Thank you readers! here are the key highlights from today's session

Sensex & Nifty close flat after a rangebound trading session

Nifty closes 15 points higher at 11,464 & Sensex 14 points higher at 38,855

Nifty Bank gains 14 points to 22,480 & Midcap index 113 points to 16,766

Nifty Bank recovers 274 points from lows to close above 50-DMA; SBI, Kotak top gainers

Market breadth favours advances with Midcap index outperforming frontliners

Nifty IT gains the most amongst indices; Wipro, Tech Mahindra top gainers

HDFC twins, Bharti Airtel drag market while TCS, SBI & HUL lift

All Nifty Bank constituents except IndusInd Bank & HDFC bank close in the green

Wipro gains over 3% to close at a 52-week high

Adani Green closes at upper circuit after reporting higher profit & revenue YoY

Max Heath surges 17% after a block deal of over 4%

Coforge, Jubilant Food, Tata Elxsi close at 52-week highs

Market this Week

Sensex & Nifty close higher for the week while Nifty Bank & Midcap index slip

Sensex & Nifty gain over 1% each this week; Reliance top contributors

Reliance Industries gains over 11% to record biggest weekly gain in last 7 weeks

Nifty Bank slips 2.3% & Midcap index almost 1% this week

Wipro, HDFC Life, BPCL & Asian Paints top nifty gainers this week

GAIL, Bharti Airtel, Bharti Infratel, ONGC top nifty losers this week

Alembic, Max Health, Adani Green, Tata Elxsi top Midcap gainers this week

Sept 11, 2020 3:51 PM

Technical View | We traded in a narrow range today with a lack of direction and conviction. 11,500-11,520 would be the new resistance for the markets next week. We need to go past that in order for the short term trend to turn positive. 11,300 would be the new support for the Nifty and if we break that, we could slide to 11,100 and then 11,000, said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

Sept 11, 2020 3:44 PM

Market at Close: Indian benchmark indices ended a little higher on Friday led by gains in IT, banks and metal stocks. The benchmark Sensex ended 0.04 percent or 14.23 points higher at 38,854.55 while the Nifty ended at 11,464.45, up 15.20 points or 0.13 percent. Broader indices outperformed the benchmarks as Nifty Midcap100 and Nifty SmallCap100 gained 0.68 percent and 0.27 percent, respectively.

Sept 11, 2020 3:40 PM

Amarjeet Maurya- AVP - Mid Caps, Angel Broking Ltd

For 1QFY21, Future Supply Chain Solutions (FSCSL)’s top-line growth de-grew ~68% YoY to Rs 95 crore. Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported a contraction in margins, down 517bps YoY at 14.4%. The operating margin was impacted mainly due to the negative impact of operating leverage. On the bottom-line front, FSCSL reported loss of ~Rs 55 crore (against profit of ~Rs 3 crore in 1QFY20) due to lower revenue.

Sept 11, 2020 3:17 PM

Buzzing | Shares of Hexaware Technologies declined over 4 percent after promoter HT Global IT Solutions Holdings availed $600 million by pledging more than 18 crore shares of the company.

Sept 11, 2020 2:55 PM

Goldman Sachs lists 10 reasons why one should remain bullish on the equity markets

The year 2019 had witnessed a sharp rise in equities on hopes of an economic rebound. The S&P500 rose 29 percent in 2019, the highest annual return since 2013, and Europe also posted its highest returns since 1999. Then, suddenly, the global economy came to a grinding halt. Economic projections and earnings expectations collapsed, and the markets experienced the fastest move into the bear market territory since 1929.

"This was an unusual recession not only because if its depth and global reach, but also because it was not triggered by economic or market factors themselves. In that sense, it bore many of the typical characteristics of an ‘event-driven’ bear market – a valuation adjustment reflecting the economic impact of an exogenous and unanticipated event," Goldman Sachs noted in a recent report.

The bear market of 2020 was sharp and short-lived like other event-driven bear markets in the past and the falls, on average, were around 30 percent in most markets, but the speed of collapse and rebound was even faster than normal, the report added. Continue reading.

Sept 11, 2020 2:42 PM

Sebi shortlists Bharti Airtel, Wipro, others to revamp IT Infra network, communication systems

Markets regulator Sebi has shortlisted eight companies including Bharti Airtel, Wipro and Tata Communications to revamp its IT infrastructure network and communication systems. The other shortlisted companies are — Hewlett Packard Enterprise India, IBM India, NTT India, Orange Business Services India Technology and Sify Technologies. Read more here.

Sept 11, 2020 2:31 PM

Rupee at Close | The Indian rupee ended lower at 73.53 per dollar against Thursday's close of 73.46.

Sept 11, 2020 2:18 PM

Raining IPOs: SecMark Consultancy to woo D-Street next; here's all you need to know

SecMark Consultancy, a financial services company, will launch its initial public offering next week. It will be the third firm to launch an IPO in September after Happiest Minds and Route Mobile IPOs did so in the recent days. The IPO will be on the SME Segment of BSE to raise an estimated Rs 15 crore. The public offer comprises a fresh issue of 11.14 lakh shares (27 percent equity). The price decided for the IPO is Rs 135 per share. The issue will open on September 18 and close on September 23. The company is looking to raise money to develop software, infra, and strategic acquisition in technology space. It would also use the funds to develop a larger team, acquire assets, and for other issue expenses. More here

Sept 11, 2020 2:11 PM

Adani Green reports higher profit YoY as other income rises to Rs 100 cr from Rs 14 crore

Sept 11, 2020 1:59 PM

75% of investment grade companies qualify for one-time debt recast: CRISIL

Three out of four investment-grade companies and one out of two in the BB rating category qualify for one-time debt restructuring based on the KV Kamath Committee's parameters, according to rating agency CRISIL. The agency studied its rated portfolio of more than 8,500 companies. It further said only 1 in 3 among B rated companies qualify because of relatively weak debt protection metrics. Read more here.

Sept 11, 2020 1:46 PM

DMart in a sweet spot, says Jefferies; initiates coverage with a buy rating

Jefferies has initiated coverage on Avenue Supermarts with a Buy rating and a target price of Rs 2,600. The organized segment contributes less than 5 percent to the grocery market, which forms two-thirds of the Indian retail market. This puts Avenue Supermarts in a sweet spot, with acute focus on customer value, product quality, productivity and profitability. Online and offline competition is rising but it is too early to worry. Covid-19 is a headwind for FY21, but we expect a gradual improvement, driving a 25%+ EPS CAGR over FY20-23E, Jefferies said. Premium valuations have to be viewed in the context of strong opportunity, best in class execution, strong growth and limited ways to play the strong retail theme. Volatility due to Covid-19 and price-led competition are key risks, Jefferies added.