Market HIGHLIGHTS: Sensex zooms 600 pts, Nifty ends above 11,650; HDFC twins surge up to 8.5%, financials gain

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Updated: October 6, 2020 4:21:11 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over 1.5 per cent higher on Tuesday. HDFC shares closed up over 7.5%.

Share Market Today, Share Market LiveBarring Nifty FMCG index and Nifty Media index, all the sectoral indices ended in the green. Nifty IT and Nifty Pharma were to sectoral gainers

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended over 1.5 per cent higher in Tuesday’s session, mainly lifted by banks and auto stocks. BSE Sensex ended 600 points or 1.54 per cent higher at 39,575, while the broader Nifty 50 index finished 159 points or 1.38 per cent at 11,662. HDFC shares surged over 8 per cent, followed by IndusInd Bank, M&M, HDFC Bank, Asian Paints, Bajaj Finance and ICICI Bank. Tata Steel shares fell the most, followed by Nestle India, L&T, NTPC, Sun Pharma, Bharti Airtel and Reliance Industries (RIL). Nifty FMCG, Nifty Metal and Nifty Pharma indices ended in red today, While rest of the sectoral indices finished in the positive territory. Nifty Bank index gained 2.16 per cent and Nifty Financial Services was up 3.15 per cent. Nifty Auto index too was trading in the green. Broader markets underperformed the equity benchmarks. S&P BSE MidCap gained 0.59 per cent, while the S&P BSE SmallCap index ended up 0.55 per cent.

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Highlights

    16:10 (IST)06 Oct 2020
    Rate-sensitive stocks to remain volatile in near future

    We’re currently dancing to the global tunes however we may see a shift in the focus with the beginning of the earnings season. Besides, the RBI has announced the new dates for the MPC meet and the outcome will be out on October 9. We thus expect the rate-sensitive pack to remain volatile in the near future. Amid all, Nifty has surpassed the hurdle at 11,600 and we’re now eyeing the 11,800 zone so traders should continue with “buy on dips” in the index while stocks may continue to see the swings on both sides: Ajit Mishra, VP - Research, Religare Broking Ltd

    16:09 (IST)06 Oct 2020
    Bulls continue to dominate Sensex, Nifty

    The bulls continued to dominate as the benchmark indices registered strong gains led by supportive global cues. The Nifty index ended higher by 1.4% at 11,662 levels. The broader markets underperformed for the second day in a row but both Midcap and Smallcap managed to end higher by 0.5% each. On the sector front, except Capital Goods, Metal and Oil & Gas, all the other indices ended in green wherein Realty, Banking and Auto are the top gainers: Ajit Mishra, VP - Research, Religare Broking Ltd

    16:06 (IST)06 Oct 2020
    Financials drive Sensex higher; buy these 5 BFSI stocks for 10-12% upside potential in short-term

    Domestic benchmark index S&P BSE Sensex surged 600 points higher in the last hour of trade on Tuesday, helped by banking and financial services sector players. Of the top 6 Sensex gainers, three were banks and one was a non-bank lender. The recent upward march by the financials is driven by the strong business growth being seen in the industry in the second quarter of this fiscal year. Business volumes, ranging from growth in advances to growth in deposits, have been moving above the pre-coronavirus levels in well placed players while others are returning back to normal levels.

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    15:51 (IST)06 Oct 2020
    Nifty should now achieve 11800 which is the next resistance level

    The Nifty closed in stellar form. It also managed to cross its intermediate high of 11618 which was made on 16 September 2020. We should now achieve 11800 which is the next resistance level. The trend and sentiments are bullish and we could even achieve 12000 once we get past 11800: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    15:38 (IST)06 Oct 2020
    Closing bell: Sensex jumps 600 points on closing, Nifty finishes above 11,650

    BSE Sensex ended 600 points or 1.54 per cent higher at 39,575, while the broader Nifty 50 index finished 159 points or 1.38 per cent at 11,662

    15:19 (IST)06 Oct 2020
    Axis Securities initiates coverage with a BUY call on PI Industries

    Axis Securities initiated coverage on PI Industries with BUY and Target Price of Rs. 2155/share with a 11% upside as we value the stock at 33x P/E on its FY23E EPS given its unique business model aided by steady growing CSM and Domestic Formulation business and higher growth in adjacent segments through inorganic acquisitions.

    15:18 (IST)06 Oct 2020
    HDFC twins lift Sensex 600 pts higher

    The top BSE Sensex contributors were HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Asian Paints just before the market closing on Tuesday.

    15:16 (IST)06 Oct 2020
    Sensex zooms 600 points, Nifty tops 11,650

    BSE Sensex gained 600 points or 1.53 per cent to trade at 39,571, while the broader Nifty 50 index was trading near 11,650 level, gaining 161 points or 1.4 per cent.

    Check Sensex, Nifty live levels

    15:11 (IST)06 Oct 2020
    Demand for protection plans encouraging amid pandemic; guaranteed return plans also in flavor

    Our discussion with various cross-selling agents (mainly bank employees) suggests that during the current pandemic, demand for protection plans rose as people have become aware of the need for term insurance. Though many customers are still price-sensitive, brand superiority does play an important role in selecting the protection plan. Additionally, with a steep cut in deposit rates by most large banks, demand for guaranteed return plans also remains in flavor despite the rate of return falling to 5.2-5.4% from 7% a year ago: Emkay Global Financial Services 

    14:54 (IST)06 Oct 2020
    Gold prices could trade in 50400-50900 range in coming sessions

    Domestic gold and silver prices are trading mixed this Tuesday afternoon with gold edging higher, while Silver futures trading weak. Technically, MCX Gold October contract is near its resistance zone around 50750-50800 which can act as a hurdle for further upside movement as 50950 levels also hold a resistance. Prices could trade in a range of 50400-50900 levels in coming sessions. MCX Silver December is trading with mild gains on the positive note above 61000 levels where 62600 will act as immediate resistance and Support is at 60050 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities

    14:33 (IST)06 Oct 2020
    Atam Valves Limited gets listed on BSE SME platform

    Atam Valves Limited became the 328th company to get listed on the BSE SME Platform on today. Atam Valves Limited came out with an initial public offering of  11,25,000 Equity Shares of Rs.10 face value each for cash at a price of Rs 40 per equity share (including a premium of Rs30 per equity share), aggregating to Rs 4.5 crore. The company has successfully completed its public issue on September 25, 2020.

    14:29 (IST)06 Oct 2020
    5 high conviction Nifty 50 shares to buy; top large-cap growth picks amid volatility

    Indian share markets snapped the five-month gaining streak in September and lost over 2 per cent. BSE Sensex and Nifty 50 gained nearly 3 per cent in the previous month. Research and brokerage firm Emkay Global Financial Services has chalked out a list of large-cap stock picks with strong fundamentals and positive outlook. The brokerage firm has maintained a ‘buy’ rating, seeing the growth opportunities in them. The list includes stocks from the banking sector to the two-wheeler sector. The firm sees potential upside in them amid share market volatility. In September BSE Sensex lost 2.1 per cent while the broader Nifty 50 index fell 1.9 per cent from the end of August.

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    14:12 (IST)06 Oct 2020
    Half of Nifty 50 shares at discount to historical average, even as Nifty trades at premium valuation

    Half of the 50 stocks in the NSE Nifty 50 index are trading at a discount to their respective historical averages, even as the benchmark index itself is at a premium valuation at present, brokerage and research firm Motilal Oswal said in a report. When compared to their 10 year average PE, Axis Bank and IndusInd Bank are down 63%, while Coal India is at a discount of 62%, and ONGC is down 61%, among some of the notable names. While 50% of the Nifty companies are at a discount, the index itself is above its long-term historic average. “The Nifty trades at 12-month forward P/E of 19.8x, 5% premium to its long-period average. The Nifty’s P/B of 2.5x is near its historical average,” the report said.

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    13:46 (IST)06 Oct 2020
    In a first, Amazon’s Great Indian Festival sale to be ‘month-long’ this year starting October 17

    Days after Walmart-owned Flipkart announced dates for its Big Billion Days festive sale, Amazon India on Tuesday came out with the date for its annual mega sale event Great Indian Festival Sale. The sale would go live on October 17, 2020, however, contrary to customary five-six days of the festive sale, Amazon this year, for the first time, will host the event for an entire month.

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    13:15 (IST)06 Oct 2020
    Management change still an overhang for HDFC Bank?

    "The bank has launched aggressive campaign for upcoming festive season and expected to gain market share in the segment. We have modelled 15% growth in loan book for full FY21," said Ashika Institutional Equities. "We see overhang of the management change and recent controversies related to class action lawsuit will get behind us and thus we continue to retain our BUY rating on the bank with TP of Rs1,266," it added.

    13:10 (IST)06 Oct 2020
    Vedanta delisting: At what price must investors sell shares? Fair value much higher than floor price

    Vedanta Ltd investors must ignore floor price, book value and should rather offer their shares at a price higher than the company’s proposed delisting price. Proxy advisor and a corporate governance research firm Stakeholders Empowerment Services (SES), said that investors must ignore floor price, book value and 52-week low price as they do not reflect the true value of Vedanta shares. The reverse book-building process for Vedanta shares was started on October 5 and will continue till October 9. The floor price at which Vedanta’s promoters are trying to buy out the public shareholders was set at Rs 87.25 per share, meanwhile the book value is determined at Rs 89.38 per share based on the Consolidated Financial Statements at the end of the previous financial year.

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    12:53 (IST)06 Oct 2020
    Brokerage view on HDFC Bank

    Overall business momentum for HDFCB remains healthy compared to the industry, but we believe that the asset quality trend and management transition will be the key things to watch out for in the near-to-medium term. Currently, we have a Buy rating on the stock with a TP of Rs1300, given its strong stress management capability across cycles and superior return ratios: Emkay Global

    12:34 (IST)06 Oct 2020
    Grey market premium rises for Mazagon Dock Shipbuilders IPO

    The grey market premium for Mazagon Dock Shipbuilders rises to Rs 107 today from Rs 104 on Monday over IPO price. While UTI AMC trades with a discount of Rs 30 over the issue price. Yesterday, UTI AMC was trading with Rs 16-20 discount in the grey market: Manan Doshi, an independent dealer in unlisted shares

    12:30 (IST)06 Oct 2020
    Businesses get confident about growth recovery; private activity expands, pulls up Services PMI

    India’s services activity improved for the fifth straight month in September 2020, however, the contraction continued to affect the businesses. Led by the reopening of business units and loosening of lockdown rules, services PMI rose from 41.8 in August to 49.8 in September. It was also for the first time in September when the service providers were confident about growth prospects.

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    12:00 (IST)06 Oct 2020
    Indusind Bank deposit grows 10% YoY

    Indusind Bank reported provisional numbers for Q2FY21. Deposit grew at 10% YoY & 8% QoQ. Advance grew at 2% YoY & 1% QoQ. On the deposit front bank did a bit better than advance growth compared to the historical trend. CASA deposit marginally improved sequentially by 30bps to 40.4%, however, YoY declined by 100 bps. Investors would like to have better clarity on the moratorium book and the possibility of fresh slippages. Indusind Bank currently trades at 1.3x of trailing networth. Guidance on slippages from the moratorium book and asset quality will be key for re-rating in Q2FY21 results: Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd

    11:57 (IST)06 Oct 2020
    September month was majorly dominated by bears

    September month was majorly dominated by bears as index started correcting from initial days of month and witnessed selling pressure at higher levels. It not only breached the psychological support of 11000 mark but also fell towards 10800 levels. However, due to some recovery in last couple of days, Nifty trimmed-off some of its losses and concluded the month at 11073 levels, with loss of 1.23% over its August month's close: Motilal Oswal Financial Services

    11:44 (IST)06 Oct 2020
    Tata Motors share price rallies 10% in just 5 days; stock up 8% today as JLR Q2 sales rise 53%

    Tata Motors share price rallied over 8 per cent to Rs 144.40 apiece on BSE after Jaguar Land Rover retail sales grew 50 per cent in the July-September quarter. Retail sales for the quarter ended September 30 were 1.13 lakh units, up 53. 33 per cent from 74,067 units sold in the previous quarter

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    11:41 (IST)06 Oct 2020
    RBI monetary policy meet to begin tomorrow; new MPC paves way

    RBI Monetary and Credit Policy meeting has now been scheduled for October 7-9, following the reconstitution of the Monetary Policy Committee with three new members. MPC was earlier scheduled to take place from Setmber end to October 1 but was postponed as three members of the six-member commitee were yet to be replaced. 

    11:39 (IST)06 Oct 2020
    The short term trend of Nifty continues to be positive

    A small positive candle was formed with gap up opening and with long upper and lower shadow. This pattern indicate a formation of a high wave type candle pattern at this highs. Normally, a formation of high wave after a reasonable rise could signal a confusion state of mind among participants and some time it act as a reversal pattern, after the confirmation. The opening upside gap of Monday, which was a second back to back gap remained unfilled. Nifty is currently closed just above the resistance of down sloping trend line at 11500 (taken from the swing high of 11794 and connected lower high) and we observe intraday strength in the market around the hurdle. Hence, one may expect further attempt of upside breakout of 11550-11600 levels in the coming sessions.~ HDFC Securities

    11:37 (IST)06 Oct 2020
    September Services PMI: Lagged improvement

    India’s services PMI (seasonally adjusted) continues to improve, coming in at 49.8 in September (August: 46.0). While activity is improving, the services PMI continues to lag the manufacturing PMI, which registered an eight-year high in September. Significant relaxations in the restrictions on hospitality and recreational activities, as part of the government’s guidelines for the phase-5 unlock schedule, from this month should support a further normalisation in services driving a faster catch-up of activity.~ Barclays 

    10:48 (IST)06 Oct 2020
    Gold prices could hover in range of Rs 50,220-50,950

    Gold jumped 1% hitting almost a two week high, on optimism around a U.S. stimulus bill and a weakened dollar, despite gains in the stock markets after reports that U.S. President Donald Trump could soon be discharged from the hospital. Optimism over fiscal stimulus came into play after upbeat weekend comments from U.S. House Speaker Nancy Pelosi, who said progress was being made on relief legislation. On the data front, even though service PMI data from US was in line with the forecast but was recorded better in other major economies hence giving some jerk to the metal prices. Market participants will keep an eye on the speech by ECB and Fed Governor later in the day also investors are awaiting the release of minutes from U.S. Federal Reserve's September meeting tomorrow which could keep the volatility high. The broader trend on COMEX could be in the range of $1895-1930 and on domestic front prices could hover in the range of Rs 50,220-50,950: Navneet Damani, VP, Motilal Oswal Financial Services

    10:42 (IST)06 Oct 2020
    HDFC twins, RIL lead Sensex; Nifty tops 11,600 on global cues, check what’s pushing D-St higher

    Taking cues from firm global peers, BSE Sensex and Nifty 50 were trading nearly one per cent higher in Tuesday’s session. BSE Sensex was trading 276 points or 0.71 per cent up at 39,250, while the broader Nifty 50 index gained 0.70 per cent to rule at 11,584. Index heavyweights such as HDFC, HDFC Bank, Reliance Industries (RIL), ICICI Bank and Asian Paints contributed the most to indices’ gain.

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    10:37 (IST)06 Oct 2020
    Adopt buy on dips approach for gold

    COMEX gold trades marginally lower near $1916/oz after a 0.7% gain yesterday. Gold’s recent rally has largely been on the back of weakness in US dollar. The US dollar index slumped to a 2-week low yesterday on reduced safe-haven buying amid gains in US equity market. With general focus on US economy and persisting challenges, US dollar is likely to remain under pressure hence we maintain a buy on dips view: Ravindra Rao, VP-Head Commodity Research, Kotak Securities Ltd

    10:27 (IST)06 Oct 2020
    HDFC Bank shares jump 2.4% on strong quarterly business update; should you buy or sell?

    India’s largest private lender HDFC Bank’s shares gained 2.4% on opening  bell on Tuesday morning to trade at Rs 1,141 per share, as investors reacted to the lender's strong quarterly advances and deposits growth. HDFC Bank, informed the bourses that during the July-September quarter its advances aggregated to approximately Rs 10.37 lakh crore compared to Rs 8.97 lakh crore in the same period last year, translating to a 16% growth on-year basis. Shares of the private lender have surged 47% from their March lows. HDFC Bank, analysts say, is well placed with healthy assets among peers.

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    10:07 (IST)06 Oct 2020
    Analyst's view on decision to disburse Rs 20,000 crore

    Even though the decision to disburse Rs 20000 crores collected under IGST is welcome, the lack of consensus on GST compensation remains. The centre has the constitutional responsibility to compensate the States. The Centre has command over more resources compared to the States during this crisis. So the Centre has to be more liberal. At the same time States also should be more flexible regarding the 14% compensation which is unrealistic when the economy is likely to contract by around 10%: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:59 (IST)06 Oct 2020
    Nifty likely to step into the 11620-11715 region today

    We are likely to step into the 11620-11715 region today, but with traders holding a very long heavy hand presently, there is also the risk of moving into air pockets, but 11380 and 11290 are expected to hold: Geojit Financial Services

    09:46 (IST)06 Oct 2020
    Strong support for the Nifty at the 11300 level

    The markets have opened on a positive note; we should be able to achieve the levels of 11800 during the course of the October series. A strong support for the Nifty is at the 11300 level and as long as we can keep above this level, the trend of the market is bullish and any correction can be used to accumulate for higher targets: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:36 (IST)06 Oct 2020
    On risk appetite improvement, equity markets could attract some inflows that could support rupee

    As the risk appetite improved, equity markets could attract some inflows that could turn supportive for rupee. However, if RBI stands in favour of buying, the strength in the pair shall be limited to 72.80-73.00 levels and buying pressure as witnessed yesterday, can lead to bounce back towards 73.40-73.50 levels. Broadly the range of 72.50-74.50 levels is likely to remain in place, and from a border perspective it is advisable to buy on dips close to 72.70-73.10 levels and sell on upticks near 73.80-74.20 levels: Amit Pabari, managing director, CR Forex Advisors

    09:35 (IST)06 Oct 2020
    Infibeam Avenues shares jump to hit 5% upper circuit

    Infibeam Avenues shares were locked in 5 per cent upper circuit at Rs 82.55 apiece after the company announced that it has entered into a definitive agreement with Jio Platforms Limited and its affiliates, to license, customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use.

    check prices: Infibeam Avenues

    09:32 (IST)06 Oct 2020
    RIL shares trade firm, up nearly half a per cent

    RIL shares were trading firm in early trade on Tuesday, after the oil-to-telecom conglomerate called off the proposed merger of his group's entertainment business with Sony Pictures Networks India following a strategic rethink.

    Check prices: Reliance Industries Ltd

    09:29 (IST)06 Oct 2020
    Nifty Bank, Nifty Financial Services indices top sectoral gainers

    Barring Nifty IT index, all the sectoral indices were trading in positive territory. Nifty Bank index gained 1.11 per cent and Nifty Financial Services were up 1.62 per cent. Nifty FMCG index too was trading in the green.

    09:25 (IST)06 Oct 2020
    IT stocks dip in early trade on Tuesday

    IT stocks were among top Sensex laggards today. Infosys shares fell the most, down 1.14 per cent. followed by TCS and Tech Mahindra. ITC, NTPC, Sun Pharma were other losers on the pack.

    09:23 (IST)06 Oct 2020
    Financial stocks lead; HDFC, IndusInd Bank top Sensex gainers

    Financial stocks were leading from the front. HDFC, IndusInd Bank, HDFC Bank, Asian Paint, Titan Company, ICICI Bank were among top BSE Sensex gainers.

    09:21 (IST)06 Oct 2020
    Nifty tops 11,600; Sensex jumps 350 pts

    BSE Sensex jumped 352 points or 0.90 per cent to trade at 39,326, while the broader Nifty 50 index reclaimed 11,600 level, gaining 102 points on Tuesday

    Check live Sensex, Nifty levels

    09:20 (IST)06 Oct 2020
    Road cleared for RBI's bi-monthly policy meet as government fills three empty MPC seats

    The Government of India on Monday reconstituted the Reserve Bank of India’s Monetary Policy Committee (MPC) which was earlier postponed as the six-member committee had three empty seats. With three new members appointed to the MPC, it clears the way for the bi-monthly monetary and credit policy meet to be held. The central government has appointed Ashima Goyal, Shashanka Bhide, and Jayanth R Varma to the MPC. The three new appointees will act as external members in the committee that counts the RBI Governor, Deputy Governor, and an officer of the central bank as its other three members. The MPC determines the key policy interest rate required to achieve the inflation target.

    Read full story

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