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Market LIVE Updates: Sensex above 59K, Nifty over 17,700; pharma shines

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Indian benchmark equity indices have marked gains over 1%. Sensex was at 59,417.11 up 651.53 points, or 1.11%, at 10:15 am; Nifty was a 17,715.10, up 183.05 pts, or 1.04%.  Bajaj twins and NTPC were top Sensex gainers. Powergrid, Titan and Tata Steel lagged. Of the 30 Sensex shares, 26 were in the green.

04 Oct 2021, 10:33:43 AM IST

Zydus Cadila gets DCGA for phase 3 trial of two-dose ZyCoV-D

Zydus Cadila has secured approval from the Drugs Controller General of India (DCGA) to conduct the phase 3 trials of a two-dose regimen of its covid-19 vaccine ZyCoV-D. The Subject Expert Committee (SEC) has granted permission to the company to conduct phase 3 trials of ZyCoV-D, according to a report in the Economic Times.

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04 Oct 2021, 10:29:37 AM IST

Adani Green completes acquisition

04 Oct 2021, 10:27:13 AM IST

Lodha’s projects in UK see rise in sales

Lodha’s projects in London—Grosvenor Square and Lincoln Square—see rise in sales as travel restrictions to UK ease. The Mumbai-based developer, which had bought the two properties in 2014, expects to sell the Grosvenor Square inventory before its 2023-24 target, that will help it to reduce debt. (Read here)

04 Oct 2021, 10:13:44 AM IST

Oyo Hotels angles for an IPO upgrade

A budget lodging group is aiming for premium accommodation in the public market. Revenue at India’s Oyo Hotels and Homes collapsed 69% last year, forcing the company to curtail its dizzying global expansion plans and restructure the business model. An initial public offering read more at a mooted $11 billion would be a small upgrade from its peak pre-pandemic valuation and imply a lot of faith in young founder Ritesh Agarwal and in a travel rebound. (reuters)

04 Oct 2021, 10:09:19 AM IST

Hopson Development to acquire 51% stake Evergrande property management unit

Hopson Development, one of the five largest real estate private company in Guangdong Province, is to acquire about 51% of China Evergrande Property Services Group for more than HK$40 billion, the Global Times has reported citing media reports.

04 Oct 2021, 10:05:57 AM IST

Axis Securities initiates coverage on PNC iNFRATECH

Considering strong and diversified order book position, healthy bidding pipeline, new order inflows, emerging opportunities in the construction space, and the company’s efficient and timely execution, we expect PNCIL to report Revenue/Ebitda/APAT CAGR of 15%/16%/26% respectively over FY21-FY24E. Currently, the stock is trading at 13x FY24E EPS. We initiate coverage with a BUY rating and value the company’s EPC business at 14x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of 440/share. TP implies an upside potential of 24% from the CMP.

04 Oct 2021, 10:03:44 AM IST

ICICI Securities’ coverage on sectoral deployment of bank credit in August

Bank credit sectoral deployment data for August 2021 suggests only gradual month-on-month (m-o-m) accretion in credit pool with signs of improvement only in pockets. Overall, non-food credit growth is still down 0.2% year-to-day at 96.4 trillion (up 0.5% m-o-m and 6.7% y-o-y).

04 Oct 2021, 09:55:49 AM IST

Apple plans to export assembled-in-India iPhones

Apple is planning to export assembled-in-India iPhones (iPhone SE and iPhone 12 4G model) to reduce its dependence on china.

04 Oct 2021, 09:43:27 AM IST

Indian shares rise as pharma stocks lead gains

Indian shares rose on Monday, as pharma stocks led a broad-based advance and the country’s top energy generator NTPC rose on reports of an initial public offering for three of its units. Nifty’s pharma index advanced the most among major sub-indexes, adding 1.38% early on Monday, led by a 5% jump in Divi’s Laboratories.

04 Oct 2021, 09:41:40 AM IST

KPIT Tech to boost investments towards software-defined vehicle solutions with specific focus on middleware

KPIT Tech is planning to boost investments towards software-defined vehicle solutions with specific focus on middleware. The company had recently announced plans to acquire Future Mobility Solutions GmbH (FMS) for up to €15.6 million (about 135 crore).

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04 Oct 2021, 09:34:48 AM IST

Sensex surges

04 Oct 2021, 09:32:13 AM IST

Sectoral indices in green

Most sectoral indices were in the green at 9:30 am on the NSE.  Nifty metal and Nifty FMCG alone were in red.

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Sectoral indices at 9:30 am
04 Oct 2021, 09:29:34 AM IST

Market opens

Sensex was at 59,122.97, up 357.39 pts, or  0.61% at 9:27 am. Nifty was at 17,632.40, up 100.35 pts, or 0.57%. 

Sensex heatmap as of 9:27 am.

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Sensex heatmap as of 9:27 am.
04 Oct 2021, 09:06:55 AM IST

Market preopening

At market pre-opening, the Sensex was at 59,136.94, up 371.36 pts, or 0.63%, while Nifty was at 17,532.05 down 86.10 pts, or 0.49%.

Sensex heatmap.

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Sensex heatmap.
04 Oct 2021, 09:02:24 AM IST

35 firms may raise ₹80,000 crore in Q3

The markets may see a flurry of initial public offerings between October and December, according to a report published by the Economic Times. As many as 35 companies are planning to raise a record 80,000 crore in the third quarter if the market remains stable, the report cited bankers as saying. In comparison, the previous record for a calendar year was in 2017 when 36 companies raised 67,147 crore, it said.

04 Oct 2021, 08:53:04 AM IST

Facebook chooses ‘profit over safety,’ says whistleblower

A Facebook Inc whistleblower on Sunday accused the social media giant of repeatedly prioritizing profit over clamping down on hate speech and misinformation, and said her lawyers have filed at least eight complaints with the U.S. Securities and Exchange Commission. Frances Haugen, who worked as a product manager on the civic misinformation team at Facebook, appeared on Sunday on the CBS television program “60 Minutes”, revealing her identity as the whistleblower who provided the documents that underpinned a Wall Street Journal investigation and a Senate hearing on Instagram’s harm to teen girls.

04 Oct 2021, 08:44:02 AM IST

Yes Bank says provisional loans and advances as of Sept 30 up 5.7% q-o-q

Yes Bank has reported its provisional loans and advances as of 30 September at 1.73 trillion, up 5.7% q-o-q. The bank has said its provisional liquidity coverage ratio as of 30 September was 113.1% versus 118.4% in the previous quarter. (reuters)

04 Oct 2021, 08:33:54 AM IST

Markets may stay volatile; Zee, Vodafone, aviation stocks in focus

Markets are likely to be volatile on Monday following global cues. SGX Nifty trends indicate a weak opening of Indian benchmark indices. On Friday, the BSE Sensex closed at 58,765.58, down 360.78 points or 0.61%. The Nifty closed at 17,532.05, down 86.10 points or 0.49%. (Read here)

04 Oct 2021, 08:28:22 AM IST

Evergrande, property management unit share trading halted

Trading of China Evergrande Group shares was suspended in Hong Kong along with those of its property management unit, as the property giant contends with a deepening cash crisis. No reason was given for the halts, which also affect all structured products relating to the company, a stock exchange filing showed on Monday morning. Hopson Development Holdings Ltd. plans to acquire a 51% stake in Evergrande Property Services Group Ltd. for more than HK$40 billion ($5.1 billion), Cailian reported, citing unidentified people. (bloomberg)

04 Oct 2021, 08:24:09 AM IST

Macrotech Developers update on UK projects

Macrotech Developers has said its Grosvenor Square development project achieved pre sales of £110 million in september. The company said its current performance has exceeded its business plan. and that it expects to sell out the project ahead of business plan of FY24. Macrotech Developers added that during quarter Lincoln Square achieved pre sales of £35 million. (reuters)

04 Oct 2021, 08:14:00 AM IST

Oil falls ahead of OPEC+ supply policy meeting

Oil fell on Monday ahead of an OPEC+ supply policy meeting that may decide whether a recent rally in prices can be sustained as the world fitfully recovers from the covid-19 pandemic. Brent crude was down 24 cents or 0.3% at $79.04 per barrel by 0143 GMT. It rose 1.5% last week, its fourth weekly gain in a row. US oil dropped by 27 cents or 0.4% to $75.61, after rising for the past six weeks. (reuters)

04 Oct 2021, 08:09:28 AM IST

Stocks to Watch: Tata Group, aviation shares, Adani Group, Zee Entertainment

Tata Group, aviation shares, Adani Group, Zee Entertainment and CESL are among stocks to watch today. (Read here)

04 Oct 2021, 08:02:05 AM IST

Banks launch credit card blitz to target festive spends

Banks are turning upbeat about credit cards as the festival season nears, launching several new cards and dangling offers at a time customers traditionally loosen their purse strings.

While lenders remain cautious on unsecured loans, they are making calculated bets on credit cards. Apart from market leaders such as SBI Card and HDFC Bank, which are launching new cards, banks that did not offer credit cards so far are also entering this extremely competitive market. Many lenders are zooming in on their existing customers about whom they have enough historical data. (Read here)

04 Oct 2021, 07:48:42 AM IST

From today, mandatory 10-day quarantine for all UK citizens arriving in India

Starting today (4 October), all British nationals arriving in India from the UK will have to undergo a mandatory 10-day quarantine if they are fully vaccinated against the coronavirus disease (Covid-19), as announced by the Union government on October 1. (Read here)

04 Oct 2021, 07:36:41 AM IST

Market view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

The over stretched market can surprise us any time and hence we reiterate staying light in the market. We have already witnessed a glimpse of this possibility this week, but structurally nothing has been dented yet.

As far as levels are concerned, the upside in the coming week seems capped and we do not expect the Nifty to go beyond the sturdy wall of 17800-17950. On the flip side, 17450-17300 are to be seen as key supports. 

The first signs of weakness will be visible only after breaking this lower range. In addition, fear index INDIA VIX also surged a bit last week. Hence, we expect volatility in the coming week as well. We advise traders to stay light and follow strict stop losses for existing positions. Also, we are observing good stock specific action in the market. One can continue following it but try to book timely profits as well.

04 Oct 2021, 07:33:12 AM IST

SGX Nifty trades lower 

SGX Nifty was 0.5% lower at 17,540.80 in early deals today, indicting a negative start for Indian indices.

On Friday, Sensex had closed at 58,765.58, down 360.78 points, or 0.61%, while Nifty was at 17,532.05, down 86.10 points, or 0.49%

04 Oct 2021, 07:29:08 AM IST

Asia stocks see muted start to week; dollar steady

Asian stocks saw a muted start to the week as investors weighed prospects for a pickup in growth against concern over inflationary pressures. Japanese shares fluctuated alongside US futures, while Australian stocks stayed higher. Earlier gains pared after trading of China Evergrande Group shares was suspended in Hong Kong, along with those of its property management unit. Mainland Chinese markets are closed through Thursday for the Golden Week holidays. The dollar was little changed after two sessions of losses. Treasuries edged up, with 10-year yields slipping to 1.45%. The S&P 500 closed higher Friday after promising results for a Covid-19 pill and positive manufacturing data triggered a rally in companies that stand to benefit from an economic reopening. 

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