Share Market HIGHLIGHTS: Sensex ends 225 pts up on buying in Axis Bank; Nifty above 11,300 in volatile trade

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Updated: August 11, 2020 4:24:10 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled in the green on Tuesday. Axis Bank share price surged 4 per cent

Share Market Today, Share Market LiveNifty Bank, Nifty Metal and Nifty Financial Services gained over 1 per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over half a per cent higher in Tuesday’s volatile trade. The 30-share index Sensex rose 225 points or 0.59 per cent to close at 38,407, while the broader Nifty 50 index gained 0.46 per cent or 52 points to settle at 11,322. The private sector lender Axis Bank was the top Sensex gainer, up nearly 4 per cent. It was followed by IndusInd Bank, ITC, HDFC Bank, Tata Steel, HDFC and ICICI Bank. On the contrary, Titan Company shares declined the most, falling 3.73 per cent. Bharti Airtel, HCL Tech, ONGC, Tech Mahindra and Sun Pharma were among other losers on the pack. On the sectoral front, Nifty Pharma index was top sectoral loser, down 1.42 per cent. While Nifty Bank, Nifty Metal and Nifty Financial Services gained over 1 per cent.

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Highlights

    16:11 (IST)11 Aug 2020
    Rakesh Jhunjhunwala isn’t impressed with Titan’s accounts; wants it explained to him

    A visibly agitated Rakesh Jhunjhunwala did not hold back in the post results earnings call of Titan Company Ltd, as he investigated the hedging practice of the jewellery and watch manufacturer. The big bull of the domestic stock markets asked Titan’s management about unrealised large hedges that have pulled the company’s number down into the red in the first quarter of the current fiscal year. Titan reported a net loss of Rs 270 crore, whereas revenues slipped 74% on-year basis to just Rs 1,251 crore against Rs 4,885 in the same period last year.

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    15:20 (IST)11 Aug 2020
    PV sales drop 3.86% in July

    Sales of Passenger Vehicles witnessed a dip of 3.86% in July'20, as compared to July'19. Two-wheelers and Three-wheelers saw a dip in sales by 15.24% and 77.16% respectively in July'20, as compared to July'19- SIAM data

    15:15 (IST)11 Aug 2020
    Lupin launches Zileuton Extended-Release Tablets to treat asthma

    Pharma major Lupin announced the launch of Zileuton Extended-Release Tablets, 600 mg, having received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. The product would be manufactured at Lupin’s Nagpur facility, India. Zileuton Extended-Release Tablets, 600 mg, is the generic equivalent of Zyflo CR® Extended-Release Tablets, 600 mg, of Chiesi USA, Inc. and is indicated for the prophylaxis and chronic treatment of asthma in adults and children 12 years of age and older

    14:54 (IST)11 Aug 2020
    Top defence stocks to buy: As Modi pushes for ‘Atmanirbhar Bharat’, govt looks to Make in India

    To push the ‘Atmanirbhar Bharat’ initiative, Defence Minister Rajnath Singh announced that the Ministry of Defence has put an embargo on the import of 101 defence weapons and equipment. The decision which aims to boost indigenisation will help the country to become self-reliant in defence production. Analysts bet on a few stocks related to defence equipment production and see up to 30 per cent upside in the target prices.

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    14:34 (IST)11 Aug 2020
    Kotak Mahindra Bank: Positive on the stock over long-term

    We are positive on the stock over the long-term given management strength and sustainability, strong deposit franchise, robust NIM and comfortable asset quality. However, KMB will not be immune to the current cycle and ROEs of 10- 11% for FY21F/22E leave limited room for any re-rating, in our view, given rich valuations. Hence, we initiate with a Hold rating with a target price of Rs. 1410, while acknowledging it to be amongst the best placed to ride the cycle: Axis Securities

    14:26 (IST)11 Aug 2020
    Indian banks in crying need for reforms; here’s how privatising PSU banks can help

    Even as the Indian banking industry remains stable amid a severe economic downturn, there is a crying need for reforms in the industry. The downward risk arising from the vulnerability of Scheduled Commercial Banks (SCBs), mostly the PSU banks, is worrisome, and needs to be addressed immediately, said a report by Brickwork Ratings. The balance sheets of banks were already under severe stress before the pandemic hit.

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    13:51 (IST)11 Aug 2020
    Brokerage view on Lemon Tree Hotels

    Lemon Tree Hotels has gradually made its hotels operational with 86% of its owned/leased inventory operational in Jun'20 (v/s 58% in Apr'20). The company is seeing a slight but visible demand pickup from MSME sector and retail for staycations. The Hospitality industry was the first to witness the COVID-19 impact. We expect it to be the last to recover too as demand recovery should occur in a phased manner. We value the stock on SOTP basis to arrive at a target price of INR33. Maintain Buy: Motilal Oswal

    13:43 (IST)11 Aug 2020
    Brokerage view on Bank of Baroda Q1 results

    For Q1FY21, Bank of Baroda reported net profit comes in below street estimate; the bank reports a loss of Rs.846cr vs a profit in previous years the same quarter. Bank advance grew at 8.6% YOY and NII grew at 5%, which is in line with street expectation. On account of higher provision cost which increased 71% YoY, impacted profitability. On the Lability front, the Domestic CASA ratio increased to 39.49%, higher by 294bps YoY. Retail term deposits increased by 10.4% YoY. The cost of deposits in Q1FY21 is lower by 53 bps YoY at 4.95%. 21.42% of term loan availed moratorium. Bank of Baroda is trading at low valuation compared to historical, however, here on investors will keenly watch for Morat number movement and RoE improvement trajectory: Jaikishan Parmar, Sr. Equity Research Analyst, Angel Broking Ltd.

    13:08 (IST)11 Aug 2020
    Axis Bank raises Rs 10,000 cr via QIP; allots 23.8 cr equity shares to institutional investors

    Private sector lender Axis Bank has managed to raise Rs 10,000 crore through its Qualified Institutional Placement (QIP) issue that closed yesterday. Axis Bank informed the stock exchanges that its Committee of Whole-Time Directors has approved the allotment of 23,80,38,560 Equity Shares at a price of Rs 420.10 per equity share to Qualified Institutional Buyers. The issue price is at a 5% discount to the floor price of Rs 442.19 apiece. Axis Bank shares were trading over 2% higher on Tuesday at a price of Rs 440 per share.

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    13:04 (IST)11 Aug 2020
    Titan - Recovery in jewelry may continue to surprise

    Titan's Q1 performance was significantly impacted by the lockdown, driving a 62% decline in sales (74% excl. bullion sales). TTAN reported operating and net loss of Rs2.5bn and Rs2.7bn, respectively, higher than the estimates due to hedging related losses. We reduce FY21 estimates but maintain FY22/23 estimates. Faster recovery in jewelry is positive and improves growth visibility. We maintain Buy with a revised TP of Rs1,215, based on 47x Dec’22E EPS.

    ~ Emkay Global

    12:53 (IST)11 Aug 2020
    Mahindra Manulife Mutual Fund Llaunches an open ended scheme investing in arbitrage opportunities

    Mahindra Manulife Mutual Fund, a wholly owned subsidiary of Mahindra and Mahindra Financial Services Limited (MMFSL) launches ‘Mahindra Manulife Arbitrage Yojana,’ an open ended scheme for investment in arbitrage opportunities available in equity, derivatives and debt markets. The scheme is suitable for investors who are looking for short term investment options with relatively low risk, tax efficient returns, and looking to park money in a scheme relatively less impacted by market volatility.

    12:36 (IST)11 Aug 2020
    Tim Cook joins the billionaires club after Apple m-cap nears $2 trillion

    Apple CEO Tim Cook has joined the billionaires club after the US-based technology giant Apple shares gained, and the firm neared $2 trillion in market capitalisation. Tim Cook owns 847,969 shares in the technology firm; he took home more than $125 million last year as part of his pay package. His fortunes are also based on the shares he owns in Apple and the compensation he has been paid, according to the Bloomberg Billionaires Index.

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    12:18 (IST)11 Aug 2020
    Sensex, Nifty hold gains

    The 30-share index Sensex was up 217 points or 0.57 per cent to trade at 38,400, while the broader Nifty 50 index advanced 55 points or 0.49 at 11,325

    Check live Sensex, Nifty levels

    12:09 (IST)11 Aug 2020
    ICICI Bank share price jumps 3% on Rs 15,000 cr mega fundraising; floor price set, final price soon

    ICICI Bank share price jumped nearly 3 per cent to Rs 374.15 apiece on BSE, a day after the private lender launched Rs 15,000 crore qualified institutional placement (QIP) and set the floor price at Rs 351.36 per share. The bank in a BSE filing informed that the decision on the final price and allotment of shares will be taken on Friday, August 14. The floor price of Rs 351.36 is a 3.52 per cent discount to Monday’s closing level of Rs 364.20

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    11:45 (IST)11 Aug 2020
    Data backs RBI Governor's claims; outflows from credit-risk funds in July lowest so far this fiscal

    After the Reserve Bank of India (RBI) Governor Shaktikanta Das last week claimed that the situation in the Mutual Fund industry has stabilised, data from the Association of Mutual Funds in India (AMFI), published yesterday, has now backed his claim. Open-ended debt oriented schemes saw inflows of Rs 91,391 crore in the month of July with outflows in the credit-risk schemes dropping to the lowest so far this fiscal year to just Rs 669 crore. Debt mutual funds have been in a tight spot after the Franklin Templeton saga that saw the fund house shut six of its debt fund schemes.

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    11:06 (IST)11 Aug 2020
    Gold prices off Rs 1,600 from all-time high, slip below Rs 55,000 per 10 gm; here’s what pushing down prices

    Gold prices fell on Tuesday on the back of profit booking after a sharp rally in the prices in the previous sessions. Meanwhile, coronavirus cases continue to rise in India and elsewhere. The total number of COVID-19 cases in India are over 22 lakh with more than 45,300 deaths, so far. On MCX, gold October futures fell Rs 422 or 0.77 per cent to trade at Rs 54,524 per 10 grams, while silver September futures declined Rs 823 or 1.09 per cent to rule at Rs 75,010 per kg.

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    10:18 (IST)11 Aug 2020
    Rakesh Jhunjhunwala may have lost Rs 200 cr in less than an hour as Titan shares slip after Q1 results

    Shares of Titan Company Ltd slipped over 4% on Tuesday morning to trade at Rs 1,057 per share after the company posted a net loss of Rs 270 crore in the April-June quarter. The sharp decline in share price may have resulted in ace investors Rakesh Jhunjhunwala losing as much as Rs 199 crore of his investment in the stock. The watch and jewellery manufacturer posted a 74% drop in revenue from sales on-year basis to just Rs 1,251 crore against Rs 4,885 in the same period last year. Rakesh Jhunjhunwala held a 4.43% stake in the company at the end of June.

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    10:12 (IST)11 Aug 2020
    Rupee shall continue to trade sideways with little impact of global happenings

    So far rupee has performed relatively well going against its weakening seasonality behaviour. This can be associated with the foreign inflows which have remained persistent and supported the rupee against depreciation. With sustained RBI intervention in the forex market, strength in the pair shall be limited to 74.50 levels in the near term. Hence, with subdued volatility and range bound sessions, rupee shall continue to trade sideways with little impact of global happenings. Till the time the pair is trading in the range of 74.50-75.50 and there is lack of dominant factor to rule out, it is advisable to remain a seller between 75.20 to 75.50 levels and a buyer between 74.60-74.70 levels for the near term: Amit Pabari, managing director, CR Forex Advisors

    10:11 (IST)11 Aug 2020
    Sensex, Nifty open higher for third consecutive session; check what’s pushing D-St today

    Following a strong trend in Asian stock markets, Indian share market indices BSE Sensex and Nifty 50 gained nearly a per cent on Tuesday. Sensex jumped to hit day’s high of 38,550, while Nifty 50 touched 11,373.60 in early trade. Index heavyweights such as Housing Development Finance Corporation (HDFC), ICICI Bank, ITC, Axis Bank and HDFC Bank were among top contributors. Gainers were led by Tata Steel, Axis Bank, ICICI Bank, HDFC, ITC and Asian Paints on Sensex, while Titan Company fell 3.73 per cent on weak April-June quarter earnings

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    09:46 (IST)11 Aug 2020
    Nifty likely to inch closer to gap resistance around 11550 over the next few sessions

    Bond market sentiment continues to remain weak. Bonds yields are 5-7 higher across maturities after the RBI left policy rates unchanged last week. AAA Corporate bond yields are 10-12 bps higher in the 10y space. We may see the RBI announce an OMO or a special OMO (OMO Twist) to soothe nerves in the bond market. Asian currencies with the exception of IDR are stronger against the USD. Rupee is likely to open around 74.85 and trade 74.70-75.00 range. QIP related inflows may continue today. However, they may continue to be absorbed by nationalized banks on behalf of RBI. Nifty is likely to trade with a positive bias and inch closer to gap resistance around 11550 over the next few sessions: Abhishek Goenka, Founder and CEO, IFA Global

    09:38 (IST)11 Aug 2020
    Economic activities start to peter out after early signs of revival, shows Apple, Google data

    India’s economic activity monitors are beginning to flatline just months after showing signs of returning to life. Latest data from Apple Inc. and Alphabet Inc.’s Google showed mobility suffered in recent weeks after notching up an increase since May, when Asia’s third-largest economy began exiting a nationwide lockdown to contain the coronavirus outbreak.

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    09:31 (IST)11 Aug 2020
    Nifty Metal index gains the most

    Barring Nifty Pharma index, all the sectoral indices were trading higher. Nifty Metal index was the top sectoral gainer, up 2.12 per cent led by gains in Hindalco Industries, SAIL and JSW Steel.

    09:31 (IST)11 Aug 2020
    ICICI Bank, Axis Bank top Sensex gainers

    ICICI Bank was the top Sensex gainer after it launched QIP and set floor price at Rs 351.36 per share. The private lender was followed by Axis Bank, Tata Steel, L&T, Power Grid Corporation of India, ITC, HDFC, HCL Tech, UltraTech Cement and IndusInd Bank.

    Check live prices: ICICI Bank

    09:26 (IST)11 Aug 2020
    Nifty tops 11,350, Sensex gains 300 points

    The 30-share index Sensex was up 343 points or 0.90 per cent to trade at 38,525, while the broader Nifty 50 index advanced 97 points or 0.86 at 11,367.

    Check live Sensex, Nifty levels

    09:18 (IST)11 Aug 2020
    Modi Government’s Rs 21 lakh crore stimulus brings relief to firms; slows pace of credit downgrades

    India’s unprecedented stimulus measures to fight the coronavirus crisis are starting to show signs of slowing the sharp worsening in corporate credit quality. There have been around five downgrades for every one upgrade of rupee debt of Indian firms since July 1. That compares with a ratio of almost 11 to one in the three months ended June 30, a record rate, according to a review of moves by India’s four main credit assessors -- CARE Ratings, Crisil, ICRA and India Ratings & Research.

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    09:07 (IST)11 Aug 2020
    Stocks in focus: ICICI Bank, IndiGo, Titan, BoB, Kotak Mahindra Bank, Motherson Sumi Systems, RITES

    Ashoka Buildcon, Bajaj Electricals, Bosch, Capacite Infraprojects, Central Bank of India, Chalet Hotels, Indoco Remedies, JMC Projects, Metropolis Healthcare, Motherson Sumi Systems, PTC India, RCF, RITES, Suven Life Sciences, Symphony, and VST Tillers Tractors, are among 90 companies that scheduled to announce their quarterly earnings today.

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    08:51 (IST)11 Aug 2020
    Pandemic pain of emerging markets

    The public health and economic consequences of the Covid-19 pandemic have varied across countries. This is true even among emerging-market and developing economies (EMDEs), which, compared to advanced economies, have higher poverty rates, poorer health care, and a lower share of jobs that can be performed remotely. Read full story

    08:36 (IST)11 Aug 2020
    AGR crisis: How will you recover dues from insolvent telcos, SC asks Centre

    The case of bankrupt telecom operators in the adjusted gross revenue (AGR) case took a new turn on Monday when the government told the Supreme Court that the spectrum held by such firms cannot be sold as part of their resolution plans. This raises uncertainty regarding the resolution plans of Reliance Communications and Aircel, where the respective plans are at different stages.

    Read full story

    08:26 (IST)11 Aug 2020
    Sensex and Nifty stare at positive opening; 6 things to know before the opening bell today

    Domestic equity benchmarks could begin Tuesday’s trading session with gains as SGX Nifty traded higher 43 points during hours. The 30-share Sensex ended 141 points higher at 38,182, while the broader Nifty 50 closed at 11,274 on Monday morning. Analysts claim that Nifty closing above the 11,250 mark signals a bullish sentiment in the stock market that might see equities gain in the coming session. The Supreme Court has deferred the AGR hearing till Friday with no clarity so far on how the telecom operators will pay their dues. Major Asian stock markets were in the green during the early hours of trade. 

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    08:24 (IST)11 Aug 2020
    S&P 500 ends lower in overnight trade

    In overnight trade on Wall Street, Dow Jones and S&P 500 gained while Nasdaq ended lower as investors awaited news on progress in a US fiscal support bill. The Dow Jones Industrial Average rose 1.31%, the S&P 500 gained 0.28%, and the Nasdaq Composite dropped 0.39%

    08:23 (IST)11 Aug 2020
    Asian stock markets trade higher in early trade

    Asian stock market peers were seen trading higher in the morning trade. The Nikkei 225 advanced 0.89% and the Topix index was up 1.15%. South Korea’s Kospi index gained 0.93%.

    08:22 (IST)11 Aug 2020
    Sensex, Nifty set to see strong start on Tuesday

    Nifty futures were trading 72.25 points or 0.64 per cent higher at 11,366.20 on Singaporean Exchange in early deals, indicating a higher opening for BSE Sensex and Nifty 50 on Tuesday

    08:21 (IST)11 Aug 2020
    ICICI Bank sets QIP floor price at Rs 351.36

    ICICI Bank on Monday announced the launch of its qualified institutional placement (QIP) and set the floor price at Rs 351.36 per share. A decision on the final price and allotment of shares will be taken on Friday, the bank said in a notification to the stock exchanges. The bank had earlier received the board’s approval to raise up to Rs 15,000 crore through sale of shares. The entire amount is likely to be raised in a single tranche, sources said.

    Read full story

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