Share Market HIGHLIGHTS: Sensex ends 210 pts lower, Nifty above 10,300; Axis Bank, SBI fall, HDFC Bank gains 2%

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Updated: June 29, 2020 4:20:21 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty settled over half a per cent lower on Monday. Axis Bank was top Sensex loser.

Share Market Today, Share Market LiveAfter posting profit in the January-March quarter of the financial year 2019-20, ITC was the top Sensex gainer

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks BSE Sensex and Nifty 50 settled over half a per cent lower on Monday dragged by financials amid weak global cues. The 30-share index fell 210 points or 0.60 per cent to 34,961.52, while the broader Nifty 50 index dropped 71 points or 0.68 per cent to 10,312. Out of 30 Sensex stocks, Axis Bank was the top laggard, down nearly 5 per cent, followed by Tech Mahindra, SBI, L&T, IndusInd Bank ad ONGC. On the flip side HDFC Bank, Hindustan Unilever (HUL), Kotak Mahindra Bank, Bharti Airtel, ITC and Asian Paints were the top Sensex gainers. Barring Nifty FMCG, all the sectoral indices finished trade in negative territory. Nifty PSU Bank slumped 3.31 per cent, Nifty Realty fell 3.55 per cent while Nifty Metal index was down 2.64 per cent. On the contrary, Nifty FMCG index gained 0.72 per cent.

In the latest development, at least four gunmen attacked the Pakistan Stock Exchange building in Karachi on Monday, news agency Reuters reported. The gunmen attacked the building with grenades and guns, media reported. The building is in a high-security zone and also houses the head offices of many private banks.

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Highlights

    15:30 (IST)29 Jun 2020
    Rupee ended higher on likely overseas inflows into local debt amid a weak greenback

    Rupee ended higher on Monday on likely overseas inflows into local debt amid a weak greenback. Some Jio-related inflows further supported spot pair, however, dollar buying by nationalized banks likely on behalf of Reserve Bank of India (RBI) capped sharp fall in spot pair. Rupee still broadly trading between the range of 75.40-75.75: Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities

    15:23 (IST)29 Jun 2020
    Strong execution of stimulus package must for reviving MSMEs, says GAME task force; suggests measures

    A task force chaired by Dr KP Krishnan, former secretary, Ministry of Skill Development and Entrepreneurship and constituted by Ravi Venkatesan, founder, Global Alliance for Mass Entrepreneurship (GAME) has recommended measures to help revive MSMEs impacted due to the Covid.

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    15:01 (IST)29 Jun 2020
    Pakistan’s KSE 100 index jumps 400 points hours after an attack on stock exchange kills 10

    Pakistan’s Karachi Stock Exchange was attacked by four gunmen on Monday morning killing at least 10 people. The attack on Pakistan’s stock exchange building sent the Karachi Stock Exchange 100 (KSE 100) index down 220 points as investors heard the news of the attack.

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    14:59 (IST)29 Jun 2020
    Revenue growth, ARPU increase, make Bharti Airtel shares ‘high conviction buy’ pick; check target price

    Despite having been battered by the commercial launch of Reliance Jio three years ago, Bharti Airtel has consistently maintained its revenue market share, says brokerage firm Motilal Oswal. Bharti Airtel shares were trading at day’s high of Rs 566.40 apiece on BSE, up over one per cent, in comparison to a 0.93 per cent decline in S&P BSE Sensex in afternoon deals on Monday.

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    14:42 (IST)29 Jun 2020
    HDFC Bank issues clarification

    HDFC Bank in its exchanges notification w.r.t news articles dated June 28, 2020, appearing in the print and online media titled “HDFC Bank may raise up to Rs 13,000 crore via QIP, ADRs”, says reports are baseless and speculative. 

    14:40 (IST)29 Jun 2020
    Weekly liquidity update by CARE Ratings

    The banking system liquidity continued to remain in a surplus position and has widened by Rs 30,606 crs during the week ended June 26, 2020. The outstanding banking system liquidity surplus was at Rs 3.65 lakh crs on June 26, higher than Rs 3.34 lakh crs recorded a week ago. The liquidity surplus peaked at Rs 3.83 lakh crs on June 23. The liquidity surplus in the banking system has moderated from a range of around Rs 3.7 – Rs 6 lakh crs in May 2020 to Rs 3.2 – Rs 4.2 lakh crs in June 2020. ~ CARE Ratings

    14:23 (IST)29 Jun 2020
    Brokerage view on Star Cement

    We maintain BUY on Star Cement with a TP of Rs 115. We continue to like Star for its leadership positioning in the lucrative NE region, which drives its industry-leading op margin and healthy return ratios. During 4QFY20, good demand in east/NE drove 4% vol growth despite Covid lockdown. Weak pricing, however, led to profit decline. Even in FY20, weak pricing pulled down profits despite higher utilisation, debt reduction and higher treasury gains. Healthy OCF topped large capex and investor pay-outs (buyback/dividends) and net cash balance doubled YoY: Rajesh Ravi, Institutional Research Analyst, HDFC Securities

    13:55 (IST)29 Jun 2020
    Surviving Covid: How securing cash flows before pandemic is helping small businesses fight better

    The research done by Wadhwani Advantage indicates that the small businesses which were able to secure cash flows before Covid-19 hit us, are showing better resilience in surviving Covid-19, agnostic of industry, region and size. Here, three lessons stand out for us. First, securing predictability, repeatability and profitability of cash inflows; second, securing cash outflows and third, securing cash as a lever to secure talent.

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    13:18 (IST)29 Jun 2020
    Raining jobs at Amazon, Grofers, Paytm; e-commerce hirings soar as online goes popular amid lockdown

    E-commerce companies such as Amazon, Grofers, Paytm Mall etc have ramped up hiring as online shopping becomes new normal amid coronavirus lockdown. With consumers taking the online route for day-to-day shopping such as even fruits and vegetables, there is an evident growth in the businesses of internet companies, which in return are now hiring more while many companies in other sectors are laying off workers.

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    13:03 (IST)29 Jun 2020
    Container Corporation - Risk-reward unfavourable ~ Edelweiss

    We downgrade Container Corporation of India (Concor) to ‘HOLD’ as we believe the risk-reward has turned unfavourable after a 55% rally from the bottom in March. In our view, valuation now discounts a steady medium-term earnings profile and value unlocking from DFC. But it leaves no room for downside if Concor is forced to pay higher land licence fee or purchase Railway’s land for its divestment to go through. In Q4FY20, Concor beat estimates led by higher margins that included a write-back. Management has guided for ~20% volume decline in FY21, but steady margin. Adjusting for COVID-19, we revise down FY21E EPS ~20%, but keep FY22E unchanged; we also revise our DCF-based TP to INR438 (INR406 earlier) as we roll forward to FY22E and reduce WACC. However, we find margin of safety missing at this price point.

    ~ Edelweiss

    12:27 (IST)29 Jun 2020
    These COVID-19-proof stocks may earn good returns if second coronavirus wave hits economy: INTERVIEW

    BSE Sensex and NSE Nifty 50 have rallied 40 per cent from March lows, largely driven by overwhelming liquidity worldwide. However, rising coronavirus cases in India and elsewhere would limit further upside in the markets, says Ajit Mishra, VP-Research, Religare Broking. As the world fears the second coronavirus wave, there is huge uncertainty related to the virus which is increasing nervousness amongst investors.

    Read full interview

    12:20 (IST)29 Jun 2020
    Axis Bank, Bajaj Finance stocks fall after S&P cuts credit rating; outlook for financials stays grim

    Shares of Bajaj Finance and Axis Bank were the top laggards on BSE Sensex on Monday, days after rating agency S&P Global downgraded the two finance companies to junk rating. Bajaj Finance’s Issuer Credit rating was downgraded to BB+ with a stable outlook from BBB- and a negative outlook. Private-sector lender Axis Bank’s Issuer Credit Rating was also downgraded to BB+ with a stable outlook owing to the worsening operating conditions. Axis Bank shares were down 4.4% to trade at Rs 406 per share while Bajaj Finance stock price slipped 3.5% to trade at Rs 2,808 apiece.

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    12:02 (IST)29 Jun 2020
    Gunmen attack Pakistan Stock Exchange with grenades, guns

    The gunmen attacked the building with grenades and guns, media reported. The building is in a high-security zone and also houses the head offices of many private banks. “Four attackers have been killed, they had come in a silver Corolla car,” Karachi police chief Ghulam Nabi Memon told Reuters.

    11:52 (IST)29 Jun 2020
    Karachi: Pakistan’s stock exchange building under attack

    Two killed as terrorists attack Pakistan Stock Exchange in Karachi, people from the building being evacuated, informed Pakistan media as reported by ANI. 

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    11:46 (IST)29 Jun 2020
    Brokerage view on Container Corporation

    We downgrade CONCOR to ADD after the sharp ~50% rally from the recent lows. While the logistics company will be a beneficiary of the DFC in the medium term, the stock will be driven by the policy guidelines of the IR ahead of its proposed privatisation, in the near term. There is a proposal to increase the land license fee by ~3x (media reports also suggest that CONCOR will have to purchase the railways land). Further, as the DFC is delayed due to COVID, volumes are expected to decline in double digits in the current fiscal: Aditya Makharia, Institutional Research Analyst, HDFC Securities

    11:14 (IST)29 Jun 2020
    ITC share price jumps 4% despite missing Q4 profit estimate; here’s why investors are buying stock

    ITC Ltd’s share price surged in trade today, despite a nosedive in headline indices Sensex and Nifty, and despite posting weaker than expected earnings in the fiscal fourth quarter. ITC stock was trading at Rs 203 per share on BSE, up 4% on Monday. ITC posted a 9% rise in net profit to Rs 3,797 crore for the January-March quarter, primarily helped by its tax outgo falling by half. Still, the net profit fell short of Rs 4,170 crore as expected by the brokerage firm Motilal Oswal. Further, ITC’s revenue fell 10% in the quarter, owing to a larger than expected fall of 11% in cigarette volumes.

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    10:58 (IST)29 Jun 2020
    Sensex, Nifty fall 1% on weak global cues, rising COVID-19 cases; check other factors dragging D-St

    Following sell-off in global markets amid rising coronavirus cases in India, headline indices BSE Sensex and Nifty 50 slipped over one per cent lower on Monday dragged by banks and financial stocks. The 30-share index traded 377 points, or 1.07 per cent, down at 34,767, while the 50-share Nifty index was down 114 points, or 1.10 per cent, at 10,267. As many as 24 BSE Sensex stocks were trading in negative territory.

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    10:32 (IST)29 Jun 2020
    ITC has been aggressive in its FMCG business

    ITC has been aggressive in its FMCG business – launching sanitisers and hand washes, leveraging its extensive distribution network and acquiring a key regional spice brand. However, it has lost around 40 days of cigarette sales due to the lockdown. Its hotels and paper segments, too, are likely to be impacted due to the loss of business. While it missed the Street estimates due to decline in revenues across all segments, the performance of its FMCG segment has kindled hopes of an improved show in the latter part of the year: Rajit Rajoriya, Equity Research Associate, Angel Broking Ltd.

    10:29 (IST)29 Jun 2020
    Piramal share price falls despite Carlyle stake buy; should you buy the stock? Check upside target

    Piramal Enterprises (PEL) share price fell over one per cent on BSE in Monday’s trade despite 20 per cent stake buy in Piramal’s pharma business by the global private equity major The Carlyle Group. Piramal Enterprises was trading 1.19 per cent lower at Rs 1,326.50 apiece on BSE in early morning deals. PEL on Saturday announced that Carlyle will invest a fresh capital for 20 per cent stake in Piramal’s pharma business. As on March 31, the equity value for 20 per cent stake in Piramal Pharma would be about $490 million, or Rs 3,700 crore.

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    09:59 (IST)29 Jun 2020
    Rupee likely to open on a flat note

    The Indian rupee is likely to open on a flat note and trade in a range of 75.30-75.80 levels. Sentiment in Asian market eased as China is showing signs of economic recovery with industrial profits returning and retail sales increasing. However, geopolitical tensions, including the on-going US-China tariff war and tension on the India-China border, are keeping investors inclined towards safe heaven assets like Gold, Dollar and US treasury bonds: Amit Pabari, managing director, CR Forex Advisors

    09:45 (IST)29 Jun 2020
    Gold prices edge higher as coronavirus cases spike

    Gold price edged higher on Monday as a continued rise in novel coronavirus cases around the world intensified fears about a delay in global economic recovery and prompted investors to seek the safe-haven metal. The week is holiday-shortened in the US due to Independence Day on 3rd July. The focus would be on non-farm payrolls on Thursday: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares & Stock Brokers

    09:36 (IST)29 Jun 2020
    Rupee is likely to open around 75.60

    The fall in US equities on Friday was led by banks, after the Federal Reserve asked them to cap dividends and halt buybacks to build up defence in case the crisis worsens further. US recorded 40000 new confirmed Coronavirus cases, the highest recorded so far. Rupee is likely to open around 75.60 and trade 75.40-75.80 range. Asian currencies are trading flat: Abhishek Goenka, Founder and CEO, IFA Global

    09:31 (IST)29 Jun 2020
    Nifty Bank, Nifty Financial Service down 2%

    Nifty Bank was down 2 per cent, Nifty Financial Service slipped 1.58 per cent in early trade. While Nifty FMCG gained 0.37 and Nifty Pharma was up 0.84 per cent.

    09:31 (IST)29 Jun 2020
    Axis Bank top Sensex loser, down over 3%

    Axis Bank was the top Sensex laggard, down 3.42 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank and Bajaj Finserv. On the other hand, after posting profit in the January-March quarter of the financial year 2019-20, ITC was the top Sensex gainer. M&M, Sun Pharma, Maruti Suzuki, TCS, HUL and Asian Paints were among other gainers on the pack.

    Check live prices: Axis Bank

    09:23 (IST)29 Jun 2020
    Sensex slips over 200 points, Nifty below 9300

    Domestic equity market benchmarks Sensex and Nifty were trading over half a per cent lower in Monday's trade, following negative global cues.

    Check live Sensex, Nifty levels

    09:02 (IST)29 Jun 2020
    Stocks in focus: MRF, Bharat Forge, Axis Bank, NBFCs, IDBI Bank, ITC, among others to hog limelight today

    Bharat Electronics, Petronet LNG, Bharat Forge, Central Bank of India, MRF, Balaji Telefilms, Bajaj Hindusthan Sugar, CESC, GIC Housing Finance, GMR Infrastructure, Panacea Biotec, Parag Milk Foods, PC Jeweller, Phoenix Mills, Raymond, Reliance Communications, Rail Vikas Nigam, Venky’s India, and Welspun India, are among 586 companies that are scheduled to announce their March quarter earnings today.

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    08:50 (IST)29 Jun 2020
    Sensex, Nifty expected to open in red; here are factors that will guide share markets today

    Domestic benchmark indices Sensex and Nifty are expected to open in the negative on Monday as SGX Nifty was seen trading down 60 points. Equity markets ended the last week on strong footing, as they snapped a two-day losing streak and gained close to 1% each. Analysts say market movement this week will be aided by stock specific actions. “Nifty 50 after rallying almost 38 percent from the lows has formed a spinning top candlestick pattern indicating a moment of indecisiveness. The index seems to be facing a major hurdle at 10550 as this level coincides with a 61.8% Fibonacci retracement of the fall from top to the recent bottom,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. 

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    08:22 (IST)29 Jun 2020
    Nifty set to open in line with the global market

    Nifty set to open in line with the global market. The US market is witnessing bears back in force. The surging Covid-19 cases are an indication of a second wave starting in the US. As per the expert, the US has a very small room now to avoid the second wave. So, chances of introduction of lockdown have increased. Which will put breaks on the economic recovery. Going forward, for intraday any penetration below 10195 will dig further downside till 10100. On the flip side, 10410 should work as resistance above 10410 it may test 10500 and 10552 levels: Vishal Wagh, Head of Research, Bonanza Portfolio

    08:21 (IST)29 Jun 2020
    US stock indices tumbled over 2% in Friday's trade

    In overnight trade on Friday, US stock indices tanked over 2 per cent after several US states imposed business restrictions in response to a surge in coronavirus cases. The Dow Jones Industrial Average fell 2.84%, the S&P 500 lost 2.42%, and the Nasdaq Composite dropped 2.59%.

    08:20 (IST)29 Jun 2020
    Asian stock markets trade lower

    Asian stock markets edged lower in Monday’s trade on the back of rising coronavirus cases. In Japan, the Nikkei 225 slipped 1.37% while the Topix index fell 1.25%. South Korea’s Kospi also shed 0.97%.

    08:20 (IST)29 Jun 2020
    Sensex, Nifty to see gap-down start on Monday

    Trends on SGX Nifty suggests a negative opening for BSE Sensex and Nifty 50 on Monday. The Nifty futures were trading 46.25 points or 0.45 per cent lower at 10,285.80 on Singaporean Exchange.

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