Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%

CLOSING BELL: Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent

2:58 PM

BSE 500:: Top gainers so far

IRB Infra Developers up 10.7 per cent was the top gainer among the BSE 500 stocks so far on Monday. It was followed by Suzlon Energy, Aptus Value Housing, Godfrey Phillips and Deepak Fertilizers.

2:50 PM

Asian Markets Check:: A mixed outing for key indices

Source: Yahoo Finance

2:43 PM

ALERT :: China delays the release of its Q3 GDP data, reports Bloomberg

2:40 PM

IRB Infra soars 10%, most among A-group stocks, after 3x price target

Debt reduction, renewed government focus on BOT (build–operate–transfer) projects, attractive valuations and strong revenue growth forecasts could lead to a re-rating in the stock, Ventura Securities has said. The brokerage has come up with a price target of Rs 729 in 30 months. READ MORE

2:31 PM

Realty check: Brigade, Phoenix Mills can rally up to 14%; Indiabulls weak

Phoenix Mills Ltd (PHOENIXLTD)

 

Likely target: Rs 1,700

 

Upside potential: 14.50%

 

The short-term outlook points to a consolidation in the range of Rs 1,480 to Rs 1,300 levels. Any up move over the upper roof of Rs 1,480 would mean the counter is set to claim uncharted territory of Rs 1,700. READ MORE

2:22 PM

Stock of this fintech company has tanked 70 per cent from its record high

At 01:38 PM: PB Fintech traded 1 per cent lower at Rs 436 per share, on the back of heavy volumes. In comparison, the S&P BSE Sensex was up 0.80 per cent at 58,384 points. The average trading volumes on the counter jumped over 10-fold, as 551,000 shares changed hands on the BSE, against an average sub 50,000 shares that were traded in the past two weeks. READ MORE

2:12 PM

Motherson's local wiring biz better placed than its global sales entity

While Samvardhana Motherson International (SAMIL) - formerly Motherson Sumi Systems - with global operations under its fold has slid 25 per cent over the past six months, Motherson Sumi Wiring India (MSWIL), predominantly earning revenue from the domestic market, has outperformed significantly, with gains of 29 per cent during this period. READ MORE

2:01 PM

Credit Suisse to pay $495 mn to settle case linked to 2008 financial crisis

The Swiss bank said in a statement on Monday that it’s “fully provisioned” for the payment, which will resolve claims tied to more than $10 billion in such securities. The New Jersey Attorney General had alleged damages of $3 billion in a litigation case filed in 2013.

 

“Credit Suisse is pleased to have reached an agreement that allows the bank to resolve the only remaining RMBS matter involving claims by a regulator and the largest of its remaining exposures on its legacy RMBS docket,” it said. READ MORE

1:49 PM

Several Indian corporate houses set to become carbon neutral by 2050

Various companies like Vedanta, Aditya Birla Group, JSW Group, Adani Transmission, Mahindra & Mahindra, and Dalmia Cement have set decarbonisation targets internally to become carbon neutral by 2050 or earlier. Reliance Industries, on the other hand, has targeted to become net-zero by 2035. READ MORE

1:38 PM

MARKET CHECK :: Vertical rally lifts indices

1:26 PM

Rupee vs Dollar :: 'Rate hikes by global central banks may arrest the dollar appreciation'

>> The Dollar Index moved up from 108.60 to 114.50 levels in a short span of just two days. The hike in the US official rates and the assertion of the Fed that the tool of rate hikes will be used consistently till the inflation is brought down to acceptable levels.

 

>> This reaffirmation of the stance resulted in dollar buying across the major currency counters. The worst affected by the dollar's bullishness were the Euro, Japanese Yen, and the Yuan, and thereafter the Pound Sterling. 

>> However, in the light of tighter monetary policy being pursued by other major central banks, the appreciation of the Dollar may happen at a slower pace compared to what it has been so far. The emerging market currencies too have depreciated and witnessed outflows due to the selling of assets by overseas investors.

Views by: Emkay Wealth Management 
 

1:17 PM

BROKERAGE CALL :: JM Financial maintains 'Hold' on Mindtree

1:06 PM

BROKERAGE CALL :: Mirae Asset raises PAT forecast for Federal Bank post Q2 results

12:56 PM

BROKERAGE CALL :: Phillip Capital initiates coverage on Blue Star with 'Buy' rating

12:47 PM

Q&A | Reasonable to expect some money to shift to debt products, says S Ramanathan

We prefer a bottom-up approach in this environment and are cognizant of the macro situation. We look at businesses that can offer a double digit growth in this environment and have reasonable valuations. READ MORE