Sensex tanks 720 pts from day's high, ends 125 pts down; Nifty PSB drops 3%

On the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week

1:07 PM

ALERT :: GST Council meet begins

>> GST Council extends concessions for COVID-19 related drugs till December 31

 

Source: TV reports

12:58 PM

Mid-market view | Likhita Chepa, Senior Research Analyst, CapitalVia Global Research

The Indian benchmark indices started with a gap up after the positivity in global sentiments. Indian shares scaled record highs today as banking stocks extended gain from the previous session after the country’s finance minister laid out details for the establishment of a bad bank. Traders may get support as the Reserve bank of India said the inflation trajectory is coming down faster than anticipated. Our research suggests that 17650 is an important level in the market. If the market sustains above 17650, we can expect the market to trade till the level of 17850-17900. Technical indicators also support positivity in the market.

 

12:48 PM

Near-term risks persist for private investments, says RBI study

According to the RBI study the economy had been witnessing sluggish investment intentions even before Covid. This was reflected in the lower number of new announcements of projects as well as elongation of the life cycle of existing projects. The envisaged capex, based on the projects sanctioned by banks/FIs, indicates a decline from Rs 94,227 crore in FY21 to Rs 68,469 crore in FY22. READ MORE

12:38 PM

NARCL boost: Select PSU Banks can rally up to 25%; SBI may hit Rs 500-level

NIFTY PSU BANK

 

Likely target: 2,660

Upside potential: 3%

 

While the index fell short by one point to conquer the resistance of “Head and Shoulder” placed at 2,581 level, the momentum and direction seems confident in conquering the said mark in up-coming trading sessions. And when that happens, the breakout rally can lead the index to 2,660-level, which is its next obstacle, according to the daily chart. The closing basis support stays at 2,470. READ MORE

12:23 PM

Uncertain call remains for Vodafone Idea despite govt's relief package

To save Vodafone Idea, the government’s challenge was to determine how much fiscal risk it was willing to absorb. This was why the telecom package was delayed by a week; the Department of Telecom­munications (DoT) and the Ministry of Finance (MoF) argued over this point. The decision went down to the wire pretty late on Tuesday night before the Cabinet met on Wednesday morning to approve the package of nine reforms for the sector, five procedural changes plus four relief measures. READ MORE

12:19 PM

Sector Watch :: All sectors apart from Nifty Financial Services in red

12:03 PM

IDFC board approves divestment of mutual fund business

>> The boards of IDFC and IDFC Financial Holding Company have authorised respective strategy & investment committees to take necessary steps, including appointment of investment banker, for the same

12:00 PM

Aviation shares in focus; IndiGo hits record high, SpiceJet soars 7%

Shares of aviation companies were in focus with InterGlobe Aviation, the parent firm of IndiGo airlines, recording a 52-week high at Rs 2,155. The stock has so far rallied 9 per cent on the BSE in intra-day trade on Friday, and in the process has surpassed its previous high of Rs 2,023.60 touched on 15 September, 2021. Shares of SpiceJet, India’s second-largest private airline, have also surged 8 per cent to Rs 81.95 amid heavy volume. The trading volume at the counter jumped over three-fold with a combined 15 million equity shares changing hands on the NSE and BSE. In comparison, the S&P BSE Sensex was up 0.95 per cent at 59,702 at 10:55 am. READ MORE

 

11:46 AM

ALERT :: Sensex off record high levels

11:26 AM

BUZZING :: Indigo rises over 9% in trade

>> Airline's passenger load factor in August was at 74% vs 66.2% in July, as per DGCA data

>> Market share in August stood at 57% vs 58.6% in July
 

11:15 AM

Zerodha Founder & CEO Nithin Kamath says stop-loss market orders won't be available for options from Sept 27

11:07 AM

Broader markets underperform benchmarks in morning trade

11:05 AM

NIFTY METAL worst sectoral performer, down over 1.5%

10:54 AM

HDFC Bank, Bajaj Finance, Kotak Mahindra Bank top contributors to gains in Sensex

10:45 AM

Poonawalla Fincorp hits 5% lower circuit for second day as MD resigns

Shares of Poonawalla Fincorp (formerly Magma Fincorp) were locked in the lower circuit for the second straight day, down 5 per cent at Rs 163.55 on the BSE on Friday, after resignation of Abhay Bhutada, managing director (MD) of the company. The stock of the non-banking finance company (NBFC) was down 10 per cent in the past two trading days. It had hit a 52-week high of Rs 199.65 on August 18, 2021. READ MORE