Share Market Highlights: Sensex, Nifty end higher in volatile trade; RIL, HUL, Infosys among top index contributors

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Updated:May 08, 2020 6:02:32 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Out of 30 Sensex stocks, 16 scrips finished trade in red with NTPC as top laggard, down 4 per cent, followed by M&M, Axis Bank, IndusInd Bank and State Bank of India (SBI)

Sensex, NiftyHUL was the top Sensex gainer with a growth of 4.29 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended Friday’s volatile session with gains. The 30-share Sensex advanced 200 points or 0.63 per cent to end at 31,642, while the broader Nifty 50 gained 53 points or 0.57 per cent to settle just above its crucial 9,250-mark, at 9,251. Out of 30 Sensex stocks, 16 scrips finished trade in red with NTPC as top laggard, down 4 per cent, followed by M&M, Axis Bank, IndusInd Bank and State Bank of India (SBI). On the flip side, HUL was the top Sensex gainer with a growth of 4.29 per cent. Sun Pharma, Nestle India, Tech Mahindra and Reliance Industries (RIL) were among other gainers on the 30-share Sensex. Sectoral indices traded mixed in today’s session. Nifty Pharma and Nifty FMCG were top sectoral gainers, up 2.13 per cent and 1.92 per cent, respectively. While PSU Bank index ended with losses dragged by Punjab & Sind Bank, Bank of Baroda and State bank of India

Days after mega-deal of Reliance Jio with Facebook and investment by Silver Lake of Rs 5,656 crore in Jio Platforms, Reliance Industries announced another deal today. Private equity firm Vista Equity Partners will make an investment of Rs 11,367 crore in Jio Platforms. The investment by Vista Equity in Reliance Jio values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

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Highlights

    16:54 (IST)08 May 2020
    NSE arm begin trading rupee-dollar derivative contracts as India eyes offshore currency market

    The National Stock Exchange’s subsidiary NSE IFSC on Friday launched trading in the Indian Rupee-US Dollar Futures & Options contact. The move will help the India financial markets tend to the demand for Indian Rupee in the offshore market, and create a vibrant forex market back home in India. Rupee derivative was launched by the Finance Minister Nirmala Sitharaman digitally.

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    15:24 (IST)08 May 2020
    Reliance Jio Platforms succeeds in bringing in marquee global investors into India

    Following the Investment by Facebook and Silver Lake, Reliance Jio Platforms has announced sale of 2.32% stake in the company to Vista Equity Partners for Rs.11,367 cr bringing the total investments over the past three weeks to ~8 bn for a 13.4% stake in the company. With this, Reliance Jio Platforms has succeeded in bringing in marquee global investors into India buoying the private equity play even in tough times. This will also reinforce the move towards Reliance becoming a zero net debt company soon: Deepak Jasani, Head of Retail Research, HDFC Securities

    15:21 (IST)08 May 2020
    SBI Cards shares fall over 3% post Q4 earnings

    SBI Cards and Payment Services share price dropped 3.66 per cent to Rs 552.80 apiece on BSE after the company reported a net profit at Rs 83.5 crore for the quarter ended on March 31, as against Rs 249 crore posted in the corresponding period of the previous year.

    Check live prices: SBI Cards and Payment Services

    15:11 (IST)08 May 2020
    Brokerage view on Rallis India

    Management has indicated that demand for agri-inputs is robust and placement of products in the channel is key in capitalizing the robust demand. Rallis India has successfully placed seeds products in the channel in April despite peak lockdown, which offers hope. Rallis India domestic business revenue increased 29% despite Rs160mn in loss of sales due to Covid-19. Maintain Buy with a revised TP of Rs 260: Emkay Global Financial Services

    15:10 (IST)08 May 2020
    Reliance Jio has succeeded in bringing in marquee global investors into India even in tough times: HDFC Securities

    Following the Investment by Facebook and Silver Lake, Reliance Jio Platforms has announced sale of 2.32% stake in the company to Vista Equity Partners for Rs.11,367 cr bringing the total investments over the past three weeks to ~8 bn for a 13.4% stake in the company. With this, Reliance Jio Platforms has succeeded in bringing in marquee global investors into India buoying the private equity play even in tough times. This will also reinforce the move towards Reliance becoming a zero net debt company soon - Deepak Jasani, Head Retail Research, HDFC Securities

    15:06 (IST)08 May 2020
    In Modi’s quest to woo foreign companies into India from China, these products may be flag bearers

    As Prime Minister Narendra Modi urges states to make efforts to attract foreign companies willing to shift base from China, the country can focus on one sector which has a comparative advantage over China. Amid capital, consumer, and intermediate goods and raw materials, the bigger opportunity right now is in the consumer goods sector, SBI research said in the recent Ecowrap report.

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    14:41 (IST)08 May 2020
    HUL share price up 4% after GSK, Horlicks sell 5.7% stake but down 16% in one month, should you buy?

    Hindustan Unilever (HUL) share price jumped 4% on Friday to trade at Rs 2,070 per share on the NSE Nifty-50 after a bulk deal that saw French multinational investment bank and financial services company, Societe Generale buy 1,29,00,000 shares at Rs 1,902 per share. Societe Generale was one of the buyers emerging to buy HUL shares as GlaxoSmithKline and Horlicks looked to sell 5.7% equity stake in HUL, valued at Rs 26,000 crore. Under the recent turmoil, some analysts expect HUL to gain market share across segments while others think the upside is limited after the recent run-up.

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    14:40 (IST)08 May 2020
    Cyient share price hit 10% lower circuit

    Cyient share price hit 10 per cent lower circuit at Rs 208.55 apiece on BSE in Friday's trade. The company's consolidated net profit fell 30.4 per cent to Rs 75.4 crore in the quarter ended on March 31. It had posted a profit of Rs 108.3 crore in the previous quarter.

    Check live prices: Cyient

    14:32 (IST)08 May 2020
    Rupee settles stronger against US dollar

    The Indian rupee settled 22 paise stronger at 75.54 per US dollar as compared to Wednesday's close of 75.76 per US dollar.

    14:27 (IST)08 May 2020
    USDINR spot will continue to be news-driven

    This week, the market was very range-bound. The rhetoric around the possible resumption of the US-China trade war kept risk sentiments muted. But the risk of collateral damage amid COVID-19 is too high for both the countries as well as the world economy. So, USDINR spot will continue to be news-driven. We expect 75, to act as strong support and USDINR spot may appreciate towards 76: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:19 (IST)08 May 2020
    Sun Pharma, Aurobindo Pharma among top stock picks from Pharma sector; CLSA sees gain up to 30%

    Indian Pharma companies rallied as hydroxychloroquine was seen as one of the drugs effective in treating coronavirus. The Nifty Pharma index gained 23 per cent since April 2020, while broader Nifty 50 index advanced 11.45 per cent. Owing to recent broad-based rally in the pharma sector, CLSA advises a stock-specific approach. Among pharma stocks, the top stock picks of CLSA are Sun Pharma, CiplaAurobindo Pharma and Cadila Healthcare, recommending a ‘buy’ rating on them.

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    14:00 (IST)08 May 2020
    Top large-cap stock picks from automobile sector

    We prefer stocks that offer higher visibility of demand recovery, better competitive positioning, scope of higher operating leverage and strong balance sheet. EIM (Eicher Motors) and MSIL (Maruti Suzuki) are our top large-cap picks. Among mid-caps, we prefer ENDU (Endurance Tech): Motilal Oswal

    13:57 (IST)08 May 2020
    People will avoid public transport and look to buy a car

    “There is a good reason to believe that people who were availing shared mobility because of affordability will now avoid public transport and therefore look to buy a car. But it is important to keep in mind that affordability will play a big factor.” Vikas Jain, AVP, Head Unit Sales, Hyundai India

    13:54 (IST)08 May 2020
    Brokerage view on RBL Bank

    RBL Bank's 4Q earnings were higher vs. estimates on a/c of sharper than expected margin expansion (not sustainable) and lower than expected LLPs (elevated nevertheless, to persist). Despite the sharp correction over a period, we maintain our REDUCE rating (TP of Rs 136, (0.6x Mar-22E ABV)), given elevated risks and sub-par expected return ratios: HDFC Securities

    13:37 (IST)08 May 2020
    RIL top S&P BSE Sensex gainer

    RIL was the top Sensex gainer with a growth of over 4.5 per cent to Rs 1,575.05 apiece on BSE. ICICI Bank, Tech Mahindra, HUL and Nestle India were among other gainers on the 30-share Sensex pack.

    Check live prices: Reliance Industries

    13:30 (IST)08 May 2020
    RIL reclaims Rs 10 lakh crore m-cap, share price up 4.5%

    Reliance Industries (RIL) reclaimed Rs 10 lakh crore market capitalisation mark in Friday's trade. Around 1.15 PM, RIL's m-cap stood ar Rs 10,00928 crore. RIL share price was up 4.5 per cent to Rs 1,575.05 apiece on BSE. RIL touched a day's high of Rs 1,579.70 per share.

    Check live prices: RIL

    13:21 (IST)08 May 2020
    Hold RBL Bank Target Price: Rs 145 - Emkay Global

    We believe RBL’s expected business/RoA normalization from FY21 could be pushed back due to Covid-19-led disruption. Retain Hold rating with TP of Rs145 due to lower valuations (0.6x FY22E ABV) and timely shoring up of capital (Tier I >15%), but remain UW in EAP. Overall moratorium rate for the bank stands at ~30% in value: Cards-13% in numbers/24% in value, wholesale-22-23% in numbers/value and retail-46% in numbers. It has made provisions of Rs1.1bn on SMA loans under moratorium. The bank expects FY21 LLP to be similar to FY20 but largely coming from retail/SME/MFI including cards vs. corporate. - Emkay Global

    12:55 (IST)08 May 2020
    Hindalco Industries, well-oiled to navigate a tough FY21E : ICICI Securities

    Maintain BUY; P/B suggests worst-case discounting making FY21E earnings less relevant. With a US$1bn base case EBITDA and a net debt of US$5.6bn- 5.7bn, FY21E ‘Net Debt/EBITDA’ may look elevated. This embodies an opportunity as systemic stress allows Hindalco P/B to be at 0.35x FY22E. While consensus downgrades will be seen for the rest of the year, the CMP more than adequately discounts the same. We maintain BUY with an unchanged target price of Rs199/share.

    - ICICI Securities

    12:28 (IST)08 May 2020
    HCL Technologies share price now up 27% from recent lows, should investors buy or sell?

    Information Technology major HCL Technologies posted strong March quarter numbers with revenue increasing by 16% on-year basis and profit after tax (PAT) jumping 22.7% in the same time period. The stock has surged 27% from recent lows and is now down just 10% year-to-date. Brokerage firms are bullish on the stock, expecting it to continue marching upwards. Although the IT firm has followed some peers and refrained from formal guidance for the fiscal, growth for HCL Technologies is likely to pick up in the second half of the fiscal after registering a weak first half. What impressed analysts was the EBIT margin of HCL tech, which bettered the top end of the full-year guidance.

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    12:01 (IST)08 May 2020
    Petrol, diesel excise duty hike: Consumers won’t lose, oil companies won’t lose much

    Even as oil marketing companies Indian Oil, HPCL and BPCL agree to absorb the steep hike in excise duty on petrol and diesel, these companies’ net marketing margins will still remain above the normal levels.

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    11:55 (IST)08 May 2020
    India’s rating outlook reflects rising risk of slower GDP growth, low policy effectiveness: Moody’s

    Moody’s Investors Service on Friday said the negative outlook on India’s rating reflects increasing risks that GDP growth will remain significantly lower than in the past and partly hints at weaker policy effectiveness to address economic and institutional issues. Moody’s had, in November 2019, downgraded India’s outlook to negative from stable on concerns of lower economic growth.

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    11:53 (IST)08 May 2020
    Dr Reddy's Laboratories share price hit 52-week high, jumps7%

    Dr Reddy's Laboratories share price jumped 7 per cent to hit a fresh 52-week high of Rs 4,099.90 apiece on BSE in Friday's trade after the company received the Establishment Inspection Report (EIR) from US FDA for its manufacturing plant at Srikakulam.

    Check live prices: Dr Reddy's Laboratories

    11:42 (IST)08 May 2020
    Brokerage view on HCL Tech

    Maintain BUY on HCL Tech based on relative outperformance, in-line 4Q rev, operational improvement and business durability (large deals, infra services, software business). HCLT’s software portfolio and strong presence in infra services (cloud migration, virtual workplace, endpoint management) will mitigate the near-term headwinds of volume/price compression & deferrals. Our TP of Rs 565, values HCLT at a modest 12x FY22E EPS (3-6% EPS increase): HDFC Securities

    11:37 (IST)08 May 2020
    Sensex surges over 500 points

    Sensex was trading at 31,949.69, up 506.31 points or 1.61 per cent, while Nifty 50 was ruling at 9,344, up 144.95 points or 1.58 per cent.Check live Sensex, Nifty levels 

    11:28 (IST)08 May 2020
    Mukesh Ambani’s Reliance Industries steps up to trim debt, mulls Rs 7500 cr Asian Paints stake sale

    Reliance Industries Ltd. is considering selling its stake in India’s largest paint maker valued at about $989 million as the conglomerate steps up efforts to trim its debt, said people familiar with the matter. The company controlled by Mukesh Ambani, Asia’s richest person, is in discussions with banks for a potential sale of its 4.9% stake in Asian Paints Ltd. through a series of block trades.

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    11:17 (IST)08 May 2020
    SEBI rebukes Franklin Templeton after CEO’s comments: ‘Focus on returning investors money’

    Market regulator Securities and Exchange Board of India (SEBI), late Thursday night advised Franklin Templeton to focus on returning investor’s money after the fund house decided to wound up six of its debt mutual fund schemes. The comments from SEBI came soon after Franklin Templeton’s President and CEO, Jennifer Johnson partly blamed a SEBI rule from 2019 for the eventual closing of the debt fund schemes. SEBI rebuked the claim made by Franklin Templeton and said that since the credit events of September 2018, a need was felt to change the regulatory framework for mutual funds to safeguard investors’ interest and maintain the robustness of their investments.

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    11:08 (IST)08 May 2020
    Gold prices fall today amid spike in coronavirus cases, still trade above Rs 46,000; silver rates rise

    Gold prices fell today after a two-day rally on the back of rising coronavirus patients in India. As businesses and economic activities reopened in the country, the total number of COVID-19 patients rose sharply to surpass 56,000-mark with a death toll near 1,900. On MCX, gold June futures were trading Rs 153 or 0.33 per cent down at Rs 46,008 per 10 grams. Silver July futures were ruling at Rs 43,265 per kg, up Rs 142 or 0.33 per cent.

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    10:59 (IST)08 May 2020
    Medium-term target of Rs 700 looks possible for Bharti Airtel

    An inverted Head and Shoulder pattern is emerging for Bharti Airtel with neckline at around Rs 550 on technical charts. If the price decisively breaches that level and sustains, a medium-term target of Rs 700 looks possible. (Rs 150 is the gap between the neckline of Rs 550 and the closing level of Rs 400 in the correction). Fundamentals are supportive with telecom emerging as a preferred sectoral bet lot of allocations are coming its way too, says Ajay Bodke, CEO-PMS Prabhudas Lilladher.

    10:45 (IST)08 May 2020
    Buy HCL Tech |Target price Rs 590 : ICICI Securities

    Management sees demand trends to be relatively resilient in the Life Sciences & Healthcare and Technology Services verticals (cumulatively 29% of revenues) with Financial Services and Telecom (~25% of revenues in aggregate) to see relatively lower impact as well. Impact of Covid-19 on demand is expected to be more significant in automotive, non-essential retail, aerospace and entertainment segments (cumulatively ~30% of revenues). Management expects revenues in the base case to decline in Q1FY21, see likely stability in Q2 and then recover in H2FY21 – however, it is difficult to build confidence around this scenario given the uncertainty associated with how the infection will behave. In that context, wallet share argument is easier to make. We retain BUY with a target price of Rs590 based on 14x FY22E EPS.

    - ICICI Securities

    10:35 (IST)08 May 2020
    India moves big labour law changes to limit coronavirus impact; UP, MP, Punjab, others make these changes

    The coronavirus-led crisis in India has made many states to ease labour laws in order to give a fillip to the economy and attract more investment. After Madhya Pradesh CM Shivraj Singh Chouhan announced relaxation in its labour laws, Yogi Adityanath’s Uttar Pradesh government has come up with a mega amendment in its labour laws. The latest move by the UP government has exempted businesses from the purview of almost all the labour laws for the next three years.

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    10:27 (IST)08 May 2020
    Rupee opens stronger against US dollar on Friday

    The Indian rupee opened stronger at 75.42 a US dollar as against Wednesday's close of 75.76 per US dollar. Currency market remained closed on Thursday on the occasion of Buddh Purnima

    10:21 (IST)08 May 2020
    RIL, SBI Cards, HUL among top stocks in action today

    In-line with Asian peers, Indian stock markets gained 2 per cent in Friday’s opening session. The rally was led by firm global cues, Rs 19,000 crore inflows from FPIs on the previous day and reopening of various manufacturing plants to revive the economy battered by the fast-spreading coronavirus. In the morning session BSE Sensex reclaimed 32,000-mark while Nifty 50 was trading near its crucial 9,400.

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    09:49 (IST)08 May 2020
    Bank stocks making a comeback on Dalal Street

    Bank stocks were again in focus on BSE Sensex on Friday, of the top 5 gainers on the S&P BSE Sensex 4 were banks. IndusInd Bank led the rally, up 5.1% followed by Kotak Mahindra Bank, up by over 3%. Other lenders who saw their stocks surge were ICICI Bank and Axis Bank.

    09:43 (IST)08 May 2020
    Positive sentiment for gold

    MCX gold eased in the morning after it rose swiftly on Thursday Comex Gold also weakened as appetite for riskier assets improved after a string of strong corporate earnings, while investors awaited the U.S. jobs report for April to gauge the economic impact of coronavirus-induced restrictions. Trade negotiators from the United States and China will hold a phone call as early as next week about progress in implementing the Phase 1 trade deal, however it may not provide any details on next phase, especially amid Covid-19 outbreak. Hence the sentiment is positive for gold: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    09:41 (IST)08 May 2020
    SBI Cards and Payment Services gain ahead of Q4 results

    SBI Cards and Payment Services share price was trading 1.41 per cent higher at Rs 581.90 ahead of its March quarter results. Reliance Power, Reliance Infrastructure, Reliance Home Finance and Reliance Capital are among other companies set to announce their quarter earnings.

    Check live prices: SBI Cards and Payment Services

    09:37 (IST)08 May 2020
    HUL share price up 3%

    HUL share price jumped 3 per cent to Rs 2052.50 apiece on BSE in Friday's trade. HUL was among top gainers on Sensex along with Kotak Mahindra Bank, Axis Bank and IndusInd Bank.

    Check live prices: HUL

    09:35 (IST)08 May 2020
    RIL share price gain over 2.5% in opening trade

    RIL (Reliance Industries) share price gained 2.64 per cent at Rs 1547 apiece on BSE after the company announced that US based technology firm Vista Equity Partners will invest Rs 11,367 crores in Jio Platforms.

    Check live prices: RIL

    09:33 (IST)08 May 2020
    Sensex, Nifty gain 2%

    The 30-share Sensex gained 645 points or 2 per cent to 32,088, while Nifty 50 jumped 183 points to trade at 9,382.

    Check live Sensex, Nifty levels

    09:12 (IST)08 May 2020
    Market direction to depend upon spread and intensity of COVID cases

    In the near-term, we expect the market direction to depend upon the spread and intensity of COVID cases, development around Covid vaccine and incremental government/ regulatory actions to restart the economy. Investors would also track the developments around the trade tensions between US and China. Technically, we maintain our negative to range-bound stance and expect Nifty to fall towards 9000 then 8800 zone in coming days. On the upside, immediate resistance is placed at 9350 and then 9450-9500 zone: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

    09:10 (IST)08 May 2020
    FPIs buy shares worth Rs 19,000 crore

    Foreign institutional investors (FIIs) bought shares worth Rs 19,056.49 crore, while domestic institutional investors (DIIs), too, bought shares worth Rs 3,818.41 crore Thursday in the Indian market, according to the data available on the National Stock Exchange (NSE).

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