Market HIGHLIGHTS: Sensex falls 758 pts from day’s high, Nifty ends below 10,650; RIL, Airtel down 4% each

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Updated: July 15, 2020 4:53:27 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic stock market benchmarks Sensex and Nifty pared all the gains and ended flat in Wednesday's trade. RIL and Bharti Airtel were top losers.

Share Market Today, Share Market LiveBharti Airtel, ONGC, IndusInd Bank, State Bank of India (SBI), Asian paints and HDFC Bank are among other Sensex laggards

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 pared all the morning gains and settled flat to positive on Wednesday, with Bharti Airtel and Reliance Industries falling the most. Sensex dropped 758 points from day’s high and ended at 36,051, just 19 points up. While the broader Nifty 50 index slipped below the crucial 10,650-mark, after hitting 10,827 in intraday deals. Out 30 Sensex stocks, 16 stocks ended in green with Infosys as the top Sensex gainer, up 6.16 per cent, followed by HCL Tech, TCS, Tech Mahindra, Axis Bank and Hindustan Unilever (HUL). On the flip side, RIL shares gave up all the intraday gains and settled with 3.71 per cent loss. Bharti Airtel, ONGC, IndusInd Bank, State Bank of India (SBI), Asian paints and HDFC Bank are among other Sensex laggards. Sectorally, Nifty IT index rallied the most, jumping 5.24 per cent led by gains in Wipro, NIIT Technologies, Infosys.

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Highlights

    16:04 (IST)15 Jul 2020
    Major currencies have been very strong against the dollar overnight, which is helping emerging markets

    India rupee rises with most emerging Asian peers amid progress in the development of a Covid-19 vaccine and risk-on tones. Rupee closes at 75.15 with the gain of 28 paise a dollar. The expectation of foreign fund inflows from recently running IPO and FPO added gains in rupee. Market also pricing dollar flows from Walmart’s recent infusion of $1.2billion in flipkart. In near term, spot USDINR is having resistance at 75.50 and support at 75. Near term bias for the pair remains down till it closes above 75.70 while on downside we may see buying interest around 74.50. Major currencies have been very strong against the dollar overnight, which is helping emerging markets: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    14:01 (IST)15 Jul 2020
    Infosys, HCL Tech shares at new 52-wk highs; Wipro just inches away from record high, Nifty IT index jumps 6%

    The Nifty IT index surged over 6 per cent to hit day’s high of 16,625 on Wednesday with all the 10 constituents trading in the positive territory. After posting a better-than-expected net profit of Rs 2,309.4 crore in the April-June quarter of the current financial year, Wipro share price zoomed 19.4 per cent to Rs 268.70 apiece on NSE. In comparison, the broader Nifty 50 index was up 1.71 per cent.

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    13:31 (IST)15 Jul 2020
    Jio’s potential not restricted to wireless segment; these verticals could soon complement growth

    After revamping the telecommunications sector in India half-a-decade ago, Reliance Industries Limited’s (RIL) Jio has been synonymous with India’s growth story. Much praise has been garnered by the digital vertical of RIL, which have only augmented after it recently roped in a dozen global investors. However, a look at the non-wireless business of Jio, which forays into segments like education, healthcare, agri-tech, home broadband, IoT, among others too has potential to substantially grow.

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    12:49 (IST)15 Jul 2020
    Staying relevant: Reskilling workforce for AI, ML, IoT, era must for MSMEs, startups to survive, scale

    At the wake of the COVID-19 pandemic, all companies were forced to make quick changes and decisions to ensure their business continuity. While large and mid-size corporations had the means and resources to drive these changes, the start-ups and SMEs with their limited resources and budget faced severe hardships, especially because of the cost-cutting measures they had to employ, like letting go of the majority of their workforce.

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    11:57 (IST)15 Jul 2020
    Yes Bank’s Rs 15,000 crore FPO opens; analysts warn against fresh investment

    Yes Bank share price jumped 5 per cent to Rs 22 apiece on BSE, a day after the private lender raised Rs 4,500 crore from anchor investors. FPIs (foreign portfolio investors), along with several other investors have been allocated shares at Rs 12 per equity in the anchor portion, PTI reported citing investment banking sources. All 14 anchor investors placed their bids for 341 crore equity shares at the lower end of the price band of Rs 12-13 per share.

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    11:34 (IST)15 Jul 2020
    PSU share sales coming up: Govt to sell stakes in these 2 sectors as non tax revenue falters

    With tax revenues remaining below estimates, the government is now eyeing ways to hike non-tax revenues via the sale of its stakes in PSUs or state-owned companies. The offer for sale (OFS) route is being seen as the quickest way to raise funds by offloading government stakes at least in those companies where valuations are supportive The Indian Express cited sources as saying. Companies in the agriculture and chemicals sector are being prepared for stake sales. Sales are also being planned through OFS in MIDHANI and Garden Reach Shipbuilders & Engineers Ltd.

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    11:07 (IST)15 Jul 2020
    Brokerage view on Wipro stock post June quarter numbers

    Over the past few years, Wipro has underperformed Tier-I companies on growth, partly due to higher exposure to verticals facing challenges (e.g. Healthcare and ENU). Additionally, changes at the company level (e.g. restructuring in India/the Middle East, etc.) have further constrained growth. However, we expect scope of recovery in some verticals (e.g. Health BU). Before turning constructively positive on the stock, we await a refresh of the company’s strategy and further evidence related to execution. Maintain Neutral: Motilal Oswal Institutional Equities

    10:45 (IST)15 Jul 2020
    FII inflows on the back of Yes Bank's FPO would keep a cap on rupee losses

    FII inflows on the back of Yes bank FPO worth Rs 15,000 crore would keep a cap on the rupee losses. Broadly, the current mixed bag of sentiments coupled with the expectation of inflows will keep rupee in dilemma and the pair shall await for concrete directional cues in order to pave further course. However, if the pair breaks its range of 74.50-75.50 will bring in some sharp moves in rupee: Amit Pabari, managing director, CR Forex Advisors

    10:40 (IST)15 Jul 2020
    Wipro's profit above Street estimates due to cost control by company

    Wipro reported a 7.3% qoq degrowth in IT services revenues to USD 1.92bn which was in line with market expectations. In rupee terms consolidated revenue contracted by 5.1% qoq to ₹14,913 crore while gross profits increased by 5.7% qoq to ₹4,543 crore. Gross margins expanded by 311bps qoq to 30.5% given a sharp decline in cost of revenues by 9.1% qoq. Consolidated operating profit for the quarter was up by 2.1% qoq while consolidated operating margins were up by 127bps qoq to 18.1%. Operating margins for the IT services business improved by 140bps qoq to 19.0%. Net profit for the quarter was up by 2.8% qoq to ₹2,390 crore. While the Q1FY21 revenues were in line with Street estimates margins and profits came in well above street estimates due to cost control by the company. Markets will also look forward to management commentary and their outlook for the rest of the year given likely budget cuts by clients: Jyoti Roy, DVP- Equity Strategist, Angel Broking Ltd 

    10:19 (IST)15 Jul 2020
    RIL share price at new 52-week high, zooms 125% since March; all eyes on 43rd AGM for Jio biz update

    Reliance Industries (RIL) share price climbed up 1.5 per cent to hit a fresh all-time of Rs 1,948.75 apiece on BSE ahead of the company’s annual general meeting (AGM) scheduled at 2 PM. RIL stock price has rallied over 124 per cent since March, taking the market capitalisation of the oil-to-telecom conglomerate to Rs 12.3 lakh crore. RIL’s AGM will be held through video conferencing or other audio-visual means (OAVM), in the wake of fast-spreading coronavirus pandemic.

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    10:08 (IST)15 Jul 2020
    Nifty trying to attempt a cross above the levels of 10750

    The Nifty is trying to attempt a cross above the levels of 10750 which would be the resistance on the upside. If we are successful in going past that level the uptrend will resume. Until then there is every possibility the markets attempt a downward movement and retest yesterday's lows of sub 10600: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:38 (IST)15 Jul 2020
    Outcome of OPEC committee meet in focus

    The US Dollar has weakened against majors. The Euro is just shy of its recent highs around 1.1420. Sterling has underperformed on weaker GDP data.  USDINR has now closed above it's opening level for 8 straight sessions. The default mode intraday has been for the pair to remain biddish. However 75.50 is likely to offer solid resistance. Asian currencies with the exception of IDR are trading stronger. Rupee is likely to open around 75.35 and trade 75.15-75.50 range. Asian stocks are trading with gains of around 1%. Nifty is likely to trade with a positive bias. Outcome of the OPEC committee meet will be in focus for any possible announcement on partial rollback of output cuts. Weekly EIA crude inventory data also due today: Abhishek Goenka, Founder and CEO, IFA Global

    09:34 (IST)15 Jul 2020
    RIL share price hits new 52-week high, stock up 1.5%

    Reliance Industries (RIL) share price hit a fresh all-time high on Wednesday at Rs 1,948, ahead of its 43rd annual general meeting (AGM).  RIL has said that its first virtual AGM will be a bigger affair than its past shareholder meetings.

    Check live prices: RIL

    09:32 (IST)15 Jul 2020
    Nifty IT jumps 3%; top sectoral gainer

    Barring Nifty Realty, all the sectoral indices were trading in the green, Nifty IT index was the top sectoral gainer, up 3 per cent followed by Nifty Metal index which gained over one per cent.

    09:31 (IST)15 Jul 2020
    Tech Mahindra top Sensex gainer, up 3%

    Tech Mahindra, Infosys, HCL Tech, Tata Steel, Axis Bank, Bajaj Finance and TCS were among top Sensex gainers. On the other hand, Bharti Airtel, Kotak Mahindra Bank, ITC, Nestle India were among Sensex losers.

    Check live prices: Tech Mahindra

    09:28 (IST)15 Jul 2020
    Sensex, Nifty gain 1% each

    The 30-share index Sensex jumped 320 points or 0.89 per cent to trade at 36,352, while the broader Nifty 50 index reclaimed the crucial 10,700-mark.

    check live Sensex, Nifty levels

    08:55 (IST)15 Jul 2020
    Stocks in focus: RIL, Yes Bank, Bharti Airtel, Infosys, Bandhan Bank, among others to remain in news

    Nifty futures were trading 87.80 points or 0.83 per cent higher at 10,695.80 on Singaporean Exchange, indicating a positive opening for BSE Sensex and Nifty 50 on Wednesday. Market participants will track RIL’s 43rd annual general meeting (AGM), Yes Bank’s Rs 15,000 crore follow-on public offer (FPO), June quarter results of Wipro and Infosys. Apart from these, investors will keep tabs on trends on coronavirus, oil prices, rupee trajectory and stock-specific development.

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    08:53 (IST)15 Jul 2020
    Sensex, Nifty might open in the green; top factors that will define market movement today

    Domestic benchmark indices could open in the positive territory today after witnessing a sharp correction on Tuesday. SGX Nifty was up over 75 points hinting at a gap-up opening for Sensex and Nifty. Focus on Wednesday will be on Mukesh Ambani and his Reliance Industries Ltd. (RIL) that is scheduled to hold its first virtual Annual Shareholder Meet today. “We’re not surprised by the fall as markets were signaling exhaustion at the higher levels. Indications are in the favour of a further decline and Nifty could test 10,500 levels,” said Ajit Mishra , VP-Research, Religare Broking. Here’s what all will be in focus today.

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    08:19 (IST)15 Jul 2020
    US stock market surges in overnight trade

    In overnight trade on Wall Street, US stock indices surged. The Dow Jones Industrial Average surged 2.13%, the S&P 500 gained 1.34%, and the Nasdaq Composite added 0.94%.

    08:18 (IST)15 Jul 2020
    Asian stock markets trade higher

    Major Asian peers were trading higher on Wednesday morning. In Japan, the Nikkei 225 gained 1.33% in morning trade while the Topix index added 1.32%. South Korea’s Kospi jumped 0.97%

    08:17 (IST)15 Jul 2020
    SGX Nifty indicates gap-up start for Sensex, Nifty

    Trends on SGX Nifty suggests a positive opening for Sensex and Nifty on Wednesday. Nifty futures were trading 87.80 points or 0.83 per cent higher at 10,695.80 on Singaporean Exchange.

    08:16 (IST)15 Jul 2020
    Yes Bank garners Rs 4,500 crore from anchor investors ahead of FPO

    Private sector lender Yes Bank on Tuesday raised Rs 4,500 crore from anchor investors ahead of its follow-on public offer that opens on Wednesday, investment banking sources said. The company has fixed the price band at Rs 12-13 per equity share for its follow-on public offer (FPO) which will be open for subscription from July 15-17.

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    08:15 (IST)15 Jul 2020
    Mukesh Ambani to detail post-Covid business plan at AGM; focus on leveraging partnerships with Facebook, others

    Billionaire Mukesh Ambani is likely to announce plans of leveraging recent partnerships with global technology giants like Facebook as well as a vision to maximise oil to chemical conversion at his flagship Reliance Industries’ annual shareholder meeting on Wednesday, analysts said.

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