Share Market Highlights: Sensex falls 194 points in a volatile session, Nifty ends at 11,131; ICICI Bank tanks 6%

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Updated: July 27, 2020 4:22:46 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: In a volatile trading session bank stocks were the worst performing as ICICI Bank, HDFC Bank, Axis Bank, and IndusInd Bank fell the most on Sensex.

Share Market Today, Share Market LiveS&P BSE Sensex and NSE Nifty enter this week’s initial trading session on the back of six week of consecutive gains.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices closed in the red today after a volatile opening session. Sensex slipped 194 points while the Nifty 50 closed below the 11,500 mark. Asian Paints and HCL Tech were the top gainers on Sensex today, gaining over 3% each. On the other end, were bank stocks that fared the worst on Monday with ICICI Bank falling over 6%, followed by HDFC Bank, Axis Bank, and IndusInd Bank. Six of the worst hit stocks were from the banking and finance space. Volatility surged to has high as 25.7, or 4% higher.

India and the United States are inching closer to a trade deal that could iron out how 15% or $13 billion worth of annual trade between the two countries will shape up. This deal would also include a complete restoration of duty benefits for New Delhi under the Generalised System of Preferences (GSP). As part of the deal, India could reduce tariffs on high-end bikes like Harley Davidson, pledge greater market access in farm products, including cherry, and sweeten its initial offer on easing price caps in medical equipment. Commerce Minister Piyush Goyal last week had said that India and the United States were inching closer to a deal.

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Highlights

    15:15 (IST)27 Jul 2020
    Yes Bank stock price hits 10% lower circuit as FPO shares list for trading; Partha Pratim resigns as Director

    Private sector lender Yes Bank’s shares were locked in a 10% lower circuit on Monday as the lender’s follow-on public offer (FPO) shares were listed on stock exchanges. The stock was trading at Rs 12.30 per share, down from its previous close of Rs 13.65 apiece. The Rs 15,000 crore FPO of Yes Bank subscribed 95%, in what was referred to as a buoyant response to a bank that was struggling for cash earlier this year. Yes Bank shares have tanked 54% since the beginning of this month.

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    14:54 (IST)27 Jul 2020
    Sensex trims losses

    In the dying hours, Sensex has yet again staged a recovery coming up from the day's low to now trade just 50 points lower.

    14:06 (IST)27 Jul 2020
    Asian Paints – Weak Quarter, but sequential recovery underway ~ Centrum Broking

    Asian Paints Q1FY21 results came below our expectations, wherein consol. revenue/EBITDA/PAT declined of 42.7%/58.2%/66.5%. Volume decline was lower at ~31% led by product mix and driven by higher demand for low price emulsions in Tier 2/3/4 markets. Whilst company maintained its focus on rural distribution. The industrial businesses JV AP-PPG/PPG-AP and home improvement witnessed sluggish demand. International business growth was supported by Africa and Middle East while Indian subcontinent region was impacted due to pandemic lockdowns. Further gross margin expanded 110bps, yet EBITDA margin declined to 16.6% (-611bps) led by negative operating leverage. We reckon its strategy, communicating safe painting gaining consumer confidence, strengthening rural coverage and developing products meeting customer needs would yield better revenues in the medium-term. Further, management said down-trading is visible in paint industry. Nonetheless, its focus on driving volume and gain market share from local players may get momentum in FY21. Considering tailwinds from benign RM cost (Crude oil) we have increased FY21E/22E PAT by 0.7%/4.4%. We retained Buy rating with DCF-based revised target price of Rs1,916 (Implied 54.4x FY22 EPS).

    13:04 (IST)27 Jul 2020
    Nifty IT jumps 2%

    Nifty IT was one of the two sectoral indices that were trading with gains on Monday. The surge in the index was aided by Mphasis and NIIT Tech both jumping over 5% each.

    12:55 (IST)27 Jul 2020
    Worst performing stocks today on BSE

    ICICI Bank was the worst performing stock on BSE Sensex, down 5% but there were some even worse BSE listed players. INEOS Styrolution was bdown 20%, Unishire Urban followed closely behind. Geojit Financial Services, ICICI Securities, IIFL Securities were also down in the red.

    12:43 (IST)27 Jul 2020
    Healthy recovery in Biologics; Improved demand scenario for Generics

    We value Biocon at 30x (20% discount to its five-year average) and roll our TP to Rs 450 on a 12M forward earnings basis. BIOS is the leading company in the India-listed space to not only have product approvals but also see superior commercial benefit in Biosimilars. New customer additions and an increased number of projects from existing customers would drive the Research Services segment. Also, Biocon is in the process of building a product pipeline in the Generics segment. However, we maintain Neutral on limited upside from current levels.~ Motilal Oswal

    12:16 (IST)27 Jul 2020
    Shaktikanta Das hails govt’s moves to support economy; refrains to comment on moratorium extension

    RBI Governor Shaktikanta Das today said that the structural transformations made by the government have helped India stand among the league of nations. In an online session conducted by the industry body Confederation of Indian Industry (CII), HDFC Chairman Deepak Parekh urged Shaktikanta Das to not extend the moratorium as it will hurt banks. Deepak Parekh added that those who have the capacity to pay are also not paying. Replying to the HDFC Chairman, the RBI Governor said that he cannot comment on the moratorium but he has noted it.

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    12:01 (IST)27 Jul 2020
    Coronavirus ignites investment appeal of Indian drugmakers; profit forecasts for pharma firms surge

    Indian drugmakers are on track to become a staple investment for some equity investors after being spurned for at least five years. The S&P BSE Healthcare Index has risen 27% this year, set for its first yearly outperformance in five versus the S&P BSE Sensex Index. The benchmark gauge has just one pharmaceutical member, Sun Pharmaceutical Ltd. That means the Sensex was unable to benefit from a stellar rally in some of the largest drugmakers in India.

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    11:28 (IST)27 Jul 2020
    ITC shares buy or sell? Earnings helped by FMCG sales but this segment may drive stock prices higher

    The hospitality to FMCG conglomerate ITC Limited posted a 26% on-year fall in net profit in a coronavirus hit April-June quarter to Rs 2,342 crore. ITC witnessed robust revenues in the FMCG space and analysts expect margins to continue getting better. EBITDA margins have surged from 4% in the first quarter of financial year 2019 to 8% at the end of the first quarter of this fiscal. ITC stocks were down 2.3% on Monday morning, trading at Rs 195 per share. Shares are up 34% from their March lows but still have some ground to regain to reach pre-coronavirus levels. Brokerages believe that ITC stock won’t disappoint.

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    11:12 (IST)27 Jul 2020
    Taro’s resolution with DOJ removes key overhang for Sun Pharma

    Sun Pharma’s (Sun) subsidiary, Taro Pharma, has resolved all the cases adhering to the multi-year investigations by the DOJ (Department of Justice, Antitrust Division and Civil Division) in US generic pharma industry. Taro will make a total payment of US$419mn, including US$206mn for deferred prosecution agreement and US$213m to resolve all claims pertaining to federal healthcare program. This amount of settlement is inline with street estimates based on earlier settlement by Sandoz for similar cases. Taro has strong balance sheet with cash balance of over US$1bn which is yielding very low interest income and the settlement amount can easily be paid using this cash. We believe this removes the key overhang on stock’s valuation. Reiterate BUY.~ ICICI Securities

    10:28 (IST)27 Jul 2020
    Gold touches a new life time high of Rs 51,833

    “Today, again we saw that gold has touched the life time high at Rs 51,833 levels and in international market it touched the life time high to $1944.50 per ounce levels. Silver also touched the 8 years high of Rs 64,849 levels. Geopolitical tension between US & China and weakness in dollar supports the bullions. Dollar is weaking against all major currencies at 93.80 levels. US Bonds yields is also low which supports safe heaven demand for bullions. We expect this rally in bullion will continue and gold and silver will move further upside. Gold may test  Rs 52500 levels and silver  Rs . 66000 levels soon," said Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking

    10:22 (IST)27 Jul 2020
    Trump signs executive orders for lowering drug prices

    US president Trump has signed four executive orders aimed at reducing drug prices substantially for US citizens.

    "We believe this development could be sentimentally negative for the pharma generic industry but nothing specifically has been outlined for generic drugs, unless its added in the future. We don’t expect any negative impact from the first three orders on generic drug companies. The fourth order may impact if it is meant for generic drugs, although it’s not specified in the order. We believe this is targeted towards patented drugs as the generic market is already very competitive and several drugs are in shortage. We continue to remain positive on the sector and maintain Sun Pharma, Alkem Labs and Abbott India as top picks," ~ ICICI Securities

    10:07 (IST)27 Jul 2020
    Sensex, Nifty give up opening gains as volatility surges; check top gainers on D-Street today

    Domestic benchmark indices witnessed a volatile opening session on Monday morning. S&P BSE Sensex opened flat but soon gained over 140 points before slipping into the red and falling over 100 points. The 50-stock Nifty started trading above the 11,200 mark and soon gave up the levels. Reliance Industries was the top gainer on opening bell going higher by 2% as the stock reached a new high. Asian peers were mixed on Monday morning, Shanghai Composite was flat while Hang Seng slipped into the red. Markets in Japan were down trading with losses but equity markets in South Korea were seen surging higher.

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    09:48 (IST)27 Jul 2020
    Volatile opening for equity markets

    S&P BSE Sensex opened flat but soon gained over 140 points before slipping into the red and falling over 100 points. The 50-stock Nifty started trading above the 11,200 mark and soon gave up the levels.

    09:07 (IST)27 Jul 2020
    Mindspace Business Parks REIT IPO opens; should you subscribe? Check REITs' viability, other details

    Mindspace Business Parks Real Estate Investment Trust’s (REIT) initial public offering opens today, paving the way for the second REIT to be listed on the bourses in as many years. Mindspace Business Parks REIT is looking to raise Rs 4,500 crore from the issue, which will include a fresh issuance of Rs 1,000 crore and an offer for sale worth Rs 3,500 crore. Apart from this the real estate investment trust has successfully managed to raise 1,518 crore from 54 anchor investors. Real estate sector might be among the worst hit sectors amidst the pandemic with demand faltering, but analysts see long term benefits and the performance of the previous REIT listing augments their belief.

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    08:48 (IST)27 Jul 2020
    Results today

    Here is a lost of companies that will announce their April-June quarter results:

    Bharti InfratelEscorts LtdPfizer LtdTech Mahindra LtdMarico LtdKotak Mahindra Bank LtdIndia Cements Ltd

    08:43 (IST)27 Jul 2020
    Weekly outlook ahead of the opening bell

    "As markets stroll along with the result season, they are continuously discounting surprises in results, if any, as well as the discounting commentaries from the management on irreversible impact on businesses. Atleast from a rhetoric point of view tensions are increasing everyday between US and China and India too is taking actions against Chinese business interests by overhauling internal policies to benefit domestic counterparts. Supposedly the entire world is virtually orchestrating policies against China by imposing sanctions, rummaging anti-dumping duty, incentivizing to move out from China and so on. It seems that global peace is nearing its all-time lows and equity too cannot prosper in such times. Investors are advised to be patient and wait for a deeper correction. Nifty50 closed the week at 11,194.2, up by 2.7%," said Jimeet Modi, Founder & CEO Samco Group

    08:02 (IST)27 Jul 2020
    Ahead of retirement, Aditya Puri sells 95% of his stake in HDFC Bank

    HDFC Bank Managing Director Aditya Puri has sold 95 per cent of his equity stake – 74.2 lakh shares — worth Rs 842.87 crore during July 21-23, according to stock exchange filings. Before this transaction, Puri had held 77.96 lakh shares or 0.14 per cent stake of the bank’s equity capital. He is now left with 0.01 per cent stake or 3.76 lakh shares. The share sale by Puri came around three months ahead of his retirement from the top job as managing director since 1994. HDFC Bank had last year in November set-up a six-member committee including Sanjiv Sachar, Sandeep Parekh, Keki Mistry, Shyamala Gopinath, Srikanth Nadhamuni and M.D. Ranganathan to identify his successor.

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    08:01 (IST)27 Jul 2020
    International market update

    US Markets: US markets ended sharply lower tracking soft corporate results and disappointing unemployment data prints. The number of US citizens filing new claims for unemployment benefits continued to remain near the record highs. Initial claims for state unemployment benefits came at a seasonally adjusted 1.46 million for the week ended July 18, 2020 vs 1.31 million cases in the prior week.

    European Markets: The European markets closed lower amid weak rising Covid-19 fears as well as the sharp escalations of disputed between USA and China. Eurozone’s composite output index rose to a 25-month high of 54.8 as against economist estimates of 51.1

    08:00 (IST)27 Jul 2020
    India's oil output fell 6%

    India's oil output fell 6% to 2.5 MMT in June mainly due to lower output from privately operated fields. Natural gas output declined 12% to 2.3 BCM in June due to lower offtake. ONGC's oil & gas output was at 1.7 MMT, down 1.1% YoY and 1.8 BCM, down 9.4% YoY

    07:59 (IST)27 Jul 2020
    India-US nearing a trade deal, could to cover 15% of trade

    India and the US have inched closer towards hammering out a “limited” deal that could cover annual trade of over $13 billion, or roughly 15% of bilateral shipment, which also includes a complete restoration of duty benefits for New Delhi under the so-called Generalised System of Preferences (GSP). However, if an agreement is reached quickly on widening the coverage, the initial deal could take the shape of a preferential trade agreement, amounting to a much higher value of annual trade.

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