Closing Bell: Dream run continues on D-Street on Day 2; Nifty ends above 11,600, Sensex up 1,075 pts

Sep 23, 4:51 PM (IST)
Shrikant S. Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities:

We need to be cautious while adding long positions at current levels. Put/Call ratio is at 1.48 and India VIX at 17 percent which indicates high risk in creating long positions on Indices. Stock specific focus should be on buying oil refinery stocks that have shown price retracements along with rise in volume pattern. Nifty to remain in the range of 11,700 and 11,450.

Sep 23, 04:41 PM (IST)
Amit Shah, Technical Research Analyst with Indiabulls Ventures:

The undertone continues to remain bullish however, Nifty may consolidate near 11,700-11,800 mark for few sessions going ahead. Mid and small caps are likely to catch in a big way going ahead. 11,400 zone is the near term support and traders should look to position on the long side.

Sep 23, 04:33 PM (IST)
Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas:

The bulls continue to have an upper hand on the index. A near term consolidation, however, cannot be ruled out before the index stretches higher. The range for the plausible consolidation will be 11,500-11,700.

The short term target on the higher side continues to be at 11,790 with potential to stretch higher. On the flip side, the gap area of 11,471-11,381 will now act as a key support zone for any minor degree dip. The gap area can be considered as a fresh buying opportunity should the Nifty attempt to test the same.

Sep 23, 04:15 PM (IST)
Harsha Upadhyaya, CIO (Equity), Kotak Mahindra Asset Management Company:

The decision to lower corporate taxes meaningfully is a key structural measure to support India’s growth outlook. One of the key objectives of the sharp cut in corporate tax rates is to make India globally competitive. This step significantly boosts medium-term investment potential in the economy. The focus of fiscal stimulus is capex-driven rather than consumption-driven and thus poses limited risks to macro stability.

Even if it is difficult for government to remain within the FRBM mandated fiscal target in FY20, a combination of expected tax buoyancy and higher proceeds from divestment due to improved valuations should enable it to come back on fiscal roadmap over the medium term. Any slip in short term should be seen as a fiscal price to spur growth in domestic economy.

Sep 23, 03:42 PM (IST)
Buzzing: Extending their losing streak into the sixth consecutive session, shares of Zee Entertainment Enterprises closed at Rs 278.50, down 7.51 percent on BSE on September 23.

The stock cracked almost 11 percent intraday on BSE amid reports that a lender has sold part of pledged shares of the company in open market.

Sep 23, 03:38 PM (IST)
Tata Consultancy Services (TCS) announced the launch of its Real-time Payments solution in multiple markets, as part of TCS BaNCS for payments, to help customers in their digital transformation journey.

Sep 23, 03:35 PM (IST)
Market Close: The benchmark indices continued their upward momentum on the second day on September 23 post corporate tax cut by the Finance Minister on September 20.

At close, the Sensex was up 1,075.41 points at 39090.03, while Nifty was up 329.20 points at 11,603.40. About 1604 shares have advanced, 971 shares declined, and 182 shares are unchanged.

BPCL, Bajaj Finance, Eicher Motors, IOC and L&T were among major gainers on the Nifty, while losers were Zee Entertainment, Infosys, Tata Motors, Power Grid and Dr Reddy’s Labs.

On the sectoral front, except IT and pharma, all other indices are ended higher led by the FMCG, bank, infra, auto, metal and energy.

Sep 23, 03:24 PM (IST)
Rupee Update: The Indian rupee has recovered from the low and trading marginally higher at 70.91 per dollar. It opened lower by 10 paise at 71.04 per dollar versus Friday’s close 70.94.

Source : http://tiny.cc/qhi8cz

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