Market HIGHLIGHTS: Sensex ends in red for second straight day, L&T jumps over 4%, Sun Pharma, Airtel fall 2%

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Updated: August 13, 2020 4:32:42 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled in red for the second consecutive session in Thursday's volatile trade

Share Market Today, Share Market LiveNifty PSU Bank index fell over one per cent, while the Nifty Auto index gained 1.22 per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled in the negative territory for the second day on the trot in Thursday’s choppy session. After much ups and downs, Sensex ended at 38,310, down 59 points or 0.15 per cent, while the broader Nifty 50 index settled at 11,300. Among top Sensex gainers were L&T (up 4.3%), Titan Company (up 3.62%), NTPC (up 1.33%), HCL Tech (up 1.21%) and UltraTech Cement (up 0.89%). On the other hand, Bharti Airtel was the top Sensex loser, down 2.35 per cent, followed by Sun Pharma, ITC, State Bank of India (SBI), Axis Bank, HDFC and HDFC Bank. The trend among the sectoral indices was mixed. Nifty PSU Bank index fell over one per cent, while the Nifty Auto index gained 1.22 per cent.

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    15:36 (IST)13 Aug 2020
    Market will react favourably if there is a substantial cut in income tax rate

    The mood of the market is unlikely to change by introduction of a new tax platform. The market will react favourably if there is a substantial cut in income tax rate which will boost disposable income and increase spending power: Naveen Kulkarni, Chief Investment Officer, Axis Securities

    15:09 (IST)13 Aug 2020
    Brokerage view on Bata India

    Bata’s growth from FY16-20 was led by a higher share of premium products in topline expanding margins and profitability. Realization grew by 6.4% YoY to Rs 620/pair with volumes growing marginally to 49 cr pairs in FY20. Higher share of premium products led to gross and EBITDA margin expansion of 511 bps and 502 bps respectively from FY16-20. In the current scenario, trends indicate a higher demand for low ticket size products such as open footwear, sandals, etc. thus impacting margins: Axis Securities

    15:01 (IST)13 Aug 2020
    Lemon Tree Hotels shares: Buy or Sell? Stocks up 35% this week, here’s what brokerages suggest

    Share price of Lemon Tree Hotels surged 10% to hit the upper circuit on the BSE Sensex as investors continued to react positively to the stock after the company announced the opening of a hotel in Dwarka, Gujarat. Shares were trading at Rs 32.25 per share. With this the stock has extended its rally to 35% so far this week. The hospitality industry has been under stress owing to the coronavirus pandemic that has brought down the number of travellers. Earlier this month, Lemon Tree’s management informed investors that the company has opened 90% of the rooms as it expects demand to revive in the next three to six months.

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    14:55 (IST)13 Aug 2020
    Navigating through post-Covid challenges: 7 steps for pandemic-hit MSMEs to speed up recovery

    Covid-19 has had a severe impact on India’s economy, with MSMEs being the worst hit. While these are trying times, it is also an opportunity for the 63 million MSMEs in India to focus on thriving in the future, rather than merely surviving. To reach a $5-trillion economy target, the Indian MSME segment must play a pivotal role in our country. Hence, it is essential that this sector receives adequate support from the government, regulators, and large corporates.

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    14:29 (IST)13 Aug 2020
    Taxpayer charter is on the right track of respecting the honest taxpayers

    A Tax Payer's Charter is a very old dream of our late past president Narayan Varma. The move is welcome as it is on the right track of respecting the honest taxpayers. This comes in the favorable backdrop of mega reforms of the past few years like GST, Demonetization, tax rate cuts etc on one hand and the technological advancements and telecom penetration on the other hand. However, the success or otherwise is in the hands of the tax administration: Naushad Panjwani, Past President, Bombay Chartered Accountants' Society

    14:18 (IST)13 Aug 2020
    What's happening with Bharti Airtel?

    Bharti Airtel's share price tanked over 2% during the day after reports suggested that Morgan Stanley Capital International or the MSCI, a global index provider has reduced Bharti Airtel's weightage in its Emegin Markets Index. 

    MSCI indices are tracked by global investors who keep tinkering with their portfolios to mirrot the changes made by MSCI. A decreased weightage saw a number of investors trim their holdings. However, the move could be erronous as Bharti Airtel's foreign ownership limit has increased to 100% which does not make a case for a reduction in weightage of Bharti Airtel.

    14:15 (IST)13 Aug 2020
    Bharat Forge shares surge 13% today; should you buy or sell as stock rallies 140% from April lows?

    Bharat Forge share price surged over 13 per cent to Rs 492.15 apiece on BSE despite Rs 127.32 crore loss in the April-June quarter. The company had reported a profit of Rs 171.9 crore in the corresponding quarter of the last fiscal. Bharat Forge is among companies that are directly or indirectly related to the defence industry. Bharat Forge stock has zoomed nearly 140 per cent from April lows of Rs 207.85 apiece.

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    14:01 (IST)13 Aug 2020
    Faceless assessments, appeals to give confidence to taxpayers

    The launch of the platform for “Transparent Taxation – Honoring the Honest” by the Prime Minister on Aug 13 will incentivise taxpayers to be more honest and transparent in their filings and lead to a gradual rise in direct tax collections. They will enjoy the benefits of relatively less documentation and greater ease of compliance increased liquidity and flexibility of investment choices. Faceless assessments and appeals will give confidence to the taxpayer of fairness and fearlessness: Deepak Jasani, Head Retail Research, HDFC Securities

    13:46 (IST)13 Aug 2020
    Brokerage view on NCC

    NCC Ltd. reported better than expected execution during 1QFY21 with revenue at Rs 11.8bn (vs our estimate of Rs 9.7bn). After adjusting for tax credit of Rs 320mn, loss for the quarter stood at Rs 151mn, against our estimated loss of Rs 549mn. We maintain BUY on NCC with a target price of Rs 48/sh: Parikshit D Kandpal, Institutional Research Analyst, HDFC Securities

    13:17 (IST)13 Aug 2020
    iPhone maker Foxconn says China’s days as world’s factory over; can now make in India, other countries

    A key supplier to Apple Inc. and a dozen other tech giants plans to split its supply chain between the Chinese market and the U.S., declaring that China’s time as factory to the world is finished because of the trade war. Hon Hai Precision Industry Co. Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches.

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    13:04 (IST)13 Aug 2020
    Foreign Portfolio investment into equities turns positive year-to-date. Is it time for investors to turn cautious?

    After months of hovering in the negative territory, Foreign Portfolio Investment (FPI) into domestic equity markets has finally turned positive year-to-date. On the back of strong inflows being pushed into the equity segment since the month of May began, now FPI investment calendar year-to-date stands at Rs 11,242 crore. This month foreign investment into equity markets has climbed up to Rs 22,192 crore with still over half the month remaining. However, market experts are advising investors to tread cautiously as the investment flows could be temporary and as liquidity diminishes investment may steer away from domestic equities.

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    12:27 (IST)13 Aug 2020
    Tata Power share price rallies 9% today on merger proposal, Q1 results; more than doubles in 3 months

    Tata Power share price soared over 9 per cent to hit day’s high of Rs 57.85 apiece on BSE, a day after the company clocked a 10 per cent on-year rise in consolidated net profit at Rs 268 crore in the April-June quarter. The company had posted a net profit of Rs 243 crore in the corresponding quarter of the preceding year. Research and brokerage firm Motilal Oswal Financial Services upgraded Tata Power to buy, with an upside of 25 per cent

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    11:39 (IST)13 Aug 2020
    Minda Industries Rights Issue

    Auto parts maker Minda Industries' board has fixed the issue price for its Rs 250 crore rights issue. Company will issue right at issue price of Rs250 per Equity Share, 1 fully paid-up Equity Share for every 27 Equity Shares held by eligible shareholders of the Company as on the record date. The record date for the purpose of determining the equity shareholders who are entitled to receive the rights entitlement in the Rights Issue is August 17, 2020. Issue will open on 25th Aug 2020 and will close on 8th September 2020. Minda Industries is a flagship company of Uno Minda Group which manufactures automobile components for original equipment manufacturers. It is an Rs 8,000 crore group with over 62 manufacturing plants globally. Company is into auto components manufacturing and has a well diversified product profile with strong presence both in the 4-wheeler and 2-wheeler market: Rajit Rajoriya- Equity Research Associate, Angel Broking Ltd

    11:07 (IST)13 Aug 2020
    Sensex, Nifty resume up move after one day blip; check what pushing markets higher today

    BSE Sensex and Nifty 50 were trading with gains on Thursday, following a one-day blip in the previous session. At 10.30 AM, the 30-share index Sensex was up 102 points or 0.27 per cent to trade at 38,472, while the broader Nifty 50 was ruling at 11,347, up 36 points or 0.34 per cent. Index heavyweights such as Kotak Mahindra Bank, ICICI Bank, TCS, L&T and Titan Company were the top index contributors, keeping the Sensex in the green.

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    10:44 (IST)13 Aug 2020
    Gold prices give up Rs 52,000 per 10 gm; yellow metal plunges 7.5% from record high

    Gold prices fell in Indian markets on Thursday on the back of profit booking due to rise in US yields, recovery of US Dollar and development of COVID-19 vaccine by Russia. In the previous session, gold tumbled 3.4 per cent, which was the worst daily drop since 2013, below $1900 and then gained as much as 2 per cent thus giving a single day move of almost 6 per cent. On MCX, gold October futures were trading Rs 265 or 0.51 per cent down at 51,980 per 10 grams, while silver September futures fell Rs 219 or 0.33 per cent to rule at Rs 66,534 per kg.

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    10:32 (IST)13 Aug 2020
    IndiGo shares up 19% this week; here’s why the stock is surging while airlines have their wings clipped

    India's largest domestic carrier IndiGo’s share price jumped over 8% on Thursday, taking it 19% higher so far this week. Although the aviation industry has been one of the worst hit by the coronavirus, IndiGo still remains a preferred pick for a number of market analysts. Passenger traffic has now inched higher with average daily flyers reaching 80,000 per day in the previous week. IndiGo’s recent decision to raise funds has helped instill confidence in investors pushing the stock higher to trade at Rs 1,120 per share. IndiGo’s stock price has gained 31% since March, but still remains way below its February highs.

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    10:23 (IST)13 Aug 2020
    Risk sentiment continues to remain broadly supported on encouraging data

    US Core CPI came in better than expected at 0.6% MoM (exp 0.2%) and 1.6% YoY (exp 1.1%). Risk sentiment continues to remain broadly supported on encouraging data. US treasuries continue to sell off. Benchmark 10y US yield has bounced back sharply by around 16bps over the last couple of sessions. However, as realized inflation is beating expected inflation, breakevens have also climbed higher, in fact more than nominal yields. US real rates therefore continue to remain in extreme negative territory and this has resulted in USD weakness against majors overnight. Euro has moved back above 1.18 mark. EIA data indicated a bigger than expected drawdown in crude inventory, another high frequency indicator pointing towards resurgence in economic activity. Crude prices rose about 2% post the data: Abhishek Goenka, Founder and CEO, IFA Global

    10:03 (IST)13 Aug 2020
    Nifty resumes up move after brief pause yesterday

    The Nifty has resumed its up move after a brief pause yesterday. We should be heading to levels closer to 11500 during the course of this month's expiry. The support for the Nifty is at 11150 so a closing below that level could be kept as a stop for all long trades: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:54 (IST)13 Aug 2020
    Mutual funds or PMS? Guide for budding investors looking to grow their hard-earned money

    The fact that India is one of the world’s fastest growing trillion-dollar economies is well-known. With an advantageous demographic trend, positive long-term economic potential and increasing levels of income, the Indian wealth management industry is on a steady, upward trajectory. 

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    09:43 (IST)13 Aug 2020
    Brokerage view on Tata Power

    The approval of a tariff hike at Mundra, the merger of CGPL & Tata Power Solar with TPWR, and favorable InvIT valuations provide upsides. Upgrade to Buy, with TP of INR66/sh. While certain clarity is pending with regard to upcoming new regulations for Indonesian coal mines (concerning tax and royalty), at current levels, we view the risk-reward as favorable: Motilal Oswal

    09:32 (IST)13 Aug 2020
    Top BSE Sensex gainers and losers

    Out 30 Sensex stocks that make up BSE Sensex, 24 scrips were trading in the positive territory.ONGC, TCS, Tech Mahindra, SBI, NTPC, UltraTech Cement and HCL Tech were among gainers. On the flip side, Bharti Airtel, ITC, Maruti Suzuki, Bajaj-Auto, HDFC and Sun Pharma were the top laggards on the Sensex.

    09:26 (IST)13 Aug 2020
    Sensex, Nifty open higher on Thursday

    The 30-share index Sensex gained 107 points or 0.28 per cent to trade at 38,477, while the broader Nifty 50 index was up 43 points or 0.38 per cent to rule at 11,351.

    Check live Sensex, Nifty levels

    09:09 (IST)13 Aug 2020
    Stocks in focus: Eicher Motors, BPCL, Aurobindo Pharma, Hero MotoCorp, Indiabulls Housing, IT stocks

    Eicher Motors, Bharat Petroleum Corporation, Hero MotoCorp, Tata Steel, GAIL India, Aditya Birla Fashion, APL Apollo Tubes, Balkrishna Industries, City Union Bank, DB Corp, Endurance Technologies, Godrej Industries, Grasim Industries, Garden Reach Shipbuilders & Engineers, Kirloskar Industries, PFC and Shriram Transport Finance are among 178 companies that are scheduled to announce quarterly earnings today.

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    08:59 (IST)13 Aug 2020
    Nifty's short-term uptrend intact; chartists see strong support for these two stocks in coming weeks

    After the formation of a doji type pattern in the previous couple of sessions, Nifty slipped into weakness in the early part of Wednesday's session, but shifted into a sustainable upside recovery for the better part and closed the day with an upside recovery note. Nifty closed the day lower by 14 points lower on Wednesday at 11308.40. A small body of positive candle was formed with minor lower shadow at the lows. Technically, this signal formation of high wave type pattern and this indicate that bulls are holding their defense. This choppy movement below the hurdle of previous swing high could eventually result in a retesting of recent swing highs (11373) or scale higher.

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    08:54 (IST)13 Aug 2020
    Breakdown below the 11100 levels could trigger a further supply till 10850 level

    Benchmark index is trading in a very narrow range since it tested its lower band of the rising channel pattern on a daily time frame. Their no such progressive change in this week’s daily chart while comparing to its previous week's charts. We expect some consolation at the current level with time-wise correction. The breakdown below the 11100 levels could trigger a further supply till 10850 level and resistance is coming near 11375 levels, a break of this level will open the gate for 10600 in the Benchmark index: Vishal Wagh, Research Head at Bonanza Portfolio Ltd

    08:38 (IST)13 Aug 2020
    Gold, silver may extend gains this Thursday morning

    Upbeat inflation data also supported prices as gold is seen as a hedge against inflation. The consumer price index rose 0.6% last month amid broad gains in the costs of goods and services. International gold and silver extended gains in early trade this Thursday morning in Asian trade. However, markets will remain volatile and could witness consolidation in the coming sessions. Weak US Dollar could limit downside. Domestic bullion could extend gains this Thursday morning tracking a firm start in the overseas prices. However, prices could remain volatile and could witness consolidation in the coming sessions: Sriram Iyer, Senior Research Analyst at Reliance Securities

    08:26 (IST)13 Aug 2020
    Sensex, Nifty stare at tepid start; 5 things to know before the opening bell today

    Sensex and Nifty stare at a tepid opening on Thursday with the SGX Nifty trading higher by only 6 points during the early hours of trade. On Wednesday equity benchmarks snapped a four day winning streak to end slightly lower. S&P BSE Sensex closed down by 37 points at 38,369 points while the Nifty 50 managed to stay just above the 11,300 mark. Analys claim that in the near-term the outlook for indices remains positive, however, weaker macro data and rising number of coronavirus in India do pose a threat. 

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    08:24 (IST)13 Aug 2020
    IPCA Lab rating: Retain ‘hold’ with revised target price of Rs 1,950

    Ipca Laboratories (IPCA) reported strong Q1FY21 numbers, surpassing estimates. Topline grew 42% y-o-y and Ebitda margin expanded 20 percentage points to 38% led by, Rs 2.6bn sales from HCQs; Rs 260mn spillover sales; and lower marketing & promotional spends, partly offset by muted domestic formulations growth of 4% y-o-y: Edelweiss Securities

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    08:21 (IST)13 Aug 2020
    US stocks end higher in overnight trade

    In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 1.05 per cent, the S&P 500 gained 1.40 per cent and the Nasdaq Composite added 2.13 per cent.

    08:21 (IST)13 Aug 2020
    Asian stock markets mostly higher

    Most of the Asian peers were seen surging in the early trade on Thursday. Japan’s Nikkei 225 bounced 1.83%, while the Topix was also up 1.07%. Hong Kong’s Hang Seng index rose 0.20%.

    08:20 (IST)13 Aug 2020
    SGX Nifty up just 10 points in early trade

    Nifty futures were trading just 10 points or 0.09 per cent at 11,324.80 on Singaporean Exchange, indicating a flat to positive start for BSE Sensex and Nifty 50 on Thursday

    08:20 (IST)13 Aug 2020
    Sensex, Nifty on Wednesday

    The 30-share Sensex ended 37 points or 0.10 per cent down at 38,369. While the broader Nifty 50 index gave up five-day winning run and settled in the negative territory, holding above 11,300. NSE’s Nifty 50 index settled 13 points or 0.12 per cent lower at 11,308.

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