Sensex soars 556 pts, Nifty tops 19,400; Metal index rallies 3%, Auto 2%

Closing Bell on September 1, 2023: In the broader markets, the BSE MidCap and SmallCap indices added 0.75 per cent each

12:17 PM

Vodafone Idea crosses Rs 10 mark for the first time since Sept 2022

Stock is at 17-month high.

12:10 PM

NFO launch: Kotak's new multi-asset allocation fund; should you invest?

This is the second multi-asset allocation fund launch in the last two weeks. On 18 August, Shriram Asset Management Company, part of the Shriram Group, launched the Shriram Multi Asset Allocation Fund with exposure to multiple assets such as equity, debt, and gold/silver ETFs.  READ MORE

12:00 PM

Foreign investors snap up India stocks while fleeing most EMs in August

Global funds purchased $1.6 billion of Indian shares on a net basis last month through Aug 30, that's even as they withdrew a combined more than $6 billion from Taiwan, South Korea and Indonesia. READ

11:50 AM

ALERT :: Vedanta responds to OCCRP allegations

11:38 AM

ALERT :: PVR Inox clocks all-time high gross box office collection

11:28 AM

ALERT :: BSE updates on Buyback

>> Record date for the purpose of determining eligible shareholders is Thursday, September 14, 2023

>> Increase in the Buyback Offer Price from Rs 816 per Equity Share to Rs 1,080

>> The resultant Equity Shares to be bought back at the Revised Buyback Offer Price are 34,70,370 Equity Shares, representing 2.56% of the total number of Equity Share

11:15 AM

ITD Cementation hits record high on bagging Rs 3,290 crore marine contract

The stock surpassed its previous high of Rs 219.75, which it had touched on August 24. As of 9:54 am, the average trading volumes on the counter jumped over four-fold as around 8.2 million shares, which represented 4.4 per cent of ITD's total equity, changed hands on the NSE and BSE. READ MORE

11:05 AM

August Sales Data | Mahindra Auto sells highest ever SUVs at 37,270 units

>> Mahindra & Mahindra's overall auto sales for the month of August 2023 stood at 70,350 vehicles, a growth of 19%, including exports.

>> In the Utility Vehicles segment, Mahindra sold its highest-ever SUVs of 37,270 vehicles in the month, in the domestic market, and overall, 38,164 vehicles, including exports.

>> The domestic sales for Commercial Vehicles stood at 23,613 units. 
 

10:57 AM

Nomura raises India's economic growth forecast for FY24 to 5.9%

India's Gross domestic product (GDP) expanded a more-than-expected 7.8% on an annual basis in the June quarter, Thursday's data showed, accelerating from 6.1% growth recorded in the March quarter READ MORE

10:47 AM

Q1 GDP data: Investment growth comes up short despite govt capex push

Investment growth moderated slightly in the economy during the first quarter (Q1) of the current financial year (2023-24, or FY24), notwithstanding the front-loading of capital expenditure (capex) by the Centre. READ MORE

10:37 AM

ALERT: Moody's raises India's GDP growth forecast for 2023 to 6.7% from 5.5%

Moody's cuts India's GDP growth forecast for 2024 to 6.1% from 6.4%

10:33 AM

ALERT :: August Manufacturing PMI rises to 58.6 vs 57.7 in July

>> Manufacturing PMI at its highest level in 3 months

10:27 AM

ALERT :: NCC receives 4 new orders aggregating Rs 8,398 crore in August 2023

10:16 AM

Genus Power freezes at 5% upper circuit on order wins worth Rs 2,247 crore

The demand for smart meters is growing rapidly in India, as the government under Revamped Distribution Sector Scheme (RDSS) scheme aims to install 250 million smart meters in all households across the country to improve the efficiency of the power sector. READ MORE

10:05 AM

Comment :: 'Rally in mid, small-caps turning unhealthy'

Headwinds, stronger than tailwinds, have pushed the Nifty down by 406 points in August. Some headwinds like weakening monsoon and sluggish global growth are likely to weigh on markets.

And now, there is another headwind coming from the Brent crude rising to $87. FPI flows in the cash market turned negative in August after strong positive flows in the previous three months. These headwinds will constrain a sustained recovery in markets.

 

Long-term investors can utilise weakness in the market to buy high quality stocks in banking, capital goods and automobiles.

The rally in the mid-and small-cap segment is turning unhealthy with the participation of many low-grade stocks. This trend is unlikely to last long.

Views by: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services