Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled 1.5 per cent higher in Tuesday’s session. The 30-share index Sensex advanced 520 points or 1.49 per cent to close the session at 35,430, while the broader Nifty 50 index settled at 10,471, up 160 points or 1.55 per cent. Bajaj Finance was the top Sensex gainer with a growth of 9.26 per cent, followed by L&T, IndusInd Bank, NTPC, Power Grid and M&M. On the other hand, Reliance Industries was top Sensex laggard, down 1.4 per cent. Bharti Airtel and Maruti Suzuki were the other two losers on the index. The trend among the Nifty sectoral indices was positive. Nifty PSU Bank index gained 3.4 per cent with Union Bank, J&K Bank and Indian Bank as top index gainers. Similarly, Nifty FMCG index too jumped nearly 2 per cent led by gains in Emami, Jubilant Foodworks and Dabur India.
Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.
With the government easing restrictions amid the coronavirus pandemic, business activities have started to resume in the country and the same is also reflecting in the falling unemployment. While resumption of businesses is progressing well in India, the pace has slowed somewhat since mid-June, Aurodeep Nandi, India Economist and Vice President, Nomura told CNBC TV-18 in an interview.
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Rupee market tone remained positive as we expected with buoyant domestic equity bourses. The broader dollar index came back under pressure as after President Trump tweeted that the Phase 1 trade deal with China is still on track. Foreign fund inflows, weaker dollar index and dollar selling by exporters have supported the rupee in today’s trade. The Rupee-Dollar performance continues to be driven mainly by day to day fluctuations in investor's risk sentiment and fund inflows. India China border issues got defused with both the nations' militaries agree to disengage at East Ladakh: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities
Clearly, earnings should take another 3-6 months (around the festive season) to show some traction, hence the ABFRL stock may offer limited upside in the near term. ‘Unlock 1.0’ may also build some optimism for the stock. We have assigned (a) 22x EV/EBITDA on FY22E EBITDA to the Lifestyle segment given its strong brand value and better return profile, (b) 20x EV/EBITDA on FY22E EBITDA to Pantaloons as we believe though there is a strong foundation for future growth, it is yet has to attain scale, improve RoCE and margins, and (c) 1x EV/sales to other businesses, which are still loss-making but have strong potential to grow over time. Thus, we arrive at 30x FY22E implied EV/EBITDA with a TP of INR180. Maintain Buy: Motilal Oswal Institutional Equities
So far, the listed companies and SEBI Intermediaries were not penalised for insider trading done by their employees or for sharing of unpublished price sensitive information (UPSI) done by their employees. However, the discussion paper intends to bring these entities into the ambit of penalty levied for any leakage of UPSI or for actual insider trading. Hence the onus is now on the company management to ensure an effective mechanism for UPSI etc as proposed by 2019 amendment by SEBI, else the penalty amount in an insider trading case would be more than the cost of putting the mechanism in place. Reputation risk is very much relevant which corporates need to keep in mind. In the year 2019, the capital market regulator had 70 cases for insider trading investigation, which was a four-fold rise over the previous year: Makarand Joshi, partner, MMJC and Associates LLP
The move by the US President to temporarily suspend temporary work visas was known to the markets and was therefore already baked into the stock prices. The executive order by the US president suspends only new temporary work visas till the 31st of December 2020 and will not have any impact on people who are already in the US on such visas and working on projects. We believe that the temporary suspension of H-1B visas is unlikely to have any adverse impact on Indian IT companies given that they have stepped up their local hiring over the past few years and have lowered their dependency upon H1B visas: Jyoti Roy, DVP Equity Strategist, Angel Broking Ltd
The Indian rupee settled stronger against the US dollar today, ending at 75.65 per dollar
Info Edge share price jumped nearly 7 per cent to Rs 2,959.20 apiece on BSE after the board approved raising of up to Rs 1,875 crore through issue of equity shares via Qualified Institutions Placement (QIP). With today’s gain, the stock has rallied 87 per cent from its March low taking the market capitalisation of the company to Rs 35,892.33 crore. Info Edge stock price is just 5 per cent away from its 52-week high of Rs 3,125 touched in February this year.
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Union Minister of Human Resource Development and HRD Minister Ramesh Pokhriyal Nishank have launched a new initiative named YUKTI 2.0 which aims to help students and innovators to harness their potential, bring them to a single platform and help them sell their ideas. “We are running fast to build smart India. Our country will soon become a knowledge hub but we also have to take innovation together with knowledge,” Ramesh Pokhriyal Nishank said at the launch event on Tuesday.
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Share price of ICICI Prudential Life Insurance Company has surged 8% in the last two days after parent company ICICI Bank announced divestment of a 1.5% equity stake in the firm. This has taken the stock price from a price of Rs 391 per share at the end of trading last week to Rs 421 apiece on Tuesday. ICICI Bank has now sold 2.15 crore equity shares of face value of Rs. 10 each, representing 1.50% of its equity share capital at the end of March this year. Interestingly the buyer, according to data available on the stock exchanges, is the Monetary Authority of Singapore at a price of Rs 391.6 per share.
Amidst the COVID backdrop, Tata Motors management is focused on conserving capital by aggressively scaling back capex spends in FY21E (by over 30%) as well as seeking a strategic partner for the loss-making India passenger car business. As the business normalises at JLR/India, the cash flows are expected to improve over CY21E (led by working capital reduction). As stock valuations at below FY20 book value (0.8x) are factoring in a challenging environment; we reinstate coverage with an ADD rating HDFC Securities
Gold prices witnessed some profit booking in Tuesday’s session after touching a record high of Rs 48,289 per 10 grams in the previous session. In the noon deals on MCX, gold August futures were trading Rs 72 or 0.15 per cent down at Rs 47,872 per 10 grams, while silver July futures were ruling at Rs 48,208 per kg, down Rs 292 or 0.60 per cent.
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After spending half a decade as the head of London Stock Exchange’s UK division, Nikhil Rathi has been appointed as the Chief Executive Officer (CEO) of the Financial Conduct Authority (FCA). The financial markets watchdog of the United Kingdom, the FCA, will now for the first time in nearly four months have a full-time CEO since the departure of Andrew Bailey who left for the Bank of England earlier this year. But who is Nikhil Rathi, the man who will keep an eye on the UK's financial markets and close to 59,000 financial services firms for a five-year-long period?
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TCS share price slipped nearly one per cent to trade at Rs 2,010 apiece on BSE as US President Donald Trump announced the suspension of H-1B visas along with other foreign work visas till the end of the year. However, the rest of IT stocks in the index gained after opening lower in Tuesday’s session such as Infosys shares, which were up over one per cent to trade at Rs 712 apiece.
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SBI has garnered major market share across multiple digital channels, such as 13.4% in POS terminals, 29.4% in debit card spend, and 23.2% in mobile banking. SBI is also the second largest credit card issuer in the country after HDFCB, with a customer base of over 10m. Furthermore, the YONO platform set a new record with ~46+m downloads and ~21+m registered users, and the bank has further guided for the YONO user base doubling over the next six months. We maintain BUY, with TP of INR280
Yesterday, Gold prices made a lifetime high of 48289 levels on MCX and in the international market, it touched the 5 week's high of $ 1763 per ounce. Sentiments trade tension between US and China and weakness in the dollar are the causes of increasing safe-haven demand and investment demand in the Gold. For today's perspective, we recommend buy in gold, traders can buy gold around 47700 to 47750 levels, with the stoploss of 47450, and for the target of 48150 levels: Anuj Gupta (DVP–Commodities & Currencies Research, Angel Broking)
Based on our channel check assessment and management commentary, we remain convinced that market leader like GRLM will emerge stronger from COVID scenario on the back of strong balance sheet and superior working capital & supply chain management. We maintain our BUY rating with target price of Rs 1,031/share – DCF derived value with implied P/E multiple of 24.7x on FY22E: Yes Securities
The 30-share Sensex was testing 35,000-mark and was up nearly 100 points, while the broader Nifty 50 index was ruling above 10,300-mark. Barring IT stocks, which declined after US President issued a proclamation to suspend issuing of H-1B visas, all the sectoral indices were trading higher.
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As the sentiments flip the side from cautious to positive mood, investors switch to risker assets which shall bring in inflows in the domestic equities. As the rupee is majorly impacted by global cues than the domestic, it is likely that the pair shall retrace back near 75.60-75.70 levels. Also, a failure of sustenance above 76.20 yet again confirms that the depreciation in the pair shall be limited and RBI is comfortable to keep rupee in range of 75.00-76.20 levels as witnessed: Amit Pabari, managing director, CR Forex Advisors
Surging coronavirus cases around the world amid rising global geopolitical instability continues to lift the safe-haven demand of gold. A weak US dollar and hopes of fresh economic stimulus are also offering support to prices. Meanwhile, increased global economic sentiments and steady equities are raising concerns of high-level profit booking. Buying momentum is likely to continue as long as prices stay above $1710. However, strong resistances are seen at $1765 followed by $1800 levels. The immediate downside reversal point is $1664: Hareesh V, Head Commodity Research at Geojit Financial Services
The White House chief advisor Navarro' comments that the trade deal with China was off caused the Dow futures to plummet by 600pts in early Asia session. However, he later retracted the statement and said that the deal was intact. The Dow staged an instant V-shaped recovery. USDCNH had spiked to 7.09 but that too retreated to 7.06 after the comments were retracted. The Rupee is likely to open around 75.85 and trade a 75.65-76.05 range. Month-end exporter selling could cap upside. The Nifty is likely to trade with a positive bias.: Abhishek Goenka, Founder and CEO, IFA Global
Barring IT stocks, which declined after US President issued a proclamation to suspend issuing of H-1B visas, all the sectoral indices were trading higher. Nifty PSU Bank index gained 1.43 per cent wth Indian Bank, J&K Bank, Union Bank and Punjab National Bank as top gainers.
IndusInd Bank was the top Sensex gainer, up 4.4 per cent, followed by Bajaj Finance, Power Grid, NTPC, Nestle India and Bajaj Finserv.
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BSE Sensex and Nifty 50 were trading with nearly half a per cent gain in Tuesday's session. Among top index contributors were Reliance Industries and Bajaj Finance.
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The COVID-19 pandemic has not only put the brakes on initial signs of recovery seen in 2Ws/PVs, but has also brought in uncertainty considering the several unknowns associated with its impact. This potentially deepens the impact of the BS6-related price increase on FY21 demand. Valuations are reflecting for recovery from 2HFY21, leaving limited margin for safety for any negative surprises. Hence, we prefer companies with: a) higher visibility in terms of demand recovery, b) a strong competitive positioning, c) margin drivers, and d) balance sheet strength. Motilal Oswal
SBIN has demonstrated strong improvement in asset quality over the past two years, with the GNPA ratio declining to 6.1% from 10.9%, and fresh slippages moderating sharply to 2.2% in FY20, lower v/s many private peers. SBIN has prudently improved PCR, while the proportion of the moratorium book also stands lower than that of peers. We maintain BUY, with TP of INR280: Motilal Oswal
Market set to open with a small gain on the back of strong cues from Asian markets. For the intraday, Nifty will face resistance around 10400 and support will be around 10240 levels. Whereas Banknifty will find support at 21400 and resistance will be around 22200: Vishal Wagh, Head of Research, Bonanza Portfolio
Union Bank of India, Berger Paints, Asian Paints, Bank of Baroda, Aster DM Healthcare, Balrampur Chini Mills, EIH Associated Hotels, Finolex Industries, GM Breweries, Indian Bank, Kolte-Patil Developers, Man Industries, NLC India, Page Industries, Phillips Carbon Black, Precision Camshafts, Surana Telecom, Talbros Engineering and Vardhman Textiles are among 78 companies that are scheduled to announce their March quarter earnings.
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Moody’s Investors Service on Monday projected the Indian economy to shrink 3.1 per cent in 2020 and said clashes with China on the border also suggest rising geopolitical risks in the Asian region where countries are particularly vulnerable to changes in geopolitical dynamics.
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In overnight trade on Wall Street, US stock indices ended higher as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the US and other countries. The Dow Jones Industrial Average rose 0.59%, the S&P 500 gained 0.65% and the Nasdaq Composite added 1.11%.
Asian stock markets edged lower in early trade on Tuesday. Hong Kong’s Hang Seng index slipped 0.88%. In Japan, the Nikkei 225 declined 0.7% while the Topix index dipped 0.53%.
Trends on SGX Nifty suggest positive opening for BSE Sensex and Nifty 50 on Tuesday. Nifty Futures were trading 47 points or 0.46 per cent higher at 10,352 on Singaporean Exchange