Share Market Highlights: Sensex ends 600 pts up, Nifty settles at 9,553; HDFC twins, SBI, HCL Tech lead the rally

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Updated: April 29, 2020 6:31:53 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Bajaj Finance was the top Sensex gainer with a growth of 6.34 per cent to Rs 2,370 apiece. HDFC, Tech Mahindra, HDFC Bank and M&M were among other gainers on the pack.

Share Market Today, Share Market LiveOut of 11 Nifty sectoral indices were trading in green with Nifty Metal as top gainers, up 3.75 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended the session with nearly 2 per cent gains on Wednesday. The 30-share index Sensex rose 726 points from day’s low during the trade and settled at 32,720, up 605 points. While the broader Nifty 50 index hit day’s high of 9,599 in the intraday session. It ended the session at 9,553, up 173 points or 1.84 per cent. As many as 23 Sensex stocks finished the trade in green with HDFC as the top gainer, up 6.55 per cent, followed by HCL Tech, M&M, HDFC Bank and State Bank of India (SBI). On the other hand, the pack of laggards was led by Axis Bank, down 3.63 per cent. Asian Paint, Hindustan Unilever (HUL), Titan and IndusInd Bank were among other losers on the Sensex. Barring Nifty FMCG and Nifty Pharma, all the sectoral indices ended the session in positive territory. Nifty Metal index was top sectoral gainer with a growth of 3.74 per cent, led by SAIL, Hindalco Industries and Jindal Steel.

Moody’s Investors Service on Tuesday slashed India’s growth forecast to 0.2 per cent for the 2020 calendar year from the earlier projection of 2.5 per cent released in March. Stating that the economic costs of shutdown of the global economy are accumulating rapidly, Moody’s in its Global Macro Outlook 2020-21 (April 2020 Update) projected that all G-20 advanced economies would contract by 5.8 per cent in 2020.

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Highlights

    15:18 (IST)29 Apr 2020
    SpiceJet to pilots: No salaries for April, May; hours flown-based pay for those operating cargo flights

    SpiceJet on Wednesday told its pilots that they will not be paid salaries for April and May, and said those who have been operating cargo flights will get paid for “block hours flown”. SpiceJet’s flight operations chief Gurcharan Arora told pilots through an email that “as of today, 16 per cent of our aircraft and 20 per cent of our pilots are flying”.

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    15:16 (IST)29 Apr 2020
    Warren Buffett’s Berkshire Hathaway AGM: Check date, day, time, schedule, participants, other details

    Warren Buffet’s Berkshire Hathaway is all set to have its Annual General Meeting on Saturday, 2 May 2020; albeit, the annual pilgrimage for investors world over will be in a toned-down avatar this year as the world remains under lockdown due to the coronavirus pandemic. The iconic AGM in Omaha, Nebraska is every year flocked by tens of thousands of global investors, corporate leaders and economists, however, this year might be different for the company.

    Read full story

    15:13 (IST)29 Apr 2020
    Ruchi Soya market capitalisation surpasses Rs 10,000 crore

    The market cap of Ruchi Soya Industries stood at Rs 11,558 crore as of 3.12 PM. Ruchi Soya Industries share price hit 5% upper circuit at Rs 390.70 apiece on BSE.

    Check live prices: Ruchi Soya Industries

    15:03 (IST)29 Apr 2020
    Reports of FM's likely announcement of stimulus package lifted investor sentiment

    Indian benchmarks extended their gains in the late afternoon session, with the Sensex and the Nifty gaining more than 700 and 200 points, respectively. Traders also took encouragement with reports of FM's likely announcement of larger stimulus package for the economy hit by a nationwide lockdown triggered by the coronavirus pandemic which also led to some short covering in heavily negative sectors like financials ahead of monthly expiry tomorrow. On sectoral front almost all the sectors traded in green with rally mainly led by bank and financials and followed by metals, IT and Auto shares. FMCG stocks remained flat to marginally negative for the day, says Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers

    14:55 (IST)29 Apr 2020
    Rupee is seen trading in a band of 75.20 to 76.60 in near term

    We have witnessed the third consecutive day of gains for the Indian rupee, assuming equity outflows have eased and that corporate dollar inflows have started trickling in. Risk appetite has also improved on the back of easing lockdown restrictions in major global economies, which could take the rupee to 75.20 mark in the near term. However, the bias is skewed on the downside since economic risks stemming from the virus still remain. Although there is some respite for the time being, rupee bulls will have to gauge whether the impact sustains. The domestic currency is seen trading in a band of 75.20 to 76.60 in near term, says Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

    14:38 (IST)29 Apr 2020
    Hopes of stimulus, respite in COVID-19, among factors pushing Sensex, Nifty higher today

    Globally, we have been witnessing some respite with respect to COVID-19 and hence, global markets are showing some relief rally for a few days. We clearly have a rub-off effect of it and with the rising hopes of some stimulus package, we have managed to surpass the recent hurdle of 9400 convincingly on Nifty at the opening itself. Sectorally, recent laggard Financial space has been doing well and since this morning, we are seeing good traction in HDFC twins. Some of the other heavyweights like INFY, ICICI Bank, TCS, ITC and L&T are also contributing heavily in today’s strong move, says Sameet Chavan Chief Analyst - Technical & Derivatives, Angel Broking Ltd

    14:34 (IST)29 Apr 2020
    After local shops, Amazon extends support to Covid-hit small, medium logistics partners with new fund

    E-commerce firm Amazon is looking to help its small and midsize logistics partners, which are impacted due to the Covid-19 lockdown, financially through a new Partner Support Fund. The company will provide one-time disbursement to package delivery businesses known as Delivery Service Partners and ‘select’ transportation partners associated with Amazon.

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    14:27 (IST)29 Apr 2020
    What's pushing Sensex, Nifty higher today?

    Bajaj and HDFC twins (i.e. HDFC, HDFCBANK, Bajfinace, and Bajajfinserv) managed to push Nifty beyond 9500 with support from metals pack (like Hindalco, Tata steel, VEDL, and JSWSteel) and Zeel from Media pack. This is an indication of long is getting roll over for June series, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    14:20 (IST)29 Apr 2020
    Rupee settled stronger against US dollar on Wednesday

    The Indian rupee settled stronger at 75.67 per dollar as compared to Tuesday's closing of 76.18 against the US dollar.

    14:02 (IST)29 Apr 2020
    COVID-19 shock-related mobility restrictions to drag FY21 growth sharply: UBS

    We are downgrading India's growth forecasts on a looming global recession and domestic economic activity being much weaker than expected due to the nation-wide lockdown imposed until 3 May. We now expect India's real GDP to contract to -0.4% in FY21 (previously +2.5%), compared with 4.1% YoY (previously 4.5%) estimated in FY20. In our base case, we expect current mobility restrictions remain in place until mid-May and then get lifted, and activity is largely back to normal by end-June: UBS Global Research

    13:49 (IST)29 Apr 2020
    Facebook could strengthen presence in commerce in India

    Acquisition of 9.99% stake in Jio Platforms Ltd. for US$5.7 bn represents the second-largest investment of Facebook till date (the largest was US$19 bn WhatsApp acquisition in Feb-2014). This corresponds to a quarter’s worth of free cash flows for the firm. Nevertheless, it still represents a significant step for Facebook as this may strengthen its evolving business model in commerce: Credit Suisse

    13:41 (IST)29 Apr 2020
    Sensex, Nifty gain over 26% from March lows

    The headline indices Sensex and Nifty 50 are trading at day's high levels today. Both the benchmarks have gained over 26 per cent from their 52-week lows.

    Check live Sensex, Nifty levels

    13:29 (IST)29 Apr 2020
    Trent, Bata, Kewal Kiran well placed to cover fixed expenses for longer than their peers

    Thousands of stores shut as part of government efforts to slow the spread of Covid-19. With no revenue collections and future collections uncertain, cash and financial flexibility are of utmost importance. Of the retail companies, Trent, Bata and Kewal Kiran with their decent liquidity position are well placed to cover fixed expenses for longer than their peers, says Anand Rathi Private Client Group in its research report

    13:27 (IST)29 Apr 2020
    Unless oil demand shows recovery, bloating oversupply & filling total storage can’t be ruled out

    The U.S. oil market currently wrestling with insufficient oil storage as a supply glut looms. Crude inventory has jumped as domestic oil consumption plunged on measures to contain the Covid-19 pandemic. US oil storage was 57% full in the week of April-10 from 50% in the week of March-20. If US daily oil demand mimics China's 20% drop as it battled the virus, utilization of storage facilities could climb to 95%. Brent has so far been relatively shielded by its seaborne nature -- as supertankers can be utilized -- making it less exposed to onshore storage. However, unless oil demand shows any notable recovery, further bloating oversupply and filling total storage can’t be ruled out, says Anand Rathi Private Client Group in its research report

    13:21 (IST)29 Apr 2020
    Here’s how JioMart kirana e-commerce will work on WhatsApp: Mukesh Ambani’s retail dream taking shape

    Mukesh Ambani’s retail dream has started to take shape with his New Commerce plan finding roots, thanks to Reliance Jio’s multi billion dollar deal with social media platform Facebook. While it is expected that the deal will help Jio leverage Facebook’s reach in India via its WhatsApp platform, there are many other ways that RIL will benefit via this deal and give stiff competition to the likes of Amazon and Flipkart in the country.

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    13:05 (IST)29 Apr 2020
    Nifty reclaims 9,500-mark for the first time since March 16

    BSE Sensex jumped 417 points or 1.30 per cent to trade at 32,532, while the broader Nifty 50 index reclaimed its crucial 9,500-mark for the first time since March 16.

    Check live Sensex, Nifty levels

    12:45 (IST)29 Apr 2020
    RBI’s Rs 50,000-crore liquidity shot for mutual funds may not be effective

    The Reserve Bank of India’s liquidity support for mutual funds may struggle to be effective, as its success will hang on banks’ appetite to take up the risks involved, amid low capital headroom and a likely increase in fresh non-performing loans, according to Fitch. The RBI’s Rs 50,000 crore Special Liquidity Facility for Mutual Funds (SLF-MF) will provide 90-day repo funding to banks, to extend liquidity to – or purchase commercial paper and debt securities from – local mutual funds.

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    12:26 (IST)29 Apr 2020
    Maintain buy on Axis Bank; target price : Rs 620 : Motilal Oswal

    - Axis Bank reported net loss of INR13.9b, affected by higher provisions (INR77.3b) as the bank created additional provisions of INR30b toward the COVID-19 impact. NII increased 19% YoY to INR68.1b, led by healthy loan growth, while margins declined 2bp QoQ to 3.55%.-Loan growth stood at ~15% YoY, driven by 24% YoY growth in retail loans and an 11% YoY increase in corporate loans. Deposits grew at ~17% YoY, led by a 27% YoY rise in retail TD. - We expect loan growth to moderate on account of a weak environment weighed by the COVID-19 outbreak. On the other hand, the BB and below pool is likely to increase further, which, coupled with the high share of loans under moratorium, would drive elevated slippages over FY21E; estimated credit cost would remain elevated at 2.4% in FY21E. Maintain Buy

    12:13 (IST)29 Apr 2020
    Gold prices hit one-week low on Wednesday as investors book profits; silver rates gain

    Gold prices fell to a one-week low level on Wednesday as investors booked profits amid upbeat plans in some countries to partially lift restrictions due to coronavirus, says Navneet Damani, Vice President, Motilal Oswal. On MCX, gold June futures were trading Rs 48 down at Rs 46,018 per 10 grams while silver July futures were ruling at Rs 42,473 per kg, up Rs 129 or 0.30 per cent.

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    11:43 (IST)29 Apr 2020
    We expect some correction in gold

    Today gold prices are trading in a range-bound manner, however, yesterday it corrected from higher levels. Currently, prices are trading around 46100 levels and $1712 in the international market. For intraday perspective, we are expecting some correction in gold prices as rupee is appreciating against US dollar. For intraday perspective, trades can go for sell in gold at 46300 levels, with the stop loss of 46650 and for the target of 45700 levels. In the international market, prices may test $1680 levels," Anuj Gupta, Deputy VP- Commodities & Currencies Research, Angel Broking Ltd

    11:29 (IST)29 Apr 2020
    EXPLAINED: BSE tests negative crude oil prices on commex; here’s how it will work

    The Bombay Stock Exchange has introduced trading in negative prices for crude oil on its commodities derivative segment Commex. BSE on Tuesday changed its trading platforms in a manner to accommodate negative prices of crude oil. The move comes weeks after April crude oil futures fell to a negative $37.63 per barrel. The sharp fall in crude oil futures forced MCX, the country’s largest commodity bourse, to settle April crude contracts at a negative Rs 2,884 per barrel, resulting in many brokerages seeking legal remedies to the negative pricing done by MCX. Most of the trading in crude oil in India happens on the MCX platform. 

    11:26 (IST)29 Apr 2020
    Sensex, Nifty gain 1% on firm global cues, HDFC twins advance; check what’s keeping D-St higher

    Extending the gains from the previous session, headline indices BSE Sensex and Nifty 50 were trading 1 per cent higher on Wednesday, lifted by buying in index heavyweights such as HDFC, HDFC Bank, Infosys, Reliance Industries (RIL) and Bajaj Finance. The 30-share index Sensex advanced 331 points or 1.03 per cent to trade at 32,442, while the broader Nifty 50 index was ruling at 9,475, up 95 points or 1.01 per cent. Out of 30 Sensex stocks, just six were trading in red today with Axis Bank as the top laggard, down 4.29 per cent.

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    11:07 (IST)29 Apr 2020
    Gold prices at one-week low

    Gold fell to a one-week low in as investors took profits, with bullion further weighed down by upbeat plans in some countries to loosen restrictions put in place due to the coronavirus. On the data front, U.S. consumer confidence tumbled to near a six-year low in April. Investors will now look for any forward guidance from the U.S. Fed, which is expected to issue a policy statement later today. Broader trend on COMEX could be in the range of $1695- 1735 and on domestic front prices could hover in the range of Rs 45,800-46,465, says Navneet Damani, VP, Motilal Oswal.

    10:51 (IST)29 Apr 2020
    Axis Bank share price falls 6% post Q4 result, brokerages turn bullish on the stock with 36% upside

    Axis Bank share price fell as much as 6 per cent to Rs 427.50 apiece on BSE on Wednesday. It was the top laggard on the Sensex pack, along with the IndusInd Bank. Private lender Axis Bank posted a net loss of Rs 1,387.78 crore for the quarter ended on March 31 against a net profit of Rs 1,505.06 crore in the corresponding period of the previous year. In a separate announcement, Axis Bank announced a joint venture with Max Financial Services (MFS) to become joint venture partners in Max Life Insurance.

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    10:23 (IST)29 Apr 2020
    Buy Ambuja Cement; target price of Rs 195 per share : ICICI Securities

    Ambuja Cements continues to have sufficient liquidity in its books despite being on capex mode. Strong bounce-back in profitability expected from CY21E, balance sheet strength and current valuation levels, make Ambuja Cements an attractive buy. Thus, we maintain our BUY rating, with an SOTP based target price of | 195 (implying a consolidated EV/t of $100).

    - ICICI Securities

    10:15 (IST)29 Apr 2020
    Rupee likely to test 75.80 level

    For rupee, the momentum of past few sessions suggests that the pair is due for a short term correction and is likely to test 75.80 levels. However, the overall trend still remains on the upside as the fundamentals have not changed positively yet. The broader range of 75.50-77.00 is likely to remain in pace for the next few sessions, says Amit Pabari, managing director, CR Forex Advisors

    09:59 (IST)29 Apr 2020
    Healthy show to stay; sound valuations, Upgrade Ambuja Cement to 'buy'

    Ambuja Cement: We upgrade the stock to BUY from our ADD rating earlier factoring ACEM’s clinker capacity addition, presence in price remunerative markets, focus on earnings and healthy balance sheet (cash of Rs90bn CY21E). Cost savings measures with captive coal block and new railway siding in Rajasthan will only boost/maintain earnings (even in challenging times). Healthy balance sheet (cash of Rs90bn CY21E) and debt-free status only adds comfort, says Centrum in its research report.

    09:50 (IST)29 Apr 2020
    Axis Bank, IndusInd Bank keep Nifty Bank index in red

    Axis Bank, IndusInd Bank, RBL Bank were the top laggards on the Nifty Bank index in the morning deals. Axis Bank posted a loss of over Rs 1,300 crore in the quarter ended March 31.

    Check live prices: Axis Bank

    09:38 (IST)29 Apr 2020
    Top gainers and losers on BSE Sensex

    Axis Bank was top loser on S&P BSE Sensex, down 4 per cent, followed by IndusInd Bank, HUL, Titan and Kotak Mahindra Bank. On the flip side, HDFC was the top Sensex gainer with a growth of 5.21 per cent to Rs 1,805 apiece. Bajaj Finance, Tech Mahindra, HDFC Bank and M&M were among other gainers on the pack

    09:38 (IST)29 Apr 2020
    Sensex, Nifty trade higher, extend previous session's rally

    BSE Sensex jumped 227 points or 0.71 per cent to trade at 32,341, while NSE's Nifty 50 index reclaimed its crucial 9,400-mark in the opening deals.

    Check Sensex, Nifty live levels

    09:38 (IST)29 Apr 2020
    Short recovery may take Nifty towards 9470-9510 levels for the day: Vishal Wagh

    Technically speaking sustaining above 9400 may be led to sharp short recovery specifically ahead of future and options expiry tomorrow. Recovery also gets support from weakening USD below 76. Short recovery may take Nifty towards 9470-9510 levels for the day. On the other hand, if Bears able to protect the level of 9390 then 9300 levels will play major support for the day. The Pharma and FMCG may see some consolidation and positive rollover. Metals are showing some momentum yesterday in the closing hour which may continue. Media may remain volatile.

    - Vishal Wagh, Research Head, Bonanza Portfolio

    09:12 (IST)29 Apr 2020
    Rupee is likely to open around 75.95

    Yesterday the USDINR spot came off post Expiry of April contract. The difference between 1 month offshore and onshore points that was keeping the Rupee under pressure, has narrowed considerably Rupee is likely to open around 75.95. Likely range 75.75-76.20. SGX is indicating a 50pt gain for Nifty on open, says Abhishek Goenka, founder and CEO, IFA Global

    09:11 (IST)29 Apr 2020
    Automotive wholesale sales expected to be near zero in April 2020

    Automotive wholesale sales (except tractors) are expected to be near zero in April 2020. Most automotive original equipment manufacturers (OEMs) are yet to restart production due to the ongoing lockdown on account of COVID-19. More importantly, the dealer network is also shut because of the lockdown. Out of the automotive segment, only the tractor segment is expected to have retail sales as tractor comes under the essential category. We stay Neutral on the automobile sector and prefer a selective approach, says Sharekhan in its research report.

    09:04 (IST)29 Apr 2020
    Prabhudas Lilladher downgrades Axis Bank stock

    Lockdown extension & further opting of moratorium may add to risks of NPAs ahead but we will have to watch if industry will have similar trends. With such risks we build-in higher slippages rate & credit cost, similar to last 2-3 years pausing asset quality improvement on exiting a bad corporate cycle. We downgrade to HOLD (from BUY) with revised TP of Rs 475 (from Rs 609), says Prabhudas Lilladher in its research report

    08:48 (IST)29 Apr 2020
    Oil prices climb as storage fills less rapidly than feared

    Oil prices climbed on Wednesday, trimming some of this week’s steep losses after U.S. stockpiles rose less than expected and hopes grew for demand to pick up as some European countries and U.S. cities moved to ease coronavirus lockdowns, Reuters reported. US West Texas Intermediate (WTI) crude futures jumped to a high of $13.85 and were up 8.8%, or $1.09, at $13.43, paring a 27% plunge over the first two days of this week. Brent crude futures rose 1.8%, or 36 cents, to $20.82, adding to a 2.3% gain on Tuesday.

    08:46 (IST)29 Apr 2020
    Coronavirus hits consumer trends: Brokerage cuts entire sector rating, withdraws buy calls on shares

    Taking note of medium-term headwinds that the consumer staples and discretionaries are likely to experience, brokerage and research firm ICICI Securities has downgraded the entire sector to neutral and has withdrawn ‘buy’ calls for all the stocks covered. The brokerage said that macro-economic impact and category-specific trends are likely to impact the sector in the medium-term.

    Read full story

    08:42 (IST)29 Apr 2020
    Investors pull out Rs 5,000 crore from credit risk funds after Templeton move

    Since April 24, a day after Franklin Templeton MF decided to wind up its six debt schemes, investors have pulled out around Rs 4,500-5,000 crore from credit risk funds, market participants say. The total assets under management (AUM) of credit risk funds were around Rs 45,000 crore in mid-April. The CEO of a top fund house said that there has been some redemption from credit risk funds as investors fear their investments are in danger post Franklin Templeton’s closure of six schemes.

    Read full story

    08:39 (IST)29 Apr 2020
    Pharma and FMCG may see positive rollover

    The Pharma and FMCG may see some consolidation and positive rollover. Metals are showing some momentum yesterday in the closing hour which may continue. Media may remain volatile, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:38 (IST)29 Apr 2020
    Short recovery may take Nifty towards 9470-9510 levels for the day

    The Nifty set to open above the major resistance level of 9390 on the back of positive global cues. Technically speaking sustaining above 9400 may be led to sharp short recovery specifically ahead of future and options expiry tomorrow. Short recovery may take Nifty towards 9470-9510 levels for the day. On the other hand, if bears able to protect the level of 9390 then 9300 levels will play major support for the day, says Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

    08:30 (IST)29 Apr 2020
    US stocks slump; investors eye earnings from Facebook, Amazon, Apple

    In overnight trade on Wall Street, investors dumped tech giants and drove all three major US stock indices into the red. The Dow Jones Industrial Average fell 0.3%, the S&P 500 lost 0.5% and the Nasdaq Composite dropped 1.4%. Investors would be eyeing earnings from the other major tech firms – Facebook, Amazon and Apple.

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