Share Market Highlights: Sensex recovers 650 points from day’s low, Nifty ends at 9,914; HDFC twins top gainers

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Updated: June 16, 2020 5:49:31 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over one per cent higher on Tuesday led by gains in HDFC Bank and HDFC

Share Market Today, Share Market LiveNifty FMCG, Nifty Pharma, Nifty PSU Bank and Nifty Realty ended in red

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended on a positive note, staging a smart recovery from the respective day’s low levels on Tuesday. The 30-share Sensex ended 376 points or 1.13 per cent higher at 33,605, while the broader Nifty 50 index settled 100 points or 1.02 per cent higher at 9,914. Out of 30 Sensex stocks, 15 stocks ended in positive territory while the rest of the stocks finished their trade in the red. HDFC twins were the top Sensex gainers which helped the indices to recover from the lows. Among other gainers on the Sensex were ICICI Bank, Kotak Mahindra Bank, Infosys, Hero MotoCorp, Titan, Tata Steel and Reliance Industries. On the flip side, Tech Mahindra, Axis Bank, IndusInd Bank, ITC, Bharti Airtel, HUL, Sun Pharma were the top Sensex laggards. Most of the sectoral indices ended with gains. Nifty Bank index jumped nearly 2 per cent led by gains in HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Federal Bank. On the contrary, Nifty FMCG, Nifty Pharma, Nifty PSU Bank and Nifty Realty ended in red.

Amid rapidly increasing coronavirus cases in India, Prime Minister Narendra Modi will hold a fresh round of consultations with chief ministers on Tuesday and Wednesday on ways to check the spread of the virus as India exits the lockdown. On Tuesday afternoon, Modi will hold a video-conference with chief ministers, Lt governors and administrators of 21 states and Union territories.

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Highlights

    15:27 (IST)16 Jun 2020
    Brokerage view on PNB Housing Finance

    Over the past 18 months, the company has been facing tight liquidity, which has translated into flat AUM. Moreover, the moratorium number reported by the company is meaningfully higher than that reported by some large banks and HDFC. As a result, asset quality is likely to be a challenge in FY21. We forecast a jump in the GNPL ratio to 8% in FY21, driven by both retail and corporate slippages. As a result, our credit cost estimate is 70bp higher than earlier. Hence, we cut our FY21 EPS estimates drastically and our FY22 EPS estimates by ~30%. Maintain Neutral, with TP of INR190 (0.4x FY22 BVPS): Motilal Oswal Institutional Equities

    15:22 (IST)16 Jun 2020
    Brokerage view on Dalmia Bharat

    We trim Dalmia’s EBITDA est for FY21/22E by 3/3% resp, to factor in Covid impact on sales and expansion delays. We remain positive on the co, owing to its strong distribution strength across east/NE/south regions. Its lean operating costs also cushion the regional price volatility. Dalmia’s balance sheet should remain comfortable despite large expansions (net Debt/EBITDA under 2.5x). We maintain BUY with unchanged TP of Rs 930 (10x its FY22 EBITDA, in-line its five year mean). Our TP implies replacement cost of Rs 5.6bn/MT: HDFC Securities

    15:03 (IST)16 Jun 2020
    Here’s what HDFC AMC, ICICI Prudential, SBI AMC and other top mutual funds bought and sold in May

    Equity mutual funds were seen selling some pharmaceutical stocks among their large-cap and mid-cap bets while they bought some big names like Hindustan Unilever and Tata Motors in the month of May. As shares of Mukesh Ambani’s Reliance Industries Ltd continued surging, mutual funds booked profits on the stock while also picking up some Bharti Airtel shares, according to a report by ICICI Direct. In the month of May mutual funds saw inflows worth Rs 5,000 crore, down 15% from the Rs 6,213 crore in inflows that equity schemes received in April. Large part of the inflows were directed towards large-cap funds.

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    15:00 (IST)16 Jun 2020
    Brokerage view on Britannia Industries

    Biscuits market growth had started to show signs of growth in Jan-Feb months which got impacted due to COVID-19 led lockdowns in March 2020. Despite the challenging conditions pre and post pandemic outbreak, BRIT’s strong in-market execution enabled it gain market share (Hindi heartland majorly) and also widen its gap with the peer by a far margin. We believe, post lifting of lockdown BRIT could further see market share gain opportunities driven by 1) distribution expansion in Hindi belt, 2) opportunities to gain share from regional/local players who may witness a drag on their business post COVID-19: Axis Securities

    14:59 (IST)16 Jun 2020
    Coca-Cola’s spiced buttermilk to take on Amul, Mother Dairy, as Coke maker pushes Indian beverages

    Coca-Cola has launched regional beverage Spiced Buttermilk under its VIO brand as the company to woo Indian customers with ‘desi’ flavours. “VIO Spiced Buttermilk further expands Coca-Cola’s existing portfolio of beverages, providing more choices to the consumers. The introduction of VIO Spiced Buttermilk is a part of the company’s hyper-local strategy that focuses on developing localized products in India to suit consumer preferences specific to a region,” the company said in a statement.

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    14:57 (IST)16 Jun 2020
    Near term weakness in rupee may continue as it has breached the crucial technical level of 76.20

    Indian rupee reversed early morning gains amid border tension with China. The rupee fell to 76.39 against the US dollar at day's low as compared to previous close of 76.03 before settling at 76.21 with loss of 18 paise. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.11% to 96.59. Near term weakness in rupee may continue as it has breached the crucial technical level of 76.20: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:45 (IST)16 Jun 2020
    Aarti Industries share price jumps 7%; brokerages say ‘buy’ this stock, it may gain this much more

    Aarti Industries share price jumped as much as 6.7 per cent to Rs 925.20 apiece in Tuesday’s trade on BSE. With today’s surge in the stock, the market capitalisation of Aarti Industries stands at Rs 15,951.17 crore. Despite over 6% gain in the stock, Aarti Industries share price is still 22 per cent off from its 52-week high touched in May this year. Research and brokerage firms are quite upbeat on the stock with a massive return of up to 48 per cent.

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    12:26 (IST)16 Jun 2020
    Unemployment rate falls to pre-lockdown levels; signs of economic revival as workers return to jobs

    In what can be seen as a sign of revival in economic activity, unemployment is back at pre-lockdown levels. Falling for the second second consecutive week, the unemployment rate sits at 11.6%, according to the weekly data released by CMIE. The unemployment rate was reported at 17.5% in the first week of June, down from 23% in April and May. This is the lowest unemployment rate since the lockdown began in March. The unemployment rate was at 8.4% in March, and it shot up to as high as 27% in May.

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    10:05 (IST)16 Jun 2020
    Aarti Industries - Opportunity in adversity; Buy

    The notable feature of Q4FY20 results of Aarti Industries (AIL) is the termination of a large contract—annual revenue of INR4bn for ten years (40% EBITDA margin)—by a customer. This may affect medium-term profitability, but we do not see it as having major impact on AIL’s growth visibility. On the contrary, AIL may use this as an opportunity to forward-integrate into AI (active ingredient) manufacturing driven by its technical capability as well as strong tie-ups with customers. The compensation of USD120–130mn will defend our FY21/22 estimates; moreover, it provides a windfall of INR5–6bn, which could be utilised for additional capex. Keeping our estimates unchanged and not factoring in cash flows on account of termination, we believe the recent correction in the stock is an opportunity; we reiterate ‘BUY’ with a TP of INR1088 (25xFY22 EPS).

    ~ Edelweiss

    09:40 (IST)16 Jun 2020
    Eicher Motors rating: Buy — A weak performance by the company

    Eicher’s Q4 consolidated Ebitda and net profit fell 37-44% y-o-y and were a 10-20% miss, led by lower margin and higher taxes. Demand commentary was strong though and Eicher said its bookings have recovered to almost pre-Covid levels. Product catalysts are nearing too with the first launch in Sep-Q. We find Eicher well-placed to benefit from the potential demand recovery with its strong franchise, aggressive product pipeline and big network expansion. We retain Buy.

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    09:39 (IST)16 Jun 2020
    ICICI Bank share price jumps 4.5%

    All the 30 Sensex stocks were trading in the positive territory, ICICI Bank jumped 4.4 per cent, followed by HDFC, Tata Steel, HDFC Bank, Bajaj Finance, IndusInd Bank, Kotak Mahindra Bank, Infosys, SBI and Reliance Industries (RIL). 

    Check live prices: ICICI Bank

    09:24 (IST)16 Jun 2020
    Sensex, Nifty gain over 2% in opening trade

    Domestic equity market benchmarks BSE Sensex and Nifty 50 gained over 2 per cent in early trade on Tuesday on the back of positive global cues.

    check live Sensex, Nifty levels

    09:16 (IST)16 Jun 2020
    Stocks in focus: RIL, IndiGo, Tata Motors, HPCL, Lakshmi Vilas Bank, among others to remain in news

    HPCL, Ipca laboratories: HPCL, NMDC, Ashiana Housing, Bhansali Engineering Polymers, Bliss GVS Pharma, Globus Spirits, Ipca Laboratories, Bank of Maharashtra, Manali Petrochemical, Navin Fluorine International and Schneider Electric Infrastructure are among 25 companies that are scheduled to announce their March quarter earnings today.

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