Market HIGHLIGHTS: Sensex falls 470 pts from day’s high; Nifty above 11,100; Airtel plunges 8%, Axis Bank up

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Updated: September 23, 2020 4:35:30 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty 50 ended flat with negative bias on Wednesday.

Share Market Today, Share Market LiveThe trend among sectoral indices was largely negative

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended marginally lower on Wednesday, mainly dragged by Bharti Airtel and TCS shares. BSE Sensex settled 65 points or 0.17 per cent down at 37,668, while the broader Nifty 50 index finished at 11,132, down 22 points or 0.20 per cent, giving up the 11,150-mark. Out of 30 Sensex stocks, 18 scrips ended in the negative territory. Bharti Airtel shares were the worst-performing stocks, plunging up to 10 per cent in intraday deals. At close, it settled at Rs 433.90 apiece, down 7.89 per cent. Among other Sensex losers were Tata Steel, IndusInd Bank, NTPC, Power Grid Corporation of India, ONGC, Tata Consultancy Services, SBI and ITC. On the flip side, Axis Bank was the top Sensex gainer, followed by HUL, Infosys, Nestle India, HDFC Bank, Titan Company and Maruti Suzuki. The trend among sectoral indices was largely negative. Nifty Media, Nifty Pharma and Nifty PSU Bank indices were down in the range of 1.50-2.5 per cent.

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Highlights

    15:46 (IST)23 Sep 2020
    Target of 10900-11000 is still open

    The markets reached close to 11000 but were swift to bounce back. However, the target of 10900-11000 is still open and we could very well achieve it. 11600-11650 is the resistance level and hence any rally up can be utilised to go short on the Nifty: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:45 (IST)23 Sep 2020
    Uncertainty, lack of direction clearly visible in market trend

    Indian benchmark indices traded in a tight range before finally ending the day with a negative bias. The uncertainty and lack of direction were clear in the market trend, which was actually supported by gains in RIL and HDFC Bank. Banking index ended the day slightly positive. Global cues were mostly positive. But the re-emergence of virus infections around the world has put doubts on the global economic recovery, and the positivity in the global markets was led by technology shares. Tomorrow being an expiry day and with uncertainty ruling the markets, traders are advised to be cautious: Vinod Nair, Head of Research at Geojit Financial Services

    15:39 (IST)23 Sep 2020
    Value buying suggested for long term investors

    Nifty has broken a critical support level of 11175. It is now expected to witness volatile moves in a small range before a positive setup matures. On the downside support is seen at 10750-10800 – these are long term support levels for the index. Value buying is suggested for long term investors while traders are expected to keep leveraged positions under check on account of the expected volatility: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities

    15:37 (IST)23 Sep 2020
    Closing bell: Indices end flat, Nifty gives up 11,150

    BSE Sensex ended 65 points or 0.17 per cent down at 37,668, while the broader Nifty 50 index settled at 11,132, down 22 points or 0.20 per cent on Wednesday.

    15:17 (IST)23 Sep 2020
    UTI AMC announces IPO, issue opens on September 29

    After a long wait finally, UTI AMC announces IPO. The IPO will open for subscription on 29 September. This IPO purely offers for sale and the no of shares offered is 3,89,87,081. The State Bank of India, Life Insurance Corporation of India (LIC), Punjab National Bank, Bank of Baroda, and T Rowe Price International are selling shares through this IPO. We believe UTI AMC will garner strong interest from an investor, as AMC business is high RoE and cash-generating business. Listed AMC HDFC trades at 12.8% and Nippon AMC 9% of June AUM. Now final demand for UTI AMC would depend on at what valuation IPO demands. A valuation of less than listed peers would create more demand for UTI AMC: Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd

    15:05 (IST)23 Sep 2020
    Modi’s ‘Atmanirbhar Bharat’ has downside risks too; will India take pre-liberalisation stand again?

    While Prime Minister Narendra Modi’s Atmanirbhar Bharat Abhiyan aims at making India self-reliant in trade and businesses, it has many downside risks too. In trying to achieve economic and security goals, the policy has a conflicting dynamic, The Economist Intelligence Unit said in a research report. For example, the report said, Modi’s policy aims to reduce domestic market access to imports, but at the same time open the economy and export to the rest of the world.

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    14:45 (IST)23 Sep 2020
    Bharti Airtel onboards Waybeo to its startup accelerator program

    As part of its strategy to scale up its cloud offerings, Bharti Airtel today announced that it has picked up a strategic stake in tech startup Waybeo under the Airtel Startup Accelerator Program. Waybeo, a Trivandrum headquartered sta_rtup focused on deep Al based analytics for cloud telephony, is the fifth startup to join the fast-growing Airtel Startup Accelerator Program, which helps promising startups unlock their potential.

    14:37 (IST)23 Sep 2020
    Asian Paints to report healthy revenue recovery

    Asian Paints (APL) is India's largest paints company. Decorative Paints contributes ~75% revenue and the balance contribution is from Industrial Paints. APL has strong brand recall and one of the largest distribution networks (60,000+ dealers across the country) in industry. Going forward, we expect APL to report healthy revenue recovery due to leadership position, strong brand, wide distribution network and healthy operating margins: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

    14:36 (IST)23 Sep 2020
    Gold rallies 27% YTD

    Further stimulus is crucial as the Fed chairman in its testimony to Congress said that more government spending will be required to sustain the growth rate. Fears of a second lockdown in Europe is also one of the reasons for the fall in Gold. The yellow metal has risen over 27% YTD, despite the recent fall in Gold prices from its peak. Gold is considered a safe haven and investors flock to it in times of uncertainty. Going forward, clarity on fiscal stimulus in the US, control on the number of COVID cases worldwide, or a vaccine will guide the gold prices: Nish Bhatt, Founder & CEO, Millwood Kane International 

    14:35 (IST)23 Sep 2020
    Gold dream hit a roadblock

    The dream run for Gold has hit a roadblock, after hitting life highs of over Rs 56,000/10gm last month, the yellow metal has been falling. Internationally, Comex Gold is trading below the $1900/oz level. The primary reason for the fall in gold prices is the rally in the Dollar index, uncertainty over the next stimulus package by the US government to help give a push to the slowing growth rate. While the Dollar index is near an 8-week high against the other currencies in the basket. As gold is an international commodity and a rally in the US Dollar affects its prices: Nish Bhatt, Founder & CEO, Millwood Kane International 

    14:34 (IST)23 Sep 2020
    Rupee manages to end with minor gains

    Rupee manages to end with minor gains even after weaker Asian peers following a rebound in the dollar index. FTSE rebalancing related inflows has been seen in the market. Further expectation of foreign fund inflows from the upcoming IPO also supported the rupee. Going ahead market will keep an eye on dollar index, which is rebounding after fed’s recent comments. The US dollar has continued to move higher overnight against both the euro and sterling despite stable equities after sharp sell off on past few days. Gains in dollar attributed to hawkish comments from Fed’s Evans: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:30 (IST)23 Sep 2020
    Angel Broking IPO fully subscribed on day 2 of bidding process

    The Rs 600-crore initial public offering (IPO) of Angel Broking has been subscribed fully subscribed on the second day of the bidding process. Retail investors put in 2.16 times bids against its reserved portion, and that of non-institutional investors 23 per cent. However, qualified institutional buyers have not started bidding yet.

    14:27 (IST)23 Sep 2020
    CAMS IPO subscribed 24 times so far on day 3

    The IPO of NSE-backed CAMS was subscribed 24 times so far on the final day of the offer. Among investors' category, NIIs portion was subscribed nearly 78 times and those of retail individuals investors 4.59 times. QIBs have subscribed 18.70 times their portion

    14:21 (IST)23 Sep 2020
    Chemcon Speciality Chemicals IPO subscribed 54.09 times so far on day 3

    Chemcon Speciality Chemicals IPO subscribed 54.09 times so far on the final day of the bidding process. Retail investors have subscribed their portion 33.51 times, while NIIs subscribed a whopping 156.76 times. QIBs have subscribed 12.94 times.

    14:19 (IST)23 Sep 2020
    Bharti Airtel, Vodafone Idea shares plunge up to 9% on Reliance Jio’s new postpaid plans

    Telecom companies such as Bharti Airtel and Vodafone Idea shares plunged up to 9 per cent in Wednesday’s trade after the rival Reliance Jio renewed its postpaid game plan with the launch of new plans. Under the new plans, Jio is offering an extensive content portfolio at a rate which is 6-20 per cent cheaper than Airtel and Voda-Idea. Analysts at Emkay Global Financial Services in the recent report noted that in the past, Jio has tried to capture the post-paid market with aggressive pricing while consumer stickiness and a lack of content offerings prevented it from achieving any notable gains.

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    14:02 (IST)23 Sep 2020
    Likhitha Infrastructure set to open IPO on September 29

    Likhitha Infrastructure Limited, has announced the price band of Rs 117-120 for its initial public offering. The IPO will open on Tuesday, September 29, 2020, and close on Thursday, October 01, 2020. The Company has executed the first Trans-National Cross-Country Pipeline of South-East Asia connecting India to Nepal. Its projects are spread across over 16 states and 2 Union Territories in India and has successfully laid over 600 Kms. of Oil and Gas pipelines including steel and Medium-Density Polyethylene (“MDPE”) network in past 5 fiscals. The Company has a strong client base consisting of leading gas distribution companies in India including both the private and public players and a strong Order Book (i.e. the unexecuted portion of the much larger total contract value) of approximately Rs. 663 crore as on July 31, 2020.

    14:00 (IST)23 Sep 2020
    Jio's base plan at a 20% discount to Bharti Airtel

    Jio has renewed its post-paid game plan with the launch of new plans under which it is offering an extensive content portfolio at a rate which is ~6%-20% cheaper than Bharti and VIL. In the past, Jio has tried to capture the post-paid market with aggressive pricing while consumer stickiness and a lack of content offerings prevented it from achieving any notable gains. However, this time extremely aggressive content offerings (Netflix, Amazon prime, Disney+Hotsar VIP) could be the key attraction for consumers. Jio has priced its base plan (Rs399/month) at a 20% discount to Bharti along with OTT apps: Emkay Global Financial Services

    13:39 (IST)23 Sep 2020
    Sew of corporate inflows lined up in coming sessions may cap the upside in USD-INR

    All this while, the pessimism over US economic recovery compared to Europe was keeping the dollar index low. But now again the bets are rising for the dollar as there are fears of the second lockdown in Europe and delay in US fiscal stimulus and will reflect on USDINR spot. Going ahead we may see USDINR spot trading above 73.75. But the spot is not breaking the support zone of 73.20/73.25 and also the resistance of 73.75. There is a slew of corporate inflows lined up in coming sessions, which may cap the upside in spot. But unless 73.25 doesn't break on the downside, the spot will continue to trade towards 73.75 and above: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:19 (IST)23 Sep 2020
    Bharti Airtel, Vodafone Idea shares plunge up to 9%

    Bharti Airtel shares plunged 8.07 per cent to Rs 433.50 apiece while Vodafone Idea shares dropped 8.7% to Rs 9.35 apiece after the rival Jio has renewed its post-paid game plan with the launch of new plans

    13:14 (IST)23 Sep 2020
    Food delivery back to 85% of pre-Covid GMV level; full recovery may follow IPL, festive season: Zomato

    Foodtech company Zomato on Wednesday said that the food delivery market in India has recovered to around 85 per cent of the pre-Covid gross merchandise value (GMV) level — up from around 75 per cent in August. Ever since Covid struck, Zomato has been rolling out reports explaining the pandemic’s impact on its businesses and the industry.

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    13:13 (IST)23 Sep 2020
    August non-life premiums rise; health insurance marches ahead of vehicles amid coronavirus

    With the coronavirus cases still rising in the country, the health insurance sector is marching ahead and has also driven a boom in the non-life insurance segment for August. The non-life insurance sector has reported an on-year growth in August 2020 after witnessing a drop in premiums for the first quarter of the FY21. The 10.4% growth in non-life insurance premiums was largely driven by the health sector, a report by CARE Ratings said on Wednesday. “The pandemic has increased the awareness of health insurance which has boosted growth.

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    12:51 (IST)23 Sep 2020
    Economic contraction may lead to permanent income loss in India; GDP may shrink 5.9% in 2020: UN body

    The contraction in the Indian economy due to the pandemic-led disruptions may disappear next year, but it can cause some irreversible damage to the economy. Although a rebound in 2021 is expected in line with the growth rates of the Indian economy in recent years, the contraction registered in 2020 is likely to translate into a permanent income loss, said ‘Trade and Development Report 2020’ by United Nations Conference on Trade and Development

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    12:19 (IST)23 Sep 2020
    Infosys, Mindtree, Mphasis shares hit new 52-week highs; Nifty IT index rallies 85% since March

    IT stocks were in focus today as Infosys, Mindtree and Mphasis scaled a fresh 52-week high on Wednesday. Among Sensex gainers, Infosys and HCL Technologies were top index gainers, up over 2.5 per cent each. In today’s trade, the Nifty IT index was the top sectoral gainer, rising 1.15 per cent. Out of 10 index constituents just TCS shares were trading in red, down 1.54 per cent. From the 52-week of March, the Nifty IT index has rallied around 85 per cent.

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    12:09 (IST)23 Sep 2020
    2 years of Ayushman Bharat Pradhan Mantri Jan Arogya Yojana

    The government's flagship scheme, Ayushman Bharat Pradhan Mantri Jan Arogya Yojana has already provided relief to over 10 crore families. The introduction of the scheme led to the easy availability of healthcare services to the economically weaker section across the country. In December 2019, the government decided to procure essential medical devices for the empanelled hospitals under the scheme, the move has helped lower the cost of medical devices and thereby, decrease in the overall cost of healthcare. Indian medical devices industry is growing at an exponential pace and set to become a $50 billion industry by 2025. The current per capita spend on medical devices is very low compared to other western countries. Effective implementation of the AB-PMJAY scheme, incentivizing the industry to produce quality equipment domestically will go a long way in building the Indian healthcare industry: Satyendra Johari, Chairman & Founder, Johari Digital Healthcare Ltd.

    12:01 (IST)23 Sep 2020
    Subscribe to CAMS IPO on strong financials, healthy dividend payout policy

    At the end of the year, the CAMS left with a strong cash flow which CAMS uses to pay a generous dividend to a shareholder. Historically it has maintained a dividend payout ratio of 65%. An INvestor can expect a similar dividend payout in the future also. We have given SUBSCRIBED rating considering Market leader, strong financials, and healthy dividend payout policy: Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd

    11:57 (IST)23 Sep 2020
    IT sector outlook

    Current re-rating in IT names is driven by increasing investors confidence in medium-term tech demand. Additionally, Indian IT names have been consistently refreshing their digital offerings through ecosystem partnerships or acquisitions. We prefer Mphasis and L&T Infotech in IT pack given their recent strong deal wins, industry leading revenue growth trajectory in FY22/23 and margin upside potential with cost-savings measures: Suyog Kulkarni, Senior Analyst- IT services, Media and Internet at Reliance Securities

    11:29 (IST)23 Sep 2020
    Analyst view on Chemcon Speciality Chemicals IPO

    We are positive on the future outlook for the industry as well as the Company, so in our IPO Note we have recommended to “Subscribe” to the issue for long term as well as for listing gains. Due to its position as leading manufacturer of its products globally, it is getting strong traction among investors. But, product concentration and client concentration risk cannot be ruled out. Although Company clients are sticky in nature, they have long standing relationships. Aurobindo Pharma has been its client for more than 20 years: Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

    11:05 (IST)23 Sep 2020
    Route Mobile share price zooms over 10%

    Route Mobile share price zooms 10.33 per cent to Rs 764.40, scaling a fresh high, on Wednesday. The stock has rallied 118.4 per cent from its issue price of Rs 350.

    Check prices: Route Mobile

    10:52 (IST)23 Sep 2020
    Rs 600-crore Angle Broking IPO subscribed 85% on second day of bidding

    The Rs 600-crore initial public offering (IPO) of Angel Broking has been subscribed 85 per cent so far on the second day of the bidding process. Retail investors put in 1.63 times bids against its reserved portion, and that of non-institutional investors 17 per cent. However, qualified institutional buyers have not started bidding yet.

    10:48 (IST)23 Sep 2020
    CAMS IPO subscribed 2.64 times so far on final day of issue

    The IPO of NSE-backed CAMS was subscribed 2.64 times so far on the final day of the offer. Among investors' category, NIIs portion was subscribed 2.31 times and those of retail individuals investors 3.31 times.

    10:43 (IST)23 Sep 2020
    Chemcon Speciality Chemicals IPO subscribed 15.78 times so far on day 3

    Chemcon Speciality Chemicals IPO subscribed 15.78 times so far on the final day of the bidding process. Retail investors have subscribed their portion 25.41 times, while NIIs subscribed 12.41 times. QIBs have subscribed 1.38 times.

    10:37 (IST)23 Sep 2020
    RIL share price jumps 3% on KKR investment in Reliance Retail; firm secures over Rs 13,000 cr in just 23 days

    RIL share price jumped 3 per cent to Rs 2,275.50 apiece on BSE after the company announced a Rs 5,550 crore investment from KKR into its retail business. In the early morning on Wednesday, Mukesh Ambani-controlled Reliance Industries Ltd, in a press release, informed that global investment firm KKR will invest Rs 5,550 crore into Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries.

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    10:26 (IST)23 Sep 2020
    Gold may remain choppy due to increasing risks to global economy

    COMEX gold trades mixed near $1891/oz after a 0.2% decline. Weighing on price is firmness in the US dollar index however supporting price is increasing virus cases, Fed’s downbeat growth outlook and increased US-China tensions. ETF buying stalled amid choppy price movement. Gold may remain choppy as support from gold may be offset by increasing risks to the global economy: Ravindra Rao, VP- Head Commodity at Kotak Securities

    10:08 (IST)23 Sep 2020
    Price action of rupee suggests that USD-INR is slightly biased towards the weaker side

    At 73.50, there is an equal scope for rupee to move on either side of the range of 72.50-74.50 levels as developments have remained mixed. However, the price action of the rupee suggests that in the immediate future, the pair is slightly biased towards the weaker side given by global factors being more influential and effect of related inflows getting subsided. If the correction goes in line with peers, it can take the pair close to 74.20-74.50 levels with a possibility of 60%-70%. Therefore, it is advisable to cover imports at least for next 15 days to one month and sell cautiously on upticks following strict stop-losses above costing levels: Amit Pabari, managing director, CR Forex Advisors

    09:57 (IST)23 Sep 2020
    Gold may continue to be supported by renewed US-China tensions

    Gold may continue to be supported by renewed US-China tensions and hopes of fresh economic stimulus measures amid rising virus cases across the globe. However a robust US dollar and optimism over Covid vaccine continue to hit the safe-haven demand of the commodity. Technical Outlook (London spot): Prices continue to trade in a tight range of $1880-1975 an ounce initially and breaking any of the sides would suggest a fresh direction to the commodity: Hareesh V, Geojit’s Head of commodity research

    09:41 (IST)23 Sep 2020
    The trend continues to remain weak in the short-term

    The markets have opened with a gap up, but the trend continues to remain weak in the short term. 10900-11000 continues to remain a target and is also good medium-term support for the Nifty. On the upside, the resistance zone is 11600-11650 and until we do not get past that, every rally up can be used to short for a target of 10900-11000: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:40 (IST)23 Sep 2020
    HCC shares surge 9% in early trade

    Hindustan Construction Company (HCC) shares surged 9% to Rs 5.64 apiece after the company informed that it has closed the sale of its Farakka Raiganj Highway project to Cube Highways at an enterprise value of Rs 1,508 crore.

    Check prices: HCC

    09:37 (IST)23 Sep 2020
    SmallCap index beats Sensex, Nifty

    The broader markets were trading firm on Wednesday. S&P BSE MidCap index was trading 0.33 per cent or 46 points up at 14,331, while S&P BSE Smallcap index jumped nearly one per cent or 131 points to 14,640.

    09:35 (IST)23 Sep 2020
    Nifty IT top sectoral gainer; Infosys, Mindtree, Mphasis at 52-week high

    Barring Nifty Metal and Nifty PSU Bank indices, all the sectoral indices were trading in the positive territory. Nifty IT was the top sectoral gainer, jup 1.16 per cent, led by Naukri, Mphasis, Wipro, Infosys and Mindtree.

    09:30 (IST)23 Sep 2020
    Rupee likely to open around 73.58 against US dollar

    Rupee is likely to open around 73.58 and trade 73.45-73.85 range intraday. Asian currencies are trading with a weak bias against the USD. Focus will be on Fed Chair Powell's testimony before the Congress today and tomorrow. Eurozone, UK and US PMIs also due today: Abhishek Goenka, Founder and CEO, IFA Global

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