Indian markets today- pause for breath after strong rally
It was a positive start for the Indian markets today. Almost all Asian markets were closed in green today. The SGX Nifty also indicated a positive start for the Indian markets in the morning. At close, Nifty50 fell only 12 points and closed at 11588.20, whereas Sensex gained 7.11 points and closed at 39097.14.
Indian markets today
The Bank Nifty was traded negatively today, it fell 383.10 points or 1.25% and closed at 30183.10. The Nifty midcap 100 index fell 110.70 or 0.66% and the Nifty smallcap 100 index gained marginally 2.45 points or 0.04%. The all points mentioned above are on a spot basis.
A healthy profit booking was seen in most of the sectors like Banks, Infra, Auto, and Metal sectors. IT sector gained today after two trading session. Other gainers in the market are Pharma, Insurance and Oil and Gas sectors.
The top five Nifty50 gainers of the day are Infosys, Reliance, Tech Mahindra, Zee Ent, and Tata Motors. The top five losers in Nifty50 today are JSW Steel, Eicher Motors, SBI, Larsen and Axis Bank.
In the Nifty midcap space the top gainers of the day are IDBI Bank (10.18%) and DHFL (7.41%) and losers are Edelweiss (-6.02%) and Sun TV (5.26%).
In Nifty smallcap space the top gainers of the day are RITES (10.06%) and Swan Energy (9.20%) and the top losers are Ashok Buldicon (-7.76%) and India Cement (-5.28%)
The gross tax collection for April-Sept has risen 5%, the news flashed around 2 pm at CNBC TV18. The Indian market started correcting after the news from the day’s low.
Stock in News in Indian Markets today:
Morgan Stanley, the foreign brokerage house has maintained an overweight rating of Reliance Industries with a target of Rs 1469 for a share. The share price of Reliance Industries has gained 3.19 % and closed at Rs 1278.70 per share
Credit Suisse, the global research firm has maintained an underperform rating on Infosys and increased the target price. The share price of Infosys gained 3.89 % and closed at Rs 794.05 per share
SEBI has imposed fines on Aurobindo Pharma promoters for violating insider trading norms. The share price of Aurobindo Pharma has plunged 0.34 % and closed at Rs 619.05 per share.
Petronet LNG has signed MOU with US natural gas company Tellurian Inc. The share price of Petronet LNG has gained 1.30% and closed at Rs 256.25 per share.
The foreign brokerage house Morgan Stanley has upgraded the rating of MCX from equal weight to overweight and raised its target price from Rs 870 to Rs 1260 per share. The share price of MCX gained 5.53% and closed at Rs 991.85 per share.
A new company is formed in the name of Adani Guwahati International Airport by Adani Enterprises (AEL) to look after the operations of e maintenance of Guwahati International Airport which is yet to start its operations. The share price of Adani Enterprises has gained % and closed at Rs per share
Banking and Financial Stocks in news today
RBI puts restrictions on PMC Bank for 6 months and now customers cannot withdraw more than Rs1000 from their account.
Axis Bank to get Rs 1500-1700 crores as Tier-1 capital from low-risk weight- sources CNBC TV18. Domestic institution may have contributed 33% to QIP, Hedge Funds likely subscribed to 16% of QIP.
Citi has upgraded the ratings of RBL Bank to buy from neutral. The share price of RBL Bank gained 0.67% and closed Rs 401 per share.
DHFL to discussed the draft resolution plan on 25th September tomorrow. Banks are hopeful of implementation of resolution plan by December this year. The share price of DHFL is closed at Rs 44.95 per share up 7.41 % ahead of the meeting.
Crude and Rupee Updates
Brent crude oil future is trading lower today, currently it is trading at $63.95 per barrel almost 1.27% down against the previous close. Indian rupee is currently trading at Rs 71.01 against the US dollar, it has got depreciated 0.32% from yesterday’s close.
Conclusion:
As discussed in our last market updates report that market may pause its rally for a day or two for further up move and exactly the same thing happened today. Indian Market today has paused for breath after two days strong rally. Thursday is monthly expiry traders should be cautious this week.
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Happy Investing!!!
Editors Desk
