Market Highlights: Sensex ends 290 points higher, Nifty settles at 10,116; IndusInd Bank share price surges 8%

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Updated: June 10, 2020 6:23:52 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks Sensex and Nifty witnessed a sudden spike in late afternoon deals on Wednesday. IndusInd Bank shares jumped 8 per cent

Share Market Today, Share Market LiveMost of the sectoral indices closed in the positive territory in Wednesday’s trade

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled nearly one per cent higher on Wednesday lifted by buying in banks and financial stocks. The 30-share Sensex gained 290 points or 0.86 per cent to end the session at 34,247, while the broader Nifty 50 index jumped 69 points or 0.69 per cent to finish the trade at 10,116. IndusInd Bank share price jumped nearly 8 per cent to settle at Rs 500.70 and was the top Sensex gainer. Among other gainers were Kotak Mahindra Bank, Reliance Industries (RIL), HDFC, Axis Bank, State Bank of India (SBI) and TCS. On the flip side, Hero MotoCorp fell nearly 4 per cent, followed by Bajaj-Auto, Tata Steel, ONGC, Titan, M&M and Bharti Airtel. Most of the sectoral indices closed in the positive territory with Nifty Bank and Nifty Financial Services as top sectoral gainers, up 1.81 per cent and 1.15 per cent, respectively.

Maruti Suzuki India (MSI) on Tuesday said it cut production by 97.54% in May at 3,714 units amid coronavirus pandemic, according to a regulatory filing by the company. Apart from this, rating agency Ind-Ra said that the automobile sales may decline by up to 25 per cent in this financial year as compared to 2019-20 due to a complete washout in April and minuscule sales last month.

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Highlights

    15:48 (IST)10 Jun 2020
    Sensex, Nifty end in green; see sudden spike in last hour of trading

    The 30-share Sensex gained 290 points or 0.86 per cent to end the session at 34,247, while the broader Nifty 50 index jumped 69 points or 0.69 per cent to finish the trade at 10,116.

    15:31 (IST)10 Jun 2020
    This large-cap FMCG stock fell 20% when Sensex surged 13%, brokerages say buy now; check target price

    When benchmark index S&P BSE Sensex was struggling with extreme volatility, Hindustan Unilever (HUL) shares were seen surging as much as 36%. The rally in the FMCG giant was unlike anything that the domestic equity benchmarks were witnessing back in March and April this year as investors feared the spread of the novel coronavirus. However, the story has changed significantly since then. As Sensex staged a comeback, gaining 13% between April and June, HUL stocks tanked close to 20%. Despite this, brokerage firms are not giving up on this large-cap FMCG stock which many term as a play on India’s growth story. Currently HUL shares are trading at a price of Rs 2,115 per share.

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    15:15 (IST)10 Jun 2020
    Outlook on the IT sector for the next few months

    The Indian IT sector is likely to face some near term headwinds due to likely cut back in discretionary spending by clients and delay in ramp up of new projects. Clients are also likely to go back to the drawing board and reprioritize their IT spending which may lead to some delay in decisions. Having said that, we believe that there is an increased likelihood of faster adoption of digital technologies despite the near term challenges which bodes well for the sector in the medium to long term. Post the recent outperformance relative to the Nifty, we are currently neutral on the sector: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd

    15:09 (IST)10 Jun 2020
    IT services demand likely to remain tepid in CY20 due to compressed global business activity

    IT services demand is likely to remain tepid in CY20 due to compressed global business activity. We expect demand to bounce back in CY21 as major global economies return to normalcy. In the post pandemic world, global enterprises are likely to accelerate their digital transformation journey in cloud and data analytics services. Few Indian IT companies have planned to aggressively incorporate 'Work from Home' as a permanent feature in their business model. We also believe vendor consolidation at customers end is strategic opportunity for Indian IT players: Suyog Kulkarni, Senior Analyst- IT services, Media and Internet

    15:00 (IST)10 Jun 2020
    FANGMAN m-cap more than GDP of G7 countries: Nilesh Shah, MD of Kotak Mahindra AMC

    FANGMAN (Facebook, Amazon, Netflix, Google, Microsoft, Apple and Nvidia) combined market cap at $ 6.3 trillion is more than GDP of other G7 countries like Japan, Germany, UK, Italy, France and Canada: Nilesh Shah, Managing Director (MD) of Kotak Mahindra AMC, said in a tweet.

    14:56 (IST)10 Jun 2020
    TCS share price surges over 40% in less than three months, IT stocks gain today

    TCS shares continued to march northward ahead of the company’s annual general meeting (AGM) scheduled on Thursday, June 11. The stock gained nearly 3 per cent today to hit day’s high Rs 2,132.05 apiece on BSE. TCS share price has jumped nearly 7 per cent so far in June as compared to a 4 per cent rise in S&P BSE Sensex. In the afternoon deals today, TCS stock is the second top contributor in the Sensex up move and has rallied 41.5 per cent in a span of less than three months.

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    14:34 (IST)10 Jun 2020
    We expect the investor activity to be subdued in 2020

    The decline in PE investments in real estate had started as visible in 2019 when it fell by 23% YoY to $6.8 billion. We are operating in uncertain times. Having enforced one of the most stringent lockdown measures globally, 2020 would be a challenging year for Indian businesses. The recall of undeployed capital by sponsors, the emergence of attractive opportunities globally, increase in risk premiums, contraction in Indian GDP and COVID-19 related uncertainties would cast its shadow on investor sentiments and we expect the investor activity to be subdued in 2020. The warehousing segments would be the fastest to recover followed by office. With pay cuts and job losses becoming pervasive, the residential and retail segments would have to chart an arduous journey towards recover: Shishir Baijal, Chairman & Managing Director, Knight Frank India

    14:32 (IST)10 Jun 2020
    We don't expect rate cut by the Fed but it may provide a grim outlook

    The USD/INR spot has continued to remain range-bound as there was no major catalyst to react to. Now the market's focus is on tonight FOMC stance and their outlook on the US economy. We don't expect a rate cut by the Fed but it may provide a grim outlook and introduce more unconventional measures like yield curve control to keep the rates under control. In USD/INR spot 75 has been acting as crucial support, a break of which is unlikely: Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services

    14:30 (IST)10 Jun 2020
    Brokerage view on Carborundum Universal

    Despite the near-term dimmer abrasives and electro-minerals outlook, the growth momentum in engineered ceramics and metallised cylinders is good. We expect margins to improve over FY20-22, and drive earnings growth. Hence, we upgrade our rating on the stock to a Buy: Anand Rathi

    14:28 (IST)10 Jun 2020
    Brokerage view on Hindustan Unilever

    Despite being the largest consumer company in India, its 10-year sales/EBITDA/PAT growth has been healthy at 8.1%/13.3%/12.4% CAGR. Earnings growth has consistently gained momentum in recent years, which is particularly impressive given the weak mid-single earnings growth posted by (much smaller) peers in recent years. HUVR has delivered EBITDA/PAT CAGR of 13%/13.1% in the last five years, while both EBITDA/PAT have reported ~17% CAGR in the last three years ending FY20: Motilal Oswal

    14:16 (IST)10 Jun 2020
    How construction companies can use plug and play model to survive coronavirus crisis

    The COVID-19 pandemic has unleashed an unprecedented calamity across the world. While we have already started seeing the impact on human lives and business continuity, it is too early to estimate the cost of lockdown due to the coronavirus. The Indian economy is under severe pressure due to the countrywide lockdown that took place.

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    13:36 (IST)10 Jun 2020
    Milk consumption drops 30% amid lockdown; here’s how dairy players will cope up with the loss

    The milk consumption in the country dropped significantly after the government imposed coronavirus lockdown. As hotels, restaurants, sweet marts and the unorganised tea stalls remained shut across the nation, the milk consumption fell by 25-30% during April and May 2020, a CARE Ratings report said. While some of this consumption fall was cushioned by an increased demand in households, dairy players also have some tricks up their sleeves to survive the pandemic.

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    12:57 (IST)10 Jun 2020
    Buy HDFC | Target price: Rs 2,166 ~ Geojit Financial Services

    HDFC’s AUM grew by 2.3% QoQ and by 12% YoY in Q4 FY20. Individual loans, grew at 18% CAGR and consolidated PAT at 21% CAGR over the last 5 years. Net Interest Margin improved from 3.3% to 3.4% over last quarter and PAT grew by 3.5% in Q4 FY20 from Q3 FY20. Capital adequacy ratio has declined from 19.2% to 17.7% due to higher risk perceived in assets amidst the pandemic, but still remains above the regulatory level of 15%. Government support towards housing has tremendously helped in improving the affordability to the best levels due to rising annual income and relatively stable housing prices. Mortgage market in India is still at its infant stage with penetration of 10% in  nominal GDP, implying huge growth potential over long term aided by fiscal incentives & Interest subvention scheme. We have a BUY rating on the stock with a target price of Rs2,166 based on SOTP which on a consolidated basis is 3.8x BVPS on FY22E.

    ~ Geojit Financial Services

    12:41 (IST)10 Jun 2020
    Buy Vedanta | Target price: Rs 127 ~ Emkay Global

    Vedanta reported strong performance, driven by Aluminum and Zinc division. However, weakness in the oil & gas and power business dented an otherwise strong quarter amid concerns about Covid-19. Aluminum business continued uninterrupted during lockdown. We revise FY21/22/23 EBITDA -5%/4%/3% and reduce net debt by 9%/8%/13% due to lower capex and better commodities outlook.  With recovery in major commodities since April, we expect earnings to improve. Maintain Buy with a revised TP of Rs127 (Rs112 earlier) with OW in EAP.~ Emkay Global

    12:31 (IST)10 Jun 2020
    Coronavirus wipes out Titan’s good performance in Jan-Feb; stores open, but, here’s when to expect normalcy

    While Titan has been on a recovery path after coronavirus lockdown and has opened 1400 of its over 1800 stores, normalcy in sales is expected only by the end of the current fiscal. The jewellery and watches maker has reported around 60% sales in May 2020 of the pre-covid times, and has said that better is expected in June. Even then, the full impact of lockdown is likely to be reversed only by Q4FY21, the company management said in an investors’ concall after declaring January-March quarter financial results.

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    12:00 (IST)10 Jun 2020
    Godrej Consumer Products share price falls 6% since yesterday as Co changes management after 7 years

    Godrej Consumer Products Limited share price has tanked close to 6% since Tuesday morning as investors reacted to the news of current MD and CEO, Vivek Gambhir stepping down from his post at the end of this month. The post of MD and CEO will be assumed by Nisaba Godrej who is currently the executive Chairperson of Godrej Consumer Products Limited. Vivek Gambhir served the firm for 11-long years, including seven years as MD and CEO. The stock was trading at Rs 632 per share on Wednesday morning. After recouping the majority of the losses, Godrej Consumer Products’ shares are now down just 7% since the beginning of this year.

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    11:58 (IST)10 Jun 2020
    Gold prices rise today as investors eye US Federal Reserve policy decision; silver rates gain

    Gold and silver prices inched higher in Wednesday’s trade ahead of US Federal Reserve policy meeting. Besides, a sharp rise in coronavirus cases also pushed investors to seek safe-haven assets. On MCX, gold August futures were trading Rs 71 or 0.15 per cent higher at Rs 46,665 per 10 grams. While silver July futures were ruling at Rs 48,271 per kg, up Rs 172 or 0.36 per cent. Investors await US Fed policy statement on the state of the economy and clues on future measures.

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    11:17 (IST)10 Jun 2020
    Rupee likely to trade within 75.00-76.20 levels

    Considering the current weakness in the Dollar index and FII inflows in the domestic market, the pair is likely to be protected by any erratic move towards depreciation. And dollar buying by PSU’s, likely on behalf of RBI shall limit any sharp appreciation in the pair. Hence, rupee is likely to trade within 75.00-76.20 levels waiting for the trigger to change its direction: Amit Pabari, MD, CR Forex Advisors

    11:08 (IST)10 Jun 2020
    Panacea Biotec share price jumps 20% on COVID-19 vaccine collaboration, just inches away from 52-week high

    Panacea Biotec share price hits 20 per cent upper circuit at Rs 202.80 apiece on BSE after the biotechnology company announced a collaboration with US-based Refana for coronavirus vaccine on Tuesday. The stock is just 3.7 per cent away from its 52-week high level of Rs 210.60 hit in April this year. Both Panacea and Refana will undertake sales and distribution of the vaccine in their respective territories.

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    10:36 (IST)10 Jun 2020
    Hero MotorCorp share price up 50% since March; can the auto giant switch gears to keep on rallying?

    Automobile giant Hero MotoCorp reported a 15% on-year fall in profits after tax in the January-March quarter, below expectations owing to the BS-4 inventory clearance and the nation-wide lockdown. Hero MotoCorp, the motorcycle and scooter manufacturer which is among the largest two-wheeler manufacturers in the world, saw sales decline 21% from the previous year as a result, EBITDA margins declined by close to 300 basis points on-year basis to 10.6%. The recovery for the company is largely expected to be driven by demand from rural India and the expected increase in demand for personal transport in urban India. With a 50% surge in stock price from March lows, should investors buy the stock now?

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    10:25 (IST)10 Jun 2020
    Sensex trades higher, Nifty holds 10,050; check what’s moving Dalal Street today

    Headline indices BSE Sensex and Nifty 50 were trading a tad higher in Wednesday’s volatile trade on the back of positive Asian markets. S&P BSE Sensex was up 166 points or 0.50 per cent to trade at 34,122, while the broader Nifty 50 index was hovering around 10,050. Index heavyweights such as HDFC, Reliance Industries (RIL), ITC, Kotak Mahindra Bank and Hindustan Unilever (HUL) contributed the most to the indices’ gain.

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    10:19 (IST)10 Jun 2020
    EMI Moratorium: No case for interest waiver, banks already taking a big hit

    Later this week (12 June) the Supreme Court will resume its hearing on a petition filed by a borrower (home loan) seeking waiver of interest on bank loans during the moratorium period. Earlier the Apex Court had granted time to Reserve Bank of India (RBI) and the finance ministry to file a joint response to a public interest litigation (PIL).

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    09:56 (IST)10 Jun 2020
    Buy Gujarat Pipavav Port | Fair Value: Rs 106 ~ Kotak Securities

    GPPV reported in-line revenues and better-than-expected margin on (1) better revenue mix both in terms of cargo and potentially export-import balance and (2) cost control. Support of Maersk’s volumes, superior double-stacking offering and changing customer preference towards rail bode well for GPPV’s volumes in a tough FY2021 for the sector. We reduce EBITDA estimates for FY2021 by 13% on account of Covid-19 disruption and lower fair value to Rs106 from Rs117. Maintain BUY.

    ~ Kotak Securities

    09:47 (IST)10 Jun 2020
    Gold held firm as a dip in equity markets boost demand for safe-haven

    Gold held firm on Wednesday morning as a dip in equity markets boosted some demand for the safe-haven metal while investors await the end of the U.S. central bank's meeting for its remarks on state of the economy and clues on future measures. The Fed will publish their first economic projections since the coronavirus pandemic set off a recession in February, estimates expected to signal a collapse in output this year and near-zero interest rates for the next few years. Sentiment is likely to be positive in the bullion space in intraday today. Focus: Fed policy statements: Jigar Trivedi, Fundamental Research analyst, Anand Rathi Shares and Stock Brokers

    09:44 (IST)10 Jun 2020
    Focus will be on the FOMC tonight

    Focus will be on the FOMC tonight. Investors will look for subtle signs from the policy statement and chairman Powell's speech on whether there has been any change in Fed members' expectations regarding the pace of recovery. This will influence expectations on how long the rates are likely to stay at close to zero. If investors get a sense that the Fed is sounding a tad more upbeat, it would be negative for risk sentiment and financial assets. However, the base case is that the Fed would continue to sound dovish and would prefer to wait for a few more data points to be convinced that the economic recovery is indeed underway. Any statement on yield curve control will also be closely followed: Abhishek Goenka, Founder and CEO, IFA Global

    09:42 (IST)10 Jun 2020
    Petrol, diesel price hike for 4th straight day

    Petrol price hiked by 40 paise/litre, diesel by 45 paise; 4th straight daily increase after oil PSUs ended 82-day hiatus in rate revision, PTI said in tweet

    09:40 (IST)10 Jun 2020
    Nifty Bank index gains 1%

    Most of the sectoral indices were trading with gains. Nifty Bank index was up one per cent led by gains in RBL Bank, IndusInd Bank and Kotak Mahindra Bank.

    09:39 (IST)10 Jun 2020
    HDFC top Sensex gainer, up 1.31%

    HDFC led the pack of gainers on Sensex with a growth of 1.31 per cent. Kotak Mahindra Bank, HCL Tech, Tech Mahindra, Reliance Industries (RIL) and Bharti Airtel were among top gainers on the index. On the other hand, Hero MotoCorp, Tata Steel, Infosys, Titan, Bajaj-Auto and LT were among top laggards on Sensex

    09:24 (IST)10 Jun 2020
    Sensex, Nifty gain over half a per cent on Wednesday

    BSE Sensex and Nifty50 opened over half a per cent higher on Wednesday. Reliance Industries, HDFC Bank, HDFC were among top index contributors.

    Check live Sensex, Nifty levels

    09:09 (IST)10 Jun 2020
    Brokerage view on Britannia Industries

    Britannia Industries has continued to gain market share which is only expected to accelerate going forward as it penetrates further into rural and Hindi heartland. We note, Britannia provides a higher degree of visibility on earnings in FY21E with healthy long term growth opportunities from distribution expansion and foray in new product categories. Axis Securities upgrade to BUY (HOLD earlier) with revised TP of Rs. 3,877 (earlier Rs. 3,280).

    09:07 (IST)10 Jun 2020
    Stocks in focus: Maruti Suzuki, Hero MotoCorp, Bharti Airtel, Shriram Transport Finance, Indian Hotels

    Century Textiles, Dhanuka Agritech, Lyka Labs, Jamna Auto, Dwarikesh Sugar, Shriram Transport Finance, Indian Hotels and Voltamp Transformers are among 24 companies that are scheduled to announce their March quarter earnings today.

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    08:32 (IST)10 Jun 2020
    Nasdaq Composite ends at record high

    In overnight trade on Wall Street, Nasdaq Composite reached its second straight day at a record high as oil prices rose. Besides, investors await stimulus from the Federal Reserve, which wraps up its two-day meeting later on Wednesday. S&P 500 fell 0.78 per cent and Dow fell 1 per cent while the Nasdaq Composite added 0.3 per cent.

    08:30 (IST)10 Jun 2020
    Asian markets edge higher

    Asian stock markets were trading higher on Wednesday. Hong Kong’s Hang Seng index gained 0.64%. The MSCI Asia ex-Japan index traded 0.38% higher.

    08:30 (IST)10 Jun 2020
    Sensex, Nifty on Tuesday

    On Tuesday, the 30 share index Sensex fell 414 points or 1.20 per cent to end at 33,956, while the broader Nifty 50 index ended the session at 10,046, down 121 points or 1.19 per cent

    08:29 (IST)10 Jun 2020
    Market set to open in green

    Market set to open in green as the US futures are trading in green and Asia markets are also holding in green. The US market may remain subdued until the FMOC meeting outcome. Post the event profit booking may continue. Going forward, Nifty & Banknifty if not able to hold in green stiff supply may be seen. 9940 & 20300 will work as last hope for Bulls. On the higher side, 10178 and 21200 will prove as a hurdle respectively: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

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