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Sensex, Nifty end flat amid volatility; auto stocks gain, IT drags

BSE Midcap and Smallcap indices are trading flat. On the sectoral front, auto, oil & gas and realty indices up 1-3 percent, while IT and Pharma indices down 1-2.5 percent.

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Topic :- Time:3.00 PM

Nifty spot close above 17860 level will result in some upmove and close below above mentioned level will mean some further decline in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.10 PM

Just In:

India has China on its toes as Modi govt engages Taiwan to solve domestic chip shortage.

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Topic :- Time:2.00 PM

Nifty is likely to turn volatile now in last hour. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the Nifty. Currently nifty is trading at 17881 spot level.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5516.If it breaks and trade below 5510 level then expect it to decline further and if it manages to trade and sustain above 5530 level then some upmove can be further seen in Crudeoil.

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Topic :- Time:1.10 PM

Just In:

Bharat Bandh 2021: Farmers block highways, roads at many places to protest against three farm laws.

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Topic :- Time:1.00 PM

Nifty is still trading with mix sentiments and in a small range. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 719.00.If it breaks and trade below 718.40 level then expect some decline in it and if it manages to trade and sustain above 720.40 level then some upmove can be seen in Copper.

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Topic :- Time:12.00 PM

Nifty is showing some recovery from lower levels. Nifty spot if manages to trade and sustain above 17880 level then expect some quick upmove and if it breaks and trade below 17840 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty off highs on profit-taking; IT index declines 2%

2. CCI levies Rs 752-cr penalty on United Breweries; stock declines 4%

3. SpiceJets plan to hive off cargo business challenged by creditors

4. Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2

5. Live news: Farmers hold Bharat Bandh; Modi launches digital health plan

6. Jet Airways staff approaches labour dept over non-payment of gratuity

7. DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO

8. KPR Mill rallies post stock split, gains 20% in 2 trading sessions

9. PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22

10. 30 firms may float public issues in Oct-Nov to mop up Rs 45,000 cr

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Topic :- Time:11.00 AM

After positive opening nifty is trading in red zone. Nifty spot if breaks and trade below 17840 level then expect some decline in the market and if it manages to trade and sustain above 17860 level then some upmove can follow in the Nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 27 Sept,2021:

Nifty to trade volatile and is likely to follow global cues.

Nifty spot if manages to trade and sustain above 17900 level then expect some upmove and if it breaks and trade below 17800 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said in a statement.

Rating agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 per cent from the sooner 8.5 per cent.

A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said during a statement.

It is often noted that after the 7.3 per cent contraction in 2020-21, there have been expectations of a better growth number in 2021-22.

However, the second wave of COVID-19 infections early into the financial year, which spread even within the hinterland, made analysts more circumspect. The RBI expects the economy to grow at 9.5 percent.

Icra on Monday said it expects the last half of the financial year to possess brighter prospects.

The widening coverage of COVID-19 vaccines is probably going to spice up confidence, which can successively re-energise demand for contact-intensive services, helping to revive the portions of the economy affected most by the pandemic,” its chief economist Aditi Nayar said.

The robust Kharif harvest is probably going to sustain the consumption demand from the farm sector while the expected acceleration within the central government spending after the withdrawal of the sooner cash management guidelines will recharge this key driver of aggregate demand, she added.

The key risk to its revised projection of 9 per cent GDP growth may be a potential third wave and therefore the existing vaccines being ineffective against newer mutations of the virus, she said.

Nearly three-fourths of Indian adults could receive their second vaccine shot by the top of 2021 if the typical 7.9 million doses each day recorded between September 1-26 is sustained, Icra estimated.

Nayar said late sowing has helped bring the Kharif acreage nearly at par with last year's record area. In line with this, the primary advance estimates of crop production for 2021-22 signalled a strong rise in Kharif output, barring coarse cereals and oilseeds, quelling the concerns raised by the uneven monsoon and episodes of flooding.

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Based on these, the agency has revised up its GVA (gross value added) growth estimate for agriculture, forestry and fishing to three per cent each in the second and third quarters of 2021-22 from the sooner projection of a tepid 2 per cent rise, she added.

The Centre's spending contracted 4.7 per cent in April-July 2021 year-on-year, and stood at 28.8 per cent of the 2021-22 Budget Estimates, the agency said, expecting better government spending to spice up growth in the last half of the year.

However, it said that trends from the economic sector remain lacklustre in September 2021, with semi-conductor non-availability weighing upon auto production and a flattening out of GST e-way bills.

Moreover, heavy rains have dampened electricity demand and are likely to distort trends in mining and construction.

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Though a sustained bull run in the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

The Indian rupee edged lower by 5 paise to trade at 73.73 against the US dollar in opening deals on Monday thanks to fresh demands for dollar from banks and importers.

Though a sustained Bull Run within the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

At the interbank exchange, the rupee opened on a weak note at 73.70 and slid further to 73.73 because the trade progressed, logging a loss of 5 paise against the greenback over its previous close.

On Friday, the Indian currency had closed 4 paise down at 73.68 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.11 percent to 93.22.

On the domestic equity market front, the BSE Sensex was trading 114.73 points or 0.19 percent higher at 60,163.20. Similarly, the NSE Nifty was trading 23.25 points or 0.13 percent up at 17,876.45.

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Meanwhile, global petroleum benchmark Brent futures advanced 1.19 percent to USD 79.00 per barrel.

Foreign institutional investors were net buyers within the capital market on Friday as they purchased shares worth Rs 442.49 crore, as per exchange data.