Share Market Highlights: Sensex ends 95 pts lower, Nifty at 11,531; ICICI Bank, RIL, Bharti Airtel drag Sensex lower

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Updated: September 3, 2020 4:22:59 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended in the red on Thursday, snapping their two day gaining streak.

Share Market News Today | Sensex, Nifty, Share Prices LIVE:Sensex and Nifty snapped their two-day gaining spree on Thursday.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended lower on Thursday, snapping their gaining streak of two days. S&P BSE Sensex ended 95 points lower as it gave up 39,00 mark. The 50-stock Nifty, however, was up 0.75 points at 11,535. Index heavyweights like Reliance Industries and ICICI Bank along with Bharti Airtel were ended with losses, pulling the benchmarks lower. Titan Company shares were up close to 6%, followed by Tech Mahindra, and Nestle India. Nifty Midcap and Nifty Smallcap indices were again outperforming the benchmark indices. The volatility index, the India VIX slipped 2.75%.

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Highlights

    16:20 (IST)03 Sep 2020
    Jubilant FoodWorks shares up 10% in 3 days; revenue slips 60% but stock gains, should you buy or sell?

    Jubilant FoodWorks, the operator of the famous Domino’s Pizza chain and Dunkin’ Donuts, posted a consolidated net loss of Rs 74 crore in the April and June quarter, despite which shares of the company managed to surge 2.3%, taking the stock up 10% so far this month. The company was hit by the coronavirus pandemic which hit the restaurant business as the dine-in option was wiped off the menu. Total income for Jubilant was down 60% on-year basis and 57% from the previous quarter. The stock has surged 82% since its March lows. However, brokerage firms remain mixed when it comes to the outlook for Jubilant Foodworks. 

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    16:19 (IST)03 Sep 2020
    Sensex, Nifty end volatile session with losses; Midcap, smallcap indices gain, beat benchmarks

    Sensex, Nifty ended a volatile trading session down in the red with marginal losses, snapping a gaining streak of two days. S&P BSE Sensex ended 95 points lower as it gave up 39,00 mark. The 50-stock Nifty ended at 11,527. Stock markets fluctuated between gains and losses for most of the trading session. Analysts say markets witnessed tepid volumes owing to the new margin rules brought by the Securities and Exchange Board of India. Midcap and smallcap indices were up, once again outperforming benchmark indices. Index heavyweights dragged benchmarks down.

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    15:32 (IST)03 Sep 2020
    ANMI submission requesting for waiver of penalty for short margining in all the segments

    "This has reference to our earlier submissions and in continuation of SEBI’s decision to implement MPR process from 1st September 2020 on the subject. At the outset, ANMI members are proactively and sincerely implementing MPR process from 1st September 2020. However you are aware that there are inordinate delays happening at each level of MPR process with Clearing Corporations, PCM, and Depositories," ANMI said.

    14:45 (IST)03 Sep 2020
    Bharti Airtel stock high conviction ‘buy’: Well placed to meet AGR dues; Vodafone-Idea in tough spot

    Bharti Airtel stock is a high conviction ‘buy’ pick of research and brokerage firm Motilal Oswal Financial Services, given that the Sunil Mittal-company is well-positioned financially to manage payment of pending AGR dues. The Supreme Court verdict on AGR dues payment timeline allowed 10 years for telecom companies such as Vodafone Idea, Bharti Airtel and Tata Teleservices to make payment, instead of the 20-year schedule sought by Department of Telecommunications (DoT) with certain conditions. Market watchers say that SC’s verdict has put Vodafone Idea in a precarious situation.

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    14:02 (IST)03 Sep 2020
    Franklin Templeton’s closed debt funds get Rs 1,498 cr in two weeks; four schemes turn cash positive

    Franklin Templeton Mutual Fund has informed investors that its six debt fund schemes, which were wound up earlier this year, have received Rs 6,486 crore since April 24. Of this, Franklin Templeton said that Rs 1,498 crore has been received in the last two weeks in form of maturities, prepayments and coupon payments. With this, of the six debt fund schemes that Franklin Templeton abruptly wound up in April, four of the schemes have now turned cash positive. The fund house with over two decades of experience in the Indian mutual fund industry, has been under pressure since April when it closed six debt funds citing redemption pressure and lack of liquidity in the bond market.Read full story

    12:50 (IST)03 Sep 2020
    ONGC - Oil price driven recovery following Q1 plunge

    ONGC reported Q1FY21 EBITDAX of INR59bn (down 61% YoY), in line with estimate, driven by 57% plunge in oil realisation, but buffered by 21% fall in opex. Key highlights: i) Overall oil volume sales fell 2.6% YoY primarily due to 21% YoY dip in JV producers; ONGC maintained its production. Gas volumes fell a sharp 15.2% YoY as JV sales halved and covid-19 impacted ONGC’s offtake by 13.6% YoY. ii) Oil realisation fell 57% YoY to USD28.7bbl and gas 37% YoY to USD2.6/mmbtu. Gas realisation is poised to fall further by ~15% from October 1 due to drop in gas prices. iii) Volumes of OVL (overseas subsidiary) fell 10% YoY, but management has guided for stabilisation as crude realisation now exceeds break-even cost of ~USD40/bbl. We expect the company’s INR800bn under-implementation projects to revive gas production from FY20–23 with EBITDA CAGR of 13%. Retain ‘BUY’ with TP of INR100 given its attractive 4.8x FY22E PER.

    ~ Edelweiss Securities

    11:54 (IST)03 Sep 2020
    IndiGo, SpiceJet shares fly as govt increases passenger cap; airlines still far from breaking even

    IndiGo and SpiceJet's share prices surging over 4% on Thursday morning as investors reacted to the increased capacity for domestic airline carriers to 60%. The Government of India’s Civil Aviation Ministry increased the allowed passenger capacity to 60% from the 45% it had permitted in June this year. Shares of IndiGo jumped to trade at Rs 1,304 per share, up from its closing price of Rs 1,248 on the previous day. SpiceJet, the other private listed carrier was trading at a high of Rs 53.7 per share, after having closed at Rs 50 apiece in the previous day. 

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    11:31 (IST)03 Sep 2020
    Rossari Biotech doubles investors’ money, stock rallies 100% from IPO price; 3 things to drive future growth

    Rossari Biotech share price jumped 4.8 per cent to trade at its highest since listing at Rs 857.80 apiece on BSE. The stock made a debut on BSE on July 23, at a listing price of Rs 670 apiece, which was 57 per cent higher from its issue price of Rs 425 per share. With today’s gain, Rossari Biotech share price has more than doubled, rising 101.82 per cent from its issue price. According to the bulk data deals on NSE, Plutus Wealth Management LLP bought 3 lakh equity shares of specialty chemicals maker Rossari Biotech at Rs 773.82 per share.

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    10:43 (IST)03 Sep 2020
    Services activity downturn eases markedly in August

    Latest PMI data indicated a slower rate of decline in business activity across the Indian service sector during August. The ongoing coronavirus pandemic 2019 (COVID-19) restrictions continued to adversely impact client demand and business operations. New business and output continued to contract at marked rates, albeit slower than the records seen in April and May. Restrictions also contributed to a record increase in outstanding business. Meanwhile, sustained revenue losses through the second quarter and increasing cost burdens led companies to raise charges for the first time since March.

    10:34 (IST)03 Sep 2020
    Vodafone Idea share price surges 26% in two days, recovers AGR verdict loss; should you buy or sell?

    Vodafone Idea share price surged 13.52 per cent to Rs 11.25 apiece on BSE as the telecom company is mulling fundraising for payment of adjusted gross revenue (AGR) dues. Also, Vodafone Idea’s board is scheduled to meet on September 4 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. Earlier this week, Vodafone idea shares tumbled 25 per cent after the Supreme Court allowed 10 years for telecom companies to pay their AGR dues, which was five years short of what Vodafone Idea sought.

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    10:19 (IST)03 Sep 2020
    Asian stock markets follow Wall Street

    Asian stock markets rose on Thursday after Wall Street turned in its biggest daily gain since July despite uncertainty about the global outlook. Wall Street’s benchmark S&P 500 index gained 1.5% on Wednesday after a report on hiring that some analyst said might indicate the US job market recovery could be fading. Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus pandemic that has plunged the world into its deepest slump since the 1930s.

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    10:15 (IST)03 Sep 2020
    Sensex, Nifty volatile in opening trade today; RIL, ICICI Bank, Bharti Airtel among top Sensex losers

    Sensex and Nifty started Thursday’s trading session with gains but witnessed heightened volatility that saw them dance between gains and losses. S&P BSE Sensex was up 66 points after the initial half an hour of trade, sitting at 39,153. On the other hand, the 50-stock Nifty managed to sit above the 11,550 mark. Index heavyweights, such as Reliance Industries, ICICI Bank, and Bharti Airtel were all trading with losses. Once again, midcap and smallcap indices on BSE and NSE were trading higher than the benchmark indices. Among sectoral indices, Nifty IT and Nifty auto were the top gainers.

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    09:26 (IST)03 Sep 2020
    Sensex, Nifty open with gains

    Sensex opened over 100 points higher on Thursday morning but soon slipped to trade with marginal gains. Nifty 50 was above the 11,550 mark. Although ICICI Bank and Reliance Industries were trading with losses, the HDFC twins kept the benchmark index in the green.

    09:08 (IST)03 Sep 2020
    Stocks in focus: Coal India, IndusInd Bank, Jindal Steel, LIC Housing Finance, DHFL, Ashok Leyland

    A total of 47 companies including Page Industries, Jubilant Industries, Bilcare, Essar Shipping, IL&FS Engineering, MSTC, Panacea Biotec and Zuari Agro Chemicals, will announce their June quarter earnings today.

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    09:00 (IST)03 Sep 2020
    Bulk and Block deals from Wednesday

    In a Bulk deal on Wednesday, Plutus Wealth Management bought 3 lakh shares of the newly listed Rossari Biotech Ltd. In a Block deal Vanguard Total International Stock Index Fund sold shares of Hindustan Unilever, HDFC, Infosys, Relaince Industries, and TCS to VFTR C Institutional Total International Stock Market Index Trust.

    08:37 (IST)03 Sep 2020
    FII and DII trends from Wednesday

    On Wednesday Foreing Institutional Investors (FII) bought stocks worth Rs 990 crore while Domestic Institutionla Investors (DII) pulled out Rs 657 crore. 

    08:35 (IST)03 Sep 2020
    Technical stock call: Two stocks with near-term upside on charts; check stop loss, target price

    Chartists see potential upside for these two stocks in the next 22 trading session. Technicals indicators show stocks trading above the 20-day SMA and 50-day SMA.

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    08:23 (IST)03 Sep 2020
    Sensex, Nifty to open subdued on Thursday; 5 things to know before the opening bell

    Domestic equity markets benchmarks BSE Sensex and Nifty 50 are likely to see a muted opening on Thursday, after gaining for the two straight days. Market participants will watch Finance Minister Nirmala Sitharaman’s review meeting with heads of banks and NBFCs and Services PMI data for August scheduled for today. Besides, Prime Minister Narendra Modi will address the US-India Strategic Partnership Forum. Meanwhile, India-China tensions, SC’s hearing on loan moratorium extension, corporate earning, stock-specific action, oil prices and rupee trajectory will continue to sway investor sentiment.

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    08:09 (IST)03 Sep 2020
    Brokerages gung-ho on Bharti Airtel stock after AGR verdict, most say ‘Buy’; check upside

    Telecom major Bharti Airtel has maintained its position as a hit favourite post the Supreme Court’s AGR verdict. The stock has been favoured by market participants for its strong position when compared to the weaker Vodafone Idea. After the AGR verdict that gave telecom companies 10 years to pay their dues, Bharti Airtel’s share price has gained over 8%. To add to this, brokerage firms see a massive 27% upside for the telecom giant. Analysts said that in the case of Vodafone Idea succumbing to the price war in the sector and mounting dues, Bharti Airtel will benefit from an increased market share.

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    08:08 (IST)03 Sep 2020
    Sebi eases disclosure requirements on shares encumbered for margin obligations

    Sebi on Wednesday said entities will not be required to make disclosures about shares encumbered with trading and clearing members by way of pledge or re-pledge in the depository system as part of improving the ease of doing business. The decision has been taken after receiving representations from market participants, Securities and Exchange Board of India (Sebi) said in a circular.

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    08:07 (IST)03 Sep 2020
    A look at this week's trading so far

    “Broader markets witnessed a significant correction towards 11300 this week; this was led by a partial recovery towards 11500-11550. We believe the downside for the current series is limited and suggest  buying into any meaningful  correction. Support on the downside is seen at 11174 levels while 11700-11800 can be tested in the near term. Auto. Metal, Infra stocks can be accumulated with action expected to continue in the midcap space as well," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.

    08:06 (IST)03 Sep 2020
    Meet with banks, NBFCs: Loan recast, NBFC liquidity to top FM Sitharaman’s agenda

    Finance minister Nirmala Sitharaman will focus on the implementation of a one-time loan restructuring programme proposed by the Reserve Bank of India (RBI) and review the progress of a Rs 3-lakh-crore credit guarantee scheme for small and medium businesses and liquidity-enhancing steps for non-banking financial companies (NBFCs) when she meets top executives of banks and shadow lenders on Thursday.

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