Share Market Highlights: Sensex end 364 pts higher, Nifty at 11,466; IndusInd Bank, Kotak Mahindra Bank top gainers

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Updated: August 24, 2020 4:52:41 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day with gains. Financials were the top gainers on Sensex, while Bharti Airtel stages a recovery to surge from deep in red to end with gains.

Share Market Today, Share Market LiveS&P BSE Sensex ended 364 points higher at 38,799 while the Nifty 50 managed to close at 11,466.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty ended the day with gains, continuing to surge higher for the second day straight. S&P BSE Sensex ended 364 points higher at 38,799 while the Nifty 50 managed to close at 11,466. Banks and other financial stocks were the top gainers on Dalal Street today marching upwards strongly. Kotak Mahindra Bank and IndusInd Bank gained over 3% each while Bajaj Finance was just shy of the 3% mark. Powergrid, Mahindra & Mahindra, and Tech Mahindra were the worst performing stocks on Sensex. Volatility was down 4%. All sectoral indices, except Nifty Pharma and Nifty IT were trading with gains. 

Foreign Portfolio investors (FPI) continue to pour funds into domestic markets amidst excess liquidity. FPIs have invested Rs 40,262 crore into equities and Rs 1,068 into debt in the month of August. Unless things change drastically, this will be the third month of FPIs buying into domestic markets. Although India is one of the biggest beneficiaries of the excess global liquidity, other emerging markets too are getting FPI flows, although not in such large numbers. 

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    16:52 (IST)24 Aug 2020
    Rakesh Jhunjhunwala, Radhakishan Damani’s lockdown share trades; here’s what they bought, sold

    Tracking the trades made by some of the marquee names on Dalal Street is not something new. Although it may not always be done to mirror their investment decisions in hope of landing a multibagger, sometimes investors do so to analyse the trades made and the rationale behind those bets. Among those who are keenly watched by investors, one of the biggest names of Rakesh Jhunjhunwala, who is also called the big bull of domestic equity markets. His biggest stock bet, in Titan Company Ltd is not hidden from anyone and his love for the stock can be traced back to almost a decade ago. However, it will be interesting to see what the big bull bought or sold during the lockdown. 

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    16:37 (IST)24 Aug 2020
    Sensex, Nifty end with gains as banks help Dalal Street roar; here's what moved stock markets today

    Sensex and Nifty ended Monday’s trading session with gains, continuing their gaining streak for the second day straight. S&P BSE Sensex ended 364 points higher at 38,799 while the Nifty 50 managed to close at 11,466. Banks and other financial stocks were the top gainers on Dalal Street today marching upwards strongly. Analysts say that today's surge was aided by global peers and believe that domestic equity markets will continue to inch higher taking cues from stock markets across the world. Volatility fell to 19 levels, lowest it has been since February last week.

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    15:35 (IST)24 Aug 2020
    Sensex and Nifty end with gains

    Sensex and Nifty continued to surge upward for the second day straight. S&P BSE Sensex ended 380 points higher while the nifty 50 was above 11,470 mark on closing basis on Monday.

    15:12 (IST)24 Aug 2020
    Indian rupee marked the biggest single day gains after July 2

    Rupee surged by  whopping 53 paise per dollar in last few minutes of closing trade and ended at 74.32 a dollar. Risk-on sentiments, absence of central bank’s intervention and dollar sell by the nationalize banks supported rupee. The new week has started with range-bound moves in G10 despite Global equities set an optimistic tone.  Moving ahead in the week, risk-sentiment dynamics will depend on the ability of policymakers to keep the recovery hopes alive, and will culminate with the Jackson Hole Symposium starting on Thursday.
    ~Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:49 (IST)24 Aug 2020
    Oil India shares slip over 2% on weak quarterly result; should investors buy, sell, or hold?

    Oil India share price slipped 2.3% on Monday morning as investors reacted to the 97% fall in the consolidated net profit of the leading natural gas and crude oil exploration company in the April-June quarter. Oil India shares were down to trade at Rs 97 per share. The fall in revenues resulted from the reduction in oil and gas prices and sharply lower gas and oil realizations. Crude oil production for Oil India was down 8% on-year basis and gas production slipped 4% on year. Oil India also took a Rs 93 crore hit Baghjan blowout, which was marked as an exceptional expense.

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    14:15 (IST)24 Aug 2020
    Sensex and Nifty add to gains

    Sensex was up over 380 points on Monday at 2:15 PM while the Nifty 50 was sitting close to 11,480 mark. Kotak Mahindra Bank shares were up 3.7% and IndusInd Bank shares gained 3%. Titan Shares were down nearly 1%.

    13:54 (IST)24 Aug 2020
    Granules Pharmaceuticals gets US FDA approval for Ramelteon tablets

    “Granules Pharmaceuticals Inc, step-down wholly owned subsidiary of Granules India Limited, got approval from the U.S. FDA for Ramelteon Tablets 8 mg, it is a bioequivalent to the reference listed drug product (RLD), Rozerem Tablets, 8 mg, of Takeda Pharmaceuticals U.S.A. Ramelteon Tablets are used for the treatment of insomnia characterized by difficulty with sleep onset. Ramelteon Tablets had U.S. sales of approximately $33 million MAT for the most recent twelve months ending in June 2020 according to IQVIA Health. This is one of the significant approvals for Granules India Limited we continue to with Buy rating on Granules Indian," said Yash Gupta, Equity Research Associate, Angel Broking Ltd.

    13:54 (IST)24 Aug 2020
    Edelweiss witnesses 65% Y-o-Y growth of mobile investors in India

    Edelweiss Wealth Management, part of Edelweiss’ Global Investment Advisory, serving salaried professionals and HNIs, today announced a significant increase of 65% percent Y-O-Y in its user base in India for its mobile trading application – Edelweiss Mobile Trader (EMT). Over 58% of the active user base has been witnessed from non-metro cities, pointing out to an increase of tech-savy investors in Tier II and Tier III cities.

    Edelweiss Wealth Management has also seen an increase of 677% in account openings through EMT, in Q1 FY21 as compared to Q1 FY20. The company’s growth is attributed primarily to customised and unbiased advisory provided to investors through user-friendly and advanced technology platforms that have been developed in-house, enabling easy investment and trading in financial markets. In light of such growth and demographics, Edelweiss Mobile Trader is now expanding its’ reach through the introduction of 3 key regional languages - Hindi, Gujarati and Tamil.

    13:22 (IST)24 Aug 2020
    Midcap stocks to buy: Five high conviction stock picks that may surge up to 15% in three months

    The broader market indices have performed better than the equity benchmarks so far in August. Headline indices, S&P BSE Sensex and Nifty 50 gained up to 4.40 per cent, while midcaps and smallcaps have outshined significantly. The S&P BSE Midcap index has gained 9 per cent so far this month, while S&P BSE Smallcap has jumped 11.17 per cent. On the other hand, Nifty Midcap 50 has managed to gain 11.33 per cent while the Nifty Smallcap 50 jumped 11.76 per cent till Friday’s close

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    13:12 (IST)24 Aug 2020
    Powergrid, NTPC witness profit booking

    After two successive days of registering gains on Sensex, NTPC and Powergrid saw profit booking on Monday as the stocks tanked. NTPC and Powergrid were the two of the worst perfomring stocks on Sensex. 

    12:51 (IST)24 Aug 2020
    Five reasons to buy SBI shares: India’s largest PSU bank stock soars 3% in two days

    India’s largest PSU bank SBI’s (State Bank of India) shares have gained close to 3% in the last two trading sessions to now trade at Rs 200 per share. Brokerage and research firm CLSA has a ‘Buy’ rating on SBI stock, calling it a “deep value opportunity”. SBI share price has failed to breach the Rs 200 mark convincingly since its fall in March; it has managed to only gain a little over 10% since March 23, when the majority of the domestic stocks hit recent lows.

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    11:37 (IST)24 Aug 2020
    MPC minutes: A Herculean task ahead

    The key takeaways from the MPC minutes were the following: 1) outlook on inflation was extremely clouded given a) imputations done for April, May b) supply side disruptions c) extraneous factors like rise in gold and domestic taxes on petrol and diesel d) food and fuel pressures threating inflationary pressures to become generalized. Downside risks of inflation, assisted by easing supply side bottlenecks, base effects and reliable inflation prints in the coming few months would have to be monitored 2) Growth outlook continued to remain adverse and justified the accommodative stance 3) transmission across markets is commendable (though not complete) and gives time for the committee to pause 4) possible breach of the inflationary target mandate and need for remedial action could be palliated through taking recourse of downward outlook on future inflation and break in the CPI series for April and May months.~ ICICI Bank

    11:30 (IST)24 Aug 2020
    Reduce Union Bank, stay cautious ~Kotak Securities

    Post the merger with Andhra Bank and Corporation Bank, we re-instate coverage on Union Bank with a REDUCE rating and Fair Value of Rs25. In a less relevant quarter, the bank reported stable operational performance. We head into another phase of low visibility on credit costs, which along with low capital buffers makes it challenging to anchor valuations to an adjusted book value with a high degree of confidence. SBI/BoB offer better risk-reward within PSU banks.~ Kotak Securities

    11:07 (IST)24 Aug 2020
    Sensex, Nifty to hit new all-time highs by year-end; check top stocks, sectors to invest | IIFL INTERVIEW

    BSE Sensex and NSE Nifty 50 are poised to hit fresh lifetime highs by the end of the current year, as global liquidity will drive investors to earn more via equity allocations, says Sanjiv Bhasin, Director at IIFL Securities Ltd. In an interview with Surbhi Jain of Financial Express Online, Bhasin believes that Sensex may reach a new high of 42,500 and Nifty of 12,500 by December 2020.

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    11:06 (IST)24 Aug 2020
    Eicher Motors share price jumps 10% as company’s 1:10 stock split comes into effect

    Eicher Motors share price jumped 10 per cent to Rs 2,389 apiece on BSE as stock split comes into effect from today. The stock turned ex-date for the stock split on Monday in the ratio 1:10. According to a BSE exchange filing, the company has fixed August 25, 2020, as the record date for the stock split.

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    10:39 (IST)24 Aug 2020
    USDINR is likely to move in the range from 74-76 ~ Vaqarjaved Khan, Research Analyst, Angel Broking Ltd.

    “In the week gone by Indian rupee appreciated by 0.04 percent and currently stands at 74.9 against the US dollar.  In a World BanK report in the past week they projected a steeper contraction than the 3.2 percent they had earlier forecasted in FY21 for India on account of the rising cases of coronavirus in India and the resultant regional lockdowns from the same. The US FED meeting minutes that were released during the past week projected a grimmer outlook for the US economy with the officials at the meeting agreeing that the ongoing health crisis would weigh heavily on economic activity, employment and inflation in the near term. The pandemic is capable of posing considerable risks to the US economy over the medium term as well.

    With a grimmer outlook for both US and Indian economies USDINR is likely to move in the range from 74 at the lower end of the spectrum and 76 at the higher end of the spectrum in the current week. (24th-28th Aug 2020).” ~ Vaqarjaved Khan, Research Analyst, Angel Broking Ltd.

    10:19 (IST)24 Aug 2020
    Reduce Punjab National Bank ~ Kotak Securities

    PNB reported a sharp decline in earnings led by provisions for bad loans, even as operational performance was broadly stable. Low CET1 remains an issue due to the risk of book-value dilution and imminent rise in credit costs because of high share of moratorium. We reinstate coverage on the stock with a REDUCE rating and Rs33 Fair Value, as we think SBI (BUY) and BoB (ADD) offer better margins of safety within PSU banks. ~ Kotak Securities

    10:04 (IST)24 Aug 2020
    Sensex and Nifty add to opening gains; Kotak Mahindra Bank, HDFC Bank surge as financials gain

    Domestic benchmark indices, Sensex and Nifty started Monday’s trading session with gains. S&P BSE Sensex was up close to 200 points while the 50-stock Nifty was at 11,432 mark. Financials were leading the rally with five of the top six Sensex gainers being from the banking and finance industry. Volatility slipped over 3% on the opening bell but managed to regain some losses. On the other hand, it was the information technology giants were trading with losses on Monday morning. Midcap and smallcap indices were seen out-performing the benchmark indices.

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    09:07 (IST)24 Aug 2020
    Sensex adds 57 points in the pre-opening session

    S&P BSE Sensex inched 57 points higher during the pre-opening session on Monday. IndusInd Bank shares gained 1%, followed by NTPC, HDFC, and State Bank of India.

    08:54 (IST)24 Aug 2020
    Buy LUPIN at Rs 978-982, Target Rs 1020 ~ IIFL

    On the daily chart, the stock price has moved up above the previous swing high, which is a bullish pattern. Weekly RSI is in a bullish crossover which indicates short to medium term bullishness. The set-up is conducive for further up move in the near term. Hold long positions with mentioned stop loss.

    ~ IIFL Securities

    08:45 (IST)24 Aug 2020
    Stocks to watch: Bharti Airtel, Vodafone Idea, PNB, NTPC stocks to stay in focus on D-Street today

    Sensex and Nifty enter this week’s trading session on the back of  a 1.5% gain in the previous week, but cautious keeping in mind the monthly F&O expiry. Although market participants are convinced that the short-term trend for the 50-stock Nifty remains positive, they are advising to stay cautious. Midcap and Smallcap stocks are the talk of the street now as they outperform the benchmark indices on a regular basis in the past few weeks. Globally, the availability of excess liquidity has helped foreign investors flush domestic markets with cash as equity markets witness over Rs 40,000 crore of inflows in the month of August.

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    08:15 (IST)24 Aug 2020
    RBI’s moves in debt market sends worrying signals to traders; analysts say, yields may head higher

    Traders of India’s bonds were unnerved after the central bank cued that rising yields are here to stay by offering surprisingly high borrowing costs at a debt sale. The Reserve Bank of India sold a 30-year bond on Friday at a cutoff yield of 6.7596%, versus the 6.65% estimated in a Bloomberg survey. The central bank, which acts on behalf of the government for debt sales, also sold another security at a higher yield to raise 20 billion rupees ($267 million) more than planned.

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    08:03 (IST)24 Aug 2020
    Where could stock markets head to this week?

    Indian markets are showing strong correlation with the global markets. The markets, globally, are currently running on hope and liquidity. The expectation of economic activity picking up and earning normalising will have to translate into reality or at least show signs of it, for the markets to sustain the current momentum. Until then investors are advised to remain cautious while trading and remain stock specific.

    08:01 (IST)24 Aug 2020
    FPIs remain positive on Indian markets; invest Rs 41,330 crore in August so far

    Overseas investors have put in Rs 41,330 crore in Indian markets on net basis in August so far as the excess liquidity in global markets found its way to emerging markets like India. According to the depositories data, foreign portfolio investors (FPI) pumped in Rs 40,262 crore into equities and Rs 1,068 crore in the debt segment between August 3-21.

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