Nifty, Sensex end nearly 1% higher; M&M top loser on cess hike
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The Sensex and Nifty rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow
Across the board buying in metal, oil & gas, energy, realty, industrials, financials, auto, capital goods, consumer durables and banks helped indices to recover most of previous day's losses.
Financial stocks accounted for more than a third of gains on the NSE index, with Nifty finance index gaining 1%. Nifty Metal index also advanced over 2%, adding to the gains.
Sentiment was also supported by a recovery in broader Asia as concerns stemming from North Korea’s firing of a missile over Japan receded, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.5%.
3:56 PM
Analyst View
Anand James, Chief Market Strategist, Geojit Financial Services says: Domestic indices ascended on the back drop of a recovery in the global markets, while receding intensity of rain havoc in the financial capital also helped improve risk appetite. Subdued rollover numbers seems to be concerning, but significant short covering was seen in the IT and pharma sectors, keeping market buoyant.
3:55 PM
Nifty chart for the day
Source: NSE
3:53 PM
Other gainers
Nifty Financial Services ended nearly 1% higher led by gains in M&M Finance, PFC, HDFC and HDFC Bank
Nifty Financial Services ended nearly 1% higher led by gains in M&M Finance, PFC, HDFC and HDFC Bank
3:51 PM
Adani Enterprises surges
Adani Enterprises surged 8% after Australian Trade Minister said all approvals for Carmichael coal mine are in place and Adani group will make decisions on exporting coal from Carmichael mine to India.
Adani Enterprises surged 8% after Australian Trade Minister said all approvals for Carmichael coal mine are in place and Adani group will make decisions on exporting coal from Carmichael mine to India.
3:49 PM
Metals Shine
Source: NSE
3:42 PM
Sectoral Trend
All sectoral indices except Nifty IT (down 0.1%) ended the day in green. Nifty Metal was the top sectoral gainer, up 2.6%, followed by Nifty Realty, Nifty Fin Services and Nifty FMCG
All sectoral indices except Nifty IT (down 0.1%) ended the day in green. Nifty Metal was the top sectoral gainer, up 2.6%, followed by Nifty Realty, Nifty Fin Services and Nifty FMCG
3:37 PM
Top gainers and losers on BSE Sensex
Source: BSE
3:35 PM
Broader Markets
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap rising 1.5% and 1.3% respectively.
Broader markets outperformed benchmark indices with BSE Midcap and BSE Smallcap rising 1.5% and 1.3% respectively.
3:33 PM
Markets at close
The Sensex settle at 31,646, up 258 points, while the broader Nifty50 was ruling at 9,884, up 88 points
The Sensex and Nifty rose nearly 1% on Wednesday, recouping most of the losses in the previous session, ahead of derivatives expiry of August series due tomorrow.
The Sensex settle at 31,646, up 258 points, while the broader Nifty50 was ruling at 9,884, up 88 points
3:20 PM
Nifty Gainers
IOC traded at record high with 4.5% gains followed by Hindalco (up 4%) and BPCL (up 3.8%)
Source: NSE
3:13 PM
BUZZING STOCK
HEG surged 8.85% to Rs 659.05 on BSE, with the stock extending recent strong gains.
High volumes were witnessed on the counter. On the BSE, 2.99 lakh shares were traded on the counter so far as against the average daily volumes of 92,041 shares in the past one quarter. The stock had hit a high of Rs 668.95 so far during the day, which is also its record high.
3:07 PM
Global Markets
The dollar came off a 2-1/2 year low and world stocks rose on Wednesday after the United States’ measured response to North Korea’s missile test soothed jittery investors who turned their focus to positive economic data.
European stocks rose higher, tracking counterparts in Asia and the United States and reversing losses from the day before when investors were spooked by Pyongyang’s firing of a ballistic missile over Japan.
In Europe, the pan-European STOXX 600 gained 0.6%, recovering nearly all the ground lost in the previous session and banking stocks .SX7P - which had led the risk-averse move lower on Tuesday - were up nearly 1%.
This followed gains in Asia: MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6% while Japan's Nikkei rose 0.7%.
3:01 PM
47% of global venture capital transactions came from Asia in 2017
Global venture capital transactions witnessed significant uptrend this year with deals worth USD 47 billion in the April-June quarter, says a report.
The largest proportion of deal value came from Asia, which contributed 47 per cent to the deal value this year so far, the report by alternative investment research firm Preqin said.
Click here for full report
Click here for full report
2:56 PM
Equinomics Research on Infosys
In our view, the stock has been already punished more than what it deserves. It has slipped 14.2% from its 52-week high (October 2015). During the same period, the Sensex has gained 14%. Infosys now trades at 14.7x its FY2017 earnings. This valuation is at steep discount to peers like TCS and it is on par with small IT companies which have an annual revenue of less than Rs 5,000 crore
2:54 PM
COMMENT: GST collection
As per latest data, Rs 92,300 crore has been collected for the month of July. July CGST (including share in IGST) would likely be Rs 40,000 - 45000 crore. This might seem low given that around Rs78,000 crore is expected to be garnered on an average every month from indirect taxes as per budget estimates.
However, we note that it is early to assess the impact on government accounts. We view this data positively given that only 46% of the potential tax payers have filed GST till now. We need to await data over the next two - three months for better clarity
(Source: Kotak Securities)
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First Published: Aug 30 2017 | 3:30 PM IST
