Market Highlights: Sensex jumps 270 pts from day’s low, but ends in red, Nifty gives up 11,150 mark; Axis Bank up 6%

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Updated: July 22, 2020 4:34:55 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Axis Bank maintained its position as the top gainer on Sensex for the entire trading session. Titan, Power Grid, and ITC were the other top gainers.

Share Market Today, Share Market LiveDomestic benchmark indices witnessed a volatile trading session on Wednesday as they danced between gains and losses.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices witnessed a volatile trading session on Wednesday as they danced between gains and losses. Sensex staged a smart recovery in the closing hour but failed to shrug-off all losses and ended 58 points lower. Nifty 50 also gave up the 11,150 mark on Wednesday. Axis Bank was the top gainer on Sensex gaining 7% higher, followed by Titan and Power Grid. HUL was the worst-performing stock on Sensex, ending down 3% while Tata Steel slipped 2.5%. Only 11 of the 30 constituents of Sensex ended in the green. Except for Nifty Bank, Nifty Pharma, Nifty Media, and Nifty Private Bank all sectoral indices ended in the red.  

Commerce Minister Piyush Goyal on Tuesday said that the United States of America and India are inching closer to a trade deal after two years of negotiations. Speaking at the US-India Business Council’s India Ideas virtual Summit, Piyush Goyal said that some pending matters need to be done away with. “I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there,” the Commerce Minister said. India and the US have been negotiating a trade deal with a view to plucking out the differences on trade issues to boost economic ties.

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Highlights

    16:32 (IST)22 Jul 2020
    Sensex, Nifty end five-day gaining run; here's what pushed share markets down today

    It was a volatile trading session on Wednesday as Sensex and Nifty gave their 5-day gaining streak. S&P BSE Sensex danced between gains and losses the entire day and made an attempt to recover in the closing hour but failed to shrug-off all losses. Nifty 50 gave up the 11,150 mark. “We broke the 11150 on closing basis. The markets might want to test that level again. It is a crucial level and we need to close above that level as that might act as an important resistance in the short-medium term,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

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    15:41 (IST)22 Jul 2020
    Sensex jumps 270 points from day's low but ends in red

    In the closing hours of Wednesday's trading session, Sensex staged a recovery surging 270 points from the day's low but could not shrug off all losses and ended the day down 58 points. The 50-stock Nifty gave up the 11,150 mark.

    15:00 (IST)22 Jul 2020
    SEBI chief says retail investor participation up since lockdown, praises colleagues for moves made

    Domestic equity markets have seen a surge in retail participation since the coronavirus aided lockdown was initiated in March this year, said Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi. Speaking at FICCI's annual capital markets conference, Ajay Tyagi highlighted that a large number of Demat accounts were opened during the lockdown period, this was when shares were trading at multi-year discounted values. Sensex slipped 37% between February last week and March 23, translating to a loss of over 15,000 points. On the other hand, Nifty went from 12,000 points on February 20 to just 7,600 of March 23.

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    14:40 (IST)22 Jul 2020
    Will Foreign Portfolio Investors come back?

    FPIs have generally been biased in Indian stock markets for a very long time. I think barring the Lehman time and a few other occasions there have been sell flows. Otherwise, generally, India is an attractive market because of its demographics, diversified set of companies, and robust market system. I do not think Foreign investors would be away from Indian markets for a very long time. India can not be ignored. We will continue to attract good flows and it is just a matter of time, once this uncertainty comes down people will come back.~ Sampath Reddy, CIO, Bajaj Allianz Life Insurance 

    14:35 (IST)22 Jul 2020
    RIL stock to touch 2500 levels

    As the market witnessed the Jio rise in a very short span compared to their earlier entrants and peers, it wouldn't be an over-hype to say that the RILs plan might be to challenge Amazon and Dmart in the consumer and retail businesses in the coming years. Technically, RIL outperformed the market in the last three months over twenty per cent. Given the technical setup, the immediate target would be 2125 levels while in the medium term we expect the stock to touch 2500 levels: Ravi Singh, Head of Research, Karvy Stock Broking

    13:58 (IST)22 Jul 2020
    Bearish trend in USDINR spot

    Overall the trend in USDINR spot has been bearish, breaching the psychological level of 75 on a weak dollar and risk-on mood. In the past, the USDINR spot has not been able to break the crucial support of 74.50 on likely RBI buying and had bounced from there. We expect 74.50 to continue to act as crucial support until the US decides on the fresh stimulus program. However, consistent trading below 74.50 will open doors for 74.20/74.25 with 75 acting as the crucial resistance: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:45 (IST)22 Jul 2020
    Considering lower moratorium number to keep positive movement in stock: Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking

    Axis bank PAT declined 19% YoY, which is marginally below our estimate. NII grew 20% YoY primarily supported by the lower cost of funds. Other income declined by 33% YoY, this is primarily owing to lower business activity. The cost to income declined 500bps to 39% sequentially. Axis bank advance at 13% YoY, The corporate and retail book grew by approx. 15.5%, however, SME loan book compressed 7.3%. The big surprise is moratorium % to advance plunged from 25-28% mentioned in the Q4FY20 investor call to 9% in Q1FY21. On asset quality front, GNPA and NNPA declined to 4.72% and 1.23%, from 4.86% and 1.56%, respectively on the QOQ basis. Improvement in asset quality led by lower slippages in higher provision. Bank is continuously improving PCR which provides comfort on asset quality, considering all provision (including specific + standard + additional + COVID provisions) stands at 104% of GNPA at Q1FY21.

    Considering lower moratorium number, higher provision converge, strong performance by subsidiary and lower valuation compared to the historical average will keep positive movement in stock price.

    13:08 (IST)22 Jul 2020
    RIL share price tops Rs 2,000-mark for the first time, rallies 132% from March lows

    Reliance Industries (RIL) share price climbed up nearly 2 per cent to hit a fresh record high of Rs 2,010 apiece on BSE, taking the market capitalisation of the firm to Rs 12.71 lakh crore. RIL stock price has surpassed Rs 2,000-mark for the first time since listing. In a recent update, oil to telecom conglomerate informed the exchange that the company will be announcing its April-June quarter results on July 30, instead of on Friday, July 24, 2020, as intimated earlier.

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    12:17 (IST)22 Jul 2020
    Axis Bank share price soars 8%; brokerages see this much upside as moratorium value falls

    Axis Bank share price surged 8% on Wednesday morning, a day after the private sector lender reported its April-June quarter numbers. Although net profit was down 18.82% from the previous year to Rs 1,112 crore brokerage firms are still bullish on the stock as moratorium accounts, in terms of value, dropped significantly in the June quarter. The lender saw net interest income grow 20% to Rs 6,985 crore and provisions too increased to Rs 4,400 crore as the bank geared up to face any near-term headwinds. The stock touched an intraday high of Rs 482 per share on Wednesday even though stock markets were largely trading flat. 

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    12:10 (IST)22 Jul 2020
    HUL share price falls 3% despite net profit growth; should you buy or sell? Check what brokerages say

    Hindustan Unilever (HUL) share price fell 3.4 per cent to Rs 2,241, after hitting a day’s high of Rs 2,340 apiece on BSE, despite a 7 per cent on-year growth in its standalone net profit at Rs 1,881 crore in the April-June quarter. Brokerage firms have mixed views on HUL stock, with some predicting an upside of 10 per cent while others seeing a downside of 13 per cent. 

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    12:02 (IST)22 Jul 2020
    Commodity insight: Soybean August futures declined by 0.8% yesterday

    Soybean: After posting marginal gains for multiple sessions, Soybean August futures declined by 0.8% yesterday to settle near Rs.3,768/quintal. Longs were seen liquidating in near month contract after steep sell off in BMD CPO and CBOT Soybean futures during yesterday session. More than 10% rally in Palm oil futures at Malaysia since last week, Government allowing processors to procure soybean directly from farmers, recently sown Soybean crop germination concerns in Maharashtra and rising edible oil prices in home country have lifted Soybean above 3,800 in the first session of the week. We expect Soybean to take a support after some more correction and trade range- bound with positive bias for near future. However, increased sowing area under soybean & groundnut, weak demand for Soymeal, huge carry over stock, concerns over U.S. – China trade deal and proliferating cases of COVID-19 in home country will keep gains limited to some extent. ~ Kotak Securities

    10:55 (IST)22 Jul 2020
    Gold may trade positive, expect to touch Rs 52,000 per 10 grams soon

    Today Gold increased sharply and touched the new lifetime high of 49996 on Mcx. And in the international market, it is trading at $1859 per ounce. Weakness in the dollar and lower US bond yield give the support to the gold prices, however, Gold ETF holding jumped to 3620 tonnes on a lifetime high levels. We expect Gold may trade positive and expect to touch 51000 to 52000 soon. In the international market it may test $1880 to $1950 levels soon: Anuj Gupta Deputy VP-Research Angel broking (Commodities)

    10:44 (IST)22 Jul 2020
    Gold prices at all-time high, inches away from Rs 50,000 per 10 gms; set to hit Rs 55,000 by yr-end

    Gold prices today hit a fresh all-time high of Rs 49,996 per 10 grams, just shy of Rs 4 to touch the crucial Rs 50,000-mark, backed by positive trends in international rates, coupled with a weaker dollar. With today’s surge in the prices of yellow metal, Gold prices have climbed up 28 per cent on a year-to-date basis. Bucking the trend, silver September futures have hit a 7-year high of Rs 60,782 per kg on MCX.

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    10:30 (IST)22 Jul 2020
    Vaccine might bring back normalcy, but a longer pandemic benefits these sectors

    With domestic equity markets scaling higher and valuation rising, it is now time for investors to tread cautiously. Although sectors like aviation, travel, and hospitality have definitely taken a hit, there are some pockets that will benefit from the trends that might emerge if the pandemic continues to stay, said Sampath Reddy, CIO, Bajaj Allianz Life Insurance in an interview with Kshitij Bhargava of Financial Express Online. While Sampath Reddy is for the firm belief that foreign investors can’t stay away from India for long, he also has some advice on how investors should read the June quarter numbers. 

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    10:06 (IST)22 Jul 2020
    Sensex, Nifty witnessing a volatile session; top factors steering share markets today

    In a volatile trading session on Wednesday morning, Sensex and Nifty started in the green but went deep in red just minutes after the opening bell. S&P BSE Sensex opened 60 points higher but then slipped over 100 points. Nifty 50 was just shy of the 11,200 mark when trading began but went down to sit around the 11,150 mark soon after. The majority of the Sensex constituents were in the red. Hindustan Unilever, HDFC and HDFC Bank were dragging the index lower. Analysts had warned that stock markets could witness profit booking after surging higher for five straight days till Tuesday.

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    09:23 (IST)22 Jul 2020
    Sensex and Nifty open to a volatile session

    Sensex and Nifty started the day in the green but could not hold on to their gains. Sensex slipped 90 points in the initial minutes while Nifty scaled back from almost touching the 11,200 mark to settle below the 11,500 mark.

    09:06 (IST)22 Jul 2020
    Stocks in focus: HUL, Axis Bank, Bajaj Finance, BEML, Bajaj Finserv, Bajaj Auto, Larsen & Toubro

    Bajaj Holdings, Alembic Pharma, Jindal Steel, ICICI Securities, Larsen & Toubro, Bajaj Auto, TTK Prestige, Rallis India, MTNL, and Heidelberg Cement are among companies which are scheduled to announce their June quarter results later in the day today.

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    08:56 (IST)22 Jul 2020
    Moratorium book plunges; Prudential provisioning provides comfort

    Axis Bank reported in-line 1QFY21 earnings led by strong NII growth, controlled opex and sequential decline in provisions. Even PCR improved 580bp QoQ to 75%. Outstanding funded BB & below pool declined slightly to INR64.2b while moratorium book plummeted to 9.7%, which eased concerns on the asset quality outlook.~ Motilal Oswal

    08:47 (IST)22 Jul 2020
    SGX Nifty marches marginally higher

    SGX Nifty has gained 19 points after trading flat during early trade. Stock markets in China, South Korea, and Thailand were in the green. Topix and Nikkei 225 were down in the red.  

    08:33 (IST)22 Jul 2020
    Sensex, Nifty stare at flat opening on Wednesday; these key factors to steer indices

    Domestic equity markets benchmarks, BSE Sensex and Nifty 50, after rising for the third consecutive trading session, are now set to open flat on Wednesday, on the back of mixed Asian cues and rising coronavirus cases. In the previous session, global equities cheered positive trial results of three coronavirus vaccines. Sentiments were further improved on the reports that the European Union leaders have approved a massive stimulus package to counter the economic impact of coronavirus.

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    08:21 (IST)22 Jul 2020
    Results today

    Earnings season has surprised market participants so far. Today, Bajaj Auto, Dhanuka Agritech, Larsen & Toubro, and Rallis India will report their June quarter numbers. 

    08:17 (IST)22 Jul 2020
    World shares rise after EU reaches deal to support economies

    Global stock markets rose on Tuesday after European leaders worked out a deal to support their virus-stricken economies. Shares rose in Paris, Frankfurt and London after a day of gains in Asia, while US futures pointed to gains on Wall Street. The 27 EU leaders agreed to a 1.8 trillion-euro ($2.1 trillion) budget and coronavirus recovery fund after one of their longest summits ever. To cope with the biggest recession in its history, the EU will establish a 750 billion-euro ($858 billion) coronavirus fund, partly based on common borrowing, to be sent as loans and grants to the hardest-hit countries.

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    08:14 (IST)22 Jul 2020
    We are almost there: Piyush Goyal on trade deal with US

    “I believe we have a quick trade deal which has some of the pending matters built up over the last couple of years which we need to get out of the way quickly. We are almost there. I think another couple of calls and we should be able to solve that out," Goyal said.

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