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Market HIGHLIGHTS: Sensex ends flat rising 143 pts from day’s low, Nifty above 11,450; SBI shares jump 3%

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty ended in the positive territory following a volatile session on Friday

Market HIGHLIGHTS: Sensex ends flat rising 143 pts from day’s low, Nifty above 11,450; SBI shares jump 3%

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended the Friday’s volatile session in the positive territory. The S&P BSE Sensex gained 14.23 points or 0.04 per cent to settle at 38,854.55 levels while the broader Nifty 50 index ended at 11,464, up 15.20 points, or 0.13 per cent. Out of 30 Sensex stocks, 10 scrips settled in the green with State Bank of India (SBI) shares gaining the most, up 2.30 per cent. It was followed by TCS, Tech Mahindra, Hindustan Unilever (HUL), Bajaj Finance, Kotak Mahindra Bank, Titan Company and Reliance Industries among others. The top index laggard was IndusInd Bank, down 1.71 per cent. Power Grid Corporation of India, Bharti Airtel, Asian Paints, HDFC Bank, Maruti Suzuki and Nestle India were among other losers on the pack. Except for Nifty Media index and Nifty Private Bank index, all the sectoral indices traded in the green today. Nifty IT index was top sectoral gainer, up 1.29 per cent, followed by Nifty Realty index which gained 1.27 per cent.

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15:41 (IST)11 Sep 2020
Closing bell: Sensex, Nifty end flat to positive

BSE Sensex gained over 14 points or 0.04 per cent to settle at 38,854.55, while the broader Nifty 50 index ended at 11,464, up 15 points, or 0.13 per cent.

15:39 (IST)11 Sep 2020
Any escalation in Indo-China tensions could add to rupee volatility

We are expecting the rupee to witness some consolidation, but trade with an upside bias in the near term. Although the sell-off in U.S. equities has been a dampener, we expect the dollar index to be subdued, which coupled with significant portfolio inflows should keep the rupee supported. However, any escalation in Indo-China tensions could add to the volatility and 72.80 on the rupee marks a near-term high for the pair: Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking Ltd

15:28 (IST)11 Sep 2020
HDFC Bank, ICICI Bank, Axis Bank shares may rally up to 42%; Morgan Stanley sees banking recovery

BSE Bankex has underperformed the BSE Sensex in the past five months due to a lack of clarity around non-performing loans (NPL) cycle. From March 24, when Indian share markets crashed due to weak global cues on the back of the coronavirus pandemic, S&P BSE Sensex has rallied 51.49 per cent, while S&P BSE Bankex index has managed to gain 38.26 per cent.

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15:16 (IST)11 Sep 2020
Expert quote on Rail Vikas Nigam’s June earnings

For 1QFY21, Rail Vikas Nigam (RVNL)’s top-line grew ~2% yoy to Rs2,911cr. Top-line was negatively impacted mainly due COVID-19 lockdown. On the operating front, the company reported contraction in margins, down 87bps yoy at 6.8%. Operating margin was impacted mainly due to lower revenue. On the bottom-line front, RVNL reported de-growth of ~23% yoy to Rs.141cr due to lower sales and poor operating performance: Amarjeet Maurya- AVP – Mid Caps, Angel Broking Ltd

15:02 (IST)11 Sep 2020
Border tensions, valuations drag markets

News of fresh tensions at the India-China border, rising valuations across a good section of the market coupled with receding foreign institutional flows resulted in a strong pressure for the market over the last week, with Nifty returning (-2.2%). The broader market had a steeper correction with Nifty Midcap 150 returning (-3.2%). On the flows side, after a prolonged trend of continuing positive flows, foreign institutions pulled out ~USD 229 mn over the last week. Pressure on domestic flows continued with domestic institutions withdrawing USD 73 mn as well: Hemant Kanawala, Head – Equity, Kotak Mahindra Life Insurance Co. Ltd

14:32 (IST)11 Sep 2020
Indo-China border tensions, rising cases of infections, valuations are key risks to Sensex

The BSE-30 Index declined 2% in the current week. The market remained cautious on weaker-than-expected GDP prints and weak GST collections even while PMI and auto sales showed some improvement. On the economy front, real GDP growth of (-)23.9% for 1QFY20 revealed the extent of economic damage from Covid-19. FPIs bought equities worth US$184 mn over the past five trading sessions while DIIs sold US$287 mn worth of equities in the same period. Indo-China border tensions, rising cases of infections, global market correction and valuations are the key risks to the Sensex, in our view. We see risk reward ratio getting unfavourable at these levels. Advice caution at the current juncture: Sanjeev Zarbade, VP PCG Research, Kotak Securities

14:25 (IST)11 Sep 2020
Dollar bulls have been very active this week

This week dollar bulls have been very active and the support of 73 has not been broken. The worries over Brexit and delay in US fiscal stimulus package is keeping the USDINR spot afloat. The market focus is on today’s US inflation data and the upcoming number is very important because next week is Fed policy (Sep 15-16). A higher CPI number would continue to keep USDINR spot above 73 zone, with 73.75 being the resistance. Unless the USDINR spot doesn’t consistently trade above 73.75, the spot will remain sideways between 73-73.75: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

14:05 (IST)11 Sep 2020
Adani Ports & SEZ raises Rs 900 cr through NCDs

Adani Ports and Special Economic Zone (APSEZ) on Friday said it has raised Rs 900 crore through allotment of non-convertible debentures (NCDs) on a private placement basis. “The company has raised Rs 900 crore today (Friday) by allotment of 9,000 rated, listed, secured, redeemable NCDs of the face value of Rs 10,00,000 each on private placement basis,” the company said in a regulatory filing to the BSE.

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14:00 (IST)11 Sep 2020
OTP price rise amid coronavirus; majority households paying more for less

With the country receiving excessive rainfalls at some regions due to above normal monsoon this year and certain areas in the country reporting large-scale flooding, prices of daily essential items including vegetables have gone up with a majority of households now spending more while getting less in comparison to pre COVID-19 times. “61% households are currently paying more than Rs 60 per kg for tomatoes, Rs 30 per kg for potatoes and Rs 25 per kg for onions,” a LocalCircles report said on Friday.

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13:53 (IST)11 Sep 2020
Sensex, Nifty at this hour

BSE Sensex was trading 46 points or 0.12 per cent down at 38,794, while the broader Nifty 50 index was ruling flat at 11,443 in afternoon deals.

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13:10 (IST)11 Sep 2020
Brokerage view on Engineering & Capital Goods

With the gradual lifting of the lockdown, tendering and awarding activity had picked up in Jul’20 but slipped modestly in Aug’20 and was still below the normal run-rate despite a low base from last year (election-related slowdown). Overall, on a yoy basis, orders were up 12%, while tenders were down 20%: Emkay Global

13:01 (IST)11 Sep 2020
Route Mobile IPO subscribed 6 times so far on final bidding day; should you subscribe to Rs 600 cr IPO?

The Rs 600 crore Route Mobile IPO received over 6 times bids so far on the final day of the bidding process. According to the BSE and NSE data, the issue received bids for 7.3 crore shares by 12 noon. The IPO by cloud communications service provider includes a fresh issue of Rs 240 crore and offer for sale (OFS) of up to Rs 360 crore. According to the BSE data, so far on the third day, non-institutional investors and retail individual investors (RIIs) have oversubscribed their portion by 2.32 times and 6.19 times, respectively.

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12:40 (IST)11 Sep 2020
Zomato: From a weekend project to $3-billion food company headed for IPO, here’s its journey so far

Deepinder Goyal-founded 12-year-old startup Zomato, which started as a weekend project during the IITian Goyal’s college days, is now headed towards an IPO. Announcing a fresh funding of $100 million from Tiger Global on Thursday even while businesses remain hit due to coronavirus, Zomato now looks to raise $600 million before the public issue goes live in 2021.

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12:14 (IST)11 Sep 2020
Diesel consumption declines sequentially in August

Diesel consumption declined sequentially in August; additionally, the yoy decline in diesel consumption increased. The number of car and two-wheeler registrations in the first half of August also did not improve as compared to July figures. On the positive side, electricity consumption gap narrowed to zero again, and IMPS and UPI transaction values continued to remain strong. Naukri JobSpeak index increased 11% mom. However, it is still down 44% yoy: Kotak Institutional Equities

11:52 (IST)11 Sep 2020
Market opportunities in corporate lenders, high-income consumption basket

Once sentiment improves (in our view this lags GDP recovery), high-income consumption may normalize first: Maruti (CS raises TP) and Eicher have upside. We find that the market has mispriced risks in corporate lenders (too early to say the same for retail lenders), making Axis (TP raised), ICICI (TP raised) and SBI attractive. Weak balance sheets for informal firms mean the pace of formalization can stay elevated (GCPL). Weak investment by informal firms, state fiscal stress and headwinds to low-income discretionary demand mean a weak outlook for cement (CS downgrades SRCM), and two-wheelers (Hero). With momentum likely to be muted through much of FY21, we stay underweight industrials. Credit Suisse

11:30 (IST)11 Sep 2020
RIL stock jumps 170% in less than 6 months; should you buy? Check Credit Suisse, JP Morgan, CLSA ratings

RIL shares gained 2 per cent from day’s low to Rs 2,332.90 apiece on BSE, a day after the Mukesh Ambani-led firm said it cannot confirm or deny any transaction which may or may not be in the works. These comments were in regards to recent media reports claiming ‘Reliance Industries offers Amazon $20 billion stake in retail arm’.

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11:17 (IST)11 Sep 2020
Surge in covid19 cases around globe clouds outlook for Crude

On Thursday, WTI Crude plunged around 2 per cent closing at $37.3 per barrel as increasing U.S. Crude inventory levels and weak demand prospects for Crude undermined the prices. As per reports from the U.S. Energy Information Administration (EIA), Crude inventory levels increased by 2.0 million barrels in the week ending on 4th September’20. Oil prices were also pressurized after top Crude exporter, Saudi Arabia, trimmed the Official Selling Price (OSP) to Asia for the month of October’20 considering the falling demand. However, widening impact of the pandemic reflecting the surge in covid19 cases around the globe clouded the outlook for Crude as the global Oil market struggled to recover from the economic slump. For Today Traders can go for sell in mcx crude oil sept contract at rs 2770, with the stop loss of 2850, for the target of 2670. In international market WTI crude oil may test $32 per barrel level soon: Anuj Gupta , DVP- Commodities and Currencies Research, Angel Broking Ltd

10:52 (IST)11 Sep 2020
Digital era calls for managers to don several hats in post-COVID world; vaccine is not sole requirement

Do you recall ‘Stanley Ipkiss’ the lead character in the movie ‘The Mask’ (1994, Jim Carey)? He would, on wearing a mask, experience his inner feelings and desires and express them out in the real world. From looting a bank to romancing the heroine and bashing up the bad guys, Ipkiss could do everything. He was a ‘Superman’ with all the powers and capabilities at his command, when he wore the mask over his face. It was then, a funny movie!

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10:29 (IST)11 Sep 2020
Gold turns mixed amid choppiness in US dollar

COMEX gold trades moderately lower near $1947/oz after a 0.5% gain yesterday. Gold has turned mixed amid choppiness in the US dollar and equity markets. ETF investors have also moved to the sidelines. However, supporting price is safe-haven buying amid uneven global recovery, rising virus cases, US-China tensions and Brexit uncertainty. Gold remains stuck in a broad range of $1900-2000/oz and directionless trade may continue unless there are fresh triggers: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

10:22 (IST)11 Sep 2020
Sensex, Nifty trade volatile on Friday; check what’s weighing on investor sentiment today

Headline indices BSE Sensex and Nifty 50 were swinging between gains and losses in Friday’s volatile trade. The 30-share Sensex was trading 56 points or 0.15 per cent down at 38,784, while the Nifty 50 index was ruling flat to negative at 11,443.

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09:59 (IST)11 Sep 2020
Until USD-INR trades below 74.50, every uptick shall remain selling opportunity

With the risk appetite remaining subdued, rupee is likely to remain within the range of 72.50-73.70 levels. As the geopolitical situation seems to be normalized, rupee shall remain supported and resume the strength once the inflow starts flowing in. Overall, upside risk in the pair could be capped near 74.50 levels and appreciation shall be halted close to 72.00-72.50 levels, thereby keeping the pair in a broad range of 72.00-74.50 levels for next one or two months. Until the pair trades below 74.50, every uptick shall remain selling opportunity as overall biasness is on appreciation side: Amit Pabari, managing director, CR Forex Advisors

09:51 (IST)11 Sep 2020
Top BSE Sensex laggards

IndusInd Bank, Nestle India, HCL Technologies, Asian Paints, Power Grid Corporation of India, ONGC and Bajaj Finance, were among Sensex top laggards.

09:47 (IST)11 Sep 2020
Titan Company top Sensex gainer; up over 3%

Titan Company shares were top Sensex gainers, up 3.17 per cent, followed by Maruti Suzuki, TCS, SBI, Bajaj-Auto, ITC, Tata Steel, Hindustan Unilever (HUL) and RIL.

09:41 (IST)11 Sep 2020
Rupee is likely to trade in 73.35-73.75 range.

The Rupee strengthened yesterday on reports of Reliance offering a USD 20bn stake in its retail business to Amazon. However, nationalized banks came in aggressively around 73.15 likely on behalf of the RBI to support USDINR. They bought spot and paid forwards. Rupee is likely to open around 73.53 and trade 73.35-73.75 range. US Aug CPI is due today (Core CPI is expected at 0.2% MoM). UK Jul GDP, UK industrial production, manufacturing production and trade balance data is also due today: Abhishek Goenka, Founder and CEO, IFA Global

09:35 (IST)11 Sep 2020
Analyst’s view on monsoon and rural economy with stock recommendations

We believe that a bumper Kharif season along with pent up demand and record procurement of food grain by the Government bodes well for the rural economy and allied sectors like Agrochemicals, two-wheelers and tractors. In the two-wheeler space, Hero Motocorp is our top pick with a target price of Rs. 3,422 as we expect greater demand for entry-level two-wheelers driven by an increased preference for personal transportation in the aftermath of the Covid-19 crisis. In the tractor segment, we have a buy rating on Swaraj Engine with a target of Rs. 1,892 as we expect demand to remain robust given rising disposable rural income: Jyoti Roy – DVP- Equity Strategist, Angel Broking Ltd

09:32 (IST)11 Sep 2020
Yes Bank shares jump 3.30% on Friday

Yes Bank share price jumped 3.30 per cent to Rs 14.38 apiece on BSE a day after it informed that the private lender has fully repaid the Rs 50,000 crore provided by RBI as a special liquidity facility (SLF).

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09:29 (IST)11 Sep 2020
Max Healthcare Institute share price rallies 15% in early trade

Max Healthcare Institute share price rallied 15 per cent to Rs 132.55 apiece on Friday. So far in the trade stock hit day’s low of Rs 119.10 apiece.

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09:22 (IST)11 Sep 2020
Reliance Industries shares down nearly 1%

Reliance Industries share price was down nearly 1 per cent at Rs 2,286 apiece on Friday. In the previous session, RIL became the first Indian company to hit a market capitalisation of $200 billion.

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09:19 (IST)11 Sep 2020
Sensex, Nifty open subdued on Friday

Sensex opened 65 points or 0.17 per cent down at 38,738 while the Nifty broader index was ruling at 11,462 levels in opening trade.

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09:06 (IST)11 Sep 2020
Reliance Jio, Bharti Airtel cut broadband tariffs, as well as speed; check new monthly plans

To cash in on the current practice of work from home as well as learn from home, Reliance Jio and Bharti Airtel have come out with new tariff packages for fixed line broadband (FBB), with the monthly starting price point as low as Rs 399 and Rs 499, respectively, but for existing customers, the monthly bill would not see a drop unless the users want to settle for lower Internet speed than the existing one.

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09:01 (IST)11 Sep 2020
RIL, Yes Bank, SBI, IRCTC shares to be in focus today; key things to know before opening bell

Nifty futures were trading 37.50 points or 0.33 per cent down at 11,430 on Singaporean Exchange, indicating a gap-down opening for BSE Sensex and Nifty 50 on Friday. Headline indices rallied in the previous session after trading in losses for two straight sessions. A host of factors such as India-China plan to resolve border standoff, IMF’s comments for India to tackle COVID-19, stock-specific actions and other global developments will continue to sway market sentiment today.

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08:39 (IST)11 Sep 2020
Bulk and block deals on NSE

Edelweiss Crossover Opportunities Fund sold 10.02 lakh shares of Future Supply Chain Solutions at Rs 116.65 per equity. Doric Asia Pacific Small Cap Mauritius sold 4.62 lakh shares of Max India at Rs 49.80 per equity, while Vijit Asset Management bought 9 lakh shares of the company at Rs 48.05 per share.

08:18 (IST)11 Sep 2020
US stocks end lower in overnight trade

In overnight trade on Wall Street, US stock indices ended lower following a choppy session. The Dow Jones Industrial Average fell 1.45 per cent, the S&P 500 lost 1.76 per cent and the Nasdaq Composite dropped 1.99 per cent.

08:17 (IST)11 Sep 2020
Asian peers trade mixed in early trade

Asian stocks markets were seen trading mixed in early trade on Friday. Japan’s Nikkei 225 rose 0.27% while the Topix index advanced 0.48%. South Korea’s Kospi declined 0.63%.

08:17 (IST)11 Sep 2020
Covid crisis: IMF says further fiscal stimulus warranted in India

The IMF on Thursday said that there is a need for another stimulus, especially expenditures on health, food and income support for vulnerable households, and support for businesses in view of the COVID-19 pandemic. Gerry Rice, Director of Communications Department at the International Monetary Fund (IMF), told reporters at a virtual news conference.

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08:16 (IST)11 Sep 2020
Sensex, Nifty to open in red; SGX Nifty down 44 pts

Trends on SGX Nifty suggested a gap-down opening for BSE Sensex and Nifty 50 on Friday. Nifty futures were trading 44 points or 0.38 per cent down at 11,423.50 on Singaporean Exchange.

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