Share Market HIGHLIGHTS: Sensex falls 130 pts, Nifty ends below 11,100; RIL, HDFC Bank shares among top losers

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Updated: July 31, 2020 4:20:31 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks, BSE Sensex and Nifty 50 fell and ended in the negative territory for the third straight day on Friday

Share Market Today, Share Market LiveThe trend among sectoral indices was mixed. Nifty Pharma surged over 3.5 per cent led by Torrent Pharma, Aurobindo Pharma

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended lower for the third consecutive day on Friday, weighed down by index heavyweights Reliance Industries and the HDFC Bank. The 30-share Sensex fell 129 points or 0.34 per cent to close at 37,607, while the NSE’s Nifty was down 29 points or 0.26 per cent to close at 11,073.45. Among top Sensex laggards were RIL, HDFC Bank, Kotak Mahindra Bank, Bajaj-Auto, Asian Paints and HDFC. On the flip side, Sun Pharma was the top index gainer which gained over 4 per cent. The pharmaceutical company was followed by State Bank of India, M&M, HCL Tech, Axis Bank, ONGC and Tech Mahindra. The trend among sectoral indices was mixed. Nifty Pharma surged over 3.5 per cent led by Torrent Pharma, Aurobindo Pharma, Cadila Healthcare and Sun Pharma. On the other hand, Nifty Financial Services fell 0.61 per cent dragged by losses in Cholamandalam Investment and Finance Company, ICICI Lombard General Insurance Company, and HDFC Bank

 

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    15:51 (IST)31 Jul 2020
    Stock brokers get relief as SEBI postpones margin rules; allows trade after 20% upfront collection

    Market regulator Securities and Exchange Board of India (SEBI) on Friday postponed the implementation of new norms on upfront margin collection in the cash segment to September this year.

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    15:49 (IST)31 Jul 2020
    Closing bell: Sensex, Nifty fall for the third consecutive session

    The 30-share Sensex fell 129 points or 0.34 per cent to close at 37,607, while the NSE's Nifty was down 29 points or 0.26 per cent to close at 11,073.45.

    15:38 (IST)31 Jul 2020
    We closed within the range of 11000-11100 which means markets are still rangebound

    We closed within the range of 11000-11100 which means markets are still rangebound and do not have a definite direction. We should go past either level in the coming week which will result in a one-way move of at least 200 points. Until then it would be a wait and watch the situation: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:27 (IST)31 Jul 2020
    FM Sitharaman says banks can’t refuse loans to MSMEs under emergency credit facility; warns action if reported

    Finance Minister Nirmala Sitharaman today said that banks cannot refuse credit to MSMEs covered under the emergency credit facility. Nirmala Sitharaman added that if the banks refuse such credit, it must be reported and she will look into it. Speaking at FICCI’s National Executive Committee Meeting, she further said that every step which is being announced and taken to deal with the current situation is being done after exhaustive consultation with the stakeholders and industry experts.

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    15:18 (IST)31 Jul 2020
    Bharti Airtel: Rise in ARPU, data traffic make brokerages say ‘buy’ shares; these risks may halt upside

    Bharti Airtel share price gained over 1 per cent to hit day’s high of Rs 559 apiece in an otherwise weak market on Friday. Even as this large-cap telecom company reported a consolidated net loss of Rs 15,933 crore in April-June quarter, its mobile services continued to recover with average revenue per user (ARPU) rising for the fifth consecutive quarter.

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    15:01 (IST)31 Jul 2020
    State Bank of India Q1 profit zooms 81% on stake sale in SBI Life Insurance; stock price jumps over 3%

    State Bank of India (SBI) reported a whooping 81 per cent on-year rise in standalone net profits at Rs 4,189 crore for the April-June quarter. The Bank had reported a profit of Rs 2,312 crore in the corresponding quarter of the previous fiscal. The profit was supported by the one-time gain from the stake sale of a certain portion in the life insurance business.

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    14:20 (IST)31 Jul 2020
    Loan moratorium eats into banks’ income; 15-40% of net-interest income out of reach of private banks

    The share of moratorium loans has come down significantly for private lenders that have so far reported their April-June quarter results, and that has been dubbed as a sign of improvement by many. However, of the net-interest income of banks, a large sum is interest accrued and not collected as the loans were under the moratorium, said investment bank Credit Suisse in a recent report. “The interest accrued (and not collected) still accounted for as much as 15-40% of 1Q (April-June quarter) NII, lowering the reliability of current reported profitability,” the report said. With uncertainty still looming large, the situation of banks is akin to Schrodinger’s cat paradox, where it won’t be possible to know if the cat is dead or alive until the moratorium ends.

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    13:59 (IST)31 Jul 2020
    RBI may cut repo rate again by 25bps

    This week USDINR spot has been trading in a very lacklustre range of 74.65-74.90. Traders were expecting cues from the Fed policy but it was a non-event. Now the focus will be shifted to next week’s RBI policy. Looking at the slowing growth, we expect RBI may cut repo rate again by 25bps. This may give a boost to risk appetite and weigh on USDINR spot. Also, the sell-off in dollar index will continue to keep the spot lower, thus, unless 75 breaks we expect the spot to trade in between 74.50 and 75: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:42 (IST)31 Jul 2020
    Buy Phoenix Mills - recovery in sight : Motilal Oswal

    Near-term challenges for the company include (a) uncertainty surrounding recommencement of operations in other two malls (Palladium and PMC Chennai), (b) restrictions on Cinemas, F&B and Family Entertainment (~20-25% gross leasable area (GLA) and key footfall drivers) and subdued hospitality segment, and (c) slower-than-expected traction in residential segment. We, thus, have lowered our earnings estimate for FY21 by 9% while broadly maintaining our estimates for FY22E. We value PHNX’s retail assets based on DCF-based NAV approach, assuming a cap rate of 9.5% and discount rate of 13.5%. Maintain Buy with an SOTP-based TP of INR746.~ Motilal Oswal

    13:06 (IST)31 Jul 2020
    Single-window clearance for businesses soon; Piyush Goyal says govt working on digital portal

    Businesses in India won’t be required to interact with the government much as the government is now working to get in place a fully digital single-window clearance portal for the industry. “The government is genuinely working to create a true single-window system which is completely digital and provides for unified and integrated business procedures. In addition, we will also encourage risk-based self-regulation and third-party certifications,” Piyush Goyal, Commerce and Industry Minister, said on Thursday at a CII event on Ease of Doing Business for Atmanirbhar Bharat.

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    12:00 (IST)31 Jul 2020
    Essel Propack share price hits 52-week high on upbeat Apr-Jun quarter results, should you buy the stock?

    Essel Propack shares zoomed 18 per cent to hit a fresh 52-week high of Rs 242.15 apiece, a day after the company reported a 14 per cent on-year rise in consolidated net profit at Rs 45.62 crore for April-June quarter. The company had posted a net profit of Rs 40.03 crore in the corresponding quarter of last year. Research and brokerage firms are upbeat on the stock with a buy rating.

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    11:58 (IST)31 Jul 2020
    IndiGo shares: Falling revenues, grim industry outlook but two brokerages are not giving a sell call

    InterGlobe Aviation’s share price jumped 2.9% during Friday’s trading session to trade at Rs 960 per share, despite reporting a 92% fall in revenues during the April-June quarter, just a few days back. The parent company of India’s largest private carrier, IndiGo enjoys dominance when it comes to market share in the domestic airspace. Although the airline industry has been hit hard or as ace investor Warren Buffet said ‘the world has changed for the airlines’. However, despite this change in the industry, brokerage and research firms HDFC Securities and Prabhudas Lilladher are still not advising investors to sell their holdings in IndiGo.

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    11:14 (IST)31 Jul 2020
    With Sensex, Nifty up about 50% from March lows, where should you invest now? Here are hot sectors

    Amid high volatility, Indian share markets have risen by half from their March lows. Analysts warn of more correction in the stock markets in the coming days. Anil Sarin, CIO – Equities at Centrum Broking, says that the share market is poised for a pause in the immediate term. In an interview with Surbhi Jain of Financial Express, Sarin further explains that from a six months perspective, Indian stock market is expected to trade sideways. He believes that COVID-19 vaccine may prove as an upside trigger for the markets, but will subside if it’s not coupled with strong quarter earnings by the companies.

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    10:56 (IST)31 Jul 2020
    Coronavirus hits Air India, BPCL disinvestment plan; throws spanner in govt’s stake sale targets

    While the government had set ambitious disinvestment targets for nearly 23 PSUs including Air India and BPCL this year, coronavirus has thrown a spanner into the same. Merely days after Finance Minister Nirmala Sitharaman announced that the government will open private participation in all sectors under Prime Minister Narendra Modi’s Atma Nirbhar Bharat plan, the finance ministry had to again extend the deadline of its showpiece privatisation companies Air India and BPCL on Wednesday

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    10:31 (IST)31 Jul 2020
    RIL's partly paid shares surge 76% since listing, now just shy of Reliance rights issue price

    Mukesh Ambani’s Reliance Industries Ltd (RIL) has had a dream run on stock exchanges since the beginning of this financial year. RIL stock has rallied 90% since April 1 and market experts believe there is still some steam left in oil-to-telecom major. However, the partly paid shares of Reliance Industries, which were listed post the Rs 53,000 crore rights issue, have performed even better since listing. Reliance partly paid shares started trading on June 15 at Rs 690 per share, a premium of 75% to the intrinsic value of Rs 395 apiece. Now the stock has added another 76% to those gains.

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    10:29 (IST)31 Jul 2020
    Gold prices rise again after one-day blip, hold above Rs 53,000 per 10 gms; rally not over yet

    Gold prices rose today after a one day blip, as the US economy recorded a worst quarterly plunge of 33 per cent annualized rate in the April-June quarter. Besides, rising COVID-19 cases and low-interest rates pushed investors to seek safe-haven counters. On MCX, gold October futures were Rs 409 or 0.77 per cent higher at Rs 53,189 per 10 grams, while the silver September futures were ruling at Rs 63,619 per kg, up Rs 949 or 1.51 per cent.

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    10:07 (IST)31 Jul 2020
    June core sector data, GST collection in July, fiscal deficit data eyed

    The US yields dropped post the data. 10y yield fell 5bps to 0.53%. Risk sentiment turned negative. USD weakened against majors with Euro and Sterling reclaiming 1.18 and 1.30 respectively. The Dollar index has fallen in 9 out of the last 10 sessions and is at its lowest level in last 2 years. Equities too used the disappointing data as an excuse to shed some froth. New 10y GOI benchmark security will be auctioned today. Post market we have the domestic June core sector data, GST collection in July and fiscal deficit data. Rupee is likely to open around 74.70 and trade 74.50-74.85. Asian currencies are trading stronger against the USD: Abhishek Goenka, Founder and CEO, IFA Global

    09:42 (IST)31 Jul 2020
    For the upside to resume, we need to get back to the 11300-11350 levels

    We are trading in the crucial support zone of 11000-11100. A break of this zone on a closing basis might trigger a short term weakness for the Nifty which could drag it down by 150-200 points. For the upside to resume, we need to get back to the 11300-11350 levels from where the market made this U-turn: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:40 (IST)31 Jul 2020
    Rupee likely to open on a flat note

    Currently, dollar is driving the theme for the market and caught the train to the south. The contraction in Germany growth by 10% should have been acted as a turning point for correction in the EUR and dollar rebound. But it went another way round as the US contraction was sharper than Europe’s largest economy; thereby keeping dollar on back foot. All of this should ideally translate to rupee strength, but persistent buying interest around 74.50 levels by RBI and other market players has kept the pair relatively unchanged compared to EM peers. Overall, the tight confining of USDINR to its range of 74.50-75.50 over one month is an indication to breakout. The longer the pair remains range-bound, the sharper can be the breakout: Amit Pabari, managing director, CR Forex Advisors

    09:38 (IST)31 Jul 2020
    Top BSE Sensex gainers and losers

    Out of 30 Sensex stocks, 13 scrips were trading in red with HDFC as top index laggard, down over 2 per cent. It was followed by Kotak Mahindra Bank, HDFC Bank, Reliance Industries, Tata Steel and Axis Bank. On the flip side, TCS, HCL Tech, SBI, Infosys and ICICI Bank were the Sensex gainers

    09:38 (IST)31 Jul 2020
    Sensex, Nifty trade volatile in Friday's session

    The 30-share index was up 32 points to trade at 37,720, while the Nifty 50 index breached 11,100 on the upside to rule at 11,120.

    Check live Sensex, Nifty levels

    09:06 (IST)31 Jul 2020
    Stocks in focus: RIL, SBI, Sun Pharma, Indian Oil, Tata Motors, HDFC, RCom, Birla Tyres

    Index heavyweights such as State Bank of India, Sun Pharmaceuticals, Indian Oil Corporation Ltd, Tata Motors are set to announce their first-quarter earnings. Also, Birla Tyres, JSW Energy, Reliance Communications, Reliance Capital, Reliance Home Finance, Tata Chemicals, Tata Metaliks will also come up their Apr-Jun quarter results later in the day today.

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    08:49 (IST)31 Jul 2020
    Nifty set to open with flattish to positive

    Nifty set to open with flattish to positive in new series of August 2020 on the back of the mixed back global market. US market closed in a red with small cuts post slower growth and chances of a delayed election due to pandemic but futures are trading in green to start the day. Asian markets are a mixed bag.  For the day, one should implement the strategy of sell on rally towards 11170-11180 and support will be around 10980. In case of penetration of the same one should double the short positions with stop loss above 11110. Short term or swing traders should find out the bear counters to go short and follow risk management principles. The carryforward positions should be a hedge: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:49 (IST)31 Jul 2020
    Sensex, Nifty stare at a muted opening; RIL results, fall in US GDP could steer market movement

    Domestic benchmark indices could witness a muted opening session Friday as SGX Nifty scaled back on its gains to sit just 28 points higher. Sensex and Nifty enter the last trading session of the week on the back of a two-day losing streak. On Thursday Sensex gave up all gains to end 335 points lower while Nifty50 managed to close just above the 11,100 mark. Global cues seem mixed with the US GDP numbers and the Federal Reserve’s statement, failing to lift the mood of investors globally. Analysts have been advising to stick to quality stocks and keep an eye on stock specific action.

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    08:33 (IST)31 Jul 2020
    Asian stock markers mixed

    Asian stock markets were seen trading mixed in Friday’s session. The Hang Seng index in Hong Kong advanced 0.73%. In Japan, the Nikkei 225 fell 1.32% while the Topix index shed 1.38%.

    08:32 (IST)31 Jul 2020
    Wall Street falls after historic GDP slump

    Wall Street fell on Thursday following a historic contraction in second-quarter GDP and a tweet by President Donald Trump floating the possibility of delaying the U.S. November presidential elections. Trump, without evidence, repeated his claims of mail-in voter fraud and raised the question of a delay, despite the election date being enshrined in the U.S. Constitution.

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    08:31 (IST)31 Jul 2020
    Reliance Jio, Retail businesses become RIL lifeline as lockdowns hit Ambani’s traditional cash-cows

    Mukesh Ambani-led Reliance Industries Ltd (RIL) posted a 31% jump in net profit despite reporting a 42% fall in revenue as consumer-facing businesses became the lifeline of the oil-to-telecom major. “Our consumer-facing businesses became the life-line for individuals and businesses with our Retail and Jio teams working hard to ensure millions got essential goods and services through the lockdown,” said RIL Chairman Mukesh Ambani. Net profit jumped of the largest private company in India were recorded at Rs 13,248 crore.

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    08:30 (IST)31 Jul 2020
    SGX Nifty indicates gap-up start for Sensex, Nifty

    SGX Nifty suggests a positive opening for Sensex and Nifty on Friday. Nifty futures were trading 62.85 points or 0.57 per cent up at 11,147.50 on Singaporean Exchange.

    08:28 (IST)31 Jul 2020
    Jeff Bezos’ Amazon records 40% jump in revenue; sales surge as customers avoid physical stores

    Amazon.com Inc. justified its big investments to keep operating through the Covid-19 pandemic with sales growth and a record profit that far exceeded analysts’ estimates, showing that staying open when so many businesses were forced to close was a rare opportunity. The online retail giant spent more than $4 billion in the second quarter to clean warehouses, hire employees and entice them back to work with temporary pay raises while much of the country shut down.

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    08:27 (IST)31 Jul 2020
    Apple to split shares as prices near $400; investors to get this many additional stocks soon

    Apple Inc. announced a 4-for-1 stock split after shares of the iPhone maker surged more than 80% in the past year. Shareholders at the close of trading on Aug. 24 will receive three additional shares for each one they currently own. Post-split trading will begin Aug. 31, Apple said in a statement on Thursday.

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