The domestic benchmark indices turned volatile in Monday's late morning deals after starting the expiry week of the September series derivative contracts on a flat note.
The S&P BSE Sensex hovered around 38,760 levels and the Nifty50 index slipped below 11,500-level. Tech stocks were the top gainers in the Sensex pack, led by HCL Tech (up 4%). TCS, Tech Mahindra, and Infosys were also up 1 per cent each.
The trend among the Nifty sectoral indices was mixed, with Nifty Metal index (down 1.6%) offsetting the gains in Nifty IT index (up 1.9 per cent).
In the broader market, the S&P BSE MidCap index was trading flat while the SmallCap index was up 0.5 per cent.
New listing
Route Mobile debuted at the bourses today at Rs 717 per share, a premium of 105 per cent from its issue price of Rs 350 per share. READ MORE
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01:09 PM
MARKET CHECK
01:00 PM
NEWS ALERT :: SpiceJet announces six new flights
12:57 PM
Brokerage industry's revenues expected to reach Rs 23,000 cr in FY21: Icra
According to investment information firm ICRA, the domestic capital markets have witnessed an unexpected surge lately in stark contrast to the overall economic outlook.
And while broking yields continue to be under pressure, given the competitive dynamics as well as product mix (increase in non-delivery volumes as well as the rising share of index options), the healthy growth in turnover more than offset the impact on broking income. READ MORE
12:43 PM
MARKET CHECK
12:38 PM
Birla Corp slips 9% after HC bars Harsh Lodha from MP Birla group companies
Shares of Birla Corporation (Birla Corp) dipped 9 per cent to Rs 662 on the BSE in the intra-day trade on Monday after the Calcutta High Court (HC) on Friday restrained Harsh Vardhan Lodha from holding any office in M P Birla group entities. The stock of cement & cement products company recorded its sharpest intra-day fall since March 23, 2020, when it had tanked 20 per cent on the BSE. READ MORE
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12:28 PM
Most global investors cautious of equities after sharp rally: Raychaudhuri
The market rally since March 2020 lows has been led mostly by foreign institutional investors. MANISHI RAYCHAUDHURI, head of Asia Pacific equity research, BNP Paribas, tells Puneet Wadhwa the reason for India being such an FII favourite is the breadth of stocks and sectors that the market offers. READ MORE
12:17 PM
Deepak Fertilisers, GSFC: Will Farm Bills' passage boost fertiliser stocks?
Most fertiliser stocks were trading in the negative territory on Monday, a day after Rajya Sabha passed two key farm bills amid ruckus by opposition members and farmer protests. The Upper House passed by voice vote the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020. The bills have already been passed by Lok Sabha and will now go to the President for his assent before they are notified as laws. READ MORE
12:07 PM
Nucleus Software hits record high, stock zooms 132% in 2 months
Shares of Nucleus Software Exports were locked in the 10 per cent upper circuit band at Rs 664.70, also its record high, on the BSE on Monday in an otherwise subdued market. In the past two months, the stock of the IT software products-company has zoomed 132 per cent after it reported strong earnings for the quarter ended June 2020 (Q1FY21). In comparison, the S&P BSE Sensex was up 3.8 per cent during the period. READ MORE
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11:57 AM
MARKET UPDATE:: Sensex continues to trade flat
11:50 AM
BROKERAGE VIEW | HDFC Securities on ITD Cementation
RATING: BUY | TARGET PRICE: Rs 68
ITD numbers were better than expectation on account of execution beat and cost controls. Labour availability has improved to 70-80% of pre-COVID level. Order backlog is robust at Rs 126bn (4.4x FY20 revenue) aided by FYTD21 order wins of Rs 13.5bn. Besides, ITD is L1 in orders worth Rs 15bn (total order book at Rs 141bn). Although, NWC days and consolidated net debt (Rs 3bn vs Rs 1.8bn at FY20-end) have increased QoQ, balance sheet remains robust. We maintain BUY on ITD with an unchanged target price of Rs 68/sh, (1) given large order book (~4.4x FY20 revenue), (2) strong balance sheet and (3) bottom valuation (6.8x 2 yr fwd EPS).
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