Share Market Highlights: Sensex nosedives 2,000 pts, Nifty ends at 9,293; RIL, HDFC twins, ICICI Bank top draggers

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Updated: May 4, 2020 7:23:39 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: As many as 28 stocks out of 30 Sensex stocks settled in a deep sea of red with ICICI Bank as top laggard, down 11 per cent, followed by Bajaj Finance, HDFC, IndusInd Bank and Axis Bank.

Share Market Today, Share Market LiveNifty Private Bank index was top sectoral loser, down 8.60 per cent dragged by ICICI Bank, Federal Bank and IndusInd Bank

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended nearly 6 per cent down on Monday amid negative global cues as tensions between the US and China weighed on investor sentiment. The 30-share index Sensex ended at 31,715.35, down 2002.27 points or 5.94 per cent. Similarly, the broader Nifty 50 index settled at 9,293.50, down 566 points or 5.74 per cent. As many as 28 stocks out of 30 Sensex stocks settled in a deep sea of red with ICICI Bank as top laggard, down 11 per cent, followed by Bajaj Finance, HDFC, IndusInd Bank and Axis Bank. On the other hand, Bharti Airtel and Sun Pharma were the only Sensex gainers, up 3.49 per cent and 0.04 per cent, respectively. Barring Nifty Pharma, all the sectoral indices settled in negative territory. Nifty Private Bank index was top sectoral loser, down 8.60 per cent dragged by ICICI Bank, Federal Bank and IndusInd Bank. On the flip side, Nifty Pharma index posted gains led by Aurobindo Pharma, Cipla and Cadila Healthcare.

Reliance Industries (RIL) and Jio Platforms announced that Silver Lake will invest Rs 5,655.75 crore into Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook investment
announced on April 22, 2020, company said in a BSE filing.

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Highlights

    15:39 (IST)04 May 2020
    Sensex, Nifty end nearly 6% lower

    Indian markets opened lower taking negative cues from its global peers in Asia. The sentiment remained downbeat after Indian manufacturing activity growth declined sharply in the month of April 2020, amid national lockdown restrictions to help stem the spread of the coronavirus disease. The selling in domestic markets were led primarily by financials, metals and auto stocks followed by almost all the major sectoral indices ending in red except Pharma sector which traded marginally in green for the day, says Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers

    15:14 (IST)04 May 2020
    Govt looks to increase MSME Fund of Funds corpus by 10X to encourage public listing for funding

    MSME Ministry is looking to increase its Rs 10,000-crore Fund of Funds — announced last year to support small businesses looking to go public to raise capital — by 10X to Rs 1 lakh crore in three-four years. MSME Minister has often urged MSMEs, which have AAA credit rating, to explore public markets instead of banks for their capital requirements wherein the government will buy 15 per cent of the amount raised as equity stake from the Fund of Funds. For example, Rs 7.5 crore in equity will be purchased by the government if the MSME raises Rs 50 crore.

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    15:02 (IST)04 May 2020
    HDFC Securities downgrades RIL to 'Add' from 'Buy'

    We raise our TP by 11% to INR 1,560 driven by the Retail and Telecom businesses. However, given the sharp rally in the stock by 28% over the past two weeks, we downgrade RIL to ADD from BUY earlier. Revenues grew by 34/6% YoY/QoQ to INR 148bn. ARPU rose to INR 131 (+3/2% YoY/QoQ) while the gross/net subscriber addition was 24/17mn.

    HDFC Securities

    14:48 (IST)04 May 2020
    HUL share price slips over 5%; analysts say ‘buy’ post Q4 results, check new target prices

    Hindustan Unilever (HUL) share price fell as much as 5.47 per cent to hit day’s low of Rs 2075.40 apiece on BSE in Monday’s weak trade. Last week, HUL reported a decline of 3.93 per cent in consolidated profit at Rs 1,512 crore for the quarter ended on March 31, hit by the coronavirus (COVID-19) pandemic. Post quarterly earnings, brokerages retained their bullish stance on HUL, with an upside of 23 per cent from an intraday low of Rs 2,075. 

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    14:20 (IST)04 May 2020
    Buy Tech Mahindra ; Target Price: Rs 630 ~ ICICI Securities

    We expect TechM to see near term headwinds due to pricing pressure, project ramp downs, client specific challenges in BPS, delay in deal signing. However, in long term, we believe its leadership in communication vertical will make it a key beneficiary of vendor consolidation in the segment. It would also benefit from 5G opportunities. Enterprise segment will also benefit from improved digital traction, success in large deals. Hence, we stay positive on the stock due to this coupled with attractive valuation (11x PE on FY22E EPS). Maintain BUY with revised TP of | 630 (13x PE on FY22E EPS).

    - ICICI Securities

    14:11 (IST)04 May 2020
    Sensex, Nifty at day's low, down 5.5% each

    Sensex was trading 5.58 per cent or 1,881 points down at 31,835.84, while Nifty 50 was ruling at 9,321.05, down 538.85 points or 5.47 per cent.

    Check live Sensex, Nifty levels

    13:45 (IST)04 May 2020
    Bharti Airtel share price up 4%

    Bharti Airtel share price gained 4 per cent to Rs 540.05 apiece in the afternoon deals. Bharti Airtel was the top BSE Sensex gainer. Sun Pharma was the another gainer on the pack. Out of 30 Sensex stocks just these two were trading higher in weak market.Check live prices: Bharti Airtel 

    13:20 (IST)04 May 2020
    Pharma stocks extend gains, up 1.26%

    Nifty Pharma index rose 1.26 per cent in afternoon deals in an otherwise weak market. Auro Pharma, Cipla, Cadila Healthcare and Lupin were among top gainers on the index

    13:18 (IST)04 May 2020
    Hero MotoCorp resumes operations at three facilities, shares tank 7%

    Hero MotoCorp share price was down 7.39 per cent at Rs 2,006.70 apiece on BSE. Hero MotoCorp announced to restart operations at four facilities. To begin with, Hero MotoCorp is commencing operations in a graded manner at three of its manufacturing plants – Gurugram and Dharuhera (both in Haryana), Haridwar (Uttarakhand) and additionally the Global Parts Center (GPC) at Neemrana in Rajasthan. These manufacturing plants reopen from today and production at these facilities will commence from Wednesday.

    Check live prices: Hero MotoCorp

    13:08 (IST)04 May 2020
    BHEL invites coronavirus-hit global firms to make in India; says, don’t make everything at one place

    State-run manufacturing giant BHEL has decided to give Narendra Modi’s ‘Make in India’ program a global push and has invited multinational companies to use its facilities to carry on their manufacturing and supply chain activities. In a veiled reference to cut the risk from the concentration of manufacturing in China, BHEL said that the coronavirus has highlighted the dangers of all activity being carried out at a single location, adding that there is a need for diversification of supply chains and manufacturing.

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    13:00 (IST)04 May 2020
    Goldman Sachs says it remains bullish on oil prices in 2021

    Lower crude production due to reduced activity and OPEC+ cuts, coupled with a partial recovery in oil demand, should drive prices higher next year, Goldman Sachs Equity Research said in a note. The Wall Street bank raised its 2021 forecast for global benchmark Brent crude prices to $55.63 per barrel from $52.50 earlier. The bank hiked its estimate for U.S. West Texas Intermediate (WTI) crude to $51.38 a barrel from $48.50 previously, according to Reuters

    12:54 (IST)04 May 2020
    Silver Lake Partners to acquire 1.15% stake in Jio Platforms is welcome: Deepak Jasani

    Following the clue given by Reliance at the time of Facebook investment that it is in good shape to announce a similar-sized investment in the coming months, the investment by Silver Lake Partners to acquire 1.15% stake in Jio Platforms is welcome. The 12.5% higher valuation in this round may be due to much smaller investment by Silver Lake (compared to Facebook) and the fact that unlike Facebook they would operationally not bring any benefit on table. Also currently private equity investors seem to have more capital than they know what to do with. This announcement has helped to partly offset the negative effect on the stock price of subdued Q4FY20 results announced by the company on Apr 30.

    - Deepak Jasani, Head of Retail Research, HDFC Securities

    12:50 (IST)04 May 2020
    Liquor stocks surge even as Sensex, Nifty tank; check top gainers

    With local wine shops allowed to open across states from today, liquor stocks are back in focus on Dalal Street today. Breweries and distilleries were seen moving up in the share markets while the benchmark indices fell over 5% each. 12 of the 15 liquor stocks on Sensex were trading in the green on Monday morning. After having shut doors since March 23, standalone wine shops in red, orange, and green areas were allowed to open with certain riders. The demand to open liquor shops has been made repeatedly by state governments, hoping to revive their coffers that are largely helped by the tax collected from liquor sales.

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    12:33 (IST)04 May 2020
    Buy UPL | Target Price Rs 500 - Emkay Global

    UPL reduced net debt by ~USD900mn in Q4FY20. This implies a ~USD500m reduction in net debt in FY20, given a rise in debt by ~USD400mn in 9MFY20. UPL refinanced USD400mn as perpetual debt in Feb’20, which is now excluded from net debt calculations and hence, UPL reported USD1.3bn reduction in net debt vs. USD900mn in our model.

    - Emkay Global

    12:27 (IST)04 May 2020
    Gold prices hit fresh record highs twice in April; IMF cautions recession worse than 1930

    Gold is up substantially over the last year, but we’re still very likely in the early stages of this bull run. The Fed is expanding the monetary base, a very constructive development for gold. The U.S.’s incredible debt burden is also a favorable catalyst. Low-interest rates and amplified inflation are also constructive factors for gold. We expect substantially higher gold prices going forward.

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    12:20 (IST)04 May 2020
    Record sales of fertilisers in lockdown period; govt ensures full availability before kharif sowing

    Even as nationwide lockdown has brought almost all sectors of the economy to a standstill, fertiliser sales have reached a record level during this period. The sale of fertilisers shot up by 45.1 per cent on-year in April 2020. Even in the first 22 days of April 2020, POP sale of fertilizers to farmers was 10.63 lakh MT which was 32 per cent higher than the last year sale of 8.02 lakh MT during the same period

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    12:03 (IST)04 May 2020
    Sensex, Nifty plunge 5%, track global markets; key factors behind rout on Dalal Street

    Headline indices BSE Sensex and Nifty 50 slipped over 5 per cent in Monday’s trade on the back of negative global cues as investors panicked after the latest flare-up in US-China tensions. The plunge in markets was led by a host of factors such as lockdown extension for another 14 days, weak corporate earnings and auto sales number for April. The 30-share Sensex was trading at 31,969.11, down 1,748.51 points or 5.19 per cent, Similarly, Nifty 50 index was ruling at 9,358, down 500 points or 5.09 per cent.

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    11:55 (IST)04 May 2020
    Buy gold on dips:Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    Gold prices were little changed on Monday, as the dollar firmed, but rising U.S.-China tensions over the coronavirus kept bullion underpinned near the key $1,700 level. Sudden sharp weakness in the rupee has also supported the yellow metal. There are signs of retaliation from different countries against China and US has confirmed virus hurting trade relations hence investment demand is likely to go up. So it's a buy on dips market, says Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares and Stock Brokers.

    11:32 (IST)04 May 2020
    Jio Platform along with Reliance Retail would be key value drivers for company

    We believe that the recent deals with Facebook and Silver Lake along with the proposed rights issue is in line with the company's strategy of deleveraging the balance sheet. Large investments by global tech companies would not only help deleverage the balance sheet but also give confidence to the markets about the future prospects of the company. Going forward, we believe that Jio Platform along with the Reliance Retail would be the key value drivers for the company, says Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    11:24 (IST)04 May 2020
    Pharma shares index gains 40% in April; buy these 4 top stocks for long term investment | INTERVIEW

    The headline indices BSE Sensex and Nifty 50 gained 20 per cent in the month of April supported by a host of factors such as quarterly earnings, stimulus package, relaxation in lockdown, emergency rate cut by Reserve Bank of India (RBI) and encouraging results from a Covid-19 treatment trial. Domestic benchmark indices have risen 30 per cent each from their 52-week lows, however, are still 20 per cent off their record high levels touched during the start of the calendar year 2020.

    Read full interview

    11:09 (IST)04 May 2020
    BSE Metal index down 8%

    S&P BSE Metal index plunged nearly 8 per cent dragged by Jindal Steel, Hindalco, down 11 per cent each. Vedanta, SAIL and JSW Steel were down over 9 per cent each.

    10:49 (IST)04 May 2020
    Reliance Industries hot on brokerages shopping cart; rights issue, Facebook deal drive estimates

    Despite reporting a fall in profits in the January-March quarter, the 10% stake sale in Reliance Jio to Mark Zuckerberg’s Facebook and the biggest-ever rights issue of Rs 53,000 crore that Reliance Industries announced on Friday has made brokerage firms stay firm on their ‘buy’ calls for India’s most valuable company.

    Read full story

    10:45 (IST)04 May 2020
    Gold prices continue to rise

    Gold continues to rise on escalating tension between the US-China over coronavirus, fears of global economic recession and hopes of more economic easing measures from central banks. Meanwhile, chances of easing coronavirus restrictions in many countries and a strong US dollar may restrict major gains in the commodity. As long as prices stay above $1665 expect to continue the bullish outlook in the counter. An unexpected drop below the same would be an early signal of selling pressure for the day, says Hareesh V, Head Commodity Research at Geojit Financial Services. 

    10:41 (IST)04 May 2020
    Manufacturing PMI shrinks first time in nearly 3 years; business conditions fall most in over 15 years

    The nationwide lockdown due to coronavirus pandemic has pushed India’s manufacturing PMI to contract for the first time in the last 33 months. Manufacturing PMI stood at a mere 27.4 in April, which was 51.8 in March. The latest reading has pointed to the sharpest deterioration in business conditions across the sector since data collection began over 15 years ago, IHS Markit said in its report.

    Read full story

    10:36 (IST)04 May 2020
    Indian April Manufacturing PMI at 27.4

    Indian April Manufacturing PMI at 27.4 against 51.8 month-on-month due to nationwide lockdown triggered by fast-spreading coronavirus.

    10:29 (IST)04 May 2020
    Reliance Jio on its way to emerge as a pure digital play: Ajay Bodke (CEO PMS Prabhudas Lilladher)

    "With the imminent carving out of O2C (refining & petrochemicals) business soon; Reliance Jio is well on its way to emerge as a pure digital play with characteristics akin to a FAANG stock. Jio platform would continue to be the first port of call for investors keen to bet on India's 130 crore strong population that is rapidly embracing digital services including e-commerce. We remain extremely positive on the Chairman's transformational vision and the leading role played by the next generation of promoters Akash and Isha Ambani in steering this venture", says Ajay Bodke (CEO PMS Prabhudas Lilladher)

    10:28 (IST)04 May 2020
    Sensex extends slide, down 5%

    BSE Sensex was trading at 32,038.82, down 1,678.80 points or 4.98 per cent. NSE's Nifty 50 was ruling at 9,368.80, down 491.10 points or 4.98%.

    Check live Sensex, Nifty levels

    10:18 (IST)04 May 2020
    RIL share price slips over 1.5% after Silver Lake's investment in Reliance Jio

    RIL shares were trading 1.64 per cent down at Rs 1,443 apiece after the American PE firm Silver Lake Partners announced to invest Rs 5,656 crore in Jio Platforms. RIL hit day's high of Rs 1464.90, while low of Rs 1419.75.

    Check live prices: RIL

    10:14 (IST)04 May 2020
    Maruti Suzuki share price down over 7.5% after it reports ZERO domestic sales

    Maruti Suzuki share price was trading 7.63 per cent down at Rs 4,950 apiece, after the company reported zero domestic sales in the month of April due to coronavirus led nationwide lockdown.

    Check live prices: Maruti Suzuki

    10:06 (IST)04 May 2020
    Rupee trades weaker against US dollar

    As the fresh round of negative sentiments pops up, the rupee is likely to follow its Asian peers and trade weaker. The pair has been highly vulnerable to the global happenings and the reactions are sharper than expected. It is expected that the pair shall make its move near 76.00 area, which if broken it gets exposed to further depreciation towards 76.50-76.90 levels, says Amit Pabari, managing director, CR Forex Advisors

    10:04 (IST)04 May 2020
    Nifty Pharma index gains ground in weak market, up 0.8%

    After opening in red, Nifty Pharma index turned positive to trade 0.81 per cent higher. Biocon, Lupin, Cipla and Sun Pharma were among top gainers on the index.

    Check live prices: Sun Pharma

    10:00 (IST)04 May 2020
    Nifty Bank index plummets 7%

    Nifty Bank index plunged over 7 per cent or 1,492 points in the morning trade. The top index losers include RBL Bank, ICICI Bank, IndusInd Bank and Bandhan Bank

    09:57 (IST)04 May 2020
    ICICI Bank top Sensex loser, down 10%

    ICICI Bank was the top BSE Sensex loser in today's trade, down 9.29 per cent to Rs 344.60 a piece, followed by IndusInd Bank, Bajaj Finance and Tata Steel.

    Check live prices: ICICI Bank

    09:55 (IST)04 May 2020
    Silver Lake Co-CEO and Managing Partner on investment in Reliance Jio

    Egon Durban, Silver Lake Co-CEO and Managing Partner, said, “Jio Platforms is one of the world’s most remarkable companies, led by an incredibly strong and entrepreneurial management team who are driving and actualizing a courageous vision. They have brought extraordinary engineering capabilities to bear on bringing the power of low-cost digital services to a mass consumer and small businesses population. The market potential they are addressing isenormous, and we are honored and pleased to have been invited to partner with Mukesh Ambani and the team at Reliance and Jio to help further the Jio mission.”

    09:52 (IST)04 May 2020
    With lockdown extension till May 17, pick-up in economic activity to be subdued

    The lockdown meanwhile has been extended to 17th May. Though certain restrictions have been relaxed in Green and Orange zones, the overall pick up in economic activity is likely to be subdued as supply chains for big industries may be spread across red zones. The red zones such as Mumbai and Delhi are the most urbanized and are the nerve centres of the economy, says Abhishek Goenka, Founder and CEO, IFA Global

    09:51 (IST)04 May 2020
    Rupee likely to open weak at 75.70 against US dollar

    The Rupee is likely to open weak at 75.70 compared to close of 75.11 on Thursday. Likely range 75.50-76.00. The Rupee is likely to track the broader Dollar and global risk sentiment and may underperform this week as the Corona cases' curve does not seem to be flattening. May has seasonally been a weak month for the Rupee. SGX is indicating a 6% cut for Nifty on open. IDR and KRW are trading weak against the US Dollar. Asian equities too are trading weak, says Abhishek Goenka, Founder and CEO, IFA Global

    09:50 (IST)04 May 2020
    RIL share price slips in trade, down 1.54%

    After opening nearly 3 per cent higher, RIL share price dipped 1.54 per cent to Rs 1,444 apiece on BSE. The company announced that American private equity firm Silver Lake Partner will invest Rs 5,655.75 crore Jio Platforms.

    Check live prices: Reliance Industries

    09:47 (IST)04 May 2020
    RIL among top index contributors towards today's fall

    The top index contributors towards today's fall are HDFC, HDFC Bank, ICICI Bank, Infosys, Reliance Industries (RIL) and Tata Consultancy Services (TCS).

    09:45 (IST)04 May 2020
    SunPharma gains nearly 2% in weak market

    Sun Pharma, the only gainer on the S&P BSE Sensex, was trading 1.89 per cent up at Rs 473 apiece on BSE in Monday's weak market.

    Check live prices: Sun Pharma

    09:33 (IST)04 May 2020
    Reliance Jio raises Rs 5,656 crore from Silver Lake days after mega deal with Facebook

    American private equity firm Silver Lake Partner will invest Rs 5,655.75 crore Jio Platforms, a wholly-owned subsidiary of Reliance Industries (RIL). The announcement comes days after the mega-deal of Reliance Jio with Facebook. The Silver Lake investment in Reliance Jio values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and is at a 12.5 per cent premium to the Facebook valuation.

    Read full story

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