Sensex, Nifty end flat; Adani Ports gains 4%, Bajaj Finserv declines 3%

The Nifty IT index put up a strong show with a 0.7 per cent gain while the Nifty Realty index slipped 0.8 per cent.

11:49 AM

This auto ancillary company's stock has zoomed 132% in two months

In another development, SSWL's board will meet on September 3, 2021 to consider sub-division/split of the equity shares of the company. SSWL will sub-divide the face value of equity shares to a lower denomination to make the stock more affordable for the small retail investors and increase liquidity. READ MORE

11:29 AM

What should Chemplast Sanmar investors do post tepid listing?

Chemplast Sanmar Ltd made a tepid listing on the bourses and closed below the issue price on the first day of trading. This was mostly in line with our expectations given the lukewarm response to the IPO which was subscribed by just 2.17x.

We had given a NEUTRAL rating to the IPO given our concerns due to high debt on books and negative net worth despite having a positive outlook on the chemicals. Given that the stock is trading below the issue price we would recommend investors who had been allotted shares in the IPO to exit the stock closer to the issue price. 

-- Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd

 

 

11:28 AM

ALERT :: NIFTY HITS NEW RECORD HIGH OF 16,705

>> Index surpassed previous high of 16,701.85, touched on Aug 18

11:16 AM

Star Cement falls 6% as stock trades ex-share buyback

"The board of directors of Star Cement, at its meeting held on August 13, 2021, approved the buyback of not exceeding 8.25 million equity shares, representing up to 2 per cent of total equity capital of the company, at a price of Rs 150 per share. The buyback shall be on a proportionate basis from all the equity shareholders of the company through the tender offer process," the company said. READ MORE

11:00 AM

ICICI bank files cheating case against Karvy Stock Broking

According to a press release issued by the police on Tuesday night, the case was booked under Sections 406 (criminal breach of trust), 420, r/w 34 ( cheating) of IPC against the accused. Funds raised by KSBL by pledging shares of its six bankers were transferred to the firm's own bank accounts, and not into Stock Broker Client Account', which is in contravention with the SEBI guidelines, the police said. READ MORE

10:43 AM

TCS market cap crosses Rs 13.5 trillion; stock up 15% in a month

In the past one month, TCS has outperformed the market by surging 15 per cent, as compared to a 6 per cent rise in the S&P BSE Sensex. The sharp rally in the stock price helped TCS' market cap rise to Rs 13.65 trillion. TCS is less than 3 per cent away to hit the Rs 14 trillion market cap mark. It currently stands at second position in the overall market cap ranking, behind Reliance Industries which has a market cap of Rs 14.51 trillion, including partly paid shares market cap, according to the BSE data. READ MORE

10:32 AM

BOND MARKET ALERT

>> 10-year bond yield rises to 6.27%, highest since March 

10:26 AM

Rally in NBFCs skating on thin ice

Retail non-banking financial companies (NBFCs) such as Bajaj Finance, Housing Development & Finance Corporation, Sundaram Finance, and Shriram Transport Finance continue to outperform the broader market and their bank peers on the bourses.

 

The combined market capitalisation of the top listed retail NBFCs reached a new high after it rose 1.6 per cent on Tuesday, against a 0.7 per cent rise in the benchmark BSE Sensex and 1.4 per cent rally in BSE Bankex, which tracks the market cap of the top 10 listed banks. READ MORE

10:15 AM

Losing steam: IPO bets of wealthy investors turn sour in August

For much of this year, wealthy investors had made a killing on the initial public offerings (IPOs) that hit the market with some regularity. This month, however, most of their bets have gone awry. Up until July, 14 of the 19 companies that made their debut on the bourses made money for these investors on day one, after taking into account the financing cost and significant oversubscription. READ MORE

10:00 AM

NEWS ALERT :: 40.9 lakh Zomato shares trade in a block deal

Source: TV News, Agencies

9:55 AM

Bajaj Finserv extends gain on Sebi nod to set up MF; surges 69% in 4 months

Shares of Bajaj Finserv hit a new record high of Rs 16,808, up 2 per cent on the BSE in the intra-day trade on Wednesday, having surged 10 per cent in the past two trading days, after the company said it has received an in-principle approval from Securities and Exchange Board of India (Sebi) for sponsoring a mutual fund. The stock was trading higher for the third straight day, up 12 per cent during the period. READ MORE

9:48 AM

MARKET CHECK :: Sensex off day's high but holds above 56K

9:39 AM

MARKET VIEW | V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

The resilience in global equities continues with the Nasdaq and S&P 500 closing at fresh record highs. In India market momentum and sectoral rotation are taking the indices higher. When the market leader IT Index takes a breather, Bank Nifty surges taking the Nifty forward. An important development in the banking space is HDFC bank bouncing back smartly. HDFC bank has the potential to regain its leadership position.

 

Smart money (FIIs) continues to be on the sell mode. DIIs and retail investors continue to be exuberant about the rally regardless of valuations.

 

The Jackson Hole Symposium and the Fed chief's commentary expected on 27th August will be keenly watched by global markets. If the Fed commentary indicates an earlier-than-expected tapering, FIIs are likely to press further sales. Investors may wait and watch. Meanwhile, the exuberance in the primary market is slowly waning as evidenced by some recent IPOs trading below the issue price. Investors should be careful while applying for IPOs because there are lots of unknowns about these new companies.

 

9:38 AM

Adani Ports climbs 2% on Andhra govt nod to proposal for acquisition of Gangavaram Port

>> The company's proposal to acquire 10.4 per cent stake for Rs 644.78 crore of Gangavaram Port from the Andhra Pradesh government has received approval from the state's maritime board. The transaction is expected to complete within a month.

9:36 AM

Dollar Industries adds 2% on improved outlook

>> CARE Ratings has revised its outlook on Dollar Industries' long-term facilities from Stable to Positive.