Stock markets in Asia were mixed on Monday morning, Hang Seng, Shanghai Composite, KOSPI, and KOSDAQ were trading higher but Topix and Nikkei 225 were down in the red.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic benchmark indices Sensex and Nifty got off to flying start to this week’s trading session. S&P BSE Sensex was trading over 250 points higher to cross the 40,750 mark. The 50-stock Nifty was also seen gaining new highs and was just shy of the 12,000 mark after initially having reclaimed it on opening bell. ITC, State Bank of India, and Power Grid were the top Sensex gainers. While Tata Steel, ONGC, and Titan were the drags on Monday morning. S&P BSE Midcap was trading with losses while S&P BSE Smallcap was trading flat with a positive bias.
UTI AMC and Mazagon Dock shares made their share market debuts today. UTI Asset Management Company shares got listed at a discount to the IPO price band while Mazagon Dock shares zoomed over 40% higher on listing, UTI AMC stocks were recouping some of the losses after getting listed but were still down from the IPO price. Mazagon Dock Shipbuilders Ltd (MDSL) is a defence public sector undertaking shipyard firm was subscribed 157 times by investors with Non-Institutional Investors (NII) over subscribing their portion 677 times. On the other hand the Rs 2,160 crore UTI AMC IPO was subscribed 2.31 times. On Friday, the grey market price of UTI AMC was running in the negative while Mazagon Dock was commanding a premium of Rs 106.
Highlights
Leading stock exchanges BSE and NSE on Monday said said they were functioning normally, amid a major power outage in large parts of Mumbai. "There is a power failure in south Mumbai. Exchange is working normally. The listing ceremony was concluded successfully for Mazagon Shipbuilders today morning," a BSE spokesperson said.
The National Stock Exchange (NSE) too said it is functioning normally. Large parts of the financial capital reported a major power outage on Monday morning due to a technical failure.~ PTI
Large parts of the financial capital reported major power outage on Monday morning due to a technical failure. In a tweet, Brihanmumbai Electricity Supply and Transport (BEST) said, ”The electric supply is interrupted due to TATAs incoming electric supply failure.” Suburban local train services, operating only for essential workers at present, were affected from 1005 hours, sources said.
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Post the positive start, the Nifty witnessed follow-up buying and ended above 11900. Strong buying was seen in select banking & financial and energy stocks. Looking at option data, additions were seen in OTM and ATM Put strikes. We feel the index will witness limited downsides if profit booking emerges from its major Call base of 12000. Nifty futures ended at a premium of 15 points while IV remained unchanged. The major Put base is at the 11700 strike with almost 22 lakh shares while the major Call base is at the 1200 strike with almost 15 lakh shares.
Reco: Sell Nifty 11700 Put (October 15 expiry) in the range of | 33-35
~ ICICI Direct
After the failed delisting, shares of Vedanta Limited tanked 22% on Monday to trade at Rs 94 per share. The mining major, led by billionaire Anil Agarwal, had been aiming to go private, but could not as public shareholders did not tender the required 134 crore shares that were needed for the firm to go off the stock exchanges. The floor price for the delisting of shares had been set at Rs 87.25 per share but majority of the stocks tendered till Friday by public shareholders were in the range of Rs 140-150 per share.
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Indian Railways goes green with eco-friendly loco! The Southern Railway zone of Indian Railways has added ‘Pasumai’, an environment-friendly battery-operated dual-mode shunting locomotive to its fleet. According to the Railway Ministry, the Electric Loco Shed in Arakkonam, Tamil Nadu has converted 23061/WAG5HA Electric Locomotive into AC/Battery operated dual-mode shunting loco to work in both wired and unwired sections. In the wired section, the locomotive can work in both modes, while in the unwired section, it can work in battery mode. Some of the features of this locomotive include two sets of 110, 1100 AH, VRLA batteries, DC compressor 1000LPM, 110V DC in battery mode, three-step speed control.
Here are some of the major advantages of this eco-friendly locomotive
IT stocks continued to rally in today’s trade following a 5.3 per cent gain in the previous week. Ahead July-September earnings, Wipro share price hit a fresh 52-week high of Rs 379 apiece, rising 1.3 per cent. This week Infosys and HCL Technologies are also scheduled to announce their quarterly earnings on October 14 and October 16, 2020, respectively.
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IndiGo gains market share at the cost of Go Air and Air India: Post resumption of domestic operations in last week of May, IndiGo’s market share has risen from 48% (as on Mar-20) to ~60% in Aug-20. IndiGo has been able to capitalize on its leadership position and on the strength of its balance sheet to deploy a greater share of its capacity and improve its market share. Go Air’s market share has declined by ~500bps to 4.7% and Air India’s market share has declined by ~200bps to 9.8%.
~Centrum Broking
COMEX gold trades moderately higher near $1936/oz after a 1.6% gain in the previous session. Weakness in the US dollar and persisting expectations of additional stimulus has supported gold prices. However, ETF investors continue to remain on sidelines showing lack of investor buying interest. Although the general bias may be on the upside owing to weaker US dollar intermittent choppy trades possible on uncertainty relating to US stimulus: Ravindra Rao, VP-Head commodity research, Kotak Securities Ltd
“Last week, Indian Rupee appreciated by 0.07 percent while the Dollar Index decreased by 0.29 percent. RBI decided to keep interest rates unchanged at 4 percent and monetary policy stance accommodative. RBI sees GDP contracting by 9.5 percent in FY21 but can expect recovery from Q4FY21. US FED officials worried that a lack of further fiscal stimulus would jeopardize an economic recovery that was moving faster than expected, according to meeting minutes. The meeting featured extensive discussion about the economic outlook, as members said the economy was doing better than expected in good part because of the fiscal help provided by Washington. That support is in jeopardy as talks have broken down between the White House and congressional Democrats and may not resume before the November election. As of today traders can go for sell in USDINR at 73.30, with the stop loss of 73.50 and for the target of 72.80. We are expecting appreciation in USDINR in short term and it may test 72.50 levels soon," said Anuj Gupta - DVP- Commodities and Currencies Research, Angel Broking.
IT stocks such as Infosys, Wipro, L&T Infotech and Coforge shares hit their respective 52-week highs on Monday. It bellwether Wipro is set to announce July-September quarter earnings later in the day today. While Infosys and HCL Technologies will announce quarterly earnings this week
We have achieved the 12000 target this morning! The next level to watch out for would be 12200-12300. The support is now upgraded to 11750-11800. As long as the Nifty holds these levels, we are in bullish territory and every dip or correction can be utilised to accumulate long positions: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
After a strong consolidation in the first half of last week, precious metals comprehensively closed above key resistance levels of $1,923/oz, that has created room for further upside. The stage might be set for gold to hit $1,973 and then $1,993 based on technical charting, while for silver, it could hit $26.35 and then $27.80. With speculators raising bullish bets on COMEX gold, and while the U.S. economy is struggling to find solutions to stem the spread of COVID-19, we believe traders will continue to buy on any dip in price. Looking at support, $1,900 and $1865 will be the next key levels to keep an eye on: Debajit Saha, Senior Analyst, Precious Metals at Refinitiv
Mazagon Dock Shipbuilders shares zoomed on the stock market debut on Monday as the scrip got listed at Rs 216.25 apiece on BSE, a premium of Rs 49.14 on the upper band of the issue price of Rs 135-145 per equity. The stock listed on the National Stock Exchange (NSE) at a price of Rs 214.90 per share, a 48.20 per cent premium over its issue price. The Rs 444-crore Mazagon Dock Shipbuilders IPO received a robust response, subscribing 157.41 times on the final day of the bidding process.
Check live prices: Mazagon Dock Shipbuilders
"We have achieved the 12000 target this morning! The next level to watch out for would be 12200-12300. The support is now upgraded to 11750-11800. As long as the Nifty holds these levels, we are in bullish territory and every dip or correction can be utilised to accumulate long positions," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
UTI Asset Management Company shares made their stock market debut at Rs 490.25 per share, a discount of Rs 63 or 11.5% from the issue price of Rs 554 per share. In the minutes after opening the stocks were seen trading at Rs 503 apiece, up 2.77% from the listing price but still trading lower than the issue price. The second largest AMC in India saw its initial public offering (IPO) get oversubscribed by investors. Retail investors had bid for their portion of the issue 2.32 times while Qualified Institutional Buyers (QIB) subscribed their portion 3.34 times. Non-Institutional investors had undersubscribed their portion, bidding for only 93% of their portion. UTI AMC has a market capitalization of Rs 6,215 crore on listing.
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Shares of Vedanta Limited were down 9.99% hitting the lower circuit to trade at Rs 109.90 per share. This fall comes just days after the efforts of the promoters to delist the mining major did not turn fruitful.
Despite Emerging Market currencies and Chinese Yuan are strengthening significantly; rupee is unable to move past 73.00 levels as RBI has emerged as an active buyer taking reserves to record $545.6 billion. However, in the need of conducting operation twists to bring the borrowing costs down for government and corporates, it will be difficult for RBI to continue buying. Hence, there is a scope of rupee appreciate close to72.50-72.70 in the medium term. None the less, it is likely that the RBI shall protect 73.00 levels for a few more sessions: Amit Pabari, managing director, CR Forex Advisors
Nifty 50 added to its gains on Monday morning and managed to reclaim the 12,000 mark, for the first time since February 20 this year. The benchmark index zoomed on opening to trade at 11,997 levels and soon after was seen reclaiming the 12,000 mark. With this, Nifty has now managed to gain over 57% since March 23, which was when the index was at its lowest so far this year. After attaining a high of 12,430 in January, Nifty 50 dropped down to 7,500 following the coronavirus-led March sell-off across the globe.
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State Bank of India, ITC, and Axis Bank were the top Sensex gainers on Monday morning. SBI shares were up over 3% while ITC gained 2.8% and Axis Bank stock zommed 1.9%.
Sensex gained over 300 points on opening while the Nifty 50 managed to zoom past the 12,000 mark on opening bell today. This is for the first time since February that the index has moved past the 12,000 mark.
Sensex was seen sitting at 40,717 mark just minutes before openign while the Nifty was just shy of the 12,000 mark.
Benchmark indices were seen moving higher during the pre-opening session on Monday morning. Sensex crosses the 40,600 mark while Nifty reclaimed the 12,000 levels during the pre-open session.
Wipro: IT bellwether is scheduled to announce its July-September quarter earnings later in the day today. Research and brokerage firm Centrum Broking expects Wipro to deliver 1.5 per cent QoQ constant currency revenue growth.
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S&P BSE Sensex surged over 70 points higher during the pre-open session while the 50-stock benchmark Nifty managed to reclaim the 12,000 mark.
Promoter shareholding in dry cell battery major Eveready Industries, the flagship company of the Williamson Magor group, has fallen below 5% for the first time, with banks and financial institutions continuing to invoke and sell pledged shares for recovery of dues from debt-ridden group companies.
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Shanghai Composite was trading 1.79% higher on Monday morning while Hang Seng was seen up 1.48%. Nikkei 225 and TOPIX were down over 0.30% each. In South Korea, Kospi was up with gains while the KOSDAQ was trading flat.
One of the benefits of the lockdown for me is that I get to speak with and “meet” dozens of clients who I wouldn’t normally meet for various reasons. Again, meeting in the current circumstances is better than before because everybody is more open than usual and, most often, they are home so the meeting has a personal dimension to it.
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Rallying for the seven straight days BSE Sensex and Nifty 50 look to start the week yet again in the positive territory on Monday. Today, a mini-ratna public sector undertaking Mazagon Dock Shipbuilders and UTI Asset Management Company (AMC) shares will debut on stock exchanges. Besides, market participants will closely track quarterly earnings of Wipro, Infosys and HCL Technologies, scheduled to announce results this week, also macroeconomic data such as IIP, CPI and WPI data, and global trends will also be watched out.
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Support for the benchmark index, Nifty 50, has move higher on the technical charts and analysts are now pinning support levels to be placed at 11,800. While some say that the previous resistance levels shoudl be taken as the new support in the range of 11700 – 11450 levels.
"After the formation of doji type candle pattern on Thursday, Nifty continued its upside momentum for the seventh consecutive sessions on Friday and registered yet another decent gains of 79 points. A reasonable positive candle was formed with lower shadow, technically, this pattern indicate an uptrend continuation pattern. The overall market breadth has improved slightly, but the broad market indices like mid and small cap segments have continued with minor decline on Friday," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities
Vedanta Ltd’s delisting went from almost-a-success to failure on account of a large quantity of unconfirmed orders, forcing the company to look for options to extend the buyback period by a day. In a regulatory filing, Vedanta said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm.
Some analysts believe that in a volatile market situation with uncertainties ahead, investors should sell half of their lot to take advantage of listing day gains as stocks usually list at a premium value. Vinod Nair, Head of Research, Geojit Financial Services suggests a stock specific approach and advises investors to draw conclusions from IPO subscriptions rates. “If there is demand for the stock with subscription levels being at 60-70 times and then shares drop from their listing gains it opens an opportunity for those who missed on allotment to come and buy the stock which will improve the price,” he said. Vinod Nair adds that businesses that are in line with the new norms such as digital players are performing well.
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Large central public-sector entities — companies and undertakings — achieved 30% of their capital expenditure (capex) target for FY21 in the first half of the financial year, by spending almost Rs 1.5 lakh crore, according to official sources. This is a creditable achievement, as it reflects that these companies have managed to hold on to the capex pace shown in recent years in the first half, despite the Covid-19 shock.
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