The domestic benchmark indices added to their morning gains and were trading over 1 per cent higher in Thursday's noon deals, lifted by Reliance Industries, which scaled a new lifetime.
The S&P BSE Sensex gained over 600 points to 38,828 levels and the Nifty50 index reclaimed the 11,450-mark. Reliance Industries leaped 7 per cent on reports that the company is offering to sell roughly $20 billion worth of stake in its retail arm, Reliance Retail, to Amazon. READ MORE
Besides, Axis Bank and State Bank of India (both up 3%) were the other top Sensex gainers.
All the Nifty sectoral indices were trading in the green, led by Nifty PSU Bank index, up 2.5 per cent.
In the broader markets, the S&P BSE MidCap and SmallCap indexes were trading 1 per cent and 1.7 per cent higher, respectively.
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03:22 PM
MARKET CHECK | Top 5 gainers on the BSE at this hour
03:07 PM
Granules India hits fresh record high of Rs 384; rallies 24% in 2 weeks
Shares of Granules India hit a fresh record high of Rs 383.70, up 5 per cent on the BSE, in the intra-day trade on Thursday, gaining 24 per cent in the past two weeks on expectation of strong earnings going-ahead. In comparison, the S&P BSE Sensex was down 0.94 per cent during the same period. The first quarter (April-June) of FY21 turned out to be the best-ever quarter for the company as it posted highest ever GPM (gross profit margin) and EBITDA (earnings before interest, taxes, depreciation, and amortization) margin in the company’s history. READ MORE
The government is now trying to understand how long it will take before the drug’s production can start in India
03:02 PM
RIL and Axis Bank top contributors to Sensex's 500-point rally today
02:56 PM
ITI Ltd jumps over 12%
02:52 PM
Buzzing Stock :: Info Edge sees sharp upmove
02:43 PM
Heatmap: S&P BSE Sensex gainers and losers at this hour
02:43 PM
Indians investing in US equities should avoid bubbles, fads: Rob Arnott
FANMAG-like stocks are in a clear bubble. Many trades at valuations as rich as the peak of the tech bubble, and require implausible future success to justify current prices. We’re also seeing an enormous surge in retail money, chasing the market darlings. READ FULL INTERVIEW HERE
02:34 PM
Indiabulls Housing sells part of its stake in OakNorth for Rs 440 crore
"The company plans to conclude few other transactions on the partial stake sale in OakNorth Bank over the next few days. The divestment in OakNorth bank will result in boosting CRAR and shall free up capital to grow the loan book of the company,” said Indiabulls Housing Finance. READ MORE
02:25 PM
MARKET CHECK
02:22 PM
BROKERAGE VIEW :: Anand Rathi on RIL
The stock has provided breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has reversed from oversold territory and MACD has provided a buy crossover on the daily chart which hints that the upside momentum is likely to continue. It is also trading well above its short term and long term moving averages. Traders can accumulate the stock between 2160-2210 with a stop loss of 2040(Closing basis) for an upside target of 2500.
02:19 PM
Expert View :: Jyoti Roy - DVP- Equity Strategist, Angel Broking on RIL
Reliance Industries stock has been on a tear and hit an all time high today ever since the announcement of investment of Rs 7,500 crore by Silver Lake in Reliance Retail Ventures Ltd. yesterday, valuing the retail business at Rs 4.21 lakh crore which is at the higher end of market expectations. This investment by Silver Lake comes on the back of the company announcing the acquisition of the Retail, Wholesale, Logistics and Warehousing Business from the Future Group on a slump sale basis for a total consideration of Rs 24,713 crore which helps the company to consolidate its leadership position in the retail business.
We expect the company to attract further investments in the retail business from other investors which is leading to another round of rerating for the company. We remain positive on Reliance industries Ltd. and expect that the digital and the retail business will be the future growth drivers for the company. Further investments in the retail business and scaling up of Jio Mart business will be key triggers for the company in the near future. Listing of the digital and retail business over the next few years would also lead to significant value unlocking for shareholders in the long run. We continue to maintain our buy rating on reliance Industries with a target of Rs 2,366.
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