Market Highlights: Nifty closes above 11,200, first time since March, Sensex gains 267 pts; RIL M-cap at Rs 13 lakh cr

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Updated: July 23, 2020 4:31:01 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: RIL was the top gainer on Sensex, surging 3.5% to end the trading session at a record high price. Rossari Biotech shares gained 77% on listing day.

Share Market Today, Share Market LiveDomestic benchmark indices, after opening flat, surged higher with Nifty closing above the 11,200 mark for the first time since March.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic benchmark indices, after opening flat, surged higher with Nifty closing above the 11,200 mark for the first time since March. S&P BSE Sensex ended higher by 267 points later, while the Nifty 50 managed to close at 11,215 mark. Reliance Industries Limited surged in the closing hours as it’s market capitalization crossed the Rs 13 lakh crore mark. State Bank of India and ICICI Bank were the top gainers on Sensex. Axis Bank fell 3.8% followed by HUL and Infosys. All sectoral indices ended with gains except Nifty IT which was down 0.18%. 

Prime Minister Narendra Modi on Wednesday attempted to lure investors from across the globe to India, saying that India has opportunities and is a nation that investors can trust. Speaking at India Ideas Summit, hosted by the US-India Business Council, PM Modi said that for the first time ever in India, there are more rural internet users than urban internet users. At the same event, US Secretary of State Mike Pompeo commended India saying that it is a nation that can be trusted and can attract global supply chains.

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Highlights

    16:30 (IST)23 Jul 2020
    Sensex, Nifty close at levels last seen in first week of March; top factors that moved D-Street

    Sensex and Nifty after a brief pause yesterday, were seen continuing their rally today. After a volatile opening session, domestic benchmark indices gained and ended at levels that were last seen during the first week of March. S&P BSE Sensex gained 269 points or 0.71% to reach 38,140 points while the NSE Nifty 50 ended above the 11,200 mark. Asian equity markets were mixed with Shanghai Composite slipping into the red while Hang Seng gained. Analysts say that domestic markets are being fueled by liquidity and any fall in stock markets may be short-lived.

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    15:26 (IST)23 Jul 2020
    Reliance Industries market cap crosses Rs 13 lakh crore

    Reliance Industries Limited today reached yet another milestone as it became the first Indian company to have a market capitalization of over Rs 13 lakh crore. The oil-to-telecom major went from a market capitalization of Rs 12 lakh crore to Rs 13 lakh crore in eight trading sessions.

    15:07 (IST)23 Jul 2020
    HDFC AMC net profit jumps 4% on-quarter basis

    HDFC AMC net profit for the Quarter ended June 30 was Rs 302 crore, a quarter on quarter increase of 4%

    14:20 (IST)23 Jul 2020
    More employees join workforce in May 2020, exits fall; EPFO member base shoots up 3 times

    Soon after India gradually started various economic activities in May 2020, the Employees’ Provident Fund Organisation’s (EPFO) subscriber base grew more than three times in just a month. EPFO added 3.18 lakh members in May while only 1 lakh new members were added in April 2020, according to the Ministry of Labour & Employment. The subscriber base growth is due to an increased number of new subscribers, lower exits, and higher rejoining by exited members, it added.

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    14:02 (IST)23 Jul 2020
    Yes Bank share price hits 20% lower circuit today, tumbles 35% since FPO share issue closed

    Private sector lender Yes Bank share price tumbled 20 per cent to hit a lower circuit at Rs 14.60 apiece on Thursday, even as global ratings agency Moody’s in its report said that the capital raising by the bank is credit positive. Since the private bank concluded its Rs 15,000 crore follow-on public offer (FPO), Yes Bank shares have been declining, taking its losing run to the fourth consecutive session. Yes Bank share price has tanked over 35 per cent from Friday’s close of Rs 19.80 apiece on BSE.

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    13:47 (IST)23 Jul 2020
    Time to buy your stock broker? ICICI Securities profit soars as retail investors rush to Dalal Street

    With buoyant retail investor participation in domestic equity markets, one of India’s largest stock broking firms, ICICI Securities posted a 69.7% on-year growth in net profit. ICICI Securities registered a 62% increase in brokerage income to Rs 335.7 crore, up from Rs 220 crore in the same period last year. Lower equity prices, aided by the sharp decline in valuations pushed many retail investors towards share markets. With increasing income, brokerages have increased their target price for ICICI Securities expecting good margins going forward. ICICI Securities share price gained over 2% to trade at Rs 541 per share, just shy of its 52-week high.

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    13:27 (IST)23 Jul 2020
    Sell IndiGo ~ Abysmally low traffic, layoffs corroborate longer term impact

    Airline travellers remain nervous despite widespread efforts to ameliorate the social distancing problem. Indian airlines have been unable to utilise the 33% flight operations capacity allowed by the Government of India, since 25th May. Average daily PAX since resumption of domestic operations represent only c.16% of CY19 demand. Airlines have been financially hemorrhaging with a monthly net cash burn of INR 5bn+ for the market leader Indigo, as per our estimate. The first set of measures undertaken by the company such as pay cuts, leave without pay and various other cost initiatives were clearly not enough to offset the decline in revenues. The market leader has now decided to layoff a tenth of its workforce, corroborating the view that air-travel will continue to remain impacted over a much longer term than earlier anticipated. We factor in an EBITDAR/ASK of c. INR 0.6 in FY22 driven by higher utilisation and lower fuel costs. We re-iterate our SELL rating on the name with an unchanged fair value of INR 700/sh (7x FY22 EV/EBITDA).~ JM Financial

    12:20 (IST)23 Jul 2020
    Nifty breaches the 11,200 mark

    The 50-stock Nifty gained on Thursday to cross the 11,200 mark for the first time in nearly 5 months. The Last time Nifty explored on these levels was in the first week of March. 

    12:14 (IST)23 Jul 2020
    Bajaj Auto share price gains despite Q1 profit falling by half; should you buy or sell? Check target price

    Bajaj Auto share price gained nearly one per cent to Rs 3,011.80 apiece on BSE after the company reported better-than-expected April-June quarter earnings. The automaker posted a 53 per cent fall in its standalone profit at Rs 528 crore in first quarter of the current fiscal, which was higher than the Street’s estimates. The company had reported a standalone profit of Rs 1,126 crore in the corresponding quarter of the previous fiscal.

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    12:10 (IST)23 Jul 2020
    This agrochem stock tripled since March; is there more steam left? Brokerages tell if you should buy

    Dhanuka Agritech shares are trading at a price of Rs 875 per share, rallying 190% from March low. The agrochemical manufacturer has seen a sharp spike in share price, beating the benchmark indices as market participants bank on renewed demand for agri-input products amidst a pandemic. As a testament to that, Dhanuka Agritech even reported a mammoth 227% surge in net profits in the April-June quarter on the back of increasing sales, which were largely spillover from the preceding quarter, and some advancements. However, brokerages seem to be mixed on where the stock will go from here.

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    11:39 (IST)23 Jul 2020
    Initial steps to cut raw material imports in pharma space

    In line with the government’s plan to boost domestic manufacturing and reduce dependence on imports of critical APIs, the Ministry of Chemicals and Fertilizers on July 22 announced a production linked incentive (PLI) scheme for the promotion and manufacturing of pharmaceutical raw materials KSM, Intermediates and APIs in India. The ministry has also decided to develop three mega bulk drug parks in partnership with states. 

    In our view, these schemes will likely appeal more to the smaller players and should foster more investments especially on the Rs200-500mn investment thresholds. For the incumbents, we do not expect any major threat and expect newer entrants to largely take the market share from China rather than the Indian counterparts.~ Emkay Global

    10:47 (IST)23 Jul 2020
    Gold to touch Rs 53,200-53500 by December 2020

    Even prior to covid, given the negative interest rate scenario in many countries, central banks have been increasing the share of investment in gold in the past calendar year. Given the covid situation globally, the negative interest rate situation is expected to stay and hence, the central banks have further increased their purchases in gold in the last calendar year. Additionally, equity valuations are also near all time highs, there is very little room for further investments at this juncture in equity. Technically we see gold at Rs 53,200-53500 by December 2020: Ravi Singh, Head of Research, Karvy Stock Broking

    10:44 (IST)23 Jul 2020
    Amidst volatility Sensex, Nifty show strength; 3 investment themes that look attractive right now

    Indian stock market has climbed up nearly 45 per cent from its March lows, amid high volatility. Analysts believe that the main driver for the markets is the global liquidity and fiscal stimulus. Investors who are wanting to invest in the markets in the current scenario should consider asset allocation first, says Mihir Vora, Director & Chief Investment Officer, Max Life Insurance. He says that assets such as equity, gold, real estate, etc., must be a part of the investor’s portfolio.

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    10:18 (IST)23 Jul 2020
    Gold prices continue rally after hitting Rs 50,000 per 10 gm yesterday; hit new all-time high today

    Continuing the rally, gold prices hit a fresh all-time high for the second consecutive day on Thursday, reflecting the firmness in the international market. The yellow metal has surpassed the previous record high of Rs 50,199 per 10 grams hit in the intraday session yesterday. On MCX, gold August futures edged Rs 171 higher to touch a fresh all-time high of Rs 50,249 per 10 grams. Similarly, silver September futures gained Rs 170 to trade at Rs 61,285 per kg. Analysts say that the up move in gold prices was due to many factors such as sharp losses in the US dollar, additional stimulus measures, robust investor inflows, rising coronavirus cases and US-China tensions.

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    10:09 (IST)23 Jul 2020
    Rossari Biotech's bumper listing: Share price jumps 57% from IPO price on stock exchange debut

    Specialty chemicals manufacturer Rossari Biotech got listed on the stock exchanges today at a price of Rs 670 per share, up 57% from its issue price of Rs 425 per share. Rossari Biotech's initial public offering (IPO) was subscribed almost 80 times. It was the first successful IPO to enter the stock markets after SBI Cards and Payment Services in March this year. Brokerage firms and analysts advised caution while subscribing to the Rossari Biotech issue, although they did highlight the strong fundamentals of the company.

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    09:13 (IST)23 Jul 2020
    SGX Nifty slips into the red

    Minutes before domestic benchmark indices open for trading, SGX Nifty was seen slipping into the red. SGX Nifty was down 6.5 points at 9 AM.

    09:01 (IST)23 Jul 2020
    Stocks in focus: Rossari Biotech, Glenmark Pharma, L&T, HDFC AMC, Vodafone Idea, Axis Bank

    Trends in coronavirus cases, escalated tensions between the US and China, along with quarterly results, will continue to sway investor sentiment today. ABB India, Biocon, HDFC Asset Management Company, AU Small Finance Bank, Dish TV, Mphasis, PNB Housing Finance, Radico Khaitan, Sterlite Technologies and Zensar Technologies, are among 49 companies that are scheduled to announce their quarterly earnings today.

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    09:00 (IST)23 Jul 2020
    Tepid start for Sensex, Nifty on the cards; key factors to set tone for equity markets today

    In absence of any major event, markets would continue to take cues from the ongoing earnings season as well as global markets. Besides, it would await more data on how demand and economy recovery is panning out amid the pandemic. Trends on SGX Nifty suggested a flat start with a negative bias for Sensex and Nifty on Thursday. Nifty futures were trading 18.25 points or 0.16 per cent lower at 11,107.80 on Singaporean Exchange.

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    09:00 (IST)23 Jul 2020
    Cash-strapped Vodafone Idea to get Rs 833 crore in tax refund, Supreme Court slams taxmen for delay

    The Supreme Court on Wednesday rejected the income tax department appeal against the Bombay High Court’s June 26 order that directed it to refund Rs 833 crore to telecom major Vodafone Idea in two weeks. A bench led by Justice UU Lalit slammed the revenue authorities for failing to release the tax refunds to Vodafone Idea as directed by it on April 29.

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    08:38 (IST)23 Jul 2020
    Share markets still in firm uptrend; charts suggest strong support for these two stocks

    After rallying for five consecutive sessions, the Nifty corrected On Wednesday from a high of 11238. The Nifty nevertheless remains in a firm uptrend after holding above the 200-day EMA last week. The index could now attempt to target the next major intermediate resistances at 11342-11433. On the downside, crucial support to watch for reversal of the current intermediate uptrend is at 10562.

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    08:21 (IST)23 Jul 2020
    Results today

    Au Small Finance will report its April-June quarter numbers today. Mphasis and Radico Khaitan are also scheduled to announce their quarterly results.

    08:18 (IST)23 Jul 2020
    Need to deepen corporate bond market: Sebi chief

    The Securities and Exchange Board of India (Sebi) chairman, Ajay Tyagi, on Wednesday called for the need to deepen the corporate bond market, stressing that it ought to be one of the top-most agenda of the policy makers today.

    Addressing the capital markets summit of FICCI, he said the time had come for “unification of financial markets” and the market infrastructure for gilts and corporate bonds should be merged. He said, “Having two separate ecosystems results in artificial segmentation of investors and divergent governance and regulatory norms for institutions in the two markets performing similar functions. The market infrastructure institutions dealing with these two types of securities should follow the same rules and regulations. The economies of scope and scale also dictate such a unification.”

    08:15 (IST)23 Jul 2020
    Tug of war between FIIs and DIIs continues

    On Wednesday foreign investors were net buyers of shares worth Rs 1,665 crore while domestic institutions pulled away Rs 1,138 crore from the equity markets. 

    08:12 (IST)23 Jul 2020
    PM Modi invites US firms to invest in India; says US-India ties can help world recover from pandemic

    PM Modi said that the bilateral partnership can help the world bounce back after the pandemic.Prime Minister Narendra Modi today urged the US firms to invest in India and said that now is the best time to invest. Listing out opportunities in the fields of energy, infrastructure, defence, agriculture, healthcare, etc, Narendra Modi said that the bilateral partnership can help the world bounce back after the pandemic. He added that India and the US are two vibrant democracies with shared values and both are natural partners. Speaking at India Ideas Summit on the theme ‘Building a Better Future’, PM Modi further said that for the first time ever in India, there are more rural internet users than urban internet users. 

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