Share Market Highlights: Sensex ends 748 points higher, Nifty regains 11,100; Reliance Industries shares jump 8%

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Updated: August 4, 2020 4:20:21 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty snapped a four-day losing strek and gained on Tuesday, helped by Reliance Industries and HDFC Bank.

Share Market Today, Share Market LiveVolatility tanked 6% while all Nifty IT was the only sectoral index to end with losses. Nifty Media and Nifty Financial Services were the top index gainers.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Sensex and Nifty snapped a four-day losing streak today and erased almost all that they lost in the last two trading sessions. S&P BSE Sensex jumped 748 points or 2% while the 50-stock Nifty managed to breach the 11,100 mark. Index heavyweight Reliance Industries Ltd zoomed 7.1%  while HDFC Bank surged 4%. Maruti, Axis Bank, and HDFC were the other top gainers. Tech Mahindra, HCL Tech, IndusInd Bank were the worst performing stocks for the entire trading session. Volatility tanked 6% while all Nifty IT was the only sectoral index to end with losses. Nifty Media and Nifty Financial Services were the top index gainers. 

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) began its three-day deliberations today. MPC, the body tasked with determining the policy interest rates required to achieve the inflation target is being keenly watched by market participants as the coronavirus induced lockdown slows the economic growth down. With the GDP expected to shrink at least 5% by most estimates, the MPC has its task carved out. The RBI could also announce what it plans to do with the loan moratorium that ends this month.

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Highlights

    16:19 (IST)04 Aug 2020
    Sensex and Nifty snap four day losing streak; Reliance Industries, HDFC Bank help lift indices

    Sensex and Nifty have snapped their four-day losing streak with a 2% jump on Tuesday. S&P BSE Sensex jumped 748 points or 2% while the 50-stock Nifty managed to breach the 11,100 mark. Index heavyweight Reliance Industries Ltd managed to zoom 7.1% on Tuesday helping the benchmark indices to regain almost all that they lost in the past two trading sessions. Financials too aided the surge with HDFC Bank and HDFC gaining along with ICICI Bank and Axis Bank. Mid-cap and small-cap indices on NSE added to their gains on Tuesday while volatility was seen tanking 6%.

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    15:40 (IST)04 Aug 2020
    Traders should look for opportunities to go short on the index

    The Nifty remained positive for the entire trading session but I would still maintain a cautious stance. For any upside to trigger, we would need to go past 11200 on a closing basis as that would be the confidence builder to reverse this short term weakness and enter back into the medium-term positive trend. Until then, traders should look for opportunities to go short on the index for a target of 10800: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:20 (IST)04 Aug 2020
    Five large-cap high conviction stock picks with strong fundamentals and positive outlook

    After the sharp recovery in July, stock specific actions are what many analysts have warned, will be moving the equity markets forward. In such times, brokerage and research firm Emkay Global has made a list of large-cap stocks that they believe have the potential to rise further. These stocks are also a part of Emkay Global’s Alpha Portfolio and range from industry leaders in the FMCG and banking space to information technology majors and pharma companies. In the current risk averse environment where bigger has been safer, these stocks could offer some comfort to investors with their strong leadership position.

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    15:03 (IST)04 Aug 2020
    Market participant waiting for the RBI MPC meeting outcome

    The Indian rupee gained 4 paise to 74.05 amid weakens in the broad-based dollar index and stronger domestic equities. Market participant waiting for the RBI MPC meeting outcome as there are high chances of the rate cut to support the economy from pandemic shock. Technical set up for rupee is bullish as it has been trading with the lower top lower bottom formation and trading well below the short term moving averages. It has support at 75.50, the 50 DMA and resistance at 74.30, low of March 27: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:59 (IST)04 Aug 2020
    Wockhardt shares freeze at 10% upper circuit on COVID-19 vaccine collaboration

    Wockhardt share price rallied 10 per cent to hit the upper circuit at Rs 333.70 apiece after pharmaceuticals company announced that it has entered into an agreement with the UK Government to fill-finish COVID-19 vaccines. The stock has zoomed over 126 per cent from March lows of Rs 147.20 apiece. The company in a BSE filing said that the manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales.

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    14:13 (IST)04 Aug 2020
    L&T Technology Services expands collaboration with Microsoft to offer workplace transformation solutions

    L&T Technology Services Ltd on Tuesday announced that it has expanded its collaboration with Microsoft Corporation and launched its enhanced version of the i-BEMS solution on Microsoft Azure focusing on creating digital experiences and intelligent space management. The cloud-based smart buildings/campus/spaces solution helps monitor and manage building operations and optimise business metrics leveraging advanced IoT based Edge Analytics and machine learning algorithms, the engineering services company said in a statement.

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    13:54 (IST)04 Aug 2020
    Demand for Entry level 2-Wheeler space witnessing recovery at encouraging pace

    Demand for Entry level 2-Wheeler space witnessing recovery at encouraging pace due to low ticket size and personal mobility preferences. Hero Motocorp out-performed the 2Wheeler space with the de-growth of 4%, whereas TVS motors sales numbers dropped 9.6%, Royal Enfield saw a fall of 25.6%, Bajaj Auto sales figure dropped 26%. Demand for the 2W segment is picking up with a good pace among broader auto space but owing to the pandemic and lockdowns, operation of the companies are still getting affected resulting in lower capacity utilizations: Rajit Rajoriya, Equity Research Associate, Angel Broking Ltd.

    13:36 (IST)04 Aug 2020
    Good time to invest in BFSIs, charts suggest once in a decade investment opportunity

    BFSI is presenting a unique investment opportunity as market participants panic about severe post COVID impact. The market is expecting a huge impact on asset quality due to the economic slowdown, job losses and stress on SME/MSME. However, a lot of this pessimism is already priced in. The GDP of a country is a factor of money supply (M1/M2) and the velocity at which that money moves. If our current GDP of INR 200tn is to reach INR 240-260tn, the velocity will have to pick up, implying strong credit (currently INR 100-150tn) growth.

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    13:25 (IST)04 Aug 2020
    Buy State Bank of India – NII and PPoP beat though provisions spike ~ Centrum Broking

    SBI Q1FY21 results beat estimates on PPoP and PAT driven by higher loan growth (+7.7% YoY) and better NIM (due to lower slippages). Deposit growth was robust at 5.5% QoQ and 16% YoY driven by healthy accretion in CASA and RTD. GNPA/NNPA improved QoQ led by lower slippages and higher write-offs which also led to elevated provisions. COVID-19 related provisions were Rs18.4bn (total Rs30.1bn till date). Term loans under moratorium are 9.5% (less than 2 EMIs paid). Exposure to COVID-19 hit sectors and PCR at 67.1% is comforting. CET-1/CRAR is adequate at 10.14%/13.4%. Slippage guidance is 1.5-1.6% over and above the lockdown impact. We envisage value unlocking from subsidiaries and RoE/RoA to improve in FY22E to 0.6%/10.2%. Valuation at 0.4x P/core FY22 ABV is attractive. Retain BUY and multiple at 0.8x core FY22 ABV and TP at Rs267.  ~ Centrum Broking

    13:16 (IST)04 Aug 2020
    India’s Real GDP is estimated to have shrunk by ~5% on-year in July 2020

    According to EcoScope report from Motilal Oswal Financial Services Limited (MOFSL), India’s real GDP may have contracted 18-20% YoY in 1QFY21. Motilal Oswal Financial Services expects another decline of 2-3% YoY in 2QFY21, before real GDP posts growth in 3QFY21. Some data available for Jul’20 also suggest that real GDP most likely shrank (by ~5% YoY) last month too.

    MOFSL’s Economic Activity Index (EAI) for India’s real GVA (called EAI-GVA) contracted 7.0% YoY in Jun’20, its fourth successive decline, which implies that economic activity shrank 18.7% YoY in 1QFY21. Although farm activities posted the highest growth in nine years and the services sector also posted a much-slower decline (supported by massive fiscal spending), industrial activities contracted by a fifth (compared to 33% fall in May’20) in Jun’20.

    12:56 (IST)04 Aug 2020
    Coca-Cola to roll-out new juice categories under Minute Maid brand as demand jumps amid coronavirus

    Coca-Cola India has announced the launch of two new products under its 13-year-old brand Minute Maid -- Vita Punch and Nutri Force -- as the company looks to build up its “Delightful Fruit Nutrition” category. The two products will be rolled out on 15th August 2020, the company said in a virtual event on Tuesday. Both of these products are fruit juices. While Coca-Cola India claims that Vita Punch will fulfill 100% of daily Vitamin C requirements, the Nutri Force juice comes with soluble iron and claims to improve cognitive ability of children. Coca-Cola India said that the demand for food and nutrition category has seen a rise as people continue to spend times more time at home amid coronavirus pandemic.

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    12:45 (IST)04 Aug 2020
    RIL share price jumps 5% today; check Goldman Sachs, CLSA target prices, upside potential

    Reliance Industries (RIL) share price surged nearly 5 per cent to touch day’s high of Rs 2,092 apiece on BSE, taking the market capitalisation of the firm to nearly Rs 13.23 lakh crore. Mukesh Ambani-led oil to telecom conglomerate reported a 31 per cent on-year jump in consolidated net profit at Rs 13,233 crore in the April-June quarter. The company also posted a one-time gain of Rs 4,966 crore on investment by British oil major BP in its fuel marketing business.

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    12:32 (IST)04 Aug 2020
    These 3 BSE 500 firms’ promoters have pledged 90% of their shares; should other shareholders worry?

    As many as three BSE 500 constituents have over 90% of their promoter holdings pledged at the end of the April-June quarter. These include Kishore Biyani’s Future Consumer, Max Financial Services, and Emami, Kotak Institutional Equities said in a report. However, Kotak clarified that pledging shares did not necessarily imply that a company or a promoter is under financial stress. Two of these three companies have reported a net loss in their last quarterly results. Max Financial Services is the only firm among these to have reported a net profit.

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    11:09 (IST)04 Aug 2020
    Who is Shashidhar Jagdishan? The man who could soon head India's largest private bank

    Shashidhar Jagdishan is currently the Group Head and Change Agent of HDFC Bank. Often refered to as Sashi, he joined the Bank in the year 1996 as a Manager in the Finance function and later became Business Head- Finance in 1999. The soon to-be-head of HDFC Bank was appointed as Chief Financial Officer in the year 2008.  Having almost 3 decades of experience in the banking industry, Sashidhar Jagdishan is Charted Accountant by profession who also holds a Master’s degree in Economics of Money, Banking & Finance

    10:45 (IST)04 Aug 2020
    Gold prices hit all-time high again, move closer to Rs 54,000 per 10 grams; check gold rates today

    Gold prices today again hit a new fresh all-time high of Rs 53,865 per 10 grams in India on Monday, on the back of rising coronavirus cases, which rushed investors to seek safe-haven assets. Also, the World Health Organisation (WHO) has warned that there might never be a ‘silver bullet’ for COVID-19 in the form of a perfect vaccine and the road to normality would be long, this further boosted yellow metal prices. On MCX, gold October futures rose Rs 148 to a new record high while silver September futures surged Rs 116 or 0.18 per cent to touch a day’s high of Rs 65,948 per kg.

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    10:30 (IST)04 Aug 2020
    HDFC Bank’s new CEO found: RBI approves Shashidhar Jagdishan to succeed Aditya Puri

    The search for HDFC Bank’s next CEO to succeed Aditya Puri might have finally come to an end, with the Reserve Bank of India approving the name of Shashidhar Jagdishan as the bank’s new boss, CNBC TV18 reported citing unidentified sources. Aditya Puri who has been associated with the private sector lender since it started operations back in 1994 is set to retire in October this year. Earlier last month Puri sold shares of HDFC Bank worth Rs 843 crore.

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    10:11 (IST)04 Aug 2020
    August seasonality seems to be weighing on rupee

    The domestic sentiments have remained supportive as no news is considered good news at present. However, with the rebound in the DXY and decline of regional peers, the rupee is likely to follow the trend of EM currencies and trade weaker. Also, August seasonality seems to be weighing on rupee, and if pair sustains above 75.00, then there is a higher possibility of it to test 75.30-75.50 levels in the current month: Amit Pabari, managing director, CR Forex Advisors

    10:10 (IST)04 Aug 2020
    Indian equities continue to correct with the Nifty breaking the 11000 mark

    Indian equities continued to correct with the Nifty breaking the 11000 mark on account of a sell off in index heavyweights. Steep fall in equities weighed on the US Dollar. While the spot closed at 75, futures got bid up post OTC hours as offshore traders took stops on short USDINR positions. We could see the move extend to the top of the 74.50-75.50 range. Reserve Bank of Australia rate decision is due today. The RBA is likely to keep rates on hold despite The state of Victoria having declared a state of disaster on account of cases having risen at an alarming rate. The impact of the lockdown in Melbourne on the Australian economy is likely to be severely damaging and this could weigh on the Australian Dollar: Abhishek Goenka, Founder and CEO, IFA Global

    10:08 (IST)04 Aug 2020
    Yes Bank share price gains 3.5% on Moody’s rating upgrade, stable outlook following Rs 15,000 cr FPO

    Yes Bank share price gained 3.5 per cent to hit day’s high of Rs 12.41 apiece on Tuesday after global rating agency Moody’s Investors Service upgraded the private lender’s ratings following the recent Rs 15,000 crore follow-on public offer. With today’s gain stock price, Yes Bank’s total market capitalisation stood at Rs 30,617.10 crore, at the time of writing. In March this year, Yes Bank hit a 52-week low of Rs 5.55 apiece, since then it has rallied over 123 per cent. Moody’s Investors Service has upgraded the cash-strapped Yes Bank’s long-term foreign-currency issuer rating by two notches to B3 from Caa1.

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    10:00 (IST)04 Aug 2020
    Sensex, Nifty add to opening gains; Tata Consumer Products and Mindtree hit fresh 52-week high

    Sensex and Nifty opened with gains on Tuesday morning and later went on to add to those gains. Sensex opened 227 points higher but after the initial hour of trade was seen surging as high as 280 points. Nifty 50, although still below 11,000 mark was just shy of those levels. Analysts have warned that the current levels might see some downside with investors looking to book profits after the benchmark equity indices gained for almost a month. Volatility was 4% down on the opening bell but soon it was just lower by 1%.

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    09:20 (IST)04 Aug 2020
    Sensex, Nifty open with gains

    Sensex and Nifty opened in the green on Tuesday morning. Bajaj Auto and Maruit were the top index gainers. Volatility was down and all sectoral indices traded with gains.

    09:09 (IST)04 Aug 2020
    "Jobs must be offered to American workers first," said Donald Trump; signs executive order to ban H1B workers from federal jobs

    United States President Donald Trump signed an executive order that has banned federal agencies from contracting H1B visa holders. "The Executive Order will require all Federal agencies to complete an internal audit and assess whether they are in compliance with the requirement that only United States citizens and nationals are appointed to the competitive service," the White House said.

    Trump's move follows the federally-owned Tennessee Valley Authority’s announcement that it will outsource 20% of its technology jobs to companies based in foreign countries.

    08:56 (IST)04 Aug 2020
    Nifty set to open with flattish to positive

    Nifty set to open with flattish to positive on the back of bullish global cues. The US market closed in the green. The Asian markets are a mixed bag. For the day, one should implement the strategy of sell on rally towards 10950-11000. In case of penetration of 10830, one should double the short positions with a stop loss above 11050. 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

    08:55 (IST)04 Aug 2020
    Stocks in focus: Yes Bank, Tata Motors, Bandhan Bank, DHFL, Bank of India, Tata Consumer Products

    Gujarat Gas, PI Industries: Dixon Technologies, Godrej Consumer Products, Tata Consumer Products, Gujarat Gas, Marksans Pharma, Hikal, Neuland Laboratories, are among that are scheduled to announce their quarterly earnings on Tuesday.

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    08:53 (IST)04 Aug 2020
    Moody's upgrades Yes Bank to B3 following equity capital raising; outlook stable

    Rating agency Moody's has upgraded Yes Bank from its very high credit risk rating to high credit risk rating. The move hints at some imporvement in the financial position of the private sector lender post the Rs 15,000 crore capital raising effort. Although, this still outlines the risks aligned with the lender.

    08:22 (IST)04 Aug 2020
    FPIs remain net sellers of Indian debt for fifth straight month

    Foreign portfolio investors continued to be net sellers of Indian debt for the fifth straight month this year as they sold $245.63 million worth of bonds on a net basis in the month of July. So far, FPIs have sold over $14.5 billion worth of Indian debt since the beginning of 2020.

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    08:21 (IST)04 Aug 2020
    Sensex, Nifty may open positive, IT stocks in focus; key factors that will drive markets today

    Domestic equity market benchmarks BSE Sensex and Nifty 50, after ending at two-week lows, staring at a gap-up opening on Tuesday. Both the headline indices started the weak on a negative note, where Sensex fell 667 points or 1.77 per cent to end at 36,939.6 while the NSE’s Nifty declined 173.6 points, or 1.57 per cent, to close at 10,899. Today, investors will keep track of developments in COVID-19 cases, stock-specific action, corporation earnings and other global cues. Besides, RBI MPC meeting will begin from today.

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    08:17 (IST)04 Aug 2020
    Global market update

    Stock markets in the United States ended with gains on Monday with the the NASDAQ surging as high as 1.47%. Most of the major stock markets in Europe were also seen surging higher. DAX gained 2.7% while FTSE jumped 2%. 

    In Asia, early trading hours saw Shanghai Composite slip into the red, while Hang Seng gained. Japanese stock markets were also seen trading hgiher along with South Korean stock markets.

    08:12 (IST)04 Aug 2020
    RBI monetary policy: Will Reserve Bank cut interest rate in upcoming MPC meet amid these fears?

    Going into the August policy, the RBI MPC will have two conflicting data points: (1) recession remains firmly on the cards and (2) inflation during the lockdown had inched up uncomfortably above the RBI’s upper tolerance level of 6%. Given the uncertainty on the depth of the recession, the MPC will have to remain accommodative in its stance and (possibly) deliver another rate cut of around 25 bps (but will be a close one). The more important decisions (beyond the MPC’s ambit) will be on the end date of moratoriums and any potential restructuring norms. It’s not clear if the RBI would like to address it closer to the deadline of August 31 or now.

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