Market HIGHLIGHTS: Sensex up 420 pts, Nifty ends at 10,740; Infosys jumps 10%, bank, IT stocks lead gains

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Updated: July 16, 2020 4:39:46 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled in the positive territory on Thursday. Infosys share price surged 10%

Share Market Today, Share Market LiveNifty IT index was top sectoral gainer, with a growth of 2.82 per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over one per cent higher in Thursday’s volatile trade, supported by gains in IT, auto and bank stocks. Sensex jumped 420 points or 1.16 per cent to close at 36,472, while the broader Nifty 50 index advanced 122 points or 1.15 per cent to end at 10,740. Infosys shares remained the top Sensex gainer through out the session on the back of healthy June quarter earnings. M&M, Nestle India, IndusInd Bank, Kotak Mahindra Bank, HCL Tech and Bajaj Finance were among the other Sensex gainers. On the other hand, Tech Mahindra, ITC, NTPC, Power Grid Corporation of India, Titan Company, ICICI Bank and Bharti Airtel were among top laggards on the index. Nifty IT index was top sectoral gainer, with a growth of 2.82 per cent.

State Bank of India’s (SBI’s) board has approved the raising of Rs14,000 crore through issuance of debt instruments, in an attempt to further strengthen its capital ratios. The board gave its approval to raise Rs 4,000 crore Additional Tier-1 (AT-1) capital and Rs 10,000 crore Tier-2 capital, SBI said on Wednesday.

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    15:29 (IST)16 Jul 2020
    Infosys shares set to break 7-year record, soar 15% on stellar Q1 results

    Infosys share price surged 14.5 per cent to hit a fresh 52-week high of Rs 952 apiece on Thursday a day after the IT firm reported stellar numbers in the June quarter, mainly on large deal wins and tighter costs. The IT bellwether recorded an 11.3 per cent jump in profit in the April-June quarter of the current fiscal at Rs 4,233 crore. The surge in share price brought Infosys on track for its best day in more than seven years on Thursday, according to a Reuters report. Research and brokerage firm JP Morgan raised the price target of Infosys target price to Rs 1,000 from previous Rs 900 and reiterated an ‘overweight’ rating to the stock.

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    14:31 (IST)16 Jul 2020
    Indian rupee falls tracking losses in regional peers

    Indian rupee falls tracking losses in regional peers amid a risk-off market mood, with outflows from the nation’s stock markets further weighing on sentiment. So far this week, foreigners sold worth $222 million equities and bought $178 million debt. As the flows getting normal rupee will take cues from the dollar movement against major currencies. Spot USDINR is expected to consolidate in the range of 75 to 75.50 in coming days. The level above 75.50 will act as trend reversal for the pair and we could head towards 76 level. Most emerging Asian currencies fell even after better than expected Chinese data, mainly on back of stronger dollar. Market participants started expecting that the central bank will be less inclined toward monetary easing: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:28 (IST)16 Jul 2020
    RIL share price tanks 8% from record high yesterday, brokerages bullish; check new target price

    RIL share price fell 8.5 per cent from previous day’s high to Rs 1,812.25 apiece on BSE after the company in its 43rd annual general meeting (AGM) failed to provide a timeline for the listing of Jio Platforms. The investor sentiment was also hit when the management informed that its deal with Saudi Aramco has not progressed. Since March lows, RIL share price has more than doubled investors’ wealth taking the total market capitalisation above Rs 12 lakh crore mark. Research and brokerages are upbeat on the Reliance Industries stock price post AGM, with an upside of 17 per cent.

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    13:50 (IST)16 Jul 2020
    Can Mukesh Ambani’s Reliance Jio take on China’s Huawei, Tencent, Xiaomi?

    With the $28 billion he’s raised working from home, India’s richest man wants to step into the breach created by the technology cold war between America and China. The two Silicon Valley tech giants that gave him a third of the money will help put him there. It’s an audacious plan. Politicians in many nations, including the U.S., the U.K. and India, are reluctant to let Huawei Technologies Co., which they accuse of being an instrument of the Chinese state, become embedded in the fast-speed internet networks that will run everything from power stations to autonomous cars.

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    13:06 (IST)16 Jul 2020
    MCX silver prices at 7-year high today

    Today, MCX silver prices have touched the 7 year high levels of 51999 levels. Generally, Silver prices follow Gold prices. Recently, the gold prices have touched the life high of 49348 levels, and now, Silver is following the Gold trend and heading towards upside. Currently, the ratio between gold and silver is at 92.90, however, at the starting of the year 2020, it was around 83.72 mark. Here, Gold increased sharply but silver did not increase in this pandemic crisis. This is indicating positive signals for the silver prices also.  In India, good monsoon is also one of the reasons for the increase in Silver prices. Demand for Silver jewellery from rural areas has also supported Silver prices. We expect Silver prices may test 54000 to 55000 levels soon: Anuj Gupta, DVP- Commodities and Currencies Research, Angel Broking Ltd

    12:32 (IST)16 Jul 2020
    Aditya Birla Capital’s subsidiaries witness 2X increase in customer interactions on WhatsApp, chatbots

    Aditya Birla Capital (ABCL) witnessed a significant rise in customer interactions on the digital service platforms such as WhatsApp, chatbots, website and apps, of its subsidiaries. The company claims that during the coronavirus-triggered lockdown, in the past three months, the interactions on these platforms have surpassed the 4 million mark, translating into a two times jump in comparison to the corresponding period of the preceding year.

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    11:42 (IST)16 Jul 2020
    Sensex, Nifty gain over 0.5% in late morning deals

    After hitting day’s low of 36,038, Sensex rose 228 points or 0.63 per cent to trade at 36,280. While the broader Nifty 50 index was ruling at 10,664, up 46 points or 0.43 per cent.

    Check live Sensex, Nifty levels

    11:19 (IST)16 Jul 2020
    Mobile users base shrinks amid coronavirus; Bharti Airtel, Vodafone-Idea biggest losers

    As the government imposed coronavirus lockdown, the telecom industry lost about 30 lakh mobile subscribers in March. The preceding months January and February had marked an increase in subscriber base. “We are certain that the lower addition has been hit by restrictions from mid-March 2020 and the nationwide lockdown during the latter half of Mach 2020,” a Motilal Oswal report on telecom sector said on Wednesday.

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    11:07 (IST)16 Jul 2020
    Spurt in IT stocks lift Sensex, Nifty higher; check what’s moving markets on Thursday

    Headline indices BSE Sensex and Nifty 50 were trading over half a per cent higher in Thursday’s volatile session. After hitting day’s low of 36,038, Sensex rose 228 points or 0.63 per cent to trade at 36,280. While the broader Nifty 50 index was ruling at 10,664, up 46 points or 0.43 per cent. Out 30 Sensex constituents, only 10 stocks were trading in the positive territory, with Infosys gaining the most, up over 13 per cent. Along with IT major, TCS, HCL Tech, Reliance Industries (RIL), M&M and Maruti Suzuki were among major index contributors today.

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    10:48 (IST)16 Jul 2020
    Make fresh investment in RIL only on dips

    With so much development on the Jio platform mainly on the digital side as well as well-known strategic partners as investors, it has the potential to become a truly global company, offering solutions to clients worldwide. Going forward, RIL plans to strengthen and grow retail and O2C business are also an encouraging sign. On the financial side, it has a healthy balance sheet, net debt-free status, strong management and promising growth prospects across businesses. We remain positive on the company’s long term growth plans and would advise investors to hold the stock for healthy returns. Fresh investment in RIL to be made only on dips: Religare Broking

    10:40 (IST)16 Jul 2020
    Federal Bank share price jumps 7% after Q1 profit rises; here’s why brokerage firms favour this stock

    While the banking and financial sector continues to stay under the scanner with investors expecting a sharp jump in non-performing assets that will affect the profitability of lenders, Federal Bank is finding itself to be favoured by brokerage firms. The private-sector lender jumped over 7% on Thursday morning after having reported a standalone profit of Rs 400 crore, up over 4% from the year-ago period. The bank also saw a jump in total income along with a surge in interest income. The stock, which finds ace investor Rakesh Jhunjhunwala as one of its shareholders, also saw improvement in NPAs in the first quarter of this fiscal year.

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    10:34 (IST)16 Jul 2020
    Rupee shall remain in range of 74.50-75.50 for a few more sessions

    On a wider perspective, depreciation in the rupee towards 75.80-76.00 arising out of any negative news or event shall remain a selling opportunity in the near term, given by robust pipeline of corporate inflows. However, appreciation in the pair shall also be limited to 74.50-74.80 considering the high level of uncertainty surrounding RBI's intervention for rupee appreciation. Overall, the volatility in the pair is likely to be subdued as the pair awaits for directional cues to pave further course. Hence, it is likely that the rupee shall remain in range of 74.50-75.50 for a few more sessions: Amit Pabari, managing director, CR Forex Advisors

    10:31 (IST)16 Jul 2020
    Bandhan Bank stock price movement will largely depend on how quickly collection improves to pre COVID level

    Bandhan banks Loan portfolio (on book + off book) grew 17.68% YoY, which is weak compared to his growth trajectory. However, considering the current situation 17.68% growth is not bad. The liability front bank did well, as Deposit and CASA grew at 35.3% and 47%, respectively. Other positives are NIM improved marginally, Lower OPEX led to an improvement in Cost to income ratio by 210bps to 27.9% and GNPA at 1.43% vs 1.48%QOQ. Overall Bank collections improved to 76% by the end of June’20 compared to 29% in April’20. Pre provision profit grew by 16.8% YoY, but accelerated additional provision on standard advances amounting to ₹750 crores impacted profitability. Here on the stock price movement will largely depend on how quickly collection improves to pre COVID level: Jaikishan Parmar, Sr, Equity Research Analyst, Angel Broking Ltd

    10:21 (IST)16 Jul 2020
    Infosys, HCL Tech, TCS, L&T Infotech shares hit new 52-week highs; analysts say ‘buy’ Infy stock

    Infosys share price zoomed 12.56 per cent to hit a fresh 52-week high of Rs 935.90 apiece on BSE, a day after the company reported a strong set of numbers for the April-June quarter for the current fiscal with net profit at Rs 4,233 crores. The company had posted a net profit of Rs 3,802 crore in the corresponding quarter of the preceding year. Despite coronavirus-induced lockdown, IT major signed deals worth $1.7 billion during the quarter under review.

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    10:12 (IST)16 Jul 2020
    Mukesh Ambani seeks money for Reliance Retail after Jio gets $20 billion from Facebook, Google, others

    After raising more than $20 billion for his digital venture in three months, billionaire Mukesh Ambani is readying his retail unit for global partners, as his oil-to-petrochemicals conglomerate turns to India’s billion-plus consumers for growth. Asia’s richest man and the chairman of Reliance Industries Ltd. told shareholders Wednesday that Reliance Retail Ltd. is getting inquiries from investors and may start bringing some on board in the coming months.

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    10:02 (IST)16 Jul 2020
    A hasty trade decision would result in a skewed risk to reward ratio

    The Nifty is still within the range of 10550 and 10850. We would enter a trend in full throttle when either level triggers. If we manage to cross either price points, we could get a 200-300 point move on the index. Until then, we would need to track the markets patiently. A hasty trade decision would result in a skewed risk to reward ratio and should be avoided: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:34 (IST)16 Jul 2020
    Infosys, TCS, HCL Tech, MphasiS shares at fresh 52-week highs

    Nifty IT index was up nearly 5 per cent with Infosys, HCL Tech, MphasiS, TCS at their new 52-week highs. Infosys reported better-than-expected June quarter numbers on Wednesday.

    09:33 (IST)16 Jul 2020
    Sensex, Nifty in green

    The 30-share Sensex was up 100 points or 0.29 per cent up at 36,156, while the broader Nifty 50 index was ruling at 10,645, up 11 points or 0.11 per cent

    check live Sensex, Nifty levels

    09:13 (IST)16 Jul 2020
    Bulls may be unable to sustain higher levels; two stocks that could defy short-term market weakness

    After showing sharp weakness on Tuesday, Nifty witnessed high volatility on Wednesday and closed the day on nominal gains of 10 points. A small negative candle was formed on Wednesday with a long upper shadow. This pattern signals the instability of bulls to sustain the higher levels. Nifty is currently placed at the edge of moving below the trend line support at 10600 and Wednesday’s selling pressure from the highs could signal that the said support could eventually be broken on the downside.

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    09:10 (IST)16 Jul 2020
    Stocks in focus: Infosys, Cadila Healthcare, Titan, L&T Finance, SBI, among others to remain in news

    L&T Finance Holdings, L&T Technology Services, Bajaj Consumer Care, Aditya Birla Money, Cyient are among companies that are scheduled to announce their June quarter earnings later in the day today.

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    09:00 (IST)16 Jul 2020
    Moderna fires up Covid vaccine race with promising early results

    Crucial data from experimental vaccines against the new coronavirus started streaming in as Moderna Inc. disclosed early results and new findings from the University of Oxford’s rival shot were reported to be imminent. Moderna’s vaccine-elicited antibodies in all people tested in an initial safety trial, federal researchers said Tuesday. Early results from tests of a vaccine Oxford is developing with AstraZeneca Plc will be published as soon as Thursday, according to a report on the website.

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    08:34 (IST)16 Jul 2020
    Sensex, Nifty stare at a flat opening; key factors that could steer stock markets today

    Domestic benchmark indices surged on Wednesday recouping all losses suffered on Tuesday, only to give up almost all gains and end just a tad-bit higher than the opening levels. S&P BSE Sensex ended the day at 36,051 points after gaining 18 points during the day’s session, while the 50-stock Nifty managed to stay above the 10,600 mark. “Technically, with the Nifty selling off sharply from the highs of the day, the bears do seem to have an upper hand. Further downsides are likely once the immediate support of 10577 is broken. Any pullback rallies could find resistance at 10712,” said Deepak Jasani, Head Retail Research, HDFC Securities.

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    08:31 (IST)16 Jul 2020
    Gold outlook for today

    International bullion ended the session higher on Wednesday due to weak US Dollar. Upside remained limited as global stock markets rose on Wednesday on optimism surrounding a coronavirus vaccine kept a cap on the price rise. Hopes of a covid-19 vaccine also improved risk appetite and kept upside limited. The Fed’s Beige book, released after market hours, showed that activity increased in almost all districts, but remains well below pre-pandemic levels. Additionally, U.S. economic data released Wednesday were mostly upbeat and kept upside limited in bullion. International bullion prices have started lower this Thursday morning in Asian trade as equity markets look to extend gains supported by vaccines hopes: Sriram Iyer, Senior Research Analyst at Reliance securities

    08:27 (IST)16 Jul 2020
    Jio is on track to build a truly unique technology ecosystem

    When Facebook announced its investment in Jio, little did anyone know that 12 other investments would follow! Jio has played a pivotal role in the acceleration of data adoption in the country. Going forward it's role is only set to become even more important. The Google partnership adds another technology offering for Jio. Now they not only provide the phone and the network, but they can also provide the operating system in the phone via the newly proposed Google and Jio joint development plans. On top of the phone, Jio will provide a gamut of services ranging from eCommerce to Mutual Funds to Video content. Jio is on track to build a truly unique technology ecosystem, something the world might not have seen before: Viram Shah, CEO and Co- Founder, Vested Finance

    08:24 (IST)16 Jul 2020
    Sensex, Nifty on Wednesday

    The 30-share index Sensex ended up 19 points at 36,052, while NSE’s Nifty 50 close the session at 10,618, up just 10 points.

    08:24 (IST)16 Jul 2020
    SBI to raise AT-1 capital of Rs 4,000 crore, Tier-2 capital of Rs 10,000 crore

    State Bank of India’s (SBI’s) board has approved the raising of Rs14,000 crore through issuance of debt instruments, in an attempt to further strengthen its capital ratios. The board gave its approval to raise Rs 4,000 crore Additional Tier-1 (AT-1) capital and Rs 10,000 crore Tier-2 capital, SBI said on Wednesday. The announcement came a day after the lender got approval from shareholders to raise Rs 20,000 crore at its annual general meeting (AGM).

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