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

10:31 AM

BUZZING :: IRCTC claims Rs 4,000-mark

>> Stock hits new high of Rs 4,013.45

10:13 AM

Stock of this telecom services provider has zoomed over 100% in 11 days

Shares of Vodafone Idea continued their northward movement and were up 10 per cent at Rs 12.37 on the BSE in the intra-day trade on Friday. The stock has zoomed 39 per cent in the past two trading days after the government announced relief package for the telecom sector. On Wednesday, the Union Cabinet announced key telecom reforms, including moratorium of telecom dues both adjusted gross revenue (AGR) and Spectrum for 4 years, effective October 2021, which is a key cash flow relief measure for Vodafone Idea. READ MORE

9:56 AM

PSU banks trade mixed note after govt unveils NARCL plan; SBI hits new high

Shares of public sector banks (PSBs) were trading mixed on the bourses on Friday after the government approved a guarantee of Rs 30,600 crore to be provided for the security receipts issued by the National Asset Reconstruction Company (NARCL) to buy bad loans of lenders. On Thursday, most the PSBs rallied between 5 per cent and 10 per cent in anticipation of the announcement. READ MORE

 

9:52 AM

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

The market is now driven by momentum with valuations on the back burner. Even FIIs  who were skeptical about valuations and sold heavily in July have come back strongly and are chasing the momentum. FIIs have invested Rs 5344 cr in the cash market during the last three days. Nifty has now appreciated by around 10000 points from the March 2020 lows. Even die-hard bulls would not have foreseen such a ferocious rally. Now the bulls are unlikely to let go off their grip on the market till 18000 on the Nifty/ 60000 on Sensex is reached. In 2021, till date, the Nifty IT has been outperforming the Nifty while Bank Nifty has been underperforming. There is a possibility of change in leadership of the market away from IT, perhaps to Banks. The announcement of the 'bad bank' road map and govt guarantees for security receipts to be issued by the NARCL will improve the prospects of banks, going forward. 

9:50 AM

Banking stocks trade mixed

>> The Union Cabinet approved a government guarantee of up to Rs 30,600 crore for security receipts to be issued by National Asset Reconstruction Company Ltd

9:46 AM

Zee Entertainment slips as board backs former directors

>> The company backed its two independent directors Ashok Kurien and Manish Chokhani, who had resigned this week after two of its largest shareholders sought their removal

>> The company has also "strongly condemned" the allegations levelled by certain proxy advisory firms against its former non-executive directors

9:43 AM

Biocon rises 1.5% on offering stake in subsidiary to Serum Institute

>> The company said it will offer around 15 per cent stake to Serum Institute Life Sciences at a post-money valuation of about USD 4.9 billion. Serum Institute Life Sciences (SILS) is a subsidiary of Serum Institute of India (SII)

9:40 AM

Hero MotoCorp in the green as firm looks to hike prices

>> The country's largest two-wheeler maker Hero MotoCorp on Thursday said it will increase the price of its entire model range by up to Rs 3,000 from September 20. The price hike has been necessitated to offset the impact of steadily increasing commodity prices, the company said in a statement

9:37 AM

Poonawalla Fincorp hits 5% lower circuit as MD resigns

>> Managing Director Abhay Bhutada stepped down from the company on Thursday, a day after being barred from the securities markets by regulator Sebi for alleged insider trading. Poonawalla Fincorp Ltd Group CEO Vijay Deshwal will continue to run the operations of the firm, the statement added

9:35 AM

Cosmo Films hits 52-week high as firm looks to set up new production line

>> The company will set up of new production line for Biaxially Oriented Poly Propylene Film at Aurangabad, Maharashtra with rated capacity of 67,000 MT annually. The Rs 350 crore investment required for production line will be met via internal accrual, debts

9:33 AM

Vodafone Idea extends rally, jumps 5%

>> The stock has rallied nearly 40% in the last four sessions

>> Announcement of a relief package by the govt has sparked a rally in shares

 

9:30 AM

Sector Watch :: Most sectors in green; Nifty Metal, Media, PSU Bank only losers

9:24 AM

Broader markets open positive; Nifty Midcap 100 rises 0.35% in early trade

9:22 AM

Sensex Heatmap :: Top gainers & losers at opening trade

>> TOP GAINERS: ITC, Asian Paints, Bajaj Auto

 

>> TOP LOSERS: Titan, Infosys
 

9:20 AM

FIRST TRADE :: Nifty50 tops 17,700 for the first time