Sensex gyrates 294 pts, ends 19 pts down; Nifty holds 15,900; IT, banks dip

The mid- and small-cap indices meanwhile, outperformed and ended over 0.4 per cent higher each

9:38 AM

Choice Broking on Tatva Chintan Pharma Chem IPO

At higher price band of Rs 1,083, TCPCL is demanding a P/E valuation of 45.9x (to its restated FY21 EPS of Rs 23.6), which is at discount to the peer average of 57.2x. Considering its niche product profile with diversified applications and dominant domestic production share, we believe the company would continue to post robust operating and financial performance in future. Also with the proposed expansion of its capacity, TCPCL will be well positioned to capitalize on the growth opportunities in the specialty chemicals space. Thus we assign a Subscribe rating for the issue.

9:35 AM

MARKET VIEW | Large-caps overvalued but relatively safe

The ongoing global bull run, which has baffled even the best of experts, is unique. The unprecedented huge liquidity created by the leading central banks and the undue influence being exerted on the market by the exploding number of newbie retail investors has rendered traditional market valuation models less significant than during normal times. But the principles of economics, finance & markets will exert themselves strongly when normalcy returns. It is simply common sense that central banks will have to end their loose monetary policy and rebalance their balance sheets at some point in time. When that happens, interest rates will go up and the equity markets will correct sharply. Since we don't know when this is going to happen, the party is going on. While enjoying the party, investors should also apply restraint. Don't chase mid-small-caps that are in bubble territory. While Nifty is up 13.89 % YTD, the Mid-cap and Small-cap indices are up 33.16% and 45.79% YTD respectively. Hyper retail enthusiasm and very low institutional activity in this segment are causing this irrational exuberance. History tells us that this will not last. Large-caps though overvalued are relatively safe.

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

9:33 AM

Bandhan Bank declines 2% post Q1 business update

The lender witnessed an 8 per cent rise in its loans and advances to Rs 80,128 crore in the June quarter this fiscal, as per provisional data. Compared sequentially, it was down by 8 per cent. Its total deposits grew by 28 per cent YoY to Rs 77,336 crore, while the CASA deposits jumped by 48 per cent.

9:33 AM

Result Reaction :: L&T Infotech slips 1%

> The company reported a 19.3 per cent YoY rise in consolidated net profit to Rs 496.8 crore for the June 2021 quarter, and declared a special dividend of Rs 10 per share.

9:31 AM

Gati jumps over 5% on transferring holding in Gati Kausar

> The company transferred its 69.79 per cent equity holding in Gati Kausar India to Mandala Capital AG Ltd, a leading private equity firm focused on investments across the food value chain.

9:29 AM

Sona Comstar rises 2% on collaboration with Israeli firm

> The company has joined hands with Israel's IRP Nexus Group (IRP) to initiate a project to co-develop a new electric motor that would avoid usage of rare earth elements.

9:26 AM

Result Impact :: Wipro hits fresh record high

The IT major surpassed its revenue guidance for the first quarter, which it hailed as its best ever, as it reported a 35.7 per cent year-on-year (YoY) increase in consolidated net profit to Rs 3,243 crore. Revenue grew 22.3 per cent YoY to Rs 18,525 crore and was up 12.4 per cent sequentially.

9:24 AM

BLOCK DEAL :: 1.65% equity of United Spirits changed hands

Source: TV Reports

9:22 AM

BSE Smallcap index scales fresh record peak

9:20 AM

Sector Check :: Nifty IT, Bank face selling pressure

9:19 AM

Sensex Heatmap | Top gainers and losers at opening tick

9:18 AM

First Trade | Nifty above 15,950

9:17 AM

OPENING BELL :: Sensex gains 70 points

9:07 AM

Commodity check

9:05 AM

Sensex Heatmap | Top gainers and losers in pre-open trade