Market Highlights: Sensex ends 134 points lower, gives up 39,000 mark, Nifty at 11,516; banks stocks plummet

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Updated: September 18, 2020 4:25:54 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Benchmark indices gave up their gains during the last few hours of trade. Sensex ended in the red while Nifty was largely flat.

Share Market Today, Share Market LiveThe trend among Nifty sectoral indices was positive, led by Nifty IT index, up 3.47 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity markets slipped for the second day straight. S&P BSE Sensex fell 134 points while the Nifty 50 managed to just hold on to the 11,500 mark. Pharma shares surged with Natco Pharma gaining over 14% and Dr Reddy’s surging over 10%. Bharti Airtel jumped 3.73% to end as the top Sensex gainer. HDFC Bank and Kotak Mahindra Bank were down over 2% each, dragging the markets lower. Bajaj Finserv and Maruti Suzuki India followed close. Technical analysts say that with the markets ending above the 11,500 mark, bulls could revisit soon and take the equity markets higher. With today’s loss, domestic markets ended the week with a negative bias. 

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Highlights

    16:16 (IST)18 Sep 2020
    Sensex, Nifty fall for second day straight; Pharma stocks beat market blues, Natco Pharma jumps 14%

    For the second day straight, domestic equity benchmarks ended the day with losses. S&P BSE Sensex ended 134 points or 0.34% lower at 38,845 points while the Nifty 50 managed to just hold on to 11,500 mark. Pharmaceutical companies enjoyed a decent run with the Nifty Pharma index gaining 5% during the day’s trade. With this Sensex ended the week down by 0.80% and the Nifty 50 lost 0.27% during the week. India VIX opened at 20.10 levels but ended down at 19.94. BSE Midcap index surged to end the day with gains.

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    15:56 (IST)18 Sep 2020
    Sensex and Nifty end with losses

    Sensex and Nifty closed with losses as they gave up all gains during the dying hours on Friday's trading session. Banking stocks dragged the markets lower while BSE Midcap index ended with gains. 

    15:01 (IST)18 Sep 2020
    BSE Midcap still trading with gains

    While the benchmark Sensex and BSE Smallcap index are now trading with losses, the BSE Midcap index was up 0.30% still trading with gains. Divis Labs and Natco Pharma were contributing to the gains heavily. 

    14:56 (IST)18 Sep 2020
    Here's what will keep the dollar bulls active

    "The mixed US data is losing the economic confidence and weighing on dollar. But in coming sessions the Indo-China border and Brexit uncertainty will occasionally keep the dollar bulls active. This week the spot respected both the crucial support of 73 and the resistance of 73.75. Even next week we expect the sideways trend to continue. Unless the support zone of 72.90-73 doesn't break the spot will trade higher towards 73.75," said Rahul Gupta, Head of Research- Currency, Emkay Global.

    14:27 (IST)18 Sep 2020
    Sensex give up all gains to trade with losses

    Sensex was down well over 100 points just an hour prior to the closing bell. Kotak Mahindra Bank and HDFC Bank were trading down in the red.  

    13:57 (IST)18 Sep 2020
    India set for new Kharif sowing record thanks to best monsoon in 26 years; agri still won’t offset weak growth

    India is all set to report record kharif sowing this year even while the country is one of the most impacted nations due to the coronavirus pandemic. “Crop sowing is set to reach record highs, with the area sown so far already at 103% of full season norms,” a Barclays report said on Friday. As of 11th September 2020, the area sown was reported at nearly 110.4 million hectares as opposed to the 104.5 million hectares sown last year for the same period. A favourable monsoon, along with targeted government support, and major reforms in the farm sector are also expected to boost farm output this year.

    13:38 (IST)18 Sep 2020
    Bharti Airtel top Sensex gainer

    Telecom Major Bharti Airtel surged to become the top index gainer on Friday. Shares of Bharti Airtel were up 2.59% to trade at Rs 491 per share. 

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    13:18 (IST)18 Sep 2020
    Angel Broking’s Rs 600-crore IPO opens next week; check issue price, bid size, details

    Capital markets brokerage firm Angel Broking today announced its Rs 600-crore IPO, ostensibly hoping to ride on the buoyant response that investors have given to the recent initial public issues. The IPO, which will open for subscription next week, will include a fresh issue of Rs 300 crore, and an offer for sale (OFS) of Rs 300 crore from existing investors of the firm. Angel Broking plans to use the funds raised through the issue for general corporate purposes and to fulfill the capital requirements of the company. The price band for the issue has been fixed at Rs 305-306 per share.

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    13:02 (IST)18 Sep 2020
    Wipro, Mphasis, Mindtree shares hit new 52-week highs; IT stocks rally, Nifty IT index up 1%

    IT companies stocks were in focus today as Wipro, Mphasis and Mindtree shares hit 52-week high in Friday’s trading session. Wipro shares jumped 2.34 per cent to scale a fresh 52-week of Rs 319 apiece, Mphasis shares added 1.57 per cent to Rs 1,375 apiece while Mindtree shares rose 1.39 per cent to Rs 1,292.45 apiece in today’s trade. In comparison, S&P BSE Sensex was up 0.16 per cent at 39,041.66. While Nifty IT index was ruling 1.05 per cent higher hitting a fresh 52-week high of 20,032.20 led by gains in Wipro, Tech Mahindra, Mphasis, HCL Technologies and TCS. The IT index surpassed its previous high of 20,014.65. In today’s trade, except for Coforge, all the index constituents were trading in the positive territory. “The volatility in exchange rates over the past three months brings the focus back to the impact on the reported financials of the Indian IT services players,” said foreign brokerage firm CLSA in its report.

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    12:24 (IST)18 Sep 2020
    Post SEBI’s ruling, what options AMCs have? If most multicap funds reclassify as large-caps, then would they have to sell small caps they hold?

    Currently, about 73% of multi-cap fund assets under management (AUM) of Rs1.5 trillion (US$21bn) are large cap stocks. It is widely anticipated that the mutual funds would have to rebalance the portfolios by increasing allocation to Mid Cap stocks (17% of AUM as of Aug-2020) and small cap stocks (~6% of AUM as on Aug-2020). However, the mutual fund industry is expected to make a representation to SEBI to relax some the guidelines either by way of lower allocation to small cap companies or by extending the deadline for compliance beyond January 2021. While it is unclear if SEBI would accept the industry requests, the mutual funds could consider some of the other alternatives like reclassifying multi-cap funds into other fund categories, if SEBI refuses any relaxations. The clarification issued by SEBI (SEBI Clarification Circular) on Sunday evening also points out that portfolio rebalancing is one of the options available to mutual funds and the MF could consider options like merging with existing schemes. Hence, the currently expected rally in mid and small cap stocks, due to rebalancing of multi-cap fund portfolios may not necessarily materialize. ~ R Venkataraman, MD, IIFL Securities Ltd

    12:08 (IST)18 Sep 2020
    Soaring to a new high

    While Sensex was trading in the green, there were a number of stocks that were hitting their fresh 52-week highs. Apollo Hispitals, Biocon, Dr Reddy's, Divis Lab, HCL Technologies, Lupin, and Wipro were some of those stocks. 

    11:51 (IST)18 Sep 2020
    Online festive sales to be bigger than last year: People to buy 50% more, beat coronavirus blues

    While the coronavirus pandemic has affected businesses and consumer retail has also been one of the sectors to face the blues, it is expected that online sales ahead of and during festival season will beat the gloom. In fact, sales via e-commerce will be even grander than last year, according to a report. “RedSeer anticipates the festive sales for the first event to grow 50% on-year over CY19,” according to RedSeer’s Online Festive Forecast Report 2020. Thanks to the expected strong performance this year, e-commerce sales are likely to touch $38 billion, reporting 40% on-year growth. 

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    11:41 (IST)18 Sep 2020
    Time to invest in low-debt firms in these sectors; and what to expect from CAMS, Chemcon IPOs | IIFL Interview

    The rally in stock markets so far seems to have overlooked the risks to earnings and economy, said R Venkataraman, MD, IIFL Securities Ltd. In an interview with Surbhi Jain from Financial Express Online, Venkataraman said that this is the time to invest in good quality companies with low debt, since such companies will perform better in the medium term.

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    11:27 (IST)18 Sep 2020
    Laurus Labs shares up 300% this year; API business drives growth; should you buy?

    Laurus Labs share price zoomed 6% on Friday morning to trade at a price of Rs 1,491 per share. With the recent surge in the stock price, Laurus Labs has now helped investors gain over 300% return on their investment since the beginning of this calendar year. Shares began trading on January 1 at a price of Rs 368 per share. The company derives revenue from segments –APIs, formulations and Synthesis (CDMO). Analysts say that the rapid diversification undertaken by the company will help it boost sales of API and formulations, making it a favourable bet in the post-coronavirus world.

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    11:10 (IST)18 Sep 2020
    POWER GRID: New awarding critical even as valuations remain attractive

    We analyzed details of Power Grid (PWGR)'s tariff-based competitive bidding (TBCB) projects from their annual reports. At an aggregate level, in our view, PWGR should be able to generate ~14% equity IRR (assuming a debt-to-equity ratio of 80:20 for its 11 under-construction projects). Equity IRR for its eight commissioned TBCB projects varies in the range of 2-27%.

    A declining order book and capitalization schedule do bring the risk of slowdown in terms of growth. However, subsequent lower capital expenditure (along with the removal of DDT) also implies potential for higher dividends. We expect DPS to rise to INR14.3/sh in FY22, from INR10/sh in FY20, implying FY22 dividend yield of ~8%. PWGR's stock trades at just 1.2x FY22E P/BV for steady long-term growth and an underpenetrated market. Maintain Buy, with DCF-based TP of INR223/sh.

    ~ Motilal Oswal

    11:09 (IST)18 Sep 2020
    SBI Vs HDFC Vs ICICI Vs Axis Bank: Top 10 banks currently offering personal loans starting at 8.9%

    Personal loans come to the urgent rescue of the cash-strapped and help fulfill critical financial goals. These open-ended, unsecured financing facilities could be slightly pricier than the best secured loan offers, but they are still ideal for those who don’t possess or don’t want to pledge the necessary collateral to get a loan against securities such as gold, property, mutual fund investments, fixed deposits, endowment plans, car, etc.

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    10:30 (IST)18 Sep 2020
    Sell US$INR in range of 73.80-73.82 ~ ICICI Securities

    The US Fed pledged to keep rates near zero until the labour market reaches “maximum employment” and inflation is on track to “moderately exceed” the 2% target, with most policymakers seeing rates on hold through at least 2023.  The dollar-rupee September contract on NSE was at 73.71 in the last session. Open interest in the September series fell 0.13% while it rose 9.04% in the next series.~ ICICI Securities.

    10:03 (IST)18 Sep 2020
    Dr Reddy’s Lab shares hit new 52-wk high on patent suit settlement with Celgene; more than doubles in 6 months

    Dr. Reddy’s Laboratories share price hit a fresh 52-week high of Rs 5,044 apiece, rising over 4.5 per cent on BSE in early trade on Friday. Yesterday, the company announced the settlement of US Revlimid® (lenalidomide) capsules patent litigation with Celgene, a Bristol Myers Squibb. So far this week, Dr. Reddy’s Laboratories shares have rallied 15.55 per cent, in comparison, S&P BSE Sensex gained just 1.14 per cent.

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    10:00 (IST)18 Sep 2020
    Sensex, Nifty open with gains; pharma stocks shine, Natco Pharma up 11%, BSE Midcap gains 0.85%

    Equity markets opened with gains on Friday morning but soon slipped to give up their opening highs, but stayed in the green. S&P BSE Sensex surged over 170 points on opening bell while the Nifty 50 crossed the 11,550 mark again. Volatility slipped over 3% on opening. Top gainers on the benchmark 30-stock Sensex included Sun Pharma, Tech Mahindra, TCS, and Power Grid. Among the top drags were Hindustan Unilever, Maruti Suzuki India, and Bajaj Auto. Asian peers were largely in the green. Broader markets were outperforming the benchmarks on Friday morning, Nifty Smallcap 50 was up 0.64%, Nifty Midcap 50 gained 0.50% while the benchmark was up 0.38%.

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    09:55 (IST)18 Sep 2020
    Small and Midcap watch

    Small cap and Midcap idnices were outperformign the benchmark again. BSE Smallcap index was up 0.66% while the Midcap index gained 0.84%. Meanwhile, the benchmark Sensex was up 0.35%.

    09:35 (IST)18 Sep 2020
    Pharma shares rally

    Once again pharma stocks were seen enjoying a rally. The Nifty Pharma index was up over 3%, with Lupin stocks up 5.5%, Cipla gaining 4.3%. Dr Reddy's and Divi's Labs were up over 3% each. 

    09:22 (IST)18 Sep 2020
    Sensex and Nifty open with gains

    Sensex opened 170 points higher while the Nifty 50 managed to cross the 11,550 mark. Pharma stocks were again surging higher with Lupin, Cipla, and Dr Reddy's gaining. 

    09:21 (IST)18 Sep 2020
    Dr Reddy's Laboratories share price hits 52-week high

    Dr Reddy's Laboratories share price hit a 52-week high of Rs 5,023 apiece, rising 4 per cent on BSE in early trade on Friday. The company announced the settlement of US Revlimid® (lenalidomide) capsules patent litigation with Celgene, a Bristol Myers Squibb.

    Check prices: Dr Reddy's Laboratories

    09:05 (IST)18 Sep 2020
    Stocks in focus: HDFC Bank, Happiest Minds Technologies, Dr Reddy’s, Hindalco, Hindustan Copper

    Nifty Futures were trading just 16.75 points or 0.15 per cent at 11,543.80 on Singaporean Exchange, suggesting a muted opening for BSE Sensex and Nifty 50 on Friday. Indian share market ended lower in the previous session pushed by US Fed policy concerns over economic recovery, rising border tensions between India-China and weak global cues.

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    08:49 (IST)18 Sep 2020
    Angel Broking to make announcement on IPO today

    Discount brokerage firm Angel Broking willl today make announcements regarding their forthcoming Initial Public Offering. Dinesh Thakkar, Chairman & Managing Director, Vinay Agrawal, Director & CEO, Vineet Agrawal, CFO, and Prabhakar Tiwari, CMO will nbe addressing the media today. 

    08:24 (IST)18 Sep 2020
    Sensex, Nifty likely to open subdued on Friday; 5 things to know before opening bell

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to open subdued on Friday. Factors such as the US Fed policy concerns over economic recovery, rising border tensions between India-China and weal global cues pushed markets down in the previous session, ending the two-day gaining streak. 

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    08:20 (IST)18 Sep 2020
    Finance Ministry dampens GST relief hope for automakers, firms told to reduce hefty royalty outgo to lower costs

    The finance ministry seems to be having second thoughts on whether to accede to a growing demand from the auto industry for goods and services tax (GST) rate cuts, given the hole it might burn in the revenues. Instead of asking for GST relief, the Indian auto companies must try and lower costs by reducing assorted royalty payments to foreign parents and use the resultant room to drive sales via price cuts, a ministry official said, on condition of anonymity.

    08:18 (IST)18 Sep 2020
    Mutual Fund buying rules changed; investors to get NAV, units on credit of funds, not on application

    Mutual fund orders will soon get the NAV of the day when funds reach the asset managers and not of the day of application, SEBI said in a circular on Thursday. Earlier, orders less than Rs 2 lakh got the NAV of the same day as the application, if placed within the cut-off time. The new orders will be applicable from 1 January 2021. “It has been decided that in respect of the purchase of units of mutual fund schemes, closing NAV of the day shall be applicable on which the funds are available for utilization, irrespective of the size and time of receipt of such application,” SEBI said.

    08:17 (IST)18 Sep 2020
    US-based Rosen Law Firm files lawsuit against HDFC Bank

    US-based Rosen Law Firm has filed a class action suit against HDFC Bank on behalf of its shareholders, alleging that the lender had misled its investors. The firm has sought damages from the bank and sought a trial by jury, according to a copy of the complaint available on Rosen’s website.

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    08:16 (IST)18 Sep 2020
    Bank of England might go for negative rates

    In its report the Bank of England hinted that it could go for negative interest rates soon. "Subsequently, the MPC had been briefed on the Bank of England’s plans to explore how a negative Bank Rate could be implemented effectively, should the outlook for inflation and output warrant it at some point during this period of low equilibrium rates," it said. 

    08:13 (IST)18 Sep 2020
    Bank of England keep interest rate at 0.1%

    In an effort to meet the inflation target of 2% and to boost the virus-ravaged economy, Bank of England's Monetary Policy Committee on Thursday decided to keep interest rates unchanged at 0.1%. "The outlook for the economy remains unusually uncertain," the MPC said. 

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