Sensex ends above 59K, up 418 points; Nifty tops 17,600; ITC rallies 7%

RIL, ITC and bank stocks contributed to the gains on benchmarks while metals and IT names languished

1:46 PM

Nifty Bank up 1.5% led by gains in IndusInd Bank, PNB

1:44 PM

Festive Offer! SBI offers home loans at 6.70% irrespective of loan amount

>> It’s decided to waive off processing fees completely and even offer interest concession based on credit score

1:35 PM

PSU Bank index up 4% ahead of FM press conference; SBI nears record high

Shares of public sector undertaking (PSU) banks were in focus on Thursday with the Nifty PSU Bank index gaining 4 per cent on the National Stock Exchange (NSE) ahead of Finance Minister Nirmala Sitharaman’s media address at 5 pm today. According to media reports, Sitharaman is expected to make announcements about a proposal to set up a bad bank. READ MORE

 

1:25 PM

T+1, peak margin norms in interest of investors, says Sebi chief Tyagi

Ajay Tyagi, chairman of the Securities and Exchange Board of India (Sebi), on Thursday said reforms like peak margin norms and shortening of the trade settlement cycle are in the interest of investors and no one can argue against that. Both the peak margin norms as well as the proposal to move towards a T+1 settlement cycle have been criticised by the broking community and the foreign portfolio investors (FPIs). READ MORE

1:24 PM

ALERT :: BHEL commissions India's largest floating solar plant in Andhra Pradesh

>> The plant is located at Andhra Pradesh. Located at NTPC Simhadri in Andhra Pradesh, the 25-megawatt floating SPV project covers an area of 100 acres

1:11 PM

Warning Signs :: India's record run in stock market raising risks for economy

“The case for India’s equities remains structurally positive, we believe, amid resurgent consumer demand, manufacturing in a ‘China Plus One’ world, regulatory overhaul and the trajectory of monetary and fiscal policy,” Gaurav Patankar and Nitin Chanduka, analysts with Bloomberg Intelligence, wrote in a note. READ MORE

1:06 PM

ALERT :: Saregama India board approves raising up to Rs 750 crore

>> The board approved raising of funds by further issue of securities by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutions placement, for an aggregate amount not exceeding Rs 750 crore.

1:04 PM

India economy to grow at 7.2% in 2021 but could decelerate next year: UN

India is expected to grow at 7.2 per cent in 2021 but economic growth could decelerate next year, according to a United Nations report which said the recovery in the country is constrained by the ongoing human and economic cost of the COVID-19 pandemic and the negative impact of food price inflation on private consumption. READ MORE

 

12:56 PM

Sansera Engineering IPO subscribed 1.88 times so far on final day of bidding

12:42 PM

Indus Towers soars 15%, nears 52-wk high on telecom relief package

Shares of Indus Tower rallied 15 per cent to Rs 279.35 on the BSE in intra-day trade on Thursday after the Union Cabinet on Wednesday approved a relief package for the telecom sector (telcos) that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign direct investment through the automatic route. The stock is trading close to its 52-week high of Rs 282 touched on 24 February, 2021. READ MORE

12:38 PM

ALERT :: MidCap index at new peak

12:31 PM

BUZZING :: Vodafone Idea extends rally, hits 25% upper circuit

12:24 PM

RBI Deputy Governor Patra says:

>> Economic output substantially below pre-pandemic levels

 

>> Incoming data suggests global recovery may be faltering

 

>> Flexible inflation targetting is about protecting growth

 

>> Inflation moderating from short spike of May

 

>> RBI intervention in markets done only to smoothen volatility

 

>> Core inflation continues to be sticky at elevated levels

 

>> India economic recovery appears to be broad-based and pivot is manufacturing

 

>> Monetary accomodation needed for growth

 

Source: Agencies, TV News

12:23 PM

BULL PARTY:: Sensex tops 59,000 mark for the first time

12:15 PM

ITC can rally up to Rs 300, provided it stabilizes at current levels

ITC Ltd (ITC)

Outlook: ITC needs to shows stability to rally towards Rs 300

 

 

The strong up move on Thursday with “above average volume” reflects a firm underneath strength in the shares of ITC Ltd. This positive move has not only conquered the resistance of Rs 220 and Rs 230, but hints toward defeating the selling pressure likely to emerge around Rs 245 and Rs 255 levels, which is almost 6 to 10 per cent rise from current levels. READ MORE