Market HIGHLIGHTS: Nifty reclaims 11,300, Sensex ends 560 pts up; UltraTech Cement jumps 7%, Kotak Bank up 5%

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Updated: July 28, 2020 4:38:47 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled nearly 1.5 per cent higher in Tuesday's trade led by gains in UltraTech Cement and Kotak Mahindra Bank share prices.

Share Market Today, Share Market LiveNifty Auto index was top sectoral gainer, up 3.21 per cent lead by Tata Motors, M&M

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled nearly 1.65 per cent higher in Tuesday’s trade, taking cues from their Asian peers. The 30-share Sensex jumped 560 points or 1.47 per cent to end at 38,493, while the broader Nifty 50 index reclaimed 11,300, the level last seen on March 5, this year. The rally in the headline indices was fuelled by the index heavyweights such as Ultratech Cement, Kotak Mahindra Bank, TCS, M&M, Maruti Suzuki, IndusInd Bank and Tech Mahindra. On the contrary, ICICI Bank, Nestle India, Asian Paints, ONGC and ITC were among the top Sensex losers. Nifty Auto index was top sectoral gainer, up 3.21 per cent lead by Tata Motors, M&M, Hero MotoCorp, Ashok Leyland. Nifty IT index too jumped over 2 per cent with TCSm Mphasis and Tech Mahindra as top gainers.

India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations, 15th Finance Commission Chairman N K Singh said on Monday.

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    15:48 (IST)28 Jul 2020
    Nifty reclaims 11,300, Sensex jumps 550 pts

    The 30-share Sensex jumped 560 points or 1.47 per cent to end at 38,493, while the broader Nifty 50 index reclaimed 11,300, the level last seen on March 5, this year.

    15:42 (IST)28 Jul 2020
    Physical gold demand falls 36% as prices soar, but that might not stop rates from inching higher

    Physical gold demand fell 36% in the April-June quarter with losses across major sectors as the price of the yellow metal scaled to new all-time highs. Demand slipped to 677 tonnes to levels last seen in the first quarter of calendar year 2009, data sourced by Refinitiv showed. Gold prices have continued to inch higher amidst the pandemic as investors rushed towards gold, which is considered a safe instrument to invest in during uncertain times. Gold prices on Tuesday hit a fresh high of Rs 52,435 per 10 gram, following global markets where it touched the lifetime high of $1981.10 per ounce.

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    15:08 (IST)28 Jul 2020
    Hope for job seekers in these sectors; economic reboot promises better employment opportunities

    As businesses across the country have started to reopen after a prolonged lull due to lockdown, employment seekers have found new optimism in the job market and are hopeful that there will be better hiring opportunities soon. Sectors such as e-commerce, IT services, insurance and gaming, are promising better employment opportunities, according to LinkedIn Workforce Confidence Index.

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    14:28 (IST)28 Jul 2020
    We could see some short-covering bounce before fed decision in rupee: HDFC Securities

    The rupee is not responding to the dollar weakness since the last couple of days amid month-end dollar demand from gold importers ahead of the festive season. So far this month, the dollar index fell 3.5% while rupee appreciated only 0.9%. The currency traded sideways as central bank’s dollar buying restricted the gains in the rupee. In early morning trade, the dollar index, a basket of six currencies, had touched low of 93.49, the lowest level since June 2018. Market participants will wait for the Fed statement as there won’t be any change in the rate but the stance could remain on dovish side which could again put pressure on dollar. However, we could see some short-covering bounce before the fed decision and month-end demand-supply adjustment: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:06 (IST)28 Jul 2020
    Forget this year, investors must look at next year earnings to gauge investment worthiness | INTERVIEW

    As domestic equity markets continue to rally, now for six-weeks straight, volatility is also making a comeback. Amidst the rising volatility, Vikaas M Sachdeva, CEO, Emkay Investment Managers Ltd, says that the odds are in favour of quality stocks. In an interview with Kshitij Bhargava of Financial Express Online, the market veteran shares his thoughts on the banking and finance stocks. He shares his outlook for the foreign inflows that deserted Indian equities in March this year, while also decoding the current trend in the mutual fund industry. Here are the edited excerpts.

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    13:37 (IST)28 Jul 2020
    Flipkart reattempts hyperlocal delivery play; launches ‘Quick’ to take on Dunzo, Swiggy Genie

    Nearly four and a half years after Walmart-owned Flipkart shut its hyperlocal service Nearby, the company on Tuesday announced another effort to tap into the market that has players including Dunzo, Swiggy Genie, etc. Flipkart’s new hyperlocal service called Flipkart Quick will “tap new consumers” by enabling them to order goods from “Flipkart hubs in their location, ensuring quick delivery,” the company said as it looked to leverage its existing supply chain strength.

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    13:18 (IST)28 Jul 2020
    Tech Mahindra Q1 earnings marginally above Street estimates

    Tech Mahindra reported a 6.7% qoq degrowth in revenues to USD 1,208mn which was marginally above street expectations. In rupee terms consolidated revenue contracted by 4.0% qoq to ₹9,106 crore while gross profits declined by 7.2% qoq to ₹2,596 crore. New deal wins for the quarter were also down to USD 290mn as compared to USD 513mn inQ4FY20. While the Q1FY21 results were largely ahead of street estimates concerns remain over the company’s over-dependence on the communications vertical which accounts for 40% of the company’s revenues and degrew by 8.6% qoq in USD terms: Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd

    13:02 (IST)28 Jul 2020
    Reliance Industries share price jumps 148% from March lows; does it make sense to invest now?

    Mukesh Ambani’s Reliance Industries Ltd (RIL) is one of the stocks that have shunned pessimism for quite some time now. The share price of the oil-to-telecom conglomerate has surged over 148% since March lows, with investors rushing in to invest in a company with stable cash flows, profitable outlook and the ability to attract global investors. However, with the recent run up in RIL share price and valuation spiking, domestic brokerage firms look to be turning cautious after months, if not years, of optimism. RIL shares were trading at Rs 2,174 per share on Tuesday morning.

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    12:35 (IST)28 Jul 2020
    Buy MCX: Precious metals should drive volumes ~ Motilal Oswal

    We upgrade our EPS estimates over FY21–22E by up to 10% as we adjust our estimates to the beat during 1QFY21 and a better outlook. We continue to like the company for its near-monopoly in the Commodity Exchanges segment in India. As Gold and Crude volumes recover, we value the stock at 30x FY22E EPS. Reiterate Buy ~ Motilal Oswal

    12:19 (IST)28 Jul 2020
    Modi’s Atmanirbhar Bharat: How palm oil cultivation can make India self-reliant in edible oil

    India is a net food exporting country but depends heavily on imports of edible oils. Prime Minister Narendra Modi appealed on 23 July 2020 to the farmers in the North-East States to take up oil palm cultivation in a big way. It is a step to support the Atmanirbhar Bharat initiative and will reduce the imports of Palm oil and make India self-sufficient in edible oils too. The domestic consumption of edible oils in India has been outstripping the production and the gap between the two is quite significant which is being met by imports.

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    12:14 (IST)28 Jul 2020
    Tech Mahindra shares surge up to 6% as Apr-Jun results beat estimates; analysts say ‘buy’ stock

    Tech Mahindra share price surged 5.7 per cent to Rs 702.4 apiece on BSE after the company posted a better-than-expected net profit for the quarter ended June 30. Tech Mahindra reported a 21 per cent rise in net profit on a sequential basis. The management of the company highlighted that there were impairments on the back of provisions made for COVID-19. The company reported revenues at Rs 9,106 crore, which is up 5.23 per cent as compared with the year-ago period, but down 4 per cent sequentially. Brokerage firms are upbeat on the stock with an upside up to 15%

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    11:15 (IST)28 Jul 2020
    Gold's immediate target is Rs 55,000 per 10 grams

    The Gold prices continued the stellar rally as the rising coronavirus pandemic cases boost demand for safe-haven assets. It is evident as the Gold prices in the US are currently trading around $2000/ounce. The yellow metal posted a record high as the dollar extended its slump to the lowest in almost two years. Continuous investor demand has also helped for the rally in the precious metals prices, with inflows into gold-backed ETFs this year. With no end in sight for relief to the economic turmoil unleashed by the novel coronavirus and as more stimulus measures are needed to boost the economic growth, we expect further gains in the gold towards Rs.55000 per 10 gms as its immediate target: Ravi Singh, Head of Research, Karvy Stock Broking

    11:07 (IST)28 Jul 2020
    If rupee doesn’t break 74.50, then it may head near to 75.10 to 75.50 levels in 10 to 15 sessions

    It seems as if the weakness in the dollar is not conveying to any major strength in rupee. Since the beginning of the month till today, dollar index has fallen by around 4.03% vis-à-vis rupee has added merely about 0.86%. This can be linked to the persistent buying by RBI around 74.50-60 levels, who is adding reserves and therefore rupee tends to bounce back from the achieved strength. If rupee doesn’t break 74.50, then there is 60%-70% possibility that the pair could head near to 75.10 to 75.50 levels in 10 to 15 sessions: Amit Pabari, managing director, CR Forex Advisors

    11:00 (IST)28 Jul 2020
    RIL, TCS, Maruti keep Sensex, Nifty in green in volatile trade; check what’s keeping investors busy

    Following the firm global cues, headline indices BSE Sensex and Nifty 50 were trading in the positive territory in Tuesday’s volatile trade. The 30-share Sensex was trading around 38,075 level while the broader Nifty 50 index hovered around 11,175. Index heavyweights such as Reliance Industries (RIL), Tata Consultancy Services (TCS), M&M, Maruti Suzuki and Bharti Airtel were among top index contributors. Asian stock markets were mixed, South Korea’s Kospi gained 1.1 per cent while Japan’s Nikkei fell 0.13 per cent. In overnight trade on Wall Street, US stocks indices ended higher.

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    10:50 (IST)28 Jul 2020
    Should you buy or sell Kotak Mahindra Bank shares as net profit falls? Check what brokerages say

    Kotak Mahindra Bank stocks were seen trading higher by 1.7% on Tuesday morning, despite a slip in standalone net profit of the private sector lender. The Uday Kotak-led bank reported a net profit of Rs 1,244 crore in the April-June quarter, against Rs 1,360 crore in the same period last year. The slip was aided by higher provisions as the bank kept aside Rs 616 crore to tackle any headwinds that the coronavirus pandemic brings with itself. Kotak Mahindra Bank shares were trading at Rs 1,345 per share on Tuesday morning. 

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    10:14 (IST)28 Jul 2020
    Gold zooms to all-time peak as safety rush gathers steam

    Gold zooms to all-time peak as safety rush gathers steam; investors seek shelter amidst the pandemic-stricken global economy and an escalation in the US-China spat, which pummelled the dollar. Asian nations imposed new restrictions, while an abrupt British quarantine on travellers from Spain threw Europe's summer reopening into disarray, as the world confronted the prospect of a second wave of COVID-19 infections. Market participants will keep an eye on the US consumer confidence data; the expectation is that the number could come in better than expectations. Volatility could also be seen amidst the FOMC policy statement that will be released Wednesday midnight. Broader trend on COMEX could be in the range of $1900- 1990 and on domestic front prices could hover in the range of Rs 51,950-52,950: Navneet Damani, VP, Motilal Oswal

    10:11 (IST)28 Jul 2020
    Gold prices today hit fresh all-time high, silver at 8-yr high; analysts see further rise in yellow metal

    Gold prices surged yet again on Tuesday, hitting a fresh high of Rs 52,435 per 10 grams, mirroring the record-breaking rally in the global markets, where the yellow metal touched the lifetime high of $1981.10 per ounce. The yellow metal surpassed its record high level of Rs 52,414 per 10 grams touched in the previous session. Bucking the trend, silver also touched an 8-year high of Rs 67,560 per kg in today’s trade. Analysts expect this rally in gold and silver to continue in the coming day.

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    09:55 (IST)28 Jul 2020
    Some sideways action in currencies

    The RBI yesterday announced a new 10y benchmark to be auctioned coming Friday. This is now the 9th security which would be available to FPIs under the Fully Accessible Route (FAR). As the float under the FAR increases, it increases the likelihood of our bonds getting included in a global bond index. In the scenario of partial inclusion, we could be looking at inflows of around ~USD30bn. We may see some sideways action in currencies until the FOMC tomorrow. US real rates need to be followed closely: Abhishek Goenka, Founder and CEO, IFA Global

    09:55 (IST)28 Jul 2020
    Some sideways action in currencies

    The RBI yesterday announced a new 10y benchmark to be auctioned coming Friday. This is now the 9th security which would be available to FPIs under the Fully Accessible Route (FAR). As the float under the FAR increases, it increases the likelihood of our bonds getting included in a global bond index. In the scenario of partial inclusion, we could be looking at inflows of around ~USD30bn. We may see some sideways action in currencies until the FOMC tomorrow. US real rates need to be followed closely: Abhishek Goenka, Founder and CEO, IFA Global

    09:33 (IST)28 Jul 2020
    Tech Mahindra share price surges over 5%; top Sensex gainer

    Tech Mahindra share price surged 5.2 per cent to trade at Rs 698.5 apiece on BSE, a day after the company posted a better-than-expected net profit at Rs 972.30 crore for the quarter ended June 30.

    Check live prices: Tech Mahindra

    09:30 (IST)28 Jul 2020
    Nifty tops 11,200, Sensex rises 200 points

    The 30-share Sensex was up 223 points or 0.59 per cent to trade at 38,158, while the broader Nifty 50 index was ruling at 11,177, up 45 points or 0.41 per cent in Tuesday's early deals.

    Check live Sensex, Nifty levels

    09:30 (IST)28 Jul 2020
    Mahindra Finance Rs 3,088 crore rights issue opens today; check issue price, ratio, other details

    Mahindra & Mahindra Financial Services Limited’s Rs 3,088 crore rights issue will open today, as the company tries to raise funds to repay outstanding borrowings and improve its capital. The non-banking finance company (NBFC) with 25 years of experience in the semi-urban and rural markets in India is one of the many financial institutions trying to raise capital as they gear up to tide through the slowdown in the economy aided by the coronavirus pandemic. Mahindra Finance will issue 61.78 crore equity shares of face value of Rs 2 each at a price of Rs. 50 per Equity Share, a 61% discount from the current market price.

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    09:04 (IST)28 Jul 2020
    Stocks in focus: Nestle, Tech Mahindra, SBI, Yes Bank, Mahindra Finance, ITC, United Spirits

    IDBI Bank, Nestle India, UltraTech Cement, IDFC First Bank, Hexaware, Tata Coffee and 3i Infotech are among companies that are scheduled to announce their April-June quarter results later in the day today.

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    08:37 (IST)28 Jul 2020
    Sensex, Nifty could start Tuesday's session with gains; top factors that may steer indices today

    Domestic equity markets could find themselves opening with gains on Tuesday morning with SGX Nifty trading 60 points higher during the early hours. Monday was a volatile market session with both Sensex and Nifty taking a fall of over 0.50%. Analysts believe that the fall in domestic equity markets, largely aided by slumping bank stocks, was a reaction to the RBI’s financial stability report where the central bank predicts a surge in non-performing assets for lenders. To club with this, geo-political tensions have been rising and the number of coronavirus cases in India too is surging higher each day.

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    08:32 (IST)28 Jul 2020
    JSW Steel rating: Reduce — A net loss for company after 17 quarters

    JSTL’s Q1FY21 standalone Ebitda of Rs 14.3 bn dropped 63% y-o-y on the back of a 25% decline in shipments and 22% fall in realisations, missing HSBCe by 16%. Steel shipments of 2.8mt fell c25% y-o-y due to COVID-19 impact, but came in 6% ahead of HSBCe. Ebitda miss was entirely driven by lower than expected realisations (3% below HSBCe) as a higher share of exports (53% in Q1FY21 vs. 13% in Q4FY20) resulted in inferior product mix: HSBC

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    08:31 (IST)28 Jul 2020
    ICICI Bank rating: Maintain with target price of Rs 525

    ICICI Bank’s (ICICI) Q1FY21 PAT of Rs 26 billion came broadly in line with the estimate. Credit cost was high due to Covid-19-related Rs 55.5 billion provision, taking total such provisions to 1.3% of loans and 7.5% of loans now under moratorium (17.5% of total). Stable core income cushioned the earnings impact: Edelweiss

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    08:27 (IST)28 Jul 2020
    AU Small Bank rating: Maintain ‘add’ with target price at Rs 724

    AUBANK’s 1QFY21 net earnings were 52% higher than estimates, driven by a sharp fall in operating expenditure and high treasury gains. The reduction in moratorium or improvement in collection efficiency and retail deposit traction were promising. We continue to believe that AUBANK is one of the best- placed SFBs due to its relatively better deposit franchise, largely secured book, and strong execution track record: HDFC Securities Institutional Research

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    08:26 (IST)28 Jul 2020
    PSU banks to need more capital to safeguard against stress: Fitch Ratings

    Public-sector banks (PSBs) stand to face solvency risk unless the government goes for a fresh round of capital infusion into them, Fitch Ratings said in a report on Monday. These banks’ proposed capital raising from private sources is not going to be enough to fully mitigate anticipated risks, the report added. “The state has not announced anything so far but we expect some infusions eventually to support the banks’ capital-raising initiatives,” analysts at Fitch wrote.

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    08:25 (IST)28 Jul 2020
    SGX Nifty up 65 points; indicates gap-up start for Sensex, Nifty

    Nifty futures were trading 64.70 points or 0.58 per cent higher at 11,179.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Tuesday

    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
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