Share Market HIGHLIGHTS: Sensex, Nifty surge over 1% after one-day blip; RIL, HDFC twins top contributors

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Updated: July 9, 2020 4:23:37 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Sensex, Nifty ended over one per cent higher in Thursday's session. State Bank of India (SBI) share price soared over 4%

Share Market Today, Share Market LiveOut of 30 Sensex stocks, 22 scrips settled in positive territory with Bajaj Finance as the top gainer on the pack

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over one per cent higher in Thursday’s trade after PM Narendra Modi at India Global Week Summit, said India was already seeing green shoots when it comes to economic recovery. The 30-share Sensex soared 409 points or 1.12 per cent to end the session at 36,738, while the broader Nifty 50 index jumped 108 points or 1.01 per cent to end above the crucial 10,800-mark, at 10,813. Out of 30 Sensex stocks, 22 scrips settled in positive territory with Bajaj Finance gaining the most, up 3.93 per cent. It was followed by State Bank of India (SBI), Tata Steel, HDFC, Bajaj Finserv, HCL Tech and M&M. On the other hand, ONGC, Tech Mahindra, TCS, Hindustan Unilever, Maruti Suzuki and Nestle India were among top Sensex losers. Barring Nifty FMCG, all the sectoral indices traded in the green today. The Nifty Metal index was the top gainer, up nearly 2 per cent.

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    14:47 (IST)09 Jul 2020
    Brokerage view on IT services

    IT Services sector is likely to report muted growth / de-growth in Q1 FY21 amid uncertainty due to COVID outbreak and lockdown. However IT companies had transferred considerable resources to ‘work-from-home’ (WFH) to ensure business continuity which helps them to reduce the losses as compared to other industries. We are expecting IT services to report revenue de-growth in US$ terms between 5% - 9% on QoQ basis. In INR terms we are expecting revenue de-growth of 1.5% to 5% QoQ basis: Axis Securities

    13:42 (IST)09 Jul 2020
    Gold prices off record high level today; may rally to Rs 55,000 by year-end, should you buy or hold?

    Gold prices today in India fell Rs 246 per 10 grams from the record high level of Rs 49,348 hit in the previous session. Gold prices on Thursday fell on the back of weak global trends and hopes of an economic recovery which lifted the risk-on sentiment among investors. Meanwhile, the rising coronavirus cases in India and elsewhere capped the losses in the yellow metal. On MCX, gold August futures were trading flat with a positive bias at Rs 49,172 per 10 grams, while silver September futures were up Rs 265 or 0.52 per cent to rule at Rs51,647 per kg.

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    13:12 (IST)09 Jul 2020
    Pharma sector update ~ Emkay Global

    As widely expected, Q1 is likely to be a weak quarter for the pharma sector, with flat revenues and a ~12% yoy decline in EBITDA, owing to lockdowns across the world. Currency tailwinds and lower opex will mitigate the impact to some extent. We expect margins to fall ~260bps yoy. On a qoq basis, we expect revenue/EBITDA to decline by 4%/5%, with a ~20bps fall in margins. We expect the sector to continue to relatively outperform in the near term given the defensive earnings characteristics, but after a sharp run-up, we remain selective as valuations leave little room for execution misses. We prefer Aurobindo and Cipla in the large caps and Ipca and Granules in the mid and small cap space. More than the earnings, we believe investors will keenly watch out for management commentaries on the pace of recovery, especially in India, as Street estimates still range between 5% and 7% for FY21. Key risks: DOJ penalties on price fixing, lower than expected growth in India and API disruption/price increases.

    12:51 (IST)09 Jul 2020
    Enough liquidity globally; here’s what will decide how much funds come to Indian stock market | INTERVIEW

    Stock markets have seen some recovery after foreign institutional investors deserted India in March. However, the inflows are still far from what those used to be. Whereas there is ample liquidity across the globe, it’s up to the emerging markets, such as India, to attract maximum from it. How much of those foreign funds do emerging markets manage to attract will depend upon the management of coronavirus pandemic and the economic recovery from it, said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.

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    12:27 (IST)09 Jul 2020
    From Penicillin-G to vitamin B1, Modi govt plans special incentives to ramp up production of 41 drugs

    In a move to further bolster Prime Minister Narendra Modi’s vision for the Atmanirbhar Bharat in the pharmaceutical sector, the central government has a special scheme in the pipeline to ramp up the production of as many as 41 drugs that are used for wide-ranging purposes in the country. According to an IE report, the scheme will be focussed on broad-spectrum drugs such as penicillin-G, vitamin B1, prednisolone, and diclofenac sodium along with drugs used in the management of Tuberculosis and various heart disorders.

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    11:39 (IST)09 Jul 2020
    Yes Bank’s Rs 15,000 crore FPO opens July 15; SBI readies another Rs 1,760 cr investment in lender

    Cash-strapped private sector lender Yes Bank informed the stock exchanges on Thursday that it will raise Rs 15,000 crore through issuance of fresh equity shares in its further public offering (FPO). The FPO will open on July 15 and will close on July 17. The move comes days after the lender informed the bourses that its Capital Raising Committee of the Board of Directors met and approved raising funds by way of a further public offering. Of the Rs 15,000 crore, Yes Bank’s FPO will have an employee reservation portion of up to Rs 200 crore. Yes Bank will follow the lead of other private-sector lenders like ICICI Bank, Kotak Mahindra Bank, and HDFC Bank in raising capital.

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    11:20 (IST)09 Jul 2020
    Bajaj Finance back to lead the pack

    Bajaj Finance shares are back leading the 30-stock Sensex after a day of muted performance. Stocks were up 4% to trade at Rs 3,333 per share on Thursday.

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    11:13 (IST)09 Jul 2020
    NBCC - Weak performance; result update ~ Edelweiss

    NBCC posted weak set of numbers in Q4FY20 (partly due to covid-19) with top line falling 17% YoY to INR26bn; while EBITDA margin plunged 300bps YoY to 2%, PAT declined 42% YoY. Though the ~INR700bn order book seems robust (book-to-bill of 8.7x), ~53% orders pertain to ‘self-revenue generating projects’ where the poor pace of realty monetisation is likely to constrain execution. This, along with labour availability issues (~40% of pre-lockdown level), compels us to revise down FY21/22E EPS 3%/15%. We increase the target PE from 10x to 14x as operations have resumed. Retain ‘HOLD’ with revised TP of INR27 (INR21 earlier) as we roll forward the valuation to September 2021E.

    10:42 (IST)09 Jul 2020
    Sensex, Nifty extend gains after opening higher; here's what is moving Dalal Street today

    Sensex and Nifty started yet another day on positive grounds gaining over half a percent each on Thursday morning. S&P BSE Sensex after opening 184 points higher, extended gains to surge over 280 points while the Nifty 50 was just below the 10,800 mark. “The markets have opened in the green but for the upside to continue, it has to trade above 10850. Until then it would be range-bound. On the downside, it needs to hold 10650 which is strong support in the short to medium-term time frame. If we pierce that, we could slide further by about 200 points,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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    10:13 (IST)09 Jul 2020
    Equity markets at crucial juncture; charts hint at positive support for these stocks in coming weeks

    After rallying for five consecutive sessions, the Nifty corrected on Wednesday from a high of 10848. The Nifty failed to test the 200-day SMA, which is currently at 10885. Zooming into the 15 minute intra charts, we can see that the Nifty has closed just above the intraday support of 10689. A close below this level could trigger a bigger correction that could see the Nifty moving down towards the next major support at 10560-10520 where we have the 200-day EMA.

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    09:48 (IST)09 Jul 2020
    Daily currency strategy ~ ICICI Securities

    Rise in crude oil prices and Covid-19 cases led to a depreciation in the rupee by almost 9 paise. Dollar index is flat near 97 levels. We feel that on the back of clarity, the rupee would consolidate near 75 levels in coming days.

    The dollar-rupee contract on the NSE was at 75.19 in the last session. The open interest rose almost 0.2% in the last session.

    09:20 (IST)09 Jul 2020
    BSE Sensex, Nifty 50 open with gain on Thursday

    Domestic market benchmark indices Sensex and Nifty 50 gained on the opening bell on Thursday. Sensex zoomed 182 points while the Nifty 50 surged to sit above the 10,750 mark. IndusInd Bank, ICICI Bank were the top gainers on Sensex.

    09:08 (IST)09 Jul 2020
    Traders can accumulate M&M Finance in a range of 200 – 203.50 for the target of 235

    M&MFIN: BUY, Target Rs 235, Stop Loss Rs 180 | Return: 16.50%

    On 7th July Tuesday, the stock prices finally managed to surpass the multiple resistance zones around Rs 190 – 195, which eventually confirmed a Horizontal trend line breakout. The recent leg of strong up-move is also supported by strong volumes and it also resembles a strong consolidation breakout. Prices are trading above its exponential moving averages (21 & 50) on daily chart. Momentum Oscillator RSI (14) is reading above 60 levels with positive crossover, which is positive for the index. The MACD indicator is reading above its line of polarity with positive sentiments. Traders can accumulate the stock in a range of 200 – 203.50 for the target of 235 with a stop loss below 180 on a daily closing basis: Rohan Patil. Technical Analyst, Bonanza Portfolio Ltd

    09:03 (IST)09 Jul 2020
    Stocks in focus: TCS, SBI, Yes Bank, Cipla, Sadbhav Engineering, Arvind Fashions, PI Industries

    Market participants are eyeing TCS June quarter earnings along with a surge in COVID-19 cases, global cues and geopolitical tensions. Besides, as first-quarter earnings of the current fiscal have kick-started, investors will adopt stock-specific action today.

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    08:55 (IST)09 Jul 2020
    Factors to watch today

    During the day Prime Minister Narendra Modi and Principal Economic Advisor Sanjeev Sanyal will be at the "India Global week 2020"

    08:44 (IST)09 Jul 2020
    Long road to recovery for hotels, occupancy levels may take 6-8 quarters to reach pre-Covid levels

    The hotel industry may take anywhere between six and eight quarters to reach the pre-Covid level occupancy rates, a report released by CARE Ratings on Wednesday said. Analysts at the firm expect occupancy rates to pick up from the October-December quarter and end the year at around 35%, with a full-year average of about 25%. The industry revival is likely to be led primarily by domestic tourists travelling for leisure purposes and opting for mid-market hotels, they said.

    08:28 (IST)09 Jul 2020
    Sensex, Nifty may open in positive territory; these factors to set direction for markets today

    After snapping 5-day winning streak, domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open with upticks on Thursday, following a rally in US stock market and early gains in Asian markets. Meanwhile, India reported more than 7 lakh cases of COVID-19 infection and over 20,000 deaths, which might cap the gains. Besides, investors will track developments related to coronavirus, geopolitical tension between China-US over Tibet, movement in rupee and oil prices.

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    08:21 (IST)09 Jul 2020
    What do the charts say?

    Nifty could not sustain the gains after opening in positive territory and ended down with 93 points at 10705. During the day, Nifty rose above 10,800 backed by good movement in large cap counters. At present level, Nifty support is seen at 10550 while resistance comes at 10850-10900. 

    ~ Sumeet Bagadia, Executive director, Choice Broking 

    08:20 (IST)09 Jul 2020
    Cabinet extends EPF sop, approves affordable rental housing scheme under Pradhan Mantri Awas Yojana

    The government will continue to bear the entire 24% contribution of both the employers and the employees towards employees’ provident fund (EPF) for another three months – till the wage month of August – for enterprises having less than 100 employees and 90% of them earning less than Rs 15,000 a month. Aimed at providing liquidity relief to both the employers and the employees belonging to the small and medium sector, the government had, as part of the Pradhan Mantri Garib Kalyan Yojana (PMGKY) package, earlier gave the relaxation to these units for three wage months starting from March. As on June 19, nearly 66 lakh employees availed the benefit, amounting to Rs 1,000 crore.

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    08:19 (IST)09 Jul 2020
    UTI MF creates segregated portfolio after downgrade of Zee Learn debt securities

    UTI Mutual Fund announced the creation of a segregated portfolio in UTI Credit Risk Fund and UTI Medium Term Fund after Care Ratings downgraded debt instruments of Zee Learn. Both the schemes of the UTI Mutual Fund have an exposure of Rs 44.17 crore in the debt securities of Zee Learn.

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    08:19 (IST)09 Jul 2020
    Profit booking and volatility in markets

    Markets closed in red (On Wednesday) at the end of a volatile trading day as investors weighed the gradual resumption of business activity against a steady rise in new coronavirus cases. Moreover, there was caution ahead of the June quarterly earnings season starting on Thursday, global market weakness and high valuation.

    ~ Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services 

    08:16 (IST)09 Jul 2020
    Net inflows in equity MFs tank in June, recorded at lowest in 51 months

    Net inflows into equity mutual funds stood at Rs 240.55 crore in June 2020, which is the lowest in 51 months. Even inflows even through systematic investment plans (SIPs) slowed down marginally after remaining resilient through the pandemic. Market participants attribute the fall in equity inflows to ongoing pandemic, coupled with economic uncertainty and poor returns of mid and small cap funds.

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