Fag-end selling drags Sensex 163 pts down; mid-caps gain; Voda Idea up 10%

Earlier in the day, the 30-share index scaled mount 56,000 and hit a fresh record high of 56,118. The Nifty50, on the other hand, hit a new high of 16,702

3:22 PM

EXPERT VIEW :: Vinod Nair, Head of Research at Geojit Financial Services on metal stocks

The current uptrend is mainly due to pent-up demand post-reopening of the economy. While the high margins for the last several quarters helped the companies to deleverage their balance sheet. We expect the efforts from China to impose restrictions on domestic production will provide impetus to sustain the current cycle.

3:16 PM

Cabinet Decision :: Mining stocks in focus

3:12 PM

Gold prices rise as coronavirus jitters boost safe-haven appeal

Spot gold was up 0.4% at $1,792.42 per ounce by 0636 GMT, after hitting its highest since Aug. 6 at $1,795.25 in the previous session.

 

U.S. gold futures rose 0.3% to $1,793.50.

 

"The elephant in the room is this Delta variant and whether it does materially affect the global recovery. In that situation, gold is likely to find more haven buying," said Jeffrey Halley, a senior market analyst, Asia Pacific at OANDA. READ MORE

2:55 PM

LARGE TRADE :: Over 4 crore shares change hands on BSE and NSE in bulk trade

2:44 PM

Windlas Biotech hits new low since listing; falls 16% against issue price

Shares of Windlas Biotech (WBL) extended their decline and were trading lower for the third straight day since listing. In the intra-day trade on Wednesday, the shares dropped 4 per cent at Rs 385.50 on the BSE, and are down 16 per cent from its issue price of Rs 460 per share. The stock of the pharmaceutical company had debuted on Monday, August 16, 2021. READ MORE

2:25 PM

NEWS ALERT

2:12 PM

India Inc credit outlook turns positive, upgrades rise: CRISIL Ratings

Rating agency CRISIL on Wednesday upgraded the credit quality outlook of India Inc for FY22 from “cautiously optimistic” to “positive”, predicated on a sustained recovery in demand. This comes after the blip caused by the second wave of Coronavirus (Covid-19) pandemic in Q1FY22. The increase in coverage of vaccinations should also mitigate the impact of a third wave if it comes, CRISIL said in a statement. READ MORE

1:59 PM

Sensex @ 57,000 soon?

Sensex is continuing its northward journey with new highs every day for the last five trading sessions supported by inflows in large-cap stocks especially IT names. August month is all about large caps after 3 months of underperformance where Sensex is likely to test the 57,000 marks while 55,800-56,000 is the intermediate resistance zone. On the downside, 55,500 is immediate and strong support while 54,750 will be the next important support at any correction.

Views by: Santosh Meena , Head of Research, Swastika Investmart 

1:49 PM

Sectoral trends on the NSE at this hour

1:35 PM

NEWS ALERT :: Tata Steel commissions its first Steel Recycling Plant in Haryana

>> Tata Steel has commissioned its new 0.5 MnTPA Steel Recycling Plant at Rohtak, Haryana.

>> The plant has been set up in collaboration with M/s Aarti Green Tech Ltd., as a ‘Build, Own, Operate’ (BOO) partner.

Source: BSE fling
 

1:31 PM

MARKET VIEW :: Profit booking in broader markets is a healthy sign

Large caps are playing a catch-up rally in the month of August, driving the benchmark indices to higher levels, while the broader market is in a consolidation zone. Mid caps and small caps have seen a sharp rally in the last few months and now some profit booking is visible in the space which is a healthy sign for the market. Investors are now finding comfort in the large cap space which provides more margin of safety over the broader market at current levels. We continue to see the broader market doing well, so any dips should be utilized to build positions in quality stocks where the earnings visibility and the balance sheet strength is very high. Returns from current levels will be more calibrated and focus on quality and value will yield sustainable returns.

Views by: Naveen Kulkarni, Chief Investment Officer, Axis Securities

1:22 PM

Liquor stocks in focus; United Spirits, Pioneer Distilleries hit 52-wk high

Shares of breweries & distilleries' companies were in focus on Wednesday with United Breweries (UBL), Pioneer Distilleries, Globus Spirits, United Sprits and GM Breweries ralling up to 11 per cent on the BSE in the intra-day trade on a faster volume recovery as multiple states started imposing lockdowns. In comparison, the S&P BSE Sensex was up 0.31 per cent at 55,967 points at 12:25 pm. READ MORE

1:18 PM

Sensex scales 56,000; what's the road ahead?

The market has been consistently surprising even the incorrigible optimists by setting new records. The Sensex has scaled the 56000 mark this morning. It is interesting to note that the Sensex has multiplied 560 times since its inception with 1979 as the base year.  By averaging around 15% CAGR during the last 42 years, Sensex has rewarded long-term investors handsomely. However, the journey of the market has been volatile with sharp ups and downs unnerving the short-term investors and traders. The future would be no different.

 

The present bull run primarily driven by the new retail investors is in an overbought, richly valued zone. This year metal index has been the outperformer with Nifty Metal Index leading with 76 % return followed by the Nifty IT Index with 38% return. But it is important to remember that even sectors with good earnings visibility, like IT and metals, are highly valued. Therefore, even while remaining invested in this bull market, investors have to be cautious while committing fresh funds.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

1:08 PM

NEWS ALERT :: Subex wins 5-year contract with Dhiraagu

>> Subex announced that it has been awarded a seven-digit, five-year contract from Dhiraagu, the leading telecom operator of Maldives, to provide its integrated Revenue Assurance and Fraud Management (iRAFM) solution. Through the deployment, Dhiraagu will upgrade its systems and consolidate its standalone assurance functions to better equip themselves for the 5G era.

 

1:02 PM

These 5 sugar stocks can jump up to 25% in coming sessions; time to buy?

A letter by the Indian Sugar Mills Association (ISMA) to the Prime Minister's Office requesting an increase in the minimum price of sugar sparked a rally in shares of Balrampur Chini Mills, Dhampur Sugar Mills Limited and Avadh Sugar and Energy. Any further development regards to the increase in sugar price can push the stocks higher in a short span of time. HERE'S WHAT TECH CHARTS SIGNAL