MARKET WRAP: Sensex ends 255 pts higher; financial, metal stocks advance
All that happened in the markets today
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NSE's Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent
The domestic stock market regained some lost ground on Friday, a day after benchmark indices tumbled around 2.5 per cent. The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels, thanks to healthy buying in the financial counters. NSE's Nifty ended at 11,762 levels, up 82 points, or 0.7 per cent. India VIX declined nearly 2 per cent to 21.64 levels.
In the broader market, the S&P BSE MidCap index gained 1 per cent to 14,621 points while the S&P BSE SmallCap index settled nearly 1 per cent higher at 14,787 levels.
In the broader market, the S&P BSE MidCap index gained 1 per cent to 14,621 points while the S&P BSE SmallCap index settled nearly 1 per cent higher at 14,787 levels.
Global markets
Financial markets remained shaky on Friday as hopes for a new round of US fiscal stimulus met fears that social restrictions to tackle the coronavirus pandemic would undermine the economic recovery.
Oil prices and Asian stocks slid, but European stocks recovered in morning trading after sharp losses the day before.
Germany’s 10-year bond yield was set for its biggest weekly drop since August as doubts grew about the economic recovery in the euro zone.
(With inputs from Reuters)
3:43 PM
SECTOR WATCH | Nifty Metal surges 4%
3:42 PM
MARKET AT CLOSE | Gainers and losers on the BSE Sensex
3:36 PM![]()
CLOSING BELL
The S&P BSE Sensex ended 255 points, or 0.64 per cent higher at 39,983 levels while NSE's Nifty ended at 11,762, up 82 points, or 0.7 per cent.
3:27 PM![]()
IDBI Bank surges 18% on government stake sale plan report
The government currently owns a 47.11 per cent stake in IDBI Bank. In January 2019, Life Insurance Corporation (LIC) completed the acquisition of 51 per cent controlling stake in the lender. The state-owned life insurer infused Rs 21,624 crore into the bank. READ MORE
3:17 PM![]()
Centrum Broking on Mindtree
RATING: BUY | TARGET PRICE: Rs 1,600
We expect Mindtree USD revenues to decline by 2.7% YoY for FY21E. This is lower than peers ( We model LTI and Coforge USD revenues to grow by 6.3/4.7% for FY21).While Mindtree has high top account concentration (Microsoft accounts to 29% of total revenues), recent deal wins and ramp ups can gradually lower top account concentration. With limited options in diversified portfolio midcap IT Services companies (LT Infotech, Mindtree, Coforge) coupled with low float in these stocks there is steeper movement in these stock. We value Mindtree at 21x Sep22E EPS (vs 20.5x earlier), which yields a target price of Rs1600/sh. Retain BUY
We expect Mindtree USD revenues to decline by 2.7% YoY for FY21E. This is lower than peers ( We model LTI and Coforge USD revenues to grow by 6.3/4.7% for FY21).While Mindtree has high top account concentration (Microsoft accounts to 29% of total revenues), recent deal wins and ramp ups can gradually lower top account concentration. With limited options in diversified portfolio midcap IT Services companies (LT Infotech, Mindtree, Coforge) coupled with low float in these stocks there is steeper movement in these stock. We value Mindtree at 21x Sep22E EPS (vs 20.5x earlier), which yields a target price of Rs1600/sh. Retain BUY
3:08 PM
IDBI Bank advances 16.5%
2:59 PM
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Steel stocks in focus; JSW Steel hits 52-week high, Tata Steel surges 5%
Shares of steel companies were in demand on Friday, ralling by up to 6 per cent on the BSE on expectation of demand recovery. JSW Steel advanced 6 per cent to Rs 308, hitting a fresh 52-week high on the BSE. The stock surpassed its previous high of Rs 298 touched on October 9, 2020. Tata Steel, Jindal Steel and Power and Steel Authority of India (SAIL), on the other hand, were up 3 per cent to 6 per cent on the BSE. READ MORE
2:51 PM
Heatmap: S&P BSE Sensex gainers and losers at this hour
2:47 PM
Avadh Sugar surges 13%
2:40 PM![]()
Explained :: How Uttam Galva Steels lost its sheen amid mounting debts
The Mumbai-based Miglanis were known for eye-catching deals. In 2009, a stake in their flagship Uttam Galva Steels Ltd (UGSL) paved the way for the world’s largest steelmaker, ArcelorMittal, to gain a foothold in India after aborted attempts at setting up greenfield plants. READ MORE
2:35 PM
Click here for the full list![]()
SECTOR WATCH:: Metal stocks shine
| COMPANY NAME | LATEST | HIGH | LOW | CHG(%) |
|---|---|---|---|---|
| VEDANTA | 95.65 | 97.95 | 94.95 | 0.68 |
| JINDAL STEEL | 193.15 | 193.75 | 179.30 | 5.52 |
| TATA STEEL | 392.50 | 395.10 | 375.45 | 5.02 |
| S A I L | 33.65 | 33.75 | 32.80 | 2.59 |
2:27 PM
Result Tomorrow :: Avenue Supermarts trades weak
2:20 PM![]()
This beaten-down stock has zoomed 306% in 6 weeks after restart of trading
The internet software & services company's stock was trading at its 52-week high level and has zoomed 306 per cent since September 7, 2020. It was last traded on May 26, 2020 and closed at Rs 23.70 on the BSE. The stock hit a record high of Rs 1,024 on November 29, 2017. READ MORE
2:13 PM
HDFC Banks trades 2% higher ahead of Q2 nos tomorrow
2:10 PM![]()
Edelweiss Securities on HCL Tech
RATING: BUY | TARGET PRICE: Rs 1,481
The company delivered a robust set of numbers in this quarter, delivering both on the revenue and margin front. Deal pipeline is at all-time high. These numbers reinforce our belief that we are the beginning of a tech upcycle. Overall performance was broad based with all growth engines firing. All geographies/ segments/ verticals returned to positive sequential growth.
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First Published: Oct 16 2020 | 7:51 AM IST
