Sensex soars 385 pts, ends atop 66K; Nifty reclaims 19,700; L&T, banks lead

CLOSING BELL ON SEPTEMBER 07, 2023: The S&P BSE benchmark index has now gained 1,434 points, and the Nifty 473 points in the last five straight trading sessions.

12:16 PM

Ashok Leyland, REC: 5 Nifty 500 stocks that can slip 10% from here on

Despite the current bouyancy, factors such as spurt in Crude Oil prices, weakening Rupee, FII selling and the possibility of a longer-than-expected regime for high interest rates given the sticky inflation remain a worry for the markets.

 

Given this scenario, here are 5 stocks from the Nifty 500 that could potentially see up to 10 downside from here on. READ

12:04 PM

Trailblazing rules to boost India's ESG mkt, to attract investors: JPMorgan

India’s new rules for environmental, social and governance investments and ratings are likely to attract more investors to the nation’s $1.4 billion market and serve as a model for other countries, according to JPMorgan Chase & Co. READ

11:55 AM

Comment :: Which sectors will benefit from G20 Summit?

The India growth story, which is the best among large economies, is getting wider attention and appreciation with the G20 presidency. India’s highly profitable sectors like banking, IT and pharmaceuticals are already well researched and have attracted significant investments.

A segment that has attracted significant attention in recent times is the India Stack and its phenomenal success. India’s digital ecosystem is now accepted as a model worthy of emulation. The explosive growth of fintech companies is attracting a lot of attention. The incredible growth of non-IT services during the last couple of years also is attracting a lot of attention.
 

There is a global consensus among investors regarding India’s potential as an investment destination. The four Ds underlying the India Growth Story - Demography, Democracy, Digitalisation and Domestic consumption - will get more visibility due to the G20 presidency.

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

 

11:43 AM

Larsen & Toubro gains 2%, hits new high ahead of record date for buyback

Shares of Larsen & Toubro (L&T) hit a new high of Rs 2,787.65, up 2 per cent on the BSE in Thursday's intraday trade, ahead of the record date for buyback. In comparison, the S&P BSE Sensex was trading flat (up 0.05 per cent) at 65,912 at 11:05 AM. READ

11:31 AM

Rupee to stay weak, third of analysts expect new low within a year: Poll

India's rupee will still be very close to its historic low in six months despite the Reserve Bank of India using its coffers to cut volatility, according to a Reuters poll in which over a third of analysts forecast it to reach a new low in a year. READ

11:15 AM

ALERT: Strides Pharma to acquire Strides Pharma Services from another arm Arco Lab

The acquisition is a part of internal restructuring.

11:03 AM

Market Check :: Sensex turns positive

10:53 AM

Tata Consumer dips 3% after it denies 51% stake buy buzz in Haldiram's

Shares of Tata Consumer Products (TCPL) dipped 3 per cent to Rs 853.85 on the BSE in Thursday's intra-day trade after the company refuted reports that said it is in talks to acquire a majority 51 per cent stake in the snack and sweet brand Haldiram's. READ

10:40 AM

GAIL expects to source 20 to 25% of LNG on short-term or spot basis

The rest will be via long-term contracts, Kumar told the Gastech industry conference in Singapore, adding that the company would tap spot markets to meet seasonal demand or volatility. READ

10:29 AM

China exports decline slower than expected in Aug as economy under pressure

China's exports declined at a slower pace in August, even as the world's second-biggest economy remains under pressure from weaker demand both domestically and abroad.
 

Exports for August slumped 8.8 per cent from the same time last year, totalling $ 284.87 billion, and were slower than the 14.5 per cent last month, according to customs data on Thursday. READ

10:14 AM

Cochin Shipyard surges 15%, hits new high in weak market on strong outlook

Shares of Cochin Shipyard (CSL) hit a new high of Rs 1,096.85 as they surged 15 per cent on the BSE in Thursday's intra-day trade, in an otherwise weak market, on strong business outlook. In comparison, the S&P BSE Sensex was down 0.11 per cent at 65,807 at 09:58 AM. In the past three months, the stock of the state owned company has zoomed 98 per cent. READ

9:59 AM

MARKET VIEW: FII selling may continue; SmallCap segment frothy

The market has turned excessively volatile responding to fast changing incoming data. DIIs have been consistent buyers on the back of good flows to domestic mutual funds. But FIIs have been consistently selling in the cash market this month with a net sell figure of Rs 7850 crores.

The FII selling has been triggered by the rising US bond yields and the strengthening dollar. With the yield from the US 10-year at 4.29% and 2-year at 5%, the FIIs are likely to sell further impacting market sentiments.

 

A major concern in the market is the Brent crude rising above $90 with negative implications for India’s macros and inflation.
 

Investors may exercise caution and on correction buy only high quality stocks, preferably in banking, IT and capital goods. There is froth in the small-cap segment, which is driven by momentum.

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

9:53 AM

Artefact Projects surges 4% on bagging NHAI projects worth Rs 14.7 crore

The company has signed contract agreements with the NHAI worth Rs 14.7 crore.

9:49 AM

PFC up 2% on fixing Sept 21 as record date for 1:4 bonus issue

The company has fixed Thursday, Sept 21, as the record date for its bonus issue in the ratio of 1:4 that is 1 equity share will be issued for every 4 existing equity shares of the company. 

9:45 AM

TCS holds minor gains in a weak market on $1 bn partnership with JLR

TCS has signed a strategic partnership valued at £800 million (about $1 billion) with the digital unit of Jaguar Land Rover (JLR) to help the luxury carmaker accelerate the modernisation of its IT infrastructure, and build a new technology architecture that will support its ‘Reimagine’ strategy.