Market HIGHLIGHTS: Sensex falls 318 pts from day’s high, Nifty at 10,302; RIL, HDFC Bank, Airtel top drags

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Updated: June 30, 2020 4:28:27 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled in the negative territory on Tuesday

Share Market Today, Share Market LiveNifty PSU Bank index declined nearly 2 per cent followed by Nifty Pharma, Nifty Realty

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty ended in red on the last trading session of June, erasing all their morning gains. Sensex ended 46 points or 0.13 per cent down at 34,916, while the broader Nifty 50 index settled at 10,302, down 10 points or 0.10 per cent. Among top Sensex gainers were Maruti Suzuki, Nestle India, ICICI Bank, UltraTech Cement, Tata Steel and HDFC. On the other hand, Power Grid Corporation of India, Sun Pharma, ITC, ONGC, Bharti Airtel, Reliance Industries and HUL were among the top Sensex laggards. The trend among Nifty sectoral indices was mixed. Nifty PSU Bank index declined nearly 2 per cent followed by Nifty Pharma, Nifty Realty and Nifty IT. On the flip side, Nifty Auto index was top sectoral gainer, up 1.10 per cent. Nifty Financial Services, Nifty FMCG, Nifty Bank and Nifty Private Bank closed into the green.

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Highlights

    15:35 (IST)30 Jun 2020
    Top auto stocks to buy: Unlock, normal monsoon hopes to boost June sales; check brokerage favourites

    Indian automobile sector set to witness improvement in June sales numbers following the unlock process, ramped-up economic activities, hopes of normal monsoon and pent-up demand from bookings from pre lockdown period. Due to coronavirus-induced nationwide lockdown, the auto sector faced zero sales in April. However, with the ease in lockdown restrictions, most of the automobile companies resumed partial operations in May, resulting in weak consumer demand.

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    15:24 (IST)30 Jun 2020
    India’s lenders were recovering until coronavirus set them back by years; NPAs to jump this fiscal year

    India’s banking sector, after a series of reforms, was finally treading on the path of recovery where it was getting a grip of the bad assets and bringing credit costs in control, however, the coronavirus pandemic has dealt such a blow to the sector that recovery is now a distant dream. The coronavirus pandemic is expected to have hit India’s lenders so hard that nonperforming loans could hit a fresh high amidst rising credit costs, said global rating agency S&P Global in a recent report. India’s banking sector has been dealing with an overhang of non-performing assets even before the coronavirus pandemic came knocking on the door.

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    14:35 (IST)30 Jun 2020
    China responds to India’s ban on TikTok, other apps; reminds India to be responsible

    After the Modi government put a ban on 59 Chinese apps due to concerns mounting over sovereignty, integrity, and security of the country, China said that the Indian government has a responsibility to uphold the legal rights of international investors including those from China. Chinese Foreign Ministry spokesperson Zhao Lijian underlined that the Chinese government always asks Chinese businesses to abide by international and local laws-regulations, ANI reported.

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    14:03 (IST)30 Jun 2020
    Petrol, diesel price relief not anytime soon; here’s why govt may not cut fuel tax despite pressure

    While petrol and diesel prices in India continue to rise for the last 21 days, consumers might have to wait before any relief in retail fuel prices, as the government may not cut taxes on fuel anytime soon. Given the importance of petroproducts in the government’s revenue, it appears that the government would rather not cut the tax rates as it would impact revenue collections, Care Ratings said in a report.

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    13:45 (IST)30 Jun 2020
    Brokerage view on Tata Steel

    Consolidated net loss for the quarter stood at Rs.1,096 crore as compared to a profit of Rs.2,431 crore in the corresponding quarter previous year. Overall the company’s operating numbers came in ahead of street estimates though the exceptional loss of Rs.3,406 crore for the quarter largely on account of impairment of assets dented performance. While the Q4FY2020 numbers have come in ahead of street estimates, the outlook for the first half of FY2021 is weak given that operations have been significantly impacted both in India and Europe during the first quarter so far: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    13:19 (IST)30 Jun 2020
    HDFC Bank set to get stronger as depositors rush to bigger, safer banks; check price target

    India’s largest private sector lender, HDFC Bank is set to get stronger as peers struggle to compete with the bank while it continues to gain market share across segments. In its recently released annual report, HDFC Bank, highlighted how it has improved its profitability with return on risk weighted assets (RoRWA) jumped by 20 basis points. Brokerage and research firm Motilal Oswal said that the bank has stood firm despite slowdown in the economic activity. The brokerage firm expects the lender to improve its loan book and net profits at a CAGR of 16% and 9%, respectively as it places a BUY call on the scrip.

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    12:56 (IST)30 Jun 2020
    Vodafone Idea share price falls 5% ahead of Q4 results; firm top loser in subscriber market share

    Vodafone Idea share price fell 4.7 per cent to Rs 10.60 apiece on BSE ahead of the January-March quarter of the financial year 2019-20 results. According to the BSE data, Vodafone Idea stands at 91st position in overall market capitalisation ranking with m-cap at Rs 30,833.07 crore. After much ups and downs in the stock price, Vodafone Idea shares have rallied 61.5 per cent from Rs 6.56 apiece in June so far. The sharp rally in the stock price during the first week of this month was fuelled by the reports that suggested Google is in talks to invest in the company for a 5 per cent equity stake. However, later on, Vodafone idea clarified saying as part of corporate strategy, the company is constantly evaluating various opportunities for enhancing the stakeholders’ value.

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    11:50 (IST)30 Jun 2020
    Ruchi Soya share price reverses the trend, falls 10% this week after rallying for 22 sessions

    After a surprising rally that saw the stock surge 192% in 22 trading sessions, Ruchi Soya shares have seemed to reverse the trend, falling 10% so far this week. The Patanjali Ayurveda-led edible oil manufacturer has been a stock that has analysts fuming after its price skyrocketed from Rs 16.7 per share in January to Rs 1,535 apiece this month. This fall in stock price can be attributed to Ruchi Soya’s January-March quarter results, where the company announced a net loss of Rs 41.25 crore. Ruchi Soya, in the same period last year, reported a net profit of Rs 332.11 crore.

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    11:35 (IST)30 Jun 2020
    Tata Steel share price jumps 5% despite Jan-Mar quarter loss; here’s why investors are unfazed by Q4 results

    Tata Steel share price jumped 5 per cent to hit day’s high of Rs 337.60 apiece on BSE, despite a consolidated net loss of Rs 1,236 crore in the January-March quarter of the financial year 2019-20. The company had reported a net profit of Rs 2,353 crore during the same period last year. Tata Steel was the top Sensex gainer in today’s trade. Tata Steel shares touched a 52-week low of Rs 250.90 on March 30, 2020. The stock has rallied 35 per cent from its March lows.

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    10:32 (IST)30 Jun 2020
    With positive flow of events and news, rupee can move towards the stronger side

    On a broader perspective, rupee is likely to remain confined in its range of 75.00-76.20 levels. However, with the positive flow of events and news, the pair can move towards the stronger side of the range in days to come. Since RBI has remained on buying side on a net basis, it is less likely that the pair could move past 75.00 levels in the near term: Amit Pabari, managing director, CR Forex Advisors

    10:23 (IST)30 Jun 2020
    Indices mirror global market trends, Sensex reclaims 35,000-mark; key things from today’s trade

    Mirroring the trends in global markets, BSE Sensex and Nifty 50 gained over half a per cent each in Tuesday’s session led by buying in ICICI Bank, HDFC, Reliance Industries and Axis Bank. The 30 share index advanced 187 points or 0.54 per cent to reclaim its crucial 35,000-mark, while the broader Nifty 50 index was up 56 points or 0.54 per cent to rule at 10,368. As many as 25 stocks in the Sensex pack traded in the positive territory with Tata Steel gaining the most, up 4.37 per cent.

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    10:07 (IST)30 Jun 2020
    Last day of RBI's financial year

    Today is the last day of RBI's financial year. If the theory linking RBI's FX purchases to the new economic capital framework is true, we may see the RBI step off the gas going forward as far as Dollar buying is concerned. The Rupee may align with the global Dollar more closely. The PM is going to address the nation today at 4 pm. The address would most likely be centred around unlock 2.0 but there is a chance he may outline India's stance on recent Indo-China tensions. We expect a sideways, flow-driven session in the Rupee ahead of the address: Abhishek Goenka, Founder and CEO, IFA Global

    09:54 (IST)30 Jun 2020
    Sell MRF, valuations are too expensive ~ Kotak Institutional Equities

    MRF reported 4QFY20 EBITDA of Rs5.7 bn (flat yoy), which was 12% above our estimates due to expansion in gross margins and better-than-expected revenue print. Revenues declined by 11% due to lockdown-led single-digit decline in the replacement segment and steep decline in OEM revenues. We remain concerned about the increase in competitive intensity in the two-wheeler segment. Valuations are expensive and don’t factor in risks related to decline in profitability over the medium term. SELL stays with a revised FV of Rs55,000 (from Rs62,000 earlier). ~ Kotak Institutional Equities

    09:48 (IST)30 Jun 2020
    Rising new coronavirus cases across the world continue to support bullish outlook of gold

    Demand for safe assets amid concerns over rising new coronavirus cases across the world continue to support the bullish outlook of gold. Increased geopolitical tensions and a weak dollar also lifted the sentiments. However, investors may take a cautious note ahead of the key US economic releases scheduled this week. Expect rallies to continue as long as prices stay above $1710. However, strong resistances are seen at $1780 followed by $1800 levels. The immediate downside reversal point is $1664: Hareesh V, Head Commodity Research at Geojit Financial Services

    09:43 (IST)30 Jun 2020
    Top gainers and losers on BSE Sensex

    Sensex gainers were Tata Steel, Axis Bank, ICICI Bank, Bajaj Finance, IndusInd Bank, SBI, Titan Company and RIL. On the other hand, Sun Pharma, TCS, Infosys and HDFC Bank were the only laggards on Sensex

    09:41 (IST)30 Jun 2020
    Axis Bank shares up 2% on fundraising plans

    Axis Bank share price jumped 2.10 per cent to Rs 414 apiece on BSE in Tuesday's session, a day after the bank informed the bourses that its board will meet on Thursday, June 2, to explore raising funds through shares or depository receipts.

    Check live prices: Axis Bank

    09:37 (IST)30 Jun 2020
    Tata Steel share price gains over 3%; top Sensex gainer

    Tata Steel share price gained 3.4 per cent to Rs 331 apiece on BSE in Tuesday's trade, a day after company announced its March quarter earnings.

    check live prices: Tata Steel

    09:25 (IST)30 Jun 2020
    Sunil Mittal teams up with Boris Johnson to bid for a bankrupt satellite firm backed by SoftBank

    Indian telecommunications tycoon Sunil Mittal has submitted a bid for OneWeb, the bankrupt satellite firm whose investors include SoftBank Group Corp., people with knowledge of the matter said. An arm of Mittal’s Bharti Enterprises Ltd. conglomerate made an offer for London-based OneWeb with backing from the U.K. government, according to the people, who asked not to be identified because the information is private.

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    09:23 (IST)30 Jun 2020
    Sensex, Nifty trade higher, gain 0.5%

    Domestic equity market benchmarks Sensex and Nifty were trading with robust gains, up over half a per cent each on Tuesday, in line with Asian peers. Sensex up 200 points while Nifty 50 is nearing 10,400-markCheck live Sensex, Nifty levels

    09:12 (IST)30 Jun 2020
    Coal India rating: Buy — Weak performance in the final quarter

    Coal India reported flat sales (164 mn tons) for Q4FY20 to end the year with a 4.3% y-o-y decline in dispatch volumes at 582 mn tons resulting in net income declining 4.4% y-o-y to Rs 167 bn in FY2020. A 15% decline in e-auction revenues, as well as lower overall coal demand on account of the Covid-19 outbreak, will likely weigh on the earnings trajectory in FY2021e: Kotak Institutional Equities

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    09:11 (IST)30 Jun 2020
    ITC rating: Hold — Covid-19 hit volumes in core business

    Lockdown coupled with subdued demand especially in education and stationery category led to dip in FMCG revenue growth to 5% y-o-y (adjusted for retail business), which was otherwise on track to clock double-digit growth. Ebitda margin (up 108bps y-o-y) of the FMCG business expanded for the eighth consecutive quarter. Maintain Hold: Edelweiss

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    09:09 (IST)30 Jun 2020
    Sensex, Nifty may swing into green following global peers; 5 factors that will guide D-Street today

    Domestic benchmark indices Sensex and Nifty started this week’s trading on a week footing, slipping 0.60% each on Monday morning. Sensex ended down 209 points after trimming some losses in the dying hours of the session. Nifty 50 ended just above the 10,300 mark. Analysts say the rising number of coronavirus cases across the globe and a weaker sentiment across global markets pulled the domestic share markets down.

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    09:08 (IST)30 Jun 2020
    Stocks in focus: Vodafone Idea, Axis Bank, HDFC Bank, IRCTC, Tata Steel, ONGC, Midhani, aviation stocks

    NBCC, RITES, Shalimar Paints, ONGC, Vodafone Idea, SAIL, Deepak Fertilisers, Godfrey Phillips, ICRA, Mishra Dhatu Nigam, The New India Assurance Company, Bajaj Healthcare, Hindustan Motors, Ircon International and Rajesh Exports are among 596 companies scheduled to announce their March quarter earnings.

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    08:53 (IST)30 Jun 2020
    Nifty set to open on a stronger note in line with the global market

    Nifty set to open on a stronger note in line with the global market. The US market is witnessed pull back on the back of better than expected economic data. Other things remained the same but it is able to change sentiment at a given point of time. For the day, The trader should concentrate on the intraday and keep lesser money on the table overnight. Hedger should hedge the position specifically if it is long and a new short position should also be partially hedge to control the risk: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:44 (IST)30 Jun 2020
    Sensex, Nifty may swing into green following global peers; 5 factors that will guide D-Street today

    Domestic benchmark indices Sensex and Nifty started this week’s trading on a week footing, slipping 0.60% each on Monday morning. Sensex ended down 209 points after trimming some losses in the dying hours of the session. Nifty 50 ended just above the 10,300 mark. Analysts say the rising number of coronavirus cases across the globe and a weaker sentiment across global markets pulled the domestic share markets down. “Global stocks were quiet Monday with Asian markets in the red and Europe flat as the number of coronavirus cases around the globe exceeded 10 million and the epidemic fast-tracked in the United States,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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    08:25 (IST)30 Jun 2020
    PM Narendra Modi to address nation at 4 PM

    Prime Minister Narendra Modi will address the nation on Tuesday evening, his office said. “Prime Minister Narendra Modi will address the nation at 4 PM tomorrow,” the Prime Minister’s Office tweeted. The Prime Minister’s Office, however, did not specifically mention whether the Modi will speak on India-China border tensions or the Coronavirus situation in the country.

    08:25 (IST)30 Jun 2020
    US stocks surge as investors hope stimulus-backed economic rebound

    US stock indices ended higher in overnight trade on Wall Street as investors hoped for a stimulus-backed economic rebound. The Dow Jones Industrial Average rose 2.32%, the S&P 500 gained 1.47% and the Nasdaq Composite added 1.2%.

    08:24 (IST)30 Jun 2020
    Asian stock markets trade higher on Tuesday

    Asian stock markets were trading higher on Tuesday following gains on Wall Street. Australian ASX 200 index rose 1.6 per cent while Japan’s Nikkei gained 1.8 per cent.

    08:24 (IST)30 Jun 2020
    Trends on SGX Nifty indicate positive start for Sensex, Nifty

    Trends on SGX Nifty suggests higher opening for BSE Sensex and Nifty 50 on Tuesday. The Nifty futures were trading 52 points or 0.51 per cent higher at 10,313 on Singaporean Exchange. 

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