Stock Market LIVE Updates: Sensex, Nifty off record highs; auto stocks jump

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12:40:52 IST

Alembic Pharma JV gets US regulator’s nod for Metronidazole gel; shares rise 1.5%

Alembic Pharma shares gained as much as 1.5 percent to Rs 785.8 apiece on BSE, after the company’s joint venture, Aleor Derma, received approval of the US drug regulator for its product, Metronidazole Gel USP. Metronidazole, an antibiotic, is used in the treatment of skin infections, rosacea and mouth infections. 

Alembic Pharma shares traded with a gain of 1.22 percent at Rs 784 apiece on BSE at 12:35 pm, outperforming the benchmark Sensex index, which was up 0.27 percent.

12:34:32 IST

Nalco shares jump over 6%. Here’s why

Nalco shares were in focus after reports that the army claimed took control of Guinea. The stock was in demand amid market buzz that political turmoil and supply disruptions could push up alumina prices. Guinea has the world’s largest bauxite reserves.

Nalco shares traded 6 percent higher at Rs 99.5 apiece on BSE at noon near their intraday high. Guinea accounts for about 22-25 percent of the global production of bauxite. 

11:50:02 IST

Buy Adani Enterprises, Tata Motors: Aditya Agarwala 

Here are two trading calls from Aditya Agarwala of Yes Securities:

  • Buy Adani Enterprises for a target of Rs 1,680 with a stop loss at Rs 1,575 
  • Buy Tata Motors for a target of Rs 310 with a stop loss at Rs 292 

11:43:42 IST

Reliance Industries, Titan hit 52-week highs

Wipro, Reliance Industries, Titan, BPCL, nestle, Ambuja Cements, IRCTC, Dabur, Britannia, Blue Dart and Asian Paints hit new 52-week highs.

11:14:00 IST

Reliance Industries shares may see fresh leg of bull run: Santosh Meena

“Reliance industries took leadership to take Nifty towards 17,500 levels, where it has witnessed a breakout of one-year of consolidation. This may lead to a fresh leg of the bull run in this counter after a period of underperformance where Rs 2,500 is an immediate psychological hurdle but Rs 2,850 is an imminent target,” said Santosh Meena, Head of Research at Swastika Investmart.

“On the downside, the 2,375-2,275 band has become a strong demand zone,” he said.

10:56:46 IST

Buzzing | ICICI Lombard gets IRDAI nod for deal with Bharti AXA; shares fall over 3%

ICICI Lombard General Insurance Company has received regulatory and other approvals from the Insurance Regulatory and Development Authority of India (IRDAI) for the demerger of the general insurance business of Bharti AXA General. The insurance regulator has also granted approval to ICICI Bank to bring down its stake in ICICI Lombard General Insurance Company to 30 percent.

The shares of ICICI Lombard were trading 3.26 percent lower at Rs 1,575.50 apiece on the BSE.

10:48:32 IST

Rupee Update | The Indian rupee opened at 73.03 per US dollar as compared to the previous close of 73.02 per dollar.

10:41:03 IST

Zydus Cadila’s type 2 diabetes drug-Sitagliptin base tablets get tentative USFDA nod

Zydus Cadila today announced that its subsidiary has received tentative approval from the United States Food and Drug Administration (FDA) for its new drug application for Sitagliptin base 25, 50 and 100 mg tablets. Zydus’ Sitagliptin base contains the active moiety Sitagliptin in a different form than used in the branded reference product, Januvia® (Sitagliptin Phosphate).

10:34:11 IST

Gold price today: Yellow metal edges lower to trade near Rs 47,450/10 grams mark as equities soar

Domestic gold and silver prices started the week on a mixed note with the yellow metal inching lower on Monday, as the dollar bounced back from a one-month low. Strength in the greenback makes precious metals less attractive for holders of other currencies. A record-breaking spree on Dalal Street continued to hurt the safe-haven appeal of gold.

Globally, gold prices hovered below a two-and-a-half-month peak after a disappointing US jobs data signalled that the Federal Reserve could push back the timeline for tapering stimulus measures, bolstering bullion’s appeal as an inflation hedge. Read here.

10:26:42 IST

Lupin gets non-exclusive licence to  manufacture anti-TB drug Pretomanid    

Lupin has received a non-exclusive license from TB Alliance to manufacture the anti-TB drug pretomanid as part of the three-drug “BPaL” regimen. Lupin intends to commercialize the anti-tuberculosis (TB) medicine in approximately 140 countries and territories, including many of the highest TB burden countries around the world, the compay said.

10:24:31 IST

Motilal Oswal on State Bank of India

Among PSU Banks, SBI remains the best play on a gradual recovery in the Indian economy, with a healthy PCR, Tier I of 11.3%, strong liability franchise and improved core operating profit. While business trends were impacted by the lockdowns, loan growth is likely to recover gradually over FY22-23E. Even slippages are expected to moderate meaningfully over 2HFY22 as asset quality remains impeccable in the Retail book.

We estimate credit costs of 1.6%/1.3% for FY22E/FY23E. We project RoA/RoE of 0.8%/14.6% by FY23E. Subsidiaries (SBI MF, SBILIFE, SBICARD, SBI Cap) have exhibited robust performances over the last few years, supporting our SoTP valuation. Maintain BUY, with TP of Rs 600 per share.

10:14:41 IST

Buzzing | Reliance Industries jumps over 3% to record fresh high

The share price of energy-to-telecom conglomerate Reliance Industries rallied over 3 percent to hit a fresh record high of Rs 2,479.85 after the company’s subsidiary Reliance Strategic Business Ventures Limited acquired 2.28 crore equity shares of Strand Life Sciences Private Limited for a cash consideration of Rs 393 crore.

A further investment of up to Rs 160 crore is expected to be completed by March 2023. The total investment will translate into 80.3 percent of equity share capital in Strand on a fully diluted basis, RIL said.

10:10:59 IST

Market Watch: Siddarth Bhamre, Director-Alternate Investment & Research, InCred Equities

– Buy Eicher Motor with a stop loss at Rs 2,705 for a target of Rs 2,980.

– Buy Indian Oil Corporation (IOC) with a stop loss at Rs 108 for a target of Rs 124.

10:04:57 IST

Next Nifty50 level? Axis Securities sees NSE index at 17,700 by Dec 2021

Axis Securities has upgraded its December target for Nifty50 by 2 percent to 17,700 on expectations that corporate earnings momentum will sustain in the September quarter as well. of the world and domestic economy, higher vaccination drives, demand revival hope and policy support has propelled domestic benchmark indices to scale fresh highs recently. With the hike in the target for December, the brokerage firm has valued Nifty at 22 times on FY23 earnings.

“It is critical for the earnings momentum to sustain even in Q2FY22 which seems likely in light of gradual reopening of the economy as well as significantly picked up vaccination rates,” Axis Securities said in a note. Read full report here

09:52:29 IST

Indian Market to do well in medium term, commodity inflation a risk for consuming industries: Raamdeo Agrawal

The Indian market will continue to do well in the medium term and the valuations in the secondary market is far more reasonable than the primary market, says Raamdeo Agrawal of Motilal Oswal.

Speaking to CNBC-TV18, Agrawal said he expects the IPO market to continue to remain vibrant in the next few years. Agrawal said that the current bull run is reminiscent of the bull run seen in the early 2000s.

He expects commodity price spike to be a risk for consuming industries.

According to him, every digital company has a unique valuation and these companies with global opportunities deserve higher multiples.

09:41:05 IST

VA Tech Wabag bags order worth $11.45 million

VA Tech Wabag has received an order worth $11.45 Million from Dialog E&C Sdn Bhd, Malaysia towards establishing a new Effluent Treatment Plant (ETP) for Pengerang Integrated Complex in Johor, Malaysia, company said in its release.

09:30:41 IST

Buzzing | M&M Financial Services rises over 5% on

The share price of M&M Financial Services rallied over 5 percent after the company’s total disbursement in August rose 57 percent YoY to Rs 2,150 crore, whle collection efficiency improved to 97 percent from 95 percent in July.

With the opening of the economy and improved mobility, the company witnessed a meaningful reduction in the NPA contracts during the month as customer cash flows improved. The company expects this downward trajectory to continue in September and in months to come.

09:20:21 IST

Opening Bell | The Indian equity benchmark indices opened at fresh record highs on Monday with the Nifty hitting 17,400 for the first time. At 9:15 am, the Sensex opened 0.48 percent, or 281.67 points, higher at 58,411.62, while the Nifty50 index opened at 17,399.35, up 75.75 points, or 0.44 percent. Broader markets supported the gains with the midcap and smallcap indices gaining over half a percent each. All the sectoral indices are in the green led by PSU Bank, realty, metals and pharma sectors. 

09:11:20 IST

Future of financial sector looks bright; HFCs, NBFCs to perform well: says market expert Prakash Diwan

Financials are going to be the next big leg of the upmove that we see. So while people do talk about the bank Nifty hasn’t done much, hasn’t participated or has started participating belatedly. What is important is that it is going to be the NBFCs, whether it is a small set of Shriram City Union or it’s a larger one like Chola, all of these companies which are looking at servicing the SME and the tier-II, tier-III segments of the economy are the ones that will participate. If the third wave was not to fructify in that sense, if we are able to manage to dilute or mitigate that, you will see a ferocious comeback in terms of the borrowing trend in the industry.

Gold finance, housing finance, the need for capital and the deployment needs to be accelerated at a very significant pace and all of them will see a comeback of sorts. The future looks very positive for financials, particularly housing finance companies and rural facing non-banking finance companies (NBFCs) which have balance sheet strengths and which have distribution strength as well.

09:04:55 IST

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Monday’s top brokerage calls: HDFC Life, Exide, M&M Financial and more 09:02:51 IST

Maruti Suzuki announces price hike for select models w.e.f Sept 6

Maruti Suzuki has announced a price change for select models with effect from September 6, 2021, owing to an increase in various input costs. The weighted average price increase in Ex-Showroom Prices (Delhi) across select models is 1.9 percent.

08:57:31 IST

India’s forex reserves surge $16.663 billion to record high of $633.558 billion

The country’s foreign exchange reserves soared by $16.663 billion to touch a lifetime high of $633.558 billion in the week ended August 27, mainly due to an increase in Special Drawing Rights (SDR) holdings, RBI data showed. In the reporting week ended August 27, 2021, the country’s SDR holdings rose by $17.866 billion to $19.407 billion, as per weekly data released by the Reserve Bank of India (RBI) on Friday.

08:54:29 IST

Govt’s excise collection jumps 48% in April-July; already 3x of full fiscal oil bond liability

The government’s collections from levy of excise duty on petroleum products have jumped 48 percent in the first four months of the current fiscal year, with the incremental mop-up being 3-times of the repayment liability of legacy oil bonds in the full fiscal, official data showed.

Data available from the Controller General of Accounts in the Union Ministry of Finance showed excise duty collections during April-July 2021 surging to over Rs 1 lakh crore, from Rs 67,895 crore mop-up in the same period of the previous fiscal.

After the introduction of the Goods and Services Tax (GST) regime, excise duty is levied only on petrol, diesel, ATF and natural gas. Barring these products, all other goods and services are under the GST regime.

08:49:27 IST

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Cryptocurrency prices on September 6: Bitcoin at 3.5-month high, trades above $50k; Ether, Dogecoin rally 08:46:08 IST

Santosh Meena, Head of Research, Swastika Investmart

Global cues will be important because we are outperforming the global peers and we may continue to outperform if there will be no major negative surprise. The US market will remain closed on Monday on account of Labor day and there was not much movement in Friday’s trading session, therefore, we can expect some consolidation in our market in Monday’s trading session but if Nifty consolidates then Midcap and Smallcap stocks may outperform.

Covid cases are rising in the USA and in some other countries and that may be a cause of concern for global markets. Movement in USDINR and FIIs’ behavior will be important to watch out for as FIIs’ flow is playing an important role in the current pace of the market. Crude Oil prices will also have some impact on the market where $74 is an important hurdle for brent crude; above this, we can expect a move towards $76.