Market Highlights: Sensex jumps 600 pts to end above 32k, Nifty settles near 9,500; RIL, HDFC Bank top contributors

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Updated: May 28, 2020 6:13:59 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: BSE Sensex and Nifty 50 settled with nearly 2 per cent gains on Thursday aided by buying in banking stocks for the second straight session.

Sensex, NiftyNifty Bank index was up nearly 2 per cent led by gains in HDFC Bank, Axis Bank and Kotak Mahindra Bank.

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled nearly 2 per cent higher on Thursday lifted by a rally in auto and banking stocks, ahead of the expiry of futures and options contracts of May series. The 30-share Sensex jumped 595 points or 1.88 per cent to end the session at 32,200. While the broader Nifty 50 index settled 175 points or 1.88 per cent higher at 9,490. Barring three stocks out of 30 Sensex stocks, 27 scrips finished trade in positive territory. Larsen & Toubro (L&T) was the top Sensex gainer with a growth of 5.88 per cent led by Hero MotoCorp, HDFC Bank, IndusInd Bank and Maruti Suzuki. RIL and HDFC twins contributed majorly to the Sensex gains today. ITC, State Bank of India (SBI) and Bharti Airtel were the only losers on the pack. Except for Nifty PSU Bank, all the sectoral indices ended the session with upticks. Nifty Auto index advanced 3.65 per cent led by gains in Eicher Motors, Motherson Sumi Systems and Bharat Forge.

India may need to inject up to Rs 1.5 trillion into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters. The government initially considered a budget of around 250 billion rupees for bank recapitalisations but that has risen significantly, a senior government source with direct knowledge of the matter said, with loan defaults likely to rise as businesses take a severe hit from nationwide lockdowns to tackle the coronavirus.

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Highlights

    15:22 (IST)28 May 2020
    Brokerage view on Dabur India

    We reckon Dabur’s sharp focus on power brands and direct distribution should continue to deliver improved penetration and volume growth ahead of revenues. Considering Covid impact we have cut revenue estimates by 16.1%/16.7% and reduced earnings by 19.6%/16.0% for FY21E/FY22E. We retain our Buy rating with revised DCF-based TP of Rs484, implying 49x FY22E earnings. Risks to our call include tepid demand conditions, any further lockdown beyond May ’20 and irrational competition: Centrum Broking

    15:14 (IST)28 May 2020
    IDFC First Bank launches video KYC facility for customers to open savings accounts

    IDFC First Bank has launched video KYC facility so that customers can open savings accounts without the need to visit a branch office. The zero-contact method completely does away with paperwork or biometric verification, thereby removing physical interaction between the bank and customer from the know your customer (KYC) process, IDFC First Bank said in a release.

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    15:08 (IST)28 May 2020
    Rupee has been stable against the dollar so far this month

    Indian rupee fell for the second day amid weaker Asian currencies. Asian currencies weakened on back safe haven demand for the dollar. So far this month, rupee has been stable against the dollar and consolidated in range of 75 to 76, mainly on back of dollar inflows and higher domestic equities. Spot USDINR is facing multiple top resistance of psychological level of 76: Devarsh Vakil, Head Advisory, HDFC Securities

    14:50 (IST)28 May 2020
    SpiceJet’s ‘opportunity’ in crisis: Carrier converts passenger planes to fly cargo

    As airlines continue to struggle due to coronavirus lockdown with the government easing flight restrictions merely days ago, a domestic carrier has converted its passenger planes to fly cargo calling it an “opportunity” in crisis. “Our cargo operations are doing extremely well and to address the increased demand we have converted three Q400 passenger aircraft into freighters,” Ajay Singh, CMD, SpiceJet said in a statement on Thursday.

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    14:34 (IST)28 May 2020
    LT share price advances over 6% in afternoon deals

    LT share price gained 6.17 per cent to Rs 903 apiece on BSE in Thursday's late afternoon deals. Hero MotoCorp, IndusInd Bank, HDFC Bank, Maruti Suzuki and Tata Steel are among other gainers on the index.

    Check live prices: Larsen & Toubro

    14:26 (IST)28 May 2020
    Rupee settles lower against US dollar on Thursday

    Indian rupee settled lower at 75.75 per US dollar as against Wednesday's close of 75.72.

    14:10 (IST)28 May 2020
    Bond street gives Baba Ramdev a cordial welcome; Patanjali’s NCD issue subscribed in 3 minutes

    Baba Ramdev-led Patanjali Ayurveda entered the bond market for the very first time on Thursday, hoping to raise Rs 250 crore through debentures. The issuance was fully subscribed within three-minutes. The ecstatic response to the Baba Ramdev’s firm was termed historic by the Managing Director of Patanjali Ayurveda, Acharya Balakrishnan, PTI reported.

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    13:36 (IST)28 May 2020
    Dabur India share price jumps 5% as Chyawanprash sales surge; check brokerages’ target price

    Even as fast-spreading coronavirus hit Dabur India’s net profit for the March quarter, the company has been witnessing a whopping 400 per cent surge in demand for immunity boosting Chyawanprash and 80 per cent growth in Dabur Honey. During this pandemic, Dabur is becoming future ready to turn the challenges into opportunities by chalking out new strategies to navigate through the new normal. With a consumer shift to preventive healthcare and personal hygiene, the company has already rolled out immunity boosters like Dabur Tulsi Drops, Dabur Amla Juice, Dabur Giloy-Neem-Tulsi juice and Dabur Immunity Kit, etc. 

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    13:19 (IST)28 May 2020
    NTPC looks to buy out Anil Ambani’s Reliance ADAG distribution units in Delhi

    India’s largest electricity generator NTPC Ltd is eyeing Anil Ambani’s Delhi power distribution units after three groups have already submitted non-binding bids for Reliance Infrastructure Ltd’s BSES Rajdhani Power Ltd (BRPL) and BSES Yamuna Power Ltd (BYPL), Reuters reported. “NTPC is keen to explore the opportunities for acquiring 51% stake in BRPL and BYPL, which are on sale,” the New Delhi-based NTPC said in a letter to the Delhi Electricity Regulatory Commission dated 26th May 2020. 

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    12:58 (IST)28 May 2020
    Hold Coromandel International Ltd ~ Emkay Global

    CRIN is trading above its 10-year mean, one-year fwd P/E multiple of 15.6x. Its 10-year high/low multiple is 26x/6x on 1-year fwd EPS. We maintain Hold, with a revised TP of Rs712 (17x FY22E EPS). CRIN is trading above its 10-year mean, one-year fwd P/E multiple of 15.6x. Its 10-year high/low multiple is 26x/6x on 1-year fwd EPS. We maintain Hold, with a revised TP of Rs712 (17x FY22E EPS).

     ~ Emkay Global

    12:36 (IST)28 May 2020
    Buy Sun Pharma | Target Price: Rs 480 ~ HDFC Securities

    Sun’s Q4 EBIDTA/PAT missed expectations on account of higher costs and certain one off expenses. US business (ex Taro) was largely stable. The ramp up in global specialty business was encouraging (+7% QoQ) led by traction in Ilumya, Yonsa and Cequa, however, the outlook for FY21 remains sluggish. Specialty related costs will remain elevated whereas ramp up in revenues may get delayed exacerbated by Covid led challenges. On the other hand, Sun’s balance sheet continue to remain strong with increased focus on cash conservation (repaid ~USD400mn debt in FY20) and cash collection during uncertain times. We maintain Add rating with revised TP of Rs480. ~ HDFC Securities

    12:21 (IST)28 May 2020
    Cash still king, demonetisation effect gone; digital payments rising but face 2 key roadblocks

    Cash still rules as the king of payments in India, despite the rising trends of digital payments in recent years, as the aftereffect of demonetisation wears off. Cash in circulation in proportion to GDP has now once again reached a level as high as it was before demonetisation. Nearly 83 per cent of the value of total consumer transactions were made with cash in 2018, compared to 87 per cent in 2012, Capital Economics said in a research note citing RBI data.

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    11:51 (IST)28 May 2020
    Foreign investors bullish on these two sectors despite fleeing most of the Indian stock market

    Foreign investors might be fleeing the Indian stock market amid tumultuous times but their liking for Indian banking and financial services sector along with technology stocks is still visible. Foreign Institutional Investors’ (FII) ownership in Nifty-500 has dropped to a 5-year low but still half of their funds are allocated towards banks, and the technology space despite the sharp corrections in the Indian equity markets, said a report by brokerage and research firm Motilal Oswal. “Financials have had a dominant run in the last few years with FIIs being majorly overweight on BFSI (Private Banks, NBFCs, Insurance, and PSU Banks),” the report said.

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    11:50 (IST)28 May 2020
    Uflex share price zooms 17% as company finds shield against coronavirus

    Uflex share price surged nearly 17 per cent to Rs 202.65 apiece on BSE in Thursday’s after the company in a press release said that it has developed a Personal Protective Equipment (PPE) Coverall ‘Flex Protect’ in joint collaboration with lIT-Delhi and INMAS, DRDO, Delhi. The stock has soared nearly 70 per cent from its March low of Rs 119.95 apiece. With today’s rally, the stock is still 36 per cent off from its 52-week high of Rs 276.25.

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    11:22 (IST)28 May 2020
    Accumulate Supreme Industries | Target Price: Rs 1,126 ~ Geojit Financial Services

    SIL’s Q4FY20 revenue de-grew by 7% YoY, on account of shutdown due to covid19 impact. But PAT grew by 4% YoY on account of higher operating margin. EBITDA margin improved by 590bps YoY to 19.1% led yearly discounts from RM supplier and better product mix. Going ahead, we expect construction demand to be muted in the near term. However, led by gradual improvement in rural & agriculture demand, we expect revenue growth to pick-up from H2FY21E. We believe that near term weakness has already factored in stock prices. Given SIL strong brand recall, distribution network and healthy margin profile, we continue to remain constructive. We value SIL at P/E of 28x with a target price of Rs1,126 and recommend to Accumulate.

    ~ Geojit Financial Services

    11:16 (IST)28 May 2020
    Sensex mounts 32,000, Nifty nears 9,450

    BSE Sensex reclaimed its 32,000-mark and was trading at 32,066.65, up 461.43 points or 1.46 per cent. While Nifty50 surpassed 9,400 level in today's trade.

    Check live Sensex, Nifty levels

    11:13 (IST)28 May 2020
    Gold prices fall even as rates in international market rise; here’s what dragging down gold prices

    Gold prices edged lower on Thursday despite positive trends in the international market as tensions between US-China and weakness in the dollar supported the safe-haven demand. On MCX, gold June futures were trading 0.2 per cent down at Rs 46,426 per 10 gram while silver July futures were ruling at Rs 48,350 per kg, down 0.08 per cent. US President Donald Trump has a long list of possible responses to China’s plans to impose a national security law on Hong Kong, including visa and economic sanctions, said David Stilwell, assistant Secretary of State for East Asia, according to a Reuters report

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    10:28 (IST)28 May 2020
    Sun Pharma March quarter profits fall, miss street estimates; should you buy, sell or hold?

    India’s largest drug-maker, Sun Pharma, posted a 59% fall in consolidated profit after tax in the January-March quarter on-year basis, and missed street estimates as well despite a jump in revenue. The slump in profits was largely attributed to the Rs 260 crore settlement charges paid by the company to the Department of Justice in the USA and increasing expenses. Estimates for the coming fiscal have been trimmed with expectations of a dip in sales in various geographies. Sun Pharma’s net profit stood at Rs 399.84 crore in the March quarter, down from Rs 635.88 crore in the same period last year. Profit before tax stood at Rs 577 crore down from Rs 694 crore from a year ago. 

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    10:24 (IST)28 May 2020
    Buy Dabur India Limited | Target Price: Rs 520 ~ ICICI SECURITIES

    DIL seems to be trying to convert adverse circumstances into opportunity by leveraging Dabur brand in hygiene & healthcare themes. We expect flat sales growth in FY21 and strong 16% recovery in FY22E considering its strong rural presence (targeting direct reach of 60,000 villages) that may see higher growth with migrants moving back and increase in government welfare spend. We maintain BUY with a target price of | 520/share.

    ~ICICI SECURITIES

    10:15 (IST)28 May 2020
    Financials, bank stocks lead Nifty Bank gaining 3%; check what’s contributing to Sensex’s up move today

    Extending gains from the previous session, BSE Sensex and Nifty 50 were trading nearly one per cent higher on Thursday mirroring the gains in Asian markets ahead of the expiry of futures and options contracts of May series. Sensex touched day’s high of 31,986, while the broader Nifty 50 index surpassed the 9,400-mark. Private bank stocks were the leading the rally today with index heavyweights such HDFC Bank, ICICI Bank, Kotak Mahindra and Axis Bank among the top index contributors.

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    10:04 (IST)28 May 2020
    Nifty Bank index top sectoral gainer

    Nifty Bank index surged nearly 3 per cent in trade led by gains in IndusInd Bank, Axis Bank, Bandhan Bank and RBL Bank. On the contrary, Nifty IT index was down over one per cent weighed down by Wipro, Infosys, HCL Tech and TCS

    09:50 (IST)28 May 2020
    Rupee has been trading relatively stable compared to other EM currencies

    Rupee has been trading relatively stable compared to other EM currencies on the back of positive equity market and expectations of inflows. However, US-China relation holds an important part of what drives markets. Any negative development between the two could jeopardize the market sentiments, therefore one need to remain cautious while hedging. Meanwhile, we expect the pair to trade within 75.00-76.20 levels for next few sessions: Amit Pabari, MD, CR Forex Advisors

    09:44 (IST)28 May 2020
    Uflex share price soars 17%

    Uflex share price surged 16.76 per cent to Rs 202.65 apiece on BSE in Thursday's after the company in a press release said that it has developed a Personal Protective Equipment (PPE) Coverall 'Flex Protect' in joint collaboration with lIT-Delhi and INMAS, DRDO, Delhi.

    Check live prices: Uflex

    09:39 (IST)28 May 2020
    Rupee is likely to open around 75.80

    Asian currencies are trading weak against the US Dollar. Rupee is likely to open around 75.80 and trade a 75.60-76.00 range. The PBoC fixed the Yuan reference rate stronger than expected and this has reduced the pressure on Asian currencies to some extent. Asian stocks are trading with a positive bias. Nifty is likely to open flat: Abhishek Goenka, Founder and CEO, IFA Global

    09:38 (IST)28 May 2020
    Nifty Bank index advances over 2%

    Nifty Bank index was up over 2 per cent led by gains in HDFC Bank, Axis Bank and Kotak Mahindra Bank. On the flip side, Nifty Pharma was trading lower dragged by losses in Biocon, Lupin and Glenmark.

    09:37 (IST)28 May 2020
    RIL-RE share price gains 3% in opening deals

    Reliance Industries Limited-Rights Entitlement share price extended gains from the previous session. RIL-RE gained 2 per cent to Rs 205.70 apiece on NSE.

    check live prices: Reliance Industries-RE

    09:35 (IST)28 May 2020
    ONGC share price up 4%

    Out of 30 Sensex stocks, 20 scrips were trading in positive territory. ONGC was top index gainer with a growth of 3.4 per cent followed by LT, HDFC Bank, Tata Steel and Axis Bank.

    Check live prices: ONGC

    09:23 (IST)28 May 2020
    Sensex, Nifty trade with gains on Thursday

    Sensex gained 250 points while the broader Nifty 50 index was trading near 9,400-mark in the opening deals on Thursday on the back of positive global cues.

    Check live Sensex, Nifty levels

    09:12 (IST)28 May 2020
    Nifty set to open with gap up, the short recovery is going on ahead of FNO expiry

    Nifty set to open with gap up, the short recovery is going on ahead of FNO expiry today. The rolls are on track till away from the last six months' average percent. Till the time Banknifty has rollover only 51% and Nifty rollover around 61% against the average six months rollover of 70.4% and 71.2% respectively. Whereas, the average rollover for all stocks and Index combines stands at 73% compared to 89% for the last six months. So, a big move on either side can happen. Though the world markets are showing strength, the domestic market will respect the data and FNO expiry. The momentum will be seen in the direction of the position: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    09:08 (IST)28 May 2020
    Nifty chart suggests positive trend in upcoming sessions; these two stocks set to gain

    After consolidating between the 8960-9180 levels for the last few sessions, the Nifty has now convincingly broken out of this range. In the process, the Nifty index now trades firmly above the 50-day SMA and the 14-day RSI too is in rising mode and above its 9-day EMA. The 60-minute Nifty chart too indicates a positive trend as the pattern of higher tops and higher bottoms seen in the last five sessions is intact. The Nifty needs to hold above the immediate lows of 9004 for this pattern to remain intact.

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    08:52 (IST)28 May 2020
    Stocks in focus: Lupin, TVS Motor, United Spirits, Adani Power, among others to remain in action

    Federal Bank, CEAT, Heidelbergcement India, Lupin, TVS Motor, IIFL Finance, Muthoot Capital Services, Radico Khaitan, Rain Industries, Tata Steel Long Products and Wendt (India) are among 24 companies are scheduled to announce their March quarter earnings.

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    08:37 (IST)28 May 2020
    RIL-RE price jumps 11% on Day 5 on high volumes

    With just two more trading sessions to go, the de-materialised trading of Reliance Industries Ltd – Rights Entitlement (RIL-RE) on Wednesday closed with a 11 per cent gain over the previous day. RIL-RE closed at Rs 201.5, a gain of 11 per cent over Tuesday’s close, after touching an intra-day high of Rs 209.90, according to stock exchange data.

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    08:15 (IST)28 May 2020
    US stocks surge in overnight trade

    In overnight trade on Wall Street, US stock market indices rose as the further easing of lockdowns lifted optimism for an economic recovery. The Dow Jones rose 2.2 per cent, the S&P 500 gained 1.48 per cent, and the Nasdaq Composite added 0.77 per cent.

    08:14 (IST)28 May 2020
    Asian stock market gains in early deals

    Asian stock markets were positive in early deals. South Korea’s Kospi was up 0.6 per cent, while Japan’s Nikkei gained 1.4 per cent and Australia’s ASX jumped 2.2 per cent

    08:14 (IST)28 May 2020
    Sensex, Nifty on Wednesday

    Sensex was up by 995.92 points or 3.25 per cent to close at 31,605.22. The broader Nifty50 was up by 285.9 points or 3.17 per cent to close at 9,314.95 on Wednesday

    08:14 (IST)28 May 2020
    Trends on SGX Nifty indicates gap-up opening for Sensex, Nifty

    Trends on SGX Nifty hint at a positive start for the Sensex and Nifty with a gain of 50 points or 0.53 per cent. The Nifty futures were trading at 9,360 on the Singaporean Exchange

    Share Market Today | Sensex, Nifty, BSE, NSE, Share Prices, Stock Market News Live Updates
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