Sensex ends above 60,000; Nifty at 17,853; Metal stocks slide, IT shines

Stock market Live: The Nifty Realty rose nearly 3 per cent, while Nifty IT was up 1.6 per cent

3:33 PM

CLOSING BELL :: Sensex scripts history, ends above 60K mark for first time

>> The index recorded its fastest 10,000-point jump 

3:28 PM

Global oil and gas investment will be 30% below pre-Covid level: ONGC

Delivering his speech at the 28th Annual General Meeting of the company, Kumar said, “Last year, global upstream investments sank to a 15-year low at $350 billion, as operators focused predominantly on conserving cash flows and protecting their balance sheets by cutting their expenditures. While investments are expected to increase by 3-4 per cent this year, it would still be around 30 per cent lower than pre-pandemic levels.” READ MORE

3:21 PM

Evergrande's billionaire boss Hui Ka Yan exudes calm amid crisis

But now Hui's highly leveraged business strategy is unravelling. Beijing's tightening of the rules around debt and speculation in the property sector have tipped Evergrande into a liquidity crisis and with liabilities equivalent to around 1.97 trillion yuan ($302 billion) - roughly the size of Finland's GDP - markets are on tenterhooks about contagion risk. READ MORE

3:03 PM

MARKET VIEW :: Naveen Kulkarni, Chief Investment Officer, Axis Securities

Crossing the 60k mark is another milestone for the market.  We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. The overall market trajectory continues to be positive, and dips should be utilized to build long-term positions in quality companies for more sustainable returns. A quality theme is back in focus, and we continue to see the broader market doing well, as the visibility on broad-based earnings is still intact. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market.

2:52 PM

Journey of Sensex by Ashish Chauhan, MD & CEO of BSE

2:49 PM

PVR dips 4% on profit booking after CRISIL downgrades credit ratings

Shares of PVR were down 4 per cent ato Rs 1,505.90 on the BSE in Friday’s intra-day trade on profit booking after rating agency CRISIL downgraded its ratings on the bank facilities and debt programmes of the multiplex operator. In past four trading days, the stock had rallied 13 per cent till Thursday and had also registered a fresh 52-week high at Rs 1,631.85 during the period. READ MORE 

2:35 PM

COMMENT :: Aditi Nayar, Chief Economist, ICRA

The upturn in the Government of India's tax revenues and the anticipated inflows from the National Monetisation Pipeline are likely to have triggered the welcome withdrawal of the extant cash management guidelines.  

 

The GoI's spending had contracted by 5% in April-July 2021 on a YoY basis, and stood at 29% of the Budget Estimates. With the withdrawal of the expenditure management guidelines, we anticipate that spending will gather pace in the second half of this year, which will be critical to unleash animal spirits and drive a faster recovery in economic activity.

2:19 PM

NEWS ALERT :: Aditya Birla Sun Life AMC files for IPO

>> IPO to launch on September 29 with a price band of Rs 695-712 per share

 

Source: TV reports

2:07 PM

Realty index zooms 25% in 4 days; DLF m-cap crosses Rs 1 trillion

Shares of real estate companies extended their gains into fourth straight day with the S&P BSE Realty index surging 25 per cent during the period on strong demand ahead of festive season. Among individual stocks, DLF, Godrej Properties and Oberoi Realty have rallied between 30 and 41 per cent during the period under study. READ MORE

 

2:03 PM

Shilpa Medicare arm ties up with Cadila Healthcare Ltd for production-supply of 'ZyCoV-D' Covid-19 vaccine

>> The ZyCov-D vaccine drug substance from will be produced from its integrated Biologics R&D cum Manufacturing center at Dharwad, Karnataka
 

>> The targeted production of the ZyCoV-D vaccine from this facility will be mutually agreed upon by both parties
 

 

1:53 PM

Sensex heatmap :: Asian Paints, HCL Tech, M&M top gainers; Tata Steel, Bajaj Finance, SBI top losers

1:27 PM

Sector Watch :: Nifty Pharma nearly 1% down as barring Alkem Labs, all stocks trade in red

1:15 PM

European stocks slide as Evergrande concerns resurface

European stocks slipped at the open on Friday on lingering worries about troubled property developer China Evergrande, with mining and retail stocks exposed to the Asian country among the biggest decliners.

 

The regionwide STOXX 600 index slipped 0.5% after a three-day run of gains. Miners, automakers and retailers fell more than 1% each. Broadly, Germany's DAX fell 0.7%, heading into the weekend when the country will vote to elect German chancellor Angela Merkel's successor.

 

Investors took some profits off the table after mid-week rally as a deadline for paying $83.5 million in bond interest passed without remark from Evergrande, concerns about which rocked financial markets earlier this week.

 

Source: Reuters

1:09 PM

MARKET CHECK :: Sensex pares gains, holds above 60,000-mark

12:58 PM

PSP Projects gets Letter Of Intent and work orders for new projects worth Rs 421.9 crore

>> The orders are for institutional, industrial, residential and precast segments from various clients
 

>> With the receipt of the above, the new projects received during the financial year 2021-22 till date amounts to Rs. 637.23 crores (excluding GST)