The NSE Nifty 50 and BSE Sensex touched fresh highs for four sessions in a row on Monday.
The indices closed at record highs for three days since Sept 19.
The NSE Nifty Bank rose to a new high of 54,197.95 as HDFC Bank led. The index ended 0.51% higher at 54.069.30, which is the highest close so far.
The NSE Nifty Financial Services touched a fresh high of 24,994.25 as HDFC Bank and State Bank of India led. The index ended 0.63% higher at 24,944.55.
The NSE Nifty FMCG index rose to a fresh high of 66,438.70 as Hindustan Unilever Ltd., and ITC Ltd. led. The index ended 0.64% higher at 66,295.15
The NSE Nifty Midcap 150 rose to a new high of 22,442.55. The Index ended 0.70% higher at 22,412.30.
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NBCC (India) Ltd.'s arm HSCC received an order worth Rs 1,261 crore from Ministry of Health and Family Welfare, it said in an exchange filing. NBCC will establish work of AIIMs in Drabhanga, Bihar.
Outlook for the banking sector overall is positive.
Banks are raising deposit rates and margin pressure will continue.
Loan yields unlikely to grow significantly from here.
Asset quality on MFI may see some challenges but otherwise asset quality will hold up
Expected Credit Loss methodology and regulatory overhang are near term challenges.
Banks that went through asset quality cycle have done very well.
Source: Morgan Stanley's Executive Director Financials Equity Research Sumeet Kariwala
Bajaj Healthcare Ltd. is in development and supply pact for active pharmaceutical ingredients with a European entity, it said in an exchange filing.
The API will be supplied in small quantities, which European entities will use with European partner to carry out clinical trials for an alternative indication, the exchange filing said.
Cropster Agro Ltd. approved splitting each share into 10. Also, the company approved issue of two bonus shares for each held, it said in an exchange filing.
One Point One Solutions Ltd. secured Major Contract With Leading Swedish Company. The publicly listed Swedish company has given One Point One Solutions three major developmental projects, reflecting their ability scale up operations.
One Point One Solutions refrained disclosing the name of the Swedish company, the exchange filing said.
PSP Projects Ltd. received construction order worth Rs 555 crore. The company will construct Gold Stone Hotel and Commercial Towers at Bangalore for Rs 389.29 crore in institutional category, it said in an exchange filing.
Additionally, PSP Projects will construct Residential Towers in Ahmedabad Rs 165.04 crore, it said in an exchange filing.
Indrajit Banerjee will replace Ravi Rajagopal as Fortish Healthcare Chairman From October 1, it said in an exchange filing. Banerjee will continue to be the chairman of Audit Committee and member of Nomination and Renumeration Committee Stakeholder Relationship Committee and Corporate Social Responsibility Committee of the company.
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Doms Industries Ltd. acquired 51.77% stakes in Uniclan Healthcare. The acquisition is to allow increase addressable market & expand long-term distribution network, it said in an exchange filing.
Dreamfolks Services Ltd. resolved integration issue at Adani Airports. The company has ensured seamless acceptance of all eligible cards at lounges moving forward.
Implemented solution to guarantee smooth transaction for passengers and stakeholders, it said in an exchange filing.
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JP Morgan's India Chief Economist expects a slew of rate cuts across Asia now that the US Federal Reserve has started rate cuts.
India is better placed due to a large war chest of reserves which RBI has.
In India issue is about food inflation, which RBI correctly is patiently waiting for. RBI is looking for certainty on food inflation cooling
India is getting closer to a rate easing cycle, likely to begin in October or December.
Financial conditions are very benign in India. More demand visibility is what Indian corporates are looking for.
Source: Sajjid Chinoy, India chief economist, JP Morgan
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Market breadth was skewed in favour of buyers. Around 2,158 stocks rose, 925 stocks declined, and 143 stocks remained unchanged on BSE.
At pre-open, the NSE Nifty 50 was trading 0.32% higher at 25,872.55, and the BSE Sensex was trading 0.13% 84,651.13.
Unichem Laboratories Ltd. is likely to consider integration and consolidation of all Ipca Group's USA generic formulations business under single entity, it said exchange filing.
The yield on the 10-year bond opened flat at 6.77%.
It closed at 6.76% on Friday.
Source: Bloomberg
Rupee strengthened by 9 paise to open 83.48 against the US dollar.
It closed at 83.57 on Friday.
Source: Bloomberg
Equity risk premium in Indian markets is at its all time low
The rate cut is happening because the growth is slowing significantly. If growth slows, it's a very bad situation for equities, and risk-assets.
The debate is still on which sort of rate cut investors received. As of now, they believe it's the forward rate cut. Growth is fine, inflation has come down, it's great for us.
What market participants need to watch, not just in the US, but all around the world, does growth hold up or not. If it doesn't, then it's bad for equities
Source: Sanjay Mookim, head, equity research, JP Morgan to NDTV Profit
Manba Finance Ltd. will offer its shares for bidding on Monday. The price band is set from Rs 114 to Rs 120 per share. The Rs 150 crore IPO issue is entirely a fresh issue. The company raised Rs 45 crore from anchor investors.
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The dollar index, which measures the greenback's strength against the six major currencies, were largely steady in Asian trade on Monday. The index was trading 0.09% higher at 100.82, against Friday's close of 100.72.
The yield on the benchmark on the 10-year US Treasury note was trading 0.73% higher at 3.74%, compared to Friday's 3.72%.
The December contract of brent crude on International exchange rose on tension from an escalation of conflict between Israel and Hezbollah, Bloomberg reported. The prices were trading 0.59% higher at $74.93 a barrel. It settled at $74.06 a barrel on Friday.
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