Easing yields, oil prices lift Sensex 320 pts; Pharma stocks steal the show

Closing Bell on September 29, 2023: The Nifty50, on the other hand, gained 115 points to shut shop at 19.638. Sectorally, the Nifty Pharma index jumped the most, up 2.7 per cent

1:02 PM

ALERT :: Yields on 10-year bonds fall below 7.2%

12:51 PM

NTPC soars 6%, hits new high on strong biz outlook; up 52% so far in CY23

The stock of the state-owned power generation company has surpassed its previous high of Rs 245.90, touched on September 20, 2023. At 11:12 AM, NTPC was trading 3.5 per cent higher at Rs 246.15 as compared to 0.34 per cent rise in the S&P BSE Sensex. Average trading volumes on the counter jumped 1.7 times today with a combined 21.78 million equity shares of NTPC having changed hands on the NSE and BSE. READ MORE

12:38 PM

ALERT :: Sebi advises MCX, MCXCCL to furnish detailed comments on issues raised by CFMA

>> Sebi advises MCX to submit response to Chennai Financial Markets and Accountability along with supporting documents by October 03, 2023.

>> The same would also be placed before the Sebi Technical Advisory Committee

>> Stock off lows

12:25 PM

ALERT :: Sony-Zee merger to take few more months, says Sony Group

>> Impact on consolidated financials, due to the delay, uncertain

 

Note: The merger of Sony's India unit and ZEEL was earlier expected by September

 

Source: TV reports
 

12:17 PM

Personal Finance :: Multi cap or Flexi fund? Where should you invest and why

Investors continued to hold their interest in Small cap funds with Rs 4,265 crore of inflows, maintaining the run rate above the Rs 4,000-crore mark for the third month in a row. Multicap funds with inflows at Rs 3,422 crore, Midcap funds at Rs 2,512 crore and Flexi cap funds at Rs 2,193 crore were the other three categories gaining substantial flows from investors,” according to Gopal Kavalireddi, Vice President of Research at FYERS. READ MORE

 

12:07 PM

ALERT :: Ashok Leyland bags orders for 1,282 buses from Gujarat State Road Transport Corporation

11:53 AM

Sugar market eyes restrictions from India after lower monsoon rains

India’s monsoon runs from June through to the end of September, and major sugar growing regions in Maharashtra and Karnataka have seen lower rainfall this season. The South Asian nation is the world’s second-biggest producer of the sweetener after Brazil, and the government of Prime Minister Narendra Modi has already restricted exports of rice and wheat. READ MORE

11:38 AM

ALERT :: Sterling and Wilson Renewable wins order worth Rs 1,535 crore

>> Sterling and Wilson Renewable Energy has received EPC project of 300 MWac of NTPC Renewable Energy Limited (NTPC REL) at Khavda RE Power Park, Rann of Kutch, Gujarat

>> The total contract price, including O&M for 3 years, would be Rs 1,535 crore

 

11:24 AM

Trading strategies for stocks that doubled your money in 2023

The NSE benchmark index, the Nifty50 has gained 8 per cent so far, whereas the broader Nifty 500 index has galloped over 11 per cent on hopes that the Indian economy will maintain its growth trajectory amid crisis in other world economies. Also, rising investor participation with steady flows through the mutual funds route has helped stem downsides in times of sudden volatility. READ MORE

11:12 AM

Accenture forecasts first-quarter revenue below Wall Street estimates

The U.S. Federal Reserve's forecast earlier this month that it would leave interest rates elevated for longer than widely expected, has added to concerns that enterprise spending will take longer-than-expected to return to healthy levels.

 

Indian IT services giant Infosys halved its full-year revenue forecast in July, citing delayed decision-making on future projects from clients, while Tata Consultancy Services also flagged soft demand. READ MORE
 

10:58 AM

ALERT :: L&T wins mega order from MMRDA

>> The Heavy Civil Infrastructure business vertical of L&T construction has won a mega order from Mumbai Metropolitan Region Development Authority (MMRDA) for the design and construction of an Underground Road tunnel Project between Orange gate

>> Mega orders are worth over Rs 7,000 crore

>> The major scope of work for project comprises of design & construction of twin road tunnels

>> The project is to be completed within 54 months
 

10:45 AM

In a first, India's unique investor count tops 80 million: NSE data

“The 80 million unique PAN (permanent account number) investors correspond approximately to around 50 million unique households in India amounting to around 17 per cent households directly investing in the Indian stock market via NSE’s extensive nationwide network of trading members,” said the exchange. READ MORE

10:32 AM

FTSE Russell bond index not to include India, wk after JPMorgan's inclusion

"Areas for improvement in the Indian government bond market structure highlighted by international investors remain largely unchanged from the previous March 2023 review," FTSE said in its annual country classification review for the FTSE Emerging Markets Government Bond Index (EMGBI) READ MORE

10:15 AM

Navin Fluorine tanks 10% as MD Radhesh Welling resigns

In an exchange filing, NFIL said Radhesh R. Welling has tendered his resignation as the managing director and a director on the Board of the company for personal reasons. His resignation was accepted by the Board at the meeting held on Thursday, September 28. READ MORE

9:58 AM

Comment :: 'Sell-on-rally construct likely to change in Oct'

The 'sell on rally' market construct is likely to change in October.

October is usually a favourable month, both for US and Indian markets. There are indications that this historical trend may play out this October too.

The ‘triple whammy’ of up-trending dollar, US bond yields and Brent crude is showing signs of easing. If this trend continues it will facilitate a recovery in markets. Stability in the US market yesterday also can be a supportive factor.
 

Sustained FII selling may continue to weigh on markets. FII selling of Rs 25,000 crores this month has pulled down the banking stocks making their valuations attractive.

The Q2 results of the banking segment will be good and the market can respond positively to this. This is a safe bet now.

The US PCE inflation data expected tonight is significant since it can indicate the trajectory of US inflation and interest rates.

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