Market Highlights: Sensex ends up 400 points from day’s low, Nifty settles at 10,786; Bajaj Finance shares jump 7.7%

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Updated: July 7, 2020 4:30:08 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Among sectoral indices, Nifty Private bank gained 2.37% while Nifty IT jumped 1.8%.

Share Market Today, Share Market LiveDomestic equity markets are now sitting at levels last seen in the initial week of March, just when the benchmark indices were beginning to tank.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices Sensex and Nifty after having slipped into the red climbed back into the positive territory and ended the day with gains. S&P BSE Sensex ended 187 points or 051% higher at 36,674 points, while Nifty 50 settled just below the 10,800 mark. Bajaj Finance shares gained the most, up 7.8%, followed by IndusInd Bank and Bajaj Finserv. On the other end of the table, NTPC was down 2.7%, followed by ITC, PowerGrid, Tata Steel, among others. Nifty Private Bank gained the most among sectoral indices, surging 2.4% followed by Nifty IT, up 1.85%. Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Media were among the other sectoral indices to end the day with gains.

While global macro conditions continue to improve, the Ministry of Finance has asserted that “green shoots” have started to emerge in the domestic economy. In its monthly macroeconomic report, the ministry highlighted that total digital retail financial transactions via NPCI platforms rose sharply from Rs 6.71 lakh crore in April to Rs 9.65 lakh crore in May, a sign of revival in economic activity. The report also highlighted the jump in consumption in petroleum products and the increase in the total value of e-way bills.

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Highlights

    16:29 (IST)07 Jul 2020
    Sensex, Nifty snub bears, continue rallying for fifth day; key highlights from stock markets today

    Sensex, Nifty continued to rise up for the fifth-day straight on Tuesday. The bulls were seen ruling Dalal Street in the dying hours of trade as the benchmark indices climbed out of the negative territory to inch up and add to their gains from previous trading sessions. S&P BSE Sensex ended 197 points or 0.51% higher at 36,674  while the 50-stock Nifty was just shy of the 10,800 mark. “We went closer to the support level of 10,650 by touching an intraday low of 10,690 and sprung back to cross 10800. For the upside momentum to continue we would need to go past 10,850 which should take us to 11,000. If we are unable to cross 10,850, we might witness a range-bound movement between 10,650 and 10,850,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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    15:58 (IST)07 Jul 2020
    Benchmark indices were volatile in trading today

    Benchmark indices were volatile in trading today, after swinging from losses to end the day flat, with a positive bias. This was in spite of negative global cues, due to renewed uncertainty regarding economic recovery and delay in complete opening up of economies from lockdowns. These uncertainties regarding sustainability of the market rally was visible in the Indian markets also, but were offset by gains in IT and Financials Index. Any impact seen on momentum, which has been driving the market along with liquidity, can lead to nervousness in the markets and investors are advised to watch out for the same: Vinod Nair, Head of Research at Geojit Financial Services

    15:57 (IST)07 Jul 2020
    Nifty traded in a range today with an upward bias

    The Nifty traded in a range today with an upward bias. We went closer to the support level of 10650 by touching an intraday low of 10690 and sprung back to cross 10800. For the upside momentum to continue we would need to go past 10850 which should take us to 11000. If we are unable to cross 10850, we might witness a rangebound movement between 10650 and 10850: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:56 (IST)07 Jul 2020
    Bulls were in complete control today

    Bulls were in complete control as evident in the breadth of the market with Financials leading the charge. A good Monsoon also cheered a host of companies in Auto Parts and Farm Equipment as a feel-good factor returned with more participation seen from Investors: S Ranganathan, Head of Research at LKP Securities

    15:55 (IST)07 Jul 2020
    Closing bell: Sensex, Nifty end with gains

    S&P BSE Sensex ended 187 points or 0.51% higher at 36,674 points, while Nifty 50 settled just below the 10,800 mark.

    15:43 (IST)07 Jul 2020
    Pharma earnings to reflect full COVID-19 impact in Apr-Jun quarter; 4 pharma stocks to gain up to 16%

    On the back of coronavirus-induced lockdown, decline in elective surgeries, fall in injectable sales, drop in patients visiting physicians, the pharma sector is likely to report weakness in April-June quarter earnings of the current fiscal. The Nifty Pharma index skyrocketed 42 per cent in the June quarter of the current fiscal as compared to a 10.8 per cent fall in the March quarter of the previous financial year.

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    15:24 (IST)07 Jul 2020
    Bajaj Finance | ARA – Agility, excellence put to test; can it navigate better?

    Bajaj Finance’s (BFL) quarterly disclosures are quite extensive and informative. Our sneak peek into its annual report is, therefore, focused on assessing a few specific parameters, namely: 1) intensity of mining credit-tested customer franchise (of 42.6mn); 2) product penetration and portfolio diversification; 3) technology orientation (spends at 30-35bps of AUM); 4) cost levers available to self-balance expenses with volume movement; 5) evolving profile of fee income; 6) focus on liquidity management and balance sheet protection. Company’s agility and excellence will be put to test amidst Covid dislocation. However, can it navigate better given: i) granularity (>100k points of sale across ~2,400 locations), ii) de-risked portfolio, iii) strong risk management (3% credit cost on 12-13% NIM profile), iv) cost consciousness (3-4% opex, 33-35% cost to NII), and v) capital preservation (tier-1 at 21%, leverage 5x). The stock trades at ~35x FY20 earnings and 5.7x FY20 book.~ ICICI Securities

    14:43 (IST)07 Jul 2020
    Buy Avenue Supermarts | Target price: Rs 2,735 ~ Angel Broking

    Avenue Supermarts owns and operates the supermarket chain ‘D-MART’. Focused on value retailing, it offers a wide range of fast-moving consumer (food and non-food) products, general merchandise and apparel.We expect DMART to report consolidated revenue/PAT CAGR of 18%/26%, respectively over FY2019-22E

    ~ Angel Broking.

    14:20 (IST)07 Jul 2020
    Sensex gains 100 points, Nifty nears 10,800

    BSE Sensex was trading at 36,588.87, up 101.59 or 0.28 per cent, while the broader Nifty 50 index was ruling at 10,782.80, up 19.15 points or 0.18 per cent in late afternoon deals.

    Check live Sensex, Nifty levels

    14:11 (IST)07 Jul 2020
    VC firm Sequoia looks to back world-beating startups in India, SEA; launches $1.35 billion mega fund

    One of India’s most prolific venture capital fund Sequoia India has secured a commitment of $1.35 billion for two new India and Southeast Asia focused funds. The two funds — $525 million venture fund and $825 million growth fund will invest in startups across the region, Sequoia Capital’s managing director Shailendra J Singh announced in a LinkedIn post. “The combined GDP of India and SEA is expected to cross $14 trillion and the number of mobile internet users will likely cross 1.5 billion by 2030.

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    13:51 (IST)07 Jul 2020
    Bank stocks catch the flu; earnings take a hit in March quarter ~ HDFC Securities

    4QFY20 earnings were below estimates for most of our coverage banks on account of high COVID-19 related provisions. Credit growth slowed for our coverage banks. On the funding side, deposit polarisation was evident as larger banks fared significantly better. The slight asset quality improvement seen was optical because of the standstill classification benefit. Our broad thesis- large banks, with strong, granular liability franchises, reasonable asset quality performance and sufficient capital will fare better as the sector is likely to see increased polarisation (refer our report ‘Double Whammy for Some’)- remains unchanged and has in fact been fortified. Asset quality trends will become more evident in 2H as the moratorium ends. Larger banks fare well even under our worst case scenarios (refer our report ‘Down Cycle Stress Testing’). We maintain BUY on ICICI (SoTP of Rs 442) and AXSB (SoTP of Rs 541) amongst the large private banks. Amongst the mid-tier banks, we prefer CUBK (TP of Rs 164).

    ~ HDFC Securities

    13:13 (IST)07 Jul 2020
    HDFC Life to replace Vedanta in Nifty 50; index funds, ETFs may buy Rs 1,000 cr HDFC Life shares

    With Anil Agarwal-led Vedanta getting a go-ahead from shareholders to take the company private, an ‘out of turn’ change in the benchmark Nifty 50 has been made. The index will see Vedanta’s exit, and the mining major will be replaced by HDFC Life at the end of this month. While the exit of Vedanta will rejig the Nifty 50 index, the index funds and ETFs that mirror the benchmark will also have to make the necessary changes. This, according to experts, could initiate inflow of funds worth somewhere between Rs 820 crore to Rs 1,000 crore into HDFC Life.

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    12:41 (IST)07 Jul 2020
    4-step guide for wealth creation in stock market: Learn how to find quality stocks

    Investing in equities has always been a tricky business for an average investor. We often find ourselves at a loss as to how to pick the right stock. What approach is the best one? The fear of missing out on returns in a bull cycle and loss in a bear market is topmost on everyone’s mind. Actually, it’s much simpler than what most people believe – to create significant wealth using equities as an asset class, one needs to do four fairly simple things

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    12:12 (IST)07 Jul 2020
    Bandhan Bank share price rallies 148% since March; stock jumps 5.6% today as loans grow 18%

    Bandhan Bank share price gained 5.6 per cent to hit day’s high of Rs 376.75 apiece on BSE a day after the lender reported an increase in its loans and advances in the first quarter this fiscal. Bandhan Bank stock price has rallied 148 per cent from March lows, taking the total market capitalisation of the bank to Rs 58,855.71 crore. Bandhan Bank registered an 18 per cent on-year rise in loans and advances as compared to Rs 63,164 crore for the corresponding period of preceding fiscal.

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    12:07 (IST)07 Jul 2020
    Shriram Transport Finance rights issue of Rs 1,500 cr gets nod; check price, discount, ratio, details

    Shriram Transport Finance has approved raising up to Rs 1,500 crore via a rights issue of equity shares, weeks after S&P Global cut the non-banking finance company’s credit rating to ‘BB-’. The move comes despite Shriram Transport’s reassurance that its liquidity position remains comfortable. The issue price for the rights issue has been fixed at Rs 570 per fully paid-up rights equity share; this includes a premium of Rs 560 over the face value. The issue price is at a significant discount to Monday’s closing price of Rs 697.50 per share.

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    11:19 (IST)07 Jul 2020
    Buy GAIL | target Price Rs 119 ~ Geojit Financial Services

    GAIL India’s Q4FY20 standalone revenue declined 5.4% YoY to Rs. 17,755cr, impacted by weaker pricing and nationwide lockdown. EBITDA rose 47.0% YoY to Rs. 2,475cr, along with expansion of EBITDA margin by 497bps YoY to 13.9%. EBITDA growth was majorly driven by lower operating costs. Reported PAT grew 168.9% YoY to Rs. 3,018cr, further helped by deferred tax reversal of Rs. 1,588cr. We expect commodity price and economy revival post lockdown to pick up along with the withdrawal of claim by DoT. Given current upside potential, we upgrade our rating to BUY on the stock with a revised target price of Rs. 119 based on SOTP valuation.

    ~ Geojit Financial Services

    11:12 (IST)07 Jul 2020
    Business activity falls again, for first time after opening up; Nomura, Google data, jobs report show this

    Business activity in the country fell during the week that ended 5th July, dropping for the first time since May when the government eased restrictions on business operations. “Activity has recovered from the lows of around 45 at end-April and rose sharply from May until mid-June, but the pace of increase has slowed since. This is the first time the index has fallen in the post-lockdown phase (since May) on a week-on-week basis,” The Nomura Business resumption Index (NIBRI) said in a report on Monday.

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    10:39 (IST)07 Jul 2020
    Gold prices inched higher hovering near an eight-year high

    Gold prices inched higher hovering near an eight-year high, as concerns over surging coronavirus cases around the world kept bullion's safety demand elevated. Although, the resurgence in coronavirus cases that has forced some restaurants and bars to close again threatens the emerging recovery. Apart from positive economic data, easing in the border tensions between India & China has reduced some tensions in the market. Broader trend on COMEX could be in the range of $1755- 1805 and on domestic front prices could hover in the range of Rs 48,030-48,550: Navneet Damani, VP-Motilal Oswal

    10:36 (IST)07 Jul 2020
    TCS share price hits all-time high after JP Morgan Funds buys stake; should you buy too now?

    Tata Consultancy Services (TCS) share price hit a fresh all-time high of Rs 2,301.85 apiece on BSE, a day after JP Morgan Funds bought TCS shares worth nearly Rs 247 crore through an open market transaction. TCS shares opened at Rs 2,269 and rose 1.7 per cent to touch a new 52-week high today, taking the market capitalisation to Rs 8,57,176 crore. TCS share price has rallied 10 per cent in just five trading sessions.

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    10:22 (IST)07 Jul 2020
    Sensex, Nifty surge, extending rally to fifth day; here's what is moving stock markets today

    Continuing their upward trajectory, domestic benchmark indices, opened in the green on Tuesday morning. While S&P BSE Sensex opened 173 points higher it soon gave up gains but stayed in the green. The 50-stock Nifty was above the 10,760 mark. “The markets have had a soft opening this morning. We need to keep a watch for the 10650-10750 levels - that range must hold for the Nifty to remain bullish. If we break 10650 on a closing basis, it could derail the trend in the short term. On the upside, we could expect a new target of 11000 should the 10650 level hold,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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    09:49 (IST)07 Jul 2020
    New rules for foreign students in the US, ICE asks them to leave if classes go online

    International students will be forced to leave the US or transfer to another college if their schools offer classes entirely online this fall, under new guidelines issued Monday by federal immigration authorities. The guidelines, issued by US Immigration and Customs Enforcement, provide additional pressure for universities to reopen even amid growing concerns about the recent spread of COVID-19 among young adults.

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    09:47 (IST)07 Jul 2020
    Inflows related to foreign investors' buying a strategic stake in Reliance Jio are likely to continue

    Inflows related to foreign investors' buying a strategic stake in Reliance Jio are likely to continue. However, yesterday's price action in USDINR seemed to suggest that the central bank absorbed a large part of the inflows and sterilized liquidity by paying forward I.e. doing a S-B swap. We saw forwards spike by around 4p in 6-12m tenors. Rupee is likely to open around 74.65 and trade 74.40-74.80 with a downside bias. Chinese equities saw a massive rally yesterday, with Shanghai composite gaining 6%. It has risen 15% in last 6 sessions as incidence of Coronavirus there seems to easing. There has been a massive pick up in foreign inflows: Abhishek Goenka, Founder and CEO, IFA Global

    09:42 (IST)07 Jul 2020
    MCX gold edged higher on Tuesday

    MCX gold edged higher on Tuesday morning, in tandem with Comex gold which is hovering near an eight-year high, as concerns over surging coronavirus cases around the world kept bullion's safety demand elevated. More than 11.5 million people have been reported to be infected by the coronavirus and the number is rising only. US is non-manufacturing PMI and service industry activity has rebounded sharply but safe-haven investment demand has continued to support the yellow metal. In intraday today also, we expect the sentiment to be bullish in the bullion space: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    09:23 (IST)07 Jul 2020
    Sensex opens in the green but gives up gains, Nifty above 10,750 level

    Domestic benchmark indices opened in the green on Tuesday but gave up gains soon. Bajaj Finance and Bajaj Auto were the top gainers on BSE Sensex while all sectoral indices were seen slipping into the red.

    09:01 (IST)07 Jul 2020
    Stocks in focus: TCS, PNB, HUL, Emami, PVR, Shriram Transport Finance, Manappuram Finance

    GKB Ophthalmics, Bazel International, Shree Renuka Sugars, Best Agrolife, Best Eastern Hotels, Bhanderi Infracon, Indian Acrylics, Marg Techno Projects, Polymac Thermoformers are among 24 companies that are scheduled to announce their March quarter earnings today.

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    08:52 (IST)07 Jul 2020
    Covid to push share of stressed debt to 18.2% from 11.6%: India Ratings

    The impact of Covid-19 and the associated policy response is likely to result in an additional Rs 1.67 lakh crore of debt from the top 500 debt-heavy private sector borrowers turning delinquent between FY21 and FY22, India Ratings and Research said in a report on Monday, adding that this could take the proportion of stressed debt to 18.21% of the outstanding quantum from 11.57% at present.

    08:44 (IST)07 Jul 2020
    Work from home pushes Bharti Airtel, Reliance Jio to now battle it out in video conferencing domain

    After Reliance Jio entered the video conferencing space with JioMeet, Bharti Airtel is also planning to launch its platform soon, which will work across mobile and desktops. According to sources privy to the details, the product will be more differentiated from existing offerings like Zoom, Microsoft Teams and Google Hangout. “Airtel is focusing on high levels of security as the USP of the product given the growing debate around cyber security as people work from home. The tool will work across mobile and desktops and will use the latest AES 256 encryption and multiple layers of authentication,” said a person associated with the development.

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    08:31 (IST)07 Jul 2020
    Sensex, Nifty stare at gap-down opening on Tuesday; top factors that will guide markets today

    Extending the rally from previous sessions, domestic equity market benchmarks BSE Sensex and Nifty 50 continued their upward march to close at fourth-month highs. Sensex gained 465.86 points or 1.29 per cent to close at 36,847.28 whereas, the 50-share index Nifty was up by 156.3 points or 1.47 per cent to close at 10,763.65. Besides, initial signs of ease in tensions between India and China boosted investor sentiment.

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    08:22 (IST)07 Jul 2020
    JP Morgan Funds buys TCS shares worth Rs 247 crore

    JP Morgan Funds on Monday bought Tata Consultancy Services (TCS) shares worth nearly Rs 247 crore through open market transaction. The block deal data on BSE showed that JP Morgan Funds bought over 11.23 lakh shares of TCS at an average price of Rs 2,199 apiece, and the total deal value stood at Rs 246.98 crore.

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    08:12 (IST)07 Jul 2020
    March quarter earnings wrap ~ ICICI Securities

     March quarter (Q4FY20) results were muted given nationwide restriction on movement of goods amid the outbreak of Covid-19 and given its concurrence with the crucial last week of the quarter as well as financial year. At the index level, on the topline front, ex-financials, the Nifty witnessed a topline decline of 6.4% YoY while operating margins came off by 200 bps QoQ to 14% in Q4FY20. Operating margin decline amid gross margin expansion was largely tracking perils of negative operating leverage. Raw material costs for Q4FY20 declined ~250 bps QoQ to 49% while other expenses increased ~400 bps QoQ to 25.5%. Consequent operating profit decline was to the tune of 15.4% YoY. This coupled with increase in interest and depreciation charge amid lower effective tax rate led to >20% YoY decline at the adjusted PAT level for Q4FY20. However, PAT for Q4FY20 was subject to a lot of adjustment (impairments, tax reversals, forex losses). Blended tax rate in Q4FY20 was at 18.2% vs. 23.7% in Q4FY19, tracking reinstatement of DTL/DTA due to change in corporate tax regime during the fiscal year

    08:11 (IST)07 Jul 2020
    Finance Ministry says Green shoots in economy visible, lists indicators that show revival

    The finance ministry has asserted that “green shoots” have started to emerge in the economy, even as it acknowledges that the International Monetary Fund has pegged India’s FY21 growth at minus 4.5%. Highlighting several data points in its monthly macro-economic report to buttress its assumption of a nascent recovery, the department of economic affairs has said total digital retail financial transactions via NPCI platforms rose sharply from Rs 6.71 lakh crore in April to Rs 9.65 lakh crore in May. Consumption of petroleum products jumped 47% from 99.37 lakh tonnes in April to 146.46 lakh tonnes in May. Kharif sowing climbed 104.3% year on year, with Rabi procurement in full flow with respect to oilseeds, pulses and wheat due to a bumper harvest.

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