Stock market updates: The 50-scrip Nifty index hit an intraday high of 11,028.85 during the session
Domestic stock markets registered sharp gains on Monday, as buying interest in financial, auto and infrastructure sectors helped the markets recover early losses. The S&P BSE Sensex index declined as much as 197.3 points from the previous close to touch 36,784.47 in the first hour of trade, and then rebounded as much as 459.61 points from that level to hit 37,244.08 at the day's highest level. The broader National Stock Exchange (NSE) Nifty benchmark hit an intraday high of 11,028.85 during the session, bouncing from a day's low of 10,889.80. Buying in financial, automobile and infrastructure sectors backed the upmove in the markets, however weakness in information technology stocks - as the rupee moved higher - kept the upside in check. Mid- and small-cap shares outperformed the markets, with the Nifty Midcap 100 and Smallcap 100 indices ending 1.23 per cent and 0.65 per cent higher, after rising as much as 1.29 per cent and 0.80 per cent respectively during the session.
Here are the highlights of Monday's session in the domestic financial markets (Sensex, Nifty and rupee-dollar) today:
Yes Bank, Maruti Suzuki, L&T Among Top Gainers
Top Nifty Gainers
- Yes Bank: +4.30%
- UPL: +3.85%
- Maruti Suzuki India: +2.72%
- Larsen & Toubro: +2.40%
- Bharti Airtel: +2.28%
Top Nifty Laggards
- HCL Tech: -1.40%
- Eicher Motors: -1.26%
- Infosys: -1.21%
- Tech Mahindra: -1.07%
- Bajaj Auto: -1.03%
HDFC, Larsen & Toubro, Kotak Mahindra Bank and Maruti Suzuki contributed the most to the gains in Sensex.
Nifty Reclaims 11,000 Mark After More Than A Week
The S&P BSE Sensex ended 163.68 points - or 0.44 per cent - higher at 37,145.45, and the broader NSE Nifty benchmark ended at 11,003.05, up 56.85 points - or 0.52 per cent - from the previous close. The 50-scrip index had last closed above the 11,000 mark on August 30.
Trading will resume on Wednesday. The stock markets will remain closed on Tuesday for Muharram.
Midcap Index Outperforms Larger Peers
Midcap shares were witnessing good buying interest as the Nifty Midcap 100 Index was up over 1 per cent outperforming the Nifty which was up 0.5 per cent.
Sensex, Nifty On Track For Second Straight Day Of Gains
The S&P BSE Sensex and NSE Nifty 50 indices were on track to clock second straight session of gains led by a rally in banking and financial services shares.
As of 3:21 pm, the Sensex was up 188 points at 37,169 and Nifty was at 11,003, up 57 points.
Somany Ceramics Falls By Daily Maximum Limit Of 20%
Shares of the tile maker - Somany Ceramics - plunged by their daily maximum limit of 20 per cent to Rs 228.80 on the BSE after it informed exchanges that a cheque of over Rs 26 crore issued in favour of the company by Mentor Financial Services Private Limited, stock broker of the company bounced owing to insufficient funds.
"The company has issued demand notices for repayment to Mentor, its directors and its authorized signatory as per requirements of the applicable law", Somany Ceramics said in an exchange filing.
Banking, Infra Sectors Push Markets Higher
At 2:08 pm, the Sensex traded 121.58 points - or 0.33 per cent - higher at 37,103.35, while the Nifty was up 36.95 points - or 0.34 per cent - at 10,983.15.
Here's a snapshot of some of the sub-indexes on the NSE at the time:
Nifty Bank: +0.76%
Nifty Fin Service: +0.76%
Nifty PSU Bank: +1.32%
Nifty Infra: +1.24%
Nifty IT: -0.92%
India VIX: -1.01%
The NSE's India VIX or the Volatility Index is a measure of the market's expectation of volatility over the near term.
Rupee Hits 71.50 Against Dollar In Intraday Trade
The rupee gained by as much as 22 paise against the US dollar during the session. It moved in a range of 71.50-71.72 against the US currency, as against its previous close of 71.72. The rupee was last seen trading 20 paise - or 0.28 per cent - higher at 71.52 against the dollar.
Market Update: Nifty Below 11,000; IT Stocks Under Pressure
The NSE Nifty 50 index fell below 11,000 mark in afternoon deals as information technology shares were witnessing selling pressure.
At 1:46 pm, the Nifty was up 48 points at 10,994 and Sensex was at 37,213, up 232 points.
HCL Technologies, Tech Mahindra, Infosys, Bajaj Auto, Tata Consultancy Services and Eicher Motors were among the laggards in the Nifty 50 basket of shares.
Volatility Index Falls 1.5% As Markets Trade Firmly Higher
Gauge of volatility fell 1.55 per cent to 16.02 as markets continue to trade firmly higher.
The Sensex was up 192 points at 37,174 and Nifty was at 11,021, up 75 points.
Monthly Passenger Vehicle Sales Log Worst-Ever Drop In August
Passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales fell 41.09 per cent to 115,957 units.
Ruchi Soya Jumps After NCLT Approves Yoga Guru Ramdev's Bid For Acquisition
Patanjali Consortium Adhigrahan Pvt. -- a venture by Patanjali Ayurved Ltd. and three other companies -- will merge with Ruchi Soya, according to a stock exchange filing late Saturday. Shareholders of Patanjali Consortium will get one share of Ruchi Soya for each that they hold in the former.
European Stocks Open Higher Taking Cues From Asian Markets
European stock markets opened higher taking cues from Asian stock markets. Asian stocks edged higher on Monday amid a cautious mood as investors pinned their hopes on expected global stimulus to support slowing growth in the world's major economy.
In Europe, Germany's DAX rose 0.25 per cent, France's CAC 40 index was up 0.12 per cent and the United Kingdom's FTSE 100 index rose 0.33 per cent.
Market Update: Sensex Up Over 150 Points, Nifty Firm Above 11,000
The S&P BSE Sensex and NSE Nifty 50 indices were trading firmly higher led by gains in HDFC, ICICI Bank, Larsen & Toubro, Kotak Mahindra Bank and Hindustan Unilever.
The Sensex was up 224 points or 0.6 per cent at 37,206 and 50-share Nifty climbed 65 points or 0.6 per cent to 11,011.
The overall market breadth was positive as 1,342 shares were advancing while 747 were declining on the BSE.
Varun Beverages Falls After Rs 900 Crore Qualified Institutional Placement
Varun Beverages shares dropped as much 3.7 per cent to an intraday low of Rs 608 on the BSE, after the company allotted 1.47 crore shares of face value of Rs 10 each at Rs 612 to qualified institutional buyers for a total consideration of Rs 900 crore.
The issue opened on September 3, 2019 and closed on September 6, 2019, Varun Beverages said in a regulatory filing.
Metal, Banking Shares Lead Gains On NSE
Banking and metal shares were among the top performers on the National Stock Exchange.
nine of 11 sector gauges compiled by NSE were trading higher led by Nifty Private bank index's 1 per cent gain. Nifty Metal, PSU Bank and Nifty Financial Services indices were also up over 0.9 per cent each.
State Bank of India Rises On Cutting Deposit, Lending Rates
State Bank of India rose as much as 1 per cent to Rs 277 after the bank said that it has cut lending and deposit rates.
State Bank of India (SBI) on Monday announced a reduction in its marginal cost-based lending rate or MCLR by 10 basis points. It also lowered interest rates on term deposits across all maturities by up to 25 basis points.
The move marked the fifth consecutive reduction in MCLR by the country's largest bank so far this financial year. The cut in interest rates comes on the back of the Reserve Bank of India (RBI)'s 1.1 percentage point reduction in the repo rate - the key interest rate at which it lends short-term funds to commercial banks - so far this year.
Ashok Leyland Falls On Reporting 59 Non-Working Days Across Manufacturing Plants
Shares of the Chennai-based truck marker fell as much as 2.81 per cent to Rs 62.10 after the company reported a total of 59 non-working days in September for its manufacturing facilities located at Ennore, Hosur 1, 2 and CPPS, Alwar, Bhandara and Pantnagar.
According to a stock exchange filing Ennore plant will have 16 non-working days, Hosur 1, 2 and CPPS will have 5 non-working days, Alwar plant will have 10 non-working days. Bhandara plant will have 10 non-working days and Pantnagar plant will have 18 non-working days.
Market Breadth Sharply Positive As Over 1,000 Shares Trade Higher On NSE
Market breadth was sharply positive as over 1,000 shares were trading higher while a little over 500 shares were trading with a negative bias.
Top Nifty 50 gainers:
- UPL up 2.8%
- ICICI Bank up 2.2%
- Yes Bank up 1.7%
- Hindustan Unilever up 1.7%
- Larsen & Toubro up 1.3%
Top Nifty 50 losers:
- HCL Technologies down 1%
- Tech Mahindra down 1%
- Eicher Motors down 0.8%
- Bajaj Auto down 0.6%
- Tata Motors down 0.5%
Markets Turn Positive As Buying Emerges In Financial Stocks
The S&P BSE Sensex index jumped as much as 363.71 points from its intraday low to touch 37,148.18 at the day's strongest level. The broader NSE Nifty benchmark hit 10,994.75, rebounding as much as 104.95 points from its intraday low of 10,889.80 hit earlier.
At 10:10 am, the Sensex traded 151.25 points - or 0.41 per cent - higher at 37,133.02 while the Nifty was up 39.85 points - or 0.36 per cent - at 10,986.05.
Rupee Edges Higher Against Dollar (INR Vs USD)
The rupee opened higher by five paise against the US dollar at 71.67 on Monday. Moving in a range of 71.63-71.72 against the greenback in morning deals, the rupee rose by as much as nine paise at one point. It was last seen trading at 71.68 against the US dollar.
Tata Motors, Eicher Motors, Maruti Suzuki Top Laggards
Top Nifty losers
Top Nifty gainers
- Nifty Bank: -0.83%
- Nifty Private Bank: -0.50%
- Nifty Auto: -1.29%
- Nifty Metal: -1.17%
- Nifty Pharma: +0.50%
- Nifty FMCG: +0.26%
Sensex, Nifty Fall In First Few Minutes; Auto, Financial Stocks Worst Hit
Top laggards on the 50-scrip index at the time were Tata Motors, Eicher Motors, Maruti Suzuki India, Hindalco, HCL Tech, Bajaj Auto and IndusInd Bank, trading between 1.19 per cent and 2.10 per cent lower.
HDFC Bank, Kotak Mahindra Bank and Maruti Suzuki India were the top drags on the Sensex.
Sensex, Nifty At 9:23 AM
At 9:23 am, the Sensex traded 149.51 points - or 0.40 per cent - lower at 36,832.26 and the Nifty was down 51.95 points - or 0.47 per cent - at 10,894.25.
The Nifty Bank, Auto and Metal sectoral indices were down 0.81 per cent, 1.39 per cent and 0.97 per cent at the time. The S&P BSE Bankex index was down 0.53 per cent at the time.
Sensex, Nifty Edge Lower In Opening Trade
The S&P BSE Sensex index opened at 36,969.48, down 12.29 points from its previous close of 36,981.77. The broader National Stock Exchange (NSE) Nifty benchmark started the session at 10,936.70, down 9.50 points from its previous close. Banking, automobile and metal stocks were the worst hit in the first few minutes of trade.
Sensex, Nifty Rise In Pre-Opening Session
In the pre-open session, the S&P BSE Sensex index rose as much as 130.64 points to 37,112.41. At 9:05 am, the Sensex was up 22.78 points - or 0.06 per cent - at 37,004.55. The broader National Stock Exchange (NSE) Nifty benchmark was up 7.60 points - or 0.07 per cent - at 10,953.80.
Share markets may look for direction from central bank policies, say analysts
"Though risks on US-China trade war front, Brexit and Hong Kong protests have eased somewhat, investors would be cautious as we have seen optimism fade away very quickly in recent times," forex advisory firm IFA Global said in a note.
"With markets already having run ahead in terms of easing expectations from Fed, risks are skewed in favour of a scenario in which the Fed were to not sound as dovish," it added.
Core Sector Growth Slowed To 2.1% In July
Growth in core sectors - such as coal, fuel and power - stood at 2.1 per cent in July, government data showed this month. That marked a sharp downturn from a reading of 7.3 per cent in the corresponding period a year ago. Measured by the Index of Eight Core Industries, core sector activity has a weightage of about 40 per cent in the Index of Industrial Production (IIP).
Factory Output Data Due On Thursday
Separate official data on industrial production - gauged by Index of Industrial Production (IIP) - will also be released the same day at 5:30 pm.
Growth in factory output slowed to a four-month low of 2 per cent in June
, mainly due to poor performance of mining and manufacturing sectors, data in August showed., according to government data released on Friday.
Analysts Await Macroeconomic Data Due This Week
Analysts will also monitor macroeconomic data closely for more clarity on monetary policy going forward. The government is due to release data on consumer inflation
- determined by Consumer Price Index (CPI) - on Thursday, September 12.
In July, consumer inflation eased to 3.15 per cent from 3.18 per cent the previous month, government data showed last month. Consumer or retail inflation - or the rate of increase in consumer prices - came in below the Reserve Bank of India's medium-term target for the twelfth month in a row.
Sensex Today: Hopes Of Growth-Focused Steps To Drive Markets, Say Analysts
Domestic stock markets are expected to get an upward push on hopes of growth-inducing measures along with attractive valuations, according to analysts. The focus this week will be on what steps the government will take to revive the economy and how the businesses perform in the festival season, Deepak Jasani, research head, HDFC Securities told news agency IANS.
After Monday's session, the markets will remain closed the next day for Muharram, and trading will resume on Wednesday.