Market HIGHLIGHTS: Sensex crashes 956 pts from day’s high, Nifty below 11,250; Airtel, IndusInd Bank drag

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Updated: September 21, 2020 4:46:57 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity markets benchmarks BSE Sensex and Nifty 50 plunged over 2 per cent amid weak global cues.

Share Market Today, Share Market LiveThe trend among sectoral indices was largely negative

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity markets benchmarks BSE Sensex and Nifty 50 plunged over 2 per cent amid weak global cues on Monday. The 30-share index slumped 811 points or 2.09 per cent at 38,034, while the Nifty 50 index plunged 283 points or 2.46 per cent to 11,222. Out of 30 Sensex stocks, 27 scrips ended deep in red with IndusInd Bank falling 8.67 per cent. It was followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti Suzuki, Axis Bank, Bajaj Finance and Nestle India. On the contrary, Kotak Mahindra Bank, Infosys and TCS were the top Sensex gainers. All the sectoral indices settled in the negative territory. The nifty Metal index lost 5.53 per cent, followed by 4.46 per cent loss in Nifty Pharma index. After trading in the green for the most part of the day, Nifty IT index too settled lower.

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Highlights

    16:09 (IST)21 Sep 2020
    Sensex, Nifty end with deep cuts; volumes on NSE rise above recent average

    Indian equity benchmark indices ended the first day of the week with deep cuts, in-line with the soft global sentiments. Nifty fell almost one way post 1215 pm on Sept 21 after European markets opened with deep cuts. At close Nifty ended 254 points, or 2.21 percent, lower at 11,250.55. Indian markets fell the most among its Asian peers. Traders were quick to unwind their long positions fearing further weakness. Volumes on the NSE were above recent average. All sectoral indices ended in the negative with Telecom, Realty, Metals, Pharma, Media, Auto leading the losses. Midcap and Smallcap index fell 4.1-4.2%: Deepak Jasani, Head of Retail Research, HDFC Securities

    16:03 (IST)21 Sep 2020
    Indices slid 2.5% on reported irregularities in certain Global Banks

    Indices on Monday slid 2.5% on reported irregularities in certain Global Banks which spooked markets globally. Fears of another lockdown in the UK created further scare here as investors booked profits in several stocks which have rallied sharply over the last couple of weeks. The Sensex close of 38k is also not a clear reflection on the kind of carnage witnessed today in the broader markets: S Ranganathan, Head of Research at LKP Securities

    16:02 (IST)21 Sep 2020
    Indian benchmark indices succumb to profit booking in sync with global cues

    Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2% down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe. Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious: Vinod Nair, Head of Research at Geojit Financial Services

    15:46 (IST)21 Sep 2020
    Sensex crashes over 811 points, Nifty breaches 11,250

    The 30-share index slumped 811 points or 2.09 per cent at 38,034, while the Nifty 50 index plunged 283 points or 2.46 per cent to 11,222.

    15:18 (IST)21 Sep 2020
    CAMS IPO subscribed 0.54 times so far

    CAMS IPO subscribed 0.54 times in the day so far on Monday. NIIs subscribed their category 0.26 times, while retail investors subscribed 0.98 times. However, employee category got subscribed 0.09 times

    15:08 (IST)21 Sep 2020
    Nifty IT index hits new 52-week high; 5 high conviction IT stocks set to surge up to 15% in 3 months

    IT stocks were in focus today as HCL Tech, Infosys, Mindtree and Wipro shares hit a fresh 52-week high. In the intraday deals on BSE, Infosys was the top-performing stock. The Nifty IT index jumped 2.5 per cent to scale a new 52-week high 20,331.60. Out of 10 index constituents, eight were trading in the positive territory in the range of 0.50-3 per cent. While, in the afternoon deals, Nifty IT index slipped into the red, erasing all the morning gains

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    14:52 (IST)21 Sep 2020
    Zee Entertainment Enterprises, a risk-reward bet? Bank of America Securities upgrades stock to buy

    Global brokerage and research firm Bank of America Securities (BofA) has double upgraded Zee Entertainment Enterprises (Zee) to a ‘Buy’ rating from the under perform tag that was earlier pinned on the stock. BofA sees favourable risk reward and sees potential surprise coming from the stocks given it already has low expectations. Zee shares were down 6.8% on Monday trading at a price of Rs 205 per share. So far year-to-date the stock is down 29% after having surged 72% since its March lows. The White Knight that BofA thinks will drive revenue improvement for Zee is its OTT application Zee5.

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    14:39 (IST)21 Sep 2020
    Brokerage view on Agri reforms

    The proposed Central Bill allowing farmers to sell to anyone outside the APMC yard should (a) bring in greater competition amongst buyers, (b) lower mandi fees and commission for Arhatiyas (commission agents), and (c) reduce other cess that many State governments have imposed on APMC markets. The Bill would also help India to have a single common market for agri-produce. These reforms have the potential of opening up many private mandis that are far more efficient, automated and mechanized, thus, replacing age-old practices in the State-sponsored mandis. Contract farming would provide farmers access to modern technology, ready markets for its agri produce and better inputs. Motilal Oswal Financial Services

    14:17 (IST)21 Sep 2020
    Sensex, Nifty at day's low

    BSE Sensex plunged 555 points or 1.43 per cent at 38,290, while the broader Nifty 50 was down 168 points or 1.46 per cent at 11,337.

    Check live Sensex, Nifty levels

    14:07 (IST)21 Sep 2020
    How to become $10 trillion economy in a decade; HUL boss says India must milk souring US-China relation

    While India continues to face the headwinds of the coronavirus pandemic, coupled with economic degrowth, FMCG major HUL’s boss Sanjiv Mehta is confident that India will become a $10 trillion economy in the coming years, provided a few steps are taken in that direction. The goal should be to make India a middle-income country, he said.

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    13:54 (IST)21 Sep 2020
    New IPO to launch next week

    Likhitha Infrastructure to launch its IPO on September 29, 2020, with a price band of Rs 117-120. The issue will close for subscription on October 1. The competitive strengths include diversified geographical presence in India, strong client base, efficient business model and strong project execution capabilities. 

    13:23 (IST)21 Sep 2020
    Motilal Oswal recommends to 'subscribe' to Chemcon

    At the higher end of the price band, the issue is valued at 25.5x FY20 P/E (fully diluted), which is reasonable compared to peers. We like Chemcon given its (1) leadership position in niche products, (2) high entry barriers and (3) healthy financials. Hence, investors can Subscribe to the IPO. Further considering the bright prospects for Chemical companies due to shift of supply chain away from China, we believe Chemcon would be well placed to capture this with its planned capex. Risk: (1) Client concentration, (2) limited product portfolio and (3) criminal proceeding against a member of promoter group: Motilal Oswal Financial Services

    13:19 (IST)21 Sep 2020
    HCL Technologies share price up 22% this month, hits fresh all-time high on acquiring Australia’s DWS

    Shares of HCL Technologies surged 4.75% on Monday morning to trade at a 52-week high value of Rs 849 per share. With this the stock has now jumped 22% since the beginning of this month. The recent surge in the share price comes after the Information Technology (IT) giant informed the bourses on Monday morning that it intends to acquire DWS Limited, a leading Australian IT, business and management consulting group. HCL Technologies said that the total equity value pay-out will be $158.2 million in Australian Dollar, after considering a total number of shares at 131.83 million on a fully diluted basis. 

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    13:18 (IST)21 Sep 2020
    Brokerage view on CAMS IPO

    While currently there is no listed player to compare, we believe the IPO is reasonably priced considering the latest numbers. We remain optimistic on growth prospects of CAMS, given its leadership position in the market, scalable technology with robust infrastructure, strategic growth initiatives, high entry barriers in the industry and gradual growth in AAUM in the coming periods. We recommend Subscribe to this IPO: Anand Rathi Financial Services

    13:00 (IST)21 Sep 2020
    Route Mobile comes with strong business model and unique service offering

    Route Mobile a leading Cloud Communication Platform provider, catering to enterprises, over-the-top (OTT) players and mobile network operators (MNO), got listed at Rs. 717 today at a significant premium to IPO price (Rs 350). Market is keen to look out for cos in the technology space with presence across countries and Route Mobile offers this opportunity with strong business model and unique service offering. The issue got strong response in the IPO with massive subscription at 73.3 times and at the listing price there is significant wealth creation for retail investors and promoters: Hemang Jani, Head - Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services Ltd

    12:58 (IST)21 Sep 2020
    Chemcon Speciality Chemicals IPO oversusbcribed

    IPO of Chemicon Speciality Chemicals was oversubscribed in less than three hours of the issue opening for susbcription on Monday monrin. The bid were led by Retail Investors, oversubscribing their quota 2.88 times. NIIs have so far bid for 82% of the portion while QIBs were largely muted. 

    12:26 (IST)21 Sep 2020
    CAMS IPO subscribed 0.17 times so far

    CAMS IPO was subscribed 0.17 times so far in the day. The retail category was subscribed 0.32 times and NIIs subscribed their portion 0.05 times.

    12:23 (IST)21 Sep 2020
    Chemcon Speciality Chemicals IPO: Check grey market premium, issue details; should you subscribe?

    The Rs 318-crore Chemcon Speciality Chemicals IPO, which opened for subscription today, comprises fresh issue of equity shares aggregating up to Rs 165 crore, and an offer for sale of up to 45 lakh equity scrips. So far in the day, Chemcon Speciality Chemicals IPO has been subscribed 1.18 times. The retail category has subscribed its portion 2.65 times; and NIIs 0.26 times. Most research and brokerage firms have recommended to ‘subscribe’ to this issue.

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    12:12 (IST)21 Sep 2020
    Chemcon Speciality Chemicals IPO fully subscribed

    Chemcon Speciality Chemicals IPO fully subscribed on day one of the bidding. So far in the day, Chemcon Speciality Chemicals IPO has been subscribed 1.18 times. The retail category has subscribed its portion 2.65 times, and NIIs 0.26 times.

    11:59 (IST)21 Sep 2020
    Brokerage view on Computer Age Management Services Ltd IPO

    At the upper price band of Rs.1,230, CAMS is available at a P/E of 34.6x and when we annualize Q1FY21 numbers we arrive at a P/E of 36.7x for FY21E on a post issue basis. Given that there is no listed peer to compare, and based on stable financial, we assign a subscribe rating on this IPO: Geojit Financials

    11:22 (IST)21 Sep 2020
    ITD Cementation: Execution pickup awaited

    ITD numbers were better than expectation on account of execution beat and cost controls. Labour availability has improved to 70-80% of pre-COVID level. Order backlog is robust at Rs 126bn (4.4x FY20 revenue) aided by FYTD21 order wins of Rs 13.5bn. Besides, ITD is L1 in orders worth Rs 15bn (total order book at Rs 141bn). Although, NWC days and consolidated net debt (Rs 3bn vs Rs 1.8bn at FY20-end) have increased QoQ, balance sheet remains robust. We maintain BUY on ITD with an unchanged target price of Rs 68/sh, (1) given large order book (~4.4x FY20 revenue), (2) strong balance sheet and (3) bottom valuation (6.8x 2 yr fwd EPS): HDFC Securities

    11:21 (IST)21 Sep 2020
    Raghuram Rajan, Viral Acharya tell how to reform India’s ailing banking system

    Former Reserve Bank of India Governor Raghuram Rajan, and former Deputy Governor Viral Acharya have together suggested ways to tackle problems lurking in India’s banking sector. The duo, who took up academic assignments after their tenures at the central bank, have authored a paper suggesting “reforms that could allow banking activity to grow significantly without the periodic boom-bust cycles it has been subject to”. Even though India has a low credit to GDP ratio, the banking system has among the highest gross non-performing assets (GNPA) to total assets ratio globally, the duo argue in the paper.

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    10:54 (IST)21 Sep 2020
    Market will watch closely what Fed Chairman Powell speaks before Congressional committees

    Though the bulls are very much in control, it is obvious that they are waiting for next big trigger before going aggressive on gold and silver. Speculators increased their positions last week in COMEX, and holdings in ETFs also surged. However, prices got stuck in a narrow range, justifying the argument. Possibly the market will watch closely what Fed Chairman Powell speaks before Congressional committees later this week. Initial range will continue to remain between $1930 to $1980 for gold, and $26.30 to 27.88 for silver. High volatility will be observed if level breaks on either side: Debajit Saha, Senior Analyst, Precious Metals at Refinitiv.

    10:48 (IST)21 Sep 2020
    RIL shares up 0.7 per cent

    Reliance Industries shares jumped 0.72 per cent to Rs 2,322 apeice on BSE. So far in the trade, RIL shares hit day's high of Rs 2336.55 while day's low of Rs 2285 apiece.

    Check prices: RIL

    10:19 (IST)21 Sep 2020
    CAMS IPO opens for subscription: Should you subscribe? Check valuation, price, bid size, stake sale details

    Computer Age Management Services (CAMS) initial public offering opens for subscription today. The Rs 2,244-crore public issue does not have any fresh issue; it has only an Offer For Sale of existing shares by NSE Investment -- a subsidiary of the National Stock Exchange -- which is selling its entire 37.48% stake in the company. Great Terrain Investments, the promoters of CAMS, is a Warburg Pincus subsidiary. The promoter group has already sold 12.5% equity stake in pre-IPO deals to SBI MF, ICICI Pru MF, HDFC MF, SBI Life, IIFL AIF, Acacia Partners, Ashoka Trust, Edelweiss AIF, according to IIFL Research. The promoter group will not sell any further stake in the IPO, and will hold a 31% equity stake in CAMS, against the pre issue 43.5%.

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    10:18 (IST)21 Sep 2020
    Route Mobile share price doubles at stock market debut; stock opens at 105% premium to IPO price

    Route Mobile shares skyrocketed on the stock market debut today and traded at a price of Rs 708 per share, a premium of Rs 358 on the upper band of the issue price of Rs Rs 345-350 per equity. The stock was listed on the BSE at a price of Rs 708 per share. Route Mobile scrip got listed at Rs 717, a 104.86 per cent premium over its issue price of Rs 350 on NSE. Route Mobile was trading at a premium of Rs 312 per share in the grey market ahead of opening.

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    09:57 (IST)21 Sep 2020
    Markets trying to keep above 11500 level

    The markets are trying to keep above the 11500 level. We are in expiry week and it is important we respect the levels of 11300-11350 as that is where the supports are. On the upside, a target of 11800 is still achievable this month: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:54 (IST)21 Sep 2020
    Sensex, Nifty trade volatile on Monday; HCL Tech, TCS stocks lead gainers, FMCG shares fall

    Taking cues from global markets, BSE Sensex and Nifty 50 were trading volatile in Monday’s trading session. BSE Sensex was trading 76 points or 0.20 per cent up at 38,921, while the broader Nifty 50 index gained 20 points or 0.17 per cent to trade at 11,524.55. IT stocks were keeping the indices in the green. Index heavyweights such as Infosys, TCS, HCL Technologies, Kotak Mahindra Bank and HDFC were contributing to the indices’ gain.

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    09:42 (IST)21 Sep 2020
    Lockdown crushes gold smuggling routes; illegal shipments may fall this much by year-end

    The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s second-biggest consumer. Illegal shipments of gold to India are estimated to have slowed to a trickle of about 2 tons a month and may total about 25 tons this year, according to N. Anantha Padmanaban, the chairman of the All India Gem and Jewellery Domestic Council. That compares with an estimate of as much as 120 tons last year, or about 17% of the nation’s annual demand, according to the World Gold Council.

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    09:34 (IST)21 Sep 2020
    Rupee may witness violent swings in intraday deals

    On Friday, the Nationalized banks intervened aggressively in USDINR around 73.15 and bought all the way up to 73.50, triggering intraday stops for those who had gone short on the back of FTSE index rebalancing Inflows. We could see some outflows pertaining to index rebalancing over the next couple of sessions. Overall, we are likely to see another week where the price action in USDINR could remain confined in a range i.e. 73.10-73.90. We may however see violent swings intraday. A trending move is unlikely ahead of the first US presidential debate on 29th Sep, the release of GOI borrowing calendar for H2 on 30th Sep and RBI monetary policy on 1st October.: Abhishek Goenka, Founder and CEO, IFA Global

    09:24 (IST)21 Sep 2020
    Bajaj Auto shares down over 1.5%; top Sensex laggard

    Bajaj-Auto shares were top Sensex laggard in early trade on BSE. The stocks were trading 1.57 per cent down at Rs 3,000.90 apiece. So far, the stock hit the day's high of Rs 3045 and low of 2996.35.

    Check prices: Bajaj Auto

    09:22 (IST)21 Sep 2020
    HCL Tech shares hit new 52-week high; stock up 2.5%

    HCL Technologies was the top Sensex gainer, up 2.5 per cent at Rs 831.40 apiece. The stock hit a fresh 52-week high of Rs 835.15 after the IT giant on Monday morning, in a press release, announced its intent to acquire DWS Limited, a leading Australian IT, business and management consulting group.

    Check prices: HCL Tech

    09:21 (IST)21 Sep 2020
    IPO market in for a busy week; should you invest in CAMS, Chemcon Chemicals, or Angel Broking?

    The initial public offering (IPO) market is in for an exciting week with three fresh issues opening for subscription and one listing as well. Last week markets saw the bumper listing of Happiest Minds Technologies which surged 111%, over the upper end of the price band, to make its market debut. Now, this week, investors will witness Route Mobile’s share getting listed along with IPOs of CAMS, Chemcon Speciality Chemicals Ltd, and Angel Broking opening for subscription. Collectively the three IPOs opening look to raise Rs 3,160 crore.

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    09:20 (IST)21 Sep 2020
    Sensex, Nifty trade flat

    BSE Sensex slipped into the red after opening nearly 100 points up in the early deals. Sensex was trading at 38,858, while the Nifty 50 was ruling at 11,505

    Check live Sensex, Nifty levels

    09:05 (IST)21 Sep 2020
    Sensex jumps over 300 points in pre-opening session

    BSE Sensex jumped 305 points or 0.78 per cent to 39,149.90 in the pre-opening session on Monday. While the broader Nifty 50 was trading 11 points down at 11,504.

    Check Sensex, Nifty levels

    08:55 (IST)21 Sep 2020
    Nifty set to open lower on the back of weak global cues

    Nifty set to open with gap down on the back of weak global cues. The US markets corrected on Friday and its futures are also trading flattish. Asian shares too trading lower. Technically, Dow Jones has indicated short term correction. It is just near to 50 EMA if penetrate below this then further sell-off can be seen in Dow. For the day, The strategy should be selling on the rise. One can also trade with buying indices PUT specifically in BankNifty: Vishal Wagh, Head of Research, Bonanza Portfolio

    08:54 (IST)21 Sep 2020
    Stocks to watch: HCL Technologies, Route Mobile, Future Enterprises shares in focus on D-Street

    Nifty futures were trading 40 points down at 11,479 on Singapore Exchange, suggesting a gap-down opening for BSE Sensex and Nifty 50 on Monday. Developments around the Indo-China border dispute, trends in COVID-19 cases, progress on the coronavirus vaccine, and other global cues will set the market direction today. Besides, oil prices and rupee movement will also be keenly tracked. So far global cues were mixed from stock markets across Asia. Analysts do believe markets on a strong footing and advise picking quality stocks on any dip that equity markets witness.

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    08:50 (IST)21 Sep 2020
    Gold technical outlook

    Domestic bullion could start flat to marginally lower this Monday morning, tracking the international prices. Technically, MCX Gold October is struggling near its 21-Daily Moving Average which is placed at 51400 levels below which will continue downside momentum up to 51200-50900 levels. Resistance holds at 51800-52050 levels. MCX Silver December contract could see some sideways direction in the range of 66800-68700 levels in the coming session: Sriram Iyer, Senior Research Analyst at Reliance Securities

    08:43 (IST)21 Sep 2020
    Equity Strategy: Activity at 90%+ of pre-crisis level

    Jefferies economic recovery tracker (JRT) improved 1 ppt WoW to cross into 90%+ of pre-COVID for the first time. Even as Covid cases rise, Govt allowing more movement is helping. The long dormant hotel & travel web traffic is seeing pick-up. Broad based indicators such as toll collections, rail and road freight are now consistently higher y-o-y. Our preferred recovery plays are Maruti, DLF, God Prop, Crompton, Kajaria, HDFC and HDFC Bank.: 

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    08:30 (IST)21 Sep 2020
    Bulk and Block deals

    On Friday Shares of Adani Green, Amber Enterprises India, Atul Ltd, Deepak Nitrite, Dixon Technologies, Granules India, and IGL were bought by Vanguard Group. Essel Propack also witnessed heavy trading activity in the secondary markets as Blackstone sold 23% stake in the company.

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