Share Market Highlights: Sensex ends 740 points down from day’s high, Nifty settles below 9,250; ICICI Bank slips 5%

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Updated: May 11, 2020 6:44:18 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: As many as 15 stocks out of 30 Sensex stocks finished their trade in negative territory. ICICI Bank was the top Sensex loser, followed by Kotak Mahindra Bank, Hindustan Unilever, State Bank of India (SBI) and Tech Mahindra

Share Market Today, Share Market LiveThe Nifty Auto index advanced 4.26 per cent led by gains in Hero MotoCorp, TVS Motor and Tata Motors.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index failed to hold on the morning gains and slipped in red on Monday. The 30-share index Sensex ended at 31,561.22, down 81.48 points or 0.26 per cent. While the broader Nifty 50 index breached the crucial 9,250-mark, to settle at 9,239, down 12 points. ICICI Bank, HDFC Bank, HDFC, Kotak Mahindra Bank, HUL and Nestle India were among top contributors towards today’s fall. As many as 15 stocks out of 30 Sensex stocks finished their trade in negative territory. ICICI Bank was the top Sensex loser, followed by Kotak Mahindra Bank, Hindustan Unilever, State Bank of India (SBI) and Tech Mahindra. On the flip side, Hero MotoCorp was the top Sensex gainer with a growth of 6.15 per cent. Bajaj-Auto, Maruti Suzuki, TCS and HCL Tech were among other gainers on the pack. Sectoral indices traded mixed on Monday. Nifty Bank index fell 2.08 per cent or 402 points weighed by ICICI Bank, Kotak Mahindra Bank and RBL Bank. The Nifty Auto index advanced 4.26 per cent led by gains in Hero MotoCorp, TVS Motor and Tata Motors.

Finance Minister Nirmala Sitharaman’s discussion with PSU banks’ chiefs, which was supposed to take place today, has been postponed for later this week. Speculations were that FM Sitharaman was about to review issues such as credit flow to key sectors like MSMEs and NBFCs, rate transmission to borrowers, and progress under the targeted long-term repo operations (TLTRO) before the second fiscal stimulus package is released.

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    15:26 (IST)11 May 2020
    Mahindra Holidays and Resorts India surges 20%

    Mahindra Holidays and Resorts India share price locked in 20% upper circuit at Rs 150.90 apiece in Monday's volatile session. The stock hit day's low of Rs 124.55.

    Check live prices: Mahindra Holidays and Resorts India

    15:22 (IST)11 May 2020
    Rupee will keep basing between 75-76 for some sessions

    Rupee extends losses during trades on Monday on likely buying by oil importers, A lot of buying in USD by oil importers. Bond yields are up and government borrowing has almost being doubled. It is expected the Rupee will keep basing between 75-76 for some sessions: Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities

    15:15 (IST)11 May 2020
    ICICI Securities on MSCI Index rejig

    Tata Consumer Products FMCG; Biocon Ltd Pharma; Indraprastha Gas Ltd Oil&Gas; Torrent Pharma could likely be included in MSCI indices in the forthcoming reviews. On the other hand ICICI Securities has said that Tata Power and M&M Finance could be excluded from the index.

    15:11 (IST)11 May 2020
    All you need to do to restart your industry amid coronavirus; checklist of fresh MHA guidelines

    Days after the Vizag gas tragedy, the government has issued guidelines for reopening of industries amid coronavirus, with the safety of workers being at the core of these fresh guidelines. The NDMA, under the aegis of the Ministry of Home Affairs, has issued generic guidelines pertaining to storage of products, raw material, for workers and for manufacturing processes. “Consider the first week as the trial or test run period,” the government asked of state governments and industries when restarting a unit.

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    15:01 (IST)11 May 2020
    Nifty Auto index top sectoral gainer

    The nifty Auto index gained 2.34 per cent led by Motherson Sumi, Tata Motors and Bharat Forge. Similarly, Nifty FMCG index was up 1.13 per cent or 303 points with Tata Consumer, Emami and Godrej Consumer Properties as top index gainers.

    14:50 (IST)11 May 2020
    ICICI Bank drops 5%, Bajaj Finace gains 6.6%

    ICICI Bank was the top Sensex loser, down 5%, followed by IndusInd Bank, HDFC, Kotak Mahindra Bank, Tech Mahindra and HUL. While Bajaj Finance was top Sensex gainer, up 6.6%. Maruti Suzuki, Hero MotoCorp, HCL Tech and TCS were among other gainers on the pack.

    Check live prices: ICICI Bank

    14:42 (IST)11 May 2020
    Brokerage view on alcoholic beverages

    We believe the home delivery of alcohol, as is being proposed by several states, is unlikely to create any large positive impact in the interim given the logistical, social distancing, and legal challenges that need to be addressed. The COVID-19 pandemic has caused the convergence of unforeseen and unprecedented events in FY21, which is likely to sharply impact the earnings of alcoholic beverages companies for the year. We change long-standing preference for UBBL over UNSP by downgrading the former to Neutral from Buy and upgrading UNSP to Buy from Neutral: Motilal Oswal

    14:36 (IST)11 May 2020
    Bonds drop by most since 2017 on Modi’s new borrowing

    Benchmark sovereign bonds in India tumbled by the most in more than three years after Prime Minister Narendra Modi’s government increased borrowing by more than half to cover revenue lost due to the virus-induced slowdown. The yield on 10-year bonds climbed 22 basis points, the biggest increase since February 2017, to 6.19%. The administration late Friday said it will borrow 12 trillion rupees ($159 billion) for the fiscal year started April 1, up from the budgeted 7.8 trillion rupees.

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    14:18 (IST)11 May 2020
    Sensex, Nifty fall further, trade at day's low

    Sensex was trading at 31,754.79, up 112.09 or 0.35 per cent, while Nifty 50 was ruling at 9,289.05, down 37.55 points or 0.41 per cent.

    Check live Sensex, Nifty levels

    13:52 (IST)11 May 2020
    Bharti Airtel loses active subscriber base

    While the Telecom industry added 3.8m active subscribers, Bharti surprisingly lost 1.7m subscribers, which may be attributed to SIM consolidation post the price hike taken in Dec’19. Despite the loss in its active subscriber base, Bharti has been able to maintain its top position in the active subscriber base market with 31.7% share (-30bp MoM), followed by RJio with 31.4% share, and VIL with 30.1% share. With 0.9m gross subscriber additions witnessed in Jan’20, Bharti’s gross subscriber base has reached 328m, with the company maintaining its market share of 28.4%. Furthermore, Bharti remained in the third spot (slightly behind VIL) in terms of gross subscriber market share. Motilal Oswal

    13:50 (IST)11 May 2020
    Brokerage view on Telecom sector

    Bharti/RJio added 4.4m/6.6m MBB subscribers (v/s 0.5m/0.1m in Dec’19), while VIL lost 0.5m (v/s 1.4m in Dec’19), indicating both Bharti and RJio continued their previous trend of MBB subscriber adds. Bharti/RJio’s MBB subscriber market share improved 30bp/10bp MoM to 22.3%/59.1%, whereas that of VIL further declined to 18.5% (-40bp MoM). Of the 6.6m MBB adds by RJio, we believe a higher proportion would be for Jiophone; thus, excluding Jiophone, Bharti would lead in MBB adds: Motilal Oswal

    13:47 (IST)11 May 2020
    Labour law reform, or window for exploitation? Debate heats up after UP, others shed labour laws

    With various Indian states relaxing labour laws to a great extent, especially Uttar Pradesh getting rid of almost all labour laws for the next three years, a deeper concern has begun to float: Who is going to get benefited from this? While many industry bodies have appreciated the state governments’ move by calling it a long-pending reform, think tanks are also stating it as an enabling environment for exploitation.

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    13:23 (IST)11 May 2020
    FTSE defers India indices rejig but MSCI may do it this week, these stocks may benefit

    After inviting feedback from index users, FTSE Russell on Friday announced the decision to defer the implementation of the proposed changes to the investability weightage of its Indian constituents. In a statement, FTSE said, “In light of the current market conditions and with India continuing to be in lockdown due to the Covid-19 pandemic which adds to the uncertainty leading into the June 2020 FTSE GEIS quarterly review, FTSE Russell proposes to delay implementation and provide an update by 30 June 2020.” It was expected that the change in India’s weightage would attract foreign investors, resulting in healthy inflows to the Indian equity markets.

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    13:13 (IST)11 May 2020
    Saudi Arabia triples taxes, cuts $26 billion in costs amid coronavirus pandemic

    Saudi Arabia announced Monday it was tripling taxes on basic goods, raising them to 15%, and cutting spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy. Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country’s finance minister.

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    13:08 (IST)11 May 2020
    Govt has to come out with clear credit guarantee schemes to nudge banks to lend more

    Even though the RBI has been very proactive with big cuts in policy rates and LTROs, it is very evident that monetary transmission is very weak. The banks cannot be faulted beyond a point because they have to protect the interests of their depositors. Also, the consequences of aggressive lending post the Global Financial Crisis of 2008 will be weighing on their lending decisions. The ball is now in the government's court. The government has to come out with some clear credit guarantee schemes to nudge the banks to lend more: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    13:05 (IST)11 May 2020
    Brokerage view on ICICI Bank

    Nearly 30% of borrowers (by value) availed of the moratorium as at Apr-20. Like its peers did, ICICIBC offered this facility on an ‘opt-in’ basis to corp and SME borrowers and on an ‘opt-out’ basis to retail borrowers. Consequently, retail segments (CV, rural and 2w) saw a higher proportion of borrowers availing of the moratorium. The standstill classification of a/cs had an 18bps impact on GNPLs. ICICI Bank remains our preferred. Maintain BUY (TP of Rs 442): HDFC Securities

    13:02 (IST)11 May 2020
    Brokerage view on Shree Cement

    We retain Reduce rating on Shree Cement with SOTP based TP of Rs 17,900 (SOTP based: Cement/power businesses at 15/5x FY22E EBITDA, and its UAE subsidiary at 1x BV). Despite ascribing premium valuation, for its superior cost leadership and profitability margin and strong capex management, the stock price offers no upside: HDFC Securities

    12:30 (IST)11 May 2020
    Gold prices fall today; analysts stay bullish on gold as recession fears increase safe-haven demand

    Gold prices fell on Monday as reopening of business activities to revive the economy battered by fast-spreading coronavirus dented investor sentiment. On MCX, June gold futures were down 0.10 per cent or Rs 46 to Rs 45,766 per 10 gram. Silver July futures, however, inched 0.43 per cent or Rs 187 higher to Rs 43,480 per kg. Gold prices hit a day’s high of Rs 45,838 per 10 grams whereas silver touched an intraday high of Rs 43,634 per Kg.

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    12:08 (IST)11 May 2020
    Brokerage view on Lupin

    We upgrade Lupin to ‘Buy’ (earlier Reduce) with TP of Rs978 (earlier Rs685). We assigned 24x PE (earlier 22x) on FY22E due to better earnings visibility from the US market led by easing of regulatory issues. We increase our EE by 31% for FY21E-22E led by US revenue growth of 10-15% constant currency (earlier 5-7%) and EBITDA margin expansion of 200bps due to savings from remediation cost and change in business mix. We believe regulatory resolution would allow LPC to make a strong comeback in the US market: Prabhudas Lilladher

    11:56 (IST)11 May 2020
    Nifty recorded gains of 15% in April

    After 3 months of negative return, Nifty recorded gains of 15% in April to close at 9,860 - its best monthly gain in last 11 years (since May'09). Equity markets globally recovered in April from their March lows on back of unprecedented stimulus, possible breakthrough in finding Covid-19 vaccine and earlier than expected lifting of lockdowns across geographies. Indian markets too gained in tandem with Nifty50 recovering almost 30% from its recent low of 7511 in March: Motilal Oswal

    11:49 (IST)11 May 2020
    IRCTC shares up 5% as train reservation booking set to open; stock price more than doubles in less than a year

    IRCTC share price jumped 5 per cent to hit the upper circuit at Rs 1,302.85 apiece on BSE in Monday’s trade as the Ministry of Railways announced that Indian Railways will gradually resume operations of passenger trains from May 12. IRCTC shares touched an all-time high of Rs 1,995 in the second month of the calendar year 2020. Since then, IRCTC shares slumped a whopping 35 per cent as compared to a 27 per cent fall in the BSE Sensex.

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    11:31 (IST)11 May 2020
    Reliance Industries rights issue record date; you can get more RIL stocks if you invest before this date

    Reliance Industries has fixed May 14 as the record date for the purpose of determining the eligible equity shareholders to receive the rights entitlement in the biggest ever rights issue to enter the Indian equity markets. The Rs 53,125 crore issue that Mukesh Ambani’s RIL has planned will help India’s most valuable company cut its net debt to the targeted zero, along with various deals that the oil-to-telecom conglomerate has been bagging in the recent weeks. Experts however suggest investors to meticulously think about the investment goals before investing in the stock now. After the initial hour of trade on Monday, RIL share price was hovering just below the Rs 1,600 per share mark.

    Read full story

    11:28 (IST)11 May 2020
    FM Sitharaman’s meet with PSU banks postponed; second fiscal stimulus package hangs mid-air

    Finance Minister Nirmala Sitharaman’s discussion with PSU banks’ chiefs, which was supposed to take place today, has been postponed for later this week. Speculations were that FM Sitharaman was about to review issues such as credit flow to key sectors like MSMEs and NBFCs, rate transmission to borrowers, and progress under the targeted long-term repo operations (TLTRO) before the second fiscal stimulus package is released.

    Read full story

    11:02 (IST)11 May 2020
    Agriculture only sector in India that can absorb coronavirus shock; but, some reforms won’t hurt

    With India being under a lockdown for over a month now, several sectors are now staring at massive revenue losses and even degrowth. However, there is one sector which can absorb the shock of the coronavirus and deliver respectable growth. As a majority of Indian industries and sectors are now feared to plummet into negative territory, agriculture may be the only one to register growth this year, Ashok Gulati, Infosys Chair Professor for Agriculture at ICRIER, wrote in The Indian Express.

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    10:50 (IST)11 May 2020
    Nifty Auto top sectoral gainer, up over 3%

    Barring Nifty Pharma and Nifty PSU Bank indices, all the sectoral indices were trading in positive territory. Nifty Auto index jumped 2.68 per cent led by Motherson Sumi Systems which gained over 7 per cent. It was followed by Tata Motors and TVS Motors, up 5 per cent and 4.23 per cent, respectively. NIfty IT index also jumped over 2 per cent.

    10:27 (IST)11 May 2020
    FM Nirmala Sitharaman's meet with PSB chief postponed

    Finance Minister’s meeting with banks due today afternoon, postponed to later this week, CNBC TV18 reported

    10:23 (IST)11 May 2020
    Sensex, Nifty gain nearly 2% on firm global cues; these factors driving markets higher today

    In line with Asian peers’ performance headline indices, BSE Sensex and Nifty 50 advanced nearly 2 per cent in Monday’s trade lifted by autos and financial stocks. The 30-share Sensex soared over 650 points to hit day’s high of 32,302. The broader Nifty 50 jumped nearly 200 points and touched 9,440 in today’s trade.

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    10:21 (IST)11 May 2020
    Buy Shree Cement Target Price Rs 2,000 : JM Financial

    Shree Cement (Shree)’s core operations reported in-line numbers for 4QFY20. Overall revenue fell 2%YoY on the 5% drop in volumes, due to the COVID-19 linked shutdown in 4Q. With the equity fundraise of INR 24bn, Shree has turned net cash positive, with INR 41bn in cash and liquid investments, and remains our top pick in the sector. With its market leadership in North India, cash-positive balance sheet, leanest cost structure among peers and soon-to-be commissioned capacities, we believe it is best placed to survive and thrive in the current uncertain environment. We value Shree’s operations at 15x EVE (10-year median multiple), as we expect it to generate healthy RoICs (20% ) going forward. We maintain BUY with a target price of INR 20,000.- JM Financial

    10:16 (IST)11 May 2020
    inflows in equity to prevent any sharp depreciation in the rupee in the near term

    On the back of positive sentiments, if inflows in the equity continue to pour, it will prevent any sharp depreciation in the rupee in the near term. Moreover, the pair has formed its near term range within 74.85-75.85 levels. If this range is broken, it can add a 50-80 paisa momentum in the pair. For the first time in 2 months, FPI’s invested about $ 2.2 billion in the Indian equity on Friday: Amit Pabari, managing director, CR Forex Advisors

    09:45 (IST)11 May 2020
    Reliance Industries market cap hits Rs 10 lakh crore

    Reliance Industries market capitalisation hit Rs 10 lakh crore again on Monday after the share price jumped 3 per cent to trade at Rs 1,608 apiece on BSE. At 9.44 AM, RIL m-cap stood at Rs 10,19,534.55.

    Check live prices: RIL

    09:44 (IST)11 May 2020
    Buy Bharti Airtel; Target price Rs 594 : Angel Broking

    Telecom operators have increased tariffs by ~35% in November 2019. There is a possibility of another round of tariff hikes by telecom companies in FY21 given that tariffs are still very low . If Vodafone Idea goes out of business, Bharti would benefit significantly from addition of subscribers.

    - Angel Broking

    09:41 (IST)11 May 2020
    Positive outlook for gold

    Gold held above the key $1,700 per ounce level as a new wave of coronavirus infections in some countries kept the safe-haven metal underpinned, despite firmer equities and a stronger dollar. However, strength in rupee has put pressure on the MCX gold. South Korea warned of a second wave of the new coronavirus on Sunday, while new infections were accelerating again in Germany just days after its leaders loosened social restrictions. In the absence of any major economic release, the focus will stay on COVID-19 already all over the world hence undertone will be positive in the yellow metal: Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares and Stock Brokers

    09:37 (IST)11 May 2020
    RIL advances over 3% in opening trade

    Reliance Industries gained 3.24 per cent at Rs 1612.35 apiece on BSE in Monday's trade after the company fixed May 14, 2020, as the record date for determining the equity shareholders eligible to apply for its upcoming rights issue.

    Check live prices: RIL

    09:34 (IST)11 May 2020
    ICICI Bank share price down 1.24% post Q4 earnings

    ICICI Bank share price slipped 1.24 per cent to Rs 333.55 apiece on BSE despite a 26 per cent on-year jump in standalone profit to Rs 1,221 crore for the quarter ended March 31.

    Check live prices: ICICI Bank

    09:31 (IST)11 May 2020
    IRCTC share price hits 5% upper circuit

    IRCTC share price hit 5% upper circuit at Rs 1302.85 apiece on BSE in Monday trade as Indian Railways announced the gradual resumption of passenger train services from May 12. 

    Check live prices: IRCTC

    09:29 (IST)11 May 2020
    Sensex, Nifty open with gains, follow Asian peers

    The 30-share Sensex was up 450 points or 1.43 per cent to trade at 32,094, while Nifty 50 was trading at 9,370, up 120 points or 1.29 per cent.

    check live Sensex, Nifty levels

    09:04 (IST)11 May 2020
    FPIs invest Rs 15,958 crore in first week of May

    Reversing their two-month selling streak, overseas investors pumped in a net Rs 15,958 crore in the Indian capital markets in the first week of May. As per latest depositories data, foreign portfolio investors (FPI) infused a net Rs 18,637 crore in equities, but pulled out a net Rs 2,679 crore from the debt segment between May 1-8, taking the cumulative inflow to Rs 15,958 crore.

    Read full story

    09:00 (IST)11 May 2020
    Maintain extra caution on stock selection, focus more on position management aspects

    Among the index majors, Reliance is currently playing a critical role in holding the benchmark while the banking pack is under tremendous pressure. And, It has now almost reached closer to its record high as well and may see some consolidation or profit-taking soon. Needless to say, domestic factors viz. COVID-19 cases and disappointing earnings will continue to weigh on the sentiments ahead. In such a scenario, sustainability at higher levels seems difficult. We suggest maintaining extra caution on stock selection and focus more on position management aspects: Ajit Mishra, VP - Research, Religare Broking Ltd

    08:57 (IST)11 May 2020
    Brokerage view on ICICI Bank

    ICICI Bank result is good. If we take out COVID-19 related provisioning, PAT is Rs 3260 crore. This translates into EPS of Rs 5.01 in Q4FY20. Asset Quality has shown improvement as Net NPA came down to 1.41% from 2.06% last year. Also, CASA ratio improved. We have positive coverage on ICICI Bank. Buy ICICI Bank with price target of Rs 380: Escort Securities

    08:53 (IST)11 May 2020
    Stocks in focus: RIL, IRCTC, ICICI Bank, SBI Cards may hog the limelight today

    Nifty futures were trading at 9,355.80, up 121 points or 1.31 per cent on the Singaporean Exchange, indicating a positive opening for the BSE Sensex and Nifty 50 on Monday. Foreign institutional investors (FIIs) bought shares worth Rs 1,724.71 crore while domestic institutional investors (DIIs) sold shares worth Rs 1,503.14 crore on May 8, according to the data available with NSE. These stocks may remain in limelight in today’s trade

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