Share Market LIVE: Sensex extends rally to 4th straight day, Nifty holds above 11,900; Airtel shares rise 3.5%

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Updated: October 21, 2020 4:16:43 pm

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 managed to end in the positive territory for the fourth straight day on Wednesday

Share Market Today, Share Market LiveOn Wall Street, S&P 500 dropped the most in a month on Monday. Dow Jones tanked 2.29% while NASDAQ moved 1.64% lower.

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 index ended higher for the fourth straight day on Wednesday. In the afternoon deals, headline indices succumbed to profit booking on rumours on waiver of interest on loans. S&P BSE Sensex ended at 40,707, up 163 points or 0.4 per cent with Power Grid Corporation of India, Bharti Airtel, and Tata Steel finishing as the top gainers on the 30-share Sensex. The broader Nifty 50 index, on the other hand, ended at 11,938, up 41 points or 0.38 per cent. In the broader market, the S&P BSE MidCap index settled at 14,808.5, up 33 points or 0.23. While, the S&P BSE SmallCap index closed at 14,900, up just 5 points. Nifty sectoral indices ended mixed in today’s trade with Nifty Auto, Nifty FMCG, Nifty IT and Nifty Media indices ending the day in red. On the flip side, Nifty Metal index gained 2.23 per cent.

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Highlights

    16:16 (IST)21 Oct 2020
    Sensex, Nifty recoup intraday losses, take gaining streak to 4 days; here's what moved indices today

    Sensex and Nifty witnessed a volatile trading session but managed to end with gains, taking their winning streak to the fourth-day straight. S&P BSE Sensex ended 163 points or 0.40% higher at 40,707 points while the 50-stock Nifty managed to close above the 11,900 mark. Power Grid Corporation was the top index gainer, up 4.6%, followed by Bharti Airtel and Tata Steel. Volatility was high, as Sensex finished 557 pints higher from the day’s low and 269 points lower from the intraday high. India VIX was up over 1%, closing just below 23 levels.

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    16:06 (IST)21 Oct 2020
    Market to remain volatile in the near future

    Indian markets displayed strong positive trends at the early hours of trade and took a sharp correction in the second half, due to the fall of heavyweights. Reliance Industries contributed most of the fall in Index due to dispute in Future group deal and high valuation. But the market is maintaining its confidence due to a turnaround in earnings growth based on ongoing Q2 results. Till date, the results are good while any weakness or shortfall in the future will impact the market going forward. Western markets are trading in the negative due to decreasing optimism over US stimulus. We expect the market to remain volatile in the near future as the market has digested a lot about the results and as we near the US election date: Vinod Nair, Head of Research at Geojit Financial Services

    16:01 (IST)21 Oct 2020
    Indices end in green despite profit booking in afternoon session

    Indices managed to close in the Green today but not without its share of hiccups over rumours on waiver of interest on loans. Banks & Metals provided support even as we saw profit booking in several stocks during afternoon trade. Select PSU names were sought after by funds in todays volatile session: S Ranganathan, Head of Research at LKP Securities

    16:00 (IST)21 Oct 2020
    Reason for mid session decline was purely technical

    The reasons for today's decline mid-session also stay purely technical. The strike of 12000 continued to see maximum accumulation of CALL OI despite the markets moving past that figure. This led to sharp profit taking bout in the middle of the session. From the technical perspective, the NIFTY has stayed within the range of the Thursday's trade and spent the remaining 3 sessions after that within that range. Further, not moving past 12000 level also reinforced that level as a crucial resistance point. Going ahead, this level of 12000 will continue posing stiff resistance to the markets: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst, Gemstone Equity Research & Advisory Services

    15:59 (IST)21 Oct 2020
    Nifty support at 11650

    Despite being close to the 12050 level, we were unable to get past that. The Nifty reacted sharply from that zone of 12000-12050 and has resumed it's sideways movements. For any up move to commence, it is imperative we cross 12050 as that will lead the index to 12200-12300 levels. On the flip side, the support is at 11650 and till we do not break that, we are going to be rangebound with a positive bias. Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    15:00 (IST)21 Oct 2020
    FPI, mutual fund inflows weaken; low institutional activity to keep stock markets range bound

    After Sensex and Nifty surged nearly 49% since the last week of March till the beginning of August, helped by strong foreign fund inflows and hopes of revival, analysts say equity valuations are now expensive. With this, inflows from Domestic Institutional Investors (DII) and Foreign Portfolio Investors (FPI) have softened, which is further resulting in a consolidation phase for equity markets currently, said brokerage and research firm ICICI Direct. After having pumped in over $1.2 billion since May, FPIs inflows were at $6.1 billion into equity. In September FPIs recorded $0.8 billion in outflows.

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    14:14 (IST)21 Oct 2020
    Rupee could depreciate towards 74.20 in coming sessions

    As of now, we are expecting the rupee to trade with a depreciating bias in the near-term, given RBI’s persistent attempts to cap an upside in the unit. Moreover, the dollar index also has some scope to rebound from current levels, if the U.S. stimulus package does not materialize. Volatility on the local unit is expected to increase in the run-up to the U.S. elections, and the rupee could depreciate towards the 74.20 mark in the coming sessions: Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

    14:00 (IST)21 Oct 2020
    Equitas SFB IPO: Retail portion fully booked, overall subscription at 52% so far; check grey market trend

    The 518-crore Equitas Small Finance Bank initial public offer (IPO) has been subscribed 52 per cent so far on day 2 of the three-day bidding process. The IPO received bids for 5.93 crore equity shares against an offer size of 11.58 crore shares, according to the data available on the exchanges showed. Earlier this week, Equitas Small Finance Bank raised around Rs 140 crore from 12 anchor investors and finalised allotment of 4.23 crore equity shares at upper price band of Rs 33 per equity share. The stock is trading with nil or zero premium in the secondary market on the back of thin interest in the IPO.

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    13:47 (IST)21 Oct 2020
    USD-INR spot is respecting the strong support of 73

    The market sentiments are hinged on to the US fiscal stimulus negotiations. There is a potential for a stimulus bill but at the same time there is a lot of caution on the back of it. The subdued dollar index is keeping Asian currencies including rupee positive. The election event volatility is yet to begin and the USDINR spot is respecting the strong support of 73. Until it trades above that, prices will remain in between 73-73.60. Only a fall below 73 may drag prices towards 72.75, keeping 73.60 strong resistance: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:40 (IST)21 Oct 2020
    Brokerage view on Rallis India

    We trim our revenue estimate by 4% for FY21/22/23 and EPS estimates by 5%/5%/6% for FY21/22/23, factoring in Q2 miss and a gradual ramp-up of Metribuzin volumes. Despite EPS cut, we expect EPS CAGR of 14% over FY21-23E. We maintain Buy with a revised TP of Rs310 (vs. Rs335 earlier), based on 23x Sept’22E EPS.: Emkay Global Financial Services

    13:31 (IST)21 Oct 2020
    Recovery in markets after pandemic shock is broad-based: Sebi chief

    As criticism mounts about there being a disconnect between the equity markets and the economy, Sebi chairman Ajay Tyagi on Wednesday said there are some positive aspects as well in it, and termed the recovery in the capital markets as broad-based. ”We have observed that recovery has been broad-based. It is not just large caps but the mid and small cap shares have also recovered,” Tyagi said.

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    13:27 (IST)21 Oct 2020
    Green shoots of economy may not live long; September recovery may fade away after festive season

    India’s economy saw a nascent upturn in the month of September as nine of the tracked 15 non-financial high-frequency indicators such as GST e-way bills, electricity, petrol and diesel sales, etc recorded growth in the month. The improvement in some of the other indicators, such as automobile output, also reflected a combination of pent-up demand, healthy rural sentiment, and inventory build-up, ahead of the upcoming festive season, said an ICRA report.

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    12:48 (IST)21 Oct 2020
    Prabhat Dairy shares jump 20%, hit upper circuit after SEBI asks firm to deposit Rs 1,292 crore 

    Shares of Prabhat Dairy shot up 20% on Wednesday morning to trade at Rs 58.35 per share hitting the upper circuit, a day after capital markets regulator Securities and Exchange Board of India (SEBI) directed the firm to deposit Rs 1,292 crore in an escrow account. The SEBI order came in the light of an ongoing forensic audit of the firm that relates to the sale of its subsidiary last year. Prabhat Dairy shares have tanked 21% since the beginning of this month and are trading 37% lower year-to-date.

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    12:39 (IST)21 Oct 2020
    Bharti Airtel among 4 stocks set to beat Sensex, Nifty; charts signal up to 13% rally in 1 month

    Indian share market benchmarks BSE Sensex and Nifty 50 have gained nearly 5 per cent so far in October. Analysts are of the view that markets will continue to trade volatile till US elections. Newsflow related to COVID-19 vaccine and rising coronavirus cases will also sway the investor sentiment. With a view to outperform the market and at the same time to gauge the volatility, research and brokerage firm Anand Rathi Financial Services has prepared Alpha Tech basket, which comprises stocks from a diversified platform.

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    12:17 (IST)21 Oct 2020
    Equitas Small Finance Bank IPO subscribed 49% so far; retail portion fully booked

    Equitas Small Finance Bank initial public offer has been subscribed 49 per cent so far on day 2 of the bidding process. The portion reserved for retail investors has been fully subscribed and that of non-institutional investors 4 per cent and employee 65% while qualified institutional investors have not subscribed yet.

    12:08 (IST)21 Oct 2020
    Motilal Oswal on Hindustan Unilever

    We remain positive on HUVR from a medium-term perspective encouraged by: (a) robust earnings growth potential beyond the near term owing to its portfolio and execution strengths, and (b) significant synergies in FY22E as a result of GSKCH. These factors suggest premium multiples are likely to sustain. Valuing the company at 55x Sep’22E merged EPS, we arrive at a TP of INR2,620, implying a 21% upside.

    11:33 (IST)21 Oct 2020
    Retail investors looking for short term opportunity can buy Wipro shares

    Retail investors looking for short term opportunity can buy the shares of Wipro (upto the value of INR 2 lakhs - as on the record date) from the open market and tender them in the buy-back offer. Based on the last two buybacks of Wipro and very low retail shareholding, we expect the acceptance ratio to remain high in the range of 40-60% which could give a potential return of 7-11% (pre-tax) with a time frame of 2-3 months (assuming one is able to sell the remaining un-tendered shares at the current levels of ~Rs340): Motilal Oswal

    11:23 (IST)21 Oct 2020
    Axis Securities on Britannia Industries

    Growth momentum expected to moderate from a near term perspective with easing of lockdown restriction and rising opportunities for consumers to order online. However, benign RM prices could keep GM steady in range of 41-41.5% in our view while EBITDA Margins could revert to its band of 18-19% on the back of normalizing A&P spends. We have marginally tweaked our estimates for FY21/22 given the modest growth commentary. Retain BUY with revised TP of Rs. 4,170 (Rs. 4,300 earlier). Key downside risks to our estimates – faster adoption of out-of-home consumption and upside risk is the onset of COVID-19 second wave.

    11:16 (IST)21 Oct 2020
    L&T Infotech (Q2FY21 Results Review) | Growth progression continues; maintain BUY

    We have factored in USD revenue growth of 8.3/17.1/15.9% and EBIT margin at 18.9/18.1/18.6% for FY21/22/23E respectively. APAT margin estimated at 15.1/15.0/15.4% for FY21/22/23E. At CMP, LTI trades at 23.5/19.3x FY22/23E: HDFC Securities 

    11:09 (IST)21 Oct 2020
    Buy Infosys shares ~ Geojit Financial Services

    Revenue up 4.0% QoQ on a constant currency (“cc”) basis, led by growth seen across most segments on the back of strong execution. EBIT margin improved 268bps QoQ to 25.3% on better utilization and improved onsite-offshore mix. PAT rose 14.5% QoQ (+20.6% YoY). Q2 saw addition of 96 new clients with the number of $100mn+ clients increasing by 5 sequentially to reach 30. In the new-normal WFH scenario, Infosys is leading from the front in adopting technologies to ensure seamless connectivity to both its employees, and clients. We remain bullish on INFY’s growth story and retain our BUY with a revised TP of Rs. 1,319 based on 26x FY22E EPS.

    ~ Geojit Financial Services

    11:02 (IST)21 Oct 2020
    Sell Nifty 11,800 Put

    The Nifty is expected to trade between 11700 and 12000 amid high volatility. Sell Nifty 11800 Put (October 22 expiry) in therange of Rs 47-49 Target: Rs 33-23 Stop loss : Rs 63

    11:00 (IST)21 Oct 2020
    COMEX gold trades marginally higher near $1922/oz

    COMEX gold trades marginally higher near $1922/oz after a 0.2% gain yesterday. Gold is supported by weaker US dollar and increasing uncertainty about the global economy amid rising virus cases and mixed economic data. Mixed ETF activity however shows weaker investor interest. Despite recent gains, gold continues to hold within recent trading range of $1880-1935/oz and we may see directionless trade continuing unless there are fresh triggers: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    10:46 (IST)21 Oct 2020
    Hindustan Zinc shares jump 4% despite fall in profits; interim dividend helps cheer Vedanta’s stock

    Hindustan Zinc shares jumped 4% on Wednesday’s opening bell to trade at Rs 232 apiece, a day after the firm reported a 6.8% on-year drop in net profit during the July-September quarter. Hindustan Zinc reported a net profit of Rs 1,940 crore as against Rs 2,810 crore in the same period last year, despite a 25% on-year growth in net sales and 39.4% jump in EBITDA. The firm saw a 11% increase in total expenditure from last year and reported higher tax payout. However, Hindustan Zinc’s board approved an interim dividend of Rs 21.30 per share with the record date of October 28 which helped push the stock higher.

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    10:42 (IST)21 Oct 2020
    Brokerage view on HUL

    Overall management commentary though cautious gives confidence that the worst is behind us although the timing of recovery in urban demand still remains uncertain. But HUL though its sharp execution, operational agility and brand portfolio seems well prepared to benefit from the impending recovery much ahead of competition. We would therefore expect another phase of outperformance to resume post the recent consolidation and expect the stock to re-rate towards 50x FY23 earnings from current levels of 44x, implying a fair value of ~Rs 2,500: YES Securities

    10:40 (IST)21 Oct 2020
    Analyst's view on Indian Energy Exchange

    For 2QFY21, Indian Energy Exchange Ltd (IEX)’s top-line grew by ~5% to ~Rs71cr due to decent trade volume on exchange. On the operating front, the company reported margin contraction (down by 75bp YoY to 78.2%), primarily on account of higher expenditure expenses. The reported net profit de-grew by ~9% YoY to Rs44cr due to lower sales: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Ltd

    10:23 (IST)21 Oct 2020
    Tobacco taboo has failed to unlock ITC’s value for years; now farm reforms could help rectify errors

    Although one in four of all adult Indians use tobacco, the country’s addiction runs far deeper. The government, too, has a toxic dependence. It’s called ITC Ltd.  Formerly known as Imperial Tobacco of India, later renamed India Tobacco Company, and finally truncated to just ITC, the 110-year-old conglomerate is 29.4% owned by British American Tobacco Plc. About 28.5% is controlled by various Indian state-run insurance companies and a government-controlled bad bank.

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    10:22 (IST)21 Oct 2020
    RIL share price jumps over 1.5% on Reliance Jio-Qualcomm 5G tie-up

    RIL share price gained 1.64 per cent to Rs 2,191 apiece on BSE, after the company informed that Reliance Jio has locally developed an open and interoperable interface compliant architecture-based 5G solution in collaboration with Qualcomm Technologies.

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    09:49 (IST)21 Oct 2020
    Overall trend is positive with good support at 11650

    The Nifty is trading around the upper end of the range 12000-12050. We need to get past the 12050 levels in order to move to higher levels. We could target 12200-12300 once we have crossed 12050. The overall trend is positive with good support at 11650: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    09:47 (IST)21 Oct 2020
    It will be important to see whether the rupee breaks 73.50 level

    Alternating talks on the stimulus and uncertainty about the US elections have kept the dollar on a broader declining trend that has remained a supportive factor for EM currencies including Indian rupee. Domestically, there have been inflows in the Indian capital market worth $1.5 Bn which has additionally supported the USDINR pair. It will be important to see whether the rupee breaks 73.50 levels triggered by any negative update. As we are nearing to US elections, volatility can be back anytime soon and hence we suggested strategizing the exposures and follow a suitable policy: Amit Pabari, managing director, CR Forex Advisors

    09:35 (IST)21 Oct 2020
    Gold prices rise for 3rd straight day

    Gold rose for the third straight day, supported by a softer dollar and increasing hopes for a new U.S. coronavirus relief package ahead of the November elections. Democrats have been locked in a stalemate since with Republicans on a successive package to the Coronavirus Aid, Relief and Economic Security, arguing over the size of the next relief, as thousands of Americans, particularly those in the airlines sector, risked losing their jobs without further aid. Dollar index has fallen for three consecutive sessions. Moreover, the investors will continue to monitor developments into the relief stimulus package by the US. Sentiment will be bullish in the bullion pack: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

    09:26 (IST)21 Oct 2020
    Nationalized banks intervened aggressively around 73.30 and bought Dollars

    Rupee continues to trade a 73.30-73.50 range. Nationalized banks intervened aggressively around 73.30 and bought Dollars and sterilized their purchases by paying far forwards. As a result of persistent intervention by the RBI, the Rupee has weakened against the Yuan. Rupee weakened past the 11.00 mark against the Yuan for the first time since September 2013. The SDL auction cutoffs were aggressive with 10y cutoffs around 6.50% which implied the spread over comparable Gsecs has narrowed to under 60bps: Abhishek Goenka, Founder and CEO, IFA Global

    09:25 (IST)21 Oct 2020
    RIL, HDFC Bank top Sensex contributors

    Among top BSE Sensex contributors were HDFC, HDFC Bank, Reliance Industries, ICICI Bank and Axis Bank. These top 5 contributors pushed Sensex above 300 points.

    09:24 (IST)21 Oct 2020
    IndusInd Bank share price jumps 2%; top Sensex gainer

    IndusInd Bank share price gained 2 per cent on BSE after the BofA Securities Europe SA bought 11.73 lakh shares of IndusInd Bank from Morgan Stanley Asia (Singapore) PTE at Rs 626.85 per share.

    Check prices: IndusInd Bank

    09:22 (IST)21 Oct 2020
    Sensex jumps 300pts, Nifty nears 12000

    BSE Sensex jumped 315 points or 0.78 per cent to trade at 40,859.50, while the broader Nifty 50 index was up 87 points 0r 0.78 per cent and was ruling at 11,987.

    Check live Sensex, Nifty levels

    09:05 (IST)21 Oct 2020
    Nifty reclaims 12,000 in pre-opening session

    BSE Sensex fell nearly half a per cent, while the broader Nifty 50 index jumped over 100 points to reclaim the crucial 12,000 mark in pre-open on Wednesday.

    Check live Sensex, Nifty levels

    09:00 (IST)21 Oct 2020
    Intraday dip towards 11890-11912 should be used to create long position

    Equity benchmarks edged higher over third session in a row. The Nifty ended Tuesday session at 11897, up 24 points or 0.2%. In the coming session, we expect the index to endure its positive momentum while maintaining higher high-low formation. Hence, intraday dip towards 11890-11912 should be used to create long position for target of 11994.ICICI Direct Research

    08:59 (IST)21 Oct 2020
    Indian markets likely to see a gap up opening

    Indian markets are likely to see a gap up opening tracking positive global cues amid developed market stimulus hopes and better-than-expected initial quarterly numbers. However, global news flows and sector-specific development will be key monitorable: ICICI Direct Research

    08:56 (IST)21 Oct 2020
    Nifty is now placed near the higher highs

    The larger degree positive pattern like higher tops and bottoms is visible on Nifty as per weekly timeframe chart. Though, Nifty is now placed near the higher highs, still there is no confirmation of any higher top reversal yet at the highs, as per weekly chart. Hence, we are unlikely to see any sharp weakness beginning from here. Any minor declines/consolidation could be a buy on dips opportunity for the short term: HDFC Securities

    08:55 (IST)21 Oct 2020
    Indian markets could open mildly higher

    Indian markets could open mildly higher following largely positive Asian markets today and positive US markets on Tuesday. The short term uptrend of Nifty remains intact with range bound action. The market could make an attempt to retest the crucial upper resistance of around 12000-12050 levels in the next few sessions. Immediate supports to be watched at 11780: HDFC Securities

    08:49 (IST)21 Oct 2020
    Gold, silver could start with gains

    Domestic bullion could start with gains this Wednesday morning, tracking a positive start in the overseas prices. Technically, MCX Gold December gave a positive close above 65-Daily Moving Average around 50750 indicating positive momentum where 51150-51300 will hold resistance and support is at 50700-50450 levels. MCX Silver December is trading in Rising Channel formation where it has given breakout from past consolidation, moreover it ended giving a close above 63000 levels which signifies for upside movement upto 63700-64300 levels: Sriram Iyer, Senior Research Analyst at Reliance securities

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