Share Market Highlights: Sensex ends 511 points higher, Nifty at 11,162; Power Grid shares jump 6%, HDFC up 4.6%

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Updated: July 21, 2020 4:26:27 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Among sectoral indices, Nifty Private Bank and PSU Bank indices were up over 2% each, while Nifty Pharma ended down 1.3%.

Share Market Today, Share Market LiveForeign investors were net buyers on Monday with Rs 1,709 crore worth inflows coming into Indian stock markets.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices gained for yet another trading session on Tuesday, taking the momentum forward. S&P BSE Sensex added 511 points or 1.37% to sit at 37,930 points, while the Nifty 50 ended at 11,162 mark. Power Grid was the top Sensex gainer, surging 6%, followed by Maruti, ICICI Bank, and HDFC. On the other end was down 4.31% after posting its quarterly results, Asian Paints and Bharti Airtel also ended the day in the red. Volatility was down 0.98% while Nifty Bank index gained 2.13%. Nifty private and PSU bank indices also ended with over 2% gains each.

Trials of some of the potential contenders of the coronavirus vaccine showed positive results, according to the data released on Monday. One of the vaccines, being developed by the University of Oxford and Pharmaceutical firm AstraZeneca showed signs of even immune response to the virus. The results come a week after Moderna’s vaccine data was made public, which also showed effective results. Indian pharma firms have been racing to get approvals for clinical trials of various vaccines that are showing promising results.

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    16:25 (IST)21 Jul 2020
    Sensex adds 511 points, Nifty closes at 11,162; top factors that moved share markets today

    Sensex, Nifty managed to gain for yet another trading session following global cues, as stock markets reacted to the news of promising results being shown by possible coronavirus vaccine. S&P BSE Sensex added 511 points or 1.37% to sit at 37,930 points, while the Nifty 50 ended at 11,162 mark. “Markets held fort the entire day and also managed to close around the highest point of the day. While we do not rule out profit booking sessions, the overall trend of the market continues to remain bullish. Hence, if we see a slip in the markets, it would be a good opportunity to enter at lower levels to sell at higher levels,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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    15:45 (IST)21 Jul 2020
    Sensex ends 511 points higher Nifty 50 closes at 11,170

    S&P BSE Sensex managed to gain 511 points in Tuesday's trading session. Power Grid was the top gainer, surging 6% while HDFC went up by 4.6%. Nifty closed at 11,170 with Nifty Bank index gaining the most.

    15:37 (IST)21 Jul 2020
    Overall trend of the market continues to remain bullish

    The markets held the fort the entire day and also managed to close around the highest point of the day. While we do not rule out profit booking sessions, the overall trend of the market continues to remain bullish. Hence, if we see a slip in the markets, it would be a good opportunity to enter at lower levels to sell at higher levels. The support for the Nifty is now upgraded to 10800: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:31 (IST)21 Jul 2020
    Indian rupee rises to its highest level in two weeks

    The Indian rupee rose to its highest level in two weeks along with other emerging-market currencies on the back of a weaker dollar. Asian currencies and stocks rallied as EU leaders reached a deal on a landmark stimulus package and positive newsflow on coronavirus vaccines boosted sentiments. The US is also planning for new stimulus package which supported riskier assets. Rupee gained 17 paise or 0.23% to 74.75 a dollar. Rupee remains well- supported on persistent inflows and if it crossed the level 74.50/USD, we could see a further appreciation. We could see central bank absorbing dollar inflows around 74 level amid trade surplus and foreign fund inflows: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:29 (IST)21 Jul 2020
    Silver at 4-year high, Rs 62,000 per kg target for year-end

    Silver rallied and hit an over four-year peak (hit high of 55600) as a spike in COVID-19 infections, supply concern and hopes for increased stimulus measures supported safe-haven demand. Support seen from Comex Silver which jumps to $20.00, hits highest since September 2016 breaching the $20 psychological threshold for the first time in nearly 4 years. Still Silver is likely to continue its bullish momentum despite Overbought readings. The next barrier emerges for Silver in the upcoming period, is 56000 as macro uncertainty, negative real interest rates, ample money supply and escalating tension between the US and China should attract strategic investment in bullion. Meanwhile, Gold/silver ratio’s return to pre-pandemic levels corrected below 90 levels since Feb 2020. Though we can see some correction as technical show's but buy on free-fall should be the idea of rest 2020 keeping 62,000.00 as the year-end target: Ajay Kedia, Kedia Advisory, Mumbai

    15:21 (IST)21 Jul 2020
    ‘Buy’ Britannia Industries stock, check target price; brokerages upbeat on brand strength, growth outlook

    Britannia Industries share price fell 2.5 per cent to Rs 3,883.05 apiece, after hitting a fresh 52-week high of Rs 4,015 in early morning deals today. Britannia Industries stock price has nearly doubled, rising 91 per cent from March lows of Rs 2,100.55 apiece. On the back of Britannia Industries’ strong outperformance, research and brokerage firms are upbeat on the stock. They have revised their target prices with an upside of up to 16 per cent from today’s low.

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    15:09 (IST)21 Jul 2020
    Mindspace Business Parks REIT IPO set to open next week; check price band for second-ever REIT IPO

    Mindspace Business Parks Real Estate Investment Trust (REIT) fixed the price band Rs 274-275 per share for its initial public offering (IPO). The issue opens for subscription on July 27 and closes on July 29. Mindspace Business Parks REIT is looking to raise Rs 4,500 crore from the issue, which includes a fresh issuance worth Rs 1,000 crore and an offer for sale of Rs 3,500 crore. Where owners will trim their shareholding. Backed by real-estate developer K Raheja and private equity firm Blackstone, will be the second public issue of a REIT. 

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    14:32 (IST)21 Jul 2020
    Flipkart strengthens fashion business; acquires stake in Flying Machine’s owner Arvind Youth Brands

    Arvind Fashions, which runs a portfolio of international brands such as US Polo Assn, GAP, Tommy Hilfiger, Calvin Klein, Arrow etc., on Tuesday said that its subsidiary Arvind Lifestyle Brands has received Rs 260 crore from Walmart-owned e-commerce company Flipkart. The investment by Flipkart will add to its strengths in online fashion segment as it has already been leading the segment with the dominance of Myntra ahead of its rival Amazon.

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    14:11 (IST)21 Jul 2020
    Bajaj Finance AUM grows 7% on-year, but declines 6% from the previous quarter

    Bajaj Finance reported a mixed set of numbers considering lockdown led lower retail and business activity. AUM grew 7% YoY however declined 6% QoQ. NII grew by 10% in line with AUM growth. Controlled opex helped Bajaj finance to report the growth of 25% in Pre provision profit. Spike in provision of almost 2x of Q1FY20 impacted profitability. On the asset quality front, lower slippages and write-off led to a decline in GNPA from 1.6% in Q1FY20 to 1.4% in Q1FY21. Moratorium books reduced from 27% to 15%. Credit cost guidance has been revised from Rs.5400 –Rs.5700cr to Rs.6000-Rs.6300cr. Given the lockdown, the Company decided to convert some of its existing customers with no overdue and good repayment track record from the term loan to a Flexi loan. In Q1 FY21, the company converted Rs.8,600 crore of term loans into Flexi loans~Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking

    13:26 (IST)21 Jul 2020
    IndusInd Bank successfully completes integration with CRMNEXT across all its customer touch points

    IndusInd Bank has announced its successful integration with CRMNEXT, the leading enterprise solution provider for banks and financial services. This integration will enable the Bank to simplify the process of customer on-boarding, introduce new products and meet customer demands by automating and customizing processes to fit the modern-day financial requirements, said the bank. 

    13:25 (IST)21 Jul 2020
    HDFC Life Insurance to mull Rs 600 crore fundraising plan on July 23; June quarter results eyed

    HDFC Life Insurance Company’s capital raising committee (CRC) will meet on Thursday, July 23, to mull fundraising of up to Rs 600 crore via issuance of debentures. The company in a regulatory filing said that the CRC of the board of directors will meet to approve the said borrowing plan. “We wish to draw your attention to the in-principle approval accorded by the board of directors of HDFC Life Insurance Company Limited for raising of funds through the issuance of NCDs in the nature of subordinated debt instrument up to Rs 600 crore in one or more tranches, on private placement basis,” HDFC Life Insurance Company said in a regulatory filing.

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    13:14 (IST)21 Jul 2020
    ACC share price jumps 6% despite 40% fall in profits; here’s why brokerages, investors are bullish

    Cement manufacturer ACC Ltd share price jumped over 6% on Tuesday to trade at Rs 1,422 per share, despite reporting weak numbers for the April-June quarter. ACC reported a sharp drop in consolidated net profit to Rs 270.95 crore from Rs 455 crore, in the same period last year. Earnings before interest tax depreciation and amortization (EBITDA) too fell 33% from the previous year. However, the surge in share price can be attributed to the long-term expectations from the stock of improving its ratios and margins. The quarterly results, although down was above the estimates of analysts who predicted weaker realizations for the company.

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    13:03 (IST)21 Jul 2020
    Wipro trades at 14.4x FY22E EPS and valuations are reasonable ~ Centrum Broking

    Wipro has net cash of Rs299bn on balance sheet (Rs52/sh which Is 20.2% of Mcap).  We expect Free cash flow (Including Interest Income) at Rs98bn for FY21E which represents a FCF yield of 7.7% for FY21E.  We expect a sizeable payout to shareholders through Buyback in September 2020. This would lead to sharecount reduction and boots EPS as well.  Even if Wipro spends Rs120bn on its next buyback through tender route at Rs280/sh , Wipro would be able to reduce sharecount by a whopping  7.5%. This itself will be huge trigger which can help forward earnings. 

    ~ Centrum Broking

    12:25 (IST)21 Jul 2020
    Investment and technology: Customised portfolios, SMS notifications, 24×7 tracking make investment easy

    Hunting for quality stocks and creating a solid portfolio is a tough job, not only is one supposed to analyse 100s of parameters liked to 1000s of companies, but also look at the varying market situation and ensure that the chosen portfolio is aligned to it at all times thereby giving it an ability to deliver a superior return over time, this makes it a lot of combinations to work on. What makes it even tougher, is situations like the one we are in right now, unprecedented, difficult to understand and analyse the impact and even tougher to predict the recovery and the time linked to it.

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    11:33 (IST)21 Jul 2020
    Infosys, Wipro, HCL Tech beat downgrade trend; IT firms see over 10% earnings upgrade

    Top Indian information technology companies such as Infosys, Wipro, HCL Technologies, and others have refused to go down the path of earnings downgrade as healthy deal wins helped business growth. In the first quarter of this fiscal, Indian IT companies have exceeded expectations, resulting in material earnings upgrades, said a report by brokerage and research firm Motilal Oswal. “Key positives include healthy deal wins, a robust deal pipeline and better-than-expected guidance for the financial year 2021,” the report said. The IT sector has the potential to act as a safe haven in these volatile times, with Tier-I IT companies having relative earnings comfort coupled with strong balance sheets, and cash flows.

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    11:14 (IST)21 Jul 2020
    SBI cards active credit cards increase 20% despite lockdown

    “SBI Cards reported an overall good set of numbers for Q1FY21. When lockdown begun investors were concerned about asset quality issues, however, SBI cards positivity surprised by reporting a very low number of the moratorium. Moratorium % to loan book declined from 29% in Q4FY20 to 6.7% in Q1FY21. Its active credit cards increased by 20% despite the lockdown. NIM Improved 260bps QoQ/414bps YoY as SBI card able to reduce the cost of fund and able increase yield on loan book. Total income declined by 5% YoY, primarily driven by plunge in other income 82% YoY. Controlled operating expenses helped cost to income ration to improve by 635bps to 47.2%. And finally, the Lower tax rate of the new regime helped SBI card to report PAT growth of 14% YoY," said Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking 

    11:06 (IST)21 Jul 2020
    SBI Cards share price hits all-time high, rallies over 60% in less than 2 months; should you buy?

    SBI Cards and Payment Services share price climbed up nearly 6 per cent to hit a fresh all-time high of Rs 795.50 apiece on BSE, a day the company recorded 13.6 per cent on-year rise in net profit at Rs 393 crore in the April-June quarter for the financial year 2021. The company has posted a net profit of Rs 346 crore in the corresponding period of the preceding year. SBI Cards touched an all-time low of Rs 495.25 apiece on May 22, since then it has rallied 61 per cent. The total market cap of the SBI Cards and Payment Services stood at Rs 73,759.75 crore at the time of writing this report.

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    10:35 (IST)21 Jul 2020
    Buy ACC: Improving margin to narrow valuation gap ~ ICICI Securities

    ACC’s Q2CY20 EBITDA at Rs5.3bn (down 33% YoY) with blended EBITDA/te at Rs1,074/te was higher than our / consensus estimates mainly led by better-than-expected realisation (+10.3% QoQ) and improved cost efficiencies. Cement EBITDA/te increased 11% YoY to Rs1,127/te – highest in past 8 years and comparable to larger peers, with quarter exit EBITDA/te still higher than quarter average. With improving margin / return ratios, ACC’s valuation gap with larger peers may narrow, in our view. Factoring-in better margin, we increase our CY20E-CY21E EBITDA by 3-11% and raise our target price to Rs1,625/share (earlier: Rs1,520) based on 9x Mar’22E EV/E. Maintain BUY.

    ~ ICICI Securities

    10:16 (IST)21 Jul 2020
    Vodafone Idea share price slumps 8%, Airtel gains over 1%; telecom stocks mixed after SC reserves AGR verdict

    Vodafone Idea share price slumped over 8 per cent to Rs Rs 8.24 apiece on BSE, a day after the Supreme Court reserved its order on the time to be granted to telecom operators including Bharti Airtel and Tata Teleservices to pay their adjusted gross revenue (AGR) dues. On the other, Bharti Airtel shares were trading in green with a growth of 1.3 per cent at Rs 583.80 apiece in early morning deals.

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    10:12 (IST)21 Jul 2020
    Sensex, Nifty surge higher on Tuesday's opening bell; here's what is driving share markets today

    Sensex and Nifty added to their gains and surged on Tuesday morning,as they looked to carry the momentum of a three-day gaining streak. S&P BSE Sensex gained 400 points while the 50-stock NSE Nifty managed to cross the 11,100 mark. Financials along with Reliance Industries Limited helped the stock markets soar higher. Domestic equities were taking cues from global peers that surged after several vaccine trials for the coronavirus showed progress. HDFC Securities is bullish on the Nifty, expecting it to jump even further during this week.

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    09:03 (IST)21 Jul 2020
    Stocks in focus: RIL, Airtel, Vodafone Idea, Britannia, Jubilant Life Sciences, HUL, Axis Bank, Bajaj Finance

    Hindustan Unilever, Axis Bank, Bajaj Finance, ICICI Prudential Life, Bajaj Finserv, Crisil, DCM Shriram, IndiaMART InterMESH and Syngene International are slated to announce their June quarter earnings later in the day today.

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    08:58 (IST)21 Jul 2020
    Global stock market update

    US stock markets settled on mix note as Nasdaq jumped 2.5% while Dow Jones ended flat. In Europe,  equity markets ended mixed. FTSE was down 0.46% while CAC & DAX ended higher.

    08:51 (IST)21 Jul 2020
    DHFL moves SAT against Sebi for action during resolution process

    Dewan Housing Finance Corp (DHFL) has moved Securities Appellate Tribunal (SAT) against markets regulator Securities and Exchange Board of India (Sebi) for taking action against it during resolution proceedings. The regulator had earlier imposed a penalty of Rs 20 lakh on DHFL for not complying with norms, while issuing non-convertible debentures (NCDs) in 2016-17. In an interim order last week, the court has put a stay on recovery by Sebi during the pendency of the appeal.

    08:32 (IST)21 Jul 2020
    SGX Nifty jumps 100 pts, suggests gap-up start for indices; key factors to set tone for equity markets

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are expected to open on a strong footing on Tuesday, following favourable global cues after promising trial results from potential COVID-19 vaccines. In the previous session, Nifty 50 sailed past 11,000-mark for the first time since March 5, despite muted global cues. While the 30-share index Sensex was up by 398.85 points or 1.08% to close at 37,418.99.

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    08:19 (IST)21 Jul 2020
    Bankrupt telecom companies under Supreme Court lens for AGR dues

    The Supreme Court on Monday sought all records of Reliance Communications, Aircel and Videocon Telecommunications to ensure that these companies did not misuse the Insolvency and Bankruptcy Code to escape their AGR dues. The three firms, which filed for bankruptcy, together owe around Rs 40,000 crore of the total Rs 1.67 lakh crore owed by various telcos as AGR dues. As is known, companies which file for bankruptcy get a moratorium on their loans and other dues.

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    08:17 (IST)21 Jul 2020
    Sebi comes out with guideline to verify upfront collection of margins

    Markets regulator Sebi on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments. The new framework will come into effect from December 1, 2020, the Securities and Exchange Board of India (Sebi) said in a circular. The regulator has reiterated that the applicable upfront margins will be collected from the clients in advance of the trade.

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    08:15 (IST)21 Jul 2020
    IL&FS hopes to resolve Rs 57,000 crore of debt: Uday Kotak

    The IL&FS board, led by Uday Kotak, on Monday revised the quantum of debt it expects to resolve to Rs 57,000 crore, more than half the total debt of Rs 99,000 crore. Of this, Rs 50,500 crore will be addressed by March 2021, the board said while revised the debt estimates to Rs 99,000 crore. Over Rs 57,000 crore of this amount would be resolved through multiple resolution modes.

    08:13 (IST)21 Jul 2020
    Vaccine trials show progress

    The Oxford trials were carried out at five sites in the UK, and involved 1,077 healthy, adult participants; 543 were administered the vaccine candidate, named ChAdOx1 nCoV-19, and 534 were given the meningococcal vaccine as a control. Ten participants were studied separately, receiving a booster dose of ChAdOx1 28 days after the first dose.

     
    08:12 (IST)21 Jul 2020
    Oxford Covid vaccine safe, no major side effects, study shows

    The Oxford/AstraZeneca Covid-19 vaccine candidate was found to be safe, without major side effects, and has encouraging immunogenic — SARS CoV-2 fighting —effect in Phase 1 and 2 clinical trials in the UK, fuelling hopes of vaccine-driven control over the spread of the virus. Pending results of Phase 3 clinical trials — in which immunogenicity and safety will be observed at a much larger scale — the Oxford vaccine has now emerged as a first among equals in a race that features candidates like CanSino’s and Moderna’s vaccine candidates.

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