Share Market Today HIGHLIGHTS: Sensex ends 556 pts higher, Nifty settles at 19,435; power, metal stocks shine
Share Market Today HIGHLIGHTS: At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSEs Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points. Catch minute-by-minute updates on the stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts on Zeebiz.coms blog.
Share Market HIGHLIGHTS: After witnessing a subdued start, the benchmark indices gained momentum as the day progressed and settled with impressive gains on Friday (September 1). Encouraging GDP data for the first quarter (Q1 FY24) boosted investor sentiment. India's economy expanded by 7.8 per cent during the April-June quarter, official data showed.
Besides, almost all the sectors witnessed healthy buying, with metals and power stocks stealing the show. At close, the S&P BSE Sensex stood at 65,387.16, up 556 points, or 0.86 per cent while the NSE's Nifty ended 181.5 points, or 0.94 per cent higher at 19,435.30 points.
In the broader market, both the S&P BSE MidCap and S&P BSE SmallCap indices ended 0.75 per cent higher.
Catch minute-by-minute updates on the domestic stock market on September 1, and the views of Zee Business Managing Editor Anil Singhvi and other market experts — and much more — on Zeebiz.com's blog:
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The S&P BSE Sensex ended up 556 points, or 0.86 per cent higher, at 65,387.16 levels, while the NSE's Nifty closed the day at 19,436, up 182 points, or 0.94 per cent.
The S&P BSE Sensex is trading up nearly 560 points, or 0.92 per cent higher, at 65,389.87 levels, while the NSE's Nifty is trading at 19,438.65, up 184 points, or 0.96 per cent.
Buy Tata Power futures: Siddharth Rai Mangala
Siddharth Rai Mangala of StockBox Technologies has a 'buy' call on the stock of the Tata group power generation company with targets of Rs 270 and Rs 275 with a stop loss at Rs 249.
Buy 44,300 call option of Nifty Bank, says Nitin Murarka
Nitin Murarka of SMC Global suggests buying the 44,300 call option of the banking index at Rs 235 for a target of Rs 320 with a stop loss at Rs 160.
BSE sensex jumps 550 points
The BSE Sensex is trading up 0.85 per cent, or 551 points, to 65382.62.
Nifty 50 jumps to day's high
The Nifty 50 has touched the day's high of 19,440.7, and is currently trading 0.92 per cent higher at 19,431.55.
Buy SBI Life futures, says Siddharth Rai Mangala
Siddharth Rai Mangala of StockBox Technologies recommends buying SBI Life futures. He has placed his targets for the life insurer's stock at Rs 1,375 and Rs 1,385 with a stop loss at Rs 1,310.
BROKERAGE VIEW | Prabhudas Lilladher on PVR Inox
"In the post-pandemic era, 1QFY23 was the best-ever quarter for PVR-Inox, with pro forma (assuming consolidation) footfalls of 4.3 crore. Now, if footfalls in Aug-23 itself were 1.9 crore, and on a conservative basis, if we assume the same to be at ~1 crore (~47% lower) in July and September (Jawan is set to release on September 7 and Salaar on September 28), the total count for 2QFY24 would stand at ~3.9 crore (9% lower than 1QFY23). Thus, we believe 2QFY24 might well turn out to be an exceptionally strong quarter. Retain positive bias on multiplexes with a BUY on PVR," the brokerage says.
Mahindra sales rise 19% in August
The Mumbai-based auto major said on Friday (September 1) that its total automotive wholesales increased by 19 per cent to 70,350 units in August. Its total dispatches to dealers stood at 59,049 units in August 2022.
Emami gains 2% as CITI upgrades stock to ‘Buy’; why are brokerages bullish?
Shares of Emami Ltd rose 2 per cent on Friday after brokerage firm Citi revised its target price for the stock from Rs 455 to Rs 600 and upgraded its rating to ‘buy’. Global brokerage Nuvama also upgraded Emami’s rating to ‘buy’ and raised the target price from Rs 550 to Rs 660 per share.
Royal Enfield launches new-generation Bullet 350 at Rs 1.73 lakh
Eicher Motors subsidiary Royal Enfield launched the new-generation Bullet 350 at a starting price of Rs 1.73 lakh on Friday. The new bike from the automaker is placed between its models Hunter 350 and Classic 350.
MARKET UPDATE: Indices extend gains; Sensex surges more than 400 pts, Nifty nears 19,400
MARKET UPDATE: NTPC, Tata Steel top Sensex gainers
IIFL Securities initiates coverage on KFin Technologies | RATING: BUY| TP: Rs 525
"We value Kfintech at 30x FY26ii EPS with a target price of Rs 525. We estimate its earnings to grow at 15 per cent pa over FY23-26ii, however, given high PAT-to-FCF conversion (nearly 100%), robust core ROEs (35-40 per cent) and strong growth optionality in newer businesses the stock warrants premium valuations. Our target multiple for Kfintech is at a 15 per cent discount to CAMS (similar earnings growth with a dominant position); however, the valuation discount can narrow if Kfintech surprises on growth," the brokerage says.
Nifty rollover highlights for the August series
Source: ICICI Securities
BROKERAGE VIEW: Prabhudas Lilladher on Navneet Education
"We believe the current restructuring is likely to curtail Ed-Tech losses. In Ed-Tech business marketing, technology and employees are major cost heads. While marketing and technology-related costs can be managed cohesively (lid can be put on them easily), employee costs in the Ed-Tech business are high and fixed in nature. The said restructuring is likely to result in employee redundancy and yield cost savings. We are currently expecting Ed-Tech losses of Rs 400 million and Rs 300 million in FY24E and FY25E, respectively, and maintain BUY on the stock with a TP of Rs 192," the brokerage says.
MARKET CHECK: Key indices at around 11:15 am
MARKET UPDATE: Metal stocks rally; S&P BSE Metal index surges 3%
BROKERAGE VIEW: Motilal Oswal Securities on Star Health
RATING: BUY
TP: 730
"We expect the company’s overall gross premium to report 19% CAGR over FY23–25, driven by 20% CAGR in the retail health business and 10% CAGR in the group business. Claims ratios are likely to normalise to nearly 64%, with a combined ratio of nearly 93%. These are likely to propel STARHEAL’s profitability over FY23–25. We reiterate our buy rating on the stock with a 1-year TP of Rs 730 (premised on 32x FY25E EPS)," the brokerage adds.
BUZZING STOCK: ITD Cementation jumps nearly 12% in early trade
FIRST TRADE: Sensex trades in the green
Anil Singhvi's strategy for September 1: Important levels to track in Nifty, Nifty Bank today
Singhvi sees a higher zone in the Nifty at 19,300–19,350 levels and a strong sell zone at 19,385–19,450 levels. For the banking index, he sees a higher zone at 44,150–44,250 levels and a strong sell zone at 44,350–44,500 levels. CLICK HERE TO READ MORE
Top stocks to watch today: SBI, Zydus, Five Star Finance, airline stocks, Hero MotoCorp, OMCs, and Gujarat Gas
Fitch Ratings on Thursday affirmed the stable outlook for banks such as SBI, Punjab National Bank, and Canara Bank. Zydus Lifesciences said that it had received approval from the US health regulator to market a generic product to treat acne on the American market. READ MORE
Pre-opening market comment by Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd
"Continuing with the ongoing theme, markets may see sharp sideways movement on either side during intra-day trade due to a lack of firm cues from global equities. Select auto stocks could be in focus, which will react to the monthly sales numbers to be announced today. Other than weak global macros, India's rainfall deficit last month is a cause for concern as any extended dry spell could further worsen the sentiment. Investors are hoping the FII outflows will take a breather and reverse the trend this month. Technically, Nifty’s upside is likely to be capped at 19,437–19,517. Caution will continue to be the buzzword as long as Nifty is trading below the 19517 mark."
Asia stocks edge higher as China acts on housing, yuan weakness
Asian shares edged higher on Friday as China stepped up efforts to support its housing sector and stabilise the yuan, though investors remained cautious ahead of U.S. jobs data that could make or break the case for further rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent, while Japan's Nikkei was up 0.45 per cent. All eyes are on Beijing's efforts to revive the crisis-hit property sector and weak consumption, which are weighing heavily on the ailing economy, according to a Reuters report.
Nasdaq Composite scales 4-week high, Dow Jones declines
The three main Wall Street benchmarks finished Thursday's session on a mixed note after an official reading on inflation in the world's largest economy matched economists' estimates, underscoring expectations the Fed could pause its monetary tightening.
The Nasdaq reached its highest level in over four weeks after a Commerce Department report showed the Personal Consumption Expenditures (PCE) price index, considered the central bank's preferred inflation gauge, climbed 3.3 per cent in July. Salesforce shares jumped following an upbeat forecast.
Here's how the three main indices fared at the end of the day:
- S&P 500: down 0.2%
- Nasdaq: up 0.1 per cent
- Dow Jones: down 0.5%
GIFT Nifty futures indicate a mildly negative start ahead on Dalal Street
GIFT Nifty futures, an early indicator of the headline Nifty index, are down 26 points, or 0.1 per cent, at 19,403 at this hour, suggesting a sluggish start ahead on Dalal Street. The contract declined as much as 37.5 points, to 19,391.5, earlier in the day.Good morning! Welcome to Zeebiz.com's blog on the stock market today
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