Share Market HIGHLIGHTS: Sensex rises 500 pts, Nifty settles at 10,430; RIL, ITC, HDFC among top contributors

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Updated: July 1, 2020 4:31:46 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled nearly 1.5% higher on Wednesday. Axis Bank share price jumped 6.4%

Share Market Today, Share Market LiveThe trend among Nifty sectoral indices was largely positive in today’s trade

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and NSE’s Nifty 50 settled nearly 1.5 per cent higher in Wednesday’s trade led by buying in financial stocks. The 30-share index Sensex advanced 499 points or 1.43 per cent to close the session at 35,414.45, while the broader Nifty 50 index settled 128 points or 1.24 per cent higher at 10,430. Among top Sensex gainers were Axis Bank, which rose 6.6%, followed by Bajaj Finserv, HDFC, Bajaj Finance, ITC, IndusInd Bank and State Bank of India, all up in the range of 3.5-5.6 per cent. On the other hand, out of 30 Sensex stocks, 16 scrips finished in the negative territory. NTPC, M&M, L&T, Nestle India, ONGC and Sun Pharma were among top laggards on the pack. The trend among Nifty sectoral indices was largely positive. Nifty PSU Bank and Nifty Financial Service were top sectoral gainers, up 3.63 per cent and 2.66 per cent, respectively.

Fitch Ratings on Tuesday cut India”s growth forecast for 2021-22 fiscal to 8 per cent from 9.5 per cent projected last month. It, however, retained its projection of Indian economy contracting by 5 per cent in the current fiscal. Indian economic growth stood at an estimated 4.2 per cent in 2019-20. In its June update of Global Economic Outlook, Fitch projected Indian economy to grow 5.5 per cent in 2022-23, according to a PTI report.

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    15:51 (IST)01 Jul 2020
    Coronavirus to accelerate India's energy transition from towards gas; these stocks stand to benefit

    Consumption habits have been changing in the wake of the coronavirus pandemic as discretionary spending is expected to come significantly down from the pre-coronavirus levels. This change in consumption is also set to accelerate India’s energy transition towards gas, from coal and oil, said global brokerage and research firm Morgan Stanley. The shift towards gas will be alike for both individuals as well as industry, pushing India's oil beta down but driving up investment and employment. Morgan Stanley said that such a move will also prove to be beneficial for a large number of stocks, ranging from pipeline owners to industrial consumers.

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    15:32 (IST)01 Jul 2020
    Ongoing geopolitical tensions will boost safe-haven demand for gold

    There are worries over reigniting US-China trade war, giving a boost to safe-haven demand for gold. Currently, the recent high in gold is acting as a crucial resistance and we may see a small correction in prices till 47500/47000. However, the ongoing geopolitical tensions will boost safe-haven demand for gold and once it cross and sustains above 49000 then 49750-50600 is expected. Dips will find buying support until 47000 holds and prices will again bounce back towards 48500/49000 levels: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    15:10 (IST)01 Jul 2020
    Gold prices hit all-time high today, rally 27% from March low; time to buy or sell yellow metal?

    Gold prices in India hit an all-time high in Wednesday’s trade on the back of rising coronavirus cases, demand for safe assets and positive trends in the international market. The yellow metal, in today’s session, surpassed its previous day’s high of Rs 48,825 per 10 grams. On MCX, gold August futures touched a fresh record high of Rs 48,982 per 10 grams, up Rs 204, while silver September futures rose Rs 506 or 1 per cent to rule at Rs 50,891 per kg.

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    14:24 (IST)01 Jul 2020
    Petronet LNG share price falls 2% after profits dive 20%, brokerages still upbeat; check target price

    Having reported a profit of Rs 373.2 crore in the January-March quarter, down from Rs 465.3 crore in the same period last year, the share price of Petronet LNG dropped 2% during the early hours of trade on Wednesday. Despite a fall in profits, Petronet LNG’s total revenues were up to Rs 8,653 crore from Rs 8,534 crore from a year-ago period. With inexpensive valuations, good dividend yield, and healthy earnings growth brokerage firms are upbeat on the stock, expecting Petronet LNG shares to surge as high as 32%. The stock was trading at Rs 257 per share on Wednesday.

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    13:58 (IST)01 Jul 2020
    Traders unaware of which direction will the USDINR spot trade and are looking for more cues

    The mixed risk sentiments are leading to very lackluster trading in the forex market. Traders are unaware of which direction will the USDINR spot trade and are looking for more cues. The good news of economic recovery has been factored in so any disappointment over coronavirus or US-China trade war will hamper the market sentiments. In USDINR spot, 75.50 has been acting as strong support. Only if it breaks then price can slump towards 75 otherwise we expect a rally towards 76.30 in coming sessions: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    13:55 (IST)01 Jul 2020
    Gold prices surge to highest in nearly 8 years on Tuesday

    Gold surged to its highest in nearly 8 years on Tuesday as mounting fears of a resurgence of new coronavirus cases kept safe-haven demand for gold alive, setting the precious metal on path for its biggest quarterly gain since March 2016. Positive US consumer confidence number also could not dampen gold's rally. Uncertainties around regarding the Hong Kong issue, second wave of COVID-19 is increasing distress in the market hence supporting precious metal prices. Broader trend on COMEX could be in the range of $1775-1805 and on domestic front prices could hover in the range of Rs 48,550-49,200: Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services

    13:33 (IST)01 Jul 2020
    Buy Persistent Systems | Target price: Rs 750 ~ Emkay Global

    Persistent’s Services business continues to rebound led by the interventions undertaken by the new leadership. Recent deal wins from a BFS ISV client provide visibility around the Services business. We see upside risks to our estimates and potential rerating as we upgrade to Buy from Hold on relative valuation comfort, with a revised TP of Rs750 (from Rs550, based on 10x FY22E EPS). We do not rule out a near-term pause, given a 20% up-move in the past one month, but would recommend adding positions on any near-term weakness.

    13:01 (IST)01 Jul 2020
    Vodafone Idea share price rallies 62% in June; should you buy or sell? Analysts warn of volatility

    Vodafone Idea share price fell nearly 5 per cent to Rs 10.10 apiece on BSE a day after the company reported a net loss of Rs 11,643.5 crore in the January-March quarter of the fiscal ended March 31. Vodafone Idea had posted Rs 4,881.9 crore loss in the corresponding quarter of preceding fiscal. While, for the fiscal ended March 31, the company has reported a net loss of Rs 73,878 crore, the highest ever by any Indian firm.

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    12:48 (IST)01 Jul 2020
    Notice to Amazon, Flipkart, others: Delhi HC seeks e-commerce firms’ stand on displaying country of origin

    The Delhi High Court has issued notice to e-commerce portals including Amazon and Flipkart in a plea seeking display of ‘country of origin’ of products sold on their marketplaces. The high court has sought responses from the e-commerce companies on giving consumers information about the country where the product has been made. Moreover, the court has also asked the Centre to reply on the government’s policy on display of ‘country of origin’.

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    12:23 (IST)01 Jul 2020
    Billions of dollars for share market put on hold; MSCI defers raising India weight in global indices

    Share market, eagerly awaiting for an increase in India’s weightage in MSCI (Morgan Stanley Capital Investment) global index, has yet again been handed a disappointment by the global index major as it deferred increasing foreign ownership limit (FOL) indefinitely. MSCI was due to announce changes to its Global Standard Index by June 30. The change in India weightage was expected to rope in billions of dollars in active and passive flows into Indian share markets. Instead, experts say that the move will disappoint domestic markets and could result in funds flowing out of some stocks.

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    12:00 (IST)01 Jul 2020
    Manufacturing PMI shrinks for three months straight; job loss still highest on record

    In a straight three-month contraction, the manufacturing PMI was 47.2 in the month of June 2020. The fall in the manufacturing activity was primarily driven by sharp contractions in output and new orders, with regional lockdown extensions severely hampering demand conditions, said the IHS Markit report.

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    11:27 (IST)01 Jul 2020
    Uniform stamp duty on stocks rationalises charges, but will it really impact share market investors?

    The government on Tuesday announced to implement uniform stamp duty on transfer of shares, debenture and investment in other financial instruments such as mutual funds, new fund offers of MF schemes including systematic investment plans (SIPs) and systematic transfer plans (STPs) from today, July 1, 2020. These changes will help to facilitate ease of doing business and bring in the uniformity of the stamp duty on securities across states.

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    10:36 (IST)01 Jul 2020
    June PMI at 47.2 as business conditions face deterioration

    Latest PMI data pointed to another deterioration in business conditions faced by Indian goods producers during June. The downturn was primarily driven by sharp contractions in both output and new orders, with regional lockdown extensions severely hampering demand conditions. That said, both rates of decline eased considerably from May, continuing the trend towards stabilisation since April's historic lows. Meanwhile, firms continued to reduce staff numbers at a marked pace. At 47.2 in June, the seasonally adjusted IHS Markit India Manufacturing PMI surged from 30.8 in May. Despite the rise, the latest reading pointed to a third successive monthly decline in the health of the manufacturing sector, albeit one that was far softer than registered in April and May. ~ IHS Markit

    10:28 (IST)01 Jul 2020
    LPG cylinder prices hiked for second month straight; here’s how much users will have to pay in July

    Prices of non-subsidized LPG or liquefied petroleum gas were hiked on Wednesday, taking the prices up for the second straight month. Prices of a 14.2 KG cylinder in the non-subsidized category were increased by Re 1 in New Delhi, while it was increased by Rs 4.50 per cylinder in Kolkata, Rs 3.5 in Mumbai and Rs 4 per in Chennai. The move to increase the prices of non-subsidized LPG cylinders comes after the government cut prices in the months of March, April and May as international prices went down.

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    09:39 (IST)01 Jul 2020
    Top gainers and losers on BSE Sensex

    Out of 30 Sensex stocks, 16 scrips were trading in the positive territory, while 14 in red. Axis Bank was the top Sensex gainer, up 2.5 per cent, followed by ITC, HDFC, IndusInd Bank, TCS, Reliance Industries and ICICI Bank. On the other hand, Kotak Mahindra was the top laggard on Sensex. NTPC, LT, Neste India, ONGC, Maruti Suzuki and Tata Steel were among other losers on the pack.

    09:38 (IST)01 Jul 2020
    Sensex, Nifty jump over half a per cent, mirror global markets

    Sensex was up 192 points or 0.55 per cent to trade at 35,107, while the broader Nifty 50 index was ruling at 10,341.

    Check live Sensex, Nifty levels

    09:26 (IST)01 Jul 2020
    Bharti Airtel bags $235 mn investment in arm from Carlyle group, sells 25% stake in data centre business

    Sunil Mittal-led Bharti Airtel on Wednesday announced that US-based Carlyle Group will invest $235 million in its data centre business Nxtra Data Limited (Nxtra) for a 25% stake. The investment will be made by Comfort Investments II, an affiliated entity of CAP V Mauritius Limited, an investment fund managed and advised by affiliated entities of The Carlyle Group. In a joint statement Bharti Airtel and The Carlyle Group said that the post-money enterprise valuation of Nxtra is approximately $1.2 billion. Bharti Airtel is India’s second largest telecommunications network operator in terms of subscribers.

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    09:12 (IST)01 Jul 2020
    Sensex, Nifty may open flat; four factors that could define stock market movement today

    Domestic benchmark indices gave up all gains and ended down by 0.10% on Tuesday. S&P BSE Sensex at closing was down 45 points at 34,915 points, while the 50-stock NSE Nifty slipped 10 points. Market participants expect the benchmark indices to further react to the opening up of the economy as India enters the second stage of unlocking the country.

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    09:10 (IST)01 Jul 2020
    Stocks in focus: Bharti Airtel, Vodafone Idea, Yes Bank, Bank of Baroda, JSPL, L&T, auto stocks

    Tejassvi Aaharam, Premium Capital Market, Eveready Industries, Intense Technologies, Continental Controls and Budge Budge Company are six companies that are scheduled to announce their March quarter earnings today.

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    08:48 (IST)01 Jul 2020
    Sensex, Nifty may open flat; four factors that could define stock market movement today

    Domestic benchmark indices gave up all gains and ended down by 0.10% on Tuesday. S&P BSE Sensex at closing was down 45 points at 34,915 points, while the 50-stock NSE Nifty slipped 10 points. The broader market also ended in marginal red with Nifty Midcap 100, Smallcap 100 down 0.2% and 0.6%, respectively. Sectorally it was a mixed bag with PSU Banks down 1.8%, Pharma slipped 1.5%, and Media fell -1.7% largely dragging the market down. Market participants expect the benchmark indices to further react to the opening up of the economy as India enters the second stage of unlocking the country.

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    08:37 (IST)01 Jul 2020
    Gold outlook

    International gold and silver rose with gold futures touching $1800/ounce on technical buying. Domestic precious metals ended higher with gold touching new all-time high on Tuesday tracking gains in the overseas markets. Underlying bullish fundamentals remains bullish. Safe-haven demand remained intact due to the Covid-19 pandemic that appears to be getting worse instead of better and also further damaging global economies. US Dollar gave up all the gains in the session and supported bullion prices. International bullion prices have started flat this Wednesday morning in Asian trade ahead of key data from the U.S. this week. Domestic bullion could start flat this Wednesday morning, tracking a subdued start in the international markets: Sriram Iyer, Senior Research Analyst at Reliance securities

    08:35 (IST)01 Jul 2020
    Crude Oil Outlook

    International and domestic oil prices rebounded from the lows of the session on Tuesday after an industry report showed crude inventories in the United States fell much more than expected. Meanwhile, prices also found support after oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11 million bpd for June 19, according to the Energy Information Administration. Technically, NYMEX WTI Crude Oil contract has traded in a range of $38.89-$40.08 levels. However it did not sustain above $40.00 levels indicating exhaustion continue up to $40.01-$41.55 in coming season where $38.30 will hold support. Domestic crude could start flat to higher this Wednesday morning, tracking a positive start in the overseas markets: Sriram Iyer, Senior Research Analyst at Reliance Securities

    08:29 (IST)01 Jul 2020
    Indian equities witness their best quarter since 2009

    Indian equities witnessed their best quarter since 2009 after Tuesday’s market close, on the last day of June. During the day’s session, the indices gave up their gains in the last hour of trade, tracking global cues. Uncertainties around the lockdown and rising Covid-19 cases also dampened investor mood. The benchmark Sensex was down by 45.72 points or 0.13% to close at 34,915.8. The 50-share index Nifty was down by 10.30 points or 0.1% to close at 10,302.1.

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    08:28 (IST)01 Jul 2020
    US stock indices end with gains on Wall Street

    In overnight trade on Wall Street, US Stock indices traded higher as improving economic data bolstered investor beliefs that a stimulus-backed rebound for the US economy was on the horizon. The Dow Jones Industrial Average rose 0.85%, the S&P 500 gained 1.54% and the Nasdaq Composite added 1.87%.

    08:28 (IST)01 Jul 2020
    Asian stock markets trade mostly higher

    Asian stock markets edged higher on Wednesday as a private survey showed better-than-expected Chinese factory activity.

    08:27 (IST)01 Jul 2020
    SGX Nifty suggests tepid start for Sensex, Nifty

    Trends on SGX Nifty indicated muted start for Sensex and Nifty on the first day of the July-September quarter. The Nifty futures were 29.50 points or 0.29 per cent lower at 10,229 on Singaporean Exchange.

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