Sensex, Nifty LIVE Updates on September 8: Sensex and Nifty opened on a bullish note on Tuesday, amid positive global equities. Sensex traded 80 points higher at 38,498 and Nifty gained 23 points to 11,378. Meanwhile, April-June quarterly earnings announcements by Future Consumer, Jindal Stainless, CESC, Dishman Carbogen Amcis, SML Isuzu, Spencer's Retail, Mafatlal Industries, Bal Pharma, Sharon Bio-Medicine will also set the tone for the stock market today. Yesterday, Sensex ended 60 points higher at 38,417 and Nifty gained 27 points to 11,325.
Here's a look at the updates of the market action on BSE and NSE today
10. 22 AM: All Cargo Delisting
Yash Gupta - Equity Research Associate, Angel Broking said,"Allcargo Logistics Ltd board approves delisting proposal and set floor price at Rs 92.58, which is 18.8% discount to its current market price of Rs 114.15.Promoter and promoter group of the company will acquire all the fully paid-up equity shares of the company having a face value of Rs 2 held by the public shareholders of the Company. As per the last filling, the public holds 29.99% of paid-up equity share capital of the company. Delisting will be a positive development for the Company but the proposed delisting prices is not upto expectation of public shareholders."
10. 15AM: Global markets
Overseas, Asian stocks are mostly higher on Tuesday. In US, financial markets were shut on Monday for a public holiday. European indices closed lower yesterday, as tensions escalated between the UK and European Union
10.02 AM: Vodafone Idea rebranding plans
The debt-laden telecom carrier, with about 280 million subscribers as of June is rebranding itself. Announcing a major strategic move today, Vodafone Idea, unveiled a new brand identity which will now be called "Vi". Amid efforts to rediscover itself in the highly competitive telecom sector, the telco aims to draw a new set of subscribers while promising them assured quality under the new brand and stop further user erosion. For its survival, essential to avoid a duopoly in the Indian telecom sector, the telco may announce new tariff plans in the coming days.
Under the top BSE 200 scrips, Vodafone's shares have risen 21% MoM. The stock has gained 65% year-to-date, ranking in the fourth position in top BSE 200 scrips, after Adani Green, Aurobindo Pharma, Divi's Labs and Tata Consumer
Vodafone Idea stock is just Rs 12 and the firm has big plans! Should you invest?
9. 53 AM: Bharti Infratel stock
"Bharti Infratel was the best performing stock of the Nifty on Monday (up 7.52%). Bharti Infratel has rallied 22.4% in the last 4 trading sessions. Bharti Infratel is rallying as the Company has got a nod from the board for merger with Indus Tower which has been postponed twice in the past. Merger with Indus will bring in synergy benefits for the Company. Also, the overhang of AGR verdict is removed from Vodafone Idea. After the AGR verdict , Vodafone Idea's board decided to raise up to Rs.25,000 crores from the market clearly showing that Vodafone Idea intention is not to close the shop. Real profit for the Company comes in when the tower is shared by two operators. So the Vodafone Idea surviving in the industry is positive for the Company. If Vodafone Idea is able to raise the required quantum of funds can lead to further rally in the stock."
9. 42 AM: Stocks to watch today on September 8
SBI, Vodafone Idea, Maruti Suzuki, ITC, Dr Reddy among others are the top stocks to watch out for in Tuesday's trading session.
Stocks in news: SBI, Vodafone Idea, Maruti Suzuki, ITC, Dr Reddy
9. 30 AM: FII action
Foreign portfolio investors (FPIs) sold shares worth Rs 6.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 815.82 crore in the Indian equity market on 7 September, provisional data showed.
9.22 AM: Opening session
Sensex and Nifty opened on a bullish note on Tuesday, amid positive global equities. Sensex traded 80 points higher at 38,498 and Nifty gained 23 points to 11,378.
9. 10 AM: Earnings Today
Future Consumer, Jindal Stainless, CESC, Dishman Carbogen Amcis, SML Isuzu, Spencer's Retail, Mafatlal Industries, Bal Pharma, Sharon Bio-Medicine, Simplex Projects, Texmaco Rail & Engineering among others are scheduled to announce their June quarter earnings today.
9. 01 AM: Nifty outlook
NSE-NIFTY reversed from its 3-week low and regained 11,350 mark. The index ended the day on an indecisive note forming a Doji pattern. Due to recent recovery in the index from lower levels, its key technical indicators on the near-term timeframe chart reversed from its oversold zone and given buy signal. This could take the index towards 11,584 and 11,794 levels. In case of decline, the index will initially find support at 11,111 and then at 10,806 levels, which coincides with its recent swing low and its 200-day SMA, respectively.
As for the day, support is placed at around 11,277 and then at 11,200 levels, while resistance is observed at 11,407 and then at 11,459 levels.
8. 55 AM: Rupee closing
On a similar note, the rupee on the currency front witnessed high volatility and later settled 21 paise lower at 73.35 against the US dollar, amid weakness in domestic equities and a strong dollar.
On Rupee's outlook, Vaqarjaved Khan- Research Analyst, Angel Broking said, "With risk sentiment improving and global economies recovering from this unprecedented pandemic, USDINR (CMP: 73.19) is likely to move lower towards 72.5 in the coming week."
8. 40 AM: Market outlook
Ajit Mishra, VP - Research, Religare Broking said, "We feel the performance of global markets combined with development on India-China LAC issue will continue to dictate the market trend. Considering the market scenario, traders should maintain positions on both sides and prefer hedged bets."
8. 30 AM: Closing session yesterday
After a volatile session on Monday, Sensex and Nifty closed marginally higher, tracking mixed cues from global equities. Sensex ended 60 points higher at 38,417 and Nifty gained 27 points to 11,325. Traders said subdued global cues and lingering border tension with China continued to weigh on investors' sentiments.
Sensex, Nifty end tad higher amid mixed global cues; Bajaj Finance, M&M top losers