Market Highlights: Volatile session sees Sensex end up by 100 pts, Nifty at 10,815; RIL shares jump 2.97%

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Updated: July 13, 2020 4:33:50 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: On Monday Mukesh Ambani's Reliance Industries became the first Indian company each the market capitalization of Rs 12 lakh crore as the stock price jumped.

Share Market Today, Share Market LiveAsian peers were looking strong on Monday morning with TOPIX and Nikkei 225 up over 1.5% each while KOSPI was up 1.27%.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices, Sensex and Nifty 50 witnessed a volatile session today but managed to end the trading session with gains.  Sensex finished higher by 100 points or 0.27% to sit at 36,693 points while the 50-stock Nifty was just above the 10,800 mark. Tech Mahindra ended up by 56%, followed by HCL tech and Reliance Industries. Bajaj Finance and the HDFC twins were the worst-performing stocks on Sensex, all falling over 2%. Reliance on Monday became the first publicly listed company to reach a market cap of Rs 12 lakh crore. Among sectoral indices, Nifty IT and Nifty Metal were top gainers while all banking and financial services indices were in the red. 

Mukesh Ambani’s Reliance Industries bagged its twelfth cheque for a 0.15% stake in Jio Platforms on Sunday. The Rs 730 crore investment comes from Qualcomm Ventures, the investment arm of the US-based wireless communications giant. The investment from Qualcomm, Mukesh Ambani said, will “help us deliver on our 5G vision and the digital transformation of India for both people and enterprises.” Reliance Industries has so far received payments from 5 of the 12 investors, including Mark Zuckerberg’s Facebook and the Saudi Public Investment Fund. Reliance will hold virtual AGM this week on Wednesday.

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    16:30 (IST)13 Jul 2020
    Sensex, Nifty see a volatile session but manage to end with gains; here's what moved D-Street today

    Volatility was back to scare stock markets on Monday, taking domestic benchmark indices to dance between gains and losses. At the closing bell, Sensex was up 99 points or 0.27% at 36,693 points while the Nifty 50 ended above the 10,800 mark. “In a volatile day of trade, the market gave up almost all of its early gains, before closing out the day with a positive bias. Investors are advised to be cautious and to look at stock-specific movements with regards to earnings announcements and the commentary,” said Vinod Nair, Head of Research at Geojit Financial Services.

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    15:46 (IST)13 Jul 2020
    Rupee could start appreciating from current levels; two stocks to benefit from a stronger rupee

    With emerging market currencies appreciating in the last few months, India’s Rupee has maintained the status quo and moved between the narrow range of Rs 75.3 and Rs 76.5. Despite the outflow of foreign investors, Rupee had outperformed emerging market currencies in the first few months of the year but has only gained 1% since April. However, this might soon change and Rupee might now take the path of scaling up, according to a report by ICICI Direct. The appreciation expectations are nudged by lower crude oil prices and current account in positive. Rupee could also help some listed companies with net dollar payments.

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    15:39 (IST)13 Jul 2020
    Sensex end up by 100 points, Nifty scales back up over 10,800

    In a volatile session, Sensex and Nifty resurfaced from the red and ended the the green on closing bell. Sensex was up 100 points at 36,693 points while the Ifty 50 ended at 10,815 mark.

    14:44 (IST)13 Jul 2020
    Subscribe Rossari Biotech IPO ~ Ashika Wealth Advisors

    The business carries a moat of leading the manufacturing of specialty chemicals for the textile space and caters to other categories such as home, personal care, animal health etc. with a list of a top-notch client base. Increase in capacity, robust management and sound corporate governance policy will drive growth going forward. However, the IPO is valued slightly at higher premium at P/E 33.8x as compared to average industry P/E of 30x. But given its strong business model, healthy balance sheet, consistent growth in topline and bottomline, strong return ratios justify the valuation and we recommend our investors to SUBSCRIBE the IPO for the listing gain as well as for long term investment perspective.~Ashika Wealth Advisors

    14:42 (IST)13 Jul 2020
    As COVID-19 lockdown puts brakes on smartphone sales, brokerages bet on buying Bharti Airtel stock

    Hit by coronavirus-induced lockdown, salary cuts, fall in smartphone sales, telecom sector may face difficulty in April-June quarter of the current fiscal. Even as for the major part of 1QFY21, the telecom sector was fully operational and led to increased data consumption, analysts say no revenue gains were witnessed.

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    14:30 (IST)13 Jul 2020
    Brokerage view on Real Estate

    Real estate being highly cyclical has been hit hard by the COVID-19 pandemic. The first two months of 1QFY21 were nearly a washout with realty companies adopting the digital way of doing business. Things have improved from June-20 and, with partial aid from online channels, we expect coverage companies to report 40-65% of normal quarterly pre-sales. Affordable housing players are seeing a faster recovery vs. luxury segment players. As things were turning positive, the re-imposition of a partial lockdown may lead to delayed recovery, though it would make a case for further extension in the moratorium: Parikshit D Kandpal, Institutional Research Analyst, HDFC Securities

    14:02 (IST)13 Jul 2020
    Atma Nirbhar Bharat package report card: FinMin shows progress of credit guarantee, refinance, other schemes

    Under Prime Minister Narendra Modi’s Atma Nirbhar Bharat package, the government has front-loaded liquidity in the regional rural banks and cooperative banks. The RRBs and cooperative banks have received a special refinance facility of Rs 30,000 crore sanctioned by NABARD, according to the Ministry of Finance.

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    13:33 (IST)13 Jul 2020
    TATA MOTORS: JLR – Wholesales decline 44.8% in 1QFY21 | Buy ~ Motilal Oswal

    Jaguar Land Rover (JLR)’s wholesale volumes declined 44.8% YoY to ~65.4k units (v/s est.: ~49k) in 1QFY21, whereas volumes for the China JV grew ~15% YoY at ~16.5k units. Jaguar volumes fell ~54% YoY to ~18k units (our estimate: 15.6k), whereas Land Rover (LR) volumes contracted ~40% YoY to ~47.5k units (our estimate: 33.4k).  JLR’s 1QFY21 retail sales declined ~42% YoY to ~74k, with LR decreasing ~38% and Jaguar ~52.5%. The stock trades at 2.7x FY22 EV/EBITDA and 0.7x P/BV. Maintain Buy, with TP of ~INR126 (Jun’22-based SOTP)~ Motilal Oswal

    12:39 (IST)13 Jul 2020
    DMart shares tank 4% as June quarter disappoints; time to give up on Radhakishan Damani’s firm?

    Radhakishan Damani’s Avenue Supermarts after reporting a 88% fall in net profit in the April-June quarter, saw its share price tank 4% to trade at Rs 2,232 per share. The operator of hypermarket stores DMart said that operations and financial performance during the quarter were hit by the lockdown. Revenues were down 32% from the previous year. With the latest set of numbers lacking the shine of revival and channel checks hinting at a continued impact of the lockdown hitting margins further, brokerage firms are advising to do away with the stock as demand continues to be impacted.

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    12:21 (IST)13 Jul 2020
    Emerging markets are going to pay the price of failure to learn lessons from the last stimulus

    Judging by the performance of emerging markets, you’d hardly know the world was suffering from a deadly pandemic. After a horrible March, according to the Institute for International Finance, non-resident portfolio flows into emerging markets increased tenfold to $32.9 billion in June. MSCI’s EM currency index hit a one-month high last Thursday. Even currencies as weak as the South African rand are seeing a bit of a rally.

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    11:53 (IST)13 Jul 2020
    Adani Ports and Special Economic Zone Ltd.'s US$1.2 Billion Senior Unsecured Notes Assigned 'BBB-' Rating BY S&P Global

    S&P Global Ratings today assigned its 'BBB-' long-term issue rating to the senior unsecured notes proposed by Adani Ports and Special Economic Zone Ltd. (APSEZ; BBB-/Stable/--). The issue rating is subject to our review of the final issuance documentation. APSEZ intends to use the proceeds from the issuance to refinance debt at the company and its subsidiaries, including debt at Krishnapatnam Port Co. Ltd. (KPCL), which APSEZ expects to acquire in July 2020. The size of the proposed issuance is within our base case for the current rating level.

    11:40 (IST)13 Jul 2020
    $10 Billion India is shunning corporate debt as spreads become unattractive, but still remains overweight in sovereign bonds

    DSP Investment Managers Pvt. is another fund manager to choose sovereign notes over Indian rupee-denominated corporate bonds, adding to strains on company finances when they need to build up buffers to deal with the economic fallout from the pandemic. Spreads on corporate bonds need to be higher to compensate for the credit risk, Saurabh Bhatia, head of fixed income at DSP Investment, which manages 772 billion rupees ($10.3 billion) worth of assets in India, said in a telephone interview. 

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    11:27 (IST)13 Jul 2020
    Biocon share price hits fresh record high as Itolizumab drug gets DCGI nod for COVID-19 treatment

    Biocon share price surged 10 per cent to hit a fresh all-time high of Rs 455 apiece on BSE after the biopharmaceutical company on Saturday received approval for its drug Itolizumab for its use in moderate to severe COVID-19 patients. Biocon share price touched a 52-week low of Rs 211.30 apiece in August 2019, since then the stock price has zoomed 115.33 per cent, doubling the investors’ wealth in less than a year.

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    11:05 (IST)13 Jul 2020
    Sensex, Nifty extend opening gains; key factors moving the share markets higher today

    Domestic benchmark indices Sensex and Nifty 50 opened on Monday with close to 1% gain each as they followed the lead of global peers. Sensex jumped 322 points or 0.90% to sit at 36,923 points while the 50-stock Nifty breached the 10,850 mark as it jumped 99 points. Both Sensex and Nifty continued to extend their gains after opening. “The Nifty managed to open above the 10850 level this morning which is a positive indication. We need to ensure we are able to close above these levels too. If the markets are successful in doing that, we should be trading for a target of 11150 as the next level for the index. The support is at 10650,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

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    10:51 (IST)13 Jul 2020
    Rossari Biotech IPO opens, should investors subscribe in this market environment or not?

    Rossari Biotech’s Rs 500 crore initial public offering (IPO) opened today for subscription at a price band of Rs 423-425, this is the first time since March that the IPO market will see some activity. Rossari Biotech’s issue will consist of a fresh issue of equity shares of Rs 50 crore and an offer for sale of 1.05 crore shares by the promoters with each equity share having a face value of Rs 2. The specialty chemicals firm has said that it will use the proceeds from the IPO to repay debt and fund working capital. The issue will stay open for subscription till July 15.

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    10:37 (IST)13 Jul 2020
    MCX gold moves higher in tandem with Comex gold

    MCX gold edged higher in tandem with Comex gold which is holding above the key $1,800, as worries over surging coronavirus cases around the world kept the safe-haven metal underpinned. More than 12.83 million people have been reported to be infected by the novel coronavirus globally. US President said he was not currently thinking about negotiating a "Phase 2" trade deal with China as relations between Washington and Beijing sour over the pandemic and other issues. In the absence on any major economic data, the focus would be on the safe-haven investment demand amid worsening the US-China relations and rising COVID counts: Jigar Trivedi, Fundamental Research Analysts, Anand Rathi Shares and Stock Brokers

    10:35 (IST)13 Jul 2020
    Rupee has been making higher highs on the daily chart

    The continued optimism on global economic recovery and expectation of vaccine shall limit the negative impact on rupee beyond 76.00, caused by rising number of cases. However, appreciation beyond 74.50 could take few attempts if RBI remains aggressive in accumulating the dollars. Hence, in the near term, the pair is likely to trade within 74.50-75.50 levels for a few sessions. Technical Outlook: Rupee has been making higher highs on the daily chart. The pair now has a near term support at 75.00 levels and the resistance is at 75.50 levels. Till the time, pair is trading within 74.50-75.50, it is advisable to sell on uptick near 75.30-75.50 and buy on dips near 74.50-74.70 levels: Amit Pabari, managing director, CR Forex Advisors

    10:35 (IST)13 Jul 2020
    Reactions on Avenue Supermats reporting 88% fall in net profit for June quarter

    “For 1QFY21, ASL’s (Avenue Supermarts Ltd) top-line de-grew by ~33% yoy to Rs 3,883cr. Top-line was negatively impacted mainly due COVID-19 lockdown. Currently, the company’s most of the stores operate at 80% of pre-covid sales level. However, discretionary consumption continues to be under pressure, especially in the Non-FMCG categories. On the operating front, the company reported margin contraction (down by 738bp YoY to 2.9%), primarily on account of lower sales. The reported net profit de-grew by ~88% YoY to Rs40cr due to lower sales and poor operating performance.” Amarjeet Maurya, AVP - Mid Caps, Angel Broking 

    10:33 (IST)13 Jul 2020
    The worst of contraction is behind us

    India May IIP contracted 34.7% compared to a 57.6% contraction in April. As expected, Capital goods and consumer durables saw a sharper contraction than consumer non durables. We can say with a high degree of confidence that the worst of the contraction is behind us. However, there still remains considerable uncertainty about the pace of recovery. The focus this week will be on the ECB rate decision on Thursday and EU leaders' summit on Fri-Sat to discuss the EUR 750bn recovery plan. The US Senate too reconvenes from next week and the next round of stimulus package would be discussed then. A USD 4000 travel tax credit to boost the tourism sector is almost certainly on the cards: Abhishek Goenka, Founder and CEO, IFA Global

    10:21 (IST)13 Jul 2020
    RIL 1st Indian firm to hit Rs 12 lakh cr m-cap; share price hits new all-time high, rallies 123% since March

    Mukesh Ambani-led Reliance Industries (RIL) share price hit a fresh all-time high of Rs 1,938.80 apiece on BSE, up 3.21 per cent in Monday’s session to become the first Indian company to hit a market capitalisation of Rs 12 lakh crore. In a span of less than a month, RIL market capitisation added over Rs 1 lakh crore to touch Rs 12.24 lakh crore. RIL share price has been on a gaining spree since April this year owing to the back to back investments from 12 global investors.

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    09:21 (IST)13 Jul 2020
    Sensex, Nifty surge on opening

    Monday has started positively for Dalal Street as stock markets surged on opening bell. Sensex jumped over 322 points while Nifty 50 surged to breach the 10,850 mark. Reliance Industries share price reached a new 52-week high at Rs 1,917 per share.

    08:52 (IST)13 Jul 2020
    Stocks in focus: RIL, Bharti Airtel, Vodafone Idea, DMart, Biocon, Punjab & Sind Bank

    Nifty futures were trading 0.57 per cent or 61.25 points higher at 10,833 on Singaporean Exchange, suggestive a positive opening for BSE Sensex and Nifty50 on Monday. Indian stock market will take cues from favourable global markets and look for stock-specific development, along with surging COVID-19 cases. In the previous session, the 30-share index Sensex ended 143 points lower at 36,594 while the Nifty50 slipped 45 points to close at 10,768.

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    08:18 (IST)13 Jul 2020
    Sensex, Nifty may edge higher following positive global cues; these factors set to steer indices today

    Domestic equity market benchmarks BSE Sensex and Nifty 50 are set to open on a strong footing in Monday’s session on the back of favourable global cues. Market participants will track continued surge in coronavirus cases, macro data, stock-specific developments, rupee trajectory and movement in oil prices. Today, retail inflation data is scheduled to be announced later in the day today.

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    08:17 (IST)13 Jul 2020
    A glimpse of what is to come: Radhakishan Damani’s DMart reports a 88% fall in net profit in June quarter

    Hit by the coronavirus pandemic, Radhakishan Damani’s Avenue Supermarts on Saturday reported a fall of 88% on-year basis in net profits in the first quarter of the current financial year. The hypermarket chain had earlier said that business was disrupted with various stores closed in accordance with the lockdown guidelines. “Covid-19 continued to spread across the country. The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter,” the company said in a filing to the stock exchanges. Revenues for Avenue Supermarts fell 32% from the previous year. Analysts have estimated this might be the best that a listed player in the retail category might do. 

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    08:14 (IST)13 Jul 2020
    Why have banks been rushing to raise capital?

    Banks have been rushing to raise capital from markets. We have seen Kotak Mahindra Bank raise capital while ICICI Bank, Yes Bank, and even PNB announced plans in the last week to raise capital. This was done because the RBI asked banks to be prepared for the fall out of the coronavirus pandemic which he termed as the worst health and economic crisis in the last 100 years, during peacetime. 

    08:12 (IST)13 Jul 2020
    Reserve Bank of India asked lenders to conduct 'covid stress tests'

    Addressing the State Bank of India Conclave, Reserve Bank of India (RBI) Governor Shaktikanta Das said that the central bank had asked lenders to conduct stress tests on their balance sheets, asset quality, and profitability. Das said that banks were advised to raise capital to ensure their operations don't get hit by the coronavirus pandemic and to be prepared for what is to come. 

    08:08 (IST)13 Jul 2020
    Rossari Biotech’s Rs 500 crore IPO opens today: Price band, lot size, and what do analysts say

    After a long pause, the initial public offering (IPO) market is set to witness some action this week with Rossari Biotech launching with its IPO today. The specialty chemicals firm has fixed a price band of Rs 423-425 per equity share for the Rs 500 crore IPO, including an offer for sale (OFS). Rossari Biotech IPO will be first to enter the market after Antony Waste Handling Cell, which had to withdraw its Rs 206 crore IPO in March as the market began to tank. Rossari Biotech has already managed to raise Rs 148 crore from anchor investors, including top fund houses like SBI Mutual Fund, ICICI Mutual fund, and HDFC Mutual fund.

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    08:06 (IST)13 Jul 2020
    Mukesh Ambani’s Jio Platforms raises Rs 730 crore from Qualcomm; sells 0.15% stake

    Reliance Industries’ fundraising spree continues. This time, the company has secured a commitment of up to Rs 730 crore investment from Qualcomm’s investment arm Qualcomm Ventures for its technology arm Jio Platforms. The investment will be made in exchange for 0.15% equity stake to Qualcomm Ventures at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore, according to a statement by Reliance on Sunday. The investment from wireless technology giant – Qualcomm will “help us deliver on our 5G vision and the digital transformation of India for both people and enterprises,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

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