Market HIGHLIGHTS: Sensex settles above 36k, Nifty ends at 10,607; Bharti Airtel jumps 4%, IT, autos gain

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Updated: July 3, 2020 4:36:57 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty were trading over half a per cent higher on Friday in line with global cues. RIL shares gained 1% on Intel Capital investment in Jio Platforms

Share Market Today, Share Market LiveThe trend among the sectoral indices was mixed with Nifty IT index gaining the most

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled with half a per cent gains on Friday led by buying in IT and auto stocks. The 30-share Sensex jumped 178 points or 0.50 per cent to close the session at 36,021.42, while the broader Nifty 50 index ended at 10,607, up 56 points or 0.53 per cent. Bharti Airtel was the top Sensex gainer, up over 4 per cent to Rs 581.10 apiece, followed by Bajaj-Auto, TCS, Titan Company, HCL Tech and Reliance Industries. On the other hand, IndusInd Bank, Tata Steel, HDFC Bank, Bajaj Finance, Bajaj Finserv and Nestle India were among the top laggards on the Sensex. The trend among the sectoral indices was mixed with Nifty IT index gaining the most, up over one per cent. Similarly, Nifty Realty and Nifty Auto also gained one per cent each.

RIL and Jio Platforms announced today that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore, company informed in an exchange filing.

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    14:55 (IST)03 Jul 2020
    The bias for the rupee has shifted towards appreciation

    The bias for the rupee has shifted towards appreciation, given the risk-on environment and significant flows in the market, and as strong data sets from the U.S. have weighed on the dollar. That should lead to the rupee testing levels of 74.30 and 74 eventually, having said that, we believe the RBI will step in at regular intervals, and will not be comfortable to see the rupee appreciate beyond the 73.90 to 74.00 band.We expect rupee to trade in the 74.00 to 75.60 band in the near-term: Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

    14:22 (IST)03 Jul 2020
    US-China trade war is reigniting and will put some pressure over safe-haven demand for dollar in Asian trade

    This week there has been a shift in USDINR spot trading range to 74.50-75.50. The spot was holding the psychological support of 75, however, it broke mainly due to the dollar inflows likely on account of Reliance Jio, and hopes of a V-shape recovery in the global growth. All this while, RBI was intervening and sucking out all the dollar inflows, and it may continue doing so. The year-long US-China trade war is reigniting and will put some pressure over the safe-haven demand for dollar in Asian trade. We expect the 74.50 to act as strong support, consistent trading above 75 may push prices towards 75.50: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:20 (IST)03 Jul 2020
    Top smallcap, midcap stocks to buy: These shares set to rally in next 6 months; check target prices

    Even in the current uncertain scenario, the Nifty Midcap and Smallcap segment are at the verge of the next major bull market, signalling their outperformance going ahead. According to ICICI Direct Research report, select stocks such as Balkrishna Industries, Rallis India, Bajaj Electricals and Trent may offer up to 27 per cent return in the next six months of 2020. During the April-June quarter of the financial year 2020-21, S&P BSE Sensex soared 23.5 per cent and the broader Nifty 50 index gained 25 per cent.

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    13:16 (IST)03 Jul 2020
    Deepak Parekh wonders why RBI should answer to court on loan moratorium, calls it unfortunate

    Chairman of India’s largest mortgage lender HDFC Ltd, Deepak Parekh in his annual letter to shareholders has questioned the Supreme Court’s decision to bring the Reserve Bank of India (RBI) to clarify on issues relating to the loan moratorium. Deepak Parekh said that the incident was “indeed unfortunate” while he lauded the central bank for shouldering a huge burden to maintain financial stability while a pandemic wreaked havoc across the country. The veteran banker's comments come weeks after the apex court asked the Reserve Bank and the ministry of finance whether interest would be charged on the interest of the deferred loan repayment during the moratorium.

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    13:06 (IST)03 Jul 2020
    New BHARAT Bond ETF tranches maturing in 2025 and 2031 will provide more investment choices

    The BHARAT Bond ETFs, tracking the Nifty BHARAT Bond Index series, have been successful in increasing retail participation in corporate bond market with more than 50000 retail investors participating in the first two ETFs launched in December 2019. NSE is glad to continue working with Department of Investment and Public Asset Management (DIPAM), Government of India, Edelweiss AMC and other stakeholders in launching more indices within the unique BHARAT Bond Index series that will be tracked by the upcoming tranches of BHARAT Bond ETF. The new BHARAT Bond ETF tranches maturing in 2025 and 2031 will provide more investment choices to fixed income investors: Vikram Limaye, MD & CEO, NSE

    12:14 (IST)03 Jul 2020
    Govt caps late fee on GSTR-3B returns at Rs 500; zero late fee for returns with no tax liability

    In a major relief to the taxpayers, the government has capped that maximum late fee on GSTR-3B returns to Rs 500. CBIC said that the government has decided to cap the maximum late fee for GSTR-3B form for the tax period of July 2017 to July 2020, given that such GSTR -3B returns are being filed before 30 September 2020. Earlier, in the GST Council meet, Finance Minister Nirmala Sitharaman had announced that cap of Rs 500 will be imposed on the late fee for filing GSTR-3B returns for the period of July 2017 to January 2020

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    12:01 (IST)03 Jul 2020
    Digital and retail business will be key growth drivers RIL

    Investment by such marquee names in Jio Platforms has reaffirmed our conviction in the company's potential transformation to a digital play from a brick and mortar company. We are positive on RIL from a long term perspective as we believe that the digital and retail business will be key growth drivers for the company going forward. Potential listing of the digital and retail business over the next 3-5 years would also lead to significant value unlocking for shareholders in the long run. We also expect the hydrocarbon business to recover in the second half of the year as demand for petro products normalizes. Given no significant capex outlay in the near future, the hydrocarbon segment should generate free cash flows which can be used to fund expansion in other businesses: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    11:20 (IST)03 Jul 2020
    Muthoot Finance share price jumps 3% as board mulls stock-split process

    Muthoot Finance share price jumped over 3 per cent to hit a day’s high of Rs 1,143.35 apiece after the company informed that its board of directors will meet on July 18 to consider the proposal for stock split. The stock price is however still 12 per cent away from its 52-week high touched on June 19, this year. With today’s gain in the stock price, market capitalisation of Muthoot Finance stood at Rs 45,515.73 crore, according to BSE

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    11:19 (IST)03 Jul 2020
    Services activity contracts for fourth month in a row in June; firms fear recession in 12 months

    For the fourth straight month in June, India’s services PMI contracted due to the effects of the coronavirus pandemic. The services business activity shrank by 33.7 in June, however, it was significantly higher than the services PMI of 12.6 in May, according to the IHS Markit report. The Indian service sector remained under intense strain during June as activity fell at another substantial month-on-month rate amid the ongoing economic disruption, the report added.

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    10:59 (IST)03 Jul 2020
    Elon Musk mocks US stock market regulator SEC and short sellers as Tesla share price soars 8%

    An ecstatic Elon Musk was seen celebrating Thursday’s 8% jump in Tesla Inc’s stock price by mocking not just short sellers, but also the US capital market regulator Securities and Exchange Commission. Elon Musk, who has a history of posting controversial tweets, first took on short sellers when he tweeted that his company Tesla will “make fabulous short shorts in radiant red satin with gold trim”. The tech entrepreneur further added, “Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times,” -- a jibe aimed at the market regulator, with whom, Elon Musk had first clashed in 2018 over his tweets.

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    10:40 (IST)03 Jul 2020
    RIL share price doubles since March, stock gains 1.5% today on investment in Jio Platforms

    Reliance Industries share price gained nearly 1.5 per cent to Rs 1,785.65 apiece on BSE after the company announced that Intel Capital will invest Rs 1,894.50 crore for 0.39 per cent equity stake in Jio Platforms. This is the 12th high-profile investment in Jio Platforms in the last 11 weeks. Last month, Reliance Industries raised investments from six global investors including Mubadala, additional investment from Silver Lake, ADIA, TPG, L Catterton and PIF. Since April this, Reliance Industries has raised a total investment of Rs 1.17 lakh crore for an equity stake of 25.09 per cent.

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    10:13 (IST)03 Jul 2020
    Rupee had underperformed in the last one month

    Rupee had underperformed in the last one month and had weakened on a relative basis against its Asian peers because of aggressive central bank Dollar purchases (likely to strengthen its balance sheet in line with the new economic capital framework). It will be interesting to see how much the RBI allows the Rupee to adjust. It has so far not allowed positioning to build up in any direction and has kept speculators at bay. Given this regime's commitment to keeping volatility low, it will be interesting to see where the new floor in USDINR is for the medium term. There is chatter in the market that we may see a repo rate cut or the introduction of SDF (standing deposit facility) to discourage banks from parking funds with the RBI and to encourage them to lend instead, thereby facilitating monetary policy transmission. Rupee is likely to trade 75.50-75.85 with downward bias: Abhishek Goenka, Founder and CEO, IFA Global

    09:49 (IST)03 Jul 2020
    Gold edged lower on Friday morning

    Gold edged lower on Friday morning as strong U.S. jobs data lifted investors' risk appetite. But SPDR gold ETF witnessed inflow of approx 1% as surging global cases of the novel coronavirus and lingering trade tensions between the United States and China. Meanwhile, The U.S. State Department also warned top American companies to check their supply chains and ensure they are not doing business with entities linked to alleged human rights abuses against Uighurs in China's Xinjiang province. Today is the holiday in the US due to Independence Day. We expect the yellow metal to stay mixed today: Jigar Trivedi, Fundamental Research Analyst - Commodities, Anand Rathi Shares & Stock Brokers

    09:45 (IST)03 Jul 2020
    Brokerage view on Bajaj-Auto

    Bajaj Auto sold 2,78,097 units in Jun’20 (-31% YoY and +119% MoM) due to sequential improvement in performance in domestic 2Ws and 3W segments. Its domestic sales fell by 34% YoY (+227% MoM) to 1,51,189 units, while exports decreased by 28% YoY (+46% MoM) to 1,26,908 units. 2W exports were better primarily due to better traction from the Bangladesh market. However, considering the current lower crude price, we expect its exports to taper down, going forward. Lower crude prices, unemployment due to COVID-19 and sharp currency depreciation are the key challenges in African markets for the company’s export business: Mitul Shah, VP (Research), Reliance Securities

    09:40 (IST)03 Jul 2020
    Bajaj-Auto top Sensex gainer; up 2%

    Bajaj-Auto gained 2.07 per cent. The auto major was followed by Asian Paints, Hindustan Unilever, L&T, Power Grid and Nestle India. On the other hand, Tata Steel, HDFC, Bajaj Finance, M&M, Maruti Suzuki were the top Sensex laggards, down in the range of 0.50-1 per cent.

    Check live prices: Bajaj-Auto

    09:28 (IST)03 Jul 2020
    JB Chemicals & Pharmaceuticals share price gains 1.5% as KKR to acquire controlling stake

    JB Chemicals & Pharmaceuticals share price gained 1.5 per cent to Rs 726.45 apiece on BSE as Global investment firm KKR announced to buy a 54% equity stake in the firm for Rs 3,109 crore. 

    Check live prices: JB Chemicals & Pharmaceuticals

    09:25 (IST)03 Jul 2020
    RIL share price jumps over 1% in early deals

    RIL share price rose over one per cent to Rs 1,779.05 apiece on BSE in Friday's trade after the company informed that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

    Check live prices: Reliance Industries

    09:23 (IST)03 Jul 2020
    Sensex mounts 36,000-mark; Nifty tops 10,600

    Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading over half a per cent higher on Friday in line with global cues. Sensex reclaimed its crucial 36,000-mark while Nifty surpassed its psychological level of 10,600

    Check live Sensex, Nifty levels

    09:13 (IST)03 Jul 2020
    ‘Buy’ on Apollo Hospitals; March ’21 Target Price at Rs 1,762

    The COVID-19 pandemic creates significant uncertainties in the near term. We expect the hospital segment to be adversely impacted due to fall in occupancy and beds dedicated to treatment of Covid-19 patients.

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    09:12 (IST)03 Jul 2020
    Vodafone Idea under review until clarity on biz continuity: Motilal Oswal

    While ARPU showed healthy 11% QoQ growth led by the price hike taken in Dec ’19, revenue grew a mere 6% due to subscriber decline of 4%. EBITDA on pre Ind-AS 116 basis (adj. For one-off credits) stood at Rs 17.1 bn, up 34% QoQ (12% above est.). Despite the beat on 4QFY20 estimates, we see limited upward revision for FY21 numbers.

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    09:11 (IST)03 Jul 2020
    HDFC Life Insurance enters Nifty50 index

    With Vedanta being excluded from 11 out of the 12 indices of the NSE due to the firm’s proposed voluntary delisting, HDFC Life Insurance Company becomes the new entrant in the Nifty50 index.

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    09:04 (IST)03 Jul 2020
    Nifty set to open on positive note

    Nifty set to open on a positive note as global markets are strong. US market surge on the basis of better than expected payroll data and expectation of the economy to bounce back sooner than expected. For the day, Bear should take rest till the time Nifty is above 10410. The strategy should be buying on the dip for the day. The trader should concentrate on the intraday and keep lesser money on the table as there is a holiday in the US so profit booking on higher levels is expected because the participants may take a lesser position at home. Hedger should hedge the position specifically if it is short: Vishal Wagh, Head of Research, Bonanza Portfolio

    09:03 (IST)03 Jul 2020
    Mukesh Ambani’s RIL gets another cheque; bags Rs 1,894 crore from Intel Capital for Jio Platforms

    Mukesh Ambani’s Reliance Industries Ltd has secured another Rs 1,894.50 crore cheque for its digital telecommunications arm Jio Platforms ltd. This time the investment comes from Intel Capital, the finance and global investment arm of the US-based technology and hardware company, Intel. Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis.

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    09:02 (IST)03 Jul 2020
    KKR to buy 54% controlling stake in JB Chemicals and Pharmaceuticals; open offer to be launched

    Global investment firm KKR will buy a 54% equity stake in JB Chemicals and Pharmaceuticals, a Mumbai based pharmaceutical major for Rs 3,109 crore. KKR will make the investment through its subsidiaries, Tau Investments Holdings Pte. Ltd., Tau Holdco Pte. Ltd., and KKR Asia III Fund Investments Pte.

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    09:01 (IST)03 Jul 2020
    Stocks in focus: RIL, JB Chemicals, Vedanta, HUL, SBI Card, HDFC Life, Indiabulls Housing Finance

    DCM Financial Services, Duroply Industries, Dhunseri Ventures, Indiabulls Housing Finance, Dynamatic Technologies, Gati, India Gelatine & Chemicals, Indo-Global Enterprises, Indian Wood Products Company, Kama Holdings, Shiva Global Agro Industries and Shiva Granito Export are among 18 companies that are scheduled to announce their March quarter earnings today.

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    08:40 (IST)03 Jul 2020
    RIL announces Intel Capital investment of Rs 1,894.5 crore in Jio Platforms

    RIL and Jio Platforms announced today that Intel Capital will invest Rs 1,894.50 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Intel Capital’s investment will translate into a 0.39% equity stake in Jio Platforms on a fully diluted basis. Intel Capital joins the list of marquee firms who have recently invested in Jio Platforms, taking the total investment amount to Rs 117,588.45 crore.

    08:26 (IST)03 Jul 2020
    Nasdaq at record close

    Wall Street closed higher and the Nasdaq reached an all-time closing high on Thursday on the back of record surge in payrolls, which provided assurance that the U.S. economic recovery was well under way. The Dow Jones Industrial Average rose 0.36%, the S&P 500 gained 0.45%, and the Nasdaq Composite added 0.52%.

    08:25 (IST)03 Jul 2020
    Asian stock markets trade higher; track Wall Street's gains

    Asian stock markets were trading higher on Friday, tracking Wall Street’s gains. Japan’s Nikkei rose 0.45 per cent and Australia’s ASX 200 climbed 0.88 per cent.

    08:24 (IST)03 Jul 2020
    KKR to acquire controlling stake in JB Chemicals & Pharma

    Global investment firm KKR & Co. Inc has entered into an agreement to acquire 41.7 million equity shares of JB Chemicals, representing 54 per cent, from the promoters of the company, said a company statement on Thursday. KKR will acquire its stake from founding Mody family at a purchase price of Rs 745 per share.

    08:22 (IST)03 Jul 2020
    SGX Nifty indicates positive opening for Sensex, Nifty

    Trends on SGX Nifty suggests a positive opening for BSE Sensex and Nifty 50 on Friday. The Nifty futures were trading 42.10 points or 0.40 per cent higher at 10,594 on Singaporean Exchange.

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