Market Highlights: Bloodbath! Nifty ends at 11,354; Sensex closes near day’s low, erases 1,100 pts this week

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Updated: September 4, 2020 4:40:51 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty nose-dived on Friday, following global cues. Stock markets erase all gains made since August last week.

stock market live news,stock market live,stock market live india,stock market live update,stock market live nse,stock market live news today,stock market live news in hindi,stock market live nse,stock market live nse/bse,nse stock market live,live bse nse stock market today,bse nse live stock market news,nse stock market live news,nse bse india stock market liveUS stock markets saw a sharp correction on Thursday with the NASDAQ plummeting close to 5%, while Dow Jones tanked almost 3%.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty tanked on Friday amid weaker global cues. S&P BSE Sensex ended down 633 points, while the 50-stock Nifty was below the 11,350 mark on the closing bell. All Sensex constituents were trading with losses, except Maruti Suzuki India and TCS ended flat. Banks were the top drags with Axis Bank falling over 4% while SBI and ICICI Bank followed close. Volatility jumped over 7% to sit just shy of 22 levels. All Nifty sectoral indices were trading with losses, Nifty Metal index was down the most.

The Finance Minister on Thursday asked lenders to roll out a board approved loan recast plan by September 15. In a meeting with heads of banks and NBFCs, Nirmala Sitharaman asked lenders to put in place a policy which is in sync with the RBI’s guidelines to identify eligible borrowers and release resolution schemes. Additionally, the Supreme Court of India, yesterday directed lenders to not declare any new accounts as NPAs. The apex court said that if an account has not been declared as an NPA by the end of August, it shall not be declared as one until further orders.

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Highlights

    16:40 (IST)04 Sep 2020
    Sensex and Nifty wiped off Rs 2.3 lakh cr of investor's wealth in one day; here's what pushed markets lower on Friday

    Domestic benchmark indices sank on Friday, following weaker global cues.  S&P BSE Sensex ended down 633 points, while the 50-stock Nifty was well below the 11,350 mark on the closing bell. With today’s fall, the benchmark indices managed to erase all gains made since August 21. Since the beginning of this week, Sensex has slipped 3.88%, wiping of over 1,500 points. Along with global cues, market participants also attribute the loss registered this week partially to the new margin rules of SEBI. Only one Sensex constituent ended the day with gains. 

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    16:04 (IST)04 Sep 2020
    Moody's takes rating actions on five Indian public sector banks

    Moody's Investors Service has taken rating actions on the following five Indian banks Bank of Baroda, Bank of India, Canara Bank, Punjab National Bank and Union Bank of India. Moody's has downgraded the long-term local and foreign currency deposit ratings of BOB, BOI, Canara and UBI to Ba1 from Baa3 and their Baseline Credit Assessments (BCAs) to b1 from ba3. The outlook on the ratings of the four banks is negative. At the same time, Moody's has affirmed PNB's long-term local and foreign currency deposit ratings at Ba1 and its BCA at b1. PNB's ratings outlook is changed to negative from stable.

    15:48 (IST)04 Sep 2020
    Sensex, Nifty end near day's low

    After opening down deep in the red, equity markets were in for bloodbath on Friday. Sensex and Nifty tanked over 1.6% each on Friday, following global cues. At the end of this week Sensex was down over 1,100 points as it erased all gains made since August 21. 

    15:30 (IST)04 Sep 2020
    Happiest Minds IPO opens Monday; Should you subscribe for listing gains? check price band, details

    IT consulting and software firm Happiest Minds Technologies will initiate the process of entering the bourses on Monday as its Initial Public Offering (IPO) opens for subscription. The Rs 700 crore issue will be accompanied by an offer for sale for 35.66 million shares and a fresh issue of Rs 6.6 million shares. Happiest Minds will be the first IPO to be up for subscription after Rossari Biotech, which saw a resounding response from investors, taking the share price up almost 100% from the issue price so far. The IPO market has been largely deserted so far this fiscal as the global pandemic wreaked havoc across the world.

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    15:20 (IST)04 Sep 2020
    Swings in USD-INR spot dollar driven

    "The swings in USDINR spot are dollar driven, however, risk-off mood has got investors increase their dollar bets. Later today we have US non-farm payrolls data, and there exists a lot of caution ahead of that. Market is expecting a weaker NFP print, only a positive surprise number will lead to rally in dollar index. Going ahead, 73 will act as an immediate support, with 73.75 being the resistance. Only a consistent trading above 73.75 will open doors for 74 and plus levels," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

    14:43 (IST)04 Sep 2020
    Sensex sinks over 600 points

    Sensex, after having trimmed some losses earlier in the day, was once again seen trading over 600 points lower as stock markets entered the last hour of trade for this week. Nifty 50 was hovering around the 11,350 mark.

    14:19 (IST)04 Sep 2020
    CLSA on CreditAccess Grameen

    We initiate coverage with a BUY recommendation. We believe the premium valuations are likely to sustain due to its market leadership position in one of the fastest-growing loan segments, with high growth and high return ratios despite the unsecured nature of loan book: CLSA

    14:17 (IST)04 Sep 2020
    Rupee ends higher against US dollar on Friday

    The Indian rupee ended higher at 73.14 per US dollar as compared to Thursday's close of 73.47 per dollar.

    14:15 (IST)04 Sep 2020
    Swings in USDINR spot are dollar-driven

    The swings in USDINR spot are dollar-driven, however, risk-off mood has got investors increase their dollar bets. Later today we have US non-farm payrolls data, and there exists a lot of caution ahead of that. The market is expecting a weaker NFP print, only a positive surprise number will lead to a rally in the dollar index. Going ahead, 73 will act as immediate support, with 73.75 being the resistance. Only consistent trading above 73.75 will open doors for 74 and plus levels: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:07 (IST)04 Sep 2020
    5 midcap, smallcap stocks to buy; broader market rally beats Sensex, Nifty in August

    BSE Sensex and Nifty 50 gained 4.5 per cent in August, after adding 7 per cent in July. But broader markets gained more; BSE SmallCap index surged nearly 9 per cent, and BSE MidCap index jumped 6.88 per cent in August. Research and brokerage firm Emkay Global Financial Services has recommended five small and mid-cap stocks which have the potential to gain and offer good returns in coming months.

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    13:47 (IST)04 Sep 2020
    Commodity insight by Kotak Securities

    Commodities in international market trade mix as weakness due to decline in global equity indices is offset by choppiness in US Dollar COMEX Gold Dec trades 0.3% higher near 1945/oz while Silver to is up 0.5%; Industrial metals at LME trade mix while Crude oil too trades 0.75% lower near $41.06/bbl Asian indices trade with a weaker bias tracking sharp slide in US indices yesterday; US Dollar Index trades little changed near 92.75 amid caution ahead of US Non-Farm payrolls data.

    13:23 (IST)04 Sep 2020
    Indian households invest only 14% in equities, lowest globally; US families invest the most at 45%

    Exposure to equity markets, as a part of the total financial balance sheet of Indian households, stood at just 14% at the end of financial year 2019, lowest among major economies. Brokerage and research firm Motilal Oswal, in a recent report, noted that while exposure to equity markets as a part of household financial assets is lowest in India, American households had the highest exposure at 45%. The only other countries even close to the United States of America were Spain and Canada. With the high exposure, dividend income now contributes 7% to the personal income in the United States.

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    13:08 (IST)04 Sep 2020
    Sensex, Nifty trading near day's high

    Sensex and Nifty, trimmed some losses but still remain in the red. At 1 PM the benchmark indices were trading closer to their intra-day high. The stock markets have been trading with losses for the entire tradign session so far. 

    13:06 (IST)04 Sep 2020
    RIL in talks to sell $1 bln Reliance Retail stake to Silver Lake; Ambani cashing in retail after Jio?

    Mukesh Ambani’s Reliance Industries Ltd (RIL) is India’s largest private listed company with a market capitalization of Rs 13.91 lakh crore (about $189 billion). Silver Lake’s investments in Jio Platforms valued it at about $66 billion. Silver Lake’s investment in Reliance Retail at a valuation of $57 billion would take the combined valuation of Jio Platforms and Reliance Retail to $123 billion. Reliance Retail had a total turnover of Rs 162,936 crore and a net profit of Rs 5,448 crore at the end of the previous fiscal year.

    12:33 (IST)04 Sep 2020
    Maruti shares surge over 3% in a weak market

    S&P BSE Sensex was up 3% on Friday, despite the benchmark index sinking over 400 points. The auto maker was seen gaining as vehicles sales numbers released during the week hint at a better performance amid increasing demand. 

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    12:08 (IST)04 Sep 2020
    Page Industries ~ Await more visibility on growth trends ~ Emkay Global

    Page Industries’ Q1 operating performance was weaker than expected. Revenue declined 66% to Rs2.8bn vs. estimate of Rs4.3bn. Secondary sales were higher by 18-20% in Q1, and management indicated a recovery to pre-Covid-19 levels in August. Factoring in the weak Q1 print, we reduce FY21E EPS by ~13% but largely maintain FY22/23 estimates. Valuations at 47x FY22E EPS are not attractive. We maintain Hold, with a revised TP of Rs17,800 (Rs17,500 earlier), rolling forward to 40x Dec-22E EPS.~ Emkay Global

    11:36 (IST)04 Sep 2020
    NSE delays penalty for non collection of margins; new rules continue to be marred by glitches

    The National Stock Exchange (NSE) on Thursday announced that it will not levy penalty for client margin short/ non-collection and reporting in Cash and Derivatives segments till September 15. The move comes after traders, brokerages informed the market regulator and the stock exchanges that the implementation of the new margin rules has not been smooth due the lack of preparedness on the back-end. The new rules, that came into effect on September 1, require brokerages to collect 20% from traders for every buy and sell order, failing to do so invites penalties. 

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    11:14 (IST)04 Sep 2020
    Vodafone Idea shares hit new 52-week high; rally 19% from day’s low ahead of fundraising board meet

    Vodafone Idea share price rallied nearly 19 per cent to hit a fresh 52-week high of Rs 13.45 apiece from day’s low on BSE ahead of company’s board meeting to consider fundraising in one or more tranches by way of a public issue, preferential allotment, private placement, including a qualified institutions placement or through any other permissible mode. In today’s session, Vodafone Idea stock is constantly gyrating between gains and losses.

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    11:06 (IST)04 Sep 2020
    BUY on Sadbhav Engineering | Inline performance ~ HDFC Securities

    Sadbhav Engineering (SEL) reported revenue at Rs 2.3bn, decline of 73%/44% YoY/QoQ. Consequently, losses came in at Rs 266mn, against our estimated loss of Rs 212mn. Labour availability has improved to 80%. Standalone order book stood at Rs 82bn. Although, SEL could not secure any order in 1QY21, it has already won orders of Rs 16bn 2QFY21. Net debt reduced marginally to Rs 10.6bn (vs 11.2bn at FY20-end). However, with receivables of ~Rs 18bn, working capital still remains stretched. We maintain BUY on SEL, with an unchanged target price of Rs 62, given low valuation. Improvement in balance sheet and pick-up in execution will lead to re-rating. ~ HDFC Securities

    11:02 (IST)04 Sep 2020
    Gold prices gain today as equity markets fall, inch closer to Rs 51,000 per 10 gram again

    Gold prices rose in early trade on Friday following weakness in the equity market and choppiness in the US dollar. Following an overnight plunge in the US markets, Indian share markets fell one and a half per cent. Besides, India continued to report the highest number of daily coronavirus cases which supported the yellow metal’s appeal.

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    11:01 (IST)04 Sep 2020
    India gold prices break away from global rally in August, after surging together for 7 months

    Gold prices in India broke away from the global price rally for the first time in eight months, and reversed gains in August, after climbing lock-step for the first seven of the current year 2020. A stronger rupee is the culprit behind Indian gold prices giving up some gains in August, while global prices continue marching up. India snapped the gaining spree, due to an appreciation in rupee against the US dollar.

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    10:43 (IST)04 Sep 2020
    Accumulate Britannia Industries, Target price: Rs 4,220 ~ Angel Broking

    "Britannia Industries has an overall distribution reach of 5.5 million outlets. BRIT has narrowed the gap with the No. 1 player. The gap with the largest distributed brand is now just 0.8 million outlets which it expects to bridge soon and thereby become the largest player over the medium to long term," Angel Broking.

    10:23 (IST)04 Sep 2020
    Bond market loves India’s gloom-and-doom tax scenario; here's why market is pleased

    Emerging markets will exit the coronavirus pandemic with a heavy fiscal load. Many will see their public debt balloon; some will also have to carry a bigger interest burden. A smaller group may need costly repairs to broken banks. India may be hit on all three counts, plus have an additional problem: a consumption tax in shambles. It’s a gloom-and-doom scenario, but the bond market loves it.

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    10:12 (IST)04 Sep 2020
    What's India Inc doing?
    • Jet Airways insolvency, two bidders submit revised proposals.
    • GSFC restarted Methanol plant with a daily installed capacity of 525 MT.
    • Hindustan Aeronautics, Government to sell 5,02,462 equity shares to the company's eligible employees at Rs 950.95 per share via an offer for sale during September 4-9.
    • Infosys will acquire product design and development firm, Kaleidoscope Innovation.
    • Usha Martin Promoter entity Neutral Publishing House raised stake in company to 3.25% from 3.08% earlier on September 2.
    • Jubilant Industries Q1 loss at Rs 3.1 crore versus a profit of Rs 9.6 crore, revenue at Rs 94.3 crore versus Rs 151.8 crore YoY.

    ~ Yes Securities

    10:03 (IST)04 Sep 2020
    Sensex, Nifty erase all gains made since Monday; investors left Rs 1.62 lakh crore poorer

    Sensex and Nifty erased all gains made during the last three trading sessions as they dived over 1.5% on Friday morning. S&P BSE Sensex opened 593 points lower as the 30-stock index slipped well below the 39,000 mark. On the other hand, the NSE Nifty 50 gave up 11,400 levels. Financials were bleeding, as 5 of the worst performing Sensex stocks were from banking and finance space. Maruti Suzuki was the only stock to be trading with gains on BSE Sensex. Among sectoral indices, the Nifty Private Bank index was the worst performer.

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    09:22 (IST)04 Sep 2020
    Sensex and Nifty open 1.5% lower

    Benchmark indices, Sensex and Nifty were trading 1.5% lower on Friday morning, following global cues. Sensex tanked 590 points, while the Nifty 50 gave up the 11,400 mark. SBI, Kotak Mahindra Bank were the top drags.

    09:17 (IST)04 Sep 2020
    Stocks in focus: Reliance Industries, Vodafone Idea, Future Retail, IndiGo, Infosys, Simbhaoli Sugars

    A total of 68 companies including National Aluminium Company, Future Retail, Goodyear India, Jubilant Life Sciences, NLC India, Repco Home Finance, RattanIndia Infrastructure, RattanIndia Power and Simbhaoli Sugars, are scheduled to announce their quarterly earnings.

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    09:07 (IST)04 Sep 2020
    RIL in talks to sell $1 bln Reliance Retail stake to Silver Lake; Ambani cashing in retail after Jio?

    Mukesh Ambani’s Reliance Industries is in talks to sell equity stake worth $1 billion in Reliance Retail to US-based private equity firm Silver Lake, in a deal that could value Reliance Retail at $57 billion, the Financial Times reported citing unidentified sources. FT reported that Mukesh Ambani is looking to raise $5.7 billion from investors by selling a 10% stake in Reliance Retail. Earlier this year, Silver Lake bought a total of 2.08% equity stake in RIL’s telecom and digital services unit Reliance Jio for Rs 10,202 crore. RIL ended up selling a total of 32.97% stake in Reliance Jio Platforms for Rs 1.52 lakh crore to 13 investors, Facebook, Google, Qualcomm, KKR, and more.

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    08:50 (IST)04 Sep 2020
    JK Cement rating: Retain ‘buy’ with revised target price of Rs 1,899

    JK Cement (JKCE) continued to outperform in Q1FY21. Ebitda (down 29% y-o-y) surpassed our estimate 27% and that of consensus by 14%. While Covid-19 impacted demand, the company restricted volume dip to 19% versus industry’s >35% fall. Moreover, July-August volumes have risen 20% y-o-y (with capex completion benefits) even as broader industry demand remains weak. White segment volumes too have recovered now — flat y-o-y in July-August versus ~48% plunge in Q1FY21: Edelweiss Securities

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    08:49 (IST)04 Sep 2020
    US stock market sees worst fall since June

    Wall Street’s main indexes closed sharply lower on Thursday, marking their deepest one-day declines since June as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery. The Nasdaq led the pullback with a decline of almost 5% a day after it and the S&P 500 posted record closing highs.

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    08:48 (IST)04 Sep 2020
    Asian stock markets follow US tech-rout

    Asia’s stock markets slipped on Friday, following the steepest Wall Street selloff since June, while safer bonds and the dollar found support as investors sought shelter. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%. Japan’s Nikkei dropped 1.3% while markets in Sydney and Seoul fell 2%. The moves are more muted than the 5% plunge on the tech-heavy Nasdaq overnight, or the S&P 500’s 3.5% drop,which traders said was overdue given recent frothy gains.

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    08:46 (IST)04 Sep 2020
    Nifty set to open lower on friday

    Nifty set to open with gap down on the back of weak global markets. The US market sold off as President Trump's chances of winning an upcoming election has gone down. The tech stocks are facing a sharp profit booking. The Asian markets are trading with one per cent cut. For the day, the strategy should be selling on the rise. If Nifty break levels of 11326 the lower support will be 11200-10880: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:45 (IST)04 Sep 2020
    Another freaky Friday on cards for India markets, Nifty may give up 11,500 as US stocks tumble

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are staring at a negative opening on Friday after US markets marked their deepest one-day fall since June. Market participants will continue to keep tabs on India-China tensions, trends in COVID-19 cases, oil prices and movement in the rupee. In the previous session, the headline indices ended with losses, where Sensex gave up its crucial 39,000-mark, while the broader markets outshined the equity benchmarks

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