Share Market HIGHLIGHTS: Sensex ends above 39,050, up 230 pts, Nifty holds 11,550; IndusInd Bank jumps 6%

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Updated: August 26, 2020 4:19:25 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 inched higher in Wednesday's last-hour of trading and ended over half a per cent up.

Share Market Today, Share Market LiveBarring Nifty FMCG and Nifty Pharma index, all the sectoral indices traded in the green today

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 inched higher in Wednesday’s last-hour of trading and ended over half a per cent up. The 30-share Sensex settled 230 points or 0.59 per cent higher at 39,074, while the broader Nifty 50 index jumped 77 points or 0.67 to end at 11,550. IndusInd Bank was the top Sensex gainer, up 6 per cent, followed by Kotak Mahindra Bank, Reliance Industries (RIL), Axis Bank, Bajaj-Auto and Infosys, among others. On the flip side, Bharti Airtel shares fell 2.66 per cent. UltraTech Cement, Maruti Suzuki, Asian Paints and L&T were among other laggards on the index. Barring Nifty FMCG and Nifty Pharma index, all the sectoral indices traded in the green today. Nifty Media jumped 2.54 per cent, Nifty Private Bank up 1.74 per cent and Nifty Auto index gained 1.46 per cent.

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    15:50 (IST)26 Aug 2020
    Closing bell: Sensex reclaims 39,000, Nifty tops 11,550

    The 30-share Sensex settled 230 points or 0.59 per cent higher at 39,074, while the broader Nifty 50 index jumped 77 points or 0.67 to end at 11,550.

    15:26 (IST)26 Aug 2020
    TCS, Infosys, others set to gain from global IT spending windfall; these tech trends to boost growth

    Major Information Technology giants in India, like TCS and Infosys, and others could soon benefit from increased spending on innovative capabilities and transformation across industries. Comments coming in from firms across the globe hint at either continued or higher expenditure on transformation which will lead to acceleration in IT services spending, brokerage and research firm Kotak Securities said in a report. The report adds that opportunities range from workplace management to boosting customer experience and digital security. IT services companies have already indicated strong order pipelines with deals of varying sizes.

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    15:17 (IST)26 Aug 2020
    BSE’s India INX launches Gold Quanto and Silver Quanto futures contracts

    BSE’s international arm, India International Exchange (India INX) has received the regulatory approval to launch the Gold Quanto and Silver Quanto Future contracts. Trading in these Quanto futures contracts at India INX will commence from Monday, August 31, 2020.

    The underlying assets for Gold Quanto futures is Indian Gold spot purity 995 and for Silver Quanto futures is Indian Silver spot purity 999. The contract symbols are GOLDQ & SILVERQ respectively.

    15:11 (IST)26 Aug 2020
    For rupee to hold the bullish trend requires to stay above 74.70

    Rupee consolidated for last two sessions after witnessing sharp surge on Monday. Rupee ends with 2 paise gains to 74.30 a dollar. Going ahead, the dollar directional trend will be determined by Powell’s remarks at Jackson Hole. On Tuesday, RBI resumed the "operation twist" on Tuesday to hold down bond yields. These measures have kept Indian real bond yields at negative levels, which will also hold back the rupee. RBI noted in its annual report that space for fiscal support in India was much narrower than in 2008, while a demand recovery will take "quite some time". For rupee to hold the bullish trend requires to stay above 74.70 while on downside market we are expecting 73.80 could be seen in coming days: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:53 (IST)26 Aug 2020
    Hero MotoCorp share price at 52-week high

    Hero MotoCorp share price hits a 52-week high of Rs 3,154.80 apiece on BSE after FM Sitharaman hints as GST rate revision on two-wheelers.

    Check live prices: Hero MotoCorp

    14:45 (IST)26 Aug 2020
    Brokerage view on Punjab National Bank

    Overall earnings picture post merger remains weak as large part of operating profits will be still utilized for higher provisions (i) for legacy accounts where PCR is at 65% and (ii) COVID impact provisions as moratorium remains high. CET-I at 9.4% may be on border levels, but any movement on non-core assets & better recoveries may help to sustain for time being. Steady asset quality has been the only breather with lower slippages and may continue as restructuring will like keep slippages on lower side: Prabhudas Lilladher

    14:11 (IST)26 Aug 2020
    Delayed MSME payments: 75% dues pending by govt, CPSEs cleared in July, says MSME Secretary AK Sharma

    MSME dues pending by the government and central public sector enterprises, which has been among the biggest cause of capital crunch for small businesses, has largely been cleared, according to MSME Ministry Secretary AK Sharma. Addressing a CII initiative for liquidity infusion in MSMEs, Sharma said that through the online reporting mechanism for the clearance of dues, in the month of July, almost 75 per cent of the total pending dues has already been cleared, the industry association said in a statement quoting Sharma.

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    13:36 (IST)26 Aug 2020
    Reliance Industries, SBI among top Sensex gainers

    IndusInd Bank surged up to 4 per cent. Bajaj-Auto, Kotak Mahindra Bank, Axis Bank, HCL Tech, Reliance Industries (RIL) and SBI were among other losers on the index.

    13:35 (IST)26 Aug 2020
    Top BSE Sensex losers at this hour

    Bharti Airtel was the top Sensex loser, down nearly 3 per cent. The telecom giant was followed by Asian Paints, UltraTech Cement, NTPC, Tech Mahindra, L&T and HDFC Bank.

    13:29 (IST)26 Aug 2020
    Indian economy near new lows?

    "During this Financial Year, the Indian Economy may have -5% GDP growth rate, which is the first time ever post Independence. This may have a multiplier -ve impact across most of the sectors. It may be a very challenging time for the Banking Sector going forward, once the moratorium period ends," said Amit Jain, Co-founder & CEO, Ashika Wealth Advisors

    13:19 (IST)26 Aug 2020
    NTPC: CERC issues notification for emission norms ~ Motilal Oswal

    CERC (power regulator) has issued a notification for emission control systems. This pertains to the installation of equipment needed to meet revised emission standards. This notification is largely in the context of the installation of Flue Gas Desulfurization (FGD) systems needed by thermal plants to reduce their SOx emissions.We had built-in FGD-related capitalization over FY21–24 at 15.5% RoE for NTPC. Accordingly, given the current interest scenario, our regulated return expectations have been lowered. We assume 11% RoE on FGD capitalization (~450bps decline). As of 1st Apr’20, SBI’s one-year MCLR stood at 7.75%, implying RoE of 11.25%. The same would result in 1–2% EPS decline in FY22/FY23E for NTPC; we revise our TP to INR137/sh (from INR139/sh earlier).~ Motilal Oswal

    13:05 (IST)26 Aug 2020
    Hopes of GST rate cut lifts auto stocks; TVS Motors up 4%, Bajaj Auto gains close to 3%

    In an otherwise volatile share market, that is witnessing the benchmark indices dance between gains and losses, it is the auto stocks that are having one of their best trading sessions in recent weeks. Bajaj Auto was one of the top gaining stocks on S&P BSE Sensex, along with Mahindra & Mahindra. On the BSE Midcap index TVS Motors was up over 4%. All this on the back of the Finance Minister’s comments that gave hope of a cut in GST rates for the two-wheeler segment. At a CII event on Tuesday, Nirmala Sitharaman agreed that two-wheelers are neither luxury goods nor sin goods, hence meriting a rate revision.

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    12:53 (IST)26 Aug 2020
    Jhunjhunwala invests crores of rupees in this BSE 500 firm; share price doubles in less than a month

    VA Tech Wabag share price has nearly doubled so far in August, rising 96 per cent from Rs 120.20 apiece. The company on Tuesday informed that its board has approved raising of Rs 120 crore from investors including Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala. VA Tech Wabag will issue up to 75 lakh shares on a preferential basis at a price of Rs 160 per equity share.

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    12:28 (IST)26 Aug 2020
    Brokerage view on Lupin

    We expect a 38% earnings CAGR over FY20–22E, led by: (a) niche launches (g-Albuterol – to be launched in Sep’20; Biosimilar-Enbrel/g-Fostair in the EU), (b) improving market share for Levothryoxin, (c) better-than-industry growth in DF, and (d) partly the low base of FY20 (21% compounded decline in earnings over FY18–20): Motilal Oswal Financial Services

    12:23 (IST)26 Aug 2020
    Complete deleveraging will be a herculean task at Tata Motors

    Total automotive net debt at Tata Motors is at ~ Rs 68,000 crore as of June 2020 end. The company's directional strategy is encouraging but complete deleveraging will be a herculean task at Tata Motors given they intend to commence FCF positive journey from FY22E onwards ~ ICICI Securities

    12:20 (IST)26 Aug 2020
    New drug launches by FDC

    FDC Limited announces the launches Two variant's of Favipiravir Drug for Covid-19, PiFLU and Favenza – which will be used to treat mild to moderate cases of COVID-19 in India. Favipiravir has been approved by the Drugs Controller General of India (DCGI) for the treatment of patients with mild to moderate COVID-19 disease. FDC’s PiFLU and Favenza are currently available across the country. This will be a very positive development for the FDC: Yash Gupta, Equity Research Associate, Angel Broking Ltd.

    11:24 (IST)26 Aug 2020
    Gold prices today rise again after falling five days in a row; investors await crucial cues from US

    Gold prices were trading higher on Wednesday, after declining half a per cent in the previous session. In the past five trading sessions, gold prices have fallen nearly 5 per cent. Meanwhile, investors await the speech by US Federal Reserve Chair Jerome Powell this week. On MCX, gold October futures were trading Rs 136 or 0.27 per cent higher at Rs 51,060 per 10 gram, while silver September futures fell Rs 186 or 0.29 per cent to Rs 63,821 per kg.

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    10:46 (IST)26 Aug 2020
    RBI’s another Twist; what buying, selling govt debt means for bond yields, liquidity, share market

    The Reserve Bank of India’s decision to buy and sell government debt worth Rs 20,000 crore through open market operations (OMO) brought the 10-year bond yield down on Tuesday but market participants are not convinced in how long it will stay there. The 10-year bond yield closed at 6.15% on Tuesday, down from its 6.22% closing on the previous day. The central bank’s ‘Operation Twist’ is being termed by many as a step in the right direction. “Rs 20,000 crore OMO is a good beginning, but we need more such measures for a substantial and lasting impact,” said Deepak Jasani, Head - Retail Research, HDFC Securities.

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    10:40 (IST)26 Aug 2020
    SBI shares: 'Buy' or 'Sell'? Goldman Sachs raises target price by over 50%; stock up 6% in 5 days

    India’s largest PSU bank, State Bank of India’s (SBI) share price has surged over 6% since last week as financials mounted a strong comeback on Dalal Street. SBI found CLSA backing its fundamentals at the end of last week and this week it is global brokerage and research firm Goldman Sachs terming the lender as the best proxy on improving confidence in the financial sector. SBI shares have, so far, not managed to recoup March losses on Dalal Street unlike large private sector peers. Goldman Sachs has raised its 12-month target price by 54% to Rs 282 per share. 

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    10:18 (IST)26 Aug 2020
    Sensex, Nifty trade volatile on mixed global cues; check what’s keeping investors on edge today

    On the back of mixed global cues, headline indices BSE Sensex and Nifty 50 were trading volatile on Wednesday. The 30-share index Sensex was down 25 points or 0.06 per cent to trade at 38,818, while the broader Nifty 50 index was ruling flat at 11,471. Index heavyweights such as Reliance Industries (RIL), Bharti Airtel, Hindustan Unilever, Asian Paints and TCS were among stocks that contributed the most to indices’ loss.

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    10:03 (IST)26 Aug 2020
    Gold may continue to witness choppy trade unless we get more clarity on Fed’s stance

    COMEX gold trades moderately higher near $1931/oz after a 0.8% decline yesterday which marked its second consecutive decline. We are seeing some consolidation in gold amid lack of clear cues however price continues to hold above the key $1900/oz level. Focus now shifts to Fed Chairman’s comments later this week which may give more clarity on US economic outlook as well as Fed’s future monetary policy stance. Gold may continue to witness choppy trade unless we get more clarity on Fed’s stance and thereby trend in US dollar however buying interest may emerge at lower levels: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:53 (IST)26 Aug 2020
    Take any uptick near 74.40-60 levels

    If this time too, RBI continues to hold rupee near 74.00 levels, then possibly this base could rule out for the next 15-20 trading sessions before it lets further appreciation. However, with OMO’s it shall become challenging for RBI to buy dollars as the same will cause double liquidity which RBI might not be favouring at present looking at the inflation prints. Therefore, in order to secure oneself, it is advisable to take any uptick near 74.40-60 levels as a selling opportunity for the near term: Amit Pabari, managing director, CR Forex Advisors

    09:45 (IST)26 Aug 2020
    Rupee likely to open around 74.30

    The RBI finally obliged the markets by announcing OMO twist for Rs 20000crs. This stemmed the slide in domestic bonds. However, the spike was used by traders to exit their long positions as risk remains to the downside for bonds on account of higher food inflation, crude prices and US treasury yields. Asian currencies are trading with a negative bias against the US Dollar. The rupee is likely to open around 74.30 and trade 74.15-74.45 range: Abhishek Goenka, Founder and CEO, IFA Global

    09:38 (IST)26 Aug 2020
    Birla Tyres shares hit 5% upper circuit

    Birla Tyres share price hits 5% upper circuit to Rs 23.35 apiece on BSE as company's board meeting on Friday  to consider and approve capital raising options of an amount aggregating up to Rs. 1,100 crores.

    Check live prices: Birla Tyres

    09:35 (IST)26 Aug 2020
    Bajaj Auto share price gains 3%

    Bajaj Auto was the top Sensex gainer, up 3 per cent, followed by Power Grid Corporation of India, Bajaj Finserv, M&M, IndusInd Bank, Kotak Mahindra Bank and Bajaj Finance. On the flip side, Bharti Airtel was the top Sensex laggard.

    09:28 (IST)26 Aug 2020
    Sensex, Nifty trade higher

    The 30-share index Sensex was up 72 points or 0.19 per cent to trade at 38,914, while the broader Nifty 50 index was up 26 points or 0.23 per cent at 11,500

    check live Sensex, Nifty levels

    09:12 (IST)26 Aug 2020
    Moody’s downgrades State Bank to ba2

    Moody’s Investors Service said on Tuesday it has downgraded State Bank of India’s baseline credit assessment (BCA) and adjusted BCA to ba2 from ba1. The agency attributed the downgrade to an expected delay in the recovery in asset quality and profitability at the country’s largest lender due to the deepening economic slowdown.

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    09:06 (IST)26 Aug 2020
    Stocks in focus: SBI, TCS, Indraprastha Gas, Bajaj Auto, Tata Motors, VA Tech Wabag, Hero MotoCorp

    A total of 31 companies including Dolat Investments, Gillette India, Indraprastha Gas, Minda Finance, NACL Industries, Sharda Motor Industries, Shree Metalloys, Superb Papers, etc., are scheduled to announce their quarterly earnings later in the day today.

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    08:34 (IST)26 Aug 2020
    Sensex, Nifty stare at a gap-up start; 5 things to know before the opening bell today

    Domestic benchmark indices could start Wednesday’s trading session with tepid gains, as the SGX Nifty in Singapore was seen trading 15 points higher during the early hours of trade. Sensex and Nifty enter the day’s trading session on the back of a three-day gaining streak and nearly at a six-month high. The 50-stock Nifty is sitting above the 11,450 mark while BSE Sensex is 38,800 points. Global cues too were negative but analysts believe banking and finance sector stocks could chart the trajectory that domestic markets will take during today’s trading session.

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    08:26 (IST)26 Aug 2020
    Buy IRB Infrastructure with unchanged FV of Rs 150

    Decent pick-up in toll revenues. Results were ahead of our estimates on faster recovery in toll collection. Share of losses from SPVs resulted in net loss for the quarter. Cash profit, however, remained positive. Early normalisation of toll collection at its key projects and execution ramp-up is expected in coming quarters: Kotak Institutional Equities

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    08:21 (IST)26 Aug 2020
    S&P, Nasdaq close at record highs

    In overnight trade on Wall Street, the S&P500 and Nasdaq hit all-time closing highs. The Dow Jones Industrial Average fell 0.21%, the S&P 500 gained 0.36% and the Nasdaq Composite added 0.76%.

    08:20 (IST)26 Aug 2020
    Asian markets trade mixed in early trade

    Asian stock markets were trading mixed in early trade on Wednesday. The Shanghai composite up about 0.1% while the Shenzhen component added 0.258%. Japan’s Nikkei 225 was marginally lower while the Topix index shed 0.26%.

    08:20 (IST)26 Aug 2020
    SGX Nifty suggests higher start for Sensex, Nifty

    Trends in SGX Nifty suggests a gap-up opening for BSE Sensex and Nifty 50 on Wednesday. Nifty futures were trading 33.75 points or 0.29 per cent higher at 11,509.80 on Singaporean Exchange.

    08:19 (IST)26 Aug 2020
    Moody’s: India’s GDP to slide to -3.1% in FY21

    Global rating agency Moody’s on Tuesday retained its earlier India growth forecast at -3.1% for FY21 and 6.9% for FY22, lending some credence to the view that the economy could witness a “V-shaped recovery” next fiscal.

    Read full story

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