Global cues:
• The US stock market rallied on Monday, ignoring negative headlines that weighed on the market over the past few weeks in favor of hoping for a stimulus deal out of Washington.
• Stocks shot higher at the opening bell in New York and continued to rally as the session went on. The Dow (INDU) was up more than 500 points, or 1.9%, in the early afternoon, while the broader S&P 500 (SPX) climbed 1.8%. These gains come after four consecutive weeks of losses.
• The Dow Jones Industrial Average rose 188.18 points, or 0.69 percent, at the open to 27,362.14, while the Nasdaq is also up 1.87% to 11,117.52.
• A strong performance in Tuesday's debate by Biden, who currently has a modest lead in betting odds and polls, might boost stocks related to global trade and renewable energy, while a perceived debate victory by Trump could benefit fossil fuel and defense companies.
• A Biden win could boost the S&P 500 by about 1 percent the following day, while a Trump re-election would push the index down about 4 percent, according to an analysis by Cornerstone Macro based on a statistical comparison of recent asset prices and election betting odds.
Indian markets:
• The market rallied more than 1.5 percent on September 28, in addition to nearly 3 percent gains seen in the previous session. The hope of a stimulus package and measures by the government to boost the economy lifted sentiment.
• The BSE Sensex climbed 592.97 points or 1.59 percent to close at 37,981.63, while the Nifty50 rose 177.20 points or 1.60 percent to 11,227.50 and formed a bullish candle on the daily charts for the second consecutive session.
• A long bull candle was formed with opening upside gap and the said up gap remains unfilled. This is a positive indication and if this gap remains unfilled for the next 2-3 sessions, then that could mean more upside for the near term.
• Foreign institutional investors (FIIs) net sold shares worth Rs 26.98 crore, whereas domestic institutional investors (DIIs) net bought shares worth Rs 542.34 crore in the Indian equity market on September 28, as per provisional data available on the NSE.
• UTI Asset management company has raised Rs 644.64 crore from several anchor investors ahead of its IPO opening tomorrow.
• Mazagon Dock Shipbuilders, a defence public sector undertaking shipyard, will also launch its maiden public issue on during September 29-October 1, with a price band of Rs 135-145 per share.
• Chemcon Speciality Chemicals and Computer Age Management Services (CAMS) after strong IPO subscriptions will debut on bourses on October 1. The final issue price has been fixed at Rs 340 per share and Rs 1,230 per share, respectively.
Stock picks of the day:
• PVR – Closed at a price of 1233.4, up 12% from its previous close of 1101. The stock has been the top gainer among Group A stocks. Expect the momentum to continue.
• Amber Enterprises – Closed at a price of 2036.7, up 4.52% from its previous close of 1948.55. The stock hit its all time high of 2120, and has posted 82% growth YTD.
• Welspun Corp – Closed at a price of 107.1, up 4.5% from its previous close of 102.4. The stock has hit upper circuit at 5 percent for two consecutive session.
Disclaimer
Please note that all the recommendations/views/ levels we provide are based on the theory of technical/fundamental analysis and personal observations. This does not claim for sure/ certain profit or any fix returns. we are not be liable for any losses you make on the given takes and levels. You are advised to take your position with your sense, discretion and judgment. only you would be responsible for outcomes of your trades
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