Domestic equity benchmarks opened higher on Thursday amid a sharp fall in crude oil prices. US stocks too closed at a 4-week high at overnight trade, improving domestic sentiment. At 9.16 am, the BSE Sensex was trading 450.71 points or 0.76 per cent higher at 59,479.62. Nifty50 was trading at 17,757, up 132.60 points or 0.75 per cent. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said that there is a clear message from the market now. Despite high valuation, global headwinds from elevated inflation, slowing global economy and an ultra-hawkish Fed, the domestic market has been surprisingly resilient. The tape is signaling momentum and bullishness. Investors should not ‘fight the tape’ and take a contrarian view, at least in the near-term.“The market may be discounting the robust growth revival in India and the consequent earnings growth. The buy on dips strategy has worked very well in this rally and it makes sense to continue with the strategy,” Vijaykumar added. Domestic economy-facing segments such as banks, autos, capital goods, telecom and FMCG will continue to do well. If the rally is to sustain from the current levels, it will need support from the beaten down IT segment, which looks good from the valuation perspective, Vijaykumar said.ce as we bring you LIVE updates of the day’s proceedings from Dalal Street.
!1 New UpdateClick here for latest updates
Sonata Software shares surges 8.76% after zooming as much as 13 per cent during the early trade on Thursday as the smallcap IT service provider traded ex-bonus. The company had announced the issue of bonus shares in a 1:3 ratio. The company had fixed September 10, 2022 as the record date to determine the eligibility for the issuance of the bonus shares. Investors having the delivery of the stock in the demat account as of the record date will be eligible for bonus shares.
Price as on 08 Sep, 2022 10:30 AM, Click on company names for their live prices.
Most Active Nifty stocks by value today so far
Rakesh Arora of @goindiastocks says -Expect margin expansion beyond Q3-Don’t expect coal to remain at $400-Ambuja cement to go from 70mn to 100mn in 5 years
#MarketsWithETNOW | Rakesh Arora of @goindiastocks says -Expect margin expansion beyond Q3 -Don't expect coal to… https://t.co/o9aYhD5JG2
— ET NOW (@ETNOWlive) 1662611842000
A decade ago, India ranked 11th among the largest economies and UK was 5th. If history has taught us something it’s that, UK has not been able to claim a position for long. Sooner or later, they have been overthrown and sent back to their mainland. India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The Indian economy is expected to grow more than 7% this year. A sharp rebound in Indian stocks this quarter has seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China. IMF’s forecast show India overtaking the UK in dollar terms on an annual basis, positioning it right behind US, China, Japan and Germany. Rising and thriving each day.
– Amit Jain, Co-founder, Ashika Global Family Office Services
The National Company Law Tribunal has directed Zee-Entertainment Enterprises to convene a meeting of its shareholders to get approval for its proposed merger with Culver Max Entertainment, formerly Sony Pictures Network.
Price as on 08 Sep, 2022 09:54 AM, Click on company names for their live prices.
Bank Nifty all in green, up 1.23%; DCB bank up over 3%, ICICI Bank Ujjivan, Karur Vysya, UCO more than 2% up
Price as on 08 Sep, 2022 09:47 AM, Click on company names for their live prices.
Max Ventures & Industries will acquire Acreage Builders at an enterprise value of Rs 322.50 crore as part of its strategy to expand its real estate business in Delhi-NCR. Acreage Builders owns 7.15 acres of land at Golf Course Road in Gurugram.
Price as on 08 Sep, 2022 09:44 AM, Click on company names for their live prices.
Buy or Sell: Stock ideas by experts for September 08, 2022
2.9 per cent stake in the budget carrier IndiGo, exchanged hands via block deal today. About 10.8 million shares belonging to the Gangwal family were listed for sale for Rs 1,996 crore.
Price as on 08 Sep, 2022 09:33 AM, Click on company names for their live prices.
MARKET VIEW: Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The buy on dips strategy has worked very well in this rally and it makes sense to continue with the strategy.
Domestic economy-facing segments such as banks, autos, capital goods, telecom and FMCG will continue to do well. If the rally is to sustain from the current levels, it will need support from the beaten down IT segment, which looks good from the valuation perspective.
Indian Rupee opens up 0.28% at 79.6800 per US dollar; previous close 79.9000
YES Bank, Vi, IndiGo among most active stocks on NSE
Price as on 08 Sep, 2022 09:29 AM, Click on company names for their live prices.
Telecom gear maker Nokia has selected IT major Tata Consultancy Services for redesigning its employee management system across 130 countries where it operates. TCS will redesign Nokia’s human capital management processes and deploy a new cloud-based platform to drive simplification for a better employee experience.
Price as on 08 Sep, 2022 09:28 AM, Click on company names for their live prices.
Stocks in focus: Dr. Reddy’s Labs, LIC, Bharti Airtel and more
BLOCK DEAL | 2.9% equity of IndiGo traded in a block
OPENING BELL: Sensex jumps 450 points, Nifty tops 17,750; TechM rises 2%, InterGlobe Aviation tanks 4%
Take a look at Ridham Desai’s India strategy
#MarketsWithETNOW | "The ongoing bull market in India is underpinned by years of policy effort," says Ridham Desai… https://t.co/JPC7pVMfUL
— ET NOW (@ETNOWlive) 1662604299000
BROKERAGE RADAR | MOSL initiate coverage on Home First Finance with BUY
- TARGET PRICE Rs 1020
- The company is gradually normalizing its asset quality
- Model benign credit costs of ~30bps
- Estimate RoA of ~3.8-3.9% over FY23-FY25, which translates into an RoE of ~16% in FY25 (Source: ET NOW)
BROKERAGE RADAR | CLSA maintain BUY on Syngene
- TARGET PRICE Rs 750
- Earnings doubling over 3 years makes Syngene a double bagger
- The company added capabilities over the years
- The Zoetis deal could be the inflexion point
- Capex benefits are likely from FY24
- Source: ET NOW
Asia shares rise as Wall Street on track to end loss streak
Asian benchmarks mostly rose Thursday, as investor optimism got a perk from a rally on Wall Street that’s on track to break a three-week losing streak.Japan’s benchmark Nikkei 225 surged nearly 2.0% in morning trading to 27,964.16. Australia’s S&P/ASX 200 gained 0.8% to 6,783.80. South Korea’s Kospi edged up 0.4% to 2,385.55. Hong Kong’s Hang Seng slipped 0.3% to 18,986.70, while the Shanghai Composite rose nearly 0.1% to 3,248.76.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 98.5 points, or 0.56 per cent, higher at 17,729, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty50 sees buying on dips; index support seen at 17,500
Analysts said the consolidation in the index is intact, and the trend may continue going ahead. The 17,500 level may offer immediate support to the index, analysts said, adding that the upside will be capped in the 17,700-800 range.
Oil prices rise on spectre of Europe energy rationing
Oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.
Tokyo shares open higher on Wall Street gains, eyes on Fed
Tokyo stocks opened higher on Thursday as investors cheered rallies on Wall Street, but they were also eyeing the dollar’s surge on lingering fears of aggressive US rate hikes.
Wall Street reaches four-week highs as bond yields drop
US stock indexes climbed the most in roughly a month as bond yields eased, with investors shrugging off hawkish remarks made by Federal Reserve officials on Wednesday.
Rupee declines 13 paise to 79.95 against US dollar
The rupee declined by 13 paise to close at 79.95 against the US currency on Wednesday as growing expectations of aggressive interest rate hikes by the US Fed drove the greenback to multi-year highs against major global currencies.
Sensex, Nifty on Wednesday
The 30-share Sensex fell 168 points to end at 59,029. Its broader peer, Nifty50, ended at 17,624, down 31 points.