Closing Bell: Ahead of FM presser, Nifty ends below 11,550; up 2% WoW

Sep 27, 05:42 PM (IST)
FIIs and DIIs

FIIs net sold Rs 213.6 crore worth of shares while DIIs net bought Rs 458.68 crore in equities today, as per provisional data available on NSE.

Sep 27, 05:34 PM (IST)
Rupee Closing

The Indian rupee ended at 70.56 against the US dollar, up 32 paise compared to Thursday’s close of 70.88 a dollar.

Sep 27, 05:30 PM (IST)
Wells Fargo named BNY Mellon’s Charles Scharf as CEO.

Sep 27, 05:08 PM (IST)
IRCTC IPO Opens Next Week

IRCTC is the only entity authorized by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. During FY19, IRCTC’s revenues increased 25 percent to Rs 1,956.7 crore while profit grew 23.5 percent to Rs 272.6 crore over the previous year. The company has a superior financial metrics compared to listed domestic peers such as International Travel House (ITH) and Thomas Cook (India) and it a debt-free company with a cash balance of nearly Rs 1,140 crore.

“At the price band of Rs 315-320, the asking valuation for IRCTC is around 19x P/E (FY19). We believe the valuation is reasonable and the company has the potential to offer higher returns to the investors over the next 12-18 months. We recommend investors with a long-term investment horizon to subscribe to the issue,” Way2Wealth said.

Sep 27, 04:30 PM (IST)
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

Technically, Nifty has formed “long legged doji” on weekly basis, which is an indication of uncertainty to prevail and would lead to major volatility in the coming week. Below 11,450, Nifty would quickly fall to 11,300. However, on the other side, 11,610 would play crucial role to lift Nifty towards 11,700/11,750 levels. Except Nifty FMCG, other indices closed lower on daily basis, whereas on weekly basis, along with FMCG sector even Private banks delivered parallel gains over four percent.

Sep 27, 04:08 PM (IST)
Rupee extends gains​: The Indian rupee has extended gains and trading at day’s high level at 70.56 per dollar, up 32 paise from its previous close.

Sep 27, 03:49 PM (IST)
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

The weekly chart shows that the consolidation is taking place above the key weekly moving averages, which is a healthy sign for the larger uptrend. On the daily chart the Nifty had left a gap recently, which it can come down to close. The lower end of the gap area is 11,381, which would act as a key support for the index. Thus buy on dips would be the preferred strategy for Nifty from short term perspective.

Positional traders can look to initiate a fresh long position near 11,400-11,380. The short term targets on the higher side will be the recent high of 11,694 & the 78.6% retracement of the June-August decline i.e. 11,790.

Sep 27, 03:32 PM (IST)
Market Close: Benchmark indices ended first day of the October series on negative note with Nifty slipped below 11,550.

At close, the Sensex was down 167.17 points at 38,822.57, while Nifty was down 58.70 points at 11,512.50. About 975 shares have advanced, 1519 shares declined, and 147 shares are unchanged.

Bharti Airtel, Bajaj Finance, ITC, Bajaj Finserv and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were Vedanta, IndusInd Bank, Yes Bank, Zee Entertainment and Tata Steel.

All the sectoral indices ended lower led by the metal, auto, pharma, energy, infra, bank, and IT. BSE Midcap and smallcap also ended lower.

Sep 27, 03:27 PM (IST)
Indiabulls stocks under pressure post Delhi HC order: Shares of Indiabulls Housing Finance cracked almost 8 percent intraday on BSE on September 27 amid reports that public interest litigation (PIL) was filed against the company at the Delhi High Court.

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