Market HIGHLIGHTS: Sensex ends 164 pts up from day’s low, Nifty below 11,500; Bajaj Finance, SBI gain up to 5%

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Updated: August 25, 2020 4:16:02 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty ended marginally higher in Tuesday's volatile trade.

Share Market Today, Share Market LiveNifty PSU Bank index jumped 1.34 per cent and Nifty Financial Services gained 0.91 per cent.

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended marginally higher in Tuesday’s volatile trade. Sensex ended at 38,843.88, rising 164 points from day’s low, while Nifty 50 settled at 11,472. Out of 30 Sensex stocks, 15 scrips settled in the green. Bajaj Finance was the top Sensex gainer, up 4.74 per cent, followed by State Bank of India (SBI), Tech Mahindra, Asian Paints, Bajaj Finserv and IndusInd Bank. On the contrary, NTPC, Sun Pharma, Nestle India, Tata Steel, L&T and Infosys were among top Sensex laggards. The trend among sectoral indices was mixed. Nifty PSU Bank index jumped 1.34 per cent and Nifty Financial Services gained 0.91 per cent. While Nifty Metal index fell 0.74 per cent, Nifty Pharma 0.62 per cent and the Nifty FMCG index declined over half a per cent.

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    16:04 (IST)25 Aug 2020
    Bank frauds up 28% last year; PSU banks account for over half the cases

    Cases of fraud at banks and financial institutions increased 28% in volume terms during financial year 2020, RBI’s annual report, released on Tuesday, showed. The fraud cases, of Rs 1 lakh or above, surged from 6,799 in financial year 2019 to 8,707 in the previous fiscal year. In value terms, the jump in such fraud cases was much higher at 159%, according to RBI’s data. Of the total fraud cases at financial institutions and banks, 50.7% of the cases were from the public sector banks. India’s financial sector players have been battling with non-performing assets for years now. With the onset of the coronavirus pandemic and the economic slowdown, experts believe that lenders could witness more stressed assets in the near-term.

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    15:26 (IST)25 Aug 2020
    Still aiming at reaching the 11700 mark

    The market was in a see-saw mood all of today. We travelled in a narrow range of 50-70 points throughout the day but the bias remained positive until closing time. We are still aiming at reaching the 11700 mark during the course of the next couple of weeks and 11300 continues to remain the support for the Nifty: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:21 (IST)25 Aug 2020
    Nippon India Multi-Asset Fund NFO garners Rs 720 crore

    Nippon Life India Asset Management on Tuesday said it has garnered Rs 720 crore through the new fund offer of its Multi-Asset Fund. The company claimed that this is one of the biggest amounts raised through a new fund offer (NFO) during the pandemic.

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    15:19 (IST)25 Aug 2020
    Sebi suspends registration of merchant banker Corporate Strategic Allianz

    Market regulator Sebi has suspended the registration of Corporate Strategic Allianz for one year as it failed to meet the “fit and proper person” requirement to act as a merchant banker. The regulator noted that a restraint order was passed against Corporate Strategic Allianz in August 2016, for conniving and conspiring with Platinum Corporation and its directors or promoters and offloading shares in the wake of false and misleading corporate announcements, thereby making illegal gains.

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    15:17 (IST)25 Aug 2020
    Procter & Gamble Hygiene and Health Care Apr-Jun results

    In this unprecedented environment, the company delivered a resilient performance in the fiscal with sales of ₹3,002 crores, up 2% vs year ago and Profit After Tax (PAT) of ₹433 crores, up 3% vs year ago. For the quarter ended June 30, 2020, the company delivered sales of ₹635 crores, flat vs year ago. The Profit After Tax (PAT) of ₹69 crores, up 14% vs year-ago largely behind lower tax rates and a one-time hurt in the corresponding quarter of the previous year:

    14:57 (IST)25 Aug 2020
    Perspective on latest OMO announcement by RBI and its impact on bond yields

    RBI has been away from the markets for a few weeks now, and the announcement of the OMO is a positive indication that RBI is back, and that will help calm the fixed income markets to some extent. But the pressure at the long end of the curve is certainly going to stay with fresh primary issues lined up for the rest of the year: Joseph Thomas, Head of Research - Emkay Wealth Management

    14:42 (IST)25 Aug 2020
    Max Financial shares rally 15%, hit 52-week high; should you buy stock as Axis Bank modifies deal?

    Max Financial Services share price rallied nearly 15 per cent to hit a fresh 52-week high of Rs 631.25 apiece on NSE a day after Axis Bank announced that it would acquire 17 per cent stake in Max Life Insurance, instead of 29 per cent. Max Financial Services has surpassed its previous high of Rs 611.90 apiece touched on March 4, this year.

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    14:31 (IST)25 Aug 2020
    Brokerage view on IRB Infrastructure

    We have incorporated the Mumbai-Pune Phase-II wins in our estimates, leading to FY21/FY22E consol. earnings upgrade of 29%/26%. However, weak order inflows may pose downside risk to our earnings estimates. We maintain Neutral with SOTP-based TP of INR120 on the stock: Motilal Oswal Financial Services

    14:00 (IST)25 Aug 2020
    Global unlocking may not be good news for pharma firms; Q1’s strong revenue growth may not sustain

    While Indian pharmaceutical companies posted good performance in Q1FY21, they are unlikely to sustain good margins with the reopening of economies across the globe. “With global unlocking, both operational expenses and active pharmaceutical ingredient (API) prices would normalise,” a report by India Ratings and Research (Ind-Ra) said on Tuesday, adding that pharmaceutical companies are unlikely to post healthy operating performance.

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    13:45 (IST)25 Aug 2020
    Titan shares a long-term growth story, but here’s why two brokerage firms are giving a ‘Hold’ call

    Titan Company shares might be a long-term growth story that is likely to march higher with gold prices but at this juncture a leading domestic brokerage firm and an international one are not convinced enough to buy the stock. Titan shares have slipped 2% in the last five days to now trade at Rs 1,130 per share on BSE Sensex. The favourite stock of ace investor Rakesh Jhunjhunwala finds both Jefferies and ICICI Securities agreeing on its long-term growth potential, but both are advising investors to ‘hold’ the stock at the current levels, citing two different issue that in their view could put near-term pressure on the company’s performance.

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    13:28 (IST)25 Aug 2020
    With post covid reset happening, newer investments can happen in FinTech: FM Sitharaman

    Regarding the private investment cycle, in Sept 2019, govt reduced corporate tax rate but investments could not happen due to COVID19. With post covid reset happening, data-driven manufacturing models & newer investments can happen in FinTech, FM Nirmam Sitharaman said at CII Interactions

    13:17 (IST)25 Aug 2020
    Using satellite to give loans: ICICI Bank deploys unique technology to provide hassle-free farm loans

    In a major step towards providing hassle-free loans to farmers, ICICI Bank today said that it is using satellite images to assess credit worthiness of farmers. The bank added that the use of innovative technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit.

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    12:41 (IST)25 Aug 2020
    Lupin receives US FDA approval

    Lupin Ltd got approval from the U.S. FDA for Albuterol Sulfate Inhalation Aerosol, 90 mcg (base)/actuation, a generic version of ProAir® HFA. Lupin’s generic Albuterol Sulphate MDI will be manufactured at its Indore facility in India. ProAir® HFA are indicated for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms. Albuterol Sulfate Inhalation Aerosol market had U.S. sales of approximately US$2.9 billion, of which the ProAir® HFA market accounted for US$1.3 billion (IQVIA MAT June 2020).This is one of the very significant approval for Lupin, which has been in the pipeline for some time and will be taken positively by the markets: Yash Gupta, Equity Research Associate, Angel Broking Ltd

    12:22 (IST)25 Aug 2020
    Allcargo Logistics share price rallies 20% to hit fresh 52-week high on delisting proposal

    Allcargo Logistics share price hit 20 per cent upper circuit of Rs 130.80 apiece, which is also its 52-week high on BSE after the company informed that promoters Shashi Kiran Shetty and Talentos Entertainment Private Ltd (TEPL) are considering to delist the stock. Allcargo Logistics shares touched a 52-week low of Rs 51.50 apiece in March this year, since then it has rallied 154 per cent, taking the market capitalisation of the company to Rs 3,213.70 crore

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    11:58 (IST)25 Aug 2020
    RBI resumes operation twist as inflation, supply concerns mount

    India’s central bank will resume its Federal Reserve-style Operation Twist to calm rising yields as quickening pace of inflation and heavy government bond supply spark concern. The Reserve Bank of India will buy 100 billion rupees of bonds and sell an equivalent amount of shorter debt on Aug. 27 and on Sept. 3, it said in a statement. The central bank had last resorted to such an operation on July 2.

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    11:24 (IST)25 Aug 2020
    Want to beat stock market volatility? Veteran fund manager shares tips; also tells where to invest | INTERVIEW

    With the roadmap for an economic recovery being charted out, one of the sectors that might gain amid this could be the infrastructure sector. High spending on the capital goods / infrastructure sector tends to have a high multiplier effect on the demand in the economy over medium term, said Sanjay Dongre -- Executive Vice President & Sr Fund Manager - Equity at UTI AMC, in an interview with Kshitij Bhargava of Financial Express Online. The market veteran with over decades of stock market experience also shared tips on how investors can beat a volatile equity market and shed light on what sector he is keenly watching at this juncture. Here are the edited excerpts.

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    10:58 (IST)25 Aug 2020
    ICICI Lombard share price slips 1.7% post Bharti Axa deal; should investors buy, sell or hold?

    ICICI Lombard’s share price since the company announced the acquisition of Bharti Axa’s general insurance business has slipped over 1.7% to trade at Rs 1,276 per share. The definitive agreement reached between ICICI Lombard and Bharti Axa, will see their general insurance business be demerged through a scheme of arrangement.  The exchange ratio has been fixed at 115:2 which gives the two shareholders of Bharti Axa – Bharti and AXA, a combined 7.3% stake in ICICI Lombard post deal. Although the share price has slipped post the announcement, brokerage firms are upbeat on ICICI Lombard post the acquisition. 

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    10:54 (IST)25 Aug 2020
    LIC Housing Finance share price surges over 11% on 34% rise in net profit in Apr-Jun quarter

    LIC Housing Finance share price jumped 11.45 per cent higher to Rs 308.40 apiece a day after the company reported a 34 per cent on-year growth in its net profit to Rs 817 crore for the April-June quarter. With today’s gain, LIC Housing Finance shares have rallied 66 per cent from March lows of Rs 186 apiece.

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    10:45 (IST)25 Aug 2020
    Gold price to more than double, India demand to soar again; check ace strategist’s new target price

    The secular bull run that started in the year 2001 is set to take gold prices soaring to over two-and-a-half times, as gold catches up its share in the US disposable incomes, and demand in India makes a comeback, according to noted market strategist Christopher Wood. The fundamental reasons attached to the current gold price rally have led Chris Wood to raise the long-term price target on gold to $5,500 per ounce (oz) at the “peak of the current bull market rally”, from $4,200 per oz.

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    10:13 (IST)25 Aug 2020
    Rupee outlook

    It would be a surprise to a lot of market participants about this sudden and sharp move that rupee delivered after having been trading dead for nearly a month. Well, there doesn’t seem anything to be surprised about as the nature of rupee suggests, the longer the pair trades range-bound, the sharper and stronger is the breakout. And this correction was a long time due. Hence, it's better to have this realization before the market reacts and insure oneself with strategized hedging!! Rather, what fascinates is that is this appreciation caused merely by inflows as the same were persistently hitting the marking since the beginning of the month: CR Forex Advisors- MD Amit Pabari

    10:09 (IST)25 Aug 2020
    Sensex, Nifty trade at six-month high on global cues; check what’s moving markets today

    Extending gains from the previous session, BSE Sensex and Nifty were trading at their six-month highs on Tuesday, taking cues from the firm global market. The 30-share Sensex was trading 140 points or 0.36 per cent higher at 38,938, while the Nifty 50 reclaimed 11,500 to trade at 11,505. Index heavyweights such as HDFC, ICICI Bank, HDFC Bank, State Bank of India (SBI), Bajaj Finance and Axis Bank were among the index contributors.

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    09:42 (IST)25 Aug 2020
    Allcargo Logistics share price hits 20% upper circuit

    Allcargo Logistics shares were locked in 20 per cent upper circuit to Rs 130 apiece on BSE as promoters plan to delist the stock.

    Check live prices: Allcargo Logistics

    09:38 (IST)25 Aug 2020
    LIC Housing Finance share price jumps over 8.5%

    LIC Housing Finance share price jumped over 8.5 per cent to Rs 304.35 apiece on BSE as the company posted a 34 per cent on-year growth in its net profit to Rs 817 crore for the April-June quarter.

    Check live prices: LIC Housing Finance

    09:35 (IST)25 Aug 2020
    Max Financial Services surges 12%

    Max Financial Services surged 12 per cent to Rs 615.40 apiece on BSE in early trade, a day after Axis Bank announced that it would acquire 17 per cent stake in Max Life, instead of 29 per cent.

    Check live prices: Max Financial Services

    09:30 (IST)25 Aug 2020
    IndusInd Bank, SBI top Sensex gainers

    IndusInd Bank was the top gainer, up 1.82 per cent. It was followed by State Bank of India (SBI), Axis Bank, ICICI Bank, HDFC, Bajaj Finance, ICICI Bank and Kotak Mahindra Bank. On the flip side, Nestle India was Sensex laggard, down nearly 1 per cent. HCL Tech, UltraTech Cement, Bajaj-Auto, ONGC and TCS were among other losers.

    09:29 (IST)25 Aug 2020
    Sensex, Nifty up half a per cent

    The 30-share index Sensex was up 166 points or 0.43 per cent to 38,964, while the broader Nifty 50 index was ruling at 11,514, up 0.42 per cent or 48 points.

    Check live Sensex, Nifty levels

    09:13 (IST)25 Aug 2020
    Cheap data days could soon be over; Sunil Mittal bats for a hike in tariffs to help telcos sustain

    Earning $2 for 16 GB of data is a “tragedy” and not sustainable, Bharti Airtel chairman Sunil Mittal asserted on Monday. Reiterating the need for mobile tariffs to rise, Mittal said Airtel expects its average revenue per user (Arpu) to cross the Rs 200-250 mark in the next five-six months.

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    08:57 (IST)25 Aug 2020
    Economic Risks Rise As U.S.-China Disputes Heat Up

    "The Asia-Pacific Credit Conditions committee has taken the view that the multifaceted confrontation between the U.S. and China is increasing the risk of a financial market or policy reaction that results in material economic costs. Recent U.S. policies and initiatives are increasingly targeting China and the activities of Chinese entities. This could create significant business disruptions if their implementation is more severe. As such, we continue to assess the risk level that economic spillovers from U.S.-China strategic confrontation as high, but see the risk trend as worsening," said S&P Global Ratings.

    08:56 (IST)25 Aug 2020
    Stocks in focus: Axis Bank, Bharti Airtel, Future Retail, ICICI Bank, IRCON, LIC Housing Finance

    A total of 76 companies including Atul Auto, Can Fin Homes, IRCON International, Jyoti Resins and Adhesives, Kirloskar Electric Company, Phillips Carbon Black, Ruchira Papers, Panache Innovations, Goodluck India and Hindustan Hardy Spicer, are scheduled to announce their quarterly earning earnings today.

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    08:25 (IST)25 Aug 2020
    Sensex and Nifty could witness a muted opening; 6 things to know before the opening bell today

    Domestic benchmark indices might witness a muted start to Tuesday’s trading session with the SGX Nifty trading just 4 points higher during the early hours of trade in Singapore. S&P BSE Sensex and NSE Nifty 50 enter today’s trading session on the back of two successive days of gains. Analysts believe that stocks markets are still in for some gains in the near-term. Global stocks markets were inching higher. Indices across North America closed with gains while most Asian stock markets too were trading with gains on Tuesday morning as hopes of an early coronavirus treatment got renewed.

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    08:20 (IST)25 Aug 2020
    S&P500, Nasdaq close at fresh record highs

    In overnight trade on Wall Street, S&P 500 and Nasdaq made a record closing. The Dow Jones Industrial Average rose 1.35 per cent, the S&P 500 gained 1 per cent, and the Nasdaq Composite added 0.6 per cent.

    08:19 (IST)25 Aug 2020
    Asian stock markets trade higher on Tuesday

    Asian peers were seen trading higher in the early trade on Tuesday with Japan’s Nikkei jumping 1.43 per cent while the Topix index was up 1.3 per cent. South Korea’s Kospi also rose 1.06%.

    08:19 (IST)25 Aug 2020
    SGX Nifty suggests NIfty 50 may touch 11,500 levels

    The trends on SGX Nifty indicates gap-up start in early trade. Nifty futures were trading 25.35 points or 0.22 per cent up at 11,503.50 on Singaporean Exchange.

    08:17 (IST)25 Aug 2020
    Domestic market will start the day flattish to positive

    Domestic market will start the day flattish to positive. The US market continued its pullback and approaching an all-time high. The Asian markets are following the suit exception of one or two. The hopes of vaccine for Covid-19 pushing markets higher. Coming back to domestic markets it is an expiry week and bulls have already taken charge. Stock specific moves will take place as rollovers are due. For the day, The strategy should be to go long with stop loss below 11400. Banking stocks are showing the strength one should buy them on every dip with yesterday's low as stop loss: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd.

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