Share Market Highlights: Nifty settles above 9,050, Sensex ends 622 points higher; RIL, HDFC twins lead the rally

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Updated:May 20, 2020 6:15:56 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: HDFC shares led the rally on BSE Sensex with a surge of 5.74 per cent, which was followed by M&M and LT, up 5.48 per cent and 5.22 per cent, respectively.

Share Market Today, Share Market LiveNifty Pharma index was the top gainer which advanced 372 points or 4.10 per cent

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over two per cent higher on Wednesday led by gains in Reliance Industries (RIL), HDFC, HDFC Bank and Larsen & Toubro (LT). The 30-share Sensex jumped 622 points or 2.06 per cent to 30,818.61, while the broader Nifty 50 index surged 187 points or 2.11 per cent to close the session at 9,066. HDFC shares led the rally on BSE Sensex with a surge of 5.74 per cent, which was followed by M&M and LT, up 5.48 per cent and 5.22 per cent, respectively. As many as 26 stocks out of 30 Sensex scrips finished their trade in positive territory. On the flip side, just four stocks ended in red. IndusInd Bank was the top Sensex laggard, down 2.85 per cent. Hero MotoCorp, Bharti Airtel and Asian Paints. During intraday trade, Bharti Airtel shares hit 52-week highs on NSE. All 11 sectoral indices ended the session with upticks. Nifty Pharma index was the top gainer which advanced 372 points or 4.10 per cent led by Aurobindo Pharma, Dr Reddy’s Laboratories and Cipla.

Mukesh Ambani led Reliance Industries Ltd (RIL) opened India’s biggest-ever rights issue today. The company returns to the public for raising funds after a gap of three decades. RIL’s Rs 53,125 crore rights issue will close on June 3 with the shares of the company being offered at Rs 1,257 per share, a 14.8% discount from the current market price.

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Highlights

    16:21 (IST)20 May 2020
    Down 60% since February, brokerage firms do not see a quick revival for this large-cap NBFC stock

    Catching the flu in the January-March quarter, one of India’s biggest NBFC firm, Bajaj Finance reported a 19% decline in profits from a year-ago period. Bajaj Finance, taking a precautionary route to the coronavirus pandemic increased provisions to Rs 1,953 crore, up from Rs 831 crore in the previous quarter. However, top brokerage firms are not recommending investors to buy Bajaj Finance stock with the management commentary that focuses on capital preservation. Bajaj Finance shares were having a merry time on Dalal Street prior to the March mayhem when the scrip tanked 57%. Bajaj Finance had been outperforming the benchmark indices till February and post the fall have been underperforming them.

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    15:47 (IST)20 May 2020
    Market closing: Sensex, Nifty end 2% higher on Wednesday

    The 30-share Sensex jumped 622 points or 2.06 per cent to 30,818.61, while the broader Nifty 50 index surged 187 points or 2.11 per cent to close the session at 9,066.

    15:18 (IST)20 May 2020
    Cabinet approves Rs 3 lakh crore funding for MSMEs; to provide full guarantee cover to banks, NBFCs

    The cabinet, chaired by PM Modi, on Wednesday announced the approval to additional funding of up to Rs 3 lakh crore to MSMEs and interested MUDRA loan borrowers through the introduction of Emergency Credit Line Guarantee Scheme (ECLGS). The lenders including banks, financial institutions and NBFCs, will be provided with complete guarantee cover by the National Credit Guarantee Trustee Company Limited (NCGTC) for giving loans to MSMEs in the form of a Guaranteed Emergency Credit Line (GECL) facility, a statement by the Cabinet said

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    14:58 (IST)20 May 2020
    UltraTech Cement share price gains over 3%

    UltraTech Cement reports consolidated net profit of Rs 3,239.4 crore in the quarter ended on March 31. UltaTech Cement share price gained 3.10 per cent to Rs 3,546 apiece on BSE.

    check live prices: UltraTech Cement

    14:55 (IST)20 May 2020
    Govt approves methodology for auction of coal blocks

    Govt approves methodology for auction of coal blocks, sale of coal on revenue sharing basis: Release (PTI reported)

    14:49 (IST)20 May 2020
    Brokergae view on Escorts

    We set a target price of Rs 950 at 15x FY22E EPS. We value the stock at a 15% premium to the last five year average trading multiple. We believe the equity infusion by Kubota will strengthen the balance sheet and will provide multiple growth avenues for Escorts – both in India as well as internationally. Key risks: Any delay in the implementation of reforms by the government, delays in fund infusion by Kubota/material changes in the arrangement between the two partners: HDFC Securities

    14:40 (IST)20 May 2020
    India’s unemployment rate stabilises; people come back looking for work as lockdown curbs ease

    Unemployment rate in India has remained stable at 24% during the week ended May 17, the same as it was in the preceding month of April. The gradual relaxations in the nation-wide lockdown since April 20, are not proving to have any significant positive impact on the unemployment rate, said Centre for Monitoring Indian Economy (CMIE). The data gathered highlighted that the relaxations have had an impact on labour participation. “This (labour participation) has bounced back from its lowest level of 35.4% in the week ended April 26. In the next week ended May 3, it scaled back to 36.2%. And then, shot up smartly to 37.6% in the week ended May 10 and now, in the latest week of May 17 it increased to an even better 38.8%,” it said.

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    14:31 (IST)20 May 2020
    Sensex, Nifty gain sharply in trade

    Indices surged in late afternoon session. BSE Sensex jumped 543 points or 1.80 per cent to 30,739.34. While Nifty 50 index reclaimed its crucial 9,000 level.

    Check live Sensex, Nifty levels

    14:19 (IST)20 May 2020
    Ola lays off 1,400 people, co-founder Bhavish Aggarwal explains the move in a letter to survive Covid

    Top technology businesses have been hit hard by Covid and to reorient their survival strategy during the current pandemic, employee layoffs has been the key step taken by such businesses. After Zomato, Swiggy, Uber, WeWork, Cure.fit etc. Ola on Wednesday announced laying offs 1,400 employees. Company’s co-founder and CEO Bhavish Aggarwal in a note sent to employees on Wednesday said that “every affected employee will receive a minimum financial payout of 3 months of their fixed salary, irrespective of the notice period.” Ola had reportedly laid off 500 employees in December last year as well.

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    14:13 (IST)20 May 2020
    RIL share price up 1.29%

    Reliance Industries (RIL) shares were trading at Rs 1,426.30 with a gain of 1.29 per cent in the late afternoon session as the company has opened its Rs 53,124 crore rights issue today.

    Check live prices: RIL

    13:32 (IST)20 May 2020
    The COVID-19 vaccine-trials temporarily excited the market

    The COVID-19 vaccine-trials temporarily excited the market. But there are headwinds due to ongoing US-China trade tiff and worries over the second wave of infection. Also, Reliance right issue has opened today, and we can see some FII participation in it in coming days which may limit the fall in rupee. Technically, The USD/INR spot is trading in a very tight range of 75.25-76, and we expect it to remain in this until there are major cues. Either side breakout will give further clarity over the trend: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:21 (IST)20 May 2020
    Reliance Industries – Rights Entitlement shares gain 26.6%

    Reliance Industries – Rights Entitlement (RIL-REL) shares were trading 26.60 per cent higher at Rs 192.30 on the National Stock Exchange (NSE) on Wednesday on the first day of its trading. The stock opened at Rs 158.05 and hit an intra-day low of Rs 152. While it hit the day's high of Rs 211.60 apiece on the exchange so far.

    13:11 (IST)20 May 2020
    Could govt give more economic stimulus after Rs 21 lakh cr package? Story can’t end here: FM Sitharaman 

    Days after announcing the Rs 21 lakh crore AtmaNirbhar package, Union Finance Minister Nirmala Sitharaman has said that she is ready to respond even further as uncertainty looms large over the coronavirus pandemic and its extent. “I have to be ready because no one knows how this is going to turn out, how this is going to end, how this is going to withdraw. So obviously I have to be ready, I can’t finish my story with these announcements,” Sitharaman told The Indian Express in an interview. The Finance Minister said that the government considered many suggestions before announcing the five trances of the Rs 21 lakh crore package last week and this was a result of an extensive and open exercise.

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    12:48 (IST)20 May 2020
    Facebook co-founder’s B Capital backs bookkeeping app Khatabook for MSMEs; leads $60 million round

    Digital ledger for MSMEs – Khatabook has raised $60 million in Series B funding round led Facebook co-founder Eduardo Saverin’s venture fund B Capital Group. New and existing investors including Sequoia India, DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures also participated in the round. Angel investors Kevin Weil who co-created Facebook’s digital wallet Calibra, meditation products company Calm’s chief strategy officer Alexander Will, Cred’s Kunal Shah, and Snapdeal co-founders Kunal Bahl and Rohit Bansal also invested in the round. Khatabook competes with Tiger Global and Lightspeed ventures backed OKCredit.

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    12:40 (IST)20 May 2020
    Buy Tata Power | Target Price- Rs 51 ~ Edelweiss

    Tata Power (TPCL) reported Q4FY20 operational performance (EBITDA at INR18bn) in line, whereas 50% PAT outperformance is due to lower tax and a higher JV contribution. The Indonesian mining amendment greatly abates the profitability overhang. Management outlined 1.5x D/E and INR250bn in debt by end-FY21 (2.2x/INR440bn currently), which is aggressive, but suggests FY21 would mark a turnaround. Deliverance remains key though. In our view, TPCL’s recovery path may be jagged, but it’s headed north  Maintain ‘BUY’ with a TP of INR 51. ~ Edelweiss Securities

    12:26 (IST)20 May 2020
    Capitalizing on digitization trends, Airtel will leverage its dominant position in the homes and B2B market

    Despite Jio’s challenge, Airtel persisted with its ‘India 1’, homes/DTH/B2B investments, doubling capital employed in FY17-20E vs. 27% increase over FY12-17. Capitalizing on digitization trends, Airtel will leverage its dominant position in the homes and B2B market, clocking 15% revenue CAGR in FY20-23E and EBITDA margin expansion to 44% vs average 35% over FY14-20E: Ambit Capital

    12:19 (IST)20 May 2020
    Long-term salve, but Atma Nirbhar Bharat is a step in the right direction: CRISIL

    While most steps from the government are steps in the right direction, it is unlikely to stimulate demand/ consumption given that the package is more focussed on supply-side reforms. Also, no clear announcements were made for highly vulnerable sectors such as airlines, tourism and hotels, barring the additional lending for MSMEs in the space, or to improve the sentiment of the workforce, both organised and unorganised. Further, while the government has not added much to its current year fiscal outgo – and thereby deficit –it will weigh on public debt next fiscal unless the economy revives: CRISIL

    12:10 (IST)20 May 2020
    Gold prices gain today as coronavirus cases spike, analysts see buying opportunity in yellow metal

    Gold prices continued to march North on Wednesday as the coronavirus cases in India and elsewhere kept surging rapidly which pushed investors to rush to safe-haven. In India, the total number of coronavirus cases have surpassed 1.06 lakh mark with a death tally over 3,000. On MCX, gold June futures were trading Rs 190 or 0.40 per cent higher at Rs 47,240 per 10 grams. While silver July futures were ruling Rs 539 or 1.10 per cent up to trade at Rs 49,360 per kg. Earlier this week, gold price hit a fresh record high of Rs 47,929 per 10 grams, surging 25 per cent from March lows.

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    11:40 (IST)20 May 2020
    Bharti Airtel share price hits fresh 52-week high on NSE

    Bharti Airtel traded at Rs 612 per share a fresh high for the stock. As many as eight stocks on the NSE traded at their 52-week high values as the equity markets gained. Among other names that traded at 52-week highs were, Alchemist, Astec LifeSciences, Reliance Industries Limited-Rights Entitlement and Ruchi Infrastructure.

    Check live prices: Bharti Airtel

    11:33 (IST)20 May 2020
    RIL, HDFC twins lift Sensex 400 pts higher, Airtel hits 52-week high; check what’s keeping markets up

    Extending the gains from the last two sessions, headline indices BSE Sensex and Nifty 50 advanced nearly one per cent on Wednesday. Sensex jumped to hit day’s high of 30,596.17, while the broader Nifty 50 index was approaching the 9,000-mark and was trading at 8,982. Reliance Industries (RIL), ITC, Hindustan Unilever (HUL) and HDFC twins were among the top index contributors. ITC and LT shares were leading the gains on the S&P BSE Sensex in the mid-session trade, with a growth of nearly 3 per cent each.

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    11:03 (IST)20 May 2020
    Reliance Industries rights issue opens: RIL shares at discount, get at only one-fourth the price

    Reliance Industries Limited (RIL) share price zoomed 2% on the initial hour of trade as the Rs 53,124 crore rights issue of the Mukesh Ambani-led company opened on Wednesday morning. The rights issue, biggest ever to enter the Indian equity markets, will remain open for eligible investors for 14 days and is expected to see positive response despite the troubled times that stock markets have seen in the past couple of months. RIL, India’s most valuable company, is looking to cut its net-debt to zero by the end of this fiscal year and is looking to aid that with the rights issue and the consecutive deals that it has signed with global investors for its telecommunications arm, Jio Platforms. Here’s all you need to know about the rights issue.

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    10:53 (IST)20 May 2020
    IRCTC share price soars 64% during lockdown; stock zooms 5% today as non AC trains set to resume

    IRCTC share price hit 5 per cent upper circuit to Rs 1,334 apiece on BSE in early morning trade on Wednesday as Indian Railways has announced that 200 non-air-conditioned and time-tabled trains will resume services from June 1, 2020. Besides, Indian Railway Catering and Tourism Corporation has decided to double the number of Shramik special trains to 400 a day by this week. IRCTC share price slumped to Rs 815.60 in March after passenger train services were suspended due to nationwide lockdown. In less than two months, IRCTC stock price has advanced 64 per cent.

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    10:24 (IST)20 May 2020
    Buy Alembic Pharma; Target Price: Rs 1,100 ~ Yes Securities

    We upgrade Alembic Pharma to a conviction BUY with a revised PT of Rs1,100, the highest on the street, as we raise multiple to 25x FY22E; we reckon market would reward stocks with visibility of revenues and profits and such companies would trade at a wide premium to sector averages. This is evident in Pharma where, despite recent rally, few stocks still command a premium to sector valuation as earnings visibility remains robust. Alembic trades at a discount to peers like Torrent and Dr Reddys’ even as earnings comfort in the medium term remains high. Company is set to monetize Rs20bn worth of capex over next 3 years as filings commence from new facilities. This would drive a 20% cagr surge in ex-Sartans US revenues to touch US$450mn in FY24E. 

    ~Yes Securities

    10:05 (IST)20 May 2020
    Nifty could move up till 9100 if it breaches the 9030 mark ~ Manish Hathiramani

    The Nifty50 opened flat but was quick to start moving up towards its resistance level of 9030, which was also the day high of yesterday. If we are meant to move down, we should resist there and turn around to again revisit the levels of 8800. If we are successful in moving beyond 9030, we might see some further upside till about 9100.- Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    10:01 (IST)20 May 2020
    Rupee likely to remain in a range of 74.80-76.20 until any trigger does a breakthrough

    The Indian rupee is expected to open on a flat note and trade in a range of 75.50-76.00 levels. risk appetite remains sensitive to any news related to the virus and it has kept rupee in dilemma for paving its further course. However, foreign flows into India be on account of RIL rights issue and Jio stake sales can keep the upside on the pair capped. Broadly, the pair is likely to remain in a range of 74.80-76.20 until any trigger does a breakthrough: Amit Pabari, MD, CR Forex Advisors

    09:49 (IST)20 May 2020
    Reduce Bajaj Finance, downside 7% ~ Yes Securities

    BAF delivered a better-than-expected operational performance in Q4 FY20 with PPOP coming 8% higher than our estimate, driven by robust NII growth (38% yoy) and high modularity in opex (yoy growth fell sharply to 24% on lower business volumes). Our FY21/22 earnings undergo severe cuts (on Q3 update base) due to adverse adjustments to loan growth and credit cost. Retain REDUCE rating with a 12m TP of Rs1825. Key concerns being high vulnerability of most business lines to Covid (reflected in bounce rates for April/May) and short-cycle nature of book BAF trades at 2.8x/14x FY22 ABV/EPS. Earliest lifting of lockdown and return to normalcy would be positive triggers.

    ~ Yes Securities

    09:41 (IST)20 May 2020
    Rupee is likely to open flat around 75.65

    Rupee is likely to open flat around 75.65. Likely range 75.45-75.90. 3M ATM vols have cooled off around 25bps since last week and are currently around 6.77%. 9030 is now likely to act as a resistance for Nifty on the up side. Investors would closely monitor the Virus curve as economies reopen and that would continue to drive global risk sentiment: Abhishek Goenka, founder and CEO, IFA Global

    09:40 (IST)20 May 2020
    IRCTC share price hits 5% upper circuit

    IRCTC share prices hit 5% upper circuit to Rs 1,334 apiece on Wednesday Indian Railways has announced that 200 non AC time-tabled trains will start service from June 1.

    Check live prices: IRCTC

    09:37 (IST)20 May 2020
    Hero MotoCorp top Sensex laggard

    Hero MotoCorp was the top Sensex laggard, down 1.75 per cent, followed by IndusInd Bank, Bajaj Finance, State Bank of India (SBI) and TCS.

    Check live prices: Hero MotoCorp

    09:36 (IST)20 May 2020
    RIL share price gains over 0.5% as rights issue opens today

    RIL share price gained 0.66 per cent to Rs 1,417.50 apiece on BSE in Wednesday's trade as the company kick-off India’s biggest-ever rights issue today. RIL’s Rs 53,125 crore rights issue will open on May 20 and close on June 3 with the shares of the company being offered at Rs 1,257 per share, a 14.8% discount from the current market price.

    Check live prices: RIL

    09:33 (IST)20 May 2020
    ITC shares top Sensex gainer, up 2%

    ITC shares were leading the pack of Sensex gainers, with a growth of 2.15 per cent. Larsen & Toubro (LT), UltraTech Cement, HDFC twins, Tata Steel and Bharti Airtel were among other gainers. 

    Check live prices: ITC

    09:32 (IST)20 May 2020
    Sensex, Nifty trade with gains on Wednesday

    Sensex was up 250 points or 0.75 per cent to trade at 30,413, while the broader Nifty 50 index was trading higher at 8,975.

    check live Sensex, Nifty levels

    09:11 (IST)20 May 2020
    Maintain valuation of Rs 855 per share for RJio: Motilal Oswal

    In less than four weeks, Reliance Industries (RIL) has announced a fourth deal in which General Atlantic would invest Rs 6,600 crore in Jio Platforms for a 1.34% equity stake at post-money equity value of Rs 4,91,000 crore (in line) and EV of Rs 5,20,000 crore. Again, this deal showcases interest of global investors in Jio Platforms. Further, along with the previous three deals — Facebook, Silver Lake and Vista — this could help RJio in realisation of its digital plans.

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    09:10 (IST)20 May 2020
    Maintain ‘hold’ on Dr Lal PathLabs with TP of Rs 1,600: Edelweiss

    Dr Lal PathLabs (DLPL) has lived up to its decades’ old legacy by serving the country during these challenging times. Covid-19 disrupted only a limited number of days in Q4FY20, but the quarter’s flat revenue growth led to significant operating deleverage. Maximum impact came from closure of OPDs and IPDs, only partly offset by incremental volumes from Covid-19 testing.

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    09:07 (IST)20 May 2020
    Investors need to be cautious in this market, as the uncertainties still persist

    In India, confirmed infections crossed the One lakh mark, with no signs of slowing down. Additionally, with the stimulus measures seen to be inadequate to boost demand in the short term, investors need to be cautious in this market, as the uncertainties still persist: Vinod Nair, Head of Research at Geojit Financial Services

    09:05 (IST)20 May 2020
    Traders have no option but to align their positions according to the market trend

    Markets were dealing with the stress of rapid rise in COVID-19 cases and extension of lockdown and the disappointment from the economic package has worsened the situation. The fear of further deterioration in asset quality of banks and NBFCs has triggered a sharp fall in the banking and financials of late and we do not see this easing out anytime soon. Traders have no option but to align their positions according to the market trend while keeping a check on leveraged positions: Ajit Mishra, VP - Research, Religare Broking Ltd

    08:56 (IST)20 May 2020
    Nifty set to open flattish on back of mixed bag global market

    Nifty set to open flattish on back of mixed bag global market. The US close lower but futures are trading in green. On the other hand, Asian Markets are also holding in green. The level of 9000 is going to play a major role until this weekly expiry at least. As market volatility is on the higher side one should stick with hedge potion in case of future and option. Whereas, the traders should prefer intraday trades: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:55 (IST)20 May 2020
    We expect the prevailing negativity would extend further

    We expect the prevailing negativity would extend further and investors should focus mainly on the stocks which are fundamentally sound and accumulate them gradually with a long term view: Religare Broking

    08:53 (IST)20 May 2020
    If we have to see any recovery in our markets, the next couple of days would be quite crucial

    Going forward, it would be important to see whether Nifty manages to hold 8800-8750 or not. On the flipside, 8950 – 9050 would be the levels to watch out for. If we have to see any recovery in our markets, the next couple of days would be quite crucial and hence, we need to keep a close eye on above mentioned levels. Clearly, there is some serious pain in our Financial space, which is not letting Bank Nifty participate in any rally. Hence, as we had alluded, if our market has to see any rebound, the banking space needs to stabilise first and then give some sustained relief move: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

    08:50 (IST)20 May 2020
    Reliance Industries, Bajaj Auto, UltraTech Cement, among other stocks to hog limelight today

    Q4 results today: Bajaj Auto, Dr Reddy’s Laboratories, JK Lakshmi Cement, JSW Energy, Ultratech Cement, Jubilant Foodworks, Ajanta Pharma, Kalpataru Power, and Tata Steel Bsl are among 22 companies which are scheduled to announce their March quarter earnings today.

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