Nifty hits fresh closing high, ends above 10,150; Sensex up 151 points

All that happened in Monday's trade

10:44 AM

Bharat Road Network gains 6% vs issue price after listing flat at Rs 450

 

Bharat Road Network Limited (BRNL) made a flat debut on the bourses by listing at Rs 490.90 on the BSE, against its initial public offer (IPO) price of Rs 205 per share. On NSE, BRNL listed right at its issue price of Rs 205. 

 

The stock recovered by over 6% to Rs 218.65 against its issue price after hitting an intraday low of Rs 196.50 on the BSE in early trade.  READ MORE

10:32 AM

Dixon Technologies makes stellar debut

Dixon Technologies (India) made a strong debut on the bourses by listing at Rs 2,725, a 54% premium against its initial public offer (IPO) price of Rs 1,766 per share on the National Stock Exchange (NSE) and BSE.

 

The stock hit a high of Rs 2,908 on BSE and Rs 2,899 on NSE after few seconds of its listing. At 10:04 AM; it was trading at Rs 2,837, a 61% over its IPO price. A combined 1.67 million shares changed hands on the counter on BSE and NSE so far. READ MORE

10:17 AM

As IPOs boom, playing in the grey market can hurt badly

 

Retail investors usually get caught up in the frenzy of a bull market and burn their fingers in IPOs. After a few of them perform well, small investors rush to the market to make a quick buck. 

 

Investors don’t realise that a correction can destroy their wealth, as seen in the case of many IPOs during the bull run of 2008. Only a few companies that offer stock in a bull market manage to give decent returns over the long term due to their valuations at the time of listing. 

 

Most of the real estate company IPOs between 2006-08 are still trading below their listing price, including DLF, HDIL, Parsvnath and Orbit Corporation. While DLF is trading at 63% below its issue price, Orbit Corporation is down 97%. READ FULL STORY HERE

10:07 AM

National Insurance Company looks to raise Rs 5,000 cr from IPO

 

Non-life PSU insurer National Insurance Company (NIC) is expecting to receive between Rs 4,000 crore and Rs 5,000 crore from the proceeds of its planned public offer, industry sources said.

 

Sources also said that the NIC, now wholly-owned by the government, would be seeking the amount to shore up its capital base in order to maintain solvency margins. READ MORE

9:56 AM

Life insurers cut fresh exposure in equities by 57% to Rs 16,793 cr in FY17

The life insurance industry, led by state-run LIC, drastically cut down its fresh exposure in equities by 57 per cent during the financial year 2016-17 to Rs 16,793 crore from Rs 39,535 crore a year ago, data collated by the Life Insurance Council said.

 

This reduction was despite the fact that key market indices went up remarkably during the year with the BSE Sensex alone rising to 29,620 on March 31 this year from 25,342 a year ago. READ MORE

9:43 AM

Buzzing Stock

Shares of Laurus Labs added 2% as it has received the EIR from USFDA.

 

The company has received the establishment inspection report (EIR) from US Food and Drug Administration (USFDA) for its Finished Dosage Formulations (FDF) and Active Pharmaceuticals Ingredients (API's) manufacturing plant, Unit 2, located at Achutapuram, Vishakhapatnam, for the inspection completed in May 2017.

9:39 AM

The coming session is likely to witness a range of 10000 on declines and 10200 on advances: SMC Global

9:35 AM

Sectoral Trend

NIfty Auto was the biggest sectoral gainer, up 1%, followed by Nifty PSU Bank and Nifty Private Bank, up 0.8% and 0.7% respectively

9:30 AM

Nifty Realty was the only sector trading in red, down 0.3% dragged mainly by losses in the Indiabulls real estate, which fell over 6% in the early morning trade.

Source: NSE

9:25 AM

Nifty at record high: Top ten gainers on the index

Source: NSE

9:23 AM

Top gainers and losers on BSE Sensex

Source: BSE

9:21 AM

Broader Markets

Broader markets outperformed the frontline indices with Nifty Midcap hitting its fresh high too. BSE Midcap and BSE Smallcap indices gained 0.8% and 0.9% respectively in the early morning trade.

9:19 AM

Markets open

Benchmark indices open higher with Nifty hitting new record high of 10,154, surpassing the previous milestone of 10,137, hit on August 2 on Monday tracking Asian peers, which hit decade highs amid relief that the weekend passed with no new provocation by North Korea.

At 9:17 am, the S&P BSE Sensex was trading at 32,458, up 185 points while the broader Nifty50 index was ruling at 10,150, up 65 points

9:08 AM

Stock recommendations by Angel Broking:

 

Havells India

View: Bullish

Last Close: Rs 506.90

 

United Spirits

View: Bullish

Last Close: Rs 2649

 

Tata Motors

View: Bullish

Last Close: Rs 401.75

Click here fot Nifty Outlook

9:00 AM

Trading ideas from Prabhudas Lilladher

 

BUY ALLAHABAD BANK    

 

CMP: Rs 72.50     

TARGET: Rs 79     

STOP LOSS: Rs 68

 

The stock has recovered strongly from the low of Rs 63 and has moved on significantly and now has given a breakout above the 200-DMA level which was at  around Rs 71  to indicate potential and strength to scale further upside. The RSI has been on the rise so is the MACD and with good volume participation witnessed, we recommend a buy in this stock for an upside target of Rs 79 keeping a stop loss of Rs 68.

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