Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index gave up all the gains to settle lower in Tuesday’s volatile session. Sensex dropped over 800 points from its day’s high of 32,261 to end at 31,453, while Nifty 50 settled at 9,205 after hitting 9,450 during the day. As many as 19 stocks out of 30 Sensex stocks ended in negative territory with SBI (State Bank of India) as top Sensex loser, down 4.64 per cent. State Bank of India share price hit a fresh 52-week low in intraday. Bajaj Finance, Asian Paint and Axis Bank were among other laggards on the index. On the flip side, M&M was the top Sensex gainer with a growth of 3.12 per cent, followed by Power Grid, ONGC, RIL and NTPC. All the 11 Nifty sectoral indices settled in red. Nifty PSU Bank index fell the most, down 3.28 per cent dragged by SBI, Bank of Baroda and J&K Bank. Similarly, Nifty Realty index finished nearly 3 per cent lower weighed by The Phoenix Mills, Sobha and Indiabulls Real Estate.
After the government announced graded relaxations in the lockdown, domestic rating agency Icra on Monday estimated that the country’s GDP might contract by as much as 20 per cent in the June quarter and is expected to overcome some lost ground in the remainder of the year but still close 2020-21 down by up to 2 per cent. The agency’s earlier economic forecast was a range, according to which the GDP may either expand by 1 per cent or contract by 1 per cent in 2020-21.
Sensex and Nifty witnessed good selling in the last hour of trade due to a sell off in SBI & an extremely weak Bank Nifty along with the other financials. 9525 continues to be a very strong resistance for the Nifty.32960 will continue to act as a stiff resistance for BSE Sensex. Only a close above 20500 for Bank Nifty will result in markets breaching last week's highs: Abhijeet Ramachandran, Independent Analyst
Small Industries Development Bank of India (SIDBI) on Tuesday said that it will be launching an all-encompassing digital platform for MSMEs and other stakeholders of the small business ecosystem to help them grow in the post Covid world. India SME Services Platform — the new portal “shall have all MSMEs, stakeholders of the MSME ecosystem, financiers, corporates, government, regulators, employees and associations converging on an interactive platform.
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The resurfacing of trade tensions between the US and China has again led the rupee traverse on the declining path. Sentiments have also taken a beating amid weak PMI manufacturing numbers, underscoring the impact of coronavirus on the economy, where the overall trend in rupee looks skewed on the downside. The IIP numbers ahead are expected to be weak and are going to further worsen the rupee dollar equation. Rupee is expected to gyrate in the range of 75.20 -76.60 in coming days: Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd
SBI share price hit 52-week low of Rs 168 apiece on BSE in Tuesday's volatile trade. It hit the day's high of Rs 181.80 per share.
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The novel coronavirus has led to a country-wide lockdown, simultaneously bringing all the economic activities to an absolute halt. Like all the other sectors, the realty sphere has faced the brunt of the same and has been crippled by the situation. Reserve Bank of India has been relentlessly working towards bringing the nation out of this economic slowdown by driving home multiple measures that will ensure the soundness of the financial system and markets along with the liquidity as well as the smooth flow of finance to all stakeholders, especially those who are worst hit by the downsides of the lockdown.
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Nifty Bank index fell 800 points from days high of 20,223 to 19424. State Bank of India, Bank of Baroda and Kotak Mahindra Bank were top index draggers
BSE Sensex was trading at 31,665.55, down 49.80 points or 0.16 per cent. While the broader Nifty 50 was ruling at 9,276.75, down 16.75 points or 0.18 per cent.
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S&P says large unanticipated asset quality shocks may result in downgrade of Axis Bank, CNBC TV18 reported.
S&P says India's fiscal space limited owing to govt's already elevated deficit. Systemic pressures for Indian banks could rise owing to lockdown extension, CNBC TV18 reported
At a time when the world seeks supply chain diversification, BHEL has invited multinational corporations to set up manufacturing bases in India on a plug-and-play model. BHEL could emerge as an engineering R&D services provider, a contract manufacturer, or a lessor of urban-area industrial land. This could be a test case of a central public sector enterprise monetizing its assets to unlock value vs government divestment. Success should determine the extent of stock rerating to its asset value (4.5x CMP). We reiterate a BUY rating.
We retain our positive view on the Auto sector at current valuations. Although companies with global linkages are relatively more vulnerable, domestic-focused ones are relatively less impacted and likely to witness an early recovery. Among OEMs, we like Escorts, Maruti Suzuki and Eicher Motors. Among ancillaries, we like aftermarket-focused companies such as Amara Raja Batteries and Exide Industries: Emkay Global Financial Services
With BHEL offering a readymade solution in the form of factories, staff as well as pre-set vendor base and supply chain, this can open up several possibilities for BHEL in the longer term if handled well, in our view. Maintain Buy/OW on the stock in sector EAP: Emkay Global Financial Services
Nifty FMCG index dropped 0.65 per cent or 180 points in the afternoon deals. UBL, Britannia and United Spirits were top losers on the index
ONGC, NTPC, M&M and Power Grid were among top Sensex gainers while Asian Paints, SBI, Bajaj Finance and Maruti were the top laggards on the index
The Haryana state government has set eyes on companies looking to relocate from or set up new manufacturing units in India due to the coronavirus pandemic, following in the footsteps of Yogi Adityanath’s UP state government. “Haryana has chalked out an aggressive strategy to woo the investments & companies intending to either shift from China or setting up of a new manufacturing facility in India,” Haryana CM Manohar Lal Khattar tweeted on Monday.
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One of the largest gold importers in the world — India — did not import nearly any gold in the month of April. India’s gold imports plunged 99.9 per cent on-year in April to their lowest in nearly three decades, Reuters reported citing a government source. Restriction on the movement of goods and the nationwide lockdown leading to the closure of jewellery shops are the main reasons behind the near-nil gold imports.
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Headline indices were trading volatile on Tuesday. BSE Sensex was trading at 31,956.33, up 240.98 points or 0.76 per cent. While Nifty 50 index was ruling at 9,357.15, up 63.65 points or 0.68 per cent.
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As heavy taxation on the liquor is under consideration for some states, the pent up demand would be an additional revenue source for the state governments than for the liquor companies. However, the stocks may see a rise with the effectively increased margins other than the demand rise. Technically speaking, until the liquor stocks cross Monday's highs they may not revert to the bullish front. Ravi Singh, VP- Head of Research, Karvy Stock Broking
Even though the liquor stores are attracting huge crowds after the continuous lockdown of around 45 days, this demand might be majorly used for stocking up by the consumers as it is currently unsure about the lockdown period. However, if the lockdown continues the current demand may reduce to a significant extent as the cash among the masses may also dry up along with the lockdown: Ravi Singh, VP- Head of Research, Karvy Stock Broking
Liquor stocks fell as much as 6 per cent in an otherwise strong market on Tuesday. “Cheers accompanying the reopening of liquor stores could be short-lived as companies said existing stock at distributors will be exhausted after the initial round of stockpiling and replenishment could take a month or so,” research and brokerage firm Nirmal Bang said in its research report.
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40 days of pent-up demand for non-essentials released on Monday brought back some e-commerce action on the first day of the relaxed lockdown guidelines. Following the Ministry of Home Affairs directive that allowed e-commerce companies including Amazon, Snapdeal, Flipkart, others to resume services of non-essential goods in green and orange zones, the marketplaces reported ‘thousands of sellers’ receiving orders for such goods.
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Delhi government has imposed a 70% ‘special coronavirus fees’ on the sale of liquor on the maximum retail price starting May 5. Just a day after the central government announced easing of restrictions on the sale of alcohol across the country, the Delhi government issued a notification that “all categories of liquor sold through retail licensees for consumption ‘off’ the premises” will attract a 70% levy. So, for every Rs 100 spent on buying liquor earlier, those in Delhi will now have to shell out Rs 170.
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BSE Oil & Gas index gained over 2 per cent as crude oil prices rose as some US states and European and Asian countries planned to ease lockdown which will increase fuel demand. Hindustan Petroleum share price gained 4.6%, ONGC up 4.5%, RIL gained 2.48% and BPCL was up 1.81%. Brent crude rose 4.3% to $28.37 a barrel, up for a sixth straight day, and U.S. crude rose $1.38 to $21.77 a barrel.
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Gold and silver prices edged lower on Tuesday as near-normalcy in most parts of India raised hopes of economic revival which increased risk appetite among investors. On MCX, gold June futures were trading Rs 285 or 0.62 per cent down at Rs 45,522 per 10 grams. While silver July futures were ruling Rs 127 or 0.31 per cent lower at Rs 41,117 per kg. In the last two sessions, yellow metal gained Rs 1,000 per 10 grams. “Expectation of revival of economies after the lockdown and selling of gold by the central bank created pressure on the yellow metal,” Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd told Financial Express Online.
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Power companies are bearing the brunt of the coronavirus pandemic as the electricity consumption has taken a significant hit during the period of the nationwide lockdown. The electricity consumption in April fell by 22.75 per cent to 85.05 billion units (BU), compared to 110.11 BU in the same month a year ago, PTI reported.
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As bulls returned to Dalal Street, headline indices BSE Sensex and Nifty 50 were trading with gains on Tuesday taking cues from their global peers. Reliance Industries, HDFC Bank, Bharti Airtel, Infosys and TCS were top five index contributors in today’s trade. Liquor stocks fell in trade today as Delhi government hiked excise duty on liquor by 70%.
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Reliance Industries, HDFC Bank, Bharti Airtel, Infosys and TCS were top five index contributors in today's trade. While Hero MotoCorp, UltraTech Cement, SBI (State Bank of India) were among Sensex laggards.
Petrol and diesel prices in Delhi shot up on Tuesday after the AAP-led government raised VAT on fuel. Petrol price is hiked by Rs 1.67 per litre while diesel price is increased by Rs 7.10 per litre in Delhi. With the revision, the petrol price is Rs 71.26 per litre and diesel price is Rs 69.39 per litre in Delhi, according to IOCL.
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Petrol price hiked by Rs 1.67 per litre, diesel by Rs 7.10 a litre in Delhi after state govt raises VAT on auto fuel, PTI reported
The Indian rupee is likely to open on a stronger note and is expected to trade stable due to moderate rebound in Asian markets following the recovery in US indices. Overall, market sentiments remain mixed and fragile. As the Indian rupee is highly vulnerable to the global happening, the pair follows the news to gauge its further momentum, especially at uncertain times like this. Overall, it seems that markets have discounted the damage that will be caused to the economy to quite an extent. For rupee, if the pair breaks near term range of 74.85-75.80 levels, it will bring in an added momentum of 50-70 paisa: Amit Pabari, managing director, CR Forex Advisors
We value RIL at Rs 1,618/share (from earlier Rs 1,589) based on SOTP with equity values of Rs 358/share (earlier Rs 353) for the core business, Rs 500/share (earlier Rs 450) for Reliance Retail and Rs 760/share (earlier Rs 750) for RJio. Maintain Buy. The RIL-BP joint venture is also expected to be concluded soon, which should fetch Rs 70 bn. This is in addition to the rights issue of Rs 531 bn.
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Marico has revamped its growth strategies with focus on providing value preposition to consumers in existing categories, launching new products in the health and hygiene categories, enhancing the direct distribution reach (especially in the rural market), and stringent cost-saving initiatives, which would help the company to achieve double-digit earnings growth in the medium term. We maintain our Buy recommendation on the stock with a revised
price target (PT) of Rs. 325: Sharekhan
Liquor stocks slipped in trade today as Delhi government hiked excise duty on liquor by 70%. United Spirits share price fell 1.65%, United Breweries down 1.91%, Pioneer Distilleries dip 0.32 per cent.
Check live prices: United Breweries
Gold prices slipped as risk sentiment was lifted by easing coronavirus restrictions, although tensions between the U.S. and China over the outbreak is beginning to develop once again keeping the safe-haven metal near the key $1,700 per ounce level. Italy and the U.S. are amongst those few countries who have decided to ease down coronavirus lockdowns tentatively to revive economies as global deaths surpassed a quarter of a million. Market participants will keep an eye on the service PMI numbers from US, weaker than expected data could support gold. Broader trend on COMEX could be in the range of $1680-1725 and on domestic front prices could hover in the range of Rs 45,170-46,000: Navneet Damani, VP, Motilal Oswal
Asian Paint, Ultra Cement, Titan share prices slipped in trade after opening in green today. Asian Paint was the top Sensex loser, down 1.13 per cent.
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RIL, HDFC, HDFC Bank, ICICI Bank, TCS and Infosys were among top index contributors in the first hour of trade today.
The 30-share Sensex was trading at 32,233.33, up 517.98 points or 1.63 per cent. The broader Nifty 50 index was ruling 140 points or 1.50 per cent higher at 9,433.
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Overall global risk sentiment is however positive. The Dow recouped losses from earlier in the session and managed to end in the green. Asian stocks and currencies are trading with a positive bias. Rupee is likely to open around 75.48. Likely range 75.25-75.65. SGX is indicating a 100pt gain for the Nifty on open. The Reserve Bank of Australia rate decision (expected: Unchanged) and US ISM non-manufacturing PMI is due today. However, rating agencies typically change the outlook to negative before downgrading. Therefore in the case of S&P and Fitch, even if they were to change their outlook, India would still continue to remain investment grade and would not be junked: Abhishek Goenka, Founder and CEO, IFA Global
Liquor in Delhi will cost more from Tuesday as the government has decided to impose a 70 per cent ‘special corona fee’ on maximum retail price, sources said Monday. The move will boost the government revenue, which has been hit hard due to the coronavirus-forced lockdown, but there will be a steep rise in the prices of retails liquor bottle.
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The Nifty set to open with more than half percent gain as there was a recovery in the US market in closing hours and currently Dow future is also trading in green. Except for Kopsi all other Asian markets are also in green. Yesterday Nifty has created an 'Island Reversal Pattern' so, any follow up selling in the coming days without filling yesterday's gap will confirm the reversal of bear market rally. So, one needs to very cautious while increasing exposure on the long side. The major position should be kept for intraday till the time the pattern does not get whipsawed: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd