Market HIGHLIGHTS: Sensex settles 114 points higher, Nifty ends just above 9,100; ITC shares surge over 7%

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Updated:May 21, 2020 4:43:28 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Out of 30 Sensex shares, 16 stocks finished their trade in positive territory. ITC was the top index gainer with a growth of 6.26 per cent

Share Market Today, Share Market LiveNifty Auto and Nifty FMCG were top sectoral gainers, up 2.61 per cent and 2.19 per cent, respectively

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 climbed off their respective day’s high levels in the fag end of the Thursday’s session. The 30-share Sensex settled 1140 points or 0.37 per cent higher to end at 30,932, while the broader Nifty 50 index ended just above 9,100-level. Out of 30 Sensex shares, 16 stocks finished their trade in positive territory. ITC was the top index gainer with a growth of 6.26 per cent. The FMCG giant was followed by Asian Paints, Hero MotoCorp, Maruti Suzuki and Bajaj-Auto. On the flip side, the biggest losers on Sensex were NTPC, IndusInd Bank, Bajaj Finance, HDFC and Axis Bank. Most of the sectoral indices ended with upticks in today’s session. Nifty Auto and Nifty FMCG were top sectoral gainers, up 2.61 per cent and 2.19 per cent, respectively. While, Nifty Bank index was down over half a per cent dragged by losses in Bandhan Bank, IndusInd Bank and IDFC First Bank.

Domestic rating agency Icra on Wednesday warned of a deep recession as it drastically lowered the FY21 growth forecast for India to minus 5 per cent, citing the very modest fiscal support, an extension of the nationwide lockdown and looming labour shortage, according to PTI.

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    15:28 (IST)21 May 2020
    Gold price headed for Rs 50,000 per 10 grams in next quarter: Best performing asset in 2020

    Gold once again has emerged as one of the best performing asset class in 2020 after stupendous 2019. Gold prices got shot in the arm after US Federal Reserve chief warned that a full recovery of the US economy could drag through 2021. The increasing tension between the US and China have light the fuel for gold. Last week, gold was going nowhere as spot prices were trading in narrow range of $1690-$1710.

    Read full story

    15:06 (IST)21 May 2020
    Real estate still attractive amid coronavirus crisis; here’s why you should buy a home now

    The importance of owning a home has re-established itself amid the COVID-19 crisis, among other learnings of the unprecedented times that the world is facing today. In addition to avoiding the risks that come with living in a rented space, owning real estate is also seen as an important asset in one’s investment portfolio. In a report by Knight Frank, it outlined the surge in property sales in China, the centre of the coronavirus outbreak.

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    14:52 (IST)21 May 2020
    Brokerage view on RIL

    We believe that the oil market could rebalance quickly. We are seeing unprecedented crude oil stockbuilds in 2Q, but we expect much tighter market conditions later this year and into 2021 thanks to our expectations of a sharp bounce back in demand as COVID-19 lockdowns are eased plus the damage inflicted on non-OPEC supply by weak prices. We remain comfortable with our Brent forecast of USD25/b for 2Q, rising to USD40/b for 4Q, USD50/b for 2021e and USD60/b thereafter. HSBC

    14:46 (IST)21 May 2020
    3 mantras to make India global factory; stock market to stay volatile until Covid-19 vaccine is found

    At a time when India is struggling with a medical crisis, an economic crisis, and a financial crisis together, the country needs to focus on attracting foreign direct investment, providing fiscal stimulus, and providing monetary stimulus. These three steps together, along with medical solutions, can reduce the damage caused by the coronavirus pandemic, Nilesh Shah, MD at Kotak Mahindra Asset Management said in an interview with The Indian Express.

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    14:42 (IST)21 May 2020
    Brokerage view on Metals and Minning

    Coronavirus is likely to pressurise domestic steel prices in the near term as demand has remained weak in the whole region. Besides, the landed price of hot rolled coil HRC from Japan and South Korea is at a discount to domestic steel price. This could attract higher imports to India as logistics get streamlined. That said, we keep our recommendations unchanged—maintain ‘BUY/SO’ on JSPL and Tata Steel, ‘HOLD/SP’ on JSW Steel and ’REDUCE/SU’ on SAIL: Edelweiss

    14:17 (IST)21 May 2020
    Brokerage view on L&T Infotech

    Maintain ADD on L&T Infotech (LTI) based on strong 4Q and its relative & broad-based outperformance. LTI’s (1) Strong & diversified portfolio, (2) Stability in top accounts (recovered in 2H following budget cuts in 1H), and (3) Large deal wins (strong sales engine) & steady ramp-up schedule are likely to support its growth outperformance in the sector. Our TP of Rs 1,800 is based on 16x FY22E EPS (at historical avg. & 15x earlier) with growth outperformance compared to peers: Bansi Desai, Institutional Research Analyst, HDFC Securities

    14:07 (IST)21 May 2020
    Airline stocks rally, gain up to 20%

    All the airline stocks were trading with gains up to 20 per cent in Thursday's trade as domestic operations of airline services will resume in a calibrated manner from May 25, 2020. Global Vectra HeliCorp share price zoomed 20%, IndiGo gained 7.65%, Jet Airways was up 5% while SpiceJet share price soared 4.8%

    Check live prices: IndiGo

    14:02 (IST)21 May 2020
    We expect appreciation in crude oil prices in short term

    After touching the historical low of (-$40) on nymex, crude oil has increased by almost 180% to $33 levels. Now the lack of supply become has become supportive for crude oil prices. Recently OPEC cut down its production by 9.7 million barrels per day from 1st May 2020. US crude stockpiles fell by 4.98 million barrels, the most since December. Inventories at Cushing dropped by 5.59 million barrels, or almost 9%. The US rig count fell by 35 to a multi-year low of 339 last week as per Baker Hughes. Now the supply situation has become tight. So, in short term we expect appreciation in crude oil prices in short term to test $38 to $40 levels. On MCX Crude oil Prices may test 2800 to 3000 levels: Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd

    13:57 (IST)21 May 2020
    ITC share price advances 6%, top Sensex gainer

    ITC share price jumped 6 per cent to Rs 186 apiece on BSE in Thursday's trade. The Sensex gainers were ITC, Hero MotoCorp, Bajaj-Auto and Maruti Suzuki.

    Check live prices: ITC

    13:39 (IST)21 May 2020
    Sensex, Nifty extend gains, up over 1%

    BSE Sensex was trading at 31,179.89, up 361.28 points or 1.17 per cent in the afternoon session. While the Nifty 50 index was ruling at 9,171, up 104.40 points or 1.15 per cent

    Check live Sensex, Nifty levels

    13:01 (IST)21 May 2020
    Alibaba, Baidu, Chinese firms under attack in US: Law passed to delist Chinese companies from stock exchanges

    The Senate overwhelmingly approved legislation Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd. and Baidu Inc. being barred from listing on U.S. stock exchanges amid increasingly tense relations between the world’s two largest economies. The bill, introduced by Senator John Kennedy, a Republican from Louisiana, and Chris Van Hollen, a Democrat from Maryland, was approved by unanimous consent and would require companies to certify that they are not under the control of a foreign government

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    13:00 (IST)21 May 2020
    Where is share market headed after coronavirus? Sensex jumped to up to double after last 5 epidemics

    Coronavirus pandemic, which has hit over 48 lakh people around the world, is not the first epidemic the world is witnessing. In the last 20 years, there have been at least five such epidemics which led to a cascading effect on the global as well as domestic share markets. These were SARS (Severe Acute Respiratory Syndrome), Avian Influenza, Swine Flu, Ebola and Zika. HDFC Securities has observed a pattern where during an outbreak of any epidemic, BSE Sensex fell as much as 15 per cent, but delivered over 90 per cent return in the following one year.

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    11:58 (IST)21 May 2020
    Sebi's platform for Rights Entitlement a welcome step

    The REs credited to an investors account can be looked at as the rights application form which is dematerialised. Like the rights application form, the REs can either be used to apply for the rights or directly sold to an interested buyer. Since the REs are listed on the exchanges, it's easier for the investors to sell their rights. This is a welcome step. It also allows interested buyers of rights to easily buy the rights and apply for the issue: Mohit Mehra, business analyst, Zerodha

    11:23 (IST)21 May 2020
    Brokerage view on Bata India

    We expect Bata India to report net revenue CAGR of ~11% to ~`3,974cr over FY2019-22E mainly due to increasing brand consciousness among Indian consumers, new product launches, higher number of store additions in tier II/ III cities and focus on high growth women’s segment. Further, on the bottom-line front, we expect CAGR of ~20% to `562cr over the same period on the back of margin improvement (increasing premium product sales). Rating- Buy, Target Price- Rs 5,500, Upside- 25.1%: Angel Broking

    11:20 (IST)21 May 2020
    Do mutual fund managers justify their fees? Here’s how fund alpha compares with management fees

    A large proportion of Indian Equity Large Cap Funds, over longer horizons, underperform their respective category benchmarks (see Exhibit 1a). Our SPIVA India Year-End 2019 research evaluates the performance of active fund managers based on net-of-fees returns (i.e., gross returns less the management fees). However, this begs the question to whether or not active fund managers fare better when evaluated based on gross returns? If we look at this research on a gross-return basis (see Exhibit 1b). One can notice that in most categories, even without the deduction of management fees, still a fairly large percentage of active funds failed to beat their benchmarks.

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    11:03 (IST)21 May 2020
    RIL-Rights Entitlement soars over RIL share price. Check live how much you may gain from rights issue

    Reliance Industries-Rights Entitlement (RIL-RE) soared over 40% on day 1, taking the total with rights issue price over the actual RIL share price. Today, as of 10 AM, RIL-RE shares were trading 0.77 per cent lower to Rs 200.60 on NSE. At Wednesday’s closing, RIL-RE shares soared to Rs 214 on NSE, which was Rs 34 higher than the spread between Reliance Industries share price of Rs 1,437.40 and rights issue of Rs 1,257. Analysts are upbeat on this rights issue recommending it to ‘buy’.

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    09:54 (IST)21 May 2020
    Gold eased a bit in the early trade as equities gained on hopes for a swift recovery from coronavirus-led economic slump

    Gold eased a bit in the early trade as equities gained on hopes for a swift recovery from the coronavirus-induced economic slump, although losses for the safe haven asset were capped by optimism over further stimulus measures. Minutes of Federal Reserve policy meeting showed that members acknowledged the possibility of further support measures if the economic downturn persists. Market participants today will keep their eyes on the preliminary PMI numbers from major economies; a weaker than expected numbers could lend further support to gold. Broader trend on COMEX could be in the range of $1710-1775 and on domestic front prices could hover in the range of Rs 46,500-47,200: Navneet Damani, VP, Motilal Oswal

    09:48 (IST)21 May 2020
    Brokerage view on UltraTech Cement

    Notwithstanding the fact that current utilization level of 60-70% for UltraTech Cement is encouraging, we believe that there is limited room for further improvement of utilization level in the medium term as labour migration and arrival of monsoon would drag demand growth. Going ahead, we estimate volume/EBITDA CAGR of 5%/2.7% over FY20-FY22 respectively: YES Securities

    09:45 (IST)21 May 2020
    RIL rights issue are robust which is currently limiting the losses in the USDINR pair

    The momentum of rupee is currently stuck between the negative sentiments surrounded by news related to virus and expectation of foreign inflows in the country. Overall, the debt market is lacking inflows since the last three months which is building upward pressure on the rupee. Nonetheless, corporate inflows amid Jio stake sale and RIL rights issue are robust which is currently limiting the losses in the USDINR pair. The same shall continue to keep rupee in its range of 74.80-76.20 levels: Amit Pabari, MD, CR Forex Advisors

    09:43 (IST)21 May 2020
    Top losers on BSE Sensex in opening hour

    NTPC was leading the losers on the Sensex. ONGC, ITC, Tech Mahindra, Larsen & Toubro (LT) and Hindustan Unilever (HUL) were among other laggards on the pack.

    09:42 (IST)21 May 2020
    Bajaj Auto share price advances 5.56%

    Bajaj-Auto was the top Sensex gainer with a growth of 5.52 per cent followed by Hero MotoCorp, Kotak Mahindra Bank and HDFC Bank.

    Check live prices: Bajaj-Auto

    09:38 (IST)21 May 2020
    Nifty IT only sectoral loser

    Barring Nifty IT, all the sectoral indices were trading in positive territory. Nifty Bank index advanced 1.50 per cent or 267 points led by gains in Bank of Baroda, HDFC Bank and Punjab National Bank. On the flip side, Nifty IT index was trading lower dragged by Tech Mahindra, TCS and Infosys.

    09:36 (IST)21 May 2020
    InterGlobe Aviation share price zooms over 8%

    IndiGo share price zoomed over 8 per cent as domestic operations of airline services will resume in a calibrated manner from May 25, 2020. The share was trading at 987.20 apiece on BSE in Thursday's trade.

    Check live prices: IndiGo

    09:30 (IST)21 May 2020
    IRCTC share price hits 5% upper circuit

    IRCTC share price hit 5% upper circuit for the second consecutive day as the booking for opens for the non-air-conditioned and time-tabled trains which are set to resume services from June 1.

    Check live prices: IRCTC

    09:28 (IST)21 May 2020
    Sensex, Nifty opens higher on Thursday

    The 30-share Sensex up 100 points or 0.32 per cent to trade at 30,918, while the broader Nifty 50 index reclaimed 9,100-level on Thursday, following the positive global markets.

    Check live Sensex, Nifty levels

    08:57 (IST)21 May 2020
    Nifty set to open flattish to negative on the back of mixed bag global market

    Nifty set to open flattish to negative on the back of mixed bag global market. The US futures are trading in the red while Asian markets are a mixed bag. As option data suggest, the major premium is involved in 9000 strikes in case of active put and 9200 in case of an active call for weekly expiry. Nifty max OI has seen in 8800 PE and 9300 CE in weekly expiry. Long unwinding was seen in OTM PE below 8600 and short recovery till 9200 strikes. Whereas, call side, short recovery in ITM below 9000 strikes. Long built-up saw in 9050, 9150 strikes. Short Built-up above 9250 strikes. Major OI shifted to 9300. So, the weekly expiry range will be 9000-9200 levels. As market volatility is on the higher side one should stick with hedge potion in case of future and option. Whereas, the traders should prefer intraday trades: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:48 (IST)21 May 2020
    Stocks in focus: IRCTC, Bajaj Finserv, InterGlobe Aviation, PSU Bank stocks to remain in news

    Bajaj Finserv, Hindustan Zinc: Bajaj Holdings, Birla Corporation, Colgate-Palmolive India, Hawkins, Hindustan Zinc, Bajaj Finserv, Jubilant Industries, Quick Heal Technologies, Tata Metaliks and VST Industries are among 13 companies scheduled to announce their March quarter results today.

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    08:19 (IST)21 May 2020
    Traders can use intraday decline to create long positions on weekly expiry day

    Going ahead, we expect the Nifty to continue this upward trajectory towards 9150 – 9220 levels. On the flipside, 9000 – 8932 would now provide a decent support for the market. Traders can use intraday decline to create long positions on weekly expiry day: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

    08:17 (IST)21 May 2020
    Short term trend seems to have turned up

    The short term trend seems to have turned up, but near term negative set up is still intact. As long as the upper area of 9150-9180 is protected, we are unlikely to see any sustainable upmove above the resistance. Immediate support is placed around 8850-8800: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    08:16 (IST)21 May 2020
    In near term, volatility is likely to continue amidst mixed cues from domestic, global market

    In the near term, the volatility is likely to continue amidst mixed cues from domestic and global market. Investors will closely monitor the development of coronavirus cases and vaccines, quarterly results, US-China relationship, crude oil prices movements and economic policies. Technically, if Nifty manages to hold above 9150 levels, then we may see a bounce towards 9300 - 9350 zone. On the flipside, support is placed at 8888 then 8800 and 8500 zone: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

    08:13 (IST)21 May 2020
    US stocks gain in overnight trade

    In overnight trade on Wednesday, US stocks edged higher. The Dow Jones Industrial Average rose 1.52% to end at 24,575.9 points, while the S&P 500 gained 1.67%, to 2,971.61. The Nasdaq Composite climbed 2.08% to 9,375.78.

    08:13 (IST)21 May 2020
    Asian stock markets edge higher

    Asian stock market inched higher on Thursday as investors monitored the reopening of economies amid novel coronavirus. In Japan, the Nikkei gained 0.29%, the Topix index also added 0.18%. South Korea’s Kospi also advanced 0.42%. Overall, the MSCI Asia ex-Japan index traded 0.09% higher.

    08:13 (IST)21 May 2020
    Sensex, Nifty on Wednesday

    The 30-share Sensex jumped 622 points or 2.06 per cent to 30,818.61, while the broader Nifty 50 index surged 187 points or 2.11 per cent to close the session at 9,066.

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