Share Market Highlights: Sensex ends down 667 points, Nifty falls below 10,900 mark; Bandhan Bank slips 10%

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Updated: August 3, 2020 4:04:24 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Mid-cap and small-cap indices were outperforming benchmark indices that ended deep in red on Monday, taking their losing streak to four consecutive days.

Share Market Today, Share Market LivePrivate sector bank stock were the worst performers with HDFC Bank, Kotak Mahindra bank losing the most.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended deep in red on Monday morning. The S&P BSE Sensex was down 667 points while the Nifty 50 gave up the 10,900 mark. Only 6 stocks among the 30 constituents of BSE Sensex ended with gains, Titan was the top gainer, surging over 3%, followed by Tata Steel, HCL Tech, L&T, and State Bank of India. On the other end, the worst performers included Kotak Mahindra Bank, down 4.4%, followed by IndusInd Bank, Axis Bank, ONGC, and Reliance. Broaders markets ended with gains, outperforming domestic benchmarks. Nifty Small-cap 50, Nifty Small-cap 100, and Nifty Small-cap 250 ended with over 1% gains each. 

 

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Highlights

    16:03 (IST)03 Aug 2020
    Sensex, Nifty extend losing streak to four days; RIL, HDFC Bank, Kotak Mahindra Bank drag indices down

    Domestic benchmark indices Sensex and Nifty nose-dived on Monday as they carried in their losing streak for a fourth consecutive trading session.  The S&P BSE Sensex was down 667 points while the Nifty 50 gave up the 10,900 mark. Only 6 stocks among the 30 constituents of BSE Sensex ended with gains. Falling below the 10,900 mark, analysts believe this hints at further downward movement in stock markets in the coming trading sessions. Bank stocks were again at the receiving end of the worst, with all banking stocks except SBI ending with losses.

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    15:39 (IST)03 Aug 2020
    Taking their losing streak to four consecutive days

    Sensex and Nifty tanked over 1.5% each on Monday morning as equity markets steered deep into the red. Sensex fell 667 points while the Nifty 50 index gave up the 10,900 mark.

    14:16 (IST)03 Aug 2020
    This mid-cap pharma stock jumped 15% today; check why Ambit has almost doubled the target price

    Active pharmaceutical ingredient (API) manufacturer, Laurus Labs’ share price surged 15% on Monday after strong April-June quarter results and to club with that, brokerage and research firm Ambit Capital doubled the target price on the stock. Amidst the pandemic pharma stock have had a decent run since March as people rushed towards drug manufacturers in the wake of a pandemic. In the first quarter Laurus Labs managed to not just out-do street estimates but its net profit was almost equal to what the pharma company made in the entire financial year 2020. Laurus Labs stocks were trading at Rs 1,080 per share on Monday.

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    13:23 (IST)03 Aug 2020
    SBI shares: ‘Buy’ or ‘Sell’? Brokerages see this much upside after stake sale, Q1 financial results

    State Bank of India (SBI) share price gained over 1.5 per cent to hit the day’s high of Rs 194.50 apiece in an otherwise weak market on Monday. SBI shares were one of the top Sensex gainers today. In previous SBI reported an 81 per cent rise in its standalone net profits at Rs 4,189 crore in the April-June quarter, as compared to Rs 2,312 crore in the corresponding quarter of the previous fiscal.

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    13:05 (IST)03 Aug 2020
    Favourable land rates, skilled workers could make India a lucrative investment destination post-Covid

    India is the 5th largest economy in the world and the fastest-growing emerging economy. As of 2019, India’s nominal GDP stands at $2.94 trillion and it aims to aggressively accelerate this growth and hit the $5 trillion mark by 2025. The negative effects of the COVID-19 pandemic have affected the entire world. While the world searches for a vaccine, foreign investors of all sizes, be it FPIs or FDIs, are looking for safe-haven investment destinations which offer higher returns compared to their home country. 

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    12:27 (IST)03 Aug 2020
    Tata Motors share price jumps over 8% today; stock rallies 78% since March, should you buy or sell?

    Tata Motors shares surged over 8 per cent to Rs 113.40 apiece on BSE, after the company released April-June quarter results on Friday. Tata Motors stock has risen over 78 per cent since March, from a 52-week low of Rs 63.60 apiece. Even as the company reported a consolidated net loss of Rs 8,443.98 crore on-year for the quarter ended June 30, 2020, most of the research and brokerage firms recommend to buy Tata Motors shares, with a potential upside of up to 25 per cent.

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    11:42 (IST)03 Aug 2020
    Rakesh Jhujhunwala's wealth grows Rs 181 cr in 1 hour on his favourite stock, and he gets dividend too

    Titan Company limited shares jumped 4.15% after the company announced a dividend of Rs 4 per share on Monday morning. Shares of the watch and jewellery manufacturer have managed to surge 33% since the March lows. The surge in stock price to Rs 1,089 per share on Monday morning has helped ace investor Rakesh Jhunjhunwala, who holds 3.93 crore shares of the company, pocket gains worth Rs 180.8 crore in little over an hour since the opening bell. Rakesh Jhunjhunwala has been an investor in the company for decades now and Titan is often touted as his favourite stock.

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    11:30 (IST)03 Aug 2020
    Gold prices hold above Rs 53,500 per 10 grams, volatility on cards in coming sessions

    Gold prices edged higher in Monday’s session, taking cues from the international rates as investors sought safe-haven assets due to growing economic troubles. Gold October futures were trading at Rs 53,577 per 10 grams, up Rs 132 or 0.25 per cent, while silver September futures were ruling Rs 737 or 1.13 per cent higher at Rs 65,721 per kg. In the previous session, yellow metal hit an all-time high of Rs 53,700 per 10 grams.

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    11:13 (IST)03 Aug 2020
    Factory output contracts for four months in a row in July; manufacturing PMI tumbles below June-level

    The Indian manufacturing sector started to recover after it stepped out of the strict nationwide lockdown, however, it has once again lost balance. The manufacturing PMI, which fell to a record low in the month of April, showed some recovery in May, and further in June 2020, but it once again slipped in July. The manufacturing PMI stood at 46 in July, which was 47.2 in June 2020, and 30.8 in the month of May. Business conditions continued to deteriorate in July amid prolonged closures and the health of the manufacturing sector declined at a slightly quicker pace, said the IHS Markit report. Both output and new orders continue to fall markedly and business sentiment remained historically subdued despite improving, it added.

    10:43 (IST)03 Aug 2020
    Bandhan Bank share price tumbles 12% on reports of stock sale via block deal

    Bandhan Bank share price tanked nearly 12 per cent to hit day’s low of Rs 304.20 apiece on BSE after the news reports suggested Bandhan Bank’s promoter Bandhan Financial Holdings is selling 337.4 million shares via a block deal. According to Bloomberg, through this block deal, Bandhan Bank is planning to raise $1.4 billion.

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    10:06 (IST)03 Aug 2020
    Sensex, Nifty deep in red; Titan stocks gain while IndusInd Bank, Kotak Mahindra Bank shares fall

    Sensex and Nifty entered Monday trading session on the back of weak global cues. The 30-stock Sensex was down over 230 points on opening while the 50-stock Nifty managed to stay just above the 11,000 mark. However, Nifty was seen struggling to hold on to the opening levels. Mid-cap and Small-cap indices were outperforming the benchmark index, while the volatility index was seen surging 5%. Private sectors banks were seen struggling as HDFC Bank, Axis Bank, Kotak Mahindra Bank, and IndusInd Bank were all deep in red on Monday morning.

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    09:52 (IST)03 Aug 2020
    Rupee is likely to open around 74.90 and trade 74.70-75.05 range

    Rating agency FITCH has revised the outlook on US credit rating to negative from stable citing lack of a credible plan towards fiscal consolidation. The RBI monetary policy is due on Thursday. The RBI may keep rates on hold and introduce further measures to aid transmission and facilitate revival in credit off take. On the global data front, US ISM manufacturing PMI is due today, Reserve Bank of Australia rate decision on Tuesday, US ISM non manufacturing and July ADP private payroll on Wednesday, BoE monetary policy on Thursday and finally the US July NFP on Friday. Rupee is likely to open around 74.90 and trade 74.70-75.05 range. Asian currencies are mixed: Abhishek Goenka, Founder and CEO, IFA Global

    09:49 (IST)03 Aug 2020
    Rupee has depreciated 10 times in last 11 years

    As long as the dollar index remains below 93.50 levels, bears are likely to weigh dollar bulls. If seen for rupee, the momentum is trapped in a thin range for last couple of sessions. A bounce back in dollar can give a little chance to rupee to move above 75.00 which it is struggling to pave so far. Overall, as we enter into resolutely seasonal month August, where rupee has depreciated 10 times in last 11 years, it will be a subject to be watchful whether the seasonality plays out this year too unlike March and May that have not followed the past trend. If there is anything to go by trend, then we might see the pair moving near 75.20-75.50 levels in this month: Amit Pabari, managing director, CR Forex Advisors

    09:35 (IST)03 Aug 2020
    Nifty struggling to hold 11,000

    The 50-stock NSE Nifty was seen struggling to hold on to the 11,000 mark on Monday morning after the index opened at 11,010 mark. Sensex was down over 250 points.

    09:13 (IST)03 Aug 2020
    Minutes before opening SGX Nifty tanks further

    Minutes before domestic equity markets open for Monday's trading session, SGX Nifty was seen dropping further to increase losses to over 90 points.

    09:05 (IST)03 Aug 2020
    Buy Phoenix Mill ~ ICICI Securities

    Phoenix Mill remains a quasi play on India’s consumption story, notwithstanding a steep impact on retail & hospitality portfolio in FY21, given the quality of assets, healthy balance sheet & strategic expansion plans. With only five to six major retail mall developers currently in India, and given PML’s USP of operating large format properties efficiently, it is likely to emerge as a superior player in the medium to long term. Recommencement of key malls of Mumbai and Pune are likely to provide some relief in cash flows. We maintain BUY rating with a revised SoTP based target price of | 725/share.

    ~ ICICI Securities

    09:03 (IST)03 Aug 2020
    Stocks in focus: Bharti Airtel, Vodafone Idea, Maruti Suzuki, Tata Motors, among others to remain in news

    Nifty futures were trading 87 points or 0.78 per cent lower at 11,018 on Singaporean Exchange, indicating a weak start for BSE Sensex and Nifty 50 on Monday. Corporate earnings, July auto sales numbers, developments in COVID-19 cases and other global cues will be tracked by investors. Besides, Manufacturing PMI for July is scheduled to be declared later in the day while the Markit Services PMI is expected to be released on August 5. Also, RBI Monetary Policy Committee (MPC), which is scheduled to meet for three days, will begin on August 4 and announce the decision on August 6

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    08:38 (IST)03 Aug 2020
    Bill Gates takes a swipe at Elon Musk’s ‘outrageous’ comments on ‘false’ Covid cases

    Microsoft co-founder Bill Gates wants Tesla and SpaceX CEO Elon Musk to focus on what he does best instead of making “outrageous comments” about Covid-19. “Elon’s positioning is to maintain a high level of outrageous comments,” Gates told CNBC recently. Elon Musk had previously commented on alleged fake positive cases being reported and meddling with the actual cases, indirectly questioning the Covid testing process of the US government. “There are a lot of C19 false positives messing up the numbers. Even tests with 5% false positive rate (in *field*, not lab) would show up as ~17 million fake C19 cases even if there were actually none,” Musk had tweeted on July 1.

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    08:36 (IST)03 Aug 2020
    Nifty set to open with cuts of a half pe rcent

    Nifty set to open with cuts of a half percent as Singapour Nifty suggests. The US market closed in the green thanks to second-half recovery on Friday. The Asian markets are a mixed bag. For the day, one should implement the strategy of sell on rally towards 111120-11180. In case of penetration of 10980, one should double the short positions with a stop loss above 11150. Short term or swing traders should find out the bear counters to go short and follow risk management principles. The carryforward positions should be a hedge: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

    08:32 (IST)03 Aug 2020
    Sensex, Nifty to start lower; July auto sales numbers, RBI MPC, PMI data to set market tone this week

    Domestic equity benchmarks BSE Sensex and Nifty 50 may stare at a weak opening on Monday as SGX Nifty declined over half a per cent. Last week, both the headline indices fell more than one per cent on a weekly basis. A host of factors such as trends in coronavirus cases, RBI monetary policy, macro-economic data release and corporate earnings, July auto sales numbers, among other factors will set the market direction for this week. Analysts have been advising to focus on stock-specific developments.

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    08:31 (IST)03 Aug 2020
    Most Asia-Pacific Sovereign Rating Trends Stable : S&P Global

    S&P Global Ratings expects most Asia-Pacific sovereign credit ratings to remain unchanged in the next one to two years despite the increased COVID-19-related credit risks. Negative rating actions dominated Asia-Pacific sovereigns in the first seven months of this year. Most of these actions reflected the impact of COVID-19 on fiscal, economic, and external metrics of the affected sovereigns.

    08:19 (IST)03 Aug 2020
    Now hiring! India’s job market is bouncing back

    With India getting back to work, hiring has picked up a fair bit of pace in the last one month. HR consultants say it’s getting close to 70% of the pre-Covid-19 levels with companies quickly filling up vacant positions. The good news is that a few multi-national corporations are beginning to move more work to India and are expected to step hiring for their global technology, R&D and other requirements by the end of the year. Those specialising in risk management and business continuity can command their price; businesses are scrambling to find experts in this space.

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    08:18 (IST)03 Aug 2020
    Worst may be over! India Inc getting back on its feet, slowly

    Given business activity was almost at a standstill due to the lockdown in the three months to June, expectations from India Inc were tempered. Sure enough, revenues and profits for the quarter plunged, with several top-rung firms posting losses. Maruti SuzukiTata MotorsBharti AirtelJSW SteelInterglobe Aviation were among those that bore the brunt of the disruption though some businesses did prove they were resilient. Asian Paints, for instance, turned in a reasonably good performance as did Hindustan Unilever (HUL), reporting a fall in volumes of just 7% year-on-year for the June quarter, against estimates they would be lower by 11-13% y-o-y.

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    08:17 (IST)03 Aug 2020
    RBI policy, macro data, cos’ earnings to decide market course this week: Experts

    The domestic equity market in this coming week will be driven by a host of key developments like RBI monetary policy, macro-economic data release and corporate earnings, analysts said. At the start of the week, the market will also take cues from July auto sales numbers which signal a recovery in the sector hit hard by COVID-19.

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