Here are the key highlights from today's trading session:

1. Sensex & Nifty close lower for 5th straight day

2. Benchmark Indices recover from lows but fall to turn positive

3. Nifty Bank gains more than 350 points to close in the green

4. Reliance, HDFC Bank, Infosys & HUL major contributors to Nifty recovery

5. Bharti Airtel, TCS, ICICI Bank, Bajaj Finance keep Nifty under pressure

6. Sensex closes 66 points lower to 37,668 & Nifty 22 points lower at 11,132

7. Nifty Bank gains 39 points to 21,279 & Midcap index slips 54 points to 16,453

8. Telcos slip on Reliance Jio's new postpaid plans; Bharti Airtel down over 7%

9. Reliance Industries closes higher after KKR's Rs 5,550 crore investment in Reliance Retail

10. Newly listed Route Mobile hits upper circuit, closes 20% higher

11. Sterling & Wislon surges 20% after Shapoorji Pallonji part ways with Tata

12. Tata Chemicals, Redington, Page Industries, Muthoot Finance amongst top Midcap gainers

13. Shriram Transport, Laurus Labs, Natco Pharma, LIC Housing top Midcap losers

14. Market Breadth favours declines; advance-decline ratio at 1:1

Sept 23, 2020 3:48 PM

Closing Bell: Sensex ends 65 points lower, Nifty holds 11,100; pharma, media stocks drag

The Indian benchmark equity indices, Sensex and Nifty ended Wednesday's volatile session lower dragged by selling in banks, pharma and media stocks amid mixed global cues.

The Sensex ended 65.66 points or 0.17 percent lower at 37,668.42 while the Nifty lost 21.80 points or 0.20 percent to settle at 11,131.85.

Broader indices ended mixed with Nifty Smallcap100 closing flat while Nifty Midcap100 falling 0.33 percent.

Among sectors, Nifty Media fell the most over 2 percent followed by Nifty Pharma and Nifty PSU Bank declining over 1 percent each. Nifty Private Bank, Nifty Realty and Nifty Financial Services ended in the green.

Globally, shares stabilized and the dollar rose on Wednesday with overnight gains of stay-at-home Wall Street tech champions helped balance concerns that new restrictions to counter resurging coronavirus infections will hurt the economic recovery, Reuters reported.

MSCI world equity index, which tracks shares in 49 countries, was 0.2 percent higher, while the pan-European STOXX 600 benchmark rose 1.1 percent

Sept 23, 2020 3:40 PM

Stock Update: Majesco's shares gained 5 percent to Rs 816.65 per share on the NSE after Unifi Wealth Management acquired stake in it. The Group acquired 2.06 lakh shares of the company, amounting to a stake of 0.72 percent.

Sept 23, 2020 3:26 PM

Mazagon Dock Shipbuilders IPO by October end; formal announcement on Thursday

State-owned warship maker Mazagon Dock Shipbuilders is set to launch its initial public offering (IPO) by October-end. The company will make a formal announcement on Thursday. The government is likely to dilute its 10-15 percent stake in the company via the public offer which will help it raise Rs 700-800 crore.

CNBC-TV18 had reported the details about the IPO on September 4. The announcement comes after a slew of public offers by many companies such as Happiest Minds Technologies, Route Mobile, CAMS, Chemcon Speciality Chemicals and Angel Broking.

For the financial year ended March 2020, Mazagon Dock Shipbuilders reported a revenue of Rs 5,566 crore while its profit stood Rs 415 crore.

The public sector undertaking had filed draft papers with Sebi in August and had received the regulator’s go-ahead.

Earlier in August 2018, Mazagon had got the markets regulator's clearance to float an IPO but did not go ahead with the plan.

Mazagon Dock is a defence public sector undertaking shipyard under the Department of Defence Production, MoD. The company has maximum shipbuilding and submarine capacity of 40,000 DWT. The company is engaged in the construction and repair of warships and submarines for the MoD for use by the Indian Navy and other vessels for commercial clients.

Sept 23, 2020 3:17 PM

Market near day's low, Nifty slips nearly 200 points from top led by fall in Reliance & HDFC Bank from highs; Nifty back above 11,050 after hitting intra-day low of 11,024

Sept 23, 2020 2:59 PM

Mphasis inks partnership with US-based Upswot

IT solutions provider Mphasis on Wednesday announced a strategic partnership with US-based fintech startup Upswot. The partnership would focus on creating a joint solution offering to help US-based regional and global banks increase revenue and provide insight-driven services to their SMB and mid-market customers, the Bengaluru-headquartered company said in a statement.

The solution will enable access to over 120 apps typically used by SMB and mid-market customers and combine with KPI-oriented analytics on top, it said. ”The offering is intended to provide a powerful overall digital experience for the bank’s customers as well as the bank’s relationship managers,” the statement added.

Sept 23, 2020 2:44 PM

Motilal Oswal on gold loan companies

Gold financiers, led by their strong performance, have outperformed their NBFC peers over the past 1-2 years. This is expected to continue in the near-to-medium term with low asset quality risk, high return ratios and tailwinds to growth.

We have upgraded Muthoot Finance to ‘Buy’ with TP of Rs 1,300 (3.0x FY22E BVPS). Our target multiple is based on consistent performance on profitability over the past decade (lowest RoE of 15% and average RoE of 27% over the past decade). We are also initiating coverage on Manappuram Finance with a ‘Buy’ rating and TP of Rs 185 (1.8x FY22E BVPS). Our lower multiple for Manappuram Finance is on account of lower average RoA of 5.4% (v/s 6.8% for MUTH), and a higher share of its business coming from non-gold lending at 33% (v/s 11% for MUTH in FY20), which is facing headwinds due to the pandemic.

Sept 23, 2020 2:35 PM

Rupee at Close | The Indian rupee ended almost unchanged compared to yesterday's close.

Sept 23, 2020 2:24 PM

METLDEX launch in October: Key things to know about MCX's base metal index

The country’s largest commodity exchanges, Multi Commodity Exchange of India (MCX) has announced the launch of futures contracts with MCX iCOMDEX Base Metals index named MCX METLDEX. The metal index futures contracts will be available for trading with effect from Monday, October 19, 2020. Three futures contracts of the metal index expiring in the months of November 2020, December 2020 and January 2021 will be available for trading. Read key details here.

Sept 23, 2020 2:13 PM

States, NITI Aayog & stakeholders share comments on mining reforms, many States have oppose stamp duty rationalisation

Sept 23, 2020 2:01 PM

Aggressive, moderate, and conservative: IIFL Securities comes out with 3 portfolio for varied investors

Indian shares started to consolidate in the last two months amid rising India-China tensions and a surge in COVID-19 cases in the country after posting around 7 percent gains in July. Broader markets outperformed frontline benchmark indices led by continued participation by retail and HNI investors.

"Markets across the globe, seem to have fully digested the adverse impact of COVID and have turned forward-looking after the long term commitment of ultra-accommodative monetary and fiscal policy stance by large economies especially the US," IIFL Securities said in a recent report.

The brokerage noted that even though unprecedented levels of global liquidity led to a very expensive valuation of the benchmark index, the macros do not seem to match. Read more

Sept 23, 2020 1:48 PM

GMM Pfaudler hits 10% lower circuit for second straight session on share sale

Shares of GMM Pfaudler hit a 10-percent lower circuit for the second straight session on Wednesday after promoters said they will sell nearly 26 lakh shares worth Rs 1,433 crore. The offer price for the share sale has been set at Rs 3,500, which is at a nearly 30 percent discount to Monday's market price.

The stock was trading 10 percent lower at Rs 4,245 per share on BSE.

The base offer is for 25.71 lakh shares (17.59 percent), with an oversubscription option of 15.22 lakh shares (10.41 percent). The OFS will be available for non-retail investors on September 22 and for retail investors on September 23.