Share Market HIGHLIGHTS: Sensex surges 450 pts, Nifty ends above 11,850; ICICI Bank, Nestle India jumps 5%

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Updated: October 19, 2020 4:27:05 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: BSE Sensex and Nifty 50 ended higher for the second straight day on Monday, mainly lifted by bank stocks.

Share Market Today, Share Market LiveNifty PSU Bank index was top sectoral gainer, up 4.17 per cent led by Central Bank of India, Bank of Baroda

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended on a positive note for the second consecutive session on Monday, supported by buying in bank stocks. BSE Sensex jumped 449 points or 1.12 per cent to end at 40,432, while the broader Nifty 50 index soared 111 points or 0.94 per cent to settle at 11,873. ICICI Bank was the top Sensex gainer, rising 5 per cent followed by Axis Bank, Nestle India, State Bank of India (SBI), HDFC, IndusInd Bank and HUL, among others. On the flip side, Bajaj Auto was the top Sensex loser, down nearly 2 per cent. It giant Tata Consultancy Services (TCS) was also a Sensex laggard today. M&M, Bharti Airtel, Maruti Suzuki, Sun Pharma and Infosys were the other losers on the pack. The trend among sectoral indices was largely positive. Nifty PSU Bank index was top sectoral gainer, up 4.17 per cent led by Central Bank of India, Bank of Baroda and Maharashtra Bank. While Nifty Pharma index fell 1.67 per cent.

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Highlights

    16:06 (IST)19 Oct 2020
    Any trade above today's high will push Nifty towards resistance at 12050

    Nifty opened with a gap up at 11879 and closed at 11873. It has created a hanging man candlestick pattern. Any trade above today's high 11898.25 will push Nifty towards resistance at 12050 levels and whereas, supply below 11820 will lead towards support at 11650: Vishal Wagh, Head of Research, Bonanza Portfolio

    15:39 (IST)19 Oct 2020
    Markets end in green despite profit booking autos, pharma stocks

    As we inch closer to the US Elections, the Street is bracing towards volatile markets ahead. Today markets ended firmly in the green despite profit booking witnessed in Autos & Pharma as we saw spirited buying in Financials with good support from the FMCG space: S Ranganathan, Head of Research at LKP Securities

    15:38 (IST)19 Oct 2020
    Closing bell: Sensex, Nifty rise for 2nd day straight

    BSE Sensex jumped 449 points or 1.12 per cent to end at 40,432, while the broader Nifty 50 index soared 111 points or 0.94 per cent to settle at 11,873 on Monday

    15:23 (IST)19 Oct 2020
    Nifty 50 support lies at 11650

    After opening with a gap, the Nifty did not do much thereafter. We moved in a 50-70 point range. We need to get past 12050 in order to witness a serious up move. The support lies at 11650. HDFC Limited, Kotak Mahindra Bank and Hindalco are interesting buy ideas traders can work with: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:20 (IST)19 Oct 2020
    Fundamentally strong companies likely to mull IPO as route for future growth, capital needs

    Companies with strong fundamentals, resilient business model and future outlook are likely to consider IPO as a route for future growth as well as capital needs. A significant amount of activity is seen from tech enabled companies especially in segments like e-commerce and Fin-tech. Also, companies, who had prepared to go for listing prior to the pandemic, but had to temporarily defer the listing, may renew their listing plans.

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    15:10 (IST)19 Oct 2020
    Rupee ends with minor loss against US dollar dollar at 73.37

    Rupee ended the day with minor 2 paise loss to a dollar at 73.37. Dollar demand from the importers and central bank action weighed on rupee. The country's foreign exchange reserves jumped by $5.867 billion to touch a record high of $551.51 billion in the week ended Oct. 9, according to the Reserve Bank of India data. In the current calendar year, central bank has added $94 billion to the forex kitty. The focus of the week will on Thursday’s presidential TV debate – a last chance for the President Trump to make a meaningful come back. Nancy Pelosi’s Tuesday deadline for agreeing on a meaningful fiscal stimulus may keep risk assets supported a little and add pressure on safe haven assets: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:46 (IST)19 Oct 2020
    Social Stock Exchange: 4 key things to make India a prominent actor in Impact Revolution

    The Securities and Exchange Board of India’s initiative to create a Social Stock Exchange (SSE) will boost social and & environmental impact investing in India by creating a new platform to fund social-sector organizations, enabling direct listing through a new class of securities, and establish a standardized framework for measuring and reporting social impact for both donors and investors

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    14:24 (IST)19 Oct 2020
    MCX launches futures trading on MCX METLDEX,

    Multi-Commodity Exchange of India Ltd (MCX), India’s largest Exchange in the commodity derivatives segment, launched futures trading on the country’s first tradable real-time Base Metals Index, i.e. MCX iCOMDEX Base Metal (METLDEX). The Exchange has launched METLDEX futures expiring in the months of November 2020, December 2020 and January 2021. At least 3 consecutive month contracts will be available at all times. The contract has a lot size equal to 50 times of underlying MCX iCOMDEX Base Metals Index. The tick size (minimum price movement) for the contract is Re.1. The contracts would finally be settled in cash at the end of the expiry of each contract. The final settlement price will be based on the Volume Weighted Average Price (VWAP) of the underlying constituents between 4:00 p.m. and 5.00 p.m. on the expiry day of the index futures contract

    14:13 (IST)19 Oct 2020
    Federal Bank: Operating metrics continue to improve Maintain BUY ~ Ashika Institutional Equity

    In the current scenario we continue to like bank’s which are demonstrating strong growth on operating front along with higher PCR on overall stressed assets portfolio. Federal Bank meet the criteria on both fronts. We have incorporated higher provision requirement along with steady growth in balance sheet and thus expect it to deliver RoA/ RoE of 0.1%/12.6% by FY22E.  In our view maximum of the negative are in the price and thus we continue to maintain our BUY rating with a revised trigate price of Rs60 (based on 0.7x FY22E Adj. BVPS)

    ~ Asutosh Mishra, Head of Research, Ashika Institutional Equity

    13:38 (IST)19 Oct 2020
    Rupee depreciated nearly half a per cent last week

    In the week gone by, Indian rupee depreciated by 0.44 per cent and currently stands at 73.44 against the US dollar. India’s CPI inflation came in at 7.34 per cent for September again breaching RBI’s tolerance band for the sixth consecutive month. Retail inflation for August was 6.69 per cent. US FED Vice Chairman Richard Clarida expressed his views on economic data being surprisingly strong since May though it will take another year for the output to reach pre-pandemic levels in the US. Unemployment claims from the US also came in worse than expected at 898K. Meanwhile, the US Senate will vote on a $500 billion stimulus package on 21st October according to Senate Majority leader Mitch McConnell: Angel Broking

    13:18 (IST)19 Oct 2020
    Paytm Credit Card coming soon; fintech firm to partner with card issuers, aims 2 mil users in 12 months

    In an effort to increase the penetration of credit systems in India, digital financial service provider Paytm said that it is working on building ‘Next Generation Credit Cards’, partnering with various card issuers. With the Paytm Credit Card, the company is aiming to transform the credit market by enabling 'new to credit' users to join the digital economy. Vijay Shekar Sharma’s Paytm is the leading payments company that has repeatedly benefited from the increasing digital adoption in India. Paytm has an estimated customer base of 150-200 million and it plans to issue nearly 2 million credit cards in the next 12-18 months.

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    13:07 (IST)19 Oct 2020
    Mid-market update

    "Indian Indices Nifty and Sensex, up by 81 points (0.70%) and 336 points (0.84%) respectively. Indian Indices opened higher on back positive global market clues but lost some of its earlier gains during the 1st half of the day. Heavyweights like ICICIBANK bank (3.98%) and HDFC (up 2.93%) are major contributors. Today S&P BSE Finance (up 1.79%), S&P BSE OIL & GAS (up 1.34%) while S&P BSE AUTO (down 1.06%), S&P BSE Healthcare (down 0.60%). We expect Indices to be volatile on back of global market clues. Global Market update - DOW Jones up by 112 points (up 0.39%) and NASDAQ down by 42 points (up 0.36%)," siad Yash Gupta- Equity Research Associate, Angel Broking Ltd  

    12:54 (IST)19 Oct 2020
    DMart shares Buy or Sell? Net profit tanks 37%; analysts mixed on recovery expectations

    Avenue Supermarts’ share price soared 3.6% to trade at Rs 2,055 per share today despite its hypermarket store chain DMart reporting a weak set of quarterly numbers. The firm led by billionaire Radhakishan Damani reported a net profit of Rs 210.5 crore against Rs 333.45 crore from a year-ago period, seeing a massive 37% drop. Total income of Dmart dropped 12% on-year to Rs 5,274 crore. The slip in profits was due to lower store footfall and repeated lockdowns across the country. Although the management highlighted that the festive season would help restore demand, it warned of supply-side challenges.

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    12:43 (IST)19 Oct 2020
    TCS share price falls nearly 2% on profit-booking; stock slips 6% from 52-week high

    Tata Consultancy Services (TCS) share price fell nearly 2 per cent to Rs 2,710.25 on BSE in Monday’s session and was the top Sensex laggard in the morning deals. Earlier this month, TCS stock price scaled a fresh 52-week high of Rs 2,885 on BSE, since then the stock has fallen 6 per cent.

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    12:26 (IST)19 Oct 2020
    Bank Nifty likely to outperform?

    "Bank Nifty has outperformed the Nifty during the October series till now by rising by 15% as compared to 9% rise in Nifty. Technically also Bank Nifty is better placed compared to Nifty where Bank Nifty future took support at 11 day EMA and managed to close above its 200 day SMA on Friday. We expect outperformance from the Bank Nifty to continue for the coming weeks also. Therefore On Bank Nifty, our advise is to accumulate long positions with the stop loss of 23000 levels. On the higher side an immediate resistance is seen in the vicinity of 24000-24200 levels where we have seen Call writing in the weekly and monthly call options," said HDFC in its weekly outlook. 

    12:21 (IST)19 Oct 2020
    Federal Bank: Operationally strong quarter; shores up provisioning buffer

    Federal Bank beat PPoP estimates by 10% on the back of healthy margins, fees and treasury gains. However, as a prudent measure, the bank increased specific PCR to 66%. Contingency Covid-19-related provisions led to a 26% yoy fall in PAT at Rs 3.1bn. We retain Buy on the stock for its strong liability profile, improving retail orientation, reasonable capital position and undemanding valuations. We raise our TP to Rs65 (from Rs58), based on 0.8x Sep’22E ABV.

    ~ Emkay Global

    11:42 (IST)19 Oct 2020
    Anchor investors sell Route Mobile shares, investors can buy on dips

    "Route Mobile listed at 105% premium over issue price on September 21, 2020 at Rs.717 and from listing price stock has further rallied 38% to touch all time high of Rs. 988. From the last few days stock have been witnessing profit booking. On Friday, during the day stock has hit a lower circuit of 10%, although it bounced back later to close down by 7.3%. We believe this correction could be due to profit booking by anchor investors as anchor investors lock in a period of 30 days from the date of share allotment is over. Investors can use such opportunities of correction to add position in the stock. We are bullish on the Company considering that it is a scalable business model, which can grow without capital infusion. Past track record of the Company is also quite promising. We expect the Company to continue to grow at similar rates like earlier years of ~25-30% for at least next 2 years," said Keshav Lahoti - Associate Equity Analyst, Angel Broking Ltd  

    11:09 (IST)19 Oct 2020
    Equitas Small Finance Bank IPO opens Oct 20: Check grey market trend; should you subscribe?

    The Rs 518-crore Equitas Small Finance Bank initial public offer (IPO) will open for subscription on Tuesday, October 20, 2020. The company has fixed a price band of Rs 32-33 per share and the issue will close for subscription on October 22. The total issue size includes an offer for sale (OFS) of up to 7.20 crore equity shares by promoter Equitas Holdings Ltd. and fresh issue of up to 8.5 crore equity shares at Rs 33 per share of which Rs 1 crore is reserved for employee portion and Rs 51 crore reserved for EHL shareholder portion.

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    10:55 (IST)19 Oct 2020
    Brokerage view on Cement sector

    We remain constructive on the Cement sector and upgrade EBITDA estimates of our coverage universe by 5-24% for FY21, 2-15% for FY22 and 2-10% for FY23. Earnings upgrade has been led by better-than-estimated volume/realization trends in H1FY21 and continued cost-saving initiatives in Q2FY21: Emkay Global Financial Services

    10:39 (IST)19 Oct 2020
    HDFC Bank shares gain after strong Q2 results; analysts recommend ‘Buy’, check revised target price

    Shares of India’s largest private sector lender HDFC Bank surged 2.4% on the opening bell on Monday to trade at Rs 1,228 per share, days after the bank reported an 18.4% on-year jump in net profit to Rs 7,513 crore. HDFC Bank’s July-September quarterly results were better than expected buoyed by a 16.7% on-year jump in net-interest income and 40.3% surge in other income. HDFC Bank has been outperforming domestic benchmark indices since March, gaining over 57% till date while Sensex and Nifty have climbed 55%. HDFC Bank maintains its industry leading position as new CEO steps in.

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    10:27 (IST)19 Oct 2020
    RBI remains active buyer, added nearly $5.86 bn into Forex kitty

    As the sentiments remain cautious, any trigger could lead to a sharp momentum in the pair as the pair has been trading in a narrow range of 73.00-73.50 from past couple of sessions. RBI has also remained an active buyer and has added nearly $5.86 billion into the Forex kitty, thereby preventing any sharp appreciation in the pair. For rupee, 73.50 remains a crucial level to watch which if broken, panic buying can gather pace and the pair can move towards 73.80-74.20 levels. On the border note, until the pair breaks 74.50, every uptick shall be taken as selling opportunity and meanwhile downticks near 73.00-73.20 levels shall be utilized for buying near term payments: Amit Pabari, managing director, CR Forex Advisors

    10:24 (IST)19 Oct 2020
    Gold may continue to trade in $1930-1880 range

    COMEX gold trades little changed near $1903/oz after a 0.1% decline in the previous session. Gold is currently in a range as traders are awaiting more clarity on US stimulus. Support from safe-haven buying amid increasing global uncertainty is offset by recent gains in US dollar and ETF outflows. Gold may continue to trade in $1930-1880 range unless there are fresh triggers however general bias is on the upside owing to rising virus cases and uneven economic recovery: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    09:54 (IST)19 Oct 2020
    Nifty 50 has good support at 11650, resistance on upside at 12050

    The index has good support at 11650 and until we do not break that, we are in positive territory. The resistance on the upside is at 12050. If we are unable to move past either levels convincingly, we would be range-bound and trading in this zone should be avoided. Stocks that look interesting for an up move include Axis Bank, HDFC Bank and Tata Steel: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:50 (IST)19 Oct 2020
    Hopes of global economic recovery may dent major rallies in Gold

    Weak US dollar, expectations of more fiscal stimulus measures from the US before the election and the unsolved US-China tensions continue to support the yellow metal. However, easing safe-haven demand amid hopes of global economic recovery would dent major rallies in the commodity.Technical Outlook (London spot): If the support of $1840 remains undisturbed, expect rallies to continue, but it is required to break $1920 to continue major rallies. An unexpected drop below $1820 would extend further selling pressure: Hareesh V, Head of Commodity Research, Geojit Financial Services

    09:47 (IST)19 Oct 2020
    HDFC Bank one-year target price of Rs 1,500

    Given encouraging business trends and management commentary, bank’s valuation should mean revert over the medium term (current 1-yr rolling P/ABV at 3.2x v/s avg. 3.5x since Apr 2015). Our 1-yr target undergoes a slight upgrade to Rs1500: YES Securities

    09:32 (IST)19 Oct 2020
    DLF share price jumps over 3%

    DLF Ltd share price gained over 3 per cent to Rs 166.70 apiece on BSE after it's rental arm DCCDL raised Rs 2,400 crore debt from India’s largest lender SBI to refinance its existing debt and fund future expansion plans, PTI quoted a senior company official as saying.

    Check prices: DLF Ltd

    09:31 (IST)19 Oct 2020
    Mutual fund cut-off times restored: Now, buy, sell units before this time for same day NAV

    Mutual fund investors, from today, can place their orders for subscription or redemption of units in line with the revised cut-off time. Capital markets regulator SEBI on Friday restored the buying and selling time for all schemes other than debt mutual fund schemes and conservative hybrid funds to their normal cut-off time of 3 PM. The restoration of the cut-off time comes six months after SEBI decided to trim the cut-off timing for both equity and debt funds in April, keeping in mind the coronavirus-aided disruptions. Earlier the cut-off time for debt, equity or hybrid funds had been revised to 1 PM.

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    09:27 (IST)19 Oct 2020
    RIL share price jumps nearly 1% in opening trade

    Reliance Industries Ltd share price gained 0.7 per cent to Rs 2,192.40 apiece on BSE after it informed on Saturday that it has received the subscription amount of Rs 5512.50 crore from Gamnat Pte. Ltd. and Lathe Investment Pte. Ltd. (GIC).

    Check prices: RIL

    09:24 (IST)19 Oct 2020
    HDFC Bank shares up nearly 1%

    HDFC Bank shares were trading firm at Rs 1,209 apiece on BSE after it reported 18.4 per cent on-year growth in net profit in the July-September quarter at Rs 7,513 crore.

    Check prices: HDFC Bank

    09:21 (IST)19 Oct 2020
    Sensex, Nifty start the week on positive note

    BSE Sensex jumped 300 points or 0.73 per cent to trade 40,310, while the broader Nifty 50 reclaimed 11,850 in Monday's session.

    Check live Sensex, Nifty levels

    09:07 (IST)19 Oct 2020
    Strong buying demand to emerge in vicinity of 11450-11550

    we expect index to consolidate in the broad range of 11500-12000 with a stock-specific action amid the progression of Q2FY21 result season. We expect strong buying demand to emerge in the vicinity of 11450-11550 and therefore any dip from hereon should be capitalised on as an incremental buying opportunity. Meanwhile, 12000 would act as immediate resistance as during last week, on four occasions the index failed to surpass the psychological mark of 12000: ICICI Direct Research

    09:05 (IST)19 Oct 2020
    Nifty reclaims 11,850, Sensex leaps over 300 points in pre-open session

    BSE Sensex jumped 330 points to 40,315, while the Nifty 50 index reclaimed 11,850 level in the pre-opening session on Monday.

    Check live Sensex, Nifty levels

    09:02 (IST)19 Oct 2020
    Indian markets are likely to open with a positive bias on Monday

    Indian markets are likely to open with a positive bias tracking strong global cues amid US stimulus hopes and better-than-expected initial quarterly results. However, global news flows and sector-specific developments will be key monitorable: ICICI Direct Research

    09:00 (IST)19 Oct 2020
    Nifty likely to find support in the vicinity of 11600-11700

    Remain bearish and use any rise from hereon to prune long positions/create shorts with the stop loss of 12000 level On the lower side, Nifty is likely to find support in the vicinity of 11600-11700 levels where Puts have been written. Any close below 11600 level would result into further long unwinding, which might push Nifty to even 11400 levels: HDFC Securities

    08:58 (IST)19 Oct 2020
    Stocks in focus: RIL, Infosys, HDFC Bank, Britannia, ACC, SBI, Dr Reddy’s Labs, Likhitha Infra, DLF

    Infosys: According to the company’s recent shareholding pattern, mutual funds and FPIs have increased their stake in company in the September quarter.HDFC Bank: Shares of HDFC Bank will remain in focus today as the bank on Saturday reported an 18.4 per cent on-year growth in net profit.

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    08:51 (IST)19 Oct 2020
    Bulk and block deals

    On Friday Route Mobile shares were bought by Theleme Master Fund Limited while Likhitha Infrastructure saw interest from BM Traders, HET Finance Private Limited, and Niraj Rajnikant Shah. SB Adani Family Trust, on Friday, pledged over 36 lakh equity shares of Adani Ports and SEZ ltd.

    08:28 (IST)19 Oct 2020
    Nifty has critical support at 11,600

    The recent fall has derailed the momentum and indications are in the favour of consolidation in Nifty ahead. It has critical support at 11,600 and its breakdown could result in a further slide to 11,400. On the flip side, the 11,850-12,100 zone would act as a hurdle in case of a rebound: Ajit Mishra, VP - Research, Religare Broking Ltd

    08:20 (IST)19 Oct 2020
    Utilize range of 22970 and 24180 for trading purposes

    Banknifty has witnessed resistance at 24180. It is also clustering around 200 EMA. Any big move in it possible only above 24180 or below 22970. One can utilize a range of 22970 and 24180 for trading purposes: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:19 (IST)19 Oct 2020
    One needs to wait for the level of 11663

    The Nifty has given 11 consecutive green close last week before selloff on Thursday. Thursday was a big candle day that engulfed a ranged of the previous four days. This is a rare pattern but repeated a third time this year. In the previous two times, it has given a good correction. This time till low is not broken so for going short one needs to wait for the level of 11663 to get penetrated before any big downside. On the higher side, 12026 will work as resistance: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    08:12 (IST)19 Oct 2020
    Charts suggest upside for stock markets; 5 things to know before opening bell on Dalal Street today

    Sensex and Nifty slipped over 1.8% each in the previous week as they battled weak global cues that were marred with volatility. However, Friday’s up-move, which was supported by broader markets, sent signals that stock markets might witness upside bounce. “The negative implication after the formation of the bearish engulfing pattern of Thursday remains intact, as long as the high of that pattern is protected at 12025. Friday's upside bounce could provide opportunity for sell on rise,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. On the weekly charts, a reasonable negative candle was formed, signalling strength of recent upside bounce.

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