Sensex rises 176 pts to end above 56K for first time; BSE Midcap jumps 1%

The broader markets, meanwhile, outperformed, rising for the fourth straight session

3:43 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a swift recovery after the initial fall. Going ahead, 16500 will be an important support level in the short-term fpr the Nifty. If the index breaches the level of 16720-16740 and is able to sustain above this, it may gain momentum and hit 16950-17000 levels. The momentum indicators, such as RSI and MACD , need to stay positive and market breadth has to improve for the indices to gain further ground.

3:41 PM

Mid-, smallcaps charge ahead

3:39 PM

Metals, pharma steal the show

3:38 PM

Sensex heat map :: More green than red

3:37 PM

Nifty ends above 16,700 levels

3:36 PM

Fri-YAY! Indices end firm

3:34 PM

CLOSING BELL: Sensex hits record closing high; Nifty ends above 16,700

Led by gains in L&T, TCS and HDFC, BSE Sensex ended the day at 56,125, up 176 points or 0.31%. It is for the first time that the index has settled above the 56,000 mark. Meanwhile, NSE Nifty after hitting a new record peak in intra-day session closed 68 points or 0.41% higher at 16,705. It touched a new peak of 16,722.05 in trade earlier.

3:19 PM

Tech View | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed a swift recovery after the initial fall in the market. The market suggests 16500 will be an important support level in the short-term perspective. If the market breaches the level of 16720-16740 and is able to sustain above this level, the market expects to gain momentum, leading to an upside projection of 16950-17000 levels. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening the short-term bullish outlook.

 

3:01 PM

Moody's assigns Ba3 rating to Adani Green Energy's proposed USD notes

Moody's Investors Service has assigned a Ba3 rating to Adani Green Energy's proposed USD senior secured notes. According to Moody's scale of ratings, obligations rated Ba are judged to be speculative and subject to substantial credit risk. It has assigned a Ba3 rating to the proposed USD senior secured notes to be issued by Adani Green Energy Ltd (AGEL), a statement by Moody's said adding that the outlook is stable. READ MORE

2:43 PM

Billionaire-backed stock picker says tech bubble talk is for boomers

The co-founder of London-based Blue Whale Capital, which has made big consistent gains from Silicon Valley bets, has some advice for market veterans warning of another tech bubble: calm down and buy the dip. READ THE STORY HERE

Computer. Photo: iStock

2:40 PM

Hindustan Aeronautics surges 9%

Shares of select companies rallied upto nearly 9 per cent in intra-day trade on Friday, after being included in the derivatives segment (Futures & Options contracts) on the National Stock Exchange (NSE) with effect from today. READ THE FULL STORY HERE

Illustration: Ajay Mohanty

2:38 PM

Nifty crosses 16,700 mark

2:37 PM

Last hour of trade on Friday

Sensex jumps over 200 points

2:26 PM

Should you apply for Ami Organic IPO?

Gujarat based specialty chemical manufacturer, open for subscription from 1st September to 3rd September 2021, with a total IPO size of Rs.570 crores consists of fresh issues of 200 crores and an offer for sale of Rs.370 crores (60.6 Lk shares). Investors can apply in multiples of 24 shares. The company has fixed the IPO price at price to earning of 35.5 times of FY2021 earning, which is in line with the peers. we believe that all the short-term positives have been priced in. 

 

Ami organic reported revenue growth of 41% in FY2021 at Rs 342 crore and profit after tax growth of 96% in FY2021 at Rs 54 crore. The company has a good return ratio, return on capital employed 25.25% and return on net worth at 32.35%.We have a neutral outlook for Ami organics IPO.

-- Yash Gupta, Equity Research Analyst, Angel Broking Ltd   

2:03 PM

IPO ALERT :: Ami Organics IPO to open on Sept 1

>> Price Band: Rs 603- 610

>> Minimum Bid Lot: 24 & in multiples

>> Offer Size: Fresh issue of Rs 200 crore & OFS for 6,059,600 (amounting to ~ Rs 370 crore at upper end of price band)

>> Purpose of IPO: The net proceeds of fresh Issue are proposed to be utilised towards (i) Repayment / prepayment of certain financial facilities availed by the company amounting to Rs. 140 crores; (ii) Funding working capital requirements of the company amounting to Rs. 90 crores and (iii) General corporate purpose