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Sunday, October 24, 2021

Market Highlights: Sensex rallies 958 points, Nifty ends above 17,800 for first time; Realty, financials, banks rally

Share Market, Stock Market Highlights: The S&P BSE Sensex ended at a fresh lifetime high of 59,885.36, up 958.03 points (1.63 per cent), while the Nifty 50 settled at an all-time high of 17,822.95, up 276.30 points (1.57 per cent).

By: Express Web Desk | New Delhi |
Updated: September 23, 2021 5:50:22 pm
bse, bse sensexBSE (Express Photo by Amit Chakravarty)

Share/Stock Highlights: The benchmark equity indices on the BSE and National Stock Exchange (NSE) climbed over 1.5 per cent higher to settle at fresh all-time highs on Thursday led by buying across sectors and in heavyweight stocks such as Reliance Industries (RIL) and the HDFC twins- comprising of HDFC Bank and Housing Development Finance Corporation (HDFC).

The S&P BSE Sensex rose 958.03 points (1.63 per cent) to end at a record closing high of 59,885.36. Earlier in the day, the BSE benchmark had surged 1,029.92 points (1.75 per cent) to breach the 59,900-mark for the very first time and hit a fresh record intraday high of 59,957.25.

Likewise, the Nifty 50 climbed 276.30 points (1.57 per cent) to end at an all-time high of 17,822.95. The NSE  barometer had earlier breached the 17,800-mark for the first time ever to touch a record high of 17,843.90.

On the Sensex pack, Bajaj Finserv, Larsen & Toubro (L&T), HDFC, Axis Bank, State Bank of India, RIL, IndusInd Bank, HDFC Bank and ICICI Bank were the top gainers of the day. On the other hand, Dr. Reddy’s Laboratories, ITC and Nestle India were among the losers.

Among the sectoral indices, the Nifty Realty index was the top performer of the day surging 8.66 per cent led by Oberoi Realty, Godrej Properties and DLF. The Nifty Financial Services index jumped 2.28 per cent aided by Piramal Enterprises, Bajaj Finserv and HDFC. The key Bank Nifty rose 2.24 per cent led by RBL Bank, Axis Bank and IndusInd Bank.

Among the broader market indices on BSE, the S&P BSE MidCap index ended at 25,489.70, up 323.16 points (1.28 per cent). Gains here were led by Oberoi Realty, Godrej Properties and Indian Hotels. The S&P BSE SmallCap ended at 28,108.92, up 252.82 points (0.91 per cent). Cantabil Retail India, Welspun India and JBM Auto were the top gainers in the smallcap segment.

(with inputs from agencies)

Live Blog

Stocks, BSE Sensex, NSE Nifty, Crude oil prices, gold, silver prices, commodity market and money markets LIVE updates:

17:08 (IST)23 Sep 2021
Paras Defence IPO final update at the end of Day 3

Paras Defence IPO Update as of 5:00 PM on Day 3 - final day

Qualified Institutional Buyers (QIBs) subscribed 169.65 times

Non Institutional Investors subscribed 927.70 times

Retail Individual Investors (RIIs) subscribed 112.81 times

Total subscribed 304.26 times

Source: BSE

16:25 (IST)23 Sep 2021
MARKET QUOTE | Deepak Jasani, Head of Retail Research, HDFC Securities on Thursday's market performance

"Nifty closed at another record high on Sept 23 with a broad based advance among the largecaps. Nifty opened gap up following positive Asian cues and kept rising through the day with minimal corrections. AT close Nifty was up 276 points or 1.57% at 17823.

On a day when the volumes on the NSE were higher than recent average, Realty was the star performer rising 8.7%. This was followed by Capital Goods, Bankex and Energy indices. FMCG index ended marginally in the negative. Smallcap and Midcap indices underperformed vis-a-vis the Nifty rising by 0.9-1.2%.

Asian shares made cautious gains on Thursday, supported by some positive news from cash-strapped developer China Evergrande Group. European stocks rallied for a third day as global sentiment improved on easing concerns about cash-strapped developer China Evergrande. A survey showed euro zone business activity grew at its weakest pace in five months in September as curbs to limit the Delta variant of coronavirus hit demand and supply-chain constraints pushed input costs to a more than two-decade high.

Nifty closed at another record high after a great day when it just kept rising hour by hour without any major corrections.  Advance Decline ratio is sharply positive, though lower than that in the morning. Nifty is marching towards 18000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum. Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday. It's not clear yet whether the company will make that payment, and it had not commented by the close of trading in Hong Kong. Anything negative on this front could impact global sentiments."

16:17 (IST)23 Sep 2021
MARKET QUOTE | Vinod Nair, Head Of Research, Geojit Financial Services on Thursday's market performance

"Amidst a strong start, bulls showed no signs of weakness to soar higher boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022. However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the property space."

16:17 (IST)23 Sep 2021
Rupee rebounds 23 paise to close at 73.64 against US dollar

The rupee on Thursday rebounded by 23 paise to close at 73.64 (provisional) against the US dollar following a firm trend in domestic equities and losses in the American currency in the overseas market.

At the interbank forex market, the local unit opened flat at 73.85 against the greenback. During the session, the domestic unit witnessed an intra-day high of 73.61 and finally settled at 73.64.


15:34 (IST)23 Sep 2021
Equity markets at close

The S&P BSE Sensex ended at 59,885.36, up 958.03 points or 1.63 per cent, while the Nifty 50 settled at 17,822.95, up 276.30 points or 1.57 per cent.

15:22 (IST)23 Sep 2021
Crude oil futures rise on spot demand

Crude oil prices rose Rs 30 to Rs 5,354 per barrel on Thursday, as participants widened their positions on a firm spot demand.

On the Multi Commodity Exchange, crude oil for the October delivery traded higher by Rs 30, or 0.56 per cent, at Rs 5,354 per barrel in 5,914 lots.

Analysts said raising of bets by participants kept crude oil prices higher in the futures trade.

Globally, West Texas Intermediate crude oil was up 0.32 per cent to USD 72.46 per barrel, while Brent crude traded 0.33 per cent higher at USD 76.44 per barrel in New York.


15:21 (IST)23 Sep 2021
Gold futures fall on low demand

Gold prices fell Rs 297 to Rs 46,375 per 10 grams in the futures trade on Thursday, as speculators reduced their positions amid low demand.

On the Multi Commodity Exchange, gold contracts for the October traded lower by Rs 297, or 0.64 per cent, to Rs 46,375 per 10 grams in a business turnover of 6,594 lots.

Analysts attributed the fall in gold prices to trimming of positions by participants.

Globally, gold traded 0.57 per cent lower to USD 1,768.60 an ounce in New York.


13:56 (IST)23 Sep 2021
Petrol and diesel prices unchanged

Petrol and diesel prices continued to remain steady across the country for the 18th successive day on Thursday, September 23, 2021. The prices of the key auto fuels were last revised on September 5 when petrol and diesel prices were cut by 15 paise per litre each in the national capital.

The price of petrol in Delhi stands at Rs 101.19 per litre while that of diesel is at Rs 88.62. In Mumbai, petrol currently costs Rs 107.26, while diesel is retailing at Rs 96.19, data available on Indian Oil Corporation’s website showed. Click here to read

12:47 (IST)23 Sep 2021
Petrol prices not coming down as states don’t want it under GST: Hardeep Singh Puri

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. Click here to read

12:45 (IST)23 Sep 2021
Government likely to block Chinese investment in insurance giant LIC’s IPO: Report

New Delhi wants to block Chinese investors from buying shares in Indian insurance giant Life Insurance Corp (LIC) which is due to go public, four senior government officials and a banker told Reuters, underscoring tensions between the two nations.

State-owned LIC is considered a strategic asset, commanding more than 60% of India’s life insurance market with assets of more than $500 billion. While the government is planning to allow foreign investors to participate in what is likely to be the country’s biggest-ever IPO worth a potential $12.2 billion, it is leery of Chinese ownership, the sources said. Click here to read

10:18 (IST)23 Sep 2021
US Fed signals bond-buying taper coming ‘soon,’ rate hike in 2022

The Federal Reserve on Wednesday cleared the way to reduce its monthly bond purchases “soon” and signaled interest rate increases may follow more quickly than expected, with nine of 18 US central bank policymakers projecting borrowing costs will need to rise in 2022.

The moves, which were included in the Fed’s latest policy statement and separate economic projections, represent a hawkish tilt by a central bank that sees inflation running this year at 4.2%, more than double its target rate, and is positioning itself to act against it. Click here to read

09:53 (IST)23 Sep 2021
Global market update

Asian shares moved higher on Thursday, supported by some positive news from struggling developer China Evergrande Group, while the dollar held near a one-month top after the US Federal Reserve took a hawkish tilt overnight.

However, investors remained on edge about Evergrande's future, with a major test to come later on Thursday when $83.5 million in dollar-bond interest payments are due.

Evergrande's shares surged 23% on Thursday after a unit said on Wednesday, when the Hong Kong market was closed for a holiday, that it had "resolved" a coupon payment on an onshore bond.

The Hong Kong benchmark rose 1.6%, boosting MSCI's broadest index of Asia-Pacific shares outside Japan , which gained 0.64%

Elsewhere, Chinese blue chips gained 0.74%, Australia's benchmark rose 1.04%, and Korea's Kospi fell 0.6% after returning from a three-day break to catch up with global falls earlier in the week.

US stock futures, the S&P 500 e-minis, were up 0.31%.


09:43 (IST)23 Sep 2021
Equity markets at open

Sensex rallies 407.17 pts to 59,334.50 in opening session; Nifty surges 119.85 pts to 17,666.50.


On Wednesday, the frontline equity indices on the BSE and National Stock Exchange (NSE) had ended marginally lower weighed by private banks and NBFC stocks.

The S&P BSE Sensex slipped 77.94 points (0.13 per cent) to end below the 59,000 level-mark at 58,927.33 while the Nifty 50 settled at 17,546.65, down 15.35 points (0.09 per cent).

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