Market HIGHLIGHTS: HDFC twins, RIL, ICICI Bank drag Sensex 600 pts, Nifty ends below 11,750; India VIX jumps 5%

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Updated: October 28, 2020 4:27:51 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Benchmark indices BSE Sensex and Nifty 50 ended 1.5 per cent down on Wednesday. India VIX, jumped 5 per cent up.

Share Market Today, Share Market LiveThe trend among Nifty sectoral indices was largely positive, with Nifty Pharma index up over 2 per cent

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 tumbled 1.5 per cent on Wednesday, mainly dragged by sell-off in financial stocks. BSE Sensex plunged 600 points or 1.48 per cent to end at 39,922, while the broader Nifty 50 index gave up 11,750, and settled at 11,730. HDFC (Housing Development Finance Corporation) was the worst performer, falling 3.39 per cent, followed by IndusInd Bank, ICICI Bank, Tech Mahindra, Bajaj Finance, HCL Tech, Reliance Industries Ltd (RIL), among others. India VIX, the volatility index, jumped 4.88 per cent to close at 23.28 levels. All the sectoral indices finished trading deep in the red. Nifty Financial Services index was the top sectoral laggard, followed by Nifty Bank index. Nifty FMCG index too fell 0.71 per cent in today’s trade.

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Highlights

    15:43 (IST)28 Oct 2020
    Nifty support seen at 11660

    As of now, strong support comes at 11660; if the index breaks this support then further downside would be there up to 11555 to 11410 levels. While Upside resistance comes at 11900-12040: Sumeet Bagadia, Executive Director at Choice Broking

    15:42 (IST)28 Oct 2020
    These are crucial times for trading as a break of 11650 could trigger a fresh wave of shorts

    We broke the levels of 11700 and briefly visited 11684 which is around the lower end of the range but we bounced back to close above 11700. These are crucial times for trading as a break of 11650 could trigger a fresh wave of shorts which could take the markets down to 11400-11450: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:35 (IST)28 Oct 2020
    Closing bell: Sensex crashes 600 pts; Nifty gives up 11,750

    BSE Sensex plunged 600 points or 1.48 per cent to end at 39,922, while the broader Nifty 50 index gave up 11,750, and settled at 11,730

    15:19 (IST)28 Oct 2020
    SBI life share price rallies 50% in 7 months; Q2 profit more-than-doubles; should you buy?

    SBI Life Insurance Company shares have rallied nearly 50 per cent in seven months to Rs 774.40. Earlier this week, the insurance company posted 131 per cent on-year jump in Q2FY21 net profit at Rs 299.73 crore, as compared to Rs 129.84 crore in the year-ago. Total income rose 45 per cent to Rs 18,458.25 crore during the July-September quarter from Rs 12,745.38 crore in the corresponding period of the preceding year.

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    14:59 (IST)28 Oct 2020
    UPI volumes fall in these two states, even as jump in all other states; sharpest rise in 7 sisters

    Uttar Pradesh and Haryana are the only two Indian states that saw a contraction in the UPI payments volume in the first quarter of the current fiscal year. Except for these two states, all the states, including those with a decline in IMPS volume, saw growth in UPI transaction volume, according to the latest RBI report. The growth in the volume of UPI payments was highest in the north-eastern states.

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    14:44 (IST)28 Oct 2020
    Investors should look for stock, sector-specific trades

    Domestic stock markets were outperforming global markets but now we are falling in line.  The outperformance was due to strong q2 results and then the MSCI announcement. Right now investors should look for stock and sector-specific trades but if a major correction of over 5% takes place in the coming sessions then that would be a good opportunity to enter: Vinod Nair, Head of Research at Geojit Financial Services

    14:28 (IST)28 Oct 2020
    Brokerage view on CDSL

    CDSL revenue was up 36.7/69.4% QoQ/YoY to Rs 0.89bn, higher than our estimate of Rs 0.72bn. Annual Issuer/Transaction/IPO/KYC revenue was up 3.9/48.6/54.2/32.0% QoQ. Net cash stood at Rs 8.1bn (16% of Mcap) and cash conversion (FCF/PAT at 98%) improved. Technology cost was up 42.3% QoQ due investment in IT infrastructure and other expenses increased 43.3% QoQ, driven by higher provisions (+243% QoQ). Investments in technology will continue, and further margin expansion will be a function of growth; we have assumed EBITDA margin of 59.4/60.1/60.7% in FY21/22/23E: HDFC Securities

    14:03 (IST)28 Oct 2020
    Markets crash, Sensex plunges 720 points

    BSE Sensex plunged 720 points to trade at 39,802, while the broader Nifty 50 index gave up 11,700, and was ruling at 11,695

    Check live Sensex, Nifty levels

    13:57 (IST)28 Oct 2020
    Looming uncertainty over US Presidential outcome will keep USD-INR afloat

    The toxic brew of no US fiscal stimulus and rapidly rising coronavirus cases are dwindling the market sentiments especially ahead of the US election event risk. The spot is not breaking the psychological level 74, the odds of spot going beyond 74 remains high as market volatility has started to rise. The looming uncertainty over the US Presidential outcome will keep USDINR afloat but until it is below the 74 mark, we may expect it to trade in between 73.40–74. Only a consistent trading above 74, will push prices towards 74.20 zone: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:49 (IST)28 Oct 2020
    Motilal Oswal Financial Services on HDFC Bank

    HDFCB continues to deliver strong growth in a challenging macro environment, and the business momentum has swiftly moved toward pre-COVID levels. Furthermore, the bank’s operating performance remains strong despite margin pressure and lower fee income trends. However, we expect the margin trajectory to now stabilize, and an uptick in unsecured retail would support fee income trends. Also, HDFCB continues to make healthy provisions to further strengthen the balance sheet. Thus, a higher provision buffer would limit the damage on asset quality and enable the bank to quickly recover to a normal growth run-rate. We estimate a 19% PAT CAGR over FY20–23E, with ROA/ROE of 2.0%/17.8% for FY23E. Maintain Buy, with revised TP of INR1,500: Motilal Oswal

    13:48 (IST)28 Oct 2020
    Nippon Life India Asset Management launches Nippon India ETF Nifty CPSE Bond Plus SDL

    Nippon Life India Asset Management Limited (NAM India) (formerly known as Reliance Nippon Life Asset Management Limited), announces the launch of Nippon India ETF Nifty CPSE Bond Plus SDL – 2024 Maturity. It is an open-ended Target Maturity Exchange Traded CPSE Bond Plus SDL Fund predominately investing in constituents of Nifty CPSE Bond Plus SDL Sep 2024 50:50 Index. AAA rated CPSE bonds and State Development Loans (SDLs) represents Nifty CPSE Bond Plus SDL Sep 2024 50:50 Index. Proportion of investments (CPSE Bonds and SDLs) will be equally divided i.e. 50% in each category at the time of index launch.

    13:29 (IST)28 Oct 2020
    Hero MotoCorp share price jumps over 4% on tie-up with Harley-Davidson, even as Sensex falls 500 pts

    Hero MotoCorp share price jumped 4.18 per cent to Rs 3,034.50 apiece on BSE after the company entered into a licensing agreement with Harley Davidson to develop and sell premium motorcycles under the Harley-Davidson brand name in India. On October 16, Hero MotoCorp share price hit a new high of Rs 3,393.85 apiece, since then the stock has corrected nearly 12 per cent. However, the stock price has more than doubled from its March of Rs 1,475.

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    13:13 (IST)28 Oct 2020
    Billions of dollars may flow into equity markets post MSCI review; these stock could benefit most

    With MSCI (Morgan Stanley Capital Investment) yesterday announcing that it will implement the change in foreign ownership limit (FOL) for Indian securities during the November semi-annual index review, the hunt now begins to correctly predict the amount of inflows the change will result in and to circle out stocks that stand to benefit. While Sheela Rathi and Ridham Desai of Morgan Stanley estimate $2.5 billion in passive inflows, Chandan Taparia, VP - Derivatives & Technical Research, Motilal Oswal expects to see $4 billion inflows. The massive inflows that are expected come in are also likely to keep domestic equity markets on a high in the coming sessions.

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    12:29 (IST)28 Oct 2020
    Sensex dives over 350 points, Nifty at 11,800

    S&P BSE Sensex was seen slumping over 350 points during the day after having exhibited strength during the early hours of trade. Nifty 50 was seen hovering around the 11,800 mark.

    11:19 (IST)28 Oct 2020
    Bharti Airtel share price zooms over 12%: MSCI rejig triggers strong buying; Jul-Sep results delight

    Bharti Airtel share price zoomed 12.65 per cent to Rs 487.80 apiece on BSE after National Securities Depository Ltd (NSDL) uploaded the approval of 100 per cent foreign institutional investor (FII) limit, while on the other hand the company posted encouraging quarterly results. Bharti Airtel’s current FIF stands at 0.23 which will increase to 0.43. Earlier, Tuesday evening, Bharti Airtel reported its fiscal second-quarter consolidated net loss shrunk 97% on-year to Rs 763.2 crore from Rs 23,044.90 crore.

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    10:55 (IST)28 Oct 2020
    Tata Motors’ share price up 4% as Jaguar Land Rover beats estimates; should you ‘buy’ or ‘sell’?

    Tata Motors share price jumped 4% on Wednesday morning to Rs 141 apiece, despite the company widening its fiscal second quarter net loss to Rs 307 crore from Rs 187.7 crore a year ago. The optimism in the stock is driven by the outperformance in the Jaguar Land Rover business, according to analysts. Tata Motors shares have more than doubled since March 23, when stock markets hit their lows. The company has shown improvement in the figures on a quarter-on-quarter basis. Tata Motors revenue in July-September period rose from that in the preceding quarter, while its losses narrowed.

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    10:10 (IST)28 Oct 2020
    NDSL has uploaded the approval of 100% FII limit in Bharti Airtel

    The move is likely to result in an increase in Bharti Airtel FIF in the MSCI indices which could result in more fund inflows for the telecom major. 

    09:43 (IST)28 Oct 2020
    Exercise caution and avoid rangebound market trading

    "The Index is still stuck in a range between 11650 and 12050. While choppy markets can test a trader's patience, one must exercise caution and avoid trading in rangebound markets. If we can get past 12050, the Nifty can achieve 12200-12300. If it breaks 11650, we could drop to 11400-11450." said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:40 (IST)28 Oct 2020
    Bharti Airtel hits 10% upper circuit

    Shares of telecom giant Bharti Airtel hit 10% upper circuit after the firm reported a strong quarterly performance. The stock was trading at Rs 476 per share. 

    09:33 (IST)28 Oct 2020
    Gold may remain choppy as equities, US dollar likely to trade mixed ahead of US elections

    COMEX gold trades marginally lower near $1909/oz after a 0.3% gain yesterday. Weighing on gold is uncertainty about US stimulus and recovery in US dollar index from recent lows. However, supporting price is ETF inflows, rise in Chinese imports and safe-haven buying amid rising virus cases and mixed economic data from major economies. Gold may remain choppy as equities and US dollar are likely to trade mixed ahead of US elections however general bias may be on the upside on the back of safe-haven buying amid rising virus cases and uneven recovery: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:19 (IST)28 Oct 2020
    Sensex and Nifty open in the red

    S&P BSE Sensex opened in the red on Wednesday morning, following weaker global cues. Sensex slipped over 50 points on the opening bell while Nifty 50 managed to hold just above the 11,850 mark. 

    09:12 (IST)28 Oct 2020
    Pre-open session takes Sensex and Nifty higher

    Pre-open session took the benchmark indices higher on Wednesday despite weaker global cues. Sensex moved 142 points higher while Nifty was up 33 points but gave up the 12,000 mark after having topped it initially.

    09:05 (IST)28 Oct 2020
    Stocks in focus: Bharti Airtel, Tata Motors, Hero MotoCorp, ICICI Bank, Axis Bank, Titan, MCX

    Bharti Airtel: Telecom operator Bharti Airtel reported substantial narrowing of losses for the second quarter ended Sep 2020 at Rs 763 crore.Tata Motors: Tata Motors reported a consolidated net loss of Rs 307.26 crore for the second quarter ended September 30.

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    09:04 (IST)28 Oct 2020
    Sensex, Nifty gain in pre-open session

    Benchmark indices surged higher in the pre-open session on Wednesday. After a weaker start, Sensex was up 200 points and the Nifty 50 was at 12,000 mark. 

    09:00 (IST)28 Oct 2020
    Sensex slips in pre-open session, Nifty gains

    S&P BSE Sensex slipped over 50 points in the pre-open session on Wednesday while the 50-stock Nifty was seen floating above the 12,000 mark. 

    08:51 (IST)28 Oct 2020
    SGX Nifty down 33 points

    Nifty futures on Singapore Exchange were trading 33 points lower just ahead of the opening bell. This suggests that Nifty 50 could start the day on a weaker footing.

    08:49 (IST)28 Oct 2020
    11700 becomes the sheet anchor for the bulls

    "Technically, we were quite firm on our stance and had mentioned that the optimism remains intact as long as the strong and crucial support zone of 11700 – 11660 is not violated. On Tuesday too we respected this sheet anchor and had a remarkable recovery by shrugging off global nervousness. For the coming session, the intraday support now comes around 11800 and on the higher side; 11925 – 11975 are the levels to watch out for," said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

    08:42 (IST)28 Oct 2020
    Trump vs Biden: Election impact on financial markets; what to expect from dollar, rupee, gold

    With just a few days to go for the US President elections, Joe Biden seems to have a significant advantage over Donald Trump. A flurry of polls suggests that at this point Biden is leading the pack, according to a report by Motilal Oswal Financial Services. The report highlighted that the coronavirus has realigned voters’ concerns and behaviour.

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    08:42 (IST)28 Oct 2020
    Sensex, Nifty to open in red or will bulls takeover? Key things to know before opening bell

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are likely to see a gap-down opening on Wednesday, following global cues. In the previous session, BSE Sensex closed 376 points higher at 40,522 mark while the 50-stock Nifty ended just below the 11,900 mark. Today, the first phase of Bihar Vidhan Sabha elections, rising coronavirus cases, oil prices, July-September quarter earnings, rupee movement and other global cues will set the market direction. Investors will also react to FM Sitharaman’s comment where she said that there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal

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    08:29 (IST)28 Oct 2020
    US SEC not to take action against ICICI Bank in provisioning probe

    ICICI Bank on Tuesday said the US Securities and Exchange Commission (SEC) has concluded a probe into the bank’s bad-loan provisioning exercise and decided not to take any enforcement action against it. The probe dates back to 2018, when the lender had received requests for information from the SEC investigatory staff for an enquiry relating to the timing and amount of the bank’s loan impairment provisions taken under US GAAP (generally accepted accounting principles).

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    08:22 (IST)28 Oct 2020
    Nifty likely to test 12,000 mark soon

    "A reasonable positive candle was formed on Tuesday, that placed just beside the long negative candle of Monday. Technically, this pattern signal a smart comeback of bulls from the lower levels. In the last few occasions, the formation of such long bear candles have failed to show any reasonable follow-through declines after its formation," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He adds that such an action below the resistance level of 12,000 could open the gates for Nifty to cross the resistance levels. 

    "The upside bounce of Tuesday could be another evidence of comeback of bulls after a sharp weakness. As happened in the past, one may expect further upside in the market for the short term and possible retest of 12000 mark in the next few sessions. Immediate support is placed at 11710 levels," he adds

    08:19 (IST)28 Oct 2020
    Call option data

    Just a day ahead of the October series expiry data shows that maximum call open interest is placed at 12,000 strike with 44 lakh contracts. This is followed by 12,500 strike with 43.63 lakh contacts. 

    Massive call unwinding was seen at 12,500 strike.

    08:11 (IST)28 Oct 2020
    The rise in RIL stock can lift the market beyond 12050

    "On a daily chart, the market is on the verge of forming an ascending triangle, which would spend time between 11700 and 12050 levels. The Bank Nifty is in rising consolidation and could move to the 25300 levels after the dismissal of 24850. On Wednesday the market trend could be dictated by Reliance Industries (RIL). Based on the September 2020 quarter performance of RIL we could see the market movement. The rise in RIL stock can lift the market beyond 12050. A fall in RIL would again drag the sentiment of the market, pulling the Nifty to 11750 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

    08:09 (IST)28 Oct 2020
    Tata Motors reports consolidated net loss of Rs 307 cr in Sep quarter

    Tata Motors on Tuesday reported a consolidated net loss of Rs 307.26 crore for the second quarter ended September 30. The auto major had reported a net loss of Rs 187.7 crore during the July-September period previous fiscal.

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    08:09 (IST)28 Oct 2020
    Bharti Airtel losses narrow to Rs 763 cr in September quarter; revenue zoom 22%

    Telecom operator Bharti Airtel on Tuesday reported substantial narrowing of losses for the second quarter ended September 2020 at Rs 763 crore. The losses were significantly lower than Q2FY20, when it stood at Rs 23,045 crore, after the company had made provisions of Rs 28,450 crore in the immediate aftermath of the Supreme Court ruling on statutory dues.

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