Share Market Hightlights: Sensex jumps 880 points, ends above 33,000; RIL, HDFC twins, TCS among top contributors

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Updated: June 1, 2020 6:37:43 pm

Share Market News Today | Sensex, Nifty, Share Prices Hightlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent higher in Monday's trade. Sensex ended above 33,000-mark while Nifty 50 settled above 9,800 level

Share Market Today, Share Market LiveNifty PSU Bank index soared 7.57 per cent led by gains in Canara Bank, Bank of India, Bank of Baroda and Punjab National Bank

Share Market News Today | Sensex, Nifty, Share Prices Hightlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over 2.5 per cent higher in Monday’s trade led by buying in PSU bank stocks. The 30-share Sensex closed the session 880 points or 2.71 per cent higher at 33,303, while the broader Nifty 50 index settled at 9,826 gaining 245 points or 2.57 per cent. The volume toppers in today’s trade were Bajaj Finance, Reliance Industries (RIL), State Bank of India (SBI), HDFC and Axis Bank. Among top Sensex gainers were Bajaj Finance with growth over 10.62 per cent, followed by Titan, Tata Steel, SBI Mahindra & Mahindra and HDFC. On the flip side, Sun Pharma was the top Sensex laggard, down 2.17 per cent. Nestle India, UltraTech Cement, Hero MotoCorp and LT were other losers on the pack. All the 11 sectoral indices finished trade with upticks. Nifty PSU Bank index soared 7.57 per cent led by gains in Canara Bank, Bank of India, Bank of Baroda and Punjab National Bank.

The Indian economy is on course for a full-year contraction this fiscal, as recovery prospects from COVID-19 related disruptions remain “clouded”, according to DBS Bank India economist Radhika Rao. The comments came amid the release of key data that showed India’s GDP growth tumbling to 3.1 per cent in the March quarter — the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2 per cent, the slowest in 11 years.

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    15:23 (IST)01 Jun 2020
    ‘Unless India substantively change way business is done, MSMEs can’t capitalise on China opportunity’

    Is the concept of resurgent India too far to imagine in these times? Especially in the midst of this mayhem across the world where global trade may have fallen by as much as 30 per cent, GDP growth rates have declined precipitously and unemployment is likely to rise beyond any previously recorded levels; is this a hope that is utterly preposterous? The human race is driven by optimism and hope. We would not exist, were it not for these two traits.

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    15:08 (IST)01 Jun 2020
    Many products from Dabur India, Victorinox India, Samsung India delisted from CAPF canteens

    A number of products from Dabur India, Victorinox India, Samsung India de-listed from CAPF canteens as they are not 'swadeshi': Officials, PTI reported

    15:07 (IST)01 Jun 2020
    Over 1,000 non-swadeshi products from firms like HUL not to be sold at CAPF canteens

    Over 1,000 non-swadeshi products from firms like Jaquar, Eureka Forbes, HUL (foods) not to be sold at CAPF canteens from today: Officials, PTI tweeted

    15:02 (IST)01 Jun 2020
    Brokerage view on Bajaj Finance

    Recording strong topline performance in this quarter we believe that the heavy provisioning will give enough buffer in this challenging environment amidst COVID-19, eventually allowing the company to bounce back, we upgrade our rating to BUY with revised target price of Rs. 2,570 based on 3.5x FY22E BVPS: Geojit Financial

    14:51 (IST)01 Jun 2020
    Power demand recovering but still far below normal levels; here’s how much it fell in May from a year ago

    The power demand in India has started to pick up as the Modi government gradually eased restrictions on economic activity, however, the current level of electricity usage is still much below the normal levels. Power demand in May fell 14.16 per cent to 103.02 billion units (BU) compared to 120.02 BU a year ago, though the fall is lower than 22.65 per cent in April when the economic activity was almost at a standstill.

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    14:42 (IST)01 Jun 2020
    Brokerage view on NCC

    We maintain BUY on NCC with TP of Rs 48/sh as 1) current valuation more than factors in weak execution 2) improved visibility on net executable order book after removal/descoping of AP orders and 3) positive surprise on order wins as NCC looks to replenish the order book. Key risks to our estimates 1) Deterioration in NWC days & 2) Weak real estate monetization: HDFC Securities

    14:34 (IST)01 Jun 2020
    Kotak Mahindra Bank raises Rs 7,442 crore, shares jump 3%, but this brokerage firm isn’t impressed

    Uday Kotak led-Kotak Mahindra bank successfully raised Rs 7,442 crore by issuing 65 million shares of the lender at a discounted price of Rs 1,145 per share via a Qualified Institutional Placement (QIP). Shares of the private lender went up by 4% during the early hours of trade, in line with the equity markets that were overtly joyus on Monday. However, the banks capital raising plans, which also help the promoters bring the shareholding down, is going to affect the Return On Equity (RoE), according to brokerage and research firm Emkay Global. The already subdued RoE, will see further reduction after the bank's QIP, said Emkay in a research note.

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    14:26 (IST)01 Jun 2020
    Normalcy returned in debt markets, mutual funds

    Thanks to the measures taken by the Sebi, RBI and the Finance Ministry, normalcy has returned in debt markets and Mutual Funds. Net Flows in Debt MF schemes as on May 2020 have risen to INR 94,224.29 crores, more than double compared to INR 43,431.55 crores as on April 2020, AMFI India said in a tweet. 

    14:23 (IST)01 Jun 2020
    PVR share price jumps 9%; board meet on June 8

    PVR share price jumped over 9 per cent to Rs 986.05 apiece on BSE in Monday's strong trade as PVR board to meet on June 8 to consider raising funds via equity

    Check live prices: PVR

    14:12 (IST)01 Jun 2020
    Brokerage view on agriculture sector

    The impact of the locust attack is currently minimal given that the Rabi harvest is already complete (impact expected on horticulture produce); however, if the attack is not curtailed, it would pose a risk to kharif production, in turn impacting farm profitability. Coromandel International and UPL in our coverage universe are likely to benefit from pesticide sales for controlling the locusts. We have a Buy rating on PI Industries and Coromandel, and Neutral rating onUPL: Motilal Oswal

    13:54 (IST)01 Jun 2020
    Sustaining above the current levels is very crucial for a move towards the 10,000 mark in Nifty

    Major indices, Nifty & Sensex, both are up by 3% plus in today's’ trading session, buoyed by positive Asian markets, along with the government’s relaxation of curbs on most economic activities, even though lockdown in containment zones was extended till June 30. Rally has been broad-based with Advances outnumbering Declines by 15:1 in CNX Nifty 500. Bajaj Twins, HDFC Twins, along with heavyweights like Reliance, have led the way, with indices breaching the April highs. Overall, sustaining above the current levels is very crucial for a move towards the 10,000 mark in Nifty, in the near future: Aamar Deo Singh, Head Advisory, Angel Broking Ltd

    13:46 (IST)01 Jun 2020
    Yes Bank share price gains 4% after Madhu Kapur group steps down as promoters

    Yes Bank share price gained 4.2 per cent to Rs 28 apiece on BSE in Monday’s strong trade as the bank informed the bourses about the reclassification of shareholding after Madhu Kapur group has consented to be categorised as public stakeholders. From it’s March low of Rs 5.55, the stock has skyrocketed over 400 per cent. The Madhu Kapur group which includes Madhu Ashok Kapur, Shagun Kapur Gogia Gaurav Ashok Kapur and Mags Finvest Private Limited, agreed to give up their status as Yes Bank promoters and reclassify their shareholding in the bank as non-promoter shareholders or public shareholders, Yes Bank said in a BSE filing on Saturday.

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    13:39 (IST)01 Jun 2020
    Modi’s economic package is spot on; here’s why it can’t be directly compared with other nations

    India’s fiscal package announced by Prime Minister Narendra Modi is appropriate and the country is a positive fiscal outlier as the stimulus is nearly the largest among major emerging market economies. India’s fiscal stimulus is around 4 per cent of GDP while among developing nations, only Brazil (8 per cent of GDP) and Peru (7 per cent of GDP) have a fiscal stimulus higher than India, Surjit S Bhalla, executive director of IMF representing India, Sri Lanka, Bangladesh, and Bhutan, wrote in The Indian Express citing data from IMF-PT.

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    12:54 (IST)01 Jun 2020
    Silver has strongly outperformed gold over the past one month

    Gold prices for August expiry on MCX are trading up near 47230.00 up by 0.26% mainly driven by the sell-off in the US dollar across the board, in the wake of US-China trade war relief and while anarchy on the streets in the US could dent the nascent reopening recovery. Also support seen after last weeks US President Donald Trump’s speech on China’s forceful national security legislation on Hong Kong was softer-than-expected and did not target the trade relationship between the two countries. Therefore, the risk appetite returned and killed the haven demand for the greenback, which in turn benefitted gold. Silver has strongly outperformed gold over the past one month, made a fresh high of 51065.00 on MCX: Ajay Kedia, MD, Kedia Advisory

    12:47 (IST)01 Jun 2020
    Paytm Mall plans new tech jobs in Bengaluru, set to hire 300 people; trims losses by this much

    Bucking the trend of hiring freeze and layoffs, Paytm Mall, the online shopping platform of the payment application Paytm, has announced it plans to hire 300 new members for product & technology roles aiming expansion across its business categories. The Vijay Shekhar Sharma-led company said that the new hiring plans will help the company tap into the rich talent pool available in the city’s consumer internet and startup ecosystem as it shifts operations from Noida to Bengaluru. Paytm Mall also announced the appointment of Abhishek Rajan as the new Chief Operating Officer of the company.

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    12:26 (IST)01 Jun 2020
    Buy Radico | Target price: Rs 363 ~ HDFC Securities

    Radico’s 4QFY20 performance was strong with 15% yoy growth in net revenues. IMFL revenue and volume growth was 16% and 13%, out of which, P&A clocked 31% and 11% respectively. This was in stark contrast to the industry (flat yoy) which struggled in 4QFY20 (UNSP posted rev/vol decline of 11/13% yoy). Co continued scaling its premium brands (Rampur, Morpheus, 8PM Black, etc) and Morpheus is expected to become a millionaire brand in FY21. EBITDA growth of 13% was not only superior to UNSP but also to other FMCG players. Lockdown and sharp increase in taxes by states are a caveat for FY21 growth for the liquor industry. However, we expect that Radico can sustain its outperformance led by aggressive marketing, successful recent launches and competitive pricing. With ENA prices being steady and expected to be soft in FY21, we believe co will be able to sustain its EBITDA margin. Receivables were high on Mar’20 but co received ~Rs 1bn during April/May from few states (mainly AP). Thereby, working capital stretch was more of timing mismatch. Consumption slowdown will also have its impact on the liquor industry, thereby, we cut EPS estimates by 7/2% for FY21/FY22. We value Radico at 16x on Mar-22E EPS, deriving a TP of Rs 363. Maintain BUY.

    ~HDFC Securities 

    12:16 (IST)01 Jun 2020
    Gold prices rise today as US riots trigger safe-haven demand; silver rates gain 23% in May

    Gold prices gained today on the back of riots in the US, tensions over Hong Kong security and rising coronavirus cases in India and elsewhere. Similarly, silver prices continued an upward march after the metal hit an all-time high on Saturday. Meanwhile, total coronavirus cases in India has now reached 1,90,535 with the death toll at 5,394. On MCX, gold August futures were trading Rs 146 or 0.31 per cent higher at Rs 47,250 per 10 grams. While silver July futures were ruling at Rs 50,900, up Rs 782 or 1.56 per cent.

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    11:56 (IST)01 Jun 2020
    Flipkart’s foray into food retail hits regulatory roadblock as DPIIT rejects application

    The Department for Promotion of Industry and Internal Trade (DPIIT) has rejected Flipkart’s application for food retail license citing that it doesn’t fit into the current FDI norms. Flipkart had last year registered FarmerMart – a separate entity to foray into the retail trading of food products, manufactured and produced in India, through offline and online distribution and other sales channels such as e-commerce, according to the company’s memorandum of association filed late last year.

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    11:36 (IST)01 Jun 2020
    Key things behind Sensex’s 1,000 pts upmove

    Extending rally from the previous sessions, BSE Sensex and Nifty 50 were trading higher on Monday, gaining over 3 per cent each. Index heavyweights such as Reliance Industries, HDFC Bank, HDFC, ICICI Bank and TCS were the to contributors to today’s Sensex upmove. Markets cheered the decision of reopening of the economy and extension of the lockdown in containment zones till June 30. The 30-share Sensex jumped 1,000 points to 33,430, reclaiming its crucial 33,000-mark. While Nifty 50 index surpassed 9,850-mark in today’s trade.

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    11:15 (IST)01 Jun 2020
    Gautam Adani plans to delist Adani Power, stock surges over 8%, Board to consider proposal this week

    India’s fifth richest man, Gautam Adani, is considering taking his energy utilities firm, Adani Power off the stock markets. Taking cognizance of the announcement the Adani Power shares surged 8.14% on Sensex to trade Rs 39.20 per share. In a filing to the market regulator, Adani power said that the promoter group has expressed the intention to delist the company, either by itself or together with other members of the Promoter Group. Adani Power’s Board will meet on June 3, to consider the proposal for voluntary delisting of the equity shares of the Company received from Adani Properties Private Limited, the company said. A buy-back offer has not surfaced so far.

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    10:54 (IST)01 Jun 2020
    Maruti Suzuki share price jumps 4% as company’s sales engine restarts after zero sales in April

    Maruti Suzuki share price jumped up to 4 per cent to Rs 5,830.95 apiece on BSE in Monday’s trade as the company reported sales of 18,539 units in May after it reported zero sales of vehicles in April due to coronavirus-led nationwide lockdown. This includes sales of 13,865 units in the domestic market and 23 units to other OEMs. Maruti Suzuki stock price hit a 52-week low of Rs 4,002 in April, since then it has risen over 45 per cent. However, the stock price is still 25 per cent down from its 52-week high of Rs 7,755 hit in October last year.

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    10:27 (IST)01 Jun 2020
    Sensex, Nifty hold gains; up over 2.5%

    BSE Sensex was trading at 33,281.34, up 857.24 points or 2.64 per cent while Nifty 50 index was ruling at 9,826.85, up 246.55 points or 2.57 per cent at this hour.

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    10:11 (IST)01 Jun 2020
    Maruti Suzuki reports total sales of 18,539 units in May; stock gains 4%

    Maruti Suzuki posted total sales of 18,539 units in May 2020 (including13,865 units in Domestic market and sales of 23 units to other OEM). Stock price is up 4%.

    Check live prices: Maruti Suzuki

    10:09 (IST)01 Jun 2020
    Lifting of lockdown in a phased manner can hold strong support for the rupee

    Lifting of lockdown in a phased manner can hold strong support for the rupee for a few sessions. But the spike in COVID- 19 cases in India, US-China tensions over Hong Kong and riots in the US may cap any strong gains in the pair. Broadly, the pair is likely to trade within its range of 75.00-76.20 levels for the next few days. A breakout in the same will trigger fresh and steep momentum in the pair: Amit Pabari, MD, CR Forex Advisors

    09:59 (IST)01 Jun 2020
    While trading in a volatile market, this move may help investors safeguard investments

    Trading is a business, and no business is successful sans a business plan. A business trade plan is a comprehensive document that aims to define and plan a strategy around your capital allocation, risk management and most importantly your short- & long-term goals. An imperative component of your trade plan is Stop Loss, which is designed to limit a trader/investor’s loss on a security position that makes an unfavourable move. Irrespective of the category of trader, a stop loss plays an important role in preventing capital erosion, while protecting downside risk during adverse price movements. Similarly, a stop-loss order is a buy/sell order that you define and gets triggered when the script reaches that point, irrespective of whether you are bullish or bearish in your overall assessment.

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    09:58 (IST)01 Jun 2020
    Emerging markets grasp for signs of economic rebound as nations ease lockdown

    Emerging markets are taking heart from the re-opening of virus-battered economies around the world while the rate of infections in some countries shows little sign of easing. Developing-nation stocks and bonds rose for a second month in May and currencies were steady as investors drew comfort from government and central-bank stimulus efforts and optimism a coronavirus vaccine will eventually be developed. JPMorgan Chase & Co.’s measure of implied volatility for currencies has declined for the past five weeks, the longest streak this year.

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    09:52 (IST)01 Jun 2020
    Positive impact from lockdown relaxation on stocks

    After a highly stringent 2-month lockdown, the GoI is clearly moving toward a step-by-step approach to restore normalcy. Much also depends on state governments and local authorities as they have the keys for implementation. MOFSL Universe stocks to see a positive impact from relaxation – Jubilant, Titan, PAGE, ABFRL, TRENT, Avenue Supermarts, Phoenix Mills, Brigade Enterprises and Indian Hotels: Motilal Oswal

    09:45 (IST)01 Jun 2020
    Adani Power shares advanced 8% in opening deals

    Adani Power share price jumped 8 per cent to Rs 40 apiece after the company's board decided to consider a proposal for voluntary delisting of the equity shares from BSE and NSE on June 3.

    Check live prices: Adani Power

    09:40 (IST)01 Jun 2020
    Indian banks will be able to participate in offshore NDF markets

    Overall global risk sentiment is positive. From today onwards, Indian banks will be able to participate in offshore NDF markets. Rupee is likely to open around 75.33 and trade 75.10-75.55 with downside bias. Asian currencies are stronger, tracking Yuan strength. Asian equities too are trading positive: Abhishek Goenka, Founder and CEO, IFA Global

    09:39 (IST)01 Jun 2020
    All Nifty sectoral indices in green, Nifty Metal up 4%

    Nifty Bank index advanced nearly 4 per cent led by gains in Axis Bank, ICICI Bank and HDFC Bank. Similarly, Nifty Metal index jumped over 4 per cent with JWS Steel, Tata Steel and Jindal Steel and Power as top index gainers.

    09:39 (IST)01 Jun 2020
    IDBI Bank share price soars 20%

    IDBI Bank share price zoomed 20 per cent to Rs 24.35 apiece on BSE in Monday's trade as the bank reported a profit in the fourth quarter on FY20 after 13 quarters.

    Check live prices: IDBI Bank

    09:33 (IST)01 Jun 2020
    Sensex mounts 33,000-mark, Nifty surpasses 9,800 level

    The 30-share index Sensex jumped 800 points to reclaim its crucial 33,000-mark while Nifty 50 soared 235 points to surge past 9,800 level.

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    09:28 (IST)01 Jun 2020
    India’s attempt at tighter grip on rupee trading is put to test

    India’s most ambitious step to get a tighter grip on rupee trading, which has been shifting to markets like London and Singapore, is being put to the test as the nation’s banks start trading the currency in offshore markets. Twelve local lenders, including State Bank of IndiaBank of BarodaAxis Bank Ltd., and ICICI Bank Ltd., can trade in the Non Deliverable Forward market for the currency from Monday. Reserve Bank of India Governor Shaktikanta Das had made a surprise announcement in March allowing certain banks to trade the rupee offshore.

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    09:06 (IST)01 Jun 2020
    Stocks in focus: Adani Power, Yes Bank, Dish TV, Maruti Suzuki, among others to remain in news

    NK Industries, Orient Electric, Magna Electro, Srikalahasthi Pipes, Birla Cable, Capital India Finance, Welspun Enterprises, V-Guard Industries, Vindhya Telelinks and Yash Management & Satellite are among 14 companies that are scheduled to announce their March quarter earnings today.

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    08:36 (IST)01 Jun 2020
    Nifty set to open with 1% gain on Monday

    Nifty set to open around a 1% gap on the back of the strong Asian market and the US futures are also trading in the green despite actions from the US by stopping funds to WHO which may excel geopolitical tensions between the two largest economies. The journey in June series started on the stronger note but the large discount on Nifty and Banknifty is creating skepticism about the recent future. Though with the progress of series the discount may come down and normality will get restored: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:27 (IST)01 Jun 2020
    Jindal rating: Maintain ‘outperform’ with an unchanged target price of Rs 175

    JSPL’s Q4 Ebitda beat CSe (+8%), driven by its steel businesses. JSPL performed better than expected while global mining operations remained a drag. Below Ebitda, depreciation was lower due to adjustments in its Australian mining subsidiary. Beat in standalone was largely driven by lower costs, likely due to usage of SMPL ore: Credit Suisse

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    08:26 (IST)01 Jun 2020
    Sun Pharma rating: Buy — Quarter results were in line with estimates

    Sun Pharma reported Q4FY20 results on Wednesday. Revenue came in at Rs 80.8 bn, up 15% y-o-y and 2% ahead of our estimate. Management expects some softening of revenues in the near term due to the adverse impact of India’s lockdown and stockpiling by customers in the current quarter. Gross margin came in at 71.5% and was in line with our estimate. Ebitda was adversely impacted by forex loss of Rs 1.4 bn. Adjusted for the forex loss, Ebitda came in at Rs 14.0 bn, up 56% y-o-y and 2% below our forecast: Nomura

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    08:25 (IST)01 Jun 2020
    Dabur rating: Neutral — Disappointing performance in final quarter

    Dabur’s Q4FY20 weak results were followed by muted management commentary on the near term outlook. We also expect an impact on FY21 earnings owing to its high dependence on wholesales and on the profitable MENA business getting affected by the sharp crude price decline. Valuations are fair (43.7x FY22e EPS) and prevent us from turning more constructive on the stock. Maintain Neutral: Motilal Oswal

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    08:24 (IST)01 Jun 2020
    Indian economy on course for full-year contraction: DBS

    The Indian economy is on course for a full-year contraction this fiscal, as recovery prospects from COVID-19 related disruptions remain “clouded”, according to DBS Bank India economist Radhika Rao. The comments came amid the release of key data that showed India’s GDP growth tumbling to 3.1 per cent in the March quarter — the slowest pace since the global financial crisis more than a decade back.

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    08:23 (IST)01 Jun 2020
    Sensex, Nifty gain 6% on Friday

    On Friday, the benchmark Nifty was up by 90.20 points or 0.95% to close at 9,580.3. The 30 share index Sensex was up by 223.51 or 0.69% to close at 32,424.1.

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