Market HIGHLIGHTS: Sensex closes up 593 pts, Nifty above 11,200; ICICI Bank, Axis Bank lead, HUL, Nestle fall

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Updated: September 28, 2020 4:26:29 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Sensex and Nifty ended up over 1.5 per cent each in Monday's session on the back of positive global cues

Share Market Today, Share Market LiveOn the sectoral front, all the Nifty sectoral indices ended in the green. Nifty Media index was the top sectoral gainer, up 4.77 per cent

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended over 1.5 per cent up in Monday’s session on the back of positive global cues. BSE Sensex ended 593 points or 1.59 per cent up at 37,982, while the broader Nifty 50 index jumped 177 points or 1.60 per cent to close at 11,227. Out of 30 Sensex stocks, 27 stocks finished their trade in the positive territory. IndusInd Bank was the top Sensex gainer, up 7.85 per cent, followed by Bajaj Finance, Axis Bank, Power Grid Corporation of India, ONGC, ICICI Bank and Sun Pharma. On the flip side, HUL, Infosys and Nestle India were the only losers on the pack. On the sectoral front, all the Nifty sectoral indices ended in the green. Nifty Media index was the top sectoral gainer, up 4.77 per cent. Nifty Bank index jumped 3.26 per cent while the Nifty FMCG index gained 0.85 per cent.

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Highlights

    15:49 (IST)28 Sep 2020
    Key indices ended high as bulls led the charge backed by financials

    Key Indices ended high as Bulls led the charge backed by Financials and well supported by Auto & Pharma. Expectations of a stimulus coupled with capital support to state-run banks fuelled the rally in late afternoon trade. The postponement of the SC verdict by a couple of days provided a breather to the Bulls as Large Caps led the charge: S Ranganathan, Head of Research at LKP Securities

    15:41 (IST)28 Sep 2020
    Markets keep upward momentum on for the entire day

    The markets kept the upward momentum on for the entire day. However, the level to watch out for is 11300-11350. We need to get past and close above that price zone. That would signal that an intermediate bottom has been made and we have entered into an uptrend. Until then, there is always a possibility of a U-turn from the current levels and the Nifty might attempt to go and test the 10750 level: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:39 (IST)28 Sep 2020
    Closing bell: Sensex nears 38,000; Nifty ends above 11,200

    On the back of positive global cues, BSE Sensex ended 593 points or 1.59 per cent up at 37,982, while the broader Nifty 50 index jumped 177 points or 1.60 per cent to close at 11,227

    15:24 (IST)28 Sep 2020
    Where will Sensex, Nifty peak this year? Look at recent tops to find where share market is stuck | INTERVIEW

    BSE Sensex and NSE Nifty 50 have been oscillating between gains and losses for the last few sessions; the benchmark indices snapped two-week gaining streak to close nearly 4 per cent down last week. Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities, believes that the Nifty 50’s recent top of 11,600 and BSE Sensex’ 40,000 could be the peak for this calendar year. In an interview with Surbhi Jain of Financial Express Online, Rusmik Oza lists out a host of factors such as rising COVID-19 cases, upcoming US Presidential elections, and untoward outcome of US-China trade war, which may dent the investor sentiment.

    Read full interview

    14:59 (IST)28 Sep 2020
    Angel Broking positive on UTI AMC IPO

    At the upper end of the IPO price band, it is offered at 25.4x its FY20 earnings and 5.25% of Q1FY21 QAAUM, demanding `7,024cr market cap, which we believe is reasonable; listed peers like HDFC AMC trades at 35x FY20 earnings and Nippon AMC trades at 37x FY20 earnings. Additionally, HDFC and Nippon AMC trade at 12.56% and 8.55% of Q1FY21 QAAUM, respectively. Considering attractive valuation, huge growth potential of MF industry, asset-light business and higher dividend payout ratio, we are positive on this IPO and rate it as SUBSCRIBE: Angel Broking

    14:20 (IST)28 Sep 2020
    RBI MPC to be re-scheduled

    The Reserve Bank of India has postponed its MPC meeting due to start tomorrow. 'The meeting of the Monetary Policy Committee (MPC) during September 29, 30 and October 1, 2020 as announced vide Press Release 2019 2020/2248 dated April 20, 2020 is being rescheduled. The dates of the MPC’s meeting will be announced shortly,' the central bank said. 

    14:00 (IST)28 Sep 2020
    Analyst quote on UTI AMC IPO

    The IPO season of 2020 has been great with bumper openings for majority of the latest IPO's. However, in terms of financials, the current sentiment looks weak due to the uncertainty prevailing in the banking & financials space. UTI AMC IPO has been priced attractively in terms of PE & PBV ratio as compared to it's peers and retail investors can subscribe to this issue for modest gains in the near term: Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade

    13:59 (IST)28 Sep 2020
    PVR shares jump 11%, Inox Leisure up 7%; West Bengal allows re-opening of multiplexes

    Investors saw a sharp jump in share price of PVR Ltd and Inox Leisure after the West Bengal government announced that it will allow cinema halls to open for a limited crowd from October 1. Shares of PVR were up 11% trading at Rs 1,222.75 per share while those of Inox Leisure were seen surging over 7% to trade at Rs 274.75 per share. With the unlocking of the country post the serious lockdown that was imposed in the months of April and May, more and more activities have been allowed in a phased manner. However, opening of multiplexes was still not undertaken by any government. 

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    13:55 (IST)28 Sep 2020
    Sugar export deadline extended: Sugar millers may now export their quota till this date

    Sugar millers may now export sugar up to their allocated quota till December as the government has extended the deadline by three months, PTI reported citing a senior food ministry official. Amid a surplus sugar production, the government has allowed the export of 6 million tonnes of sugar under the quota for the 2019-20 marketing year ending September.

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    13:34 (IST)28 Sep 2020
    USD:INR to move lower this week?

    In the week gone by Indian rupee depreciated by 0.06 percent and currently stands at 73.7 against the US dollar. India’s Finance ministry is expecting a nominal GDP growth of 19 percent in FY22 against a double digit contraction in FY21. The double digit expansion can be credited to a lower base in FY21. On the other hand, US FED vice chairman Richard Claridanoted that the central bank will not be considering raising interest rates from near zero until inflation has hit the 2 percent target. He admitted that it would take several years before the US FED can start raising interest rates as the US economy continues to recover from the Covid-19 induced recession. Unemployment data for the week from US too came in a bit higher against expectations at 870K.

    Outlook : With easing monetary policy from US FED here to stay, USDINR (CMP: 73.7) is likely to move lower towards 72.5 in the coming week. (28th Sep – 2nd Oct 2020).”

    ~ Vaqarjaved Khan - Research Analyst, Angel Broking Ltd

    12:57 (IST)28 Sep 2020
    People prefer saving over taking loans; bank credit at half the last year’s rate, deposits in full swing

    Weak demand in the market and risk aversion in the banking system have kept the credit growth at nearly half the level of the last year. The credit growth during the last two fortnights were 5.3 per cent and 5.5 per cent, compared to last year’s level of 10.4 per cent and 10.2 per cent. SCBs are being very selective with their credit portfolios due to asset quality concerns and the overall bank credit is expected to remain slower in the near term, said a report by Care Ratings. On the other hand, the deposits are growing at a higher pace than last year. 

    12:27 (IST)28 Sep 2020
    Principal Asset Management launches Principal Large Cap Fund

    Principal Asset Management has launched a new fund offer (NFO) Principal Large Cap Fund, an Open-ended Equity scheme predominantly investing in Large Cap stocks. The NFO will open for subscription from 28th September 2020 to 12th October 2020. The fund will allocate 80-85% of its corpus to the top 100 Indian Large Cap stocks by market cap and actively invest up to 15% in US stocks with a market cap higher than USD 50 Billion. The large cap fund will aim to provide growth from Indian and US economies and depreciating currencies.

    12:10 (IST)28 Sep 2020
    Three Hundred and Twenty Sixth Company to get listed on BSE SME Platform

    Advait Infratech Limited became the 326th company to get listed on the BSE SME Platform on September 28, 2020. Advait Infratech Limited came out with an initial public offering of 1,350,000 Equity Shares for Cash At a Price of Rs 51 Per Equity Share, Aggregating to Rs. 6.89 Crores. The company has successfully completed its public issue on September 18, 2020.

    12:07 (IST)28 Sep 2020
    CAMS, Chemcon IPOs: How to check share allotment status on BSE, registrar websites; step-by-step guide

    CAMS’ Rs 2,242-crore IPO and Rs 318-crore Chemcon Speciality Chemicals IPO received a rave response from the investors last week, with 47 times and 149 times subscription, respectively. Both the IPOs were open for subscription from September 21-23. Chemcon Speciality Chemicals was the second most subscribed public issue this year after Happiest Minds Technologies, which saw an oversubscription of 151 times. The share allotment in CAMS and Chemcon Speciality Chemicals is likely to be announced today (September 28) and stocks are expected to debut on the exchange on October 1.

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    11:55 (IST)28 Sep 2020
    Mindspace Business Parks REIT ‘buy or sell’? Strong rental portfolio, dividend yield

    After a little less than two months into its stock market debut, India’s second Real Estate Investment Trust, the Mindspace Business Parks REIT has attracted major global and domestic brokerage houses to initiate its coverage with an overweight or Buy rating. Mindspace, with its large rental portfolio, which guarantees stable income and a high dividend yield, poses an attractive bet on the real estate market of four key cities -- Mumbai, Hyderabad, Pune, and Chennai. REITs have to pay out at least 90% of their net distributable cash flows to stockholders as dividend.

    Read full story

    11:40 (IST)28 Sep 2020
    AUROBINDO PHARMA: Development of complex pipeline on track; Steady US base business; EU outlook gradually improving

    The Aurobindo Pharma (ARBP) stock has corrected ~20% over the past two months. This, we believe, provides a good entry opportunity in the stock.

    Multiple factors strengthen our positive stance on the stock, such as: (a) the gradual improvement in outlook for the Injectable business, (b) ongoing efforts to build a complex product pipeline, (c) significantly reduced financial leverage, (d) completion of remediation measures at sites under regulatory issues, and (e) comfortable valuation (at 11.9x FY22E EPS of INR65 compared to 5-year average of 16x).

    We expect ARBP to deliver 15% earnings CAGR over FY20-22E, led by new launches/increased market share in its key markets of the US/EU and lower financial leverage. We value ARBP at 16x 12M forward earnings to arrive at a target price of INR1,030. Re-iterate Buy

    ~ Motilal Oswal

    11:09 (IST)28 Sep 2020
    Smallcap and midcap shares gain

    Shares of PVR were up over 10%, followed by IGPL, GML Limited making them the top gainers on the BSE small cap index. L&T Finance Holdings' shares gained 6.4%.

    11:06 (IST)28 Sep 2020
    UTI AMC IPO opens tomorrow: Attractive valuation, huge PMS biz; should you subscribe? Brokerages’ take

    The Rs 2,160-crore UTI AMC is scheduled to open for subscription from September 29. India’s second-largest asset management company by assets under management has fixed the price band of the issue at Rs 552-554 per equity share. The issue will close on October 1, 2020. So far this month, the IPO market has witnessed five public issues, Happiest Minds Technologies, Route Mobile, CAMS, Chemcon Speciality Chemicals and Angel Broking. All the five issues got oversubscribed by the investors.

    Read full story

    10:44 (IST)28 Sep 2020
    Bond traders brace for further hike in govt’s mammoth borrowing plan in worse possible timings

    Indian bond traders’ worst fears may be realized this week if Prime Minister Narendra Modi’s government announces a further increase to its mammoth borrowing plan. Traders expect the government to lift its borrowing estimate for the October-March period to six trillion rupees ($81.5 billion) from the existing 5 trillion rupees, according to 10 out of 16 traders in a Bloomberg survey. The timing for this increase couldn’t be worse as the Reserve Bank of India is set to keep its policy rates on hold on Thursday amid a persistently high inflation.

    Read full story

    10:29 (IST)28 Sep 2020
    Gold may remain range-bound unless there are fresh triggers

    COMEX gold trades marginally higher near $1866/oz after a 0.6% decline in the previous session. Gold remains pressurized by recent gains in US dollar and mixed ETF flows which show weaker investor interest. Gold may remain range-bound unless there are fresh triggers however general bias may be on the downside until the US dollar comes off the highs: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    10:21 (IST)28 Sep 2020
    Lakshmi Vilas Bank shares slip 5% on opening as shareholders reject re-appointment of directors

    Shares of Lakshmi Vilas Bank started trading 5% lower on Monday morning as investors reacted to the ousting of the bank’s current management by the shareholders. Stocks were trading at Rs 18.10 per share, down from Rs 19.20 apiece. On Friday, Lakshmi Vilas Bank held its 93rd Annual General Meeting (AGM) where it sought shareholders approval for the re-appointment of seven of the bank’s directors, which were not approved by the shareholders. This included the Managing Director and CEO, S Sundar. Shares of the bank have slipped 45% in the last one year.

    Read full story

    10:15 (IST)28 Sep 2020
    Sensex, Nifty open with gains; midcap & small cap indices surge to outperform benchmarks

    Benchmark indices opened with gains on Monday morning following strong global cues that helped push Sensex and Nifty higher. S&P BSE Sensex was up over 300 points while the 50-stock Nifty managed to jump over 11,150 mark after the initial hour of trade. Volatility was still seen surging higher as the India VIX gained over 1%. The midcap and small cap indices were again seen getting their momentum back as they surged to outperform the benchmark indices. On Monday morning the major Asian peers were trading in the green, however, Hang Seng and Shanghai Composite were in the red.

    Read full story

    10:12 (IST)28 Sep 2020
    Gold Outlook

    A rally in the US dollar and optimism over Covid vaccine is weighing on the safe haven demand of gold and thus the price of the commodity. However, rising US- China tensions and hopes of fresh economic stimulus measures continue to offer lower level support. At the same time, uncertainty prevails in the metal ahead of the first presidential election debate in the US this week.

    Technical Outlook (London spot): Weak sentiments continue to take prices lower towards the support of $1840 and likely is to trigger a rebound. An unexpected drop below $1820 would extend further selling pressure late

    ~ V, Geojit Financial Services' head of commodity research

    09:47 (IST)28 Sep 2020
    Dr. Reddy’s Labs announced launch of Dimethyl Fumarate capsules in the US market

    Dr. Reddy’s announced the launch of Dimethyl Fumarate delayed-release capsules in the US market. Dimethyl fumarate is indicated for the treatment of relapsing forms of multiple sclerosis (MS), to include clinically isolated syndrome, relapsingremitting disease, and active secondary progressive disease, in adults.

    09:26 (IST)28 Sep 2020
    Sensex and Nifty start trading with gains

    Sensex and Nifty added to their gains on monday morning. The 30-stock Sensex surged over 200 points on opening while Nifty 50 surged over 11,100 mark on opening. 

    09:19 (IST)28 Sep 2020
    Nifty trading strategy

    Friday's sharp upside bounce could be a cheering factor for bulls to make a comeback, but the near term down trend status of the market remains intact and present upside bounce could be considered as a pullback of a down trend.

    Further upside bounce towards 11300-11400 levels could be a sell on rise opportunity. The expected decline from the highs is likely to retest the recent lows of 10800 in the near term. Immediate support is placed at 10900.

    ~ HDFC Securities

    09:18 (IST)28 Sep 2020
    Short Covering was seen in the Nifty and Bank Nifty Futures~ HDFC Securities

    Nifty witnessed sharp upside move on Friday and ended higher by whopping 244.70 points on the back of strong global cues to close at 11050.25 levels.

    Short covering was seen in Nifty Futures’ where Open Interest fell by 1% with Nifty rising by 2.26%. Nifty Future turned in to discount at 8.05 from 30.65 points premium in the previous session.

    09:15 (IST)28 Sep 2020
    Finance Ministry may provide capital support to some PSBs in third quarter

    Finance Ministry is likely to provide capital support from the Rs 20,000 crore fund approved by Parliament in recently concluded session to some Public Sector Banks (PSBs) in the third quarter itself.

    09:14 (IST)28 Sep 2020
    Weekly viewpoint HDFC Securities

    Indian markets could open higher in line with other Asian markets today and sharply positive US markets on Friday. U.S. stock indexes closed higher after a choppy session Friday, but the Dow Jones Industrial Average and S&P 500 logged their fourth straight weekly losses as worries grow over the economic outlook in the absence of renewed aid from Washington, the November presidential election and rising COVID-19 infections in the U.S. and Europe. For the week, the Dow was down 1.8%, and the S&P 500 lost 0.6%. It was the fourth straight weekly decline for the two indexes, matching the longest losing streak since August 2019. The Nasdaq gained 1.1% for the week, ending a three-week stretch of declines.

    09:10 (IST)28 Sep 2020
    Sensex surges over 350 pts, Nifty soars 245 points in pre-open

    On the back of positive global cues, BSE Sensex jumped 367 points or 0.98 per cent to 37,756, while the broader Nifty 50 index soared 245 points or 2.26 per cent at 11,050 in pre-open on Monday.

    09:07 (IST)28 Sep 2020
    Nifty outlook by IIFL Securities

    Nifty finds support around 10854 while 11185 will act as resistance on the upside. Bank nifty finds support around 20700 while 21250 will act as resistance.

    Asian markets opened in the green led by the Japanese Nikkei, which was up over 150 points in early trade as overnight strong US cues & $ weakness saw strength return in Asian equities. Chinese stocks will see more action as the US bans hardware chip maker SMIC, which could see Taiwan outperform as it gains more from this skimirish.

    09:04 (IST)28 Sep 2020
    Stocks in focus: RIL, Mindtree, HDFC Bank, Lakshmi Vilas Bank, BPCL, Voda-Idea, Coal India, financials

    Nifty futures were trading 70.60 points or 0.64 per cent higher at 11,102 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Monday. Financials will remain in focus today as the Supreme Court is set to resume hearing in the loan moratorium and interest waiver case. Besides, trends in COVID-19 cases, newsflow related to coronavirus vaccine, stock-specific action, oil prices, rupee movement and other global cues will sway the investor sentiment today.

    Read full story

    08:55 (IST)28 Sep 2020
    Asia share markets driven higher by China stocks; sentiment cautious ahead of US Presidential debate

    Asian shares were on the defensive, while oil prices edged lower on Monday as investors were cautious ahead of a U.S. Presidential debate and as coronavirus cases spike again in a blow to global economic recovery hopes. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.04% to 547.79, not too far from a two-month low of 543.66 hit last week.

    Read full story

    08:45 (IST)28 Sep 2020
    Covid-19: A fourth of all deaths are in rural, semi-urban India

    On Sunday, India reported a cumulative six million Covid-19 infections and, at 1,000 a day, the country could see deaths hitting a staggering one lakh by Thursday. India would become only the third country in the world to have lost over one lakh lives in the pandemic.

    Daily deaths in older hotspots like Mumbai, Chennai, Bengaluru and Pune are still growing faster than infections in the rest of the country. On Sunday, Mumbai reported 23 deaths per thousand as compared to the national average of 12. The share of deaths in rural and semi-urban regions, however, is rising faster. Over the last month, while urban centres recorded a 1.5-times increase in deaths, rural and semi-urban districts doubled their death count.

    Read full story

    08:32 (IST)28 Sep 2020
    Nifty, Sensex may open with jump on global, Asian cues today; RBI MPC, IPOs to set market tone this week

    After a volatile week, Monday could start on a positive note for domestic equity benchmarks BSE Sensex and Nifty 50 with the SGX Nifty gaining 76.35 points during the early hours of trade. Market participants will track a host of factors such as RBI monetary policy, car sales number for September, macroeconomic data and other global cues in this holiday-shortened week.

    Read full story

    08:26 (IST)28 Sep 2020
    Covid-19-induced economic uncertainties: ‘Salaries to have more variable, profit-linked pay’

    An increasing number of companies are rejigging salary structures, across the board, to lower the fixed component and raise the performance-based variable component. In these uncertain times, organisations are looking to link salaries to the performance of both the individual and the business.

    As Amit Vadera, AVP, TeamLease Services observed, the pandemic has accelerated the shift to linking pay with performance. “The variable part of the salary is becoming bigger with employees being judged on their KRAs and paid accordingly,” Vadera said.

    Read full story

    08:12 (IST)28 Sep 2020
    What happens to Lakshmi Vilas Bank and Clix Group amalgamation?

    The bank has said that it will will continue the process of considering and evaluating the proposed amalgamation. It further reiterated that the mutual due diligence of the deal is substantially complete.

    08:10 (IST)28 Sep 2020
    Gross market borrowing: Govt may opt for another hike, but only by November

    An acute resource crunch and pressure to roll out more fiscal stimulus have prompted the government to keep alive plans to raise its gross market borrowing again in FY21, having already hiked it by 54% from the budgeted level to Rs 12 lakh crore. But any announcements to this effect would be “appropriately timed”, factoring in a precise assessment of the deficit level as well as market anxiety, an official source indicated.

    Read full story

    08:08 (IST)28 Sep 2020
    Do depositors, shareholders need to worry?

    "With Liquidity Coverage Ratio (LCR) of about 262% as on 27th September 2020, against minimum 100 % required by RBI, the deposit holders, bond-holders, account-holders and creditors are well safe guarded," Lakshmi Vilas Bank said in a filing on late Sunday night. 

    08:06 (IST)28 Sep 2020
    RBI's help sought by the lender

    The Reserve Bank of India (RBI) has approved that, day-to-day affair of the Bank will be run by a Committee of Directors (CoD) composed of three independent directors. This CoD will exercise the discretionary powers of MD&CEO in the ad-interim and is composed of1. Smt. Meeta Makhan - Chairperson of the Committee of Directors2. Shri Shakti Sinha - Member3. Shri Satish Kumar Kalra - Member

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