early gains

10:49 AM

Bajaj Auto rallies 8% on better-than-expected September sales

Shares of Bajaj Auto rallied 8 per cent to Rs 3,112 on the BSE on Thursday after reporting a better-than-expected 10 per cent year on year (YoY) increase in its total September sales at 441,306 units, on the back of its highest-ever export sales. The two- and three-wheeler manufacturer had sold 402,035 units in the year-ago period. READ MORE

10:49 AM

Sept Auto Sales :: Maruti Suzuki India posted total sales of 160,442 units

10:40 AM

NEWS ALERT :: Markit Manufacturing PMI jumps to 56.8 in September vs 52 in August

10:29 AM

Computer Age Management Services lists at 23% premium over issue price

Shares of Computer Age Management Services (CAMS) were listed at Rs 1,518, a 23 per cent premium against the issue price of Rs 1,230 per share on the BSE. At 10:04 am, the stock was trading at Rs 1,493, 21 per cent higher against the issue price. It touched a low of Rs 1,480 and a high of Rs 1,550 on the BSE so far. As many as 4.9 million equity shares changed hands on the counter on the BSE. READ MORE  

10:16 AM

Chemcon Speciality makes strong debut, lists at 115% premium to issue price

Shares of Chemcon Speciality Chemicals, on Thursday, made a stellar debut at the bourses, listing at Rs 731, a 115 per cent premium against issue price of Rs 340 per share on the BSE. At 10:01 am, the stock was trading at Rs 669, up 97 per cent against its issue price. The stock has touched a high of Rs 743.80 and low of Rs 650, so far. Around 299,000 million shares have changed hands on the counter on the BSE. READ MORE

10:08 AM

NEW LISTING :: Chemcon Speciality slumps after debut at Rs 731