Nifty Realty index skyrocketed nearly per cent, aided by Oberoi Realty, Godrej Properties, DLF. (Image: REUTERS)Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 made fresh record closing highs on Thursday, a day of weekly F&O expiry. BSE Sensex rallied 958 points or 1.63 per cent to end at the highest ever level 59,885. Nifty 50 zoomed 276 points or 1,57 per cent to settle at 17,823. Bajaj Finservice, Larsen & Toubro (L&T), Housing Development Finance Corporation (HDFC), Axis Bank, IndusInd Bank, State Bank of India (SBI) were top Sensex gainers. On the contrary, only Dr Reddy’s Laboratories, Nestle India and ITC were the index laggards. On the day of weekly options expiry, Bank Nifty rallied 2.24 per cent settle at 37,771, while Nifty Realty index skyrocketed nearly per cent, aided by Oberoi Realty, Godrej Properties, DLF.
Highlights
BSE Sensex rallied 958 points or 1.63 per cent to end at the highest ever level 59,885. Nifty 50 index zoomed 276 points or 1,57 per cent to settle at 17823 levels
Domestic equities witnessed sharp recovery today with benchmark Nifty and Sensex both recording fresh all-time highs. Notably, favourable FOMC meeting outcome and ease of concerns from possible default of Evergrande aided market rally. Financials and Reliance Industries have dominated market rally today followed by metals, IT and auto. Binod Modi, Head Strategy at Reliance Securities
The market witnessed some positive movements after the market was able to sustain the Nifty 50 Index level of 17500. Market research shows sustaining above 17850, the market expects to gain momentum, leading to an upside projection till 18000 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook. Ashis Biswas, Head of Technical Research at CapitalVia Global Research
Paras Defence and Space Technologies IPO was subscribed over 220 times so far on the last day of the bidding, on the back of robust interest from Non-Institutional Investors (NIIs). In the primary market, Paras Defence shares were seen trading at a premium of Rs 255, over the IPO price of Rs 175. Paras Defence and Space Technologies shares were ruling at Rs 410 apiece, a premium of 146 per cent, in the grey market, according to the people who deal in unlisted shares of the company.
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Sensex reached a new all-time high of 59,884 points as the index zoomed more than 1.5% on Thursday while the NSE Nifty 50 crossed 17,800 for the first time ever.
"Indian real estate market is regaining the confidence of the global institutional investors. They see good opportunities in India across the capital stack on both the equity and debt side. Although India remains credit starved, the space left by the NBFCs is being filled by global credit funds who are becoming quite active in the country. With the declining interest rates in India and cap rate compression, the interest rate gap between overseas and domestic market is narrowing which is opening newer avenues of investments. The long-term view on India is one of uptrend on commercial absorption on the back of increasing pace of vaccination, which will translate into a strong H2 of FY22. Residential is seeing a significant revival across markets on the back of favourable government policies, pent up demand of 18 months, attractive pricing, and lowest ever mortgage costs. Investor interest in retail is also slowing coming back as spaces have reopened fully in most markets and people have restarted evaluating opportunities in that space. Hospitality has seen a strong rebound in occupancies on the back of domestic tourist demand, but the ARRs will take some more time to recover given the limited number of foreign travellers. Warehousing and data centres are seeing strong traction on the back of both shopping and entertainment increasing moving to the digital space," said Sharad Agrawal, Executive Director – Capital Markets, Knight Frank India.
Nifty 50 could be reaching its peak now after the domestic benchmark index outperformed emerging markets by 19-33ppts on 3/6/12 month basis, said global brokerage and research firm Jefferies. “ From such levels, Nifty performance has been weak historically,” the brokerage firm said in a report. Expecting the Nifty to underperform after having reached its peak, Jefferies has made adjustments to its model portfolio, turning defensive and adding FMCG major ITC to the portfolio and trimming weight in two other stocks. Nifty has more than doubled from its March 2020 lows with massive retail participation and record foreign fund inflows in 2020.
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Indian real estate market is regaining the confidence of the global institutional investors. They see good opportunities in India across the capital stack on both the equity and debt side. Although India remains credit starved, the space left by the NBFCs is being filled by global credit funds who are becoming quite active in the country. With the declining interest rates in India and cap rate compression, the interest rate gap between overseas and domestic market is narrowing which is opening newer avenues of investments. The long-term view on India is one of uptrend on commercial absorption on the back of increasing pace of vaccination, which will translate into a strong H2 of FY22. Sharad Agrawal, Executive Director – Capital Markets, Knight Frank India
Bharti Airtel's rights issue at Rs 535 a share is attractively priced considering the current market price of around Rs 730. The recent telecom package declared by the government addresses most of the issues that the industry has been facing for some time now. India's telecom industry is now practically a duopoly with Ril Jio and Bharti Airtel dominating the industry. Bharti's 35 crore customers, growing steadily, and the launch of 5 G shortly bode well for the company in the years ahead. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Sevices
Knight Frank’s Global Buyer Survey – The Asia-Pacific Supplement analyses the impact that Covid-19 has had on residential buyers’ attitudes to purchasing homes in the region. The survey represents the views of over 900 Knight Frank clients across 49 markets. With over 50% of the respondents located in Asia-Pacific, the report delves into the Asia-Pacific data in aggregate and contrasts the buying patterns among homebuyers from Asia, Australasia, and around the globe.
Petrol prices in the country are not coming down as the states do not want to bring fuel under the ambit of the GST, Petroleum Minister Hardeep Singh Puri said. In an interview to PTI here, Puri said petrol prices crossed the Rs 100-mark in West Bengal as the TMC government is levying heavy taxes.
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Overall trend is positive and needs to hold above 17500 zones for an up move towards 17650 then 17700 zones while on the downside major support is seen at 17350 zones. Buy nearby 17500, 17550 Call for a move towards 17650 zones
~ Motilal Oswal
Sensex hit a new all-time high of 59,747.82 points, jumping more than 1.3% on Thursday. Nifty was above 17,750.
Sensex and Nifty were not looking to slowdown as benchmark indices propelled higher helped by bulls on Thursday.
Sensex and Nifty were surging higher on Thursday as bulls took control on Dalal Street. Sensex was up 750 points or1.27%, sitting above 59,650 while NSE Nifty 50 zoomed 215 points or 1.22% to hit 17,750.
ZEEL share price has surged 65 per cent to Rs 362.85 in just 10 days after Rakesh Jhunjhunwala bought shares at Rs 220.44 apiece last week. Jhunjhunwala's Rare Enterprises had lapped up 50 lakh shares of Zee Entertainment Enterprises Ltd at a purchase value of Rs 110.22 crore. Based on current price, and back-to-back upper circuits in the stock from the date of his purchase, the investment is now worth Rs 181.4 crore, a mark-to-market profit of Rs 142 per share, or Rs 71.4 crore, over the acquisition price.
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Hospitality firm OYO is planning to raise between USD 1 billion to 1.2 billion through an initial public offering and is expected to file the draft red herring prospectus (DRHP) with Sebi next week, sources told PTI on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained at the time of filing the story.
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Bharti Airtel’s massive Rs 21,000 crore rights issue will open for investors on October 5 and close on October 21, the company said in a regulatory filing on Wednesday. Telecom major Airtel is looking to raise funds to accelerate investment mainly in the mobile business as it looks to expand its market share. The company is also looking to use these funds to roll out 5G, fibre backhaul, and step up data centre investments. The record date for the rights issue has been set as September 28. Bharti Airtel had announced the Rs 21,000 crore right issue last month. Bharti Airtel stock is trading with gains today, hitting an intra-day high of Rs 735 per share.
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"Above 17,630 Nifty opens the way for 17,800 and 18,000 on a positional basis. Bank Nifty can attract short covering above 37,300. Positive bias continues on PSE's while metals could bounce back," said Rahul Sharma, Director & Head - Research, JM Financial.
All the top six gainers on BSE Sensex on Thursday morning were stocks from the banking and finance sector. Axis bank was the top gainer, jumping 2.73%, followed by Bajaj Finserv, SBI, IndusInd Bank, ICICI Bank, and HDFC Bank.
"On the technical front, market is witnessing a range bound movement and it has sustained well above 17,400-450 levels and we believe this up move will extend till 17650 level in the short term. On the downside 17,200 is the immediate support in Nifty 50 followed by 16,900," said Mohit Nigam, Head - PMS, Hem Securities.
Domestic equity benchmark indices started Thursday’s session in the positive territory. India VIX falls 4%. Bank Nifty was comfortably above 37,000.
Sensex was above 59,300 while Nifty was just shy of 17,700 at the end if the pre-open session on Thursday.
Sensex regained 59,300 during the pre-open session on Thursday while Nifty 50 was above 17,600 and closing in on 17,650.
"Bank Nifty futures saw fresh addition of 3.5% while Nifty Futures saw a closure of 1.4%. 17,600 straddle witnessed maximum buildup of positions while Bank Nifty witnessed heavy addition in 37,000 calls," said Rahul Sharma, Direct & Head - Research, JM Financial.
BSE Sensex and Nifty 50 were set to open higher on the day of weekly F&O expiry, as indicated by trends on SGX Nifty. Analysts say that the short term uptrend remains intact and the market is now taking a breather before showing further upside. “The overall chart pattern of daily and weekly indicate a possibility of range-bound action in the next 1-2 sessions before showing further upside. The crucial overhead hurdles are placed at 17625 and 17790 levels and immediate support is placed at 17445 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said.
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Nifty has recently corrected from a high of 17793 seen last Friday. The index however found support at lower levels and managed to hold above the crucial short term trend reversal levels of 17254. The bounce-back seen on Tuesday led to the Nifty closing above the 20 and 50 period MA on the 15 min chart, indicating that the very near term trend has turned positive.
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Nifty index opened positive yesterday and surpassed its previous day’s high but comparatively moved in a narrow range. It remained consolidative for the most part of the day and saw slight weakness in the concluding hour. It formed a small-bodied Bearish candle on the daily scale and closed flattish but was hovering near to the highs of the previous session. Now it has to continue to hold above 17500 zones, for an up move towards 17650 and 17777 zones whereas support is placed at 17350 and 17272 zones.
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Nifty futures were trading 105 points or 0.60 per cent higher at 17,658 on Singaporean Exchange, suggesting a strong opening for BSE Sensex and Nifty 50 on the day of weekly F&O expiry. In the previous session, BSE Sensex settled at 58,927, down 78 points or 0.13 per cent while the NSE Nifty 50 closed at 17,546, slipping 15 points or 0.09 per cent. Analysts say Nifty remains in a medium-term uptrend for targets of 18000 and above; any meaningful correction is a good opportunity to buy. “Support for the September series is seen at 17325 while resistance is expected at 17600-177700 levels. Breach of 17325 on the closing basis is expected to result in selling pressure to sub 17000 levels,” Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said.
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Paras Defence and Space Technologies IPO will close for subscription today. So far the IPO has been subscribed a massive 40.57 times with retail investors bidding for their portion of the issue 68.57 times. All categories of investors have oversubscribed their respective portions.
SGX Nifty was up 100 points ahead of the opening bell, signalling a strong start for domestic equity markets.
US Federal Reserve's has said it could start tapering as early as November this year and could also hike interest rate sooner than expected. Fed Chair Jerome Powell said that Fed could start rolling back the monthly bond-buying in November and end it in mid 2022. The Federal Reserve has trimmed US GDP projections on account of another Covid wave.