Market HIGHLIGHTS: Indices end at 7-month highs, Sensex closes above 40,000, Nifty regains 11,800; TCS leads

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Updated: October 8, 2020 4:26:36 pm

Share Market News Today | Sensex, Nifty, Share Prices HIGHLIGHTS: Domestic equity market benchmarks Sensex and Nifty ended higher for the sixth straight session on Thursday. TCS was top Sensex gainer

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 higher for the sixth consecutive session on Thursday. The S&P BSE Sensex jumped 304 points, or 0.76 per cent to settle at 40,183 levels while the broader Nifty 50 index finished at 11,835, up 96 points, or 0.82 per cent. UltraTech Cement was the top Sensex gainer, followed by Tata Consultancy Services shares which jumped over 3 per cent as company’s second-quarter results beat the Street estimates. HCL Tech, Infosys, HDFC Bank, Sun Pharma, Tech Mahindra, ICICI Bank, Nestle India and HUL were among other Sensex gainers. On the flip side, ONGC remained a Sensex laggard throughout the session. ITC, Power Grid Corporation of India, Reliance Industries (RIL), L&T and Kotak Mahindra Bank were other losers on the pack. Barring Nifty FMCG index and Nifty Media index, all the sectoral indices ended in the green. Nifty IT and Nifty Pharma were to sectoral gainers.

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Highlights

    15:50 (IST)08 Oct 2020
    Nifty Pharma index nearly doubles since March; 3 pharma stocks set to rally up to 45%

    With news flow and developments around COVID-19 vaccine, pharma stocks have nearly doubled from March lows. The Nifty Pharma index has rallied around 95 per cent from its March low of 6243, in comparison, Nifty 50 managed to gain 38 per cent during the same period. Macquarie Research has initiated coverage on three pharmaceutical companies – Divi’s Laboratories, Syngene International and Solara Active Pharma Sciences.

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    15:42 (IST)08 Oct 2020
    Closing bell: Sensex, nifty extend rally for 6th straight session

    The S&P BSE Sensex jumped 304 points, or 0.76 per cent to settle at 40,183 levels while the broader Nifty 50 index finished at 11,835, up 96 points, or 0.82 per cent.

    15:36 (IST)08 Oct 2020
    Franklin Templeton’s India boss defends decisions, says employees still hold investments in shut funds

    Franklin Templeton Asset Management’s President Sanjay Sapre has defended the fund house and the decisions taken by them ahead of the shutting of the six of its debt mutual fund schemes. Sapre, in a letter to investors, said that reports surfacing in various circles that suggest wrong doing or insider trading at the fund house were misleading, news agency PTI reported. Earlier this week, news reports claimed that the forensic audit of the six shut mutual funds by SEBI, showed that some employees of Franklin Templeton had redeemed their positions in the six schemes just ahead of winding up.

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    15:22 (IST)08 Oct 2020
    Rupee gains for 2nd straight day against US dollar on Thursday

    Indian rupee gained for the second day on trot following strength in domestic equity and foreign fund inflows. It remained broadly positive following weakness in dollar index and strong dollar inflows. Market participants eying on tomorrow’s RBI Monetary policy meeting outcome. No change is expected in interest rates but guidance regarding future path of inflation and growth will remain in focus. dollar index DXY has support near the 93.50 mark: Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities

    15:04 (IST)08 Oct 2020
    MCX gold prices trade with gains in Thursday's afternoon deals

    Domestic futures on MCX are trading with gains this Thursday afternoon trade, tracking firm overseas prices. Technically, MCX Gold October contract could hold resistance at 100-Daily Moving Average around 50222 levels above which will continue some upside movement. Downside support is at 49900-49500 levels. Resistance is at 50500-50750 levels: Sriram Iyer, Senior Research Analyst at Reliance Securities

    14:27 (IST)08 Oct 2020
    Investor continue to pull money out of mutual funds, net outflows more than double from last month

    Mutual funds industry saw net outflows from debt as well as equity segment yet again in the month of September, taking the total outflows to Rs 52,2091 crore against total outflows of Rs 14,533 crore. The net outflows this month are over 3 times the outflows in the previous month owing to massive outflows in the debt segment, owing to massive outflows from liquid funds at the end of the July-September quarter, data from the Association of Mutual Funds in India (AMFI) showed. This is for only the second time this fiscal year that net outflows have been recorded overall in the mutual funds industry.

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    14:14 (IST)08 Oct 2020
    Bulls continue their bullish command into markets

    Sensex has marked a high around its psychological level of 40000 and witnessed profit booking around the same hence from current levels 39500-40000 levels remain a crucial resistance zone to watch for. However, any weekly close above this supply zone will encourage the bulls to continue their bullish command into the markets towards 40500-41000 levels. As the current undertone still remains bullish and any short term corrections towards 37500-36500 levels will remain as a buying opportunity for the traders. On the contrary, crucial support zone is around 37000-36500 levels: Axis Securities

    14:09 (IST)08 Oct 2020
    Success of REITs an indicator of long-term confidence of investors for office space

    The commercial office asset class performance for the third quarter has been encouraging especially when benchmarked against quarterly average of 2019 as office transactions were at a historic high in that year. At the beginning of the pandemic in India, businesses were compelled to move to work from home as a business continuity process method. The uncertain business environment that followed the initial lockdown, further caused occupiers to assess their office space strategies leading many to postpone their office expansion plans till Q2 2020. However, with the unlocking in progress, going forward as India edges back economic recovery, the office market dynamics are also expected to improve. The recent success of REITs can be understood as an indicator of long – term confidence of investors for office space: Shishir Baijal, Chairman and Managing Director, Knight Frank India

    14:06 (IST)08 Oct 2020
    India’s GDP expected to contract by 9.6 per cent this fiscal: World Bank

    The World Bank on Thursday said that India’s GDP is expected to contract by 9.6 per cent this fiscal which is reflective of the national lockdown and the income shock experienced by households and firms due to the COVID-19 pandemic, noting that the country’s economic situation is “much worse” than ever seen before.

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    13:43 (IST)08 Oct 2020
    Share market volatility an opportunity to buy great stocks at cheap price; time to up SIP allocation

    Following a volatile September, where BSE Sensex and Nifty 50 lost over 2 per cent, Amar Ambani, Senior President and Head of Research at Yes Securities, believes that volatility gives investors an opportunity to buy good stocks at below fair value. Seeing the current market trends, Ambani sees Nifty 50 is set to cross the previous high of 12,300 in the next four months. As for the investors who already have an ongoing SIP, Ambani advises them to increase their SIP allocation.

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    13:34 (IST)08 Oct 2020
    Flipkart, Paytm, Zomato gear up for IPOs; India’s internet giants up for listing in 2021 and beyond

    Internet giants Flipkart, Paytm, Zomato, Big Basket and others could be in for making their stock market debuts in 2021 and beyond that, said a report by global brokerage and research firm Bernstein. These Indian unicorns are now household names in tier-1 and tier-2 cities across India and have a significant stake in their respective industry. Recently, stock markets have witnessed a rush of initial public offerings, and retail investors have been at the forefront when it comes to subscribing to these issues. Individual investors have oversubscribed all the IPOs in recent months.

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    13:25 (IST)08 Oct 2020
    Amfi Data shows, mutual fund industry net outflows over 3 times than last month

    The net outflows from mutual fund industry in the month of September stood at Rs 52,091 crore against total outflows of Rs 14,553 crore in the previous month. Outflows from equity mutual fund industry was at Rs 734 crore down from Rs 4,000 crore in the previosu month. 

    13:14 (IST)08 Oct 2020
    Expectation of a new round of COVID stimulus packages has gone up

    "The Indian market is taking cue from global markets. The expectation of a new round of COVID stimulus packages in the USA has gone up. The earning season in India has also started on a positive note with IT bellwether TCS announcing a massive share buyback program. The sentiments have turned positive but the upcoming earning announcements will set the tone for further market movement," said Mohit Ralhan, Managing Partner & CIO, TIW Private Equity.

    13:04 (IST)08 Oct 2020
    Recovery quarter, B2B gas to see near-normal volumes and steady earnings ~ Emkay Global

    Q2 saw a gradual demand recovery as the nationwide lockdown started easing; however, except for B2B gas and petcem, other segments remained below pre-Covid levels. Broadly, oil volumes were down 10% , CNG 20-30%, lubes 5-10% and refineries 15-30%. RIL should witness an uptick in petchem volumes with partial recovery in retail and Jio seeing some growth qoq. OMC earnings, though down qoq, should still imply healthy FY21 numbers. Gujarat Gas, GSPL and PLNG should record strong Q2 earnings.

    ~ Emkay Global

    12:57 (IST)08 Oct 2020
    RBI monetary policy outcome on Oct 9, MPC may keep repo rate unchanged as growth remains uncertain

    After appointing three new external members, the Monetary Policy Committee (MPC) meet is underway and the committee would announce its observations on 9th October 2020. The August-2020 MPC decided not to change the benchmark Repo Rates and continued with the ‘Accommodative’ stance. While expressing concern on inflation, the MPC decided to ‘maintain the stance for as long as it is necessary to revive growth’.

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    12:48 (IST)08 Oct 2020
    Sensex, Nifty continue to trade higher in noon deals

    BSE Sensex was trading 516 points or 1.29 per cent higher at 40,395, while the broader Nifty 50 index soared 146 points or 1.24 per cent to rule at 11,884.

    Check Sensex, Nifty live levels

    12:37 (IST)08 Oct 2020
    Hitachi ABB Power Grids India wins Rs 100-cr order from HPCL Rajasthan Refinery

    Hitachi ABB Power Grids India on Thursday said it has bagged an order worth over Rs 100 crore from HPCL Rajasthan Refinery Ltd (HRRL). The project will strengthen mission-critical power infrastructure at HRRL’s Barmer refinery and contribute to the region’s economic development, a company statement said.

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    12:19 (IST)08 Oct 2020
    Amazon says Future Group violated contract by selling stake to Mukesh Ambani’s RIL

    Amazon.com Inc. said its Indian partner Future Group violated a contract by entering into a $3.4 billion sale agreement with billionaire Mukesh Ambani’s Reliance Industries Ltd., a spat that could derail the country’s biggest retail deal.

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    12:04 (IST)08 Oct 2020
    Wipro share buyback pushes stock price to 52-week high today; 4th buyback plan in last 5 years

    Wipro share price surged 5.5 per cent to Rs 353.70 apiece on BSE a day after the company informed that its board will consider a buyback plan on October 13. This came on a day when the TCS board cleared a buyback plan of up to Rs 16,000 crore. Earlier this month, Wipro in an exchange filing informed that a meeting of the board of directors will be held over October 12-13, 2020 to consider and approve financial results for the quarter ended September 2020

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    11:42 (IST)08 Oct 2020
    Weak growth momentum, however, optimism building up over festive demand

    When the economy started opening up after the nationwide lockdown, NBFCs were hit by regional lockdowns, uncertainty of business resumption (due to unavailability of workers) and a highly ambiguous macro scenario. Our discussions with management and disclosures by leading NBFCs indicate that business activity in Sep’20 reaches at only 70-75% of the last year’s level. Therefore, we expect a weak quarter from our NBFC universe, with flat AUM qoq but with visible signs of revival in disbursements: Emkay Global Financial Services

    11:28 (IST)08 Oct 2020
    Analyst's view on Bandhan Bank

    Bandhan Bank reported provisional numbers for Q2FY21. Advance grew 20% YoY & 3.2% QoQ. Deposit grew at a healthy rate 34% YoY & 9% QoQ. CASA deposit grew 56% YoY. CASA ratio grew increased by 530bps to 38.2%. During the quarter the Bank reduced the minimum interest rate on saving bank deposits from 4 % p.a. to 3% p.a. The September collection efficiency was at 92% and 89% was for microfinance. For the Mortgage and other segment collection efficiency was at 98%. Currently, it trades at 3.21x of trailing book value. Positives in provisional number are deposit growth and collection efficiency: Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd

    10:59 (IST)08 Oct 2020
    Gold prices may hover in range of Rs 49,700-50,200

    Apart from US weekly jobless claims data market participants will also keep an eye on the meeting minutes expected from BOE and ECB, wherein comments from the respective governor will important to watch for. Broader trend on COMEX could be in the range of $1865-1905 and on domestic front prices could hover in the range of Rs 49,700-50,200: Navneet Damani, VP, Motilal Oswal

    10:38 (IST)08 Oct 2020
    Investors wealth soars Rs 6 lakh crore in last 5 trading sessions; Sensex, Nifty at 7-month highs

    With Sensex and Nifty soaring over 3% each so far this month, investors have become richer by Rs 6 lakh crore in just 5 trading sessions. The market capitalization of all BSE listed firms at the end of trading on September 30 stood at Rs 155.24 lakh crore and the same has now jumped significantly to Rs 161.07 lakh crore on the opening bell today. This has added roughly Rs 6 lakh crore to investor wealth. In the entire month of September, which was the worst for domestic equity markets since May, investor wealth gained less than Rs 1 lakh crore. 

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    10:34 (IST)08 Oct 2020
    Gold prices may remain choppy near $1900/oz

    COMEX gold trades in a narrow range near $1890/oz after a 0.9% decline yesterday. Gold came under pressure after failing to sustain above the $1920/oz level but has so far managed to hold near the $1880/oz level. We may see price remaining choppy near $1900/oz unless there is more clarity on US stimulus front. However buying interest might emerge at lower levels as concerns about the health of the US economy may keep US dollar pressurized: Ravindra Rao, VP- Head Commodity Research at Kotak Securities

    10:31 (IST)08 Oct 2020
    Circuit limits changed for 700 stocks from today

    Circuit limits on a number of stocks have been revised with effect from today on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). While some shares’ circuit filter limits have been widened, some others limits have been narrowed. Some of the marquee names include Adani Transmission, where the circuit limit has been changed from 10% earlier to 20%, effective today. Cholamandalam Financial Holdings, Emami Paper Mills, Lakshmi Vilas Bank, Indian Overseas Bank, Laurus Labs are some of the other firms where circuit limit has been revised upwards from 10% to 20%.

    Check full list

    10:24 (IST)08 Oct 2020
    Buy Transport Corporation of India Ltd ~ Geojit Financial Services

    Transport Corporation of India’s revenue declined by 46% YoY, on account of overall weak demand scenario & Covid-19 related disruptions. EBITDA margins contracted by 70bps YoY to 8.5% and PAT declined by 67% on account of weak operating leverage. The worst earnings downgrade has already been factored in the stock price and we expect revival from H2FY21E. Focus on client addition in E-commerce, pick-up in seaway business, demand from warehousing space, faster adoption of e-way bill and gradual pick-up in Auto sector will drive growth. We remain positive on TCI given its strong presence in warehousing space, multimodal logistics services and supply chain management. We value TCI at P/E of 16x on FY22E, with a target price of Rs.253 and maintain “Buy” rating.

    10:16 (IST)08 Oct 2020
    TCS, Infosys, Wipro shares hit new 52-week highs; outsourcing, IT spends to drive IT sector higher

    IT stocks were in focus today as TCS, Wipro, Infosys, HCL Tech, L&T Infotech, Mindtree, Tech Mahindra and Coforge hit fresh 52-week highs on Thursday. In the previous session, Tata Consultancy Services reported a consolidated net profit of Rs 8,433 crore, an increase of 20.3 per cent sequentially. The IT company’s board also cleared a buyback plan of up to Rs 16,000 crore at Rs 3,000 per share and an interim dividend of Rs 12 per equity share, along with a salary hike for employees from October 1, 2020.

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    10:14 (IST)08 Oct 2020
    Nifty looks to touch new targets of 12000, 12300

    The markets have flown out of the resistance levels of 11750-11800 when it opened with a gap up this morning. This is a positive signal that the bulls are in complete control of this trend. We have even crossed the previous high of the Nifty which was 11794, recorded on 31 August 2020. This opens up new targets of 12000 and then 12300. The support is now upgraded to 11400: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

    09:35 (IST)08 Oct 2020
    Rupee in for another range-bound session ahead of RBI MPC tomorrow

    Rupee continues to trade in the 73.10-73.60 range. While the natural tendency for the Rupee is to strengthen in the backdrop of a weak US Dollar globally, nationalized banks likely on behalf of the RBI buy the dips to around 73.10 aggressively. We are likely to see another quiet, range-bound session ahead of the MPC tomorrow: Abhishek Goenka, Founder and CEO, IFA Global

    09:34 (IST)08 Oct 2020
    IT stocks lead Sensex gainers

    IT stocks were leading the Sensex gainers today with L&T Infotech, Wipro, HCL Tech, Coforge, Infosys, Mindtree and Tech Mahindra at fresh 52-week highs.

    09:34 (IST)08 Oct 2020
    Buy these two stocks with strong support on charts as Nifty continues to be ruled by bulls

    After touching a low of 10790 and finding support close to the 200-day SMA, the Nifty has rallied smartly in the last two weeks. In the process, it has taken out a downward sloping trendline that has held down its recent highs. The Nifty index has also closed above the 20-day and 50 day SMA, which is a positive signal.

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    09:26 (IST)08 Oct 2020
    TCS share price jumps over 4%, hit fresh 52-week high

    TCS shares were top Sensex gainer, up 4.37 per cent to hit a fresh 52-week high of Rs 2,875 after the company's second-quarter results beat the Street estimates. TCS board cleared a buyback plan to up to Rs 16,000 crore.

    Check live prices: Tata Consultancy Services

    09:22 (IST)08 Oct 2020
    Sensex at 7-month high, reclaims 40,000; Nifty tops 11,850

    BSE Sensex hit a 7-month high and reclaims 40,000, while the broader Nifty 50 index jumped one per cent to top 11,850 on Thursday.

    Check live Sensex, Nifty levels

    09:13 (IST)08 Oct 2020
    Maintain ‘buy’ on JSPL with a target price of Rs 275

    JSPL has delivered robust volume growth again in September. Standalone sales volume jumped 22% y-o-y to 0.61mt. Shadeed sales volume shot up 52% y-o-y to 0.2mt. The proportion of exports slid to 34% — the lowest in FY21. Standalone sales volume rose 30% y-o-y to 1.93 mt — the highest quarterly level. Taking cognizance of JSPL’s 6MFY21 standalone sales volume of 3.5mt, we expect it to meet FY21E volume of 6.6mt: Edelweiss

    09:12 (IST)08 Oct 2020
    Downgrade Vedanta to ‘reduce’ on Covid-induced lockdowns

    Vedanta reported higher than expected Q1FY21 numbers. Aluminium Ebitda constituted ~72% of the Ebitda beat. The segment’s Ebitda/te surprised at $360/te, of which $101/te was on account of RPO liability reversal. Adjusted for RPO liability, costs reached $1343/te, down ~$110/te q-o-q and ~$420/te y-o-y. Power contributed ~12% of the Ebitda beat, which can be attributed to 97% Talwandi Sabo (TSPL) PAF, while sales from TSPL was only 643 million units (down 76% y-o-y): ICICI Securities

    09:10 (IST)08 Oct 2020
    Indian markets likely to open with flat to positive bias

    Indian markets are likely to open with a flat to positive bias tracking positive global cues amid stimulus hopes in developed countries that overweighed concerns on a surge in Coronavirus cases. However, global news flows and sector-specific developments will be key monitorable: ICICI Direct Research

    09:08 (IST)08 Oct 2020
    Stocks in focus: TCS, Wipro, ITC, Bharti AIrtel, Maruti Suzuki, PVR, among others to remain in focus

    Today, 5Paisa Capital Ltd., GM Breweries Ltd., Prabhat Dairy, and Titagarh Wagons will announce their results. Today markets will first react to TCS results and management commentary. 

    read full story

    09:06 (IST)08 Oct 2020
    Sensex tops 40,000, Nifty nears 11,900 in pre-open

    BSE Sensex reclaims 40,000, jumps over 450 points while the broader Nifty 50 index was trading near 11,900 in the pre-opening session on Thursday.

    09:05 (IST)08 Oct 2020
    Sensex tops 40,000, Nifty nears 11,900 in pre-open

    BSE Sensex reclaims 40,000, jumps over 450 points while the broader Nifty 50 index was trading near 11,900 in the pre-opening session on Thursday.

    08:48 (IST)08 Oct 2020
    FII and DII data

    Foreign Institutional Investors (FII) remained net buyers of domestic equities, pumping in Rs 1,093 crore into stocks while Domestic Institutional Investors (DII) pulled out Rs 1,129 crore. FIIs also bought index futures worth Rs 781 crore.

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