MARKET: Indices end flat, Nifty settles at 11,222; PSBs, FMCG stocks fall

All that happened in the markets today

11:49 AM

37,300 level crucial for Sensex. A dip below this can trigger a correction

After gaining since the past few sessions, the markets witnessed choppy trade on Tuesday with the benchmark indices - the S&P BSE Sensex and the Nifty50 - failing to hold on to gains in intra-day deals. The trend among Nifty sectoral indices was largely negative, led by Nifty PSU Bank index, down 2 per cent. Experts said investors are hoping that the US lawmakers reach an agreement regarding a stimulus package. . Will the markets be able to hold on to higher levels going ahead or will they succumb to profit booking? READ MORE 

 

11:42 AM

Hero MotoCorp gains 3%, hits over 2-year high on Co's demand forecast

Shares of Hero MotoCorp hit an over two-year high of Rs 3,196 on the BSE on Tuesday after rising 3.5 per cent on expectation of improving demand, going forward. The two-wheeler manufacturer's stock was trading at its highest level since December 27, 2018. In the past three months, Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has outperformed the market by surging 27 per cent, against 9 per cent rise in the S&P BSE Sensex. READ MORE

11:37 AM

IPO UPDATE | Mazagon Dock Shipbuilders IPO subscribed 50% so far on Day 1

(Source: NSE)

11:30 AM

BROKERAGE VIEW | Emkay Global on Cement sector

We remain positive on the sector and expect industry volume to start improving from Q4FY21. Demand recovery in North, Central and East regions surprised positively after easing of the lockdown norms and there should be gradual improvement in demand in South/Maharashtra markets. We expect cement prices to improve after the monsoon season. We have an OW stance on ACC, Ambuja, UltraTech, Birla Corporation, JK Cement and JK Lakshmi in sector EAP. We are UW on Grasim Industries and EW on Shree/Ramco Cement.

11:19 AM

Nifty sectoral indices at this hour

11:12 AM

Colgate investors may smile again on likely turnaround in toothpaste business

The loss of market share in the toothpaste business in the past couple of years because of competitive intensity has been a major worry for Colgate-Palmolive (India)’s investors. And, the same is also palpable in its stock performance. Colgate's share price is down nearly 8 per cent over a year, twice the fall in Nifty FMCG index during the same period. READ MORE 

11:05 AM

India-focused funds may soon get fast approval from Mauritius regulator

Mauritius had been taking a bit longer to greenlight India-focused funds in the recent past, with the country’s financial services regulator busy in activities aimed at exiting the grey and black lists of the Financial Action Task Force (FATF) and the European Union (EU), respectively. That may be about to change as Mauritius is done with most of its submissions and progress reports to the two bodies, said people in the know. READ MORE 

 

10:59 AM

MARKET CHECK

10:49 AM

IT shares gain on US stimulus hope; TCS, Infosys near record highs

Shares of information technology (IT) were trading up to 3 per cent higher at the bourses on Tuesday on report that the US government is working on a stimulus of $2.4 trillion. Tata Consultancy Services (TCS) gained 3 per cent to Rs 2,505 on the National Stock Exchange (NSE). The IT major's stock was trading close to its all-time high level of Rs 2,555, touched on September 22, 2020. Infosys was also up nearly 2 per cent to Rs 1,028, near its record high of Rs 1,037, hit on September 23. READ MORE 

10:42 AM

Top losers on the BSE at this hour

10:33 AM

BROKERAGE VIEW | LKP Securities on Raymond

RATING: BUY | TARGET PRICE: Rs 485 

Investment Argument

• The steep correction in the stock price of Raymond provides the Contrarion Investor an opportunity to invest in a high quality consumer franchise as we enter the unlock phase of the Pandemic.
• The Demerger of its Lifestyle Business, rapid strides taken in its Real Estate Business along with the consolidation of its FMCG Business should in our view put to rest street apprehensions, if any, on its Future Focused Strategy.
• The 80 acre land parcel in Thane should help Raymond execute its de-leveraging strategy going forward.
• Execution of its strategy on various non-core business verticals in our view should only help hasten the recovery process going forward.
• We Initiate Coverage on Raymond and recommend a BUY with a 12 month SOTP based price objective of Rs 485.

10:23 AM

Natco Pharma trades nearly 4% higher

10:15 AM

Defence related stocks in focus; Bharat Dynamics, HAL gain up to 4%

Defence Minister Rajnath Singh on Monday unveiled the new Defence Acquisition Procedure of 2020 (DAP 2020), which will govern the procurement of defence equipment from the capital budget. It will supersede the Defence Procurement Procedure of 2016 from October 1, the Business Standard reported. READ MORE  

10:07 AM

RUPEE CHECK | Rupee opens at 73.78 against US dollar, unchanged vs Monday's close

10:05 AM

BUZZING STOCK | Shalby jumps over 9%