Market Highlights: Sensex falls from day’s high but still ends 465 pts higher, Nifty at 10,763; M&M shares surge 7%

By: |
Updated: July 6, 2020 4:28:24 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: All sectoral indices ended the day with gains except Nifty Pharma, which was down 0.62%.

Share Market Today, Share Market LiveThe Nifty futures were trading 110.80 points or 1.05 per cent higher at 10,678.80 on Singaporean Exchange

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market indices BSE Sensex and Nifty 50 extended their gains on Monday. S&P BSE Sensex jumped 465 points to reach 36,487 points, while the 50-stock Nifty after breaching the 10,800 mark settled down at 10,763. Among the top gainers on the street were M&M, up 7.3%, followed by Baja Finance surging 6.5%, and RIL gaining 3.5%. Only five stocks were in the red among the 30 constituents of BSE Sensex. Bajaj Auto was down 1.07% while Bharti Airtel slipping 0.85%, and HDFC fell 0.84%. Among sectoral indices, Nifty Auto gained  2.88%, followed by 2.47% jump in Nifty Metal. All sectoral indices were trading in the green except Nifty Pharma. Mukesh Ambani’s RIL surged to reach a new 52-week high as it ended the day’s trading session at Rs 1855 per share.

India’s economic recovery amid the rising number of Covid cases would remain a challenge, according to Moody’s chairman Henry McKinnell. The former chief executive of pharmaceutical company Pfizer, McKinnell, who has also been visiting India frequently since the 1970s, said the increase in Covid cases in Asia’s third-biggest economy means its revival would remain a “major challenge,” he told Financial Times.

Read More

Live Blog

Highlights

    16:27 (IST)06 Jul 2020
    Sensex, Nifty continue to climb up for the fourth day straight; factors that fueled the rally today

    Extending their gains for the fourth consecutive trading session, domestic benchmark indices Sensex and Nifty inched higher yet again on Monday. S&P BSE Sensex jumped 465 points to reach 36,487 points, while the 50-stock Nifty after breaching the 10,800 mark settled down at 10,763. With today’s surge, domestic equity markets have now recovered over 40% from their March lows. “Indian indices ended higher for the fourth straight session on July 6 on the back of positive global cues and despite no positive news on Covid-19 front. At close, Nifty up 156.30 points or 1.47%  at 10763.70. Nifty closed at the highest level since March 2020,” said Deepak Jasani, Head - Retail Research, HDFC Securities.

    Read full story

    15:53 (IST)06 Jul 2020
    Markets might want to take support around the 10650-10750 area

    The markets might want to take support around the 10650-10750 area and then resume its uptrend. If we close below 10650 we might fall to levels closer to 10400. Until then the trend remains positive and we could attempt 11000 on the Nifty: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:47 (IST)06 Jul 2020
    Reliance Industries, Maruti Suzuki and Bajaj Finance notch up smart gains

    Disengagement in the Galwan Valley fired up the Bulls today as Reliance, Maruti & Bajaj Finance notched up smart gains. The key highlight of the day was the participation seen in the broader market in select PSU stocks: S Ranganathan, Head of Research at LKP Securities

    15:41 (IST)06 Jul 2020
    Rupee is unable to add gains today amid higher crude oil prices

    Despite lower safe-haven currencies, the rupee is unable to add gains today amid higher crude oil prices and bargain buying of dollars by the importers. Indian rupee gained 1.32% or one rupee a dollar in the previous week. Trend for the Indian rupee remains on bullish side following weaker dollar index and foreign fund inflows. Spot USDINR is having support at 74.30 and resistance at 75 for next couple of days: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:28 (IST)06 Jul 2020
    With just 3.5% away from 52-week high, Bharti Airtel stock getting back to its competitive best

    Bharti Airtel share price is just 3.5 per cent away from its 52-week high of Rs 611.70 apiece, touched in May this year. So far this year, the stock price has nearly doubled from Rs 322 apiece in August last year. Most of the research and brokerage firms are upbeat on this index heavyweight telecom stock with an upside up to 20 per cent. Among the top three telecom firms, Bharti Airtel seems to be getting back to its competitive best, after being battered by Reliance Jio’s commercial entry. 

    Read full story

    15:14 (IST)06 Jul 2020
    Kotak Securities on Telecom sector

    4QFY20 review – intriguing flow-through of tariff hikes across operators. Price hikes taken in 3QFY20 helped the top-3’s composite revenues grow 9.2% qoq in 4QFY20. Interestingly, the uptick was uneven across the three operators – Bharti saw a 16% qoq growth in revenues while R-Jio and VIL saw 6.2% and 6% qoq jump, respectively. On incremental (4QFY20 over 2QFY20) basis, Bharti leads the pack on all parameters (except overall subs) – revenues, EBITDA, ARPU, data traffic as well as voice traffic. VIL seems to be struggling for positioning while R-Jio has lost some steam.

    15:02 (IST)06 Jul 2020
    Warren Buffett might be treading with caution, but Dominion Energy bet shows he’s willing to pounce

    Warren Buffett finally found his next crisis-era deal. His Berkshire Hathaway Inc., which has stayed relatively quiet during the tumult of the coronavirus pandemic, broke its silence at the end of a holiday weekend with its biggest acquisition in more than four years. The agreement for Dominion Energy Inc.’s natural gas pipeline and storage assets signaled to the market that Buffett is willing to pounce despite his cautious tone in May about the pandemic, according to David Kass, a professor of finance at the University of Maryland’s Robert H. Smith School of Business.

    Read full story

    14:50 (IST)06 Jul 2020
    Gujarat Gas: Robust volume growth to continue | BUY ~ Motilal Oswal

    Gujarat Gas Ltd (GUJGA), India's largest City Gas Distribution (CGD) player is present across 23 regions in Gujarat, Dadra & Nagar Haveli and Thane Geographical Area (GA) (barring already authorized area including Maharashtra's Palghar locale). It has more than 24,000 kms. of gas pipeline network and 400 CNG stations. It distributes close to 10 mmscmd (as on 31st Mar’20) of natural gas to over 14.5 lakh households, ~2 lakh CNG vehicles and to over 3700 industrial customers.

    We reiterate GUJGA as our top buy (at INR370, valuing it at 22x FY22E EPS), with the best RoE profile of 23-26% and expected FCF generation of ~INR21.3b over the next two years (i.e., INR31/share resulting in ~11% FCF yield).~ Motilal Oswal

    14:06 (IST)06 Jul 2020
    Top FMCG, health, pharma stocks to buy: Unlock, improved economic activity to aid next rally

    Buoyed by a host of factors such as unlock process, improvement in economic activity, good rabi season, strong June auto sales numbers and over Rs 26,000 crore FPI inflows, Indian share market benchmarks BSE Sensex and Nifty 50 gained nearly 5 per cent in June as compared to a 3 per cent rise in May. Research and brokerage firm Angel Broking is bullish on select FMCG, health and pharma stocks with an upside up to 17 per cent.

    Read full story

    13:05 (IST)06 Jul 2020
    Coronavirus infects earnings: Nifty 50 firm's sales fall for third-straight quarter, profits tank 20%

    March quarter earnings for India Inc were visibly infected by the coronavirus pandemic. Although defensives did what was expected of them, other sectors saw a decline in profits surging up to double digits. Nifty 50 constituents were no different, suffering the same ill-fate as sales declined for the third-straight quarter. This was for the first time in 14 quarters that sales fell for three consecutive quarters, according to a research report by brokerage firm Motilal Oswal. Sales for Nifty 50 constituents fell 5.1% on-year basis after falling 1.6% and 2.4% in the previous two quarters. 

    Read full story

    11:34 (IST)06 Jul 2020
    RIL share price hits new all-time high, more than doubles in under 4 months; check m-cap

    Reliance Industries (RIL) share price hit a fresh all-time high of Rs 1,833.10 apiece on BSE after the oil-to-telecom conglomerate raised investment from 12th global investor for Jio Platforms. RIL has surpassed its previous high of Rs 1,804 apiece, touched last month. The stock has rallied 111 per cent since March 23, from Rs 868, taking the total market capitalisation of the company to a fresh high of Rs 11.6 lakh crore as of 10:26 AM.

    Read full story

    11:18 (IST)06 Jul 2020
    Gold prices likely to fund support at higher levels

    Gold prices have been moving up in the international markets in the last one year in response to the uncertainties in economic growth faced by all the major economies of the world. The uncertainties surrounding economic growth and employment continues to sweep all the major economies of the world as we are yet to contain the pandemic and clinical trials to find a resolution for the same are still on. Therefore, gold prices are likely to fund support at higher levels. While in all standard asset allocation models, a 5 % allocation to gold as an asset class is suggested with the intention of providing stability to the portfolio and as a hedge against inflation, a higher allocation may be contemplated based on portfolio size and other portfolio peculiarities: Joseph Thomas, Head of Research - Emkay Wealth Management

    11:17 (IST)06 Jul 2020
    Gold Bond opens for subscription today, unique opportunity to invest in gold

    A unique opportunity to invest in gold is presented by the Sovereign Gold Bond (SGBs), issued by the RBI on behalf of the GOI. The first distinctive feature of this is that, on the face value of the investment, the investor earns 2.50% interest per annum during the term of the investment, that is eight years. Second, this obviates the need to hold or invest in physical gold. Third, the investment, as well as the redemption, will be at the prevailing market rates relevant to the specific time periods. Finally, it is an instrument issued and serviced by the RBI on behalf of the GOI. These astounding features make the SGBs a really unique avenue to invest for those who would like to invest for the longer term: Joseph Thomas, Head of Research - Emkay Wealth Management

    11:15 (IST)06 Jul 2020
    Paytm set to enter general insurance space; Vijay Shekar Sharma to acquire 51% stake in Raheja QBE

    Vijay Shekhar Sharma-led Paytm plans to enter the general insurance space as the financial technology firm announced it is all set to acquire Mumbai based private sector general insurer Raheja QBE. Paytm, owned by One 97 Communications Limited along with Vijay Shekar Sharma, has agreed to buy the entire stake of Prism Johnson in the company, translating to 51% of the paid-up equity share capital of Raheja QBE, for 289.68 crore. The acquisition is through QorQl Pvt. Ltd, a technology company with Vijay Shekhar Sharma as the majority shareholder and the remaining stake held by Paytm. 

    Read full story

    11:05 (IST)06 Jul 2020
    Prism Johnson share price jumps 10%

    After announcing that it will sell its entire stake in Raheja QBE to Vijay Shekhar Sharma's Paytm, share price of Prism Johnson jumped 10% to trade at a price of Rs 48.50 per share. 

    10:28 (IST)06 Jul 2020
    Sensex, Nifty extend gain on Monday; here's what is driving stock markets higher today

    Domestic benchmark indices opened in the green to kickstart the initial trading session of the week. S&P BSE Sensex opened 270 points higher while the NSE Nifty 50 gained to sit above the 10,700 mark. “The markets have opened with a bang and the much spoken about target of 10700 has been achieved! I would like to pause at this situation and watch the markets for a couple of trading sessions in order to decide on the next level the markets could achieve. Traders should book profits at current levels and update stops to 10500-10550 levels as that is the next support level for the market,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

     Read full story

    10:01 (IST)06 Jul 2020
    HDFC Bank share price gains over 3% as advances grow 21%; this brokerage firm sees 16% upside in stock

    HDFC Bank share price gained over 3 per cent to Rs 1109.85 apiece in Monday’s strong trade after the bank reported a 21 per cent growth in its advances with totalled Rs 10.04 lakh crore on June 30. The bank’s outstanding loans stood at Rs 8.29 lakh crore as of June 30, 2019, and Rs 9.93 lakh crore on March 31, 2020. HDFC Bank share price has rallied 50 per cent from March low of Rs 739 apiece, taking the market capitalisation to Rs 6,05,852.24 crore, according to BSE.

    Read full story

    09:56 (IST)06 Jul 2020
    LIC tidying up its equity portfolio ahead of IPO; insurer trimmed stake in firms with low market cap

    Life Insurance Corporation (LIC), the single largest investor in the Indian stock market, has been pulling out of companies with low market capitalization while it invests more in bigger firms ahead of its planned initial public offering (IPO). LIC, according to data sourced by The Indian Express from Prime Infobase, has shed its holding in 33 companies to less than 1% or has completely exited the stock. LIC’s IPO preparations have been initiated by the Ministry of Finance as it invited bids for consulting and advising on the IPO earlier last month.

    Read full story

    09:23 (IST)06 Jul 2020
    Sensex, Nifty open in the green; financials surge

    With Sensex, Nifty opening in the green on Monday morning, financials were seen surging. HDFC Bank was the top gainer followed by IndusInd bank and Bajaj Finance. Nifty Bank inched 2% higher.  

    09:08 (IST)06 Jul 2020
    March-quarter corporate earnings for our coverage universe were weak and muted ~ Motilal Oswal

    The March-quarter corporate earnings for our coverage universe were weak and muted but largely in line with our expectations. Profits declined 22% YoY (v/s est. 25% decline) in light of the COVID pandemic and the subsequent lockdown in the last few days of March, which impacted business operations for most companies across sectors. ~ Motilal Oswal

    08:52 (IST)06 Jul 2020
    Stocks in focus: ICICI Bank, Yes Bank, Coal India, Federal Bank, Lupin, Aurobindo Pharma, NBCC

    The Nifty futures were trading 110.80 points or 1.05 per cent higher at 10,678.80 on Singaporean Exchange, indicating a strong start for BSE Sensex and Nifty 50 on Monday. Factors such as the progress of monsoon, global cues, rise in coronavirus cases, developments around COVID-19 vaccine and geopolitical tensions will steer the markets today.

    Read full story

    08:35 (IST)06 Jul 2020
    Sensex, Nifty may open in the green; five factors that will navigate share markets today

    After a strong performance last week, with domestic benchmark indices jumping up 3%, analysts are expecting some muted performance this week with no major event in sight. BSE Sensex 3.% in the last five trading sessions, while the 50-stock Nifty has gained 3% to sit above the 10,500 mark. “A tug of war between bulls and bears have now come to a grinding halt. Whatever bulls had to buy is already done and bears too have covered their large part of shorts,” said Jimeet Modi, Founder & CEO, SAMCO Securities & Stock.

    Read full story

    08:23 (IST)06 Jul 2020
    If economic activity is function of Covid control, India has a major challenge: Moody’s chairman

    India’s economic recovery amid the rising number of Covid cases would remain a challenge, according to Moody’s chairman Henry McKinnell. The former chief executive of pharmaceutical company Pfizer, McKinnell, who has also been visiting India frequently since the 1970s, said the increase in Covid cases in Asia’s third-biggest economy means its revival would remain a “major challenge,” he told Financial Times.

    Read full story

    08:22 (IST)06 Jul 2020
    Domestic bullion could start flat to lower this Monday morning

    International gold and silver ended flat on Friday and have started flat to weaker this Monday morning in Asian trade as worries over an accelerating number of coronavirus cases offset losses from positive U.S. and Chinese economic data. Meanwhile, safe-haven appeal has remained intact amid escalating tensions between the U.S. and China. Domestic bullion could start flat to lower this Monday morning, tracking the international markets. Technically, MCX Gold August contract is near to its multiple support zone at 48000 levels and 48200 hold a strong resistance. However, breakdown below 48000 levels can see a downside movement up to 47750-47600 levels: Sriram Iyer, Senior Research Analyst at Reliance securities

    08:21 (IST)06 Jul 2020
    Domestic crude could start flat to weak this Monday

    International oil prices have started mixed this Monday morning in Asian trade as Brent trades higher due to falling supplies, while WTI trades lower on concern that a spike in coronavirus cases could curb oil demand in the United States. Technically, NYMEX WTI Crude Oil is trading on positive note where it gave a closed above $40.00 levels indicating positivity to continue up to $40.50-$41.80 levels. Downside $39.95-$39.60 will support. Domestic crude could start flat to weak this Monday morning, tracking a weak start in the WTI prices. Technically, MCX Crude Oil July gave a jump up to 1% during last session and ended at 3054 level indicating a sideways to marginal upside momentum to continue up to 3075-3112 levels. Support is placed at 2988-2940 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities

    08:19 (IST)06 Jul 2020
    Trading strategy for the day

    For the day, Bulls may continue with the strategy of buy on dip till the time market is above 10550. Bears keep sharping their weapons they will get chance in a day or two if Bulls failed to protect 10550. The trader should concentrate on the intraday and keep lesser money on the table as trend reversal can be seen from the upward sloping wedge which is a bearish pattern in nature. Hedger should start unwinding the position if created with bullish views: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:18 (IST)06 Jul 2020
    SGX Nifty hints at upbeat start for Sensex, Nifty

    Trends on SGX Nifty suggest a strong opening for Sensex, Nifty on Monday. The Nifty futures were trading 110.80 points or 1.05 per cent higher at 10,678.80 on Singaporean Exchange.

    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
    Next Stories
    1ICICI Bank share price jumps 3% on Rs 15,000 cr mega fundraising; floor price set, final price soon
    2Data backs RBI Governor’s claims; outflows from credit-risk funds in July lowest so far this fiscal
    3Gold prices off Rs 1,600 from all-time high, slip below Rs 55,000 per 10 gm; here’s what pushing down prices