Market Highlights: Sensex records best performance this month, ends 646 pts higher, Nifty at 11,452; RIL jumps 7.3%

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Updated: September 10, 2020 4:13:54 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty were ended the day as the erased all losses made so far this week.

Share Market Today, Share Market LiveThe trend among sectoral indices was positive, only Nifty Pharma index was ruling in the red.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 extended gains and were trading over one per cent higher on Thursday. BSE Sensex was hovering around 38,660, while the broader Nifty 50 index reclaimed 11,400 level. Reliance Industries was top Sensex gainer, up over 3 per cent, hitting fresh record high today after bagging Rs 7,500 crore investment from Silver Lake. Among other gainers were IndusInd Bank, State Bank of India, Bajaj Finance, Axis Bank, Asian Paints and ONGC. On the other hand, Titan Company was the to Sensex laggard, followed Tech Mahindra, Bajaj-Auto, Tata Steel, HCL Tech and Hindustan Unilever. The trend among sectoral indices was positive, only Nifty Pharma index was ruling in the red. Nifty Bank index jumped over one per cent and Nifty Metal index too gained 0.62 per cent. While Nifty Pharma was down 0.11 per cent.

Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia’s Public Investment Fund (PIF), are in talks to buy stakes in the Reliance Retail, the Financial Times reported on Wednesday. ADIA is in discussions to invest about $750 million at a valuation of roughly $57 billion, while PIF could funnel as much as $1.5 billion into Reliance Retail, the FT said, citing people familiar with the matter.

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Highlights

    16:11 (IST)10 Sep 2020
    Sensex, Nifty revisited by bulls today, indices recoup from 2-day losing streak; RIL shares surge 7%

    Domestic benchmark indices Sensex and Nifty ended Thursday's session with gains, as they recouped all losses recorded so far this week. The rally was aided by Reliance Industries Ltd. shares that gained over 7% to trade at fresh highs. All sectoral indices on NSE ended with gains except Nifty Metal, which was down 1.14% and Nifty Pharma ended the day flat. Additionally, news around employment figures were also positive with urban employment standing at its lowest since the lockdown began. Share markets ended near the day’s high even though cues from Asian peers looked weak.

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    15:39 (IST)10 Sep 2020
    Domestic benchmark indices turn positive for this week

    Sensex and Nifty with their stellar performance on Thursday, recouped all losses made so far this week as they turned positive. Sensex ended 646 points higher at 38,840. Nifty was up over 11,450 mark.

    15:27 (IST)10 Sep 2020
    Vehicle scrapping policy back on table; these auto stocks stand to gain as vehicles go off road

    With the central government bringing the auto scrapping policy back on the table the volume of medium and heavy commercial vehicles on the road could come down significantly, said HDFC Securities in a report. This shrinking volume of commercial vehicles might not be all bad, as it opens pockets of opportunity with commercial vehicle (CV) sales gaining momentum as the on-road volumes decline. The report adds that the slowing loan growth and falling auto sales for the past two years could change rapidly with the scrapping policy in space. The move could benefit auto financiers as loan growth may surge while consumers look to buy new vehicles.

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    15:21 (IST)10 Sep 2020
    Blue Dart shares jump over 9%

    Share price of logistics company Blue Dart have jumped over 9% to trade at Rs 2,836 per share on BSE. The stock hsas gained 43% in the last one month. 

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    15:07 (IST)10 Sep 2020
    Sensex up 600 points, Nifty at 11,439

    Sensex, aided by RIL's mammoth 7% jump, gained over 600 points just before the closing bell on Thursday. RIL, Asian Paint, and Axis Bank were the top gainers. 

    14:54 (IST)10 Sep 2020
    Stocks hitting 52-week highs

    With stocks markets gaining over 500 points, some of the S&P BSE 500 contitutens were seen surging to hit new 52-week high values. Adani Gas, Adani Green, Asian Paint, Granules, Infibeam, Reliance Industries, Laurus Labs, and Tata Elxsi were all trading at fresh 52-week highs. 

    14:38 (IST)10 Sep 2020
    HCL Technologies Ltd: BUY

    "The IT stock (HCL Tech) has been in an intermediate trend over the last many months. The stock price has witnessed sustained upmove as per the positive sequence of higher tops and bottoms over the period of time. After showing a sideways range movement in the last one month, the stock price is now making an attempt to stage upside breakout of the range at Rs 730 levels. The support of 20 period EMA on the daily chart has offered base for the stock price so far and supported the uptrend. Recently, the stock price showed upmove from near the immediate support of this 20 EMA at Rs 706. Volume and momentum oscillator on the daily chart signal positive outlook ahead. Buying can be initiated in HCL Technologies Ltd at CMP (722.60), add more on dips down to Rs 695, wait for the upside target of Rs 780 in the next 3-4 weeks. Place a stoploss of Rs 675," said Nagaraj Shetti, Technical Research analyst, HDFC Securities.

    14:05 (IST)10 Sep 2020
    5 midcap stocks that may give returns up to 15% even as Sensex, Nifty beat broader markets

    Broader market indices beat BSE Sensex and Nifty 50 in August, gaining up to 9 per cent. While headline indices added just 4.5 per cent last month. Market analysts believe that midcap and smallcap outperformance is likely to continue in the coming months. On the back of a rebound in COVID-19 cases globally and India-China border tension, markets are reeling under volatility. So far in September, the 30-share Sensex has lost 1.8 per cent. The BSE SmallCap index has fallen 0.77 per cent. The BSE MidCap index fell 2.6 per cent so far in September. Despite this, research and brokerage firm Motilal Oswal continues its focus on midcap space.

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    13:48 (IST)10 Sep 2020
    Technical view on Reliance Industries Ltd shares

    The stock has provided breakout from a symmetrical triangle formation on the daily chart. The momentum indicator RSI has reversed from oversold territory and MACD has provided a buy crossover on the daily chart which hints that the upside momentum is likely to continue. It is also trading well above its short term and long term moving averages. Traders can accumulate the stock between 2160-2210 with a stop loss of 2040(Closing basis) for an upside target of 2500: Anand Rathi Financial Services

    13:44 (IST)10 Sep 2020
    RIL fully valued on proposed transactions?

    "Silver Lake’s investment in RRVL at an equity valuation of Rs4.21 tn (US$57 bn) is comparable to our valuation of the retail business on NPV basis. We see limited upside to the RIL stock as it trades closer to SoTP valuation of Rs2,100 implied by proposed transactions across segments and our one-year forward FV of Rs2,150, which includes cyclically lower valuation of O2C business. Deployment of cash will be crucial in the medium term. ADD stays, as we await better entry points," said Kotak Securities

    13:22 (IST)10 Sep 2020
    Brokerage view on Essel Propack

    Despite the recent rally in the stock, we still believe there is room for further upside. The stock currently trades at 24x/20x FY22/FY23 P/E. Over the last 3 years, ESEL has traded at an average P/E of 19x. We expect revenue/EBITDA/PAT CAGR of 11%/15%/24% over FY20-23E and value the stock at 26x Sept’22 EPS. Our TP of INR314 implies 20% upside. Maintain Buy: Motilal Oswal

    13:09 (IST)10 Sep 2020
    Buy these IT, pharma stocks with strong support on charts; Nifty's short term trend remains negative

    After showing higher level weakness on Tuesday, Nifty shifted into a smart upside recovery after opening lower on Wednesday and closed the day lower by 39 points. A small positive candle was formed with minor upper and lower shadow and Wednesday's opening downside gap has been filled completely. This action signals the emergence of buying interest from the lows. But, this upside recovery has not changed the short term negative trend status so far. Though Nifty declined in the last few sessions, the sharp downside momentum was absent, as we have observed range movement with negative bias. 

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    13:05 (IST)10 Sep 2020
    Amazon to buy Reliance Retail stake: RIL may sell up to 40% in retail unit to Jeff Bezos firm

    Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is offering to sell a roughly $20 billion stake in its retail business to Amazon.com Inc., according to a person with knowledge of the matter. Amazon has held discussions about investing in the conglomerate’s Reliance Retail Ventures Ltd. unit and has expressed interest in negotiating a potential transaction, the person said. Mumbai-based Reliance Industries is willing to sell as much as a 40% stake in the subsidiary to Amazon, the person said, asking not to be identified because the information is private.

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    12:45 (IST)10 Sep 2020
    Could Reliance Industries be undervalued?

    Source: Bank of America

    12:37 (IST)10 Sep 2020
    Reliance Industries Market cap crosses $200 bn

    Reliance Industries shares surged over 5.5% on Thursday to take the market cap of the largest private sector company to over $200 billion. RIL shares have been gaining on the back of Mukesh Ambani sell equity stake in his retail venture to Silver Lakes. 

    12:34 (IST)10 Sep 2020
    RIL shares extend gains, now up over 5%

    RIL share price rallied over 5 per cent at Rs 2,282.45 apiece on BSE. The stock has surpassed its previous high of Rs 2,198 touched on July 27. The company announced to receive Rs 7,500 crore from Silver Lake in its retail arm. Most of the media reports have suggested that more investments could follow in RRVL 

    Check prices: RIL

    12:17 (IST)10 Sep 2020
    Brokerage view on Autos & auto financiers sector

    The extent of up-trading and improvement in auto financiers’ prospects will depend upon the scope, incentives and timelines of the scheme. At the same time, asset quality risks seem unlikely, as companies within our coverage rarely finance vehicles which are older than 13 years at termination. Overall, the scheme is likely to be sentimentally positive for the sector. CIFC (BUY) remains our top pick in the vehicle financing space. Amongst banks engaged in vehicle financing, we prefer AUBANK (ADD): HDFC Securities

    12:09 (IST)10 Sep 2020
    Motilal Oswal Institutional Equities on Reliance Industries -- First deal in Reliance Retail

    We have ascribed INR3.68t equity value to RRVL. Thus, this deal values the company at 14% premium to our valuation. At this valuation, the implied share price of Reliance Retail would be INR664 v/s our TP of INR580 and would increase our current TP of RIL (INR2,250) by 4%. This deal values RIL's retail business (excluding the Future Group's retail business) at 45x/30x EV/EBITDA on FY20/22E against our estimate of 26x on FY22E. Including Future Group's retail business, the deal values RRVL at EV/EBITDA of 42x/29x on FY20/FY22E: Motilal Oswal

    11:57 (IST)10 Sep 2020
    RIL shares surge 4.5%; hit record high of Rs 2263

    RIL shares scaled a fresh record high of Rs 2,263.35 apiece on BSE, gaining 4.5 per cent on Thursday. The total market capitalisation of the stood at Rs 14.30 lakh crore.

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    11:51 (IST)10 Sep 2020
    If geopolitical situation normalizes, rupee shall resume its course of appreciation

    Given by mixed bag of updates investors shall remain cautious in placing long term bets. With that rupee is also likely to remain stable amid RBI conducting another round of OMO worth Rs. 10000 cr. Going further, there is pipeline of inflows lined up which will hold supportive for the pair and cap any unprecedented losses beyond 74.50 levels. If the geopolitical situation normalizes, rupee shall resume its course of appreciation given by the same inflows. Until the pair trades below 74.50, every uptick shall remain selling opportunity as overall biasness is on appreciation side: Amit Pabari, managing director, CR Forex Advisors

    11:49 (IST)10 Sep 2020
    India’s consumption story based on the premise of rapid upward ‘income’ mobility of households may falter

    We find the diverse movement of and the market’s attitude to three different sets of stocks—consumption, financials and investment—quite odd. Stock prices are factoring (1) continued strong growth in consumption without investment and (2) continued financing of consumption by banks and NBFCs and potential high NPLs among lenders. India’s consumption story based on the premise of rapid upward ‘income’ mobility of households may falter without sufficient investment: Kotak Institutional Equities

    11:41 (IST)10 Sep 2020
    State Bank of India share price jumps over 3% after bank raises cheap capital; should you buy?

    India’s largest PSU bank State Bank of India’s (SBI) share price jumped 3.12% on Thursday morning to Rs 201 per share. The upward move in the stock comes after SBI’s share price fell over 7% in the last 4 trading sessions. The largest public lender has recently found the backing from a number of global brokerage firms, each coming out with a ‘Buy’ call on the scrip with a positive outlook, even though lenders in India continue to be under the threat of renewed non-performing assets (NPA) aided by the economic slowdown caused by the pandemic.

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    11:24 (IST)10 Sep 2020
    Brokerage View on GIC Reinsurance

    We expect the company’s underwriting profitability to improve in 2Q/3QFY21 as the impact of lower loss ratios for 1QFY21 come in with a lag. We have tweaked our estimates to build in lower premium growth, higher CORs, and lower investment yields: HDFC Securities

    11:10 (IST)10 Sep 2020
    BSE StAR MF records positive net equity inflow in August

    BSE StAR MF, India's largest Mutual Funds Distributor platform recorded another month of positive net equity inflows. The BSE StAR MF continues to maintain the investors trust amidst market volatility contributing Net Equity Inflow of Rs 667 crore as compared to industry’s total of Rs -4,000 crore in August 2020.  

    11:01 (IST)10 Sep 2020
    Sharp appreciation in Indian Rupee may put pressure on Gold

    Sharp appreciation in Indian Rupee may put pressure on Gold and Silver so as of today, traders can go for sell in gold at Rs 51,600 levels with the stop loss of Rs 52,100 levels for the target of 50,600 levels. They can also go for sell in Silver at Rs 69,000 levels, with the stop loss of 70,500 levels and for the target of 67,000 levels. In the Bullion index “Bulldex” traders can also go for sell at 16200 with the stop loss of 16350 and for the target of 15900: Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking Ltd

    10:57 (IST)10 Sep 2020
    RIL share price hits new 52-week high, tops Rs 2,200 for first time; stock rallies 155% since March

    Reliance Industries Ltd shares scaled a fresh record high of Rs 2,213 apiece on BSE, gaining 2.39 per cent on Thursday. Shares of Mukesh Ambani-controlled firm surpassed its previous high of Rs 2,198.80 per share hit on July 27 this year. In yesterday’s early morning trade, RIL announced that Silver Lake would invest Rs 7,500 crore in its retail arm Reliance Retail Ventures Ltd (RRVL). Media reports have suggested that more investments could follow in RRVL.

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    10:51 (IST)10 Sep 2020
    Buy Apex Frozen Foods Ltd; Target Price: Rs.340 ~ Geojit Financial Services

    "Q1FY21 revenue de-grew by 1.6%YoY. Better realization and rupee depreciation offset the impact of 11.4%YoY decline in volumes. EBITDA grew by 51.6%YoY mainly aided by 620bps increase in gross margin due to better realisation and reduction in raw material cost.  Apex has recently got all the required approvals for its newly added capacity of 20,000MT and ramp up in utilization will aid future growth. Demand outlook remains uncertain in the short-term, however, with gradual improvement from major export markets, demand is expected to witness healthy recovery in FY22E.We value at 12x on FY22E EPS considering current uncertain situation to arrive at a Target of Rs.340, and maintain Buy rating," said Geojit Financial Services in a note. 

    10:41 (IST)10 Sep 2020
    Centurion public issues: IPOs that got oversubscribed 100 times or more

    Happiest Minds Technologies became the first issue to reach a subscription of over 100 times. However, it is not alone in that bracket. Here are some IPOs from the past who garnered masssive interest from investors to become centurion IPOs.

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    10:40 (IST)10 Sep 2020
    Route Mobile IPO enters day two with full subscription, should you subscribe? 

    Route Mobile Ltd.’s initial public offering (IPO) was fully subscribed on the very first day of bidding as it attracted a large influx of retail investors oversubscribing their portion. The Rs 600-crore issue includes a fresh issue of Rs 240 crore and an Offer For Sale (OFS) of up to Rs 360 crore. It enters the market at a time when liquidity is abundant and IPOs are being welcomed with an overwhelming response, as is evident from the Happiest Minds Technologies issue which was subscribed 151 times. Route Mobile has already managed to collect Rs 180 crore from anchor 15 investors, before the issue opened yesterday.

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    09:49 (IST)10 Sep 2020
    Markets open marginally up

    While the market has opened with a marginal gap up, we need to see if we can get past 11450 on a closing basis. That is a key resistance level. Until then the bearish sentiment continues and we could drop back to the 11200 levels and lower: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    09:47 (IST)10 Sep 2020
    Bharti Airtel shares pare gains, slip into red

    Bharti Airtel shares fell after opening higher. The stocks were trading 0.20 per cent down at Rs 503.50 apiece on BSE in Thursday's trade. So far in trade, stock hit Rs 508 as day's high.

    Check prices: Bharti Airtel

    09:44 (IST)10 Sep 2020
    Today is ECB rate decision

    Today is the ECB rate decision. Most market participants expect the ECB to intervene verbally to talk down the currency given that the pace of recovery in the Eurozone is slowing and headline inflation has turned negative. However, if the ECB does decide to send a more powerful message across, it could expand the pandemic asset purchase program of EUR 1.35bn or increase its monthly asset purchases further from EUR 20bn currently. The ECB is likely to keep the main refinance and deposit rates unchanged. US jobless claims due today will offer further insight into the recovery in the US labor market (ex 846k): Abhishek Goenka, Founder and CEO, IFA Global

    09:43 (IST)10 Sep 2020
    Zeal Aqua shares jumps 7%; fisheries stocks gain ahead of PM Matsya Sampada Yojana launch

    Stocks related to fisheries gained in a trade ahead of the launch of PM Matsya Sampada Yojana today. Zeal Aqua shares jumped 7 per cent while Avanti Feeds share price gained 4 per cent.

    09:39 (IST)10 Sep 2020
    Bharat Dynamics share price jumps over 2%; snaps two-day losing run

    Bharat Dynamics share price snapped two-day losing run. The stock gained 2.29 per cent on BSE as centre raised Rs 770 crore by selling 2.34 crore shares of the defence company to retail and institutions investors via an offer for sale (OFS).

    Check live prices: Bharat Dynamics

    09:33 (IST)10 Sep 2020
    RIL shares at fresh high; jumps over 2%

    Reliance Industries (RIL) shares hit a fresh 52-week high of Rs 2,211 apiece on BSE on reports that Middle East sovereign wealth funds, including the Abu Dhabi Investment Authority (ADIA) and Saudi Arabia's Public Investment Fund (PIF), are in talks to buy stakes in the retail arm of the oil-to-telecom conglomerate.

    Check prices: RIL

    09:27 (IST)10 Sep 2020
    Only 4 stocks in red; Bajaj-Auto top Sensex laggard

    Just four stocks were trading in the negative territory. Bajaj-Auto was top Sensex laggard, followed by NTPC, Titan Company and Sun Pharma.

    09:25 (IST)10 Sep 2020
    Top BSE Sensex gainers

    Among top Sensex gainers were IndusInd Bank, State Bank of India (SBI), Bajaj Finance, Axis Bank, L&T, ICICI Bank, Tata Steel and Kotak Mahindra Bank.

    09:22 (IST)10 Sep 2020
    Sensex, Nifty gain over 0.5%

    Sensex was trading 260 points or 0.68 per cent to 38,454, while the broader Nifty 50 was ruling at 11,350, up 71 points or 0.63 per cent

    Check live Sensex, Nifty levels

    09:19 (IST)10 Sep 2020
    Midcap, smallcap watch

    The S&P BSE Midcap index and the S&P BSE Smallcap index were both close to 1% up on the opening bell on Thursday, outperforming the benchmark BSE Sensex. Midcap and smallcap indices on Nifty were also surging higher. Sensex and Nifty50 have both opened with gains on Thursday morning. 

    09:11 (IST)10 Sep 2020
    Bharat Dynamics offer for sale fetches Rs 770 crore

    The Centre on Wednesday raised Rs 770 crore by selling 2.34 crore shares of state-run Bharat Dynamics to retail and institutions investors via an offer for sale (OFS). “BDL OFS concluded today with total subscription of about 2.34 crore shares worth Rs 770 crore from institutional and retail investors. This issue will help the company achieve MPS (minimum public shareholding) norms,” department of investment and public asset management (DIPAM) secretary Tuhin Kant Pandey tweeted.

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