Market Highlights: Sensex ends 600 pts up from day’s low, Nifty settles at 9,580; HDFC, ITC among top contributors

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Updated: May 29, 2020 6:07:49 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: BSE Sensex and Nifty 50 turned positive in the fag end of the Friday's volatile session ahead of the release of GDP data for January-March quarter of 2019-20.

Share Market Today, Share Market LiveExcept for Nifty IT and Nifty Media, all the sectoral indices finished their trade in positive territory

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 turned positive in the fag end of the Friday’s volatile session ahead of the release of GDP data for January-March quarter of 2019-20 (Q4FY20) and April core sector data. The 30-share Sensex was settled at 32,424, up 223 points or 0.69 per cent. While the broader Nifty50 index ended the session at 9,580, gaining 90 points or 0.95 per cent. ONGC was the top Sensex gainer with a growth of 5.26 per cent to end at Rs 83 apiece on BSE. Among other Sensex gainers were Bajaj-Auto, Sun Pharma, Nestle India, ITC, HDFC and HUL. While Axis Bank led the pack of losers on the index. Bharti Airtel, Infosys, TCS, Titan and RIL were among other laggards. Except for Nifty IT and Nifty Media, all the sectoral indices finished their trade in positive territory. Nifty Realty, Nifty Pharma and Nifty FMCG gained 4.28 per cent, 3.21 per cent and 2.97, respectively.

Vodafone-Idea has clarified that its Board is currently not considering any proposal for investment in the comping, a day after The Financial Times reported that internet giant Google could pick up a 5% equity stake in the firm. The telco in a filing to the market regulator said that the company constantly evaluates various opportunities for enhancing the stakeholders’ value

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Highlights

    15:33 (IST)29 May 2020
    Vodafone-Idea clarifies on reports of Google seeking to buy equity stake, here’s what the teleco said that sent stock prices tumbling

    Cash-strapped telecom major Vodafone-Idea has clarified that its Board is currently not considering any proposal for investment in the comping, a day after The Financial Times reported that internet giant Google could pick up a 5% equity stake in the firm. The telco in a filing to the market regulator said that the company constantly evaluates various opportunities for enhancing the stakeholders’ value. “As and when such proposals are considered by the Board of Directors of the Company warranting disclosures, the Company shall comply with the disclosure obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulation”),” it added.

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    15:19 (IST)29 May 2020
    OYO sales down to half amid COVID-19; Ritesh Agarwal explains why future holds little respite too

    The coronavirus pandemic has put a spanner in the growth of the otherwise stellar performing unicorn startups of the world with homegrown OYO now saying that the sales of the company have come down to half in the past few weeks. OYO has “seen 50-60% drop in terms of sales,” Ritesh Agarwal, founder of OYO, told NDTV in an interview recently. The problem is unlikely to resolve itself in the coming months as well with the consumers becoming skeptical about travelling.

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    15:18 (IST)29 May 2020
    ONGC share price jumps 5.5%, top Sensex gainer

    ONGC share price jumped 5.5 per cent to Rs 83 apiece on BSE. ONGC was followed by Bajaj-Auto, Sun Pharma, ITC and Hero MotoCorp.

    Check live prices: ONGC

    15:13 (IST)29 May 2020
    Sensex jumps 634 points from day's low

    BSE Sensex was trading at 32,442.68, up 242.09 points or 0.75 per cent in the fag end session on Friday. While the Nifty 50 index was approaching near 9,600-mark

    Check live Sensex, Nifty levels

    14:57 (IST)29 May 2020
    RBI slaps penalty worth crores of rupees on three banks, including one PSU and one cooperative bank

    The Reserve Bank of India has slapped a penalty amounting to a total of Rs 6.50 crore on Bank of India, Karnataka Bank, and Saraswat Cooperative Bank. The central bank said that Bank of India, a public lender incorporated in 1906, has been fined for non-compliance with certain provisions, including income Recognition, Asset Classification and Provisioning pertaining to advances - divergence in NPA accounts along with classification and reporting of frauds and has been fined Rs 5 crore. Karnataka Bank has been fined Rs 1.20 crore and Saraswat Cooperative Bank will have to pay Rs 30 lakh to the central bank. 

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    14:37 (IST)29 May 2020
    Last day for buying, selling RIL-Rights Entitlement, shares surge 48% from May 20; should you buy today?

    Reliance Industries’ rights entitlement (RIL-RE) shares fell as much as 8.5 per cent to Rs 210 apiece on NSE in the afternoon deals on the last day of buying or selling the rights entitlements on NSE and BSE. From an opening price of Rs 152 on May 20, RIL-RE share price has surged 48 per cent to hit today’s high of Rs 225 apiece on NSE. Market regulator Sebi introduced Rights entitlement (RE) platform earlier this year. With Rs 53,125 crore mega rights issue which opened on May 20 for subscription by shareholders, Reliance Industries (RIL) became the first issue where eligible shareholders got the rights entitlements in demat, which could be traded on stock exchanges.

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    13:55 (IST)29 May 2020
    We expect USD/INR spot to trade in between 75.25-76 in the coming days

    The dilemma between bulls and bears continued throughout the month of May and rupee remained range bound. There is some optimism in the forex market over coronavirus vaccine while the hostility between US and China is escalating, keeping the positive sentiments in check. The residual flows from foreign fund and strength in local equities will support the appreciation in rupee, however, the trade tiff will be the major threat. We expect USD/INR spot to trade in between 75.25-76 in the coming days: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:40 (IST)29 May 2020
    Buy Quess Corp ~ Edelweiss Securities

    Operationally, Quess Corp (Quess) sustained growth momentum in Q4FY20 with 25-30% organic growth in revenue and EBITDA. Headcount addition of 60k plus in FY20 in general staffing indicates massive market share gains. Notably, in Q4FY20, Quess has taken a sizeable impairment charge (non-cash) of INR6.6bn, impairing ~38% of its goodwill, given the potential front-ended cash flow hit due to COVID-19. Management indicated headcount decline of 10-15% during Q1FY21; but our base case assumes 20-25% dip for FY21, based on our channel checks. A few businesses such as training and parts of facility management faced some headwinds. On the positive side, balance sheet seems healthier YoY (net debt/EBITDA <1x) and with M&A on the backburner, it should get heft. In our view, the 65% stock price fall since February largely captures the damage to FY21/22E earnings and at 11x FY22E earnings, valuations are enticing. Retain ‘BUY’ and TP of INR338.

    ~ Edelweiss

    13:17 (IST)29 May 2020
    Buy Federal Bank | Target Price: Rs 65 ~ Motilal Oswal

    Federal Bank has reported moderation in business growth, reflecting a challenging economic environment impacted by the COVID-19 outbreak. We expect overall loan growth to get affected due to reduced economic activity and the ongoing lockdown. Though the bank has lower quantum of stressed assets, we nevertheless expect credit cost to stay elevated due to COVID-19 related provisioning. FB has been taking a cautious approach in building the loan mix toward high-rated corporates and retail loans. Also, the bank’s liability franchise remains strong with CASA + Retail TD of 91% and one of the highest LCR amongst banks. We cut our FY21E estimates sharply by 19% as we factor in the higher credit cost and slight moderation in business growth while maintaining our FY22E projections. We estimate FB to report RoA/RoE of 0.9%/10.9% by FY22E. Maintain Buy with a revised TP of INR65 (0.8x FY’22E ABV). ~ Motilal Oswal

    12:58 (IST)29 May 2020
    Coal India share price up 10% in 5 days; a stock to bet on as India's power demand gets back on track?

    A heatwave spreading across north India and the steady resumption of economic activity has caused a sharp spike in the country’s energy consumption, with this Coal India’s share price has also surged 10% in the last five days. According to Morgan Stanley research, the daily energy consumption in India is now closer to 2019 levels. Resumption of economic activity and revival in energy consumption is being dearly eyed by Coal India’s management, as highlighted in a conference call the firm recently held. As the benchmark indices traded in the red on Friday, Coal India shares jumped 3% to trade at Rs 138 per share.

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    12:56 (IST)29 May 2020
    Brokerage view on Aditya Birla Fashion and Retail

    Covid’19-related shutdowns hurt an otherwise healthy year for Aditya Birla Fashion and Retail. The `10bn rights issue as a risk-mitigation strategy would strengthen the balance sheet. The inherently strong brands and otherwise healthy working-capital cycle are its key strengths. We maintain our Buy rating, with a lower TP of Rs 137 (from Rs 182), based on 18x FY22e EV/EBITDA. Risk Keen competition cutting into revenue growth: Anand Rathi Communications

    12:50 (IST)29 May 2020
    June F&O series outlook

    Considering the aggressive Put writing at 9000 level for the in the June Options, long build up by the FIIs’ in the Index Futures segment during the last few days and lower stock futures Open Interest as compared to average of the last one year-which in-turn Indicates lower leveraged positions, and fall in the VIX-Fear Index, we believe that one should remain optimistic for the June series with the stop loss of 9000 levels. On the higher side 10000-10200 level to act a resistance where calls have been written: Nandish Shah, Technical Research Analyst, HDFC Securities

    12:48 (IST)29 May 2020
    A simple, secure and seamless process will make NPS a more popular choice

    PFRDA’s initiative allowing paperless Aadhaar-based KYC process for opening NPS account is an appropriate one and the need of the hour. Besides making the authentication process more secure with Aadhaar, this move will also help in increasing the awareness and penetration of NPS in India. World over, we are gradually witnessing a transition towards a more tech-driven paperless set-up which not only expedites the entire customer onboarding process but also elevates the customer experience. A simple, secure and seamless process will make NPS a more popular choice especially amongst the youngsters, tech-savvy investors: Gagan Rai, MD and CEO, NSDL e-Governance Infrastructure Ltd

    12:45 (IST)29 May 2020
    Gold prices jump today as investors seek safe-haven assets amid heightened US-China tensions

    Gold prices gain today amid escalation in US-China tensions over Hong Kong security bill and rising coronavirus cases which forced investors to rush for safe-haven assets. On MCX, gold June futures were trading Rs 152 or 0.33 per cent higher at Rs 46,557 per 10 grams. While silver July futures edged Rs 67 or 0.14 per cent higher to trade at Rs 48,625 per kg. Meanwhile, in the last 24 hours, India reported a spike of 7,466 new coronavirus cases and 175 deaths. The total number of COVID-29 cases in the country stands at 1,65,799.

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    12:01 (IST)29 May 2020
    Bharti Infratel share price doubles from March lows, stock gains 8% today; check new target prices

    Bharti Infratel share price zoomed over 8 per cent on BSE in otherwise weak trade on Friday to hit a day’s high of Rs 242.60 apiece. Bharti Infratel stock price has doubled from its March of Rs 121.25, while the scrip price is still 22 per cent down from its 52-week high of Rs 295.75 touched in December last year. Analysts believe that multiple newsflows and higher ARPUs among other reasons played as positive for Bharti Infratel stock price. “The stock and the sector both are in a strong uptrend over the past few months as multiple positive news flow, higher Arpus, improved visibility of revenues and stake sale in various companies of the sector remains positive,” Vikas Jain, Senior Research Analyst at Reliance Securities told Financial Express Online

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    11:46 (IST)29 May 2020
    Sensex, Nifty trim losses, down over 0.25%

    BSE Sensex was trading at 32,103.70, down 96.89 points or 0.30 per cent. While the broader Nifty 50 index reclaimed its crucial 9,500-mark.

    Check live Sensex, Nifty levels

    11:43 (IST)29 May 2020
    Modi’s Rs 21 lakh cr package not enough; industry says govt needs to do this for companies to survive

    Even as the Narendra Modi-led government rolls out a special economic package as big as Rs 21 lakh crore, the industry has called it insufficient and has demanded more heavy lifting from the centre to boost demand in the market. Given the major disruptions caused by the coronavirus pandemic, the industry has asked for increased government spending, direct cash transfers to consumers, and deferment of taxes. In a survey conducted by a national trade body with responses of over 100 companies, most companies said that the stimulus package of the government did not benefit them and it was ineffective, The Indian Express reported

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    11:09 (IST)29 May 2020
    Who is Thierry Delaporte? Three interesting facts about Wipro’s new boss

    Information technology major Wipro has appointed Capgemini Chief Operating Office, Thierry Delaporte, as its new Chief Executive Officer (CEO) and Managing Director. Thierry Delaporte will replace Abidali Neemuchwala as the new Wipro chief. Neemuchwala will step down from the top post on Monday after which Executive Chairman Rishad Premji will oversee the day-to-day operations of the company until Thierry Delaporte takes over on July 6, Wipro said. Abidali Neemuchwala will step down after serving Wipro for a little over 5 years. Neemuchwala joined Wipro in April 2015 as the President and Chief Operating Officer. Prior to joining Wipro, Neemuchwala served with Tata Consultancy Services. 

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    11:01 (IST)29 May 2020
    Indian telecom and online space set to witness a spur of activity

    Amidst reports of Google picking up 5% stake in Vodafone Idea, it appears that the Indian telecom and online space, is set to witness a spur of activity, which is always welcome. It would offer consumers a better deal and competition in this space is definitely required as the digital space has gained massive importance post COVID-19 and is set to witness multifold growth in coming years: Aamar Deo Singh, Head Advisory, Angel Broking Ltd

    10:36 (IST)29 May 2020
    RIL, HDFC Bank send Sensex 300 points down; check what’s dragging markets today

    Indian share market indices BSE Sensex and Nifty 50 slipped nearly one per cent in Friday’s session on the back of weak global markets. Besides, GDP data for January-March quarter and April core sector are scheduled to realease later today. The 30-share Sensex fell 300 points or 0.92 per cent to trade at 31,904. While the broader Nifty 50 index slipped below 9,450 and was ruling at 9,423, down 66 points or 0.70 per cent. Among top Sensex losers, Axis Bank was followed by IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, Tata Steel and HDFC, down in the range of 2-3 per cent.

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    10:14 (IST)29 May 2020
    Vodafone-Idea share price jumps 15%, Google mulls 5% stake buy in cash-strapped telco

    Struggling telecommunications firm Vodafone-Idea saw its share price jump 15% in the initial few minutes of trade on Friday as investors reacted to the news of internet giant Google considering a 5% equity stake buy in the company. Vodafone Idea stock has been hammered on Dalal Street severely in the last one year, falling over 56% till yesterday. Google, although talks are in very early stages as reported by The Financial Times, could see itself battling Mark Zuckerberg’s Facebook if it invests in Vodafone-Idea. The stock was trading at Rs 6.65 per share on NSE.

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    09:55 (IST)29 May 2020
    Gold sentiment is likely to be positive today

    On the MCX, gold opened positive as overnight COMEX gold appreciated due to worsening economic data from the US and trade relations with China. Denting sentiment further, China approved a decision to go forward with national security legislation for Hong Kong, which could erode the city's freedom and jeopardise its role as a financial hub. U.S. President Donald Trump's top economic adviser warned that Hong Kong, which has enjoyed special privileges, may now need to be treated like China when it comes to trade and other financial matters. The safe-haven buying into the ETFs has continued to go up. Hence the sentiment is likely to be positive on the yellow metal: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers,

    09:42 (IST)29 May 2020
    Axis Bank share price falls over 3.5%

    Axis Bank was the top Sensex laggard, down 3.5 per cent followed by IndusInd Bank, Bajaj Finance, HDFC Bank and Tata Steel.

    09:41 (IST)29 May 2020
    Asian Paints top Sensex gainer

    Asian Paints was the top Sensex gainer. Among other gainers were ITC, Sun Pharma, Bajaj-Auto, Nestle India and HUL.

    09:40 (IST)29 May 2020
    Vodafone Idea share price jumps 10%

    Vodafone Idea share price zoomed 10 per cent to Rs 6.40 apiece on BSE on report that Alphabet Inc’s Google could pick a 5 per cent stake.

    Check live prices: Vodafone Idea

    09:38 (IST)29 May 2020
    Nifty FMCG index gains

    Nifty FMCG index was trading higher in otherwise weak market led by gains Colgate-Palmolive, ITC and Britannia

    09:23 (IST)29 May 2020
    Sensex, Nifty open in red, track Asian markets

    BSE Sensex and Nifty 50 were trading in negative territory on Friday taking cues from their Asian peers amid US-China trade tensions and Hongkong security bill.

    Check live Sensex, Nifty levels

    09:10 (IST)29 May 2020
    Rupee is likely to open around 75.70

    Rupee is likely to open around 75.70 and trade 75.55-75.95 range. Rupee has been trading in the 75.50-76 range for the past 8 sessions now. The pipe line of inflows is limiting up side whereas persistent buying by nationalized banks is preventing downside. SGX is indicating a modest 25pt fall for Nifty on open. FPIs have pulled out USD 3bn from debt and have invested USD 1.8bn in equity in May so far. FPI are currently utilizing 47% of their limit in government bonds and 37% of their limit in corporate bonds: Abhishek Goenka, Founder and CEO, IFA Global

    09:09 (IST)29 May 2020
    India Q4 FY20 GDP numbers, April core sector data due today

    India Q4 FY20 GDP print is due today. This print will not entirely capture the effect of the lockdown as the economy was open up to three weeks in March. It was only in the last week of March that the economy was completely shut down. However, the economy was weak going into Coronavirus pandemic itself and the print would likely reflect that. Q3 GDP print was already at a seven-year low at 4.7%. Q4 print could come in at around 2.1% and that would imply GDP Growth for FY20 to be around 4.4%. In terms of impact the print can have, the market has already set a low bar as far expectations are concerned. Much of the negativity is priced in. India April core sector data is also due today: Abhishek Goenka, Founder and CEO, IFA Global

    09:02 (IST)29 May 2020
    Stocks in focus: Vodafone Idea, RIL, Yes Bank, Voltas, Bank of India to remain in action

    Everest Industries, Jagran Prakashan, KEC, Lemon Tree, Shipping Corporation of India, Equitas Holdings, Jubilant Life Sciences, Procter & Gamble Healthcare, Voltas, Dilip Buildcon, V-Mart Retail, Symphony and 3M India are among 31 companies which are scheduled to announce their March quarter earnings today.

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    08:45 (IST)29 May 2020
    Nifty set to open flattish to negative

    Nifty set to open flattish to negative on the back of mixed global cues. The rollover data suggest that natural to bearish rollover has taken place.Today is the last of the month and the first day of the future and option June series. The banking and NBFC stocks will be the focus as a major move has seen in banking the last couple of days of trading. Technically speaking, Nifty approaching the resistance zone of 9500 and support will be seen at 9300 levels: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:19 (IST)29 May 2020
    On expiry to expiry basis Nifty 50 lose 10.58%

    Major Indices Nifty & Banknifty closed in the green on expiry day with gains of 1.87% & 2.67%. Whereas, expiry to expiry basis, both indices have lost 3.52% and 10.58% respectively. In percentage terms, Nifty and Banknifty witnessed rollover of 75.67% and 81.13% respectively. But the absolute term, Nifty open interest (OI) rollover has reduced by 20,53,550 and Banknifty witness increase by 4,76,400 compared to 3 months average rolls: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:16 (IST)29 May 2020
    SGX Nifty suggests gap-down opening for Sensex, Nifty

    Trends on SGX Nifty hints at a negative start the Sensex and Nifty with 30 points or 0.32 per cent loss. The Nifty futures were trading at 9,396 on the Singaporean Exchange.

    08:16 (IST)29 May 2020
    Wall Street settles lower in overnight trade

    In overnight trade on Wall Street, US stocks settled lower as President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday. The Dow Jones Industrial Average fell 147.63 points, or 0.58%, to 25,400.64, the S&P 500 lost 6.4 points, or 0.21%, to 3,029.73 and the Nasdaq Composite dropped 43.37 points, or 0.46%, to 9,368.99.

    08:15 (IST)29 May 2020
    Asian stock markets fall in Friday's early trade

    Asian stock markets dipped in early trade on Friday as worries about worsening US-China ties weighed on the hopes that massive government stimulus can jump-start the world economy. In Japan, the Nikkei declined 0.45% and Hong Kong’s Hang Seng index also dipped 0.81%.

    08:15 (IST)29 May 2020
    Sensex, Nifty on Thursday

    BSE Sensex jumped 595 points or 1.88 per cent to end the session at 32,200. While the broader Nifty 50 index settled 175 points or 1.88 per cent higher at 9,490

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